# EDGAR Filing Document

**Accession Number:** 0000909466
**File Stem:** 0001752724-25-183694
**Filing Date:** 2025-7
**Character Count:** 448629
**Document Hash:** adf167c37799cd991bde11180cf29061
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-183694.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001752724-25-183694

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS)
- **CENTRAL INDEX KEY:** 0000909466

**ORGANIZATION NAME:**
- **EIN:** 766035958
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07890
- **FILM NUMBER:** 251166445

**BUSINESS ADDRESS:**
- **STREET 1:** 11 GREENWAY PLAZA
- **STREET 2:** SUITE 1000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046
- **BUSINESS PHONE:** 7136261919

**MAIL ADDRESS:**
- **STREET 1:** 11 GREENWAY PLAZA
- **STREET 2:** SUITE 1000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM TAX EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS)
- **DATE OF NAME CHANGE:** 20100430

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM TAX EXEMPT FUNDS
- **DATE OF NAME CHANGE:** 20000324

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM TAX EXEMPT FUNDS INC/NEW
- **DATE OF NAME CHANGE:** 19940718

## Series and Classes Contracts Data

### Invesco AMT-Free Municipal Income Fund (Series ID: S000064640)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209286 | Class R6     | IORAX           |
| C000209287 | Class Y      | OMFYX           |
| C000209288 | Class C      | OMFCX           |
| C000209289 | Class A      | OPTAX           |

## Nport-Ex

**Schedule of Investments** 

*May 31, 2025*

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations–102.53%** | **Municipal Obligations–102.53%** | **Municipal Obligations–102.53%** | **Municipal Obligations–102.53%** | **Municipal Obligations–102.53%** |
| **Alabama–4.10%** | **Alabama–4.10%** | **Alabama–4.10%** | **Alabama–4.10%** | **Alabama–4.10%** |
| &nbsp;&nbsp;&nbsp; Birmingham (City of), AL Private Educational Building Authority (Birmingham-Southern College); <br> Series 1996, RB<sup>(a)</sup> <br>| 6.13% | 12/01/2025 | $195 | &nbsp;&nbsp; $146250 |
| Birmingham (City of), AL Water Works Board (The); Series 2016 B, Ref. RB<sup>(b)(c)</sup> <br>| 5.00% | 01/01/2027 | 16150 | &nbsp;&nbsp; 16674552 |
| Black Belt Energy Gas District (The); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022 C-1, RB<sup>(c)</sup> <br>| 5.25% | 06/01/2029 | 10000 | &nbsp;&nbsp; 10411164 |
| &nbsp;&nbsp;&nbsp; Series 2024 A, RB<sup>(c)</sup> <br>| 5.25% | 09/01/2032 | 2805 | &nbsp;&nbsp; 2957901 |
| Energy Southeast, A Cooperative District; Series 2024 B, RB<sup>(c)</sup> <br>| 5.25% | 06/01/2032 | 4500 | &nbsp;&nbsp; 4764385 |
| Fort Deposit (Town of), AL Cooperative District; Series 2003, RB | 6.00% | 02/01/2036 | 145 | &nbsp;&nbsp; 137816 |
| Jefferson (County of), AL; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017, Ref. Revenue Wts. | 5.00% | 09/15/2035 | 4500 | &nbsp;&nbsp; 4541974 |
| &nbsp;&nbsp;&nbsp; Series 2024, Ref. RB | 5.25% | 10/01/2045 | 4000 | &nbsp;&nbsp; 4090897 |
| &nbsp;&nbsp;&nbsp; Series 2024, Ref. Revenue Wts. | 5.25% | 10/01/2049 | 6040 | &nbsp;&nbsp; 6103075 |
| &nbsp;&nbsp;&nbsp; Series 2024, Ref. Revenue Wts. | 5.50% | 10/01/2053 | 9000 | &nbsp;&nbsp; 9226237 |
| Lower Alabama Gas District (The); Series 2016 A, RB | 5.00% | 09/01/2046 | 11000 | &nbsp;&nbsp; 11216511 |
| Mobile (City of), AL Improvement District (McGowin Park); Series 2016 A, RB | 5.25% | 08/01/2030 | 200 | &nbsp;&nbsp; 201695 |
| Southeast Energy Authority, A Cooperative District (No. 2); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024 A, RB | 5.00% | 11/01/2035 | 6235 | &nbsp;&nbsp; 6436189 |
| &nbsp;&nbsp;&nbsp; Series 2025 C, RB<sup>(c)</sup> <br>| 5.00% | 02/01/2031 | 5000 | &nbsp;&nbsp; 5239693 |
| Southeast Energy Authority, A Cooperative District (No. 3); Series 2022 A-1, RB<sup>(c)</sup> <br>| 5.50% | 12/01/2029 | 4105 | &nbsp;&nbsp; 4331722 |
| Southeast Energy Authority, a Cooperative District (No. 4); Series 2022 B-1, RB<sup>(c)</sup> <br>| 5.00% | 08/01/2028 | 2000 | &nbsp;&nbsp; 2052173 |
|  |  |  |  | &nbsp;&nbsp; 88532234 |
| **Arizona–2.01%** | **Arizona–2.01%** | **Arizona–2.01%** | **Arizona–2.01%** | **Arizona–2.01%** |
| &nbsp;&nbsp;&nbsp; Arizona (State of) Industrial Development Authority (Provident Group-NCCU Properties LLC); <br> Series 2019 A, RB (INS - BAM)<sup>(d)</sup> <br>| 5.00% | 06/01/2058 | 570 | &nbsp;&nbsp; 557968 |
| Arizona (State of) Industrial Development Authority (Social Bonds); Series 2020 A, RB | 4.00% | 11/01/2050 | 2100 | &nbsp;&nbsp; 1698551 |
| Chandler (City of), AZ Industrial Development Authority (Intel Corp.); Series 2005, RB<sup>(c)</sup> <br>| 3.80% | 06/15/2028 | 5000 | &nbsp;&nbsp; 5033008 |
| Festival Ranch Community Facilities District (Assessment Districts Nos. 4 & 5); Series 2007, RB | 5.75% | 07/01/2032 | 263 | &nbsp;&nbsp; 263030 |
| Maricopa (County of), AZ Industrial Development Authority (GreatHearts Arizona); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017 C, RB (CEP - Ohio School District) | 5.00% | 07/01/2037 | 80 | &nbsp;&nbsp; 80841 |
| &nbsp;&nbsp;&nbsp; Series 2017 C, RB (CEP - Ohio School District) | 5.00% | 07/01/2048 | 145 | &nbsp;&nbsp; 141291 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); <br> Series 2019, Ref. RB<sup>(e)</sup> <br>| 5.00% | 07/01/2049 | 1400 | &nbsp;&nbsp; 1299160 |
| Merrill Ranch Community Facilities District No. 1 (Assessment Area One); Series 2006, RB | 5.30% | 07/01/2030 | 165 | &nbsp;&nbsp; 165003 |
| &nbsp;&nbsp;&nbsp; Phoenix (City of), AZ Industrial Development Authority (The) (Espiritu Community Development <br> Corp. Charter School); Series 2006 A, RB<br>| 6.25% | 07/01/2036 | 375 | &nbsp;&nbsp; 365488 |
| &nbsp;&nbsp;&nbsp; Phoenix (City of), AZ Industrial Development Authority (The) (Great Hearts Academies); <br> Series 2016 A, Ref. RB<br>| 5.00% | 07/01/2041 | 1200 | &nbsp;&nbsp; 1158591 |
| Phoenix Civic Improvement Corp.; Series 2019, RB | 4.00% | 07/01/2044 | 6855 | &nbsp;&nbsp; 6335919 |
| &nbsp;&nbsp;&nbsp; Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); <br> Series 2016, Ref. RB<sup>(e)</sup> <br>| 5.50% | 09/01/2046 | 900 | &nbsp;&nbsp; 810461 |
| Pima (County of), AZ Industrial Development Authority (Paideia Academies (The)); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019, RB | 5.13% | 07/01/2039 | 195 | &nbsp;&nbsp; 181504 |
| &nbsp;&nbsp;&nbsp; Series 2019, RB | 5.25% | 07/01/2049 | 240 | &nbsp;&nbsp; 212831 |
| &nbsp;&nbsp;&nbsp; Pima (County of), AZ Industrial Development Authority (The) (Arizona Charter Schools); <br> Series 2013 Q, Ref. RB<br>| 5.38% | 07/01/2031 | 1395 | &nbsp;&nbsp; 1395004 |
| Pima (County of), AZ Industrial Development Authority (The) (Christian Care Tuscon, Inc.); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017 A, Ref. RB<sup>(b)(c)</sup> <br>| 5.00% | 06/15/2025 | 550 | &nbsp;&nbsp; 561151 |
| &nbsp;&nbsp;&nbsp; Series 2017 C, RB<sup>(b)(c)</sup> <br>| 5.00% | 06/15/2025 | 1010 | &nbsp;&nbsp; 1030478 |
| &nbsp;&nbsp;&nbsp; Pima (County of), AZ Industrial Development Authority (The) (Tuscon Country Day School); <br> Series 2007, Ref. RB<br>| 5.00% | 06/01/2037 | 645 | &nbsp;&nbsp; 566678 |
| Salt River Project Agricultural Improvement & Power District; Series 2025, RB<sup>(f)</sup> <br>| 5.25% | 01/01/2053 | 15220 | &nbsp;&nbsp; 15809777 |
| Salt Verde Financial Corp.; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2007, RB | 5.50% | 12/01/2029 | 100 | &nbsp;&nbsp; 106397 |
| &nbsp;&nbsp;&nbsp; Series 2007, RB | 5.00% | 12/01/2037 | 3000 | &nbsp;&nbsp; 3105293 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco AMT-Free Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Arizona–(continued)** | **Arizona–(continued)** | **Arizona–(continued)** | **Arizona–(continued)** | **Arizona–(continued)** |
| &nbsp;&nbsp;&nbsp; Sierra (City of), AZ Vista Industrial Development Authority (American Leadership Academy Project); <br> Series 2024, RB<sup>(e)</sup> <br>| 5.00% | 06/15/2059 | $2765 | &nbsp;&nbsp; $2474218 |
|  |  |  |  | &nbsp;&nbsp; 43352642 |
| **Arkansas–0.06%** | **Arkansas–0.06%** | **Arkansas–0.06%** | **Arkansas–0.06%** | **Arkansas–0.06%** |
| Cave Springs Municipal Property Owners' Improvement District No. 3; Series 2007, GO Bonds<sup>(g)</sup> <br>| 6.25% | 02/01/2038 | 1400 | &nbsp;&nbsp; 1400000 |
| **California–8.98%** | **California–8.98%** | **California–8.98%** | **California–8.98%** | **California–8.98%** |
| California (State of); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018, GO Bonds | 5.00% | 10/01/2047 | 13500 | &nbsp;&nbsp; 13578643 |
| &nbsp;&nbsp;&nbsp; Series 2022, GO Bonds | 4.00% | 04/01/2049 | 1325 | &nbsp;&nbsp; 1194166 |
| &nbsp;&nbsp;&nbsp; California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds); <br> Series 2024, RB<sup>(c)</sup> <br>| 5.00% | 04/01/2032 | 10000 | &nbsp;&nbsp; 10499208 |
| California (State of) Community Choice Financing Authority (Green Bonds); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023 C, RB<sup>(c)</sup> <br>| 5.25% | 10/01/2031 | 3250 | &nbsp;&nbsp; 3366090 |
| &nbsp;&nbsp;&nbsp; Series 2023, RB<sup>(c)</sup> <br>| 5.00% | 08/01/2029 | 5000 | &nbsp;&nbsp; 5176294 |
| California (State of) County Tobacco Securitization Agency; Series 2006 B, RB<sup>(h)</sup> <br>| 0.00% | 06/01/2050 | 129820 | &nbsp;&nbsp; 22914723 |
| &nbsp;&nbsp;&nbsp; California (State of) County Tobacco Securitization Agency (Fresno County Tobacco Funding <br> Corp.);<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2006 A, RB<sup>(h)</sup> <br>| 0.00% | 06/01/2046 | 7000 | &nbsp;&nbsp; 1834609 |
| &nbsp;&nbsp;&nbsp; Series 2006 B, RB<sup>(h)</sup> <br>| 0.00% | 06/01/2046 | 6000 | &nbsp;&nbsp; 1519130 |
| &nbsp;&nbsp;&nbsp; California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization <br> Corp.); Series 2020 B-2, Ref. RB<sup>(h)</sup> <br>| 0.00% | 06/01/2055 | 2500 | &nbsp;&nbsp; 455001 |
| &nbsp;&nbsp;&nbsp; California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding <br> Corp.); Series 2002 A, RB<br>| 5.88% | 06/01/2043 | 1215 | &nbsp;&nbsp; 1216373 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System); <br> Series 2021 A, Ref. RB<br>| 5.00% | 08/15/2051 | 10000 | &nbsp;&nbsp; 10203032 |
| California (State of) Health Facilities Financing Authority (Commonspirit Health); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020, Ref. RB<sup>(b)(c)</sup> <br>| 4.00% | 04/01/2030 | 50 | &nbsp;&nbsp; 52610 |
| &nbsp;&nbsp;&nbsp; Series 2020, Ref. RB | 4.00% | 04/01/2049 | 1450 | &nbsp;&nbsp; 1236480 |
| California (State of) Health Facilities Financing Authority (Sutter Health); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2016 B, Ref. RB<sup>(b)(c)</sup> <br>| 5.00% | 11/15/2026 | 4080 | &nbsp;&nbsp; 4217210 |
| &nbsp;&nbsp;&nbsp; Series 2016 B, Ref. RB | 5.00% | 11/15/2046 | 5920 | &nbsp;&nbsp; 5902734 |
| California (State of) Housing Finance Agency; Series 2019 A-2, RB | 4.00% | 03/20/2033 | 6496 | &nbsp;&nbsp; 6454050 |
| California (State of) Housing Finance Agency (Social Certificates); Series 2023-1, RB | 4.38% | 09/20/2036 | 3440 | &nbsp;&nbsp; 3410604 |
| &nbsp;&nbsp;&nbsp; California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing); <br> Series 2018, RB (INS - BAM)<sup>(d)</sup> <br>| 5.00% | 05/15/2043 | 4250 | &nbsp;&nbsp; 4324834 |
| &nbsp;&nbsp;&nbsp; California (State of) Statewide Communities Development Authority (Community Facilities District <br> No. 2007-01); Series 2015, Ref. RB<br>| 5.00% | 09/01/2030 | 780 | &nbsp;&nbsp; 782457 |
| Golden State Tobacco Securitization Corp.; Series 2017 A-1, Ref. RB<sup>(b)(c)</sup> <br>| 5.00% | 06/01/2027 | 170 | &nbsp;&nbsp; 177151 |
| Grossmont-Cuyamaca Community College District (Election of 2012); Series 2018 B, GO Bonds | 4.00% | 08/01/2047 | 3165 | &nbsp;&nbsp; 2903426 |
| Inland Empire Tobacco Securitization Corp.; Series 2007 F, RB<sup>(e)(h)</sup> <br>| 0.00% | 06/01/2057 | 345750 | &nbsp;&nbsp; 18293010 |
| Long Beach (City of), CA Bond Finance Authority; Series 2007 A, RB | 5.50% | 11/15/2037 | 2000 | &nbsp;&nbsp; 2196922 |
| Los Angeles (City of), CA Department of Water & Power; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017 A, RB | 5.00% | 07/01/2042 | 5000 | &nbsp;&nbsp; 5003361 |
| &nbsp;&nbsp;&nbsp; Series 2022 B, Ref. RB | 5.00% | 07/01/2041 | 15000 | &nbsp;&nbsp; 15378211 |
| Los Angeles Unified School District (Green Bonds); Series 2022 QRR, GO Bonds | 5.25% | 07/01/2047 | 5000 | &nbsp;&nbsp; 5239595 |
| M-S-R Energy Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2009 B, RB | 7.00% | 11/01/2034 | 10000 | &nbsp;&nbsp; 11779667 |
| &nbsp;&nbsp;&nbsp; Series 2009 B, RB | 6.50% | 11/01/2039 | 9820 | &nbsp;&nbsp; 11591793 |
| Oak Grove School District (Election of 2008); Series 2018 E, Ref. GO Bonds<sup>(i)</sup> <br>| 5.00% | 08/01/2042 | 4500 | &nbsp;&nbsp; 2628638 |
| Oxnard (City of), CA Financing Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2014, Ref. RB (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 06/01/2032 | 1250 | &nbsp;&nbsp; 1251524 |
| &nbsp;&nbsp;&nbsp; Series 2014, Ref. RB (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 06/01/2033 | 1500 | &nbsp;&nbsp; 1501817 |
| &nbsp;&nbsp;&nbsp; Series 2014, Ref. RB (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 06/01/2034 | 850 | &nbsp;&nbsp; 851009 |
| Poway Unified School District Public Financing Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2015 B, Ref. RB (INS - BAM)<sup>(d)</sup> <br>| 5.00% | 09/01/2033 | 1725 | &nbsp;&nbsp; 1727445 |
| &nbsp;&nbsp;&nbsp; Series 2015 B, Ref. RB (INS - BAM)<sup>(d)</sup> <br>| 5.00% | 09/01/2034 | 3075 | &nbsp;&nbsp; 3079196 |
| San Diego (County of), CA Regional Airport Authority; Series 2019 A, Ref. RB | 5.00% | 07/01/2044 | 5000 | &nbsp;&nbsp; 5093892 |
| Santa Cruz (County of), CA Redevelopment Successor Agency; Series 2015 A, Ref. RB (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 09/01/2035 | 1880 | &nbsp;&nbsp; 1885655 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco AMT-Free Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |
| Transbay Joint Powers Authority (Green Bonds); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020 A, RB | 5.00% | 10/01/2045 | $1000 | &nbsp;&nbsp; $970779 |
| &nbsp;&nbsp;&nbsp; Series 2020 A, RB | 5.00% | 10/01/2049 | 1000 | &nbsp;&nbsp; 957171 |
| Twin Rivers Unified School District; Series 2020, GO Bonds (INS - AGI)<sup>(d)(h)</sup> <br>| 0.00% | 08/01/2044 | 7990 | &nbsp;&nbsp; 3227849 |
|  |  |  |  | &nbsp;&nbsp; 194076359 |
| **Colorado–2.83%** | **Colorado–2.83%** | **Colorado–2.83%** | **Colorado–2.83%** | **Colorado–2.83%** |
| Aurora (City of), CO (Pipeline/Interceptor); Series 2023, RB | 4.00% | 08/01/2053 | 13285 | &nbsp;&nbsp; 11544456 |
| BNC Metropolitan District No. 1; Series 2017 A, Ref. GO Bonds (INS - BAM)<sup>(d)</sup> <br>| 5.00% | 12/01/2037 | 550 | &nbsp;&nbsp; 564794 |
| &nbsp;&nbsp;&nbsp; Colorado (State of) Educational & Cultural Facilities Authority (Stargate Charter School); <br> Series 2018 A, Ref. RB<br>| 5.00% | 12/01/2038 | 1000 | &nbsp;&nbsp; 1014954 |
| &nbsp;&nbsp;&nbsp; Colorado (State of) Health Facilities Authority (Christian Living Neighborhoods); Series 2016, Ref. <br> RB<br>| 5.00% | 01/01/2031 | 1400 | &nbsp;&nbsp; 1404379 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022, RB | 5.25% | 11/01/2052 | 7500 | &nbsp;&nbsp; 7556785 |
| &nbsp;&nbsp;&nbsp; Series 2024 A, Ref. RB | 5.25% | 12/01/2054 | 13345 | &nbsp;&nbsp; 13447013 |
| &nbsp;&nbsp;&nbsp; Colorado (State of) Health Facilities Authority (Covenant Living Communinities and Services); <br> Series 2025, Ref. RB<br>| 5.13% | 12/01/2055 | 3000 | &nbsp;&nbsp; 2946224 |
| Crowfoot Valley Ranch Metropolitan District No. 2; Series 2024 A, Ref. GO Bonds (INS - BAM)<sup>(d)</sup> <br>| 4.38% | 12/01/2054 | 1500 | &nbsp;&nbsp; 1312773 |
| Denver (City & County of), CO; Series 2022 C, Ref. RB | 5.25% | 11/15/2053 | 6120 | &nbsp;&nbsp; 6302137 |
| E-470 Public Highway Authority; Series 1997 B, RB (INS - NATL)<sup>(d)(h)</sup> <br>| 0.00% | 09/01/2025 | 125 | &nbsp;&nbsp; 123957 |
| Ebert Metropolitan District; Series 2018 A-2, GO Bonds (INS - BAM)<sup>(d)</sup> <br>| 5.00% | 12/01/2043 | 1605 | &nbsp;&nbsp; 1619996 |
| Hunting Hill Metropolitan District; Series 2018, Ref. GO Bonds | 5.63% | 12/01/2048 | 2049 | &nbsp;&nbsp; 2031004 |
| Public Authority for Colorado Energy; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2008, RB | 6.25% | 11/15/2028 | 1250 | &nbsp;&nbsp; 1306181 |
| &nbsp;&nbsp;&nbsp; Series 2008, RB | 6.50% | 11/15/2038 | 1920 | &nbsp;&nbsp; 2243074 |
| Rampart Range Metropolitan District No. 1; Series 2017, Ref. RB (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 12/01/2047 | 6165 | &nbsp;&nbsp; 6239975 |
| Vauxmont Metropolitan District; Series 2020, Ref. GO Bonds (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 12/01/2050 | 1500 | &nbsp;&nbsp; 1476012 |
|  |  |  |  | &nbsp;&nbsp; 61133714 |
| **Connecticut–0.73%** | **Connecticut–0.73%** | **Connecticut–0.73%** | **Connecticut–0.73%** | **Connecticut–0.73%** |
| &nbsp;&nbsp;&nbsp; Connecticut (State of) Health & Educational Facilities Authority (Fairfield University); Series 2017 <br> R, Ref. RB<br>| 4.00% | 07/01/2047 | 6125 | &nbsp;&nbsp; 5196102 |
| &nbsp;&nbsp;&nbsp; Connecticut (State of) Health & Educational Facilities Authority (Nuvance Health); Series 2019 A, <br> Ref. RB<br>| 4.00% | 07/01/2049 | 8555 | &nbsp;&nbsp; 7284419 |
| Georgetown (City of), CT Special Taxing District; Series 2006 A, GO Bonds<sup>(a)</sup> <br>| 5.13% | 10/01/2036 | 500 | &nbsp;&nbsp; 60000 |
| Hamden (Town of), CT; Series 2018 A, Ref. GO Bonds (INS - BAM)<sup>(d)</sup> <br>| 5.00% | 08/15/2030 | 625 | &nbsp;&nbsp; 657392 |
| Mashantucket Western Pequot Tribe; Series 2013, RB<sup>(a)</sup> <br>| 6.05% | 07/01/2031 | 11260 | &nbsp;&nbsp; 2589814 |
|  |  |  |  | &nbsp;&nbsp; 15787727 |
| **District of Columbia–3.56%** | **District of Columbia–3.56%** | **District of Columbia–3.56%** | **District of Columbia–3.56%** | **District of Columbia–3.56%** |
| District of Columbia; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020 A, RB | 4.00% | 03/01/2045 | 4335 | &nbsp;&nbsp; 3937116 |
| &nbsp;&nbsp;&nbsp; Series 2025, GO Bonds<sup>(f)</sup> <br>| 5.25% | 01/01/2048 | 4930 | &nbsp;&nbsp; 5108990 |
| District of Columbia Tobacco Settlement Financing Corp.; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2001, RB | 6.75% | 05/15/2040 | 3095 | &nbsp;&nbsp; 3193623 |
| &nbsp;&nbsp;&nbsp; Series 2006 B, RB<sup>(h)</sup> <br>| 0.00% | 06/15/2046 | 72125 | &nbsp;&nbsp; 15450884 |
| Metropolitan Washington Airports Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019 A, Ref. RB | 5.00% | 10/01/2044 | 5000 | &nbsp;&nbsp; 5022192 |
| &nbsp;&nbsp;&nbsp; Series 2019 B, Ref. RB | 4.00% | 10/01/2049 | 10000 | &nbsp;&nbsp; 8506697 |
| Washington Metropolitan Area Transit Authority; Series 2020 A, RB | 4.00% | 07/15/2045 | 25600 | &nbsp;&nbsp; 22703222 |
| Washington Metropolitan Area Transit Authority (Green Bonds); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023 A, RB | 5.50% | 07/15/2051 | 7500 | &nbsp;&nbsp; 7845332 |
| &nbsp;&nbsp;&nbsp; Series 2023 A, RB | 5.25% | 07/15/2053 | 5000 | &nbsp;&nbsp; 5121891 |
|  |  |  |  | &nbsp;&nbsp; 76889947 |
| **Florida–7.89%** | **Florida–7.89%** | **Florida–7.89%** | **Florida–7.89%** | **Florida–7.89%** |
| &nbsp;&nbsp;&nbsp; Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.); <br> Series 2019, Ref. RB<br>| 5.00% | 12/01/2037 | 2580 | &nbsp;&nbsp; 2651857 |
| Amelia Concourse Community Development District; Series 2007, RB | 5.75% | 05/01/2038 | 275 | &nbsp;&nbsp; 257142 |
| Arlington Ridge Community Development District; Series 2006 A, RB | 5.50% | 05/01/2036 | 115 | &nbsp;&nbsp; 115053 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco AMT-Free Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** |
| Broward (County of), FL; Series 2022 A, RB | 4.00% | 10/01/2047 | $5005 | &nbsp;&nbsp; $4526902 |
| Broward (County of), FL (Convention Center Expansion); Series 2021, RB | 4.00% | 09/01/2047 | 17250 | &nbsp;&nbsp; 14700631 |
| Broward (County of), FL School Board; Series 2022, GO Bonds | 5.00% | 07/01/2051 | 10000 | &nbsp;&nbsp; 10240877 |
| Capital Trust Agency, Inc. (Florida Charter Educational Foundation, Inc.); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018 A, RB<sup>(e)</sup> <br>| 5.38% | 06/15/2038 | 255 | &nbsp;&nbsp; 245669 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, RB<sup>(e)</sup> <br>| 5.38% | 06/15/2048 | 480 | &nbsp;&nbsp; 435460 |
| Chapel Creek Community Development District; Series 2006 A, RB<sup>(a)(g)</sup> <br>| 5.50% | 05/01/2038 | 1175 | &nbsp;&nbsp; 787250 |
| &nbsp;&nbsp;&nbsp; Clearwater Cay Community Development District; Series 2006 A, RB (Acquired 02/16/2010; <br> Cost $539,852)<sup>(a)(g)(j)</sup> <br>| 5.50% | 05/01/2037 | 826 | &nbsp;&nbsp; 371674 |
| Creekside Community Development District; Series 2006, RB<sup>(a)(g)</sup> <br>| 5.20% | 05/01/2038 | 2068 | &nbsp;&nbsp; 1033855 |
| Davie (Town of), FL (Nova Southeastern University); Series 2018, Ref. RB | 5.00% | 04/01/2048 | 5000 | &nbsp;&nbsp; 4914741 |
| Florida Development Finance Corp. (Mater Academy); Series 2020 A, RB | 5.00% | 06/15/2050 | 9405 | &nbsp;&nbsp; 8854915 |
| Highland Meadows Community Development District; Series 2006 A, RB | 5.50% | 05/01/2036 | 70 | &nbsp;&nbsp; 70037 |
| &nbsp;&nbsp;&nbsp; Hillsborough (County of), FL Industrial Development Authority (Baycare Health System); <br> Series 2024 C, Ref. RB<sup>(f)</sup> <br>| 5.50% | 11/15/2054 | 15000 | &nbsp;&nbsp; 15799166 |
| Indigo Community Development District; Series 2005, RB<sup>(g)</sup> <br>| 5.75% | 05/01/2036 | 218 | &nbsp;&nbsp; 185270 |
| Jacksonville (City of), FL Health Facilities Authority; Series 1997 B, RB<sup>(b)</sup> <br>| 5.25% | 08/15/2027 | 5 | &nbsp;&nbsp; 5246 |
| JEA Water & Sewer System Revenue; Series 2025, RB<sup>(f)</sup> <br>| 5.25% | 10/01/2055 | 7850 | &nbsp;&nbsp; 8140294 |
| Lake (County of), FL (Imagine South Lake Charter School Program); Series 2019, RB<sup>(e)</sup> <br>| 5.00% | 01/15/2054 | 190 | &nbsp;&nbsp; 162367 |
| Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018 A, RB<sup>(e)</sup> <br>| 5.50% | 07/15/2048 | 565 | &nbsp;&nbsp; 523621 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, RB<sup>(e)</sup> <br>| 5.75% | 07/15/2053 | 600 | &nbsp;&nbsp; 566364 |
| Lucaya Community Development District; Series 2005, RB | 5.38% | 05/01/2035 | 900 | &nbsp;&nbsp; 900549 |
| Magnolia Creek Community Development District; Series 2007 A, RB | 5.90% | 05/01/2039 | 170 | &nbsp;&nbsp; 154513 |
| Magnolia West Community Development District; Series 2017, RB | 5.35% | 05/01/2037 | 60 | &nbsp;&nbsp; 60382 |
| Manatee (County of), FL; Series 2023, Ref. RB | 4.00% | 10/01/2048 | 5000 | &nbsp;&nbsp; 4489205 |
| Miami-Dade (County of), FL; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2009, RB (INS - BAM)<sup>(d)(h)</sup> <br>| 0.00% | 10/01/2042 | 6925 | &nbsp;&nbsp; 3195639 |
| &nbsp;&nbsp;&nbsp; Series 2019 B, RB | 4.00% | 10/01/2049 | 17745 | &nbsp;&nbsp; 15182248 |
| &nbsp;&nbsp;&nbsp; Series 2021, RB | 4.00% | 10/01/2051 | 5000 | &nbsp;&nbsp; 4300473 |
| &nbsp;&nbsp;&nbsp; Series 2024 A, RB | 5.25% | 10/01/2054 | 5000 | &nbsp;&nbsp; 5150650 |
| &nbsp;&nbsp;&nbsp; Series 2025 B, RB | 5.25% | 10/01/2055 | 6500 | &nbsp;&nbsp; 6745507 |
| Miami-Dade (County of), FL Transit System; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020 A, RB | 4.00% | 07/01/2048 | 12185 | &nbsp;&nbsp; 10580030 |
| &nbsp;&nbsp;&nbsp; Series 2020 A, RB | 4.00% | 07/01/2050 | 5000 | &nbsp;&nbsp; 4263664 |
| Naturewalk Community Development District; Series 2007 A, RB<sup>(a)(g)</sup> <br>| 5.50% | 05/01/2038 | 335 | &nbsp;&nbsp; 127300 |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022, RB | 4.00% | 10/01/2052 | 5000 | &nbsp;&nbsp; 4189776 |
| &nbsp;&nbsp;&nbsp; Series 2025, Ref. RB | 4.50% | 10/01/2056 | 2000 | &nbsp;&nbsp; 1815060 |
| &nbsp;&nbsp;&nbsp; Series 2025, Ref. RB | 5.25% | 10/01/2056 | 11250 | &nbsp;&nbsp; 11306294 |
| Osceola (County of), FL; Series 2020 A-1, Ref. RB | 5.00% | 10/01/2049 | 2055 | &nbsp;&nbsp; 2027742 |
| Palace Coral Gables Community Development District; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2011, RB | 5.00% | 05/01/2032 | 315 | &nbsp;&nbsp; 315266 |
| &nbsp;&nbsp;&nbsp; Series 2011, RB | 5.63% | 05/01/2042 | 1000 | &nbsp;&nbsp; 1000859 |
| &nbsp;&nbsp;&nbsp; Pinellas (County of), FL Industrial Development Authority (2017 Foundation for Global <br> Understanding); Series 2019, RB<br>| 5.00% | 07/01/2039 | 2000 | &nbsp;&nbsp; 1936507 |
| Reunion East Community Development District; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2002 A-2, RB<sup>(a)</sup> <br>| 7.38% | 05/01/2033 | 860 | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp; Series 2005, RB<sup>(a)</sup> <br>| 5.80% | 05/01/2036 | 810 | &nbsp;&nbsp; 8 |
| Ridgewood Trails Community Development District; Series 2007 A, RB | 5.65% | 05/01/2038 | 15 | &nbsp;&nbsp; 15007 |
| South Bay Community Development District; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2005 A, RB<sup>(a)</sup> <br>| 5.95% | 05/01/2036 | 1645 | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; Series 2005 A-1, Ref. RB | 5.95% | 05/01/2036 | 1445 | &nbsp;&nbsp; 1445114 |
| &nbsp;&nbsp;&nbsp; Series 2005 A-2, Ref. RB<sup>(a)</sup> <br>| 6.60% | 05/01/2036 | 1095 | &nbsp;&nbsp; 547500 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco AMT-Free Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** |
| Tampa (City of), FL; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020 A, RB<sup>(h)</sup> <br>| 0.00% | 09/01/2033 | $210 | &nbsp;&nbsp; $149173 |
| &nbsp;&nbsp;&nbsp; Series 2020 A, RB<sup>(h)</sup> <br>| 0.00% | 09/01/2034 | 880 | &nbsp;&nbsp; 592890 |
| &nbsp;&nbsp;&nbsp; Series 2020 A, RB<sup>(h)</sup> <br>| 0.00% | 09/01/2035 | 750 | &nbsp;&nbsp; 480025 |
| &nbsp;&nbsp;&nbsp; Series 2020 A, RB<sup>(h)</sup> <br>| 0.00% | 09/01/2036 | 850 | &nbsp;&nbsp; 512259 |
| &nbsp;&nbsp;&nbsp; Series 2020 A, RB<sup>(h)</sup> <br>| 0.00% | 09/01/2037 | 825 | &nbsp;&nbsp; 467105 |
| &nbsp;&nbsp;&nbsp; Series 2020 A, RB<sup>(h)</sup> <br>| 0.00% | 09/01/2038 | 1050 | &nbsp;&nbsp; 558122 |
| &nbsp;&nbsp;&nbsp; Series 2020 A, RB<sup>(h)</sup> <br>| 0.00% | 09/01/2039 | 1000 | &nbsp;&nbsp; 499747 |
| Villages of Avignon Community Development District (The); Series 2007 A, RB<sup>(a)</sup> <br>| 5.40% | 05/01/2037 | 250 | &nbsp;&nbsp; 12500 |
| Vista Community Development District; Series 2006 A, RB | 5.38% | 05/01/2037 | 3055 | &nbsp;&nbsp; 3056103 |
| Waterford Estates Community Development District; Series 2006 A, RB | 5.50% | 05/01/2037 | 1435 | &nbsp;&nbsp; 1438589 |
| Waterstone Community Development District; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2007 A, RB<sup>(i)</sup> <br>| 6.88% | 05/01/2037 | 146 | &nbsp;&nbsp; 102364 |
| &nbsp;&nbsp;&nbsp; Series 2007 B, RB<sup>(h)</sup> <br>| 0.00% | 11/01/2028 | 248 | &nbsp;&nbsp; 223838 |
| West Villages Improvement District (Develepmont Unit No. 2); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2005 A-1, RB | 5.75% | 05/01/2036 | 2470 | &nbsp;&nbsp; 2472136 |
| &nbsp;&nbsp;&nbsp; Series 2005 A-2, RB<sup>(a)</sup> <br>| 5.75% | 05/01/2036 | 2925 | &nbsp;&nbsp; 1696500 |
| Westridge Community Development District; Series 2005, RB | 5.80% | 05/01/2037 | 340 | &nbsp;&nbsp; 340081 |
| Westside Community Development District; Series 2019-2, RB<sup>(g)</sup> <br>| 5.65% | 05/01/2037 | 525 | &nbsp;&nbsp; 420107 |
| Wildwood (City of), FL Village Community Development Disctrict No. 15; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023, RB<sup>(e)</sup> <br>| 5.00% | 05/01/2043 | 1490 | &nbsp;&nbsp; 1466211 |
| &nbsp;&nbsp;&nbsp; Series 2023, RB<sup>(e)</sup> <br>| 5.25% | 05/01/2054 | 985 | &nbsp;&nbsp; 961876 |
| Zephyr Ridge Community Development District; Series 2006 A, RB<sup>(a)</sup> <br>| 5.63% | 05/01/2037 | 978 | &nbsp;&nbsp; 538263 |
|  |  |  |  | &nbsp;&nbsp; 170325598 |
| **Georgia–3.30%** | **Georgia–3.30%** | **Georgia–3.30%** | **Georgia–3.30%** | **Georgia–3.30%** |
| Atlanta (City of), GA Department of Aviation (Green Bonds); Series 2023 B-1, RB | 5.00% | 07/01/2053 | 6750 | &nbsp;&nbsp; 6866248 |
| &nbsp;&nbsp;&nbsp; Atlanta (City of), GA Urban Residential Finance Authority (Trestletree Village Apartments); <br> Series 2013 A, RB<br>| 5.00% | 11/01/2048 | 490 | &nbsp;&nbsp; 369217 |
| Atlanta Development Authority (The); Series 2024, Revenue Ctfs.<sup>(e)</sup> <br>| 5.56% | 12/15/2048 | 6000 | &nbsp;&nbsp; 5217084 |
| Brookhaven (City of), GA Urban Redevelopment Agency; Series 2023 A, RB | 4.00% | 07/01/2053 | 5000 | &nbsp;&nbsp; 4521955 |
| Columbia (City of), GA (Wellstar Health System, Inc.); Series 2023, RAC | 5.13% | 04/01/2048 | 5500 | &nbsp;&nbsp; 5555402 |
| Floyd (County of), GA Development Authority (The Spires at Berry College); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018 A, RB | 5.75% | 12/01/2033 | 1155 | &nbsp;&nbsp; 1154876 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, RB | 6.00% | 12/01/2038 | 2260 | &nbsp;&nbsp; 2210435 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, RB | 6.25% | 12/01/2048 | 5565 | &nbsp;&nbsp; 5237381 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, RB | 6.50% | 12/01/2053 | 3205 | &nbsp;&nbsp; 3058987 |
| Fulton (County of), GA Development Authority (Piedmont Healthcare, Inc.); Series 2019, RB | 4.00% | 07/01/2049 | 11150 | &nbsp;&nbsp; 9644448 |
| Main Street Natural Gas, Inc.; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019 A, RB | 5.00% | 05/15/2043 | 1040 | &nbsp;&nbsp; 1042428 |
| &nbsp;&nbsp;&nbsp; Series 2023 B, RB<sup>(c)</sup> <br>| 5.00% | 03/01/2030 | 5000 | &nbsp;&nbsp; 5205078 |
| &nbsp;&nbsp;&nbsp; Series 2023 C, RB<sup>(c)</sup> <br>| 5.00% | 09/01/2030 | 5000 | &nbsp;&nbsp; 5226067 |
| &nbsp;&nbsp;&nbsp; Series 2024 B, RB<sup>(c)</sup> <br>| 5.00% | 03/01/2032 | 5435 | &nbsp;&nbsp; 5726295 |
| Metropolitan Atlanta Rapid Transit Authority (Green Bonds); Series 2025 A, RB | 5.25% | 07/01/2050 | 6280 | &nbsp;&nbsp; 6633106 |
| Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018 A-1, RB | 6.13% | 12/01/2038 | 880 | &nbsp;&nbsp; 881700 |
| &nbsp;&nbsp;&nbsp; Series 2018 A-1, RB | 6.25% | 12/01/2048 | 1230 | &nbsp;&nbsp; 1174270 |
| &nbsp;&nbsp;&nbsp; Series 2018 A-1, RB | 6.38% | 12/01/2053 | 1030 | &nbsp;&nbsp; 978133 |
| &nbsp;&nbsp;&nbsp; Series 2018 A-2, RB<sup>(c)</sup> <br>| 5.50% | 12/01/2028 | 680 | &nbsp;&nbsp; 654596 |
|  |  |  |  | &nbsp;&nbsp; 71357706 |
| **Guam–0.18%** | **Guam–0.18%** | **Guam–0.18%** | **Guam–0.18%** | **Guam–0.18%** |
| Guam (Territory of); Series 2015 D, Ref. RB | 5.00% | 11/15/2039 | 2500 | &nbsp;&nbsp; 2462201 |
| Guam (Territory of) Waterworks Authority; Series 2020 A, RB | 5.00% | 01/01/2050 | 1500 | &nbsp;&nbsp; 1436577 |
|  |  |  |  | &nbsp;&nbsp; 3898778 |
| **Hawaii–0.71%** | **Hawaii–0.71%** | **Hawaii–0.71%** | **Hawaii–0.71%** | **Hawaii–0.71%** |
| Hawaii (State of); Series 2025 B, RB | 5.00% | 07/01/2049 | 15000 | &nbsp;&nbsp; 15314865 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco AMT-Free Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Idaho–0.18%** | **Idaho–0.18%** | **Idaho–0.18%** | **Idaho–0.18%** | **Idaho–0.18%** |
| Idaho (State of) Health Facilities Authority (St. Luke's Health ystem); Series 2025, Ref. RB | 5.25% | 03/01/2050 | $3735 | &nbsp;&nbsp; $3807843 |
| **Illinois–7.23%** | **Illinois–7.23%** | **Illinois–7.23%** | **Illinois–7.23%** | **Illinois–7.23%** |
| Chicago (City of), IL (O'Hare International Airport); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017 D, RB | 5.25% | 01/01/2036 | 4600 | &nbsp;&nbsp; 4688555 |
| &nbsp;&nbsp;&nbsp; Series 2017 D, RB | 5.00% | 01/01/2052 | 3000 | &nbsp;&nbsp; 2978638 |
| &nbsp;&nbsp;&nbsp; Series 2018 B, RB | 5.00% | 01/01/2053 | 10500 | &nbsp;&nbsp; 10421296 |
| &nbsp;&nbsp;&nbsp; Series 2020 A, Ref. RB | 4.00% | 01/01/2036 | 5000 | &nbsp;&nbsp; 4966228 |
| Chicago (City of), IL Board of Education; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2015 C, GO Bonds | 5.25% | 12/01/2035 | 4010 | &nbsp;&nbsp; 3957592 |
| &nbsp;&nbsp;&nbsp; Series 2016, RB | 6.00% | 04/01/2046 | 4300 | &nbsp;&nbsp; 4370150 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, Ref. GO Bonds (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 12/01/2026 | 775 | &nbsp;&nbsp; 791380 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, Ref. GO Bonds (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 12/01/2028 | 2250 | &nbsp;&nbsp; 2342763 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, Ref. GO Bonds (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 12/01/2031 | 1000 | &nbsp;&nbsp; 1029253 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, Ref. GO Bonds (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 12/01/2034 | 1205 | &nbsp;&nbsp; 1228483 |
| &nbsp;&nbsp;&nbsp; Series 2022 A, GO Bonds | 5.00% | 12/01/2047 | 3200 | &nbsp;&nbsp; 2964264 |
| Chicago (City of), IL Transit Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020 A, Ref. RB | 5.00% | 12/01/2045 | 20 | &nbsp;&nbsp; 19592 |
| &nbsp;&nbsp;&nbsp; Series 2020 A, Ref. RB | 5.00% | 12/01/2055 | 2140 | &nbsp;&nbsp; 2064301 |
| &nbsp;&nbsp;&nbsp; Series 2024 A, Ref. RB | 5.00% | 12/01/2049 | 5000 | &nbsp;&nbsp; 4989326 |
| Cook (County of), IL; Series 2021 A, Ref. RB | 4.00% | 11/15/2041 | 3500 | &nbsp;&nbsp; 3180889 |
| Du Page (County of), IL Special Service Area No. 31 (Monarch Landing, Inc.); Series 2006, RB | 5.63% | 03/01/2036 | 244 | &nbsp;&nbsp; 239551 |
| Gilberts (Village of), IL Special Service Area No. 24 (The Conservancy); Subseries 2014 A, RB | 5.38% | 03/01/2034 | 575 | &nbsp;&nbsp; 535768 |
| Harvey (City of), IL; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2008, RB | 6.88% | 08/01/2028 | 1905 | &nbsp;&nbsp; 1868561 |
| &nbsp;&nbsp;&nbsp; Series 2023 A, GO Bonds | 4.50% | 01/01/2054 | 3483 | &nbsp;&nbsp; 2838185 |
| Illinois (State of); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017 C, GO Bonds | 5.00% | 11/01/2029 | 3000 | &nbsp;&nbsp; 3095658 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, GO Bonds | 5.00% | 05/01/2036 | 2610 | &nbsp;&nbsp; 2668103 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, Ref. GO Bonds | 5.00% | 10/01/2029 | 6500 | &nbsp;&nbsp; 6782321 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, Ref. GO Bonds | 5.00% | 10/01/2032 | 3000 | &nbsp;&nbsp; 3109755 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, Ref. GO Bonds | 5.00% | 10/01/2033 | 750 | &nbsp;&nbsp; 774405 |
| &nbsp;&nbsp;&nbsp; Series 2018 B, Ref. GO Bonds | 5.00% | 10/01/2029 | 5000 | &nbsp;&nbsp; 5217170 |
| &nbsp;&nbsp;&nbsp; Series 2020, GO Bonds | 5.50% | 05/01/2039 | 3750 | &nbsp;&nbsp; 3925802 |
| &nbsp;&nbsp;&nbsp; Series 2024 B, GO Bonds | 5.25% | 05/01/2045 | 3000 | &nbsp;&nbsp; 3061734 |
| &nbsp;&nbsp;&nbsp; Series 2024 C, GO Bonds | 4.00% | 10/01/2048 | 6250 | &nbsp;&nbsp; 5208571 |
| Illinois (State of) Finance Authority; Series 2025, Ref. RB<sup>(e)</sup> <br>| 5.88% | 09/01/2046 | 2500 | &nbsp;&nbsp; 2436373 |
| Illinois (State of) Finance Authority (University of Illinois Health Services); Series 2020, RB | 4.00% | 10/01/2040 | 3950 | &nbsp;&nbsp; 3531796 |
| Illinois (State of) Regional Transportation Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018 B, RB | 4.00% | 06/01/2043 | 1365 | &nbsp;&nbsp; 1238102 |
| &nbsp;&nbsp;&nbsp; Series 2018 XF2618, Revenue Ctfs.<sup>(f)</sup> <br>| 4.00% | 06/01/2043 | 18000 | &nbsp;&nbsp; 16326616 |
| Illinois (State of) Sports Facilities Authority (The); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2014, Ref. RB (INS - AGI)<sup>(d)</sup> <br>| 5.25% | 06/15/2032 | 2000 | &nbsp;&nbsp; 2003112 |
| &nbsp;&nbsp;&nbsp; Series 2019, Ref. RB (INS - BAM)<sup>(d)</sup> <br>| 5.00% | 06/15/2029 | 1455 | &nbsp;&nbsp; 1530574 |
| Illinois State Toll Highway Authority; Series 2025, RB<sup>(f)</sup> <br>| 5.00% | 01/01/2045 | 21090 | &nbsp;&nbsp; 21310133 |
| Jefferson County Township High School District No. 201; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2012 A, GO Bonds | 6.50% | 12/30/2027 | 895 | &nbsp;&nbsp; 966077 |
| &nbsp;&nbsp;&nbsp; Series 2012 A, GO Bonds | 6.50% | 12/30/2028 | 955 | &nbsp;&nbsp; 1055381 |
| &nbsp;&nbsp;&nbsp; Series 2012 A, GO Bonds | 6.50% | 12/30/2031 | 1160 | &nbsp;&nbsp; 1348795 |
| Lincolnshire (Village of), IL (Sedgewick); Series 2004, RB | 6.25% | 03/01/2034 | 1545 | &nbsp;&nbsp; 1545841 |
| Marion (City of), IL (Star Bond District Area No. 1); Series 2025, RB | 6.63% | 06/01/2055 | 2500 | &nbsp;&nbsp; 2471613 |
| Northern Illinois Municipal Power Agency; Series 2016 A, Ref. RB | 4.00% | 12/01/2041 | 1050 | &nbsp;&nbsp; 957395 |
| Plano (City of), IL Special Service Area No. 5 (Lakewood Springs Club); Series 2006, RB | 6.00% | 03/01/2036 | 331 | &nbsp;&nbsp; 305882 |
| Sales Tax Securitization Corp.; Series 2018 C, Ref. RB (INS - BAM)<sup>(d)</sup> <br>| 5.25% | 01/01/2048 | 5000 | &nbsp;&nbsp; 5069541 |
| Southwestern Illinois Development Authority; Series 2006, RB<sup>(a)</sup> <br>| 5.63% | 11/01/2026 | 210 | &nbsp;&nbsp; 44005 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco AMT-Free Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** |
| Stephenson County School District No. 145 Freeport; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018 A, GO Bonds<sup>(b)(c)</sup> <br>| 5.00% | 02/01/2028 | $210 | &nbsp;&nbsp; $221146 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, GO Bonds<sup>(b)(c)</sup> <br>| 5.00% | 02/01/2028 | 135 | &nbsp;&nbsp; 142165 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, GO Bonds<sup>(b)(c)</sup> <br>| 5.00% | 02/01/2028 | 160 | &nbsp;&nbsp; 168492 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, GO Bonds<sup>(b)(c)</sup> <br>| 5.00% | 02/01/2028 | 40 | &nbsp;&nbsp; 42123 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, GO Bonds<sup>(b)(c)</sup> <br>| 5.00% | 02/01/2028 | 30 | &nbsp;&nbsp; 31592 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, GO Bonds<sup>(b)(c)</sup> <br>| 5.00% | 02/01/2028 | 25 | &nbsp;&nbsp; 26327 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, Ref. GO Bonds<sup>(b)(c)</sup> <br>| 5.00% | 02/01/2028 | 210 | &nbsp;&nbsp; 221146 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, Ref. GO Bonds<sup>(b)(c)</sup> <br>| 5.00% | 02/01/2028 | 155 | &nbsp;&nbsp; 163227 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, Ref. GO Bonds<sup>(b)(c)</sup> <br>| 5.00% | 02/01/2028 | 135 | &nbsp;&nbsp; 142165 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, Ref. GO Bonds (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 02/01/2032 | 695 | &nbsp;&nbsp; 726187 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, Ref. GO Bonds (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 02/01/2033 | 505 | &nbsp;&nbsp; 525144 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, Ref. GO Bonds (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 02/01/2034 | 455 | &nbsp;&nbsp; 471343 |
| Yorkville (United City of), IL (United City Special Services Area); Series 2013, Ref. RB | 5.00% | 03/01/2033 | 1828 | &nbsp;&nbsp; 1804692 |
|  |  |  |  | &nbsp;&nbsp; 156145279 |
| **Indiana–0.66%** | **Indiana–0.66%** | **Indiana–0.66%** | **Indiana–0.66%** | **Indiana–0.66%** |
| Columbus (City of), IN (Vivera Senior Living); Series 2019, RB | 5.63% | 05/01/2039 | 3515 | &nbsp;&nbsp; 3154952 |
| Indiana (State of) Finance Authority (Good Samaritan Hospital); Series 2016 A, RB | 5.50% | 04/01/2026 | 830 | &nbsp;&nbsp; 837303 |
| Indianapolis Local Public Improvement Bond Bank; Series 2025, Ref. RB | 5.25% | 01/01/2055 | 10000 | &nbsp;&nbsp; 10308307 |
|  |  |  |  | &nbsp;&nbsp; 14300562 |
| **Iowa–0.98%** | **Iowa–0.98%** | **Iowa–0.98%** | **Iowa–0.98%** | **Iowa–0.98%** |
| Iowa (State of) Finance Authority (Alcoa, Inc.); Series 2012, RB | 4.75% | 08/01/2042 | 5000 | &nbsp;&nbsp; 4781126 |
| Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB<sup>(b)(c)</sup> <br>| 5.00% | 12/01/2032 | 7785 | &nbsp;&nbsp; 8756812 |
| Iowa (State of) Finance Authority (Unitypoint Health); Series 2018 B, Ref. RB | 5.00% | 02/15/2048 | 1300 | &nbsp;&nbsp; 1300473 |
| Iowa (State of) Finance Authority (Wedum Walnut Ridge LLC); Series 2007 B, RB | 5.38% | 06/01/2025 | 25 | &nbsp;&nbsp; 25000 |
| PEFA, Inc.; Series 2019, RB<sup>(c)</sup> <br>| 5.00% | 09/01/2026 | 5190 | &nbsp;&nbsp; 5247467 |
| Xenia (City of), IA Rural Water District; Series 2016, Ref. RN<sup>(b)(c)</sup> <br>| 5.00% | 12/01/2026 | 1000 | &nbsp;&nbsp; 1031472 |
|  |  |  |  | &nbsp;&nbsp; 21142350 |
| **Kentucky–2.16%** | **Kentucky–2.16%** | **Kentucky–2.16%** | **Kentucky–2.16%** | **Kentucky–2.16%** |
| &nbsp;&nbsp;&nbsp; Kentucky (Commonwealth of) Municipal Power Agency (Prairie State); Series 2016 A, Ref. RB (INS - <br> NATL)<sup>(d)</sup> <br>| 5.00% | 09/01/2031 | 5000 | &nbsp;&nbsp; 5075160 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 115); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017, RB | 5.00% | 04/01/2037 | 2500 | &nbsp;&nbsp; 2545427 |
| &nbsp;&nbsp;&nbsp; Series 2017, RB (INS - BAM)<sup>(d)</sup> <br>| 5.00% | 04/01/2038 | 2500 | &nbsp;&nbsp; 2546025 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 119); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018, RB | 5.00% | 05/01/2036 | 1170 | &nbsp;&nbsp; 1204938 |
| &nbsp;&nbsp;&nbsp; Series 2018, RB | 5.00% | 05/01/2037 | 4605 | &nbsp;&nbsp; 4727844 |
| Kentucky (Commonwealth of) Public Energy Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022 A-1, RB<sup>(c)</sup> <br>| 4.00% | 08/01/2030 | 15000 | &nbsp;&nbsp; 14875984 |
| &nbsp;&nbsp;&nbsp; Series 2023 A-1, Ref. RB<sup>(c)</sup> <br>| 5.25% | 02/01/2032 | 10000 | &nbsp;&nbsp; 10585519 |
| &nbsp;&nbsp;&nbsp; Series 2024 A, RB<sup>(c)</sup> <br>| 5.00% | 07/01/2030 | 5000 | &nbsp;&nbsp; 5185965 |
|  |  |  |  | &nbsp;&nbsp; 46746862 |
| **Louisiana–1.06%** | **Louisiana–1.06%** | **Louisiana–1.06%** | **Louisiana–1.06%** | **Louisiana–1.06%** |
| &nbsp;&nbsp;&nbsp; Denham Springs (City of) & Livingston (Parish of), LA Housing & Mortgage Finance Authority; <br> Series 2007, RB (CEP - GNMA)<br>| 5.00% | 11/01/2040 | 3 | &nbsp;&nbsp; 2643 |
| &nbsp;&nbsp;&nbsp; Louisiana (State of) Public Facilities Authority (19th Judicial District Court Building); Series 2015, <br> Ref. RB<sup>(b)(c)</sup> <br>| 5.00% | 06/01/2025 | 2500 | &nbsp;&nbsp; 2500000 |
| Louisiana (State of) Public Facilities Authority (Archdiocese of New Orleans); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017, Ref. RB | 5.00% | 07/01/2032 | 395 | &nbsp;&nbsp; 335750 |
| &nbsp;&nbsp;&nbsp; Series 2017, Ref. RB | 5.00% | 07/01/2033 | 300 | &nbsp;&nbsp; 255000 |
| &nbsp;&nbsp;&nbsp; Series 2017, Ref. RB | 5.00% | 07/01/2037 | 345 | &nbsp;&nbsp; 293250 |
| Louisiana Stadium & Exposition District; Series 2023 A, Ref. RB | 5.00% | 07/01/2048 | 13235 | &nbsp;&nbsp; 13345463 |
| &nbsp;&nbsp;&nbsp; Louisiana State University & Agricultural & Mechanical College Board of Supervisors; Series 2016 <br> A, Ref. RB<sup>(b)(c)</sup> <br>| 5.00% | 07/01/2026 | 4035 | &nbsp;&nbsp; 4123509 |
| St. John the Baptist (Parish of), LA (Marathon Oil Corp.); Subseries 2017 A-3, Ref. RB<sup>(c)</sup> <br>| 2.20% | 07/01/2026 | 2000 | &nbsp;&nbsp; 1961630 |
|  |  |  |  | &nbsp;&nbsp; 22817245 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco AMT-Free Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Maryland–0.28%** | **Maryland–0.28%** | **Maryland–0.28%** | **Maryland–0.28%** | **Maryland–0.28%** |
| Gaithersburg (City of), MD (Asbury Maryland Obligated Group); Series 2018 A, Ref. RB | 5.00% | 01/01/2036 | $1500 | &nbsp;&nbsp; $1508775 |
| Maryland (State of) Health & Higher Educational Facilities Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2001, RB (INS - AMBAC)<sup>(d)</sup> <br>| 5.00% | 07/01/2034 | 5 | &nbsp;&nbsp; 5036 |
| &nbsp;&nbsp;&nbsp; Series 2016, Ref. RB | 5.00% | 06/01/2036 | 400 | &nbsp;&nbsp; 401718 |
| Maryland Economic Development Corp.; Series 2025, Ref. RB<sup>(c)(e)</sup> <br>| 5.00% | 03/27/2035 | 3000 | &nbsp;&nbsp; 2928605 |
| Prince George's (County of), MD (Victoria Falls); Series 2005, RB | 5.25% | 07/01/2035 | 1308 | &nbsp;&nbsp; 1308807 |
|  |  |  |  | &nbsp;&nbsp; 6152941 |
| **Massachusetts–1.09%** | **Massachusetts–1.09%** | **Massachusetts–1.09%** | **Massachusetts–1.09%** | **Massachusetts–1.09%** |
| Massachusetts (Commonwealth of) Bay Transportation Authority; Series 2024 A, Ref. RB | 5.25% | 07/01/2052 | 7000 | &nbsp;&nbsp; 7324482 |
| Massachusetts (Commonwealth of) Development Finance Agency; Series 2019 A, Ref. RB | 4.00% | 07/01/2044 | 3000 | &nbsp;&nbsp; 2475307 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Caregroup); Series 2018 J-2, <br> RB<br>| 5.00% | 07/01/2053 | 4780 | &nbsp;&nbsp; 4638488 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Transportation Fund (Rail Enhancement Program); Series 2021 <br> A, RB<sup>(f)</sup> <br>| 4.00% | 06/01/2050 | 10000 | &nbsp;&nbsp; 9045329 |
|  |  |  |  | &nbsp;&nbsp; 23483606 |
| **Michigan–1.31%** | **Michigan–1.31%** | **Michigan–1.31%** | **Michigan–1.31%** | **Michigan–1.31%** |
| Detroit (City of), MI; Series 2003 B-R, RB (INS - AGI)<sup>(d)</sup> <br>| 7.50% | 07/01/2033 | 60 | &nbsp;&nbsp; 60192 |
| Michigan (State of) Finance Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2005 A, RB | 6.00% | 12/01/2035 | 1155 | &nbsp;&nbsp; 1103539 |
| &nbsp;&nbsp;&nbsp; Series 2008 C, RB<sup>(h)</sup> <br>| 0.00% | 06/01/2058 | 214275 | &nbsp;&nbsp; 6252373 |
| &nbsp;&nbsp;&nbsp; Series 2014, Ref. RB<sup>(e)</sup> <br>| 6.75% | 07/01/2044 | 1230 | &nbsp;&nbsp; 1209215 |
| Michigan (State of) Finance Authority (Detroit Water & Sewerage Department); Series 2015 C, RB | 5.00% | 07/01/2034 | 2200 | &nbsp;&nbsp; 2199821 |
| Michigan (State of) Finance Authority (Old Redforf Academy); Series 2010 A, RB | 5.90% | 12/01/2030 | 400 | &nbsp;&nbsp; 396949 |
| Michigan (State of) Finance Authority (Universal Learning Academy); Series 2018, Ref. RB | 5.75% | 11/01/2040 | 635 | &nbsp;&nbsp; 635765 |
| &nbsp;&nbsp;&nbsp; Michigan (State of) Strategic Fund (Wolverine Human Services); Series 2007, RN (Acquired <br> 08/28/2008-10/09/2008; Cost $4,807,892)<sup>(a)(j)</sup> <br>| 5.85% | 08/31/2027 | 5684 | &nbsp;&nbsp; 1989265 |
| Plymouth Educational Center Charter School; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2005, Ref. RB | 5.38% | 11/01/2030 | 400 | &nbsp;&nbsp; 200000 |
| &nbsp;&nbsp;&nbsp; Series 2005, Ref. RB | 5.63% | 11/01/2035 | 1325 | &nbsp;&nbsp; 662500 |
| Renaissance Public School Academy; Series 2012 A, RB | 6.00% | 05/01/2037 | 500 | &nbsp;&nbsp; 500199 |
| Walled Lake Consolidated School District; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019, GO Bonds | 4.00% | 05/01/2039 | 600 | &nbsp;&nbsp; 577332 |
| &nbsp;&nbsp;&nbsp; Series 2019, GO Bonds | 4.00% | 05/01/2041 | 2485 | &nbsp;&nbsp; 2401113 |
| &nbsp;&nbsp;&nbsp; Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport); Series 2021 <br> A, RB<br>| 5.00% | 12/01/2046 | 10000 | &nbsp;&nbsp; 10160701 |
|  |  |  |  | &nbsp;&nbsp; 28348964 |
| **Minnesota–0.30%** | **Minnesota–0.30%** | **Minnesota–0.30%** | **Minnesota–0.30%** | **Minnesota–0.30%** |
| Bethel (City of), MN (Benedictine Health System - St. Peter Communities); Series 2018 A, Ref. RB | 5.50% | 12/01/2048 | 1050 | &nbsp;&nbsp; 970258 |
| &nbsp;&nbsp;&nbsp; Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group); <br> Series 2018 A, Ref. RB<br>| 5.00% | 02/15/2043 | 2300 | &nbsp;&nbsp; 2277653 |
| &nbsp;&nbsp;&nbsp; Minnesota (State of) Higher Education Facilities Authority (Trustees of the Hamline University of <br> Minnesota); Series 2017, Ref. RB<br>| 5.00% | 10/01/2047 | 900 | &nbsp;&nbsp; 818122 |
| Mound (City of), MN Housing & Redevelopment Authority; Series 2006, Ref. RB | 5.00% | 02/15/2027 | 239 | &nbsp;&nbsp; 236997 |
| St. Cloud (City of), MN (CentraCare Health System); Series 2024, Ref. RB | 5.00% | 05/01/2054 | 2330 | &nbsp;&nbsp; 2283814 |
|  |  |  |  | &nbsp;&nbsp; 6586844 |
| **Mississippi–0.52%** | **Mississippi–0.52%** | **Mississippi–0.52%** | **Mississippi–0.52%** | **Mississippi–0.52%** |
| &nbsp;&nbsp;&nbsp; Mississippi (State of) Development Bank; Series 2016, RB (CEP - Colorado Higher Education <br> Intercept Program)<br>| 5.00% | 12/01/2046 | 10000 | &nbsp;&nbsp; 10060369 |
| Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 2021, RB | 2.38% | 06/01/2044 | 1795 | &nbsp;&nbsp; 1080799 |
|  |  |  |  | &nbsp;&nbsp; 11141168 |
| **Missouri–1.43%** | **Missouri–1.43%** | **Missouri–1.43%** | **Missouri–1.43%** | **Missouri–1.43%** |
| Branson (City of), MO Industrial Development Authority (Branson Hills Redevelopment); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2005 A, RB<sup>(g)</sup> <br>| 7.05% | 05/01/2027 | 60 | &nbsp;&nbsp; 54741 |
| &nbsp;&nbsp;&nbsp; Series 2007 A, RB<sup>(g)</sup> <br>| 5.75% | 05/01/2026 | 465 | &nbsp;&nbsp; 441486 |
| Broadway-Fairview Transportation Development District; Series 2006 A, RB<sup>(g)</sup> <br>| 5.88% | 12/01/2031 | 675 | &nbsp;&nbsp; 209250 |
| Chillicothe (City of), MO (South U.S. 65); Series 2006, RB | 5.63% | 04/01/2027 | 305 | &nbsp;&nbsp; 299612 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco AMT-Free Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Missouri–(continued)** | **Missouri–(continued)** | **Missouri–(continued)** | **Missouri–(continued)** | **Missouri–(continued)** |
| Columbia (City of), MO Housing Authority (Stuart Park/Paquin Tower Apartments); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2015, RB | 5.00% | 12/15/2040 | $580 | &nbsp;&nbsp; $528225 |
| &nbsp;&nbsp;&nbsp; Series 2015, RB | 5.13% | 12/15/2050 | 1330 | &nbsp;&nbsp; 1143399 |
| Hollister (City of), MO; Series 2019, RB<sup>(e)</sup> <br>| 5.63% | 10/01/2039 | 3095 | &nbsp;&nbsp; 3065088 |
| &nbsp;&nbsp;&nbsp; Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community <br> Improvement District); Series 2016 A, Ref. RB<sup>(e)</sup> <br>| 5.00% | 04/01/2046 | 295 | &nbsp;&nbsp; 253854 |
| Lee's Summit (City of), MO Industrial Development Authority; Series 2007, RB<sup>(a)(g)</sup> <br>| 5.75% | 03/01/2029 | 169 | &nbsp;&nbsp; 93178 |
| Missouri (State of) Health & Educational Facilities Authority (SSM Health); Series 2018 A, RB | 5.00% | 06/01/2048 | 7500 | &nbsp;&nbsp; 7308769 |
| Northwoods Transportation Development District; Series 2006 A, RB | 5.85% | 02/01/2031 | 50 | &nbsp;&nbsp; 44405 |
| St. Louis (City of), MO; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2007 A, RB<sup>(g)</sup> <br>| 5.50% | 09/02/2028 | 373 | &nbsp;&nbsp; 78330 |
| &nbsp;&nbsp;&nbsp; Series 2024, RB (INS - AGI)<sup>(d)</sup> <br>| 5.25% | 07/01/2049 | 10000 | &nbsp;&nbsp; 10405920 |
| &nbsp;&nbsp;&nbsp; Series 2024, RB (INS - AGI)<sup>(d)</sup> <br>| 5.25% | 07/01/2054 | 5000 | &nbsp;&nbsp; 5166756 |
| St. Louis (City of), MO (Abbey Condominiums); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2006 A, RB<sup>(g)(k)</sup> <br>| 6.00% | 08/04/2025 | 481 | &nbsp;&nbsp; 15632 |
| &nbsp;&nbsp;&nbsp; Series 2007, RB<sup>(g)</sup> <br>| 5.50% | 05/29/2028 | 661 | &nbsp;&nbsp; 99153 |
| St. Louis (City of), MO (Ludwig Lofts); Series 2008, RN<sup>(g)(k)</sup> <br>| 6.69% | 04/21/2029 | 1080 | &nbsp;&nbsp; 183600 |
| St. Louis (City of), MO (Printers Lofts Tax Increment Financing); Series 2006, RB<sup>(g)(k)</sup> <br>| 6.00% | 08/21/2026 | 545 | &nbsp;&nbsp; 38150 |
| St. Louis (City of), MO (Washington Park Redevelopment); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2006, RB<sup>(g)(k)</sup> <br>| 6.00% | 08/21/2026 | 846 | &nbsp;&nbsp; 101520 |
| &nbsp;&nbsp;&nbsp; Series 2006, RN<sup>(g)</sup> <br>| 5.50% | 03/09/2027 | 1879 | &nbsp;&nbsp; 263060 |
| &nbsp;&nbsp;&nbsp; Series 2007 A, RN<sup>(g)</sup> <br>| 5.50% | 01/20/2028 | 688 | &nbsp;&nbsp; 213280 |
| &nbsp;&nbsp;&nbsp; Series 2007 B, RN<sup>(g)(k)</sup> <br>| 5.50% | 01/20/2028 | 466 | &nbsp;&nbsp; 4660 |
| &nbsp;&nbsp;&nbsp; Series 2008 A, RB<sup>(g)</sup> <br>| 6.60% | 01/21/2028 | 3254 | &nbsp;&nbsp; 846040 |
| &nbsp;&nbsp;&nbsp; Stone Canyon Community Improvement District (Infrastructure Improvement); Series 2007, <br> RB<sup>(a)(g)</sup> <br>| 5.75% | 04/01/2027 | 320 | &nbsp;&nbsp; 67200 |
|  |  |  |  | &nbsp;&nbsp; 30925308 |
| **Montana–0.08%** | **Montana–0.08%** | **Montana–0.08%** | **Montana–0.08%** | **Montana–0.08%** |
| Hardin (City of), MT; Series 2006, RB<sup>(g)(k)</sup> <br>| 6.25% | 09/01/2031 | 11710 | &nbsp;&nbsp; 1756500 |
| **Nebraska–1.25%** | **Nebraska–1.25%** | **Nebraska–1.25%** | **Nebraska–1.25%** | **Nebraska–1.25%** |
| Central Plains Energy Project (No. 3); Series 2017 A, Ref. RB | 5.00% | 09/01/2035 | 6150 | &nbsp;&nbsp; 6517778 |
| Central Plains Energy Project (No. 5); Series 2022-1, RB<sup>(c)</sup> <br>| 5.00% | 10/01/2029 | 5000 | &nbsp;&nbsp; 5158519 |
| Nebraska Investment Finance Authority (Social Bonds); Series 2024 E, RB (CEP - GNMA) | 4.80% | 09/01/2054 | 5000 | &nbsp;&nbsp; 4843086 |
| Omaha (City of), NE Public Power District; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021 A, RB (INS - AGI)<sup>(d)</sup> <br>| 4.00% | 02/01/2051 | 6000 | &nbsp;&nbsp; 5269865 |
| &nbsp;&nbsp;&nbsp; Series 2023 A, RB | 5.25% | 02/01/2053 | 5000 | &nbsp;&nbsp; 5163074 |
|  |  |  |  | &nbsp;&nbsp; 26952322 |
| **Nevada–0.82%** | **Nevada–0.82%** | **Nevada–0.82%** | **Nevada–0.82%** | **Nevada–0.82%** |
| Clark (County of), NV (Special Improvement District No. 128); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2007 A, RB | 5.00% | 02/01/2026 | 65 | &nbsp;&nbsp; 65118 |
| &nbsp;&nbsp;&nbsp; Series 2007 A, RB | 5.05% | 02/01/2031 | 245 | &nbsp;&nbsp; 245372 |
| Clark County School District; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018 B, GO Bonds (INS - BAM)<sup>(d)</sup> <br>| 5.00% | 06/15/2036 | 5280 | &nbsp;&nbsp; 5484288 |
| &nbsp;&nbsp;&nbsp; Series 2025 A, GO Bonds (INS - AGI)<sup>(d)</sup> <br>| 3.00% | 06/15/2044 | 2500 | &nbsp;&nbsp; 1946988 |
| Las Vegas Valley Water District; Series 2022 A, GO Bonds | 4.00% | 06/01/2051 | 5000 | &nbsp;&nbsp; 4316178 |
| Reno-Tahoe Airport Authority (Tahoe International Airport); Series 2024 B, RB | 5.25% | 07/01/2054 | 5400 | &nbsp;&nbsp; 5564054 |
|  |  |  |  | &nbsp;&nbsp; 17621998 |
| **New Hampshire–0.97%** | **New Hampshire–0.97%** | **New Hampshire–0.97%** | **New Hampshire–0.97%** | **New Hampshire–0.97%** |
| Manchester Housing & Redevelopment Authority, Inc.; Series 2000 B, RB (INS - BAM)<sup>(d)(h)</sup> <br>| 0.00% | 01/01/2029 | 305 | &nbsp;&nbsp; 264241 |
| New Hampshire (State of) Business Finance Authority; Series 2020-1A, RB | 4.13% | 01/20/2034 | 3392 | &nbsp;&nbsp; 3332611 |
| New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022-2A, RB | 4.00% | 10/20/2036 | 4904 | &nbsp;&nbsp; 4616021 |
| New Hampshire (State of) Business Finance Authority (Social Certificates); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, RB<sup>(c)</sup> <br>| 4.15% | 10/01/2034 | 2000 | &nbsp;&nbsp; 1855899 |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Revenue Ctfs. | 4.16% | 10/20/2041 | 4975 | &nbsp;&nbsp; 4388278 |
| New Hampshire (State of) Business Finance Authority (Thomas Ranch); Series 2024, RB<sup>(e)(h)</sup> <br>| 0.00% | 12/01/2034 | 7265 | &nbsp;&nbsp; 3850487 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco AMT-Free Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New Hampshire–(continued)** | **New Hampshire–(continued)** | **New Hampshire–(continued)** | **New Hampshire–(continued)** | **New Hampshire–(continued)** |
| New Hampshire (State of) Business Finance Authority (Vista (The)); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019 A, RB<sup>(e)</sup> <br>| 5.25% | 07/01/2039 | $410 | &nbsp;&nbsp; $404653 |
| &nbsp;&nbsp;&nbsp; Series 2019 A, RB<sup>(e)</sup> <br>| 5.63% | 07/01/2046 | 230 | &nbsp;&nbsp; 223680 |
| &nbsp;&nbsp;&nbsp; Series 2019 A, RB<sup>(e)</sup> <br>| 5.75% | 07/01/2054 | 570 | &nbsp;&nbsp; 547215 |
| &nbsp;&nbsp;&nbsp; New Hampshire (State of) Housing Finance Authority (University Hospitals Home Care Services, <br> Inc.); Series 2024, RB<sup>(e)</sup> <br>| 5.63% | 12/15/2033 | 1510 | &nbsp;&nbsp; 1529575 |
|  |  |  |  | &nbsp;&nbsp; 21012660 |
| **New Jersey–6.07%** | **New Jersey–6.07%** | **New Jersey–6.07%** | **New Jersey–6.07%** | **New Jersey–6.07%** |
| Atlantic City (City of), NJ; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017 A, Ref. GO Bonds (INS - BAM)<sup>(d)</sup> <br>| 5.00% | 03/01/2032 | 250 | &nbsp;&nbsp; 256842 |
| &nbsp;&nbsp;&nbsp; Series 2017 A, Ref. GO Bonds (INS - BAM)<sup>(d)</sup> <br>| 5.00% | 03/01/2037 | 500 | &nbsp;&nbsp; 508947 |
| Hudson County Improvement Authority (Hudson County Courthouse); Series 2020, RB | 4.00% | 10/01/2046 | 10000 | &nbsp;&nbsp; 9149538 |
| New Jersey (State of); Series 2020 A, GO Bonds | 4.00% | 06/01/2032 | 6380 | &nbsp;&nbsp; 6712962 |
| New Jersey (State of) Economic Development Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2016 AAA, RB<sup>(b)(c)</sup> <br>| 5.00% | 12/15/2026 | 3000 | &nbsp;&nbsp; 3099072 |
| &nbsp;&nbsp;&nbsp; Series 2017 DDD, RB | 5.00% | 06/15/2028 | 1930 | &nbsp;&nbsp; 1998083 |
| &nbsp;&nbsp;&nbsp; Series 2017 DDD, RB | 5.00% | 06/15/2029 | 3500 | &nbsp;&nbsp; 3616582 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, RB | 5.00% | 06/15/2042 | 3500 | &nbsp;&nbsp; 3490957 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, RB | 5.00% | 06/15/2047 | 735 | &nbsp;&nbsp; 719141 |
| &nbsp;&nbsp;&nbsp; Series 2018 C, RB | 5.00% | 06/15/2031 | 4855 | &nbsp;&nbsp; 5009003 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Economic Development Authority (Golden Door Charter School); <br> Series 2018 A, RB<sup>(e)</sup> <br>| 6.50% | 11/01/2052 | 220 | &nbsp;&nbsp; 225489 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Economic Development Authority (Newark Downtown District Management <br> Corp.); Series 2019, Ref. RB<br>| 5.13% | 06/15/2037 | 774 | &nbsp;&nbsp; 810211 |
| New Jersey (State of) Health Care Facilities Financing Authority; Series 2015 A, RB (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 07/01/2029 | 2100 | &nbsp;&nbsp; 2102152 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated <br> Group); Series 2024, RB<br>| 5.25% | 07/01/2054 | 10000 | &nbsp;&nbsp; 10378186 |
| New Jersey (State of) Transportation Trust Fund Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2008 A, RB<sup>(h)</sup> <br>| 0.00% | 12/15/2038 | 5680 | &nbsp;&nbsp; 3078429 |
| &nbsp;&nbsp;&nbsp; Series 2016 A-1, RN | 5.00% | 06/15/2030 | 6000 | &nbsp;&nbsp; 6090169 |
| &nbsp;&nbsp;&nbsp; Series 2019 BB, RB | 4.00% | 06/15/2050 | 7125 | &nbsp;&nbsp; 6015241 |
| &nbsp;&nbsp;&nbsp; Series 2020 AA, RB | 4.00% | 06/15/2050 | 10000 | &nbsp;&nbsp; 8442444 |
| &nbsp;&nbsp;&nbsp; Series 2022 BB, RB | 4.00% | 06/15/2046 | 1585 | &nbsp;&nbsp; 1371003 |
| New Jersey (State of) Turnpike Authority; Series 2021 A, RB | 4.00% | 01/01/2042 | 2000 | &nbsp;&nbsp; 1845182 |
| Tender Option Bond Trust Receipts/Certificates; Series 2025, RB<sup>(e)</sup> <br>| 13.63% | 01/01/2055 | 1425 | &nbsp;&nbsp; 1621151 |
| Tobacco Settlement Financing Corp.; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018 A, Ref. RB | 5.00% | 06/01/2029 | 3500 | &nbsp;&nbsp; 3600924 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, Ref. RB | 5.00% | 06/01/2030 | 12030 | &nbsp;&nbsp; 12356352 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, Ref. RB | 5.00% | 06/01/2031 | 4500 | &nbsp;&nbsp; 4613133 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, Ref. RB | 5.00% | 06/01/2032 | 12980 | &nbsp;&nbsp; 13269449 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, Ref. RB | 5.00% | 06/01/2033 | 5005 | &nbsp;&nbsp; 5109592 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, Ref. RB | 5.00% | 06/01/2037 | 3000 | &nbsp;&nbsp; 3029893 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, Ref. RB | 5.25% | 06/01/2046 | 6000 | &nbsp;&nbsp; 6024713 |
| &nbsp;&nbsp;&nbsp; Series 2018 B, Ref. RB | 5.00% | 06/01/2046 | 6825 | &nbsp;&nbsp; 6552195 |
|  |  |  |  | &nbsp;&nbsp; 131097035 |
| **New Mexico–0.01%** | **New Mexico–0.01%** | **New Mexico–0.01%** | **New Mexico–0.01%** | **New Mexico–0.01%** |
| Boulders Public Improvement District; Series 2015, RB | 5.75% | 10/01/2044 | 230 | &nbsp;&nbsp; 222723 |
| **New York–8.77%** | **New York–8.77%** | **New York–8.77%** | **New York–8.77%** | **New York–8.77%** |
| Hudson Yards Infrastructure Corp.; Series 2017 A, Ref. RB | 5.00% | 02/15/2042 | 8990 | &nbsp;&nbsp; 9035569 |
| Metropolitan Transportation Authority (Green Bonds); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017 A-1, RB | 5.25% | 11/15/2057 | 3500 | &nbsp;&nbsp; 3520295 |
| &nbsp;&nbsp;&nbsp; Series 2019 A, RB | 5.00% | 11/15/2045 | 10065 | &nbsp;&nbsp; 10007800 |
| &nbsp;&nbsp;&nbsp; Series 2024 A, Ref. RB | 5.25% | 11/15/2049 | 9080 | &nbsp;&nbsp; 9311018 |
| &nbsp;&nbsp;&nbsp; New York & New Jersey (States of) Port Authority; One Hundred Ninety Fourth Series 2015, Ref. <br> RB<br>| 5.25% | 10/15/2055 | 10000 | &nbsp;&nbsp; 10030632 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco AMT-Free Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |
| New York (City of), NY; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022 A-1, GO Bonds | 5.25% | 09/01/2043 | $10000 | &nbsp;&nbsp; $10450205 |
| &nbsp;&nbsp;&nbsp; Series 2024 C, GO Bonds | 5.25% | 03/01/2053 | 10250 | &nbsp;&nbsp; 10597463 |
| New York (City of), NY Transitional Finance Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018, VRD RB<sup>(l)</sup> <br>| 1.40% | 08/01/2042 | 4000 | &nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;&nbsp; Series 2019 A-3, RB | 4.00% | 05/01/2041 | 10000 | &nbsp;&nbsp; 9378060 |
| &nbsp;&nbsp;&nbsp; Series 2022 C-1, RB | 4.00% | 02/01/2051 | 4000 | &nbsp;&nbsp; 3462220 |
| &nbsp;&nbsp;&nbsp; Series 2025 E, RB | 5.50% | 11/01/2049 | 10000 | &nbsp;&nbsp; 10645402 |
| New York (State of) Dormitory Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018 A, Ref. RB | 5.00% | 03/15/2034 | 5020 | &nbsp;&nbsp; 5102835 |
| &nbsp;&nbsp;&nbsp; Series 2020 D, Ref. RB | 4.00% | 02/15/2047 | 13150 | &nbsp;&nbsp; 11510050 |
| &nbsp;&nbsp;&nbsp; Series 2025 A, Ref. RB | 5.00% | 03/15/2048 | 5000 | &nbsp;&nbsp; 5123685 |
| New York (State of) Dormitory Authority (White Plains Hospital Obligated Group); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024, RB | 5.25% | 10/01/2049 | 500 | &nbsp;&nbsp; 500868 |
| &nbsp;&nbsp;&nbsp; Series 2024, RB (INS - AGI)<sup>(d)</sup> <br>| 5.50% | 10/01/2054 | 1000 | &nbsp;&nbsp; 1045028 |
| New York (State of) Thruway Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019 B, RB | 4.00% | 01/01/2050 | 5000 | &nbsp;&nbsp; 4310266 |
| &nbsp;&nbsp;&nbsp; Series 2019 B, RB | 4.00% | 01/01/2053 | 5000 | &nbsp;&nbsp; 4261955 |
| New York (State of) Thruway Authority (Group 2); Series 2021 O, Ref. RB | 4.00% | 01/01/2046 | 5000 | &nbsp;&nbsp; 4466406 |
| New York City Housing Development Corp. (Green Bonds); Series 2023, RB | 4.80% | 02/01/2053 | 12000 | &nbsp;&nbsp; 11789060 |
| New York Counties Tobacco Trust II; Series 2001, RB | 5.75% | 06/01/2043 | 55 | &nbsp;&nbsp; 56041 |
| New York Counties Tobacco Trust VI; Series 2016 A-1, Ref. RB | 5.75% | 06/01/2043 | 285 | &nbsp;&nbsp; 276005 |
| New York State Urban Development Corp.; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020 A, RB | 4.00% | 03/15/2045 | 10000 | &nbsp;&nbsp; 8944196 |
| &nbsp;&nbsp;&nbsp; Series 2020 A, RB | 4.00% | 03/15/2049 | 10000 | &nbsp;&nbsp; 8670851 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (Terminal 4 JFK International Airport); Series 2020, <br> Ref. RB<br>| 5.00% | 12/01/2035 | 2305 | &nbsp;&nbsp; 2425894 |
| Onondaga Civic Development Corp.; Series 2025, RB | 5.50% | 12/01/2056 | 5000 | &nbsp;&nbsp; 5306577 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022 A, RB | 5.25% | 05/15/2057 | 5000 | &nbsp;&nbsp; 5103838 |
| &nbsp;&nbsp;&nbsp; Series 2022 A, Ref. RB | 5.00% | 05/15/2057 | 2500 | &nbsp;&nbsp; 2521346 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025, RB | 5.25% | 12/01/2054 | 1500 | &nbsp;&nbsp; 1553971 |
| &nbsp;&nbsp;&nbsp; Series 2025, RB (INS - AGI)<sup>(d)</sup> <br>| 4.50% | 12/01/2056 | 1500 | &nbsp;&nbsp; 1380902 |
| TSASC, Inc.; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2016 B, Ref. RB | 5.00% | 06/01/2045 | 13790 | &nbsp;&nbsp; 12167076 |
| &nbsp;&nbsp;&nbsp; Series 2017 A, Ref. RB | 5.00% | 06/01/2036 | 2455 | &nbsp;&nbsp; 2466096 |
|  |  |  |  | &nbsp;&nbsp; 189421610 |
| **North Carolina–0.74%** | **North Carolina–0.74%** | **North Carolina–0.74%** | **North Carolina–0.74%** | **North Carolina–0.74%** |
| Charlotte (City of), NC (Charlotte Douglas International Airport); Series 2022 A, RB | 4.00% | 07/01/2052 | 10000 | &nbsp;&nbsp; 8851519 |
| North Carolina (State of) Turnpike Authority; Series 2018, Ref. RB | 5.00% | 01/01/2040 | 7000 | &nbsp;&nbsp; 7122124 |
|  |  |  |  | &nbsp;&nbsp; 15973643 |
| **Ohio–2.60%** | **Ohio–2.60%** | **Ohio–2.60%** | **Ohio–2.60%** | **Ohio–2.60%** |
| Buckeye Tobacco Settlement Financing Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020 A-2, Ref. RB | 4.00% | 06/01/2048 | 2960 | &nbsp;&nbsp; 2476211 |
| &nbsp;&nbsp;&nbsp; Series 2020 B-2, Ref. RB | 5.00% | 06/01/2055 | 21690 | &nbsp;&nbsp; 18796307 |
| &nbsp;&nbsp;&nbsp; Series 2020 B-3, Ref. RB<sup>(h)</sup> <br>| 0.00% | 06/01/2057 | 25000 | &nbsp;&nbsp; 2407065 |
| Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Flats East Bank); Series 2010, RB | 6.00% | 11/15/2035 | 3445 | &nbsp;&nbsp; 3451881 |
| &nbsp;&nbsp;&nbsp; Columbus Regional Airport Authority (John Glenn Columbus International Airport); Series 2025, <br> Ref. RB<br>| 5.25% | 01/01/2055 | 5000 | &nbsp;&nbsp; 5154154 |
| Cuyahoga (County of), OH (MetroHealth System); Series 2017, Ref. RB | 5.50% | 02/15/2057 | 6050 | &nbsp;&nbsp; 5869953 |
| Greater Cincinnati (Port of), OH Development Authority; Series 2004, RB | 6.40% | 02/15/2034 | 5420 | &nbsp;&nbsp; 5330705 |
| Montgomery (County of), OH (Dayton Children's Hospital); Series 2021, Ref. RB | 4.00% | 08/01/2046 | 5000 | &nbsp;&nbsp; 4328864 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Higher Educational Facility Commission (University of Findlay); Series 2019, Ref. <br> RB<br>| 5.00% | 03/01/2039 | 1000 | &nbsp;&nbsp; 949574 |
| Ohio (State of) Higher Educational Facility Commission (Xavier University); Series 2024, Ref. RB | 5.25% | 05/01/2054 | 1000 | &nbsp;&nbsp; 983703 |
| University of Cincinnati; Series 2024, RB<sup>(f)</sup> <br>| 5.25% | 06/01/2054 | 6275 | &nbsp;&nbsp; 6478016 |
|  |  |  |  | &nbsp;&nbsp; 56226433 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco AMT-Free Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Oklahoma–0.70%** | **Oklahoma–0.70%** | **Oklahoma–0.70%** | **Oklahoma–0.70%** | **Oklahoma–0.70%** |
| Carter (County of), OK Public Facilities Authority; Series 2018, RB | 5.00% | 09/01/2030 | $3350 | &nbsp;&nbsp; $3461645 |
| Oklahoma (State of) Turnpike Authority (Senior Bonds); Series 2025 A, RB | 5.50% | 01/01/2054 | 11000 | &nbsp;&nbsp; 11705175 |
|  |  |  |  | &nbsp;&nbsp; 15166820 |
| **Oregon–0.09%** | **Oregon–0.09%** | **Oregon–0.09%** | **Oregon–0.09%** | **Oregon–0.09%** |
| Morrow (Port of), OR (Bonneville Cooperation Project No. 4); Series 2024 A, GO Bonds<sup>(e)</sup> <br>| 5.15% | 10/01/2026 | 2000 | &nbsp;&nbsp; 2002984 |
| **Pennsylvania–7.44%** | **Pennsylvania–7.44%** | **Pennsylvania–7.44%** | **Pennsylvania–7.44%** | **Pennsylvania–7.44%** |
| &nbsp;&nbsp;&nbsp; Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated <br> Group Issue); Series 2018 A, Ref. RB<br>| 5.00% | 04/01/2036 | 2825 | &nbsp;&nbsp; 2883827 |
| Bethlehem Area School District; Series 2015 A, GO Bonds<sup>(b)(c)</sup> <br>| 5.00% | 08/01/2025 | 5000 | &nbsp;&nbsp; 5014971 |
| Chester (County of), PA Industrial Development Authority (Longwood Gardens) (Green Bonds); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019, RB | 5.00% | 12/01/2044 | 1840 | &nbsp;&nbsp; 1872468 |
| &nbsp;&nbsp;&nbsp; Series 2019, RB | 4.00% | 12/01/2049 | 1350 | &nbsp;&nbsp; 1167167 |
| Commonwealth Financing Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018, RB | 5.00% | 06/01/2032 | 3000 | &nbsp;&nbsp; 3104281 |
| &nbsp;&nbsp;&nbsp; Series 2018, RB | 5.00% | 06/01/2033 | 2000 | &nbsp;&nbsp; 2062990 |
| &nbsp;&nbsp;&nbsp; Series 2018, RB | 5.00% | 06/01/2034 | 1760 | &nbsp;&nbsp; 1809229 |
| Delaware (County of), PA Authority (Neumann University); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2016, Ref. RB | 5.00% | 10/01/2031 | 1235 | &nbsp;&nbsp; 1235232 |
| &nbsp;&nbsp;&nbsp; Series 2016, Ref. RB | 5.00% | 10/01/2035 | 2305 | &nbsp;&nbsp; 2259049 |
| Geisinger Authority (Geisinger Health System); Series 2017 A-1, Ref. RB | 5.00% | 02/15/2045 | 6335 | &nbsp;&nbsp; 6262602 |
| Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019, Ref. RB | 4.00% | 09/01/2049 | 5250 | &nbsp;&nbsp; 4356126 |
| &nbsp;&nbsp;&nbsp; Series 2022, Ref. RB | 5.00% | 05/01/2057 | 8115 | &nbsp;&nbsp; 7858981 |
| Pennsylvania (Commonwealth of); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; First Series 2018-1, GO Bonds | 4.00% | 03/01/2035 | 12500 | &nbsp;&nbsp; 12527149 |
| &nbsp;&nbsp;&nbsp; First Series 2018-1, GO Bonds (INS - BAM)<sup>(d)</sup> <br>| 4.00% | 03/01/2036 | 4175 | &nbsp;&nbsp; 4183991 |
| Pennsylvania (Commonwealth of) Housing Finance Agency (Social Bonds); Series 2023 143-A, RB | 5.30% | 04/01/2044 | 10000 | &nbsp;&nbsp; 10304278 |
| Pennsylvania (Commonwealth of) Turnpike Commission; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; First series 2023, Ref. RB | 5.00% | 12/01/2043 | 1000 | &nbsp;&nbsp; 1027048 |
| &nbsp;&nbsp;&nbsp; Series 2009 E, RB | 6.38% | 12/01/2038 | 1500 | &nbsp;&nbsp; 1577936 |
| &nbsp;&nbsp;&nbsp; Series 2016, Ref. RB | 5.00% | 06/01/2030 | 5000 | &nbsp;&nbsp; 5042168 |
| &nbsp;&nbsp;&nbsp; Series 2017 B-1, RB | 5.00% | 06/01/2042 | 5125 | &nbsp;&nbsp; 5172174 |
| &nbsp;&nbsp;&nbsp; Series 2019 A, RB | 5.00% | 12/01/2044 | 7750 | &nbsp;&nbsp; 7817440 |
| &nbsp;&nbsp;&nbsp; Series 2020 B, RB | 5.00% | 12/01/2045 | 5000 | &nbsp;&nbsp; 5123610 |
| &nbsp;&nbsp;&nbsp; Series 2021 A, RB | 4.00% | 12/01/2050 | 2000 | &nbsp;&nbsp; 1742746 |
| &nbsp;&nbsp;&nbsp; Series 2021 B, RB | 4.00% | 12/01/2051 | 8500 | &nbsp;&nbsp; 7347006 |
| &nbsp;&nbsp;&nbsp; Series 2021 B, Ref. RB | 5.00% | 12/01/2051 | 7000 | &nbsp;&nbsp; 7096848 |
| Philadelphia (City of), PA; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017 A, RB | 5.00% | 10/01/2047 | 10000 | &nbsp;&nbsp; 9984169 |
| &nbsp;&nbsp;&nbsp; Series 2021 C, RB | 5.00% | 10/01/2046 | 5000 | &nbsp;&nbsp; 5116110 |
| &nbsp;&nbsp;&nbsp; Series 2024 C, RB (INS - AGI)<sup>(d)</sup> <br>| 5.25% | 09/01/2049 | 5000 | &nbsp;&nbsp; 5211018 |
| Philadelphia (City of), PA (1998 General Ordinance); Series 2024, RB (INS - AGI)<sup>(d)</sup> <br>| 5.25% | 08/01/2054 | 5000 | &nbsp;&nbsp; 5167767 |
| &nbsp;&nbsp;&nbsp; Philadelphia (City of), PA Authority for Industrial Development (St. Joseph's University); <br> Series 2022, RB<br>| 5.25% | 11/01/2052 | 5000 | &nbsp;&nbsp; 5053215 |
| Philadelphia Authority for Industrial Development; Series 2025, RB<sup>(f)</sup> <br>| 5.50% | 07/01/2053 | 11000 | &nbsp;&nbsp; 11610321 |
| Philadelphia School District (The); Series 2016 F, Ref. GO Bonds | 5.00% | 09/01/2032 | 1000 | &nbsp;&nbsp; 1018309 |
| Pottsville (City of), PA Hospital Authority (Lehigh Valley); Series 2016 B, Ref. RB<sup>(b)(c)</sup> <br>| 5.00% | 01/01/2027 | 4000 | &nbsp;&nbsp; 4136200 |
| Reading School District; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017, Ref. GO Bonds (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 03/01/2035 | 280 | &nbsp;&nbsp; 285546 |
| &nbsp;&nbsp;&nbsp; Series 2017, Ref. GO Bonds (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 03/01/2036 | 255 | &nbsp;&nbsp; 259528 |
| Scranton School District; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017 E, Ref. GO Bonds (INS - BAM)<sup>(d)</sup> <br>| 5.00% | 12/01/2029 | 1000 | &nbsp;&nbsp; 1043258 |
| &nbsp;&nbsp;&nbsp; Series 2017 E, Ref. GO Bonds (INS - BAM)<sup>(d)</sup> <br>| 5.00% | 12/01/2030 | 1305 | &nbsp;&nbsp; 1360459 |
| &nbsp;&nbsp;&nbsp; Series 2017 E, Ref. GO Bonds (INS - BAM)<sup>(d)</sup> <br>| 5.00% | 12/01/2032 | 890 | &nbsp;&nbsp; 922849 |
| &nbsp;&nbsp;&nbsp; Series 2017 E, Ref. GO Bonds (INS - BAM)<sup>(d)</sup> <br>| 5.00% | 12/01/2033 | 710 | &nbsp;&nbsp; 733561 |
|  |  |  |  | &nbsp;&nbsp; 160751627 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco AMT-Free Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Puerto Rico–4.44%** | **Puerto Rico–4.44%** | **Puerto Rico–4.44%** | **Puerto Rico–4.44%** | **Puerto Rico–4.44%** |
| PRHTA Custodial Trust; Series 2022 I, RB<sup>(a)</sup> <br>| 5.00% | 12/06/2049 | $12 | &nbsp;&nbsp; $2389 |
| PRIFA Custodial Trust; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2005 A, RB<sup>(h)</sup> <br>| 0.00% | 03/15/2049 | 428 | &nbsp;&nbsp; 118871 |
| &nbsp;&nbsp;&nbsp; Series 2005 A, RB<sup>(h)</sup> <br>| 0.00% | 03/15/2049 | 645 | &nbsp;&nbsp; 455512 |
| &nbsp;&nbsp;&nbsp; Series 2022, RB<sup>(h)</sup> <br>| 0.00% | 03/15/2049 | 6998 | &nbsp;&nbsp; 2935388 |
| &nbsp;&nbsp;&nbsp; Series 2022, RB<sup>(h)</sup> <br>| 0.00% | 03/15/2049 | 6362 | &nbsp;&nbsp; 2931059 |
| Puerto Rico (Commonwealth of); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021 A, GO Bonds<sup>(h)</sup> <br>| 0.00% | 07/01/2033 | 4698 | &nbsp;&nbsp; 3184347 |
| &nbsp;&nbsp;&nbsp; Series 2021 A-1, GO Bonds | 5.38% | 07/01/2025 | 2030 | &nbsp;&nbsp; 2031508 |
| &nbsp;&nbsp;&nbsp; Series 2021 A-1, GO Bonds | 5.63% | 07/01/2027 | 4029 | &nbsp;&nbsp; 4135789 |
| &nbsp;&nbsp;&nbsp; Series 2021 A-1, GO Bonds | 5.63% | 07/01/2029 | 3964 | &nbsp;&nbsp; 4154827 |
| &nbsp;&nbsp;&nbsp; Series 2021 A-1, GO Bonds | 5.75% | 07/01/2031 | 3850 | &nbsp;&nbsp; 4121717 |
| &nbsp;&nbsp;&nbsp; Series 2021 A-1, GO Bonds | 4.00% | 07/01/2033 | 3651 | &nbsp;&nbsp; 3512300 |
| &nbsp;&nbsp;&nbsp; Series 2021 A-1, GO Bonds | 4.00% | 07/01/2035 | 3281 | &nbsp;&nbsp; 3099789 |
| &nbsp;&nbsp;&nbsp; Series 2021 A-1, GO Bonds | 4.00% | 07/01/2037 | 2816 | &nbsp;&nbsp; 2603100 |
| &nbsp;&nbsp;&nbsp; Series 2021 A-1, GO Bonds | 4.00% | 07/01/2046 | 7929 | &nbsp;&nbsp; 6521671 |
| &nbsp;&nbsp;&nbsp; Subseries 2022, RN<sup>(h)</sup> <br>| 0.00% | 11/01/2043 | 15997 | &nbsp;&nbsp; 9618392 |
| Puerto Rico (Commonwealth of) Electric Power Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2005 SS, Ref. RB (INS - NATL)<sup>(d)</sup> <br>| 5.00% | 07/01/2025 | 4000 | &nbsp;&nbsp; 4000019 |
| &nbsp;&nbsp;&nbsp; Series 2007 VV, Ref. RB (INS - NATL)<sup>(d)</sup> <br>| 5.25% | 07/01/2025 | 1690 | &nbsp;&nbsp; 1689995 |
| &nbsp;&nbsp;&nbsp; Series 2010 CCC, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2028 | 2500 | &nbsp;&nbsp; 1371875 |
| &nbsp;&nbsp;&nbsp; Series 2010 ZZ, Ref. RB<sup>(a)</sup> <br>| 5.25% | 07/01/2025 | 405 | &nbsp;&nbsp; 222244 |
| Puerto Rico (Commonwealth of) GDB Debt Recovery Authority; Series 2023, RB | 7.50% | 08/20/2040 | 179 | &nbsp;&nbsp; 170507 |
| Puerto Rico Sales Tax Financing Corp.; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018 A-1, RB<sup>(h)</sup> <br>| 0.00% | 07/01/2046 | 34472 | &nbsp;&nbsp; 11066694 |
| &nbsp;&nbsp;&nbsp; Series 2018 A-1, RB<sup>(h)</sup> <br>| 0.00% | 07/01/2051 | 31582 | &nbsp;&nbsp; 7455736 |
| &nbsp;&nbsp;&nbsp; Series 2018 A-1, RB | 4.75% | 07/01/2053 | 9853 | &nbsp;&nbsp; 9023327 |
| &nbsp;&nbsp;&nbsp; Series 2018 A-1, RB | 5.00% | 07/01/2058 | 4400 | &nbsp;&nbsp; 4134045 |
| &nbsp;&nbsp;&nbsp; Series 2019 A-2, RB | 4.54% | 07/01/2053 | 387 | &nbsp;&nbsp; 335355 |
| &nbsp;&nbsp;&nbsp; Series 2019 A-2, RB | 4.78% | 07/01/2058 | 5172 | &nbsp;&nbsp; 4636736 |
| University of Puerto Rico; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2006 P, Ref. RB (Acquired 10/10/2017; Cost $851,513)<sup>(j)</sup> <br>| 5.00% | 06/01/2026 | 1305 | &nbsp;&nbsp; 1295923 |
| &nbsp;&nbsp;&nbsp; Series 2006 P, Ref. RB (Acquired 11/15/2018; Cost $790,740)<sup>(j)</sup> <br>| 5.00% | 06/01/2030 | 900 | &nbsp;&nbsp; 869687 |
| &nbsp;&nbsp;&nbsp; Series 2006 Q, RB (Acquired 02/13/2019-03/01/2019; Cost $130,900)<sup>(j)</sup> <br>| 5.00% | 06/01/2036 | 150 | &nbsp;&nbsp; 142040 |
|  |  |  |  | &nbsp;&nbsp; 95840842 |
| **Rhode Island–0.54%** | **Rhode Island–0.54%** | **Rhode Island–0.54%** | **Rhode Island–0.54%** | **Rhode Island–0.54%** |
| &nbsp;&nbsp;&nbsp; Central Falls Detention Facility Corp.; Series 2005, Ref. RB (Acquired 06/23/2005; <br> Cost $4,862,486)<sup>(a)(j)</sup> <br>| 7.25% | 07/15/2035 | 4915 | &nbsp;&nbsp; 1916850 |
| Rhode Island Health & Educational Building Corp. (Lifespan Obligated Group); Series 2024, RB | 5.25% | 05/15/2054 | 5000 | &nbsp;&nbsp; 4961493 |
| Rhode Island Housing & Mortgage Finance Corp.; Series 1992 10-A, RB | 6.50% | 04/01/2027 | 20 | &nbsp;&nbsp; 20042 |
| Tobacco Settlement Financing Corp.; Series 2015 A, Ref. RB | 5.00% | 06/01/2040 | 4695 | &nbsp;&nbsp; 4694979 |
|  |  |  |  | &nbsp;&nbsp; 11593364 |
| **South Carolina–1.20%** | **South Carolina–1.20%** | **South Carolina–1.20%** | **South Carolina–1.20%** | **South Carolina–1.20%** |
| South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024, RB | 5.50% | 11/01/2049 | 2500 | &nbsp;&nbsp; 2595177 |
| &nbsp;&nbsp;&nbsp; Series 2024, RB | 5.50% | 11/01/2050 | 5370 | &nbsp;&nbsp; 5566847 |
| &nbsp;&nbsp;&nbsp; Series 2024, RB | 5.50% | 11/01/2054 | 5000 | &nbsp;&nbsp; 5158694 |
| South Carolina (State of) Public Service Authority (Santee Cooper); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024 A, RB | 5.50% | 12/01/2054 | 6085 | &nbsp;&nbsp; 6344518 |
| &nbsp;&nbsp;&nbsp; Series 2024 B, Ref. RB | 5.25% | 12/01/2054 | 6250 | &nbsp;&nbsp; 6347080 |
|  |  |  |  | &nbsp;&nbsp; 26012316 |
| **Tennessee–0.82%** | **Tennessee–0.82%** | **Tennessee–0.82%** | **Tennessee–0.82%** | **Tennessee–0.82%** |
| &nbsp;&nbsp;&nbsp; Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health); <br> Series 2019 A-1, Ref. RB<br>| 4.00% | 08/01/2038 | 225 | &nbsp;&nbsp; 213484 |
| &nbsp;&nbsp;&nbsp; Knox (County of), TN Health, Educational & Housing Facility Board (University of Tennessee); <br> Series 2024 A-1, RB (INS - BAM)<sup>(d)</sup> <br>| 5.50% | 07/01/2054 | 1250 | &nbsp;&nbsp; 1280046 |
| Metropolitan Nashville Airport Authority (The); Series 2019 A, RB | 5.00% | 07/01/2049 | 5000 | &nbsp;&nbsp; 5009741 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco AMT-Free Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Tennessee–(continued)** | **Tennessee–(continued)** | **Tennessee–(continued)** | **Tennessee–(continued)** | **Tennessee–(continued)** |
| &nbsp;&nbsp;&nbsp; Nashville (City of), TN Metropolitan Development and Housing Agency (Fifth + Broadway <br> Development); Series 2018, RB<sup>(e)</sup> <br>| 5.13% | 06/01/2036 | $200 | &nbsp;&nbsp; $201104 |
| Tennessee Energy Acquisition Corp.; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2006 C, RB | 5.00% | 02/01/2027 | 5665 | &nbsp;&nbsp; 5742696 |
| &nbsp;&nbsp;&nbsp; Series 2021 A, RB<sup>(c)</sup> <br>| 5.00% | 11/01/2031 | 5000 | &nbsp;&nbsp; 5186057 |
|  |  |  |  | &nbsp;&nbsp; 17633128 |
| **Texas–10.33%** | **Texas–10.33%** | **Texas–10.33%** | **Texas–10.33%** | **Texas–10.33%** |
| Alamo Community College District; Series 2007, GO Bonds (INS - NATL)<sup>(d)</sup> <br>| 4.50% | 08/15/2033 | 5 | &nbsp;&nbsp; 5003 |
| Arlington Higher Education Finance Corp. (UME Preparatory Academy); Series 2017 A, RB | 5.00% | 08/15/2038 | 885 | &nbsp;&nbsp; 842354 |
| Arlington Higher Education Finance Corp. (Winfree Academy Charter School); Series 2019, Ref. RB | 5.75% | 08/15/2043 | 1400 | &nbsp;&nbsp; 1372408 |
| City of San Antonio TX Electric & Gas Systems Revenue; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025, RB<sup>(f)</sup> <br>| 5.25% | 02/01/2046 | 5000 | &nbsp;&nbsp; 5215349 |
| &nbsp;&nbsp;&nbsp; Series 2025, RB<sup>(f)(m)</sup> <br>| 5.50% | 02/01/2050 | 10000 | &nbsp;&nbsp; 10564398 |
| County of Harris TX Toll Road Revenue; Series 2024, RB<sup>(f)(m)</sup> <br>| 5.25% | 08/15/2054 | 6280 | &nbsp;&nbsp; 6534175 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021 B, Ref. RB | 4.00% | 11/01/2045 | 10000 | &nbsp;&nbsp; 9143002 |
| &nbsp;&nbsp;&nbsp; Series 2022 B, Ref. RB | 4.00% | 11/01/2045 | 5000 | &nbsp;&nbsp; 4571501 |
| &nbsp;&nbsp;&nbsp; Series 2022 B, Ref. RB | 5.00% | 11/01/2050 | 10000 | &nbsp;&nbsp; 10085933 |
| Dallas (County of), TX Flood Control District No. 1; Series 2015, Ref. GO Bonds<sup>(e)</sup> <br>| 5.00% | 04/01/2032 | 1100 | &nbsp;&nbsp; 1080717 |
| El Paso (City of), TX; Series 2022 A, RB | 4.00% | 03/01/2048 | 11500 | &nbsp;&nbsp; 10017753 |
| Forney Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2053 | 12000 | &nbsp;&nbsp; 10429108 |
| Grand Parkway Transportation Corp.; Series 2020, Ref. RB | 4.00% | 10/01/2045 | 15000 | &nbsp;&nbsp; 13321225 |
| Greater Texoma Utility Authority (City of Sherman); Series 2023 A, RB (INS - BAM)<sup>(d)</sup> <br>| 5.25% | 10/01/2048 | 10750 | &nbsp;&nbsp; 11052456 |
| Harris (County of), TX Flood Control District (Green Bonds); Series 2023 A, GO Bonds | 4.00% | 09/15/2048 | 5000 | &nbsp;&nbsp; 4399560 |
| Harris (County of), TX Port Authority of Houston; Series 2021, RB | 4.00% | 10/01/2046 | 5365 | &nbsp;&nbsp; 4762999 |
| Harris County Hospital District; Series 2025, GO Bonds<sup>(f)</sup> <br>| 5.50% | 02/15/2050 | 5500 | &nbsp;&nbsp; 5791117 |
| Harris County Industrial Development Corp. (Energy Transfer L.P.); Series 2023, Ref. RB<sup>(c)</sup> <br>| 4.05% | 06/01/2033 | 6500 | &nbsp;&nbsp; 6360924 |
| Humble Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2052 | 10750 | &nbsp;&nbsp; 9411290 |
| Jarrell Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund) | 4.25% | 02/15/2053 | 9460 | &nbsp;&nbsp; 8589983 |
| Lamar Consolidated Independent School District; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018, GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2043 | 10700 | &nbsp;&nbsp; 10771522 |
| &nbsp;&nbsp;&nbsp; Series 2023, GO Bonds | 4.00% | 02/15/2053 | 7500 | &nbsp;&nbsp; 6320660 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.); Series 2022, Ref. RB | 6.00% | 05/15/2052 | 3235 | &nbsp;&nbsp; 3462364 |
| &nbsp;&nbsp;&nbsp; Medina Valley Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 4.00% | 02/15/2053 | 7000 | &nbsp;&nbsp; 6091290 |
| New Hope Cultural Education Facilities Finance Corp.; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025 A, RB | 6.50% | 10/01/2055 | 3000 | &nbsp;&nbsp; 2887147 |
| &nbsp;&nbsp;&nbsp; Series 2025 A, RB | 6.50% | 10/01/2060 | 1800 | &nbsp;&nbsp; 1720135 |
| New Hope Cultural Education Facilities Finance Corp. (Beta Academy); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019, RB<sup>(e)</sup> <br>| 5.00% | 08/15/2039 | 425 | &nbsp;&nbsp; 401478 |
| &nbsp;&nbsp;&nbsp; Series 2019, RB<sup>(e)</sup> <br>| 5.00% | 08/15/2049 | 150 | &nbsp;&nbsp; 133939 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. (CHF - Collegiate Housing Corpus Christi II, <br> LLC - Texas A&M University-Corpus Christi); Series 2016 A, RB<sup>(b)(c)</sup> <br>| 5.00% | 04/01/2026 | 355 | &nbsp;&nbsp; 359855 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. (CHF - Collegiate Housing Denton, LLC - Texas <br> Woman's University);<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018 A-1, RB (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 07/01/2048 | 250 | &nbsp;&nbsp; 243894 |
| &nbsp;&nbsp;&nbsp; Series 2018 A-1, RB (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 07/01/2058 | 850 | &nbsp;&nbsp; 806141 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. (CHF - Collegiate Housing San Antonio I, LLC - <br> Texas A&M University); Series 2016 A, RB<sup>(b)(c)</sup> <br>| 5.00% | 04/01/2026 | 1000 | &nbsp;&nbsp; 1013677 |
| Prosper Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2053 | 10150 | &nbsp;&nbsp; 8832371 |
| San Antonio (City of), TX; Series 2024 D, Ref. RB | 5.25% | 02/01/2049 | 5000 | &nbsp;&nbsp; 5189560 |
| &nbsp;&nbsp;&nbsp; Southwest Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 4.00% | 02/01/2053 | 5000 | &nbsp;&nbsp; 4355839 |
| Spring Independent School District; Series 2023, GO Bonds | 4.00% | 08/15/2052 | 7500 | &nbsp;&nbsp; 6542587 |
| Texas (State of) Water Development Board (Master Trust); Series 2022, RB | 5.00% | 10/15/2047 | 16350 | &nbsp;&nbsp; 16676436 |
| Texas Municipal Gas Acquisition & Supply Corp. III; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021, Ref. RB | 5.00% | 12/15/2031 | 2500 | &nbsp;&nbsp; 2625366 |
| &nbsp;&nbsp;&nbsp; Series 2021, Ref. RB | 5.00% | 12/15/2032 | 5000 | &nbsp;&nbsp; 5254865 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco AMT-Free Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** |
| &nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North <br> Tarrant Express Managed Lanes); Series 2019 A, Ref. RB<br>| 4.00% | 12/31/2038 | $6135 | &nbsp;&nbsp; $5801115 |
|  |  |  |  | &nbsp;&nbsp; 223041496 |
| **Utah–0.31%** | **Utah–0.31%** | **Utah–0.31%** | **Utah–0.31%** | **Utah–0.31%** |
| Black Desert Public Infrastructure District; Series 2024, RB<sup>(e)</sup> <br>| 5.63% | 12/01/2053 | 5000 | &nbsp;&nbsp; 4915456 |
| Utah (State of) Charter School Finance Authority; Series 2018, RB | 5.00% | 10/15/2038 | 720 | &nbsp;&nbsp; 726514 |
| &nbsp;&nbsp;&nbsp; Utah (State of) Charter School Finance Authority (Merit Preparatory Academy); Series 2019 A, <br> RB<sup>(e)</sup> <br>| 5.38% | 06/15/2049 | 1110 | &nbsp;&nbsp; 1003182 |
|  |  |  |  | &nbsp;&nbsp; 6645152 |
| **Virgin Islands–0.06%** | **Virgin Islands–0.06%** | **Virgin Islands–0.06%** | **Virgin Islands–0.06%** | **Virgin Islands–0.06%** |
| &nbsp;&nbsp;&nbsp; Virgin Islands (Government of) Public Finance Authority (Virgin Islands Gross Receipts Taxes Loan <br> Note); Series 2012 A, Ref. RB (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 10/01/2032 | 1305 | &nbsp;&nbsp; 1308291 |
| **Virginia–0.33%** | **Virginia–0.33%** | **Virginia–0.33%** | **Virginia–0.33%** | **Virginia–0.33%** |
| Celebrate North Community Development Authority (Celebrate VA North); Series 2003 B, RB<sup>(a)(g)</sup> <br>| 6.75% | 03/01/2034 | 302 | &nbsp;&nbsp; 190260 |
| Chesapeake Bay Bridge & Tunnel District; Series 2016, RB | 5.00% | 07/01/2046 | 6320 | &nbsp;&nbsp; 6238687 |
| &nbsp;&nbsp;&nbsp; Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay); Series 2018, <br> Ref. RB<br>| 5.00% | 09/01/2036 | 715 | &nbsp;&nbsp; 718003 |
|  |  |  |  | &nbsp;&nbsp; 7146950 |
| **Washington–1.21%** | **Washington–1.21%** | **Washington–1.21%** | **Washington–1.21%** | **Washington–1.21%** |
| Kelso (City of), WA Housing Authority (Chinook & Columbia Apartments); Series 1998, RB | 5.60% | 03/01/2028 | 25 | &nbsp;&nbsp; 25000 |
| Tacoma (City of), WA Consolidated Local Improvement Districts; Series 2013, RB | 5.75% | 04/01/2043 | 1135 | &nbsp;&nbsp; 1109560 |
| Washington (State of) Convention Center Public Facilities District; Series 2018, RB | 5.00% | 07/01/2048 | 7750 | &nbsp;&nbsp; 7379534 |
| &nbsp;&nbsp;&nbsp; Washington (State of) Health Care Facilities Authority (Multicare Health System); Series 2015 A, <br> RB<br>| 5.00% | 08/15/2045 | 8500 | &nbsp;&nbsp; 8242655 |
| &nbsp;&nbsp;&nbsp; Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center); <br> Series 2017, Ref. RB<br>| 5.00% | 08/15/2034 | 2250 | &nbsp;&nbsp; 2259512 |
| Washington (State of) Housing Finance Commission (Social Certificates); Series 2024-2, RB | 4.09% | 03/20/2040 | 4980 | &nbsp;&nbsp; 4590880 |
| Washington State Housing Finance Commission; Series 2025, RB (INS - BAM)<sup>(d)(e)</sup> <br>| 5.25% | 07/01/2055 | 2500 | &nbsp;&nbsp; 2468813 |
|  |  |  |  | &nbsp;&nbsp; 26075954 |
| **Wisconsin–2.20%** | **Wisconsin–2.20%** | **Wisconsin–2.20%** | **Wisconsin–2.20%** | **Wisconsin–2.20%** |
| Wisconsin (State of) Center District; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020 D, RB (INS - AGI)<sup>(d)(h)</sup> <br>| 0.00% | 12/15/2055 | 5445 | &nbsp;&nbsp; 1141167 |
| &nbsp;&nbsp;&nbsp; Series 2020, RB (INS - AGI)<sup>(d)(h)</sup> <br>| 0.00% | 12/15/2060 | 25000 | &nbsp;&nbsp; 3987015 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority; Series 2018 XF2541, Revenue <br> Ctfs.<sup>(f)</sup> <br>| 4.00% | 11/15/2034 | 20000 | &nbsp;&nbsp; 19755364 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority (Marshfield Clinic Health System); <br> Series 2024, RB<br>| 5.50% | 02/15/2054 | 5000 | &nbsp;&nbsp; 5238192 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority (Froedtert Health); Series 2022 A, <br> Ref. RB<br>| 4.00% | 04/01/2042 | 7160 | &nbsp;&nbsp; 6482116 |
| Wisconsin (State of) Public Finance Authority; Series 2023 B, RB<sup>(e)(h)</sup> <br>| 0.00% | 07/01/2062 | 6750 | &nbsp;&nbsp; 4910625 |
| Wisconsin (State of) Public Finance Authority (Beyond Boone, LLC - Appalachian State University); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019 A, RB (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 07/01/2036 | 900 | &nbsp;&nbsp; 923602 |
| &nbsp;&nbsp;&nbsp; Series 2019 A, RB (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 07/01/2054 | 1275 | &nbsp;&nbsp; 1247753 |
| &nbsp;&nbsp;&nbsp; Series 2019 A, RB (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 07/01/2058 | 1400 | &nbsp;&nbsp; 1359517 |
| Wisconsin (State of) Public Finance Authority (Explore Knowledge Foundation); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2012 A, RB | 5.75% | 07/15/2032 | 290 | &nbsp;&nbsp; 290169 |
| &nbsp;&nbsp;&nbsp; Series 2012 A, RB | 6.00% | 07/15/2042 | 350 | &nbsp;&nbsp; 350115 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Public Finance Authority (North Carolina Leadership Academy); Series 2019, <br> RB<sup>(e)</sup> <br>| 5.00% | 06/15/2039 | 310 | &nbsp;&nbsp; 295914 |
| Wisconsin (State of) Public Finance Authority (Traders Point Christian Schools); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019 A, RB<sup>(e)</sup> <br>| 5.38% | 06/01/2044 | 535 | &nbsp;&nbsp; 438571 |
| &nbsp;&nbsp;&nbsp; Series 2019 A, RB<sup>(e)</sup> <br>| 5.50% | 06/01/2054 | 540 | &nbsp;&nbsp; 427146 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco AMT-Free Municipal Income Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Wisconsin–(continued)** | **Wisconsin–(continued)** | **Wisconsin–(continued)** | **Wisconsin–(continued)** | **Wisconsin–(continued)** | **Wisconsin–(continued)** |
| Wisconsin (State of) Public Finance Authority (Two Step); Series 2024, RB<sup>(e)(h)</sup> <br>| 0.00% | 12/15/2034 |  | $1125 | &nbsp;&nbsp; $634092 |
|  |  |  |  |  | &nbsp;&nbsp; 47481358 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(n)</sup>–102.53% (Cost $2,326,232,430) | TOTAL INVESTMENTS IN SECURITIES<sup>(n)</sup>–102.53% (Cost $2,326,232,430) | TOTAL INVESTMENTS IN SECURITIES<sup>(n)</sup>–102.53% (Cost $2,326,232,430) | TOTAL INVESTMENTS IN SECURITIES<sup>(n)</sup>–102.53% (Cost $2,326,232,430) |  | &nbsp;&nbsp; 2214653748 |
| FLOATING RATE NOTE OBLIGATIONS–(4.91)% | FLOATING RATE NOTE OBLIGATIONS–(4.91)% | FLOATING RATE NOTE OBLIGATIONS–(4.91)% | FLOATING RATE NOTE OBLIGATIONS–(4.91)% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes with interest and fee rates ranging from 1.42% to 2.43% at 05/31/2025 and <br>contractual maturities of collateral ranging from 11/15/2034 to 10/01/2055<sup>(o)</sup> <br>|  |  |  |  | &nbsp;&nbsp; (106110000)<br>|
| OTHER ASSETS LESS LIABILITIES–2.38% | OTHER ASSETS LESS LIABILITIES–2.38% | OTHER ASSETS LESS LIABILITIES–2.38% | OTHER ASSETS LESS LIABILITIES–2.38% |  | &nbsp;&nbsp; 51411398 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $2159955146 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| AGI | – Assured Guaranty, Inc. |
| AMBAC | – American Municipal Bond Assurance Corp. |
| BAM | – Build America Mutual Assurance Co. |
| CEP | – Credit Enhancement Provider |
| CHF | – Swiss Franc |
| Ctfs. | – Certificates |
| GNMA | – Government National Mortgage Association |
| GO | – General Obligation |
| INS | – Insurer |
| NATL | – National Public Finance Guarantee Corp. |
| RAC | – Revenue Anticipation Certificates |
| RB | – Revenue Bonds |
| Ref. | – Refunding |
| RN | – Revenue Notes |
| VRD | – Variable Rate Demand |
| Wts. | – Warrants |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at May 31, 2025 was $13,808,205, which represented less than 1% of the Fund's Net Assets. 

<sup>(b)</sup> Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

<sup>(c)</sup> Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

<sup>(d)</sup> Principal and/or interest payments are secured by the bond insurance company listed.

<sup>(e)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at May 31, 2025 was $69,664,907, which represented 3.23% of the Fund's Net Assets. 

<sup>(f)</sup> Underlying security related to TOB Trusts entered into by the Fund.

<sup>(g)</sup> Security valued using significant unobservable inputs (Level 3). See Note 1.

<sup>(h)</sup> Zero coupon bond issued at a discount.

<sup>(i)</sup> Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

<sup>(j)</sup> Restricted security. The aggregate value of these securities at May 31, 2025 was $6,585,439, which represented less than 1% of the Fund's Net Assets.

<sup>(k)</sup> The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun.

<sup>(l)</sup> Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on May 31, 2025. 

<sup>(m)</sup> Security is subject to a reimbursement agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $12,210,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts. 

<sup>(n)</sup> Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer's obligations but may be called upon to satisfy the issuer's obligations. No concentration of any single entity was greater than 5% each. 

<sup>(o)</sup> Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at May 31, 2025. At May 31, 2025, the Fund's investments with a value of $157,489,045 are held by TOB Trusts and serve as collateral for the $106,110,000 in the floating rate note obligations outstanding at that date. 

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

**Invesco AMT-Free Municipal Income Fund**

------

**Notes to Quarterly Schedule of Portfolio Holdings**

*May 31, 2025*

*(Unaudited)*

**NOTE 1—Additional Valuation Information**

Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Advisers, Inc.'s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of May 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2205672252 | &nbsp;&nbsp;&nbsp;&nbsp; $8981496 | &nbsp;&nbsp;&nbsp;&nbsp; $2214653748 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2205672252 | &nbsp;&nbsp;&nbsp;&nbsp; 8981496 | &nbsp;&nbsp;&nbsp;&nbsp; 2214653748 |
| **Other Investments - Assets** |  |  |  |  |
| Investments Matured | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3072107 | &nbsp;&nbsp;&nbsp;&nbsp; 2313658 | &nbsp;&nbsp;&nbsp;&nbsp; 5385765 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2208744359 | &nbsp;&nbsp;&nbsp;&nbsp; $11295154 | &nbsp;&nbsp;&nbsp;&nbsp; $2220039513 |

---

**Invesco AMT-Free Municipal Income Fund**

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds)

- **b. Investment Company Act file number:** 811-07890

- **c. CIK number of Registrant:** 0000909466

- **d. LEI of Registrant:** SW0MHD1146AQ1M76HG37

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

  - **Street Address 1:** 11 Greenway Plaza

  - **City:** Houston

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 77046-1173

  - **Telephone number:** 800-959-4246

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

- **a. Name of Series:** Invesco AMT-Free Municipal Income Fund

- **b. EDGAR series identifier (if any):** S000064640

- **c. LEI of Series:** 549300VEM238N7BS3O29

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

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2271162189.11

**Total Liabilities:** $114193735.72

**Net Assets:** $2156968453.39

**Cash Not Reported:** $19890217.75

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -2981.60857334 | **1-Year:** -69538.41603014 | **5-Year:** -268305.24721342 | **10-Year:** -699522.56616929 | **30-Year:** -347109.42179023

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

- **3-Month:** -798.29851218 | **1-Year:** -11560.28268563 | **5-Year:** -35571.46266971 | **10-Year:** -112407.51428603 | **30-Year:** -128814.82529196

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000209289 | -2.01%               | -1.01%               | -0.73%               |
| Class ID C000209287 | -1.99%               | -1.00%               | -0.86%               |
| Class ID C000209286 | -2.12%               | -0.99%               | -0.70%               |
| Class ID C000209288 | -2.08%               | -1.09%               | -0.80%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3195392.02             | $-53816359.06                              |
| Month 2  | $-8166398.68             | $-25160840.05                              |
| Month 3  | $-7908263.60             | $-15831197.11                              |

**Designated Index Information**

- **Index Name:** Bloomberg Barclays Municipal Index

- **Index Identifier:** 100% BM-Securities only

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| New Hope Cultural Education Facilities Finance Corp. (CHF - Collegiate Housing San Antonio I, LLC - Texas A&M University)                    | New Hope Cultural Education Facilities Finance Corp. (CHF - Collegiate Housing San Antonio I, LLC - Texas A&M University), Series 2016 A, RB           | CUSIP: 64542REJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013676.60   | 0.05%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lincolnshire (Village of), IL (Sedgewick)                                                                                                    | Lincolnshire (Village of), IL (Sedgewick), Series 2004, RB                                                                                             | CUSIP: 535065AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1545841.10   | 0.07%             | 2034-03-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| E-470 Public Highway Authority                                                                                                               | E-470 Public Highway Authority, Series 1997 B, RB                                                                                                      | CUSIP: 26822LBL7<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |    125000 | PA      | $123957.14    | 0.01%             | 2025-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority,                                                                                          | South Carolina Jobs-Economic Development Authority, Series 2024, RB                                                                                    | CUSIP: 837032CD1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   5370000 | PA      | $5566847.02   | 0.26%             | 2050-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Utah (State of) Charter School Finance Authority                                                                                             | Utah (State of) Charter School Finance Authority, Series 2018, RB                                                                                      | CUSIP: 91754TWJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $726514.20    | 0.03%             | 2038-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRIFA Custodial Trust                                                                                                                        | PRIFA Custodial Trust, Series 2022, RB                                                                                                                 | CUSIP: 69359SAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6362225 | PA      | $2931058.61   | 0.14%             | 2049-03-15      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Osceola (County of), FL                                                                                                                      | Osceola (County of), FL, Series 2020 A-1, Ref. RB                                                                                                      | CUSIP: 688031EC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2055000 | PA      | $2027741.86   | 0.09%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chandler (City of), AZ Industrial Development Authority (Intel Corp.)                                                                        | Chandler (City of), AZ Industrial Development Authority (Intel Corp.), Series 2005, RB                                                                 | CUSIP: 158862CC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5033008.50   | 0.23%             | 2028-06-15      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Plano (City of), IL Special Service Area No. 5 (Lakewood Springs Club)                                                                       | Plano (City of), IL Special Service Area No. 5 (Lakewood Springs Club), Series 2006, RB                                                                | CUSIP: 72714RAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    331000 | PA      | $305882.10    | 0.01%             | 2036-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp.                                                                                                        | Puerto Rico Sales Tax Financing Corp., Series 2018 A-1, RB                                                                                             | CUSIP: 74529JQH1<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | US        |  31582000 | PA      | $7455736.44   | 0.35%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Clearwater Cay Community Development District                                                                                                | Clearwater Cay Community Development District, Series 2006 A, RB                                                                                       | CUSIP: 185149AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825942 | PA      | $371673.90    | 0.02%             | 2037-05-01      | Fixed         | 5.50%                 | Yes           |                  3 | On Loan: No      |
| Metropolitan Atlanta Rapid Transit Authority (Green Bonds)                                                                                   | Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2025 A, RB                                                                          | CUSIP: 591746BZ4<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |   6280000 | PA      | $6633106.19   | 0.31%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Kentucky (Commonwealth of) Public Energy Authority                                                                                           | Kentucky (Commonwealth of) Public Energy Authority, Series 2022 A-1, RB                                                                                | CUSIP: 74440DDS0<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $14875984.50  | 0.69%             | 2030-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Palace Coral Gables Community Development District                                                                                           | Palace Coral Gables Community Development District, Series 2011, RB                                                                                    | CUSIP: 696013AM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000859.00   | 0.05%             | 2042-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Chicago (City of), IL Transit Authority                                                                                                      | Chicago (City of), IL Transit Authority, Series 2024 A, Ref. RB                                                                                        | CUSIP: 16772PEP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4989326.00   | 0.23%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St. Louis (City of), MO (Washington Park Redevelopment)                                                                                      | St. Louis (City of), MO (Washington Park Redevelopment), Series 2006, RN                                                                               | CUSIP: 85232CAA2<br>LEI: 5493004O38W8EYGEZ656 | Long             | DBT              | MUN               | US        |   1879000 | PA      | $263060.00    | 0.01%             | 2027-03-09      | Fixed         | 5.50%                 | No            |                  3 | On Loan: No      |
| Illinois (State of)                                                                                                                          | Illinois (State of), Series 2017 C, GO Bonds                                                                                                           | CUSIP: 452152P21<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3095658.00   | 0.14%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cave Springs Municipal Property Owners' Improvement District No. 3                                                                           | Cave Springs Municipal Property Owners' Improvement District No. 3, Series 2007, GO Bonds                                                              | CUSIP: 149599AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400000.00   | 0.06%             | 2038-02-01      | Fixed         | 6.25%                 | No            |                  3 | On Loan: No      |
| Tampa (City of), FL                                                                                                                          | Tampa (City of), FL, Series 2020 A, RB                                                                                                                 | CUSIP: 875146AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $149172.85    | 0.01%             | 2033-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                                                                         | New Hope Cultural Education Facilities Finance Corp., Series 2025, RB                                                                                  | CUSIP: 64542UHG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1720134.72   | 0.08%             | 2060-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Magnolia Creek Community Development District                                                                                                | Magnolia Creek Community Development District, Series 2007 A, RB                                                                                       | CUSIP: 559597AA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $154512.92    | 0.01%             | 2039-05-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Bethel (City of), MN (Benedictine Health System - St. Peter Communities)                                                                     | Bethel (City of), MN (Benedictine Health System - St. Peter Communities), Series 2018 A, Ref. RB                                                       | CUSIP: 08675TAM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $970258.17    | 0.04%             | 2048-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts (Commonwealth of) Development Finance Agency                                                                                   | Massachusetts (Commonwealth of) Development Finance Agency, Series 2019 A, Ref. RB                                                                     | CUSIP: 57584YQK8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2475306.30   | 0.11%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Columbia (City of), MO Housing Authority (Stuart Park/Paquin Tower Apartments)                                                               | Columbia (City of), MO Housing Authority (Stuart Park/Paquin Tower Apartments), Series 2015, RB                                                        | CUSIP: 197888AK6<br>LEI: 549300VPLMZFZSZPNV09 | Long             | DBT              | MUN               | US        |    580000 | PA      | $528224.62    | 0.02%             | 2040-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California (State of) Health Facilities Financing Authority (Sutter Health)                                                                  | California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB                                                    | CUSIP: 13032UXG8<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   4080000 | PA      | $4217209.58   | 0.20%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico (Commonwealth of)                                                                                                                | Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds                                                                                               | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   3281403 | PA      | $3099789.49   | 0.14%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Public Finance Authority (North Carolina Leadership Academy)                                                            | Wisconsin (State of) Public Finance Authority (North Carolina Leadership Academy), Series 2019, RB                                                     | CUSIP: 74442EEF3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    310000 | PA      | $295914.19    | 0.01%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                                                                                 | Clark County School District, Series 2025, GO Bonds                                                                                                    | CUSIP: 1810596L5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1946987.75   | 0.09%             | 2044-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc. (Florida Charter Educational Foundation, Inc.)                                                                    | Capital Trust Agency, Inc. (Florida Charter Educational Foundation, Inc.), Series 2018 A, RB                                                           | CUSIP: 14054CBA6<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    255000 | PA      | $245669.45    | 0.01%             | 2038-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.)                                               | Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.), Series 2019, Ref. RB                                   | CUSIP: 010685LC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2580000 | PA      | $2651856.87   | 0.12%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade (County of), FL                                                                                                                   | Miami-Dade (County of), FL, Series 2024 A, RB                                                                                                          | CUSIP: 59334DNX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5150650.50   | 0.24%             | 2054-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lower Alabama Gas District (The)                                                                                                             | Lower Alabama Gas District (The), Series 2016 A, RB                                                                                                    | CUSIP: 547804AE4<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |  11000000 | PA      | $11216510.80  | 0.52%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tampa (City of), FL                                                                                                                          | Tampa (City of), FL, Series 2020 A, RB                                                                                                                 | CUSIP: 875146AX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $499747.10    | 0.02%             | 2039-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire (State of) Business Finance Authority (Vista (The))                                                                            | New Hampshire (State of) Business Finance Authority (Vista (The)), Series 2019 A, RB                                                                   | CUSIP: 63607YAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $223679.99    | 0.01%             | 2046-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Puerto Rico (Commonwealth of) Electric Power Authority                                                                                       | Puerto Rico (Commonwealth of) Electric Power Authority, Series 2007 VV, Ref. RB                                                                        | CUSIP: 74526QPJ5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1689994.93   | 0.08%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| University of Puerto Rico                                                                                                                    | University of Puerto Rico, Series 2006 P, Ref. RB                                                                                                      | CUSIP: 914811NU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $869686.74    | 0.04%             | 2030-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Phoenix (City of), AZ Industrial Development Authority (The) (Espiritu Community Development Corp. Charter School)                           | Phoenix (City of), AZ Industrial Development Authority (The) (Espiritu Community Development Corp. Charter School), Series 2006 A, RB                  | CUSIP: 71883YAJ7<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    375000 | PA      | $365487.60    | 0.02%             | 2036-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Humble Independent School District                                                                                                           | Humble Independent School District, Series 2022, GO Bonds                                                                                              | CUSIP: 445047MH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10750000 | PA      | $9411289.60   | 0.44%             | 2052-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Westridge Community Development District                                                                                                     | Westridge Community Development District, Series 2005, RB                                                                                              | CUSIP: 96144WAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $340081.26    | 0.02%             | 2037-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| New Hampshire (State of) Business Finance Authority                                                                                          | New Hampshire (State of) Business Finance Authority, Series 2020-1A, RB                                                                                | CUSIP: 63607WAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3391415 | PA      | $3332610.82   | 0.15%             | 2034-01-20      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| New York (City of), NY                                                                                                                       | New York (City of), NY, Series 2024 C, GO Bonds                                                                                                        | CUSIP: 64966SBA3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  10250000 | PA      | $10597462.70  | 0.49%             | 2053-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Creekside Community Development District                                                                                                     | Creekside Community Development District, Series 2006, RB                                                                                              | CUSIP: 225508AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2067710 | PA      | $1033854.75   | 0.05%             | 2038-05-01      | Fixed         | 5.20%                 | No            |                  3 | On Loan: No      |
| Northwoods Transportation Development District                                                                                               | Northwoods Transportation Development District, Series 2006 A, RB                                                                                      | CUSIP: 66859FAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $44404.52     | 0.00%             | 2031-02-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Colorado (State of) Educational & Cultural Facilities Authority (Stargate Charter School)                                                    | Colorado (State of) Educational & Cultural Facilities Authority (Stargate Charter School), Series 2018 A, Ref. RB                                      | CUSIP: 19645R8B0<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014954.20   | 0.05%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pima (County of), AZ Industrial Development Authority (The) (Arizona Charter Schools)                                                        | Pima (County of), AZ Industrial Development Authority (The) (Arizona Charter Schools), Series 2013 Q, Ref. RB                                          | CUSIP: 72177MNZ6<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1395004.05   | 0.06%             | 2031-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Harris County Industrial Development Corp. (Energy Transfer L.P.)                                                                            | Harris County Industrial Development Corp. (Energy Transfer L.P.), Series 2023, Ref. RB                                                                | CUSIP: 414189AK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6360924.05   | 0.29%             | 2033-06-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| Zephyr Ridge Community Development District                                                                                                  | Zephyr Ridge Community Development District, Series 2006 A, RB                                                                                         | CUSIP: 98944CAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    978661 | PA      | $538263.40    | 0.02%             | 2037-05-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| M-S-R Energy Authority                                                                                                                       | M-S-R Energy Authority, Series 2009 B, RB                                                                                                              | CUSIP: 55374SAE0<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $11779667.00  | 0.55%             | 2034-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Floyd (County of), GA Development Authority (The Spires at Berry College)                                                                    | Floyd (County of), GA Development Authority (The Spires at Berry College), Series 2018 A, RB                                                           | CUSIP: 343572AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2260000 | PA      | $2210435.04   | 0.10%             | 2038-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. III                                                                                           | Texas Municipal Gas Acquisition & Supply Corp. III, Series 2021, Ref. RB                                                                               | CUSIP: 88256HBH0<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5254865.00   | 0.24%             | 2032-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ebert Metropolitan District                                                                                                                  | Ebert Metropolitan District, Series 2018 A-2, GO Bonds                                                                                                 | CUSIP: 278698BV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1619996.32   | 0.08%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Renaissance Public School Academy                                                                                                            | Renaissance Public School Academy, Series 2012 A, RB                                                                                                   | CUSIP: 75972RAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500199.15    | 0.02%             | 2037-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| North Carolina (State of) Turnpike Authority                                                                                                 | North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB                                                                                     | CUSIP: 65830RCK3<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7122124.10   | 0.33%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palace Coral Gables Community Development District                                                                                           | Palace Coral Gables Community Development District, Series 2011, RB                                                                                    | CUSIP: 696013AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $315265.70    | 0.01%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago (City of), IL Board of Education                                                                                                     | Chicago (City of), IL Board of Education, Series 2016, RB                                                                                              | CUSIP: 167510AA4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   4300000 | PA      | $4370150.20   | 0.20%             | 2046-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Lee's Summit (City of), MO Industrial Development Authority                                                                                  | Lee's Summit (City of), MO Industrial Development Authority, Series 2007, RB                                                                           | CUSIP: 524289AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    169414 | PA      | $93177.75     | 0.00%             | 2029-03-01      | Fixed         | 5.75%                 | No            |                  3 | On Loan: No      |
| California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.)                                         | California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.), Series 2002 A, RB                                | CUSIP: 13016NAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1216373.44   | 0.06%             | 2043-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                                                                             | Commonwealth Financing Authority, Series 2018, RB                                                                                                      | CUSIP: 20282EAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1809229.31   | 0.08%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts)                                                                               | Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts), Series 2018 A, RB                                                                      | CUSIP: 509893AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $523621.10    | 0.02%             | 2048-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PRHTA Custodial Trust                                                                                                                        | PRHTA Custodial Trust, Series 2022 I, RB                                                                                                               | CUSIP: 69379BAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     11747 | PA      | $2389.41      | 0.00%             | 2049-12-06      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Manatee (County of), FL                                                                                                                      | Manatee (County of), FL, Series 2023, Ref. RB                                                                                                          | CUSIP: 561851LP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4489205.50   | 0.21%             | 2048-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels)                                                                                 | Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB                                                                   | CUSIP: 89602HCJ4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2521345.75   | 0.12%             | 2057-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spring Independent School District                                                                                                           | Spring Independent School District, Series 2023, GO Bonds                                                                                              | CUSIP: 850001AZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $6542586.75   | 0.30%             | 2052-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York (State of) Dormitory Authority                                                                                                      | New York (State of) Dormitory Authority, Series 2018 A, Ref. RB                                                                                        | CUSIP: 64990FJA3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5020000 | PA      | $5102835.02   | 0.24%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pima (County of), AZ Industrial Development Authority (Paideia Academies (The))                                                              | Pima (County of), AZ Industrial Development Authority (Paideia Academies (The)), Series 2019, RB                                                       | CUSIP: 72177MRX7<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    195000 | PA      | $181504.17    | 0.01%             | 2039-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Puerto Rico (Commonwealth of) Electric Power Authority                                                                                       | Puerto Rico (Commonwealth of) Electric Power Authority, Series 2005 SS, Ref. RB                                                                        | CUSIP: 74526QEU2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4000019.20   | 0.19%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico (Commonwealth of) Electric Power Authority                                                                                       | Puerto Rico (Commonwealth of) Electric Power Authority, Series 2010 CCC, RB                                                                            | CUSIP: 74526QYT3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1371875.00   | 0.06%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                                                          | Maryland Economic Development Corp., Series 2025, RB                                                                                                   | CUSIP: 57421HAB9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2928605.40   | 0.14%             | 2035-03-27      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte (City of), NC (Charlotte Douglas International Airport)                                                                            | Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2022 A, RB                                                                   | CUSIP: 161036TS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $8851519.00   | 0.41%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                                                                                    | Golden State Tobacco Securitization Corp., Series 2017 A-1, Ref. RB                                                                                    | CUSIP: 38122NZD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $177150.88    | 0.01%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tampa (City of), FL                                                                                                                          | Tampa (City of), FL, Series 2020 A, RB                                                                                                                 | CUSIP: 875146AU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $512259.05    | 0.02%             | 2036-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania (Commonwealth of) Turnpike Commission                                                                                           | Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB                                                                                  | CUSIP: 709225BD7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1742746.20   | 0.08%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago (City of), IL (O'Hare International Airport)                                                                                         | Chicago (City of), IL (O'Hare International Airport), Series 2020 A, Ref. RB                                                                           | CUSIP: 167593N99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4966227.50   | 0.23%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens)                                                        | Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens), Series 2018 A-1, RB                                             | CUSIP: 67556TCZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $978132.91    | 0.05%             | 2053-12-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Kentucky (Commonwealth of) Property & Building Commission (No. 119)                                                                          | Kentucky (Commonwealth of) Property & Building Commission (No. 119), Series 2018, RB                                                                   | CUSIP: 49151FZH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1204937.96   | 0.06%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                                                                           | Tobacco Settlement Financing Corp., Series 2018 A, Ref. RB                                                                                             | CUSIP: 888808HF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12030000 | PA      | $12356352.25  | 0.57%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Bay Community Development District                                                                                                     | South Bay Community Development District, Series 2005 A-1, Ref. RB                                                                                     | CUSIP: 836454AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1445114.30   | 0.07%             | 2036-05-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Puerto Rico (Commonwealth of)                                                                                                                | Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds                                                                                               | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   3849778 | PA      | $4121716.69   | 0.19%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| San Antonio (City of), TX                                                                                                                    | San Antonio (City of), TX, Series 2023 A, Ref. RB                                                                                                      | CUSIP: 79625GGS6<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5215349.00   | 0.24%             | 2046-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina (State of) Public Service Authority (Santee Cooper)                                                                           | South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB                                                             | CUSIP: 8371515A3<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   6250000 | PA      | $6347080.00   | 0.29%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Iowa (State of) Finance Authority (Alcoa, Inc.)                                                                                              | Iowa (State of) Finance Authority (Alcoa, Inc.), Series 2012, RB                                                                                       | CUSIP: 46246SAE5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4781126.50   | 0.22%             | 2042-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Birmingham (City of), AL Private Educational Building Authority (Birmingham-Southern College)                                                | Birmingham (City of), AL Private Educational Building Authority (Birmingham-Southern College), Series 1996, RB                                         | CUSIP: 091244BH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $146250.00    | 0.01%             | 2025-12-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| City of Marion IL Sales Tax Revenue                                                                                                          | City of Marion IL Sales Tax Revenue, Series 2025, RB                                                                                                   | CUSIP: 569498AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2471613.25   | 0.11%             | 2055-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                                                                                 | Clark County School District, Series 2018 B, GO Bonds                                                                                                  | CUSIP: 181059E44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5280000 | PA      | $5484287.95   | 0.25%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Authority for Colorado Energy                                                                                                         | Public Authority for Colorado Energy, Series 2008, RB                                                                                                  | CUSIP: 744387AD3<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   1920000 | PA      | $2243073.79   | 0.10%             | 2038-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Jefferson (County of), AL                                                                                                                    | Jefferson (County of), AL, Series 2024, Ref. RB                                                                                                        | CUSIP: 472682ZQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4090897.20   | 0.19%             | 2045-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arizona (State of) Industrial Development Authority (Social Bonds)                                                                           | Arizona (State of) Industrial Development Authority (Social Bonds), Series 2020 A, RB                                                                  | CUSIP: 04052FBV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1698550.98   | 0.08%             | 2050-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mashantucket Western Pequot Tribe                                                                                                            | Mashantucket Western Pequot Tribe, Series 2013, RB                                                                                                     | CUSIP: 574757CH1<br>LEI: 549300G9L0I436CFM593 | Long             | DBT              | MUN               | US        |  11260061 | PA      | $2589814.03   | 0.12%             | 2031-07-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                                                               | Buckeye Tobacco Settlement Financing Authority, Series 2020 B-3, Ref. RB                                                                               | CUSIP: 118217DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25000000 | PA      | $2407065.00   | 0.11%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Clark (County of), NV (Special Improvement District No. 128)                                                                                 | Clark (County of), NV (Special Improvement District No. 128), Series 2007 A, RB                                                                        | CUSIP: 181003HY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65118.25     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jacksonville (City of), FL Health Facilities Authority                                                                                       | Jacksonville (City of), FL Health Facilities Authority, Series 1997 B, RB                                                                              | CUSIP: 469404SD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5246.03      | 0.00%             | 2027-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Minnesota (State of) Higher Education Facilities Authority (Trustees of the Hamline University of Minnesota)                                 | Minnesota (State of) Higher Education Facilities Authority (Trustees of the Hamline University of Minnesota), Series 2017, Ref. RB                     | CUSIP: 60416H7L2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    900000 | PA      | $818122.14    | 0.04%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbia (City of), MO Housing Authority (Stuart Park/Paquin Tower Apartments)                                                               | Columbia (City of), MO Housing Authority (Stuart Park/Paquin Tower Apartments), Series 2015, RB                                                        | CUSIP: 197888AL4<br>LEI: 549300VPLMZFZSZPNV09 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1143399.40   | 0.05%             | 2050-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Health & Educational Facilities Authority (???????????Marshfield Clinic Health System)                                  | Wisconsin (State of) Health & Educational Facilities Authority (???????????Marshfield Clinic Health System), Series 2024, RB                           | CUSIP: 97712JKM4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5238192.00   | 0.24%             | 2054-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sierra (City of), AZ Vista Industrial Development Authority (American Leadership Academy Project)                                            | Sierra (City of), AZ Vista Industrial Development Authority (American Leadership Academy Project), Series 2024, RB                                     | CUSIP: 82652UAX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2765000 | PA      | $2474217.67   | 0.11%             | 2059-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky (Commonwealth of) Public Energy Authority                                                                                           | Kentucky (Commonwealth of) Public Energy Authority, Series 2024 A, RB                                                                                  | CUSIP: 74440DEL4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5185964.50   | 0.24%             | 2030-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington (State of) Health Care Facilities Authority (Multicare Health System)                                                             | Washington (State of) Health Care Facilities Authority (Multicare Health System), Series 2015 A, RB                                                    | CUSIP: 93978HNH4<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8242654.85   | 0.38%             | 2045-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Center District                                                                                                         | Wisconsin (State of) Center District, Series 2020 D, RB                                                                                                | CUSIP: 976595GQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5445000 | PA      | $1141166.37   | 0.05%             | 2055-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Health Care Facilities Financing Authority                                                                             | New Jersey (State of) Health Care Facilities Financing Authority, Series 2015 A, RB                                                                    | CUSIP: 64579F7M9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2102151.45   | 0.10%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tampa (City of), FL                                                                                                                          | Tampa (City of), FL, Series 2020 A, RB                                                                                                                 | CUSIP: 875146AV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $467105.35    | 0.02%             | 2037-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pima (County of), AZ Industrial Development Authority (Paideia Academies (The))                                                              | Pima (County of), AZ Industrial Development Authority (Paideia Academies (The)), Series 2019, RB                                                       | CUSIP: 72177MRY5<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    240000 | PA      | $212831.11    | 0.01%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Economic Development Authority                                                                                         | New Jersey (State of) Economic Development Authority, Series 2017 DDD, RB                                                                              | CUSIP: 64577BK60<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3616582.20   | 0.17%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois (State of) Sports Facilities Authority (The)                                                                                        | Illinois (State of) Sports Facilities Authority (The), Series 2019, Ref. RB                                                                            | CUSIP: 452143FQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1530574.45   | 0.07%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Public Finance Authority (Beyond Boone, LLC - Appalachian State University)                                             | Wisconsin (State of) Public Finance Authority (Beyond Boone, LLC - Appalachian State University), Series 2019 A, RB                                    | CUSIP: 74439YBY6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1359517.32   | 0.06%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oxnard (City of), CA Financing Authority                                                                                                     | Oxnard (City of), CA Financing Authority, Series 2014, Ref. RB                                                                                         | CUSIP: 691878BX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $851009.38    | 0.04%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Floyd (County of), GA Development Authority (The Spires at Berry College)                                                                    | Floyd (County of), GA Development Authority (The Spires at Berry College), Series 2018 A, RB                                                           | CUSIP: 343572AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1154876.42   | 0.05%             | 2033-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp. (Beta Academy)                                                                          | New Hope Cultural Education Facilities Finance Corp. (Beta Academy), Series 2019, RB                                                                   | CUSIP: 64542QBF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $133939.44    | 0.01%             | 2049-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington (State of) Convention Center Public Facilities District                                                                           | Washington (State of) Convention Center Public Facilities District, Series 2018, RB                                                                    | CUSIP: 93976ACF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7750000 | PA      | $7379533.73   | 0.34%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago (City of), IL (O'Hare International Airport)                                                                                         | Chicago (City of), IL (O'Hare International Airport), Series 2017 D, RB                                                                                | CUSIP: 167593WS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2978637.90   | 0.14%             | 2052-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp. (CHF - Collegiate Housing Denton, LLC - Texas Woman's University)                       | New Hope Cultural Education Facilities Finance Corp. (CHF - Collegiate Housing Denton, LLC - Texas Woman's University), Series 2018 A-1, RB            | CUSIP: 64542YAL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $243893.83    | 0.01%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky (Commonwealth of) Property & Building Commission (No. 119)                                                                          | Kentucky (Commonwealth of) Property & Building Commission (No. 119), Series 2018, RB                                                                   | CUSIP: 49151FZJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4605000 | PA      | $4727844.36   | 0.22%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan (State of) Finance Authority (Detroit Water & Sewerage Department)                                                                  | Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2015 C, RB                                                         | CUSIP: 59447TFF5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2199855.46   | 0.10%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport)                                                                | Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021 B, Ref. RB                                                  | CUSIP: 23503CAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9143002.00   | 0.42%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas (State of) Water Development Board (Master Trust)                                                                                      | Texas (State of) Water Development Board (Master Trust), Series 2022, RB                                                                               | CUSIP: 88285ABH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16350000 | PA      | $16676435.93  | 0.77%             | 2047-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRIFA Custodial Trust                                                                                                                        | PRIFA Custodial Trust, Series 2005 A, RB                                                                                                               | CUSIP: 69363CAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    427546 | PA      | $118871.52    | 0.01%             | 2049-03-15      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Stephenson County School District No 145 Freeport                                                                                            | Stephenson County School District No 145 Freeport, Series 2018, GO Bonds                                                                               | CUSIP: 858892RE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $525143.54    | 0.02%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group)                                                        | Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group), Series 2018 A, Ref. RB                                          | CUSIP: 26444CHA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2277652.51   | 0.11%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                                                                         | District of Columbia, Series 2020 A, RB                                                                                                                | CUSIP: 25477GRY3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   4335000 | PA      | $3937116.36   | 0.18%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California (State of) Statewide Communities Development Authority (Community Facilities District No. 2007-01)                                | California (State of) Statewide Communities Development Authority (Community Facilities District No. 2007-01), Series 2015, Ref. RB                    | CUSIP: 13077EEK2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    780000 | PA      | $782457.08    | 0.04%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Housing & Mortgage Finance Corp.                                                                                                | Rhode Island Housing & Mortgage Finance Corp., Series 1992 10-A, RB                                                                                    | CUSIP: 762211RS1<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20041.98     | 0.00%             | 2027-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Northern Illinois Municipal Power Agency                                                                                                     | Northern Illinois Municipal Power Agency, Series 2016 A, Ref. RB                                                                                       | CUSIP: 665250CW4<br>LEI: VWCV6ROJUT9NS55JU583 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $957394.94    | 0.04%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pima (County of), AZ Industrial Development Authority (The) (Christian Care Tuscon, Inc.)                                                    | Pima (County of), AZ Industrial Development Authority (The) (Christian Care Tuscon, Inc.), Series 2017 A, Ref. RB                                      | CUSIP: 721901KF2<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    550000 | PA      | $561151.42    | 0.03%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                                                                           | Tobacco Settlement Financing Corp., Series 2018 A, Ref. RB                                                                                             | CUSIP: 888808HH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12980000 | PA      | $13269448.81  | 0.62%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stephenson County School District No 145 Freeport                                                                                            | Stephenson County School District No 145 Freeport, Series 2018, GO Bonds                                                                               | CUSIP: 858892QW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $221145.62    | 0.01%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rampart Range Metropolitan District No. 1                                                                                                    | Rampart Range Metropolitan District No. 1, Series 2017, Ref. RB                                                                                        | CUSIP: 75157TAB5<br>LEI: 549300YG458KQEHMQF33 | Long             | DBT              | MUN               | US        |   6165000 | PA      | $6239975.03   | 0.29%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St. Louis (City of), MO (Washington Park Redevelopment)                                                                                      | St. Louis (City of), MO (Washington Park Redevelopment), Series 2008 A, RB                                                                             | CUSIP: 85232CAL8<br>LEI: 5493004O38W8EYGEZ656 | Long             | DBT              | MUN               | US        |   3254000 | PA      | $846040.00    | 0.04%             | 2028-01-21      | Fixed         | 6.60%                 | No            |                  3 | On Loan: No      |
| Commonwealth Financing Authority                                                                                                             | Commonwealth Financing Authority, Series 2018, RB                                                                                                      | CUSIP: 20282EAN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3104280.90   | 0.14%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority (Green Bonds)                                                                                          | Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB                                                                            | CUSIP: 59261A2J5<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   9080000 | PA      | $9311017.90   | 0.43%             | 2049-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Xenia (City of), IA Rural Water District                                                                                                     | Xenia (City of), IA Rural Water District, Series 2016, Ref. RN                                                                                         | CUSIP: 98410ADD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031471.90   | 0.05%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University)                                                 | Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2019, Ref. RB                                     | CUSIP: 613603B40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $4356125.55   | 0.20%             | 2049-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority, a Cooperative District (No. 4)                                                                                   | Southeast Energy Authority, a Cooperative District (No. 4), Series 2022 B-1, RB                                                                        | CUSIP: 84136FBB2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2052173.40   | 0.10%             | 2028-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico (Commonwealth of)                                                                                                                | Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds                                                                                               | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   3963564 | PA      | $4154826.57   | 0.19%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                                                                         | District of Columbia, Series 2023 A, GO Bonds                                                                                                          | CUSIP: 25476FA57<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   4930000 | PA      | $5108990.06   | 0.24%             | 2048-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California (State of) Health Facilities Financing Authority (Commonspirit Health)                                                            | California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020, Ref. RB                                                | CUSIP: 13032UY44<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1236479.82   | 0.06%             | 2049-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Flats East Bank)                                                              | Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Flats East Bank), Series 2010, RB                                                       | CUSIP: 186103FY8<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |   3445000 | PA      | $3451881.39   | 0.16%             | 2035-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                                                                | Main Street Natural Gas, Inc., Series 2019 A, RB                                                                                                       | CUSIP: 56035DBV3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1042427.88   | 0.05%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver (City & County of), CO                                                                                                                | Denver (City & County of), CO, Series 2022 C, Ref. RB                                                                                                  | CUSIP: 249182SR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6120000 | PA      | $6302137.32   | 0.29%             | 2053-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Du Page (County of), IL Special Service Area No. 31 (Monarch Landing, Inc.)                                                                  | Du Page (County of), IL Special Service Area No. 31 (Monarch Landing, Inc.), Series 2006, RB                                                           | CUSIP: 26350TAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    244000 | PA      | $239551.47    | 0.01%             | 2036-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Massachusetts (Commonwealth of) Development Finance Agency (Caregroup)                                                                       | Massachusetts (Commonwealth of) Development Finance Agency (Caregroup), Series 2018 J-2, RB                                                            | CUSIP: 57584YJW0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   4780000 | PA      | $4638488.10   | 0.22%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Public Finance Authority (Beyond Boone, LLC - Appalachian State University)                                             | Wisconsin (State of) Public Finance Authority (Beyond Boone, LLC - Appalachian State University), Series 2019 A, RB                                    | CUSIP: 74439YBX8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1247753.12   | 0.06%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio (City of), TX                                                                                                                    | San Antonio (City of), TX, Series 2023 A, Ref. RB                                                                                                      | CUSIP: 79625GGT4<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10564398.00  | 0.49%             | 2050-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Grand Parkway Transportation Corp.                                                                                                           | Grand Parkway Transportation Corp., Series 2020, Ref. RB                                                                                               | CUSIP: 38611TCB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $13321225.50  | 0.62%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Transportation Trust Fund Authority                                                                                    | New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN                                                                         | CUSIP: 6461362E0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6090169.20   | 0.28%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp.                                                                                                            | Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB                                                                                              | CUSIP: 44420RBE9<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   8990000 | PA      | $9035569.41   | 0.42%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Floyd (County of), GA Development Authority (The Spires at Berry College)                                                                    | Floyd (County of), GA Development Authority (The Spires at Berry College), Series 2018 A, RB                                                           | CUSIP: 343572AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5565000 | PA      | $5237381.22   | 0.24%             | 2048-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority, A Cooperative District (No. 3)                                                                                   | Southeast Energy Authority, A Cooperative District (No. 3), Series 2022 A-1, RB                                                                        | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   4105000 | PA      | $4331722.43   | 0.20%             | 2029-12-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority (LCRA Transmission Services Corp.)                                                                            | Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB                                                                | CUSIP: 54811BZT1<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   3235000 | PA      | $3462363.56   | 0.16%             | 2052-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Harvey (City of), IL                                                                                                                         | Harvey (City of), IL, Series 2008, RB                                                                                                                  | CUSIP: 417705AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1905000 | PA      | $1868560.78   | 0.09%             | 2028-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp. (System Energy Resources, Inc.)                                                                           | Mississippi Business Finance Corp. (System Energy Resources, Inc.), Series 2021, RB                                                                    | CUSIP: 605279MK1<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   1795000 | PA      | $1080799.12   | 0.05%             | 2044-06-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Villages of Avignon Community Development District (The)                                                                                     | Villages of Avignon Community Development District (The), Series 2007 A, RB                                                                            | CUSIP: 05369PAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $12500.00     | 0.00%             | 2037-05-01      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| Columbus (City of), IN (Vivera Senior Living)                                                                                                | Columbus (City of), IN (Vivera Senior Living), Series 2019, RB                                                                                         | CUSIP: 19924PAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3515000 | PA      | $3154952.22   | 0.15%             | 2039-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Lake (County of), FL (Imagine South Lake Charter School Program)                                                                             | Lake (County of), FL (Imagine South Lake Charter School Program), Series 2019, RB                                                                      | CUSIP: 50825CAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $162367.48    | 0.01%             | 2054-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oak Grove School District (Election of 2008)                                                                                                 | Oak Grove School District (Election of 2008), Series 2018 E, Ref. GO Bonds                                                                             | CUSIP: 671205X49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $2628637.65   | 0.12%             | 2042-08-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Atlantic City (City of), NJ                                                                                                                  | Atlantic City (City of), NJ, Series 2017 A, Ref. GO Bonds                                                                                              | CUSIP: 048339VJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508946.80    | 0.02%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District (The)                                                                                                         | Black Belt Energy Gas District (The), Series 2024 A, RB                                                                                                | CUSIP: 09182TDL8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2805000 | PA      | $2957901.39   | 0.14%             | 2032-09-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| New York (City of), NY                                                                                                                       | New York (City of), NY, Series 2022 A-1, GO Bonds                                                                                                      | CUSIP: 64966QG61<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10450205.00  | 0.48%             | 2043-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ohio (State of) Higher Educational Facility Commission (University of Findlay)                                                               | Ohio (State of) Higher Educational Facility Commission (University of Findlay), Series 2019, Ref. RB                                                   | CUSIP: 67756DTG1<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $949574.40    | 0.04%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stephenson County School District No. 145 Freeport                                                                                           | Stephenson County School District No. 145 Freeport, Series 2018 A, GO Bonds                                                                            | CUSIP: 858892MZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $168491.90    | 0.01%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Transportation Trust Fund Authority                                                                                    | New Jersey (State of) Transportation Trust Fund Authority, Series 2008 A, RB                                                                           | CUSIP: 646136WK3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5680000 | PA      | $3078429.36   | 0.14%             | 2038-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group)                                                          | Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2025, Ref. RB                                              | CUSIP: 68450LJQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11250000 | PA      | $11306293.88  | 0.52%             | 2056-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project (No. 5)                                                                                                        | Central Plains Energy Project (No. 5), Series 2022-1, RB                                                                                               | CUSIP: 154871CU9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5158519.00   | 0.24%             | 2029-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris (County of), TX Toll Road Authority (The)                                                                                             | Harris (County of), TX Toll Road Authority (The), Series 2024 A, RB                                                                                    | CUSIP: 41423PEB9<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |   6280000 | PA      | $6534175.46   | 0.30%             | 2054-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Columbia (City of), GA (Wellstar Health System, Inc.)                                                                                        | Columbia (City of), GA (Wellstar Health System, Inc.), Series 2023, RAC                                                                                | CUSIP: 197479AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5555401.50   | 0.26%             | 2048-04-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Hamden (Town of), CT                                                                                                                         | Hamden (Town of), CT, Series 2018 A, Ref. GO Bonds                                                                                                     | CUSIP: 4067927D7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $657392.19    | 0.03%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Scranton School District                                                                                                                     | Scranton School District, Series 2017 E, Ref. GO Bonds                                                                                                 | CUSIP: 810827XF7<br>LEI: 549300SDNGI3OKNOUW62 | Long             | DBT              | MUN               | US        |    710000 | PA      | $733561.00    | 0.03%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Plymouth Educational Center Charter School                                                                                                   | Plymouth Educational Center Charter School, Series 2005, Ref. RB                                                                                       | CUSIP: 729693AM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $200000.00    | 0.01%             | 2030-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Michigan (State of) Finance Authority                                                                                                        | Michigan (State of) Finance Authority, Series 2005 A, RB                                                                                               | CUSIP: 594569AS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1103539.32   | 0.05%             | 2035-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Hollister (City of), MO                                                                                                                      | Hollister (City of), MO, Series 2019, RB                                                                                                               | CUSIP: 435679AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3095000 | PA      | $3065088.37   | 0.14%             | 2039-10-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| California (State of) County Tobacco Securitization Agency (Fresno County Tobacco Funding Corp.)                                             | California (State of) County Tobacco Securitization Agency (Fresno County Tobacco Funding Corp.), Series 2006 A, RB                                    | CUSIP: 13016NCX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $1834609.00   | 0.09%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority (The)                                                                                                          | Atlanta Development Authority (The), Series 2024, Revenue Ctfs.                                                                                        | CUSIP: 04780NMY0<br>LEI: 549300GHLQ0J51NUBM84 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5217084.00   | 0.24%             | 2048-12-15      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Economic Development Authority                                                                                         | New Jersey (State of) Economic Development Authority, Series 2018 A, RB                                                                                | CUSIP: 64578EKB2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    735000 | PA      | $719140.98    | 0.03%             | 2047-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago (City of), IL Board of Education                                                                                                     | Chicago (City of), IL Board of Education, Series 2022 A, GO Bonds                                                                                      | CUSIP: 167505YB6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3200000 | PA      | $2964263.68   | 0.14%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District (The)                                                                                                         | Black Belt Energy Gas District (The), Series 2022 C-1, RB                                                                                              | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10411164.00  | 0.48%             | 2029-06-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Maricopa (County of), AZ Industrial Development Authority (GreatHearts Arizona)                                                              | Maricopa (County of), AZ Industrial Development Authority (GreatHearts Arizona), Series 2017 C, RB                                                     | CUSIP: 56681NCL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80840.83     | 0.00%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois (State of) Sports Facilities Authority (The)                                                                                        | Illinois (State of) Sports Facilities Authority (The), Series 2014, Ref. RB                                                                            | CUSIP: 452143FE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003111.80   | 0.09%             | 2032-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Kentucky (Commonwealth of) Municipal Power Agency (Prairie State)                                                                            | Kentucky (Commonwealth of) Municipal Power Agency (Prairie State), Series 2016 A, Ref. RB                                                              | CUSIP: 491501EK4<br>LEI: 2549001MTI3IE05Z7959 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5075160.00   | 0.24%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Manchester Housing & Redevelopment Authority, Inc.                                                                                           | Manchester Housing & Redevelopment Authority, Inc., Series 2000 B, RB                                                                                  | CUSIP: 562345BC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $264241.45    | 0.01%             | 2029-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Stephenson County School District No 145 Freeport                                                                                            | Stephenson County School District No 145 Freeport, Series 2018, GO Bonds                                                                               | CUSIP: 858892QY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $142165.04    | 0.01%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Center District                                                                                                         | Wisconsin (State of) Center District, Series 2020, RB                                                                                                  | CUSIP: 976595JG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25000000 | PA      | $3987015.00   | 0.18%             | 2060-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| South Bay Community Development District                                                                                                     | South Bay Community Development District, Series 2005 A, RB                                                                                            | CUSIP: 836454AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1645000 | PA      | $16.45        | 0.00%             | 2036-05-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                                                                                 | Los Angeles Department of Water & Power Water System Revenue, Series 2022, RB                                                                          | CUSIP: 544525F78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15378211.50  | 0.71%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                                                                | Main Street Natural Gas, Inc., Series 2024 B, RB                                                                                                       | CUSIP: 56035DHK1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   5435000 | PA      | $5726295.35   | 0.27%             | 2032-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Poway Unified School District Public Financing Authority                                                                                     | Poway Unified School District Public Financing Authority, Series 2015 B, Ref. RB                                                                       | CUSIP: 73885QHC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1727445.36   | 0.08%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico (Commonwealth of)                                                                                                                | Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds                                                                                               | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   3650600 | PA      | $3512299.57   | 0.16%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York (State of) Dormitory Authority (White Plains Hospital Obligated Group)                                                              | New York (State of) Dormitory Authority (White Plains Hospital Obligated Group), Series 2024, RB                                                       | CUSIP: 65000B7X0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500867.90    | 0.02%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Crowfoot Valley Ranch Metropolitan District No. 2                                                                                            | Crowfoot Valley Ranch Metropolitan District No. 2, Series 2024 A, Ref. GO Bonds                                                                        | CUSIP: 22802CAW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1312773.00   | 0.06%             | 2054-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Nashville (City of), TN Metropolitan Development and Housing Agency (Fifth + Broadway Development)                                           | Nashville (City of), TN Metropolitan Development and Housing Agency (Fifth + Broadway Development), Series 2018, RB                                    | CUSIP: 591874AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201104.24    | 0.01%             | 2036-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Oxnard (City of), CA Financing Authority                                                                                                     | Oxnard (City of), CA Financing Authority, Series 2014, Ref. RB                                                                                         | CUSIP: 691878BV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1251524.00   | 0.06%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                                                                           | Tennessee Energy Acquisition Corp., Series 2021 A, RB                                                                                                  | CUSIP: 88044TAL3<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5186057.00   | 0.24%             | 2031-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wildwood (City of), FL Village Community Development Disctrict No. 15                                                                        | Wildwood (City of), FL Village Community Development Disctrict No. 15, Series 2023, RB                                                                 | CUSIP: 92708KAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1466210.81   | 0.07%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Medina Valley Independent School District                                                                                                    | Medina Valley Independent School District, Series 2023, GO Bonds                                                                                       | CUSIP: 584887UR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6091290.10   | 0.28%             | 2053-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University)                                                 | Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2022, Ref. RB                                     | CUSIP: 613603G94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8115000 | PA      | $7858981.49   | 0.36%             | 2057-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade (County of), FL                                                                                                                   | Miami-Dade (County of), FL, Series 2019 B, RB                                                                                                          | CUSIP: 59334DLV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17745000 | PA      | $15182247.58  | 0.70%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia (City of), PA                                                                                                                   | Philadelphia (City of), PA, Series 2024 C, RB                                                                                                          | CUSIP: 7178933W9<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5211018.50   | 0.24%             | 2049-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Floyd (County of), GA Development Authority (The Spires at Berry College)                                                                    | Floyd (County of), GA Development Authority (The Spires at Berry College), Series 2018 A, RB                                                           | CUSIP: 343572AE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3205000 | PA      | $3058986.93   | 0.14%             | 2053-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group)                                                          | Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2025, Ref. RB                                              | CUSIP: 68450LJR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1815059.80   | 0.08%             | 2056-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Guam (Territory of)                                                                                                                          | Guam (Territory of), Series 2015 D, Ref. RB                                                                                                            | CUSIP: 40065NCJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2462201.00   | 0.11%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Reunion East Community Development District                                                                                                  | Reunion East Community Development District, Series 2005, RB                                                                                           | CUSIP: 761311AG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $8.10         | 0.00%             | 2036-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Los Angeles (City of), CA Department of Water & Power                                                                                        | Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB                                                                               | CUSIP: 544495Z64<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5003360.50   | 0.23%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp.                                                                                                        | Puerto Rico Sales Tax Financing Corp., Series 2019 A-2, RB                                                                                             | CUSIP: 74529JRK3<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | US        |    387000 | PA      | $335354.54    | 0.02%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Puerto Rico (Commonwealth of) Electric Power Authority                                                                                       | Puerto Rico (Commonwealth of) Electric Power Authority, Series 2010 ZZ, Ref. RB                                                                        | CUSIP: 74526QXQ0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    405000 | PA      | $222243.75    | 0.01%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority (Green Bonds)                                                                                          | Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB                                                                                 | CUSIP: 59261AXT9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |  10065000 | PA      | $10007799.60  | 0.46%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Plymouth Educational Center Charter School                                                                                                   | Plymouth Educational Center Charter School, Series 2005, Ref. RB                                                                                       | CUSIP: 729693AN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $662500.00    | 0.03%             | 2035-11-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                                                                         | Colorado Health Facilities Authority, Series 2025, RB                                                                                                  | CUSIP: 19648FZK3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2946224.40   | 0.14%             | 2055-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. III                                                                                           | Texas Municipal Gas Acquisition & Supply Corp. III, Series 2021, Ref. RB                                                                               | CUSIP: 88256HBG2<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2625366.00   | 0.12%             | 2031-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York (City of), NY Transitional Finance Authority                                                                                        | New York (City of), NY Transitional Finance Authority, Series 2022 C-1, RB                                                                             | CUSIP: 64971XL97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3462220.40   | 0.16%             | 2051-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade (County of), FL                                                                                                                   | Miami-Dade (County of), FL, Series 2021, RB                                                                                                            | CUSIP: 59334DMT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4300472.50   | 0.20%             | 2051-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens)                                                        | Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens), Series 2018 A-1, RB                                             | CUSIP: 67556TCY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1174269.81   | 0.05%             | 2048-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Scranton School District                                                                                                                     | Scranton School District, Series 2017 E, Ref. GO Bonds                                                                                                 | CUSIP: 810827XE0<br>LEI: 549300SDNGI3OKNOUW62 | Long             | DBT              | MUN               | US        |    890000 | PA      | $922849.19    | 0.04%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire (State of) Business Finance Authority (Vista (The))                                                                            | New Hampshire (State of) Business Finance Authority (Vista (The)), Series 2019 A, RB                                                                   | CUSIP: 63607YAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $547215.11    | 0.03%             | 2054-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Chicago (City of), IL Board of Education                                                                                                     | Chicago (City of), IL Board of Education, Series 2018 A, Ref. GO Bonds                                                                                 | CUSIP: 167505UD6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2342763.23   | 0.11%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago (City of), IL Board of Education                                                                                                     | Chicago (City of), IL Board of Education, Series 2018 A, Ref. GO Bonds                                                                                 | CUSIP: 167505UK0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1228483.04   | 0.06%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia)                                        | Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), Series 2024, RB                                 | CUSIP: 717901CB6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |  11000000 | PA      | $11610320.70  | 0.54%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico (Commonwealth of) GDB Debt Recovery Authority                                                                                    | Puerto Rico (Commonwealth of) GDB Debt Recovery Authority, Series 2023, RB                                                                             | CUSIP: 36829QAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    179318 | PA      | $170507.05    | 0.01%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| South Carolina (State of) Public Service Authority (Santee Cooper)                                                                           | South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 A, RB                                                                  | CUSIP: 8371514F3<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   6085000 | PA      | $6344517.95   | 0.29%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| St. Louis (City of), MO                                                                                                                      | St. Louis (City of), MO, Series 2024, RB                                                                                                               | CUSIP: 791638T33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5166756.00   | 0.24%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                                                                | Main Street Natural Gas, Inc., Series 2023 B, RB                                                                                                       | CUSIP: 56035DFC1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5205078.00   | 0.24%             | 2030-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts (Commonwealth of) (Rail Enhancement Program) (Sustainability Bonds)                                                            | Massachusetts (Commonwealth of) (Rail Enhancement Program) (Sustainability Bonds), Series 2021, RB                                                     | CUSIP: 57604THK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9045329.00   | 0.42%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tampa (City of), FL                                                                                                                          | Tampa (City of), FL, Series 2020 A, RB                                                                                                                 | CUSIP: 875146AS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $592889.62    | 0.03%             | 2034-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Guam (Territory of) Waterworks Authority                                                                                                     | Guam (Territory of) Waterworks Authority, Series 2020 A, RB                                                                                            | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1436576.70   | 0.07%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania (Commonwealth of) Turnpike Commission                                                                                           | Pennsylvania (Commonwealth of) Turnpike Commission, First series 2023, Ref. RB                                                                         | CUSIP: 709225HE9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027048.20   | 0.05%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha (City of), NE Public Power District                                                                                                    | Omaha (City of), NE Public Power District, Series 2023 A, RB                                                                                           | CUSIP: 682001JV5<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5163074.00   | 0.24%             | 2053-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Atlantic City (City of), NJ                                                                                                                  | Atlantic City (City of), NJ, Series 2017 A, Ref. GO Bonds                                                                                              | CUSIP: 048339VH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256842.40    | 0.01%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community Improvement District)                              | Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community Improvement District), Series 2016 A, Ref. RB                | CUSIP: 48503VAJ1<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    295000 | PA      | $253854.29    | 0.01%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                                                                   | Illinois Finance Authority, Series 2025, RB                                                                                                            | CUSIP: 45204FN27<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2436372.50   | 0.11%             | 2046-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Branson (City of), MO Industrial Development Authority (Branson Hills Redevelopment)                                                         | Branson (City of), MO Industrial Development Authority (Branson Hills Redevelopment), Series 2005 A, RB                                                | CUSIP: 10544RAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $54740.87     | 0.00%             | 2027-05-01      | Fixed         | 7.05%                 | No            |                  3 | On Loan: No      |
| Greater Texoma Utility Authority (City of Sherman)                                                                                           | Greater Texoma Utility Authority (City of Sherman), Series 2023 A, RB                                                                                  | CUSIP: 39239MAT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10750000 | PA      | $11052455.55  | 0.51%             | 2048-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Public Finance Authority (Beyond Boone, LLC - Appalachian State University)                                             | Wisconsin (State of) Public Finance Authority (Beyond Boone, LLC - Appalachian State University), Series 2019 A, RB                                    | CUSIP: 74439YCB5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    900000 | PA      | $923601.78    | 0.04%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PEFA, Inc.                                                                                                                                   | PEFA, Inc., Series 2019, RB                                                                                                                            | CUSIP: 70556CAB0<br>LEI: 549300RSE249DJNRHY07 | Long             | DBT              | MUN               | US        |   5190000 | PA      | $5247466.79   | 0.24%             | 2026-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Mobile (City of), AL Improvement District (McGowin Park)                                                                                     | Mobile (City of), AL Improvement District (McGowin Park), Series 2016 A, RB                                                                            | CUSIP: 607155AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201694.80    | 0.01%             | 2030-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Michigan (State of) Finance Authority                                                                                                        | Michigan (State of) Finance Authority, Series 2008 C, RB                                                                                               | CUSIP: 594751AM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 214275000 | PA      | $6252373.08   | 0.29%             | 2058-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chapel Creek Community Development District                                                                                                  | Chapel Creek Community Development District, Series 2006 A, RB                                                                                         | CUSIP: 15942MAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $787250.00    | 0.04%             | 2038-05-01      | Fixed         | 5.50%                 | No            |                  3 | On Loan: No      |
| Connecticut (State of) Health & Educational Facilities Authority (Fairfield University)                                                      | Connecticut (State of) Health & Educational Facilities Authority (Fairfield University), Series 2017 R, Ref. RB                                        | CUSIP: 20774Y3B1<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   6125000 | PA      | $5196101.49   | 0.24%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Naturewalk Community Development District                                                                                                    | Naturewalk Community Development District, Series 2007 A, RB                                                                                           | CUSIP: 63902TAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $127300.00    | 0.01%             | 2038-05-01      | Fixed         | 5.50%                 | No            |                  3 | On Loan: No      |
| Delaware (County of), PA Authority (Neumann University)                                                                                      | Delaware (County of), PA Authority (Neumann University), Series 2016, Ref. RB                                                                          | CUSIP: 246008NU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2305000 | PA      | $2259049.36   | 0.10%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Transportation Trust Fund Authority                                                                                    | New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB                                                                          | CUSIP: 6461365Q0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   7125000 | PA      | $6015241.35   | 0.28%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois (State of)                                                                                                                          | Illinois (State of), Series 2018 B, Ref. GO Bonds                                                                                                      | CUSIP: 4521523B5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5217170.00   | 0.24%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Deposit (Town of), AL Cooperative District                                                                                              | Fort Deposit (Town of), AL Cooperative District, Series 2003, RB                                                                                       | CUSIP: 216622AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $137816.06    | 0.01%             | 2036-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Tobacco Settlement Financing Corp.                                                                                      | District of Columbia Tobacco Settlement Financing Corp., Series 2006 B, RB                                                                             | CUSIP: 254842BC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  72125000 | PA      | $15450884.36  | 0.72%             | 2046-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pinellas (County of), FL Industrial Development Authority (2017 Foundation for Global Understanding)                                         | Pinellas (County of), FL Industrial Development Authority (2017 Foundation for Global Understanding), Series 2019, RB                                  | CUSIP: 72316VAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1936506.60   | 0.09%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Public Finance Authority (Explore Knowledge Foundation)                                                                 | Wisconsin (State of) Public Finance Authority (Explore Knowledge Foundation), Series 2012 A, RB                                                        | CUSIP: 744396AG7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    350000 | PA      | $350114.63    | 0.02%             | 2042-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Highland Meadows Community Development District                                                                                              | Highland Meadows Community Development District, Series 2006 A, RB                                                                                     | CUSIP: 430375AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70037.22     | 0.00%             | 2036-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Atlanta (City of), GA Department of Aviation (Green Bonds)                                                                                   | Atlanta (City of), GA Department of Aviation (Green Bonds), Series 2023 B-1, RB                                                                        | CUSIP: 04780MJ75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6750000 | PA      | $6866248.50   | 0.32%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Economic Development Authority                                                                                         | New Jersey (State of) Economic Development Authority, Series 2018 A, RB                                                                                | CUSIP: 64578EKA4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3490956.70   | 0.16%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson (County of), AL                                                                                                                    | Jefferson (County of), AL, Series 2017, Ref. Revenue Wts.                                                                                              | CUSIP: 472628RE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4541974.20   | 0.21%             | 2035-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha (City of), NE Public Power District                                                                                                    | Omaha (City of), NE Public Power District, Series 2021 A, RB                                                                                           | CUSIP: 682001HD7<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5269864.80   | 0.24%             | 2051-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Poway Unified School District Public Financing Authority                                                                                     | Poway Unified School District Public Financing Authority, Series 2015 B, Ref. RB                                                                       | CUSIP: 73885QHD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3075000 | PA      | $3079196.45   | 0.14%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp.                                                                                                                   | Salt Verde Financial Corp., Series 2007, RB                                                                                                            | CUSIP: 79575EAS7<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3105292.50   | 0.14%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland (State of) Health & Higher Educational Facilities Authority                                                                         | Maryland (State of) Health & Higher Educational Facilities Authority, Series 2016, Ref. RB                                                             | CUSIP: 574218F24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $401717.56    | 0.02%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California (State of)                                                                                                                        | California (State of), Series 2022, GO Bonds                                                                                                           | CUSIP: 13063DP51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1194166.45   | 0.06%             | 2049-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire (State of) Business Finance Authority (Social Certificates)                                                                    | New Hampshire (State of) Business Finance Authority (Social Certificates), Series 2024-3, Revenue Ctfs.                                                | CUSIP: 63607WAW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4974913 | PA      | $4388278.07   | 0.20%             | 2041-10-20      | Variable      | 4.16%                 | No            |                  2 | On Loan: No      |
| California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System)                                                     | California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021 A, Ref. RB                                       | CUSIP: 13032UB49<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10203032.00  | 0.47%             | 2051-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Broward (County of), FL                                                                                                                      | Broward (County of), FL, Series 2022 A, RB                                                                                                             | CUSIP: 115117NJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5005000 | PA      | $4526901.88   | 0.21%             | 2047-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bethlehem Area School District                                                                                                               | Bethlehem Area School District, Series 2015 A, GO Bonds                                                                                                | CUSIP: 087365UK6<br>LEI: 549300PVLLD0D81XYN53 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5014970.50   | 0.23%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York (State of) Dormitory Authority (White Plains Hospital Obligated Group)                                                              | New York (State of) Dormitory Authority (White Plains Hospital Obligated Group), Series 2024, RB                                                       | CUSIP: 65000B7Y8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045028.30   | 0.05%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust VI                                                                                                           | New York Counties Tobacco Trust VI, Series 2016 A-1, Ref. RB                                                                                           | CUSIP: 64945JBC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $276004.80    | 0.01%             | 2043-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| St. Louis (City of), MO (Washington Park Redevelopment)                                                                                      | St. Louis (City of), MO (Washington Park Redevelopment), Series 2006, RB                                                                               | CUSIP: 85232CAD6<br>LEI: 5493004O38W8EYGEZ656 | Long             | DBT              | MUN               | US        |    846000 | PA      | $101520.00    | 0.00%             | 2026-08-21      | Fixed         | 6.00%                 | No            |                  3 | On Loan: No      |
| Maricopa (County of), AZ Industrial Development Authority (GreatHearts Arizona)                                                              | Maricopa (County of), AZ Industrial Development Authority (GreatHearts Arizona), Series 2017 C, RB                                                     | CUSIP: 56681NCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $141291.10    | 0.01%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois (State of)                                                                                                                          | Illinois (State of), Series 2024 C, GO Bonds                                                                                                           | CUSIP: 452153MJ5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   6250000 | PA      | $5208571.25   | 0.24%             | 2048-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Stephenson County School District No. 145 Freeport                                                                                           | Stephenson County School District No. 145 Freeport, Series 2018 A, GO Bonds                                                                            | CUSIP: 858892NA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $142165.04    | 0.01%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hunting Hill Metropolitan District                                                                                                           | Hunting Hill Metropolitan District, Series 2018, Ref. GO Bonds                                                                                         | CUSIP: 44582PAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2049000 | PA      | $2031004.04   | 0.09%             | 2048-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Maryland (State of) Health & Higher Educational Facilities Authority                                                                         | Maryland (State of) Health & Higher Educational Facilities Authority, Series 2001, RB                                                                  | CUSIP: 574217BQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5036.40      | 0.00%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania (Commonwealth of) Housing Finance Agency (Social Bonds)                                                                         | Pennsylvania (Commonwealth of) Housing Finance Agency (Social Bonds), Series 2023 143-A, RB                                                            | CUSIP: 70879QUJ0<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10304278.00  | 0.48%             | 2044-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Oklahoma (State of) Turnpike Authority (Senior Bonds)                                                                                        | Oklahoma (State of) Turnpike Authority (Senior Bonds), Series 2025 A, RB                                                                               | CUSIP: 679111E91<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |  11000000 | PA      | $11705174.80  | 0.54%             | 2054-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Economic Development Authority                                                                                         | New Jersey (State of) Economic Development Authority, Series 2017 DDD, RB                                                                              | CUSIP: 64577BK52<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1930000 | PA      | $1998082.87   | 0.09%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri (State of) Health & Educational Facilities Authority (SSM Health)                                                                   | Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2018 A, RB                                                          | CUSIP: 60637AMQ2<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7308769.50   | 0.34%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chillicothe (City of), MO (South U.S. 65)                                                                                                    | Chillicothe (City of), MO (South U.S. 65), Series 2006, RB                                                                                             | CUSIP: 169165AV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $299611.75    | 0.01%             | 2027-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Waterstone Community Development District                                                                                                    | Waterstone Community Development District, Series 2007 B, RB                                                                                           | CUSIP: 941887AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    247838 | PA      | $223838.26    | 0.01%             | 2028-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire (State of) Business Finance Authority (Vista (The))                                                                            | New Hampshire (State of) Business Finance Authority (Vista (The)), Series 2019 A, RB                                                                   | CUSIP: 63607YAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $404653.07    | 0.02%             | 2039-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp. (Beta Academy)                                                                          | New Hope Cultural Education Facilities Finance Corp. (Beta Academy), Series 2019, RB                                                                   | CUSIP: 64542QBE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $401477.87    | 0.02%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris (County of), TX Flood Control District (Green Bonds)                                                                                  | Harris (County of), TX Flood Control District (Green Bonds), Series 2023 A, GO Bonds                                                                   | CUSIP: 414019CP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4399560.50   | 0.20%             | 2048-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                                                                           | Tobacco Settlement Financing Corp., Series 2018 A, Ref. RB                                                                                             | CUSIP: 888808HE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3600923.90   | 0.17%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Waterstone Community Development District                                                                                                    | Waterstone Community Development District, Series 2007 A, RB                                                                                           | CUSIP: 941887AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    146452 | PA      | $102363.56    | 0.00%             | 2037-05-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes)                   | Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019 A, Ref. RB     | CUSIP: 882667AX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6135000 | PA      | $5801114.90   | 0.27%             | 2038-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana (State of) Finance Authority (Good Samaritan Hospital)                                                                               | Indiana (State of) Finance Authority (Good Samaritan Hospital), Series 2016 A, RB                                                                      | CUSIP: 45471CAL2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    830000 | PA      | $837302.34    | 0.04%             | 2026-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| El Paso (City of), TX                                                                                                                        | El Paso (City of), TX, Series 2022 A, RB                                                                                                               | CUSIP: 283822XE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11500000 | PA      | $10017753.50  | 0.46%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California (State of) Health Facilities Financing Authority (Commonspirit Health)                                                            | California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020, Ref. RB                                                | CUSIP: 13032UY36<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52610.45     | 0.00%             | 2030-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp.                                                                                                                   | Salt Verde Financial Corp., Series 2007, RB                                                                                                            | CUSIP: 79575EAQ1<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |    100000 | PA      | $106396.74    | 0.00%             | 2029-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| St. Louis (City of), MO (Abbey Condominiums)                                                                                                 | St. Louis (City of), MO (Abbey Condominiums), Series 2006 A, RB                                                                                        | CUSIP: 791698AB9<br>LEI: 5493004O38W8EYGEZ656 | Long             | DBT              | MUN               | US        |    481000 | PA      | $15632.50     | 0.00%             | 2025-08-04      | Fixed         | 6.00%                 | No            |                  3 | On Loan: No      |
| Prince George's (County of), MD (Victoria Falls)                                                                                             | Prince George's (County of), MD (Victoria Falls), Series 2005, RB                                                                                      | CUSIP: 74172UAB6<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1308000 | PA      | $1308806.77   | 0.06%             | 2035-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| St. Louis (City of), MO (Ludwig Lofts)                                                                                                       | St. Louis (City of), MO (Ludwig Lofts), Series 2008, RN                                                                                                | CUSIP: 85232CAN4<br>LEI: 5493004O38W8EYGEZ656 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $183600.00    | 0.01%             | 2029-04-21      | Fixed         | 6.69%                 | No            |                  3 | On Loan: No      |
| Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health)                                                 | Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health), Series 2019 A-1, Ref. RB                                 | CUSIP: 162410EK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $213483.67    | 0.01%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Antonio (City of), TX                                                                                                                    | San Antonio (City of), TX, Series 2024 D, Ref. RB                                                                                                      | CUSIP: 79625GLS0<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5189560.50   | 0.24%             | 2049-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Knox (County of), TN Health, Educational & Housing Facility Board (University of Tennessee)                                                  | Knox (County of), TN Health, Educational & Housing Facility Board (University of Tennessee), Series 2024 A-1, RB                                       | CUSIP: 499526AS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1280045.88   | 0.06%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ohio (State of) Higher Educational Facility Commission (Xavier University)                                                                   | Ohio (State of) Higher Educational Facility Commission (Xavier University), Series 2024, Ref. RB                                                       | CUSIP: 67756DS80<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983703.20    | 0.05%             | 2054-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group)                                       | New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2024, RB                                | CUSIP: 645790TM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10378186.00  | 0.48%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Inland Empire Tobacco Securitization Corp.                                                                                                   | Inland Empire Tobacco Securitization Corp., Series 2007 F, RB                                                                                          | CUSIP: 45734TAH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 345750000 | PA      | $18293010.15  | 0.85%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County Township High School District No. 201                                                                                       | Jefferson County Township High School District No. 201, Series 2012 A, GO Bonds                                                                        | CUSIP: 472844DG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $1055381.39   | 0.05%             | 2028-12-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Kentucky (Commonwealth of) Property & Building Commission (No. 115)                                                                          | Kentucky (Commonwealth of) Property & Building Commission (No. 115), Series 2017, RB                                                                   | CUSIP: 49151FTM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2545426.75   | 0.12%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Villages Improvement District (Develepmont Unit No. 2)                                                                                  | West Villages Improvement District (Develepmont Unit No. 2), Series 2005 A-1, RB                                                                       | CUSIP: 956454BQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2470000 | PA      | $2472135.56   | 0.11%             | 2036-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Harris (County of), TX Port Authority of Houston                                                                                             | Harris (County of), TX Port Authority of Houston, Series 2021, RB                                                                                      | CUSIP: 734262FX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5365000 | PA      | $4762999.25   | 0.22%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lucaya Community Development District                                                                                                        | Lucaya Community Development District, Series 2005, RB                                                                                                 | CUSIP: 549401AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $900549.45    | 0.04%             | 2035-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Gaithersburg (City of), MD (Asbury Maryland Obligated Group)                                                                                 | Gaithersburg (City of), MD (Asbury Maryland Obligated Group), Series 2018 A, Ref. RB                                                                   | CUSIP: 363128CU1<br>LEI: 549300UFHDHDCHDE0F65 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1508774.70   | 0.07%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Broward (County of), FL (Convention Center Expansion)                                                                                        | Broward (County of), FL (Convention Center Expansion), Series 2021, RB                                                                                 | CUSIP: 115085AW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17250000 | PA      | $14700631.13  | 0.68%             | 2047-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| St. Louis (City of), MO (Abbey Condominiums)                                                                                                 | St. Louis (City of), MO (Abbey Condominiums), Series 2007, RB                                                                                          | CUSIP: 791698AE3<br>LEI: 5493004O38W8EYGEZ656 | Long             | DBT              | MUN               | US        |    661018 | PA      | $99152.67     | 0.00%             | 2028-05-29      | Fixed         | 5.50%                 | No            |                  3 | On Loan: No      |
| Celebrate North Community Development Authority (Celebrate VA North)                                                                         | Celebrate North Community Development Authority (Celebrate VA North), Series 2003 B, RB                                                                | CUSIP: 15101JAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    302000 | PA      | $190260.00    | 0.01%             | 2034-03-01      | Fixed         | 6.75%                 | No            |                  3 | On Loan: No      |
| Southeast Energy Authority, A Cooperative District (No. 2)                                                                                   | Southeast Energy Authority, A Cooperative District (No. 2), Series 2024 A, RB                                                                          | CUSIP: 84136HAU7<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   6235000 | PA      | $6436188.49   | 0.30%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kelso (City of), WA Housing Authority (Chinook & Columbia Apartments)                                                                        | Kelso (City of), WA Housing Authority (Chinook & Columbia Apartments), Series 1998, RB                                                                 | CUSIP: 488269AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.46     | 0.00%             | 2028-03-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Louisiana (State of) Public Facilities Authority (19th Judicial District Court Building)                                                     | Louisiana (State of) Public Facilities Authority (19th Judicial District Court Building), Series 2015, Ref. RB                                         | CUSIP: 5463982G2<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.01   | 0.12%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vauxmont Metropolitan District                                                                                                               | Vauxmont Metropolitan District, Series 2020, Ref. GO Bonds                                                                                             | CUSIP: 92242SBE2<br>LEI: 549300M7XL6MB0OW8D56 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1476012.00   | 0.07%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Birmingham (City of), AL Water Works Board (The)                                                                                             | Birmingham (City of), AL Water Works Board (The), Series 2016 B, Ref. RB                                                                               | CUSIP: 091096LS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16150000 | PA      | $16674552.00  | 0.77%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Reunion East Community Development District                                                                                                  | Reunion East Community Development District, Series 2002 A-2, RB                                                                                       | CUSIP: 761311AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $8.60         | 0.00%             | 2033-05-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group)                                                          | Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2022, RB                                                   | CUSIP: 68450LGQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4189776.00   | 0.19%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Reading School District                                                                                                                      | Reading School District, Series 2017, Ref. GO Bonds                                                                                                    | CUSIP: 755638ZF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $259528.42    | 0.01%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania (Commonwealth of)                                                                                                               | Pennsylvania (Commonwealth of), First Series 2018-1, GO Bonds                                                                                          | CUSIP: 70914PM74<br>LEI: 549300WICSGUHKHF1T85 | Long             | DBT              | MUN               | US        |  12500000 | PA      | $12527148.75  | 0.58%             | 2035-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tampa (City of), FL                                                                                                                          | Tampa (City of), FL, Series 2020 A, RB                                                                                                                 | CUSIP: 875146AT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $480024.53    | 0.02%             | 2035-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico (Commonwealth of)                                                                                                                | Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds                                                                                               | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   7929218 | PA      | $6521670.80   | 0.30%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grossmont-Cuyamaca Community College District (Election of 2012)                                                                             | Grossmont-Cuyamaca Community College District (Election of 2012), Series 2018 B, GO Bonds                                                              | CUSIP: 399267GT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3165000 | PA      | $2903426.04   | 0.13%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Davie (Town of), FL (Nova Southeastern University)                                                                                           | Davie (Town of), FL (Nova Southeastern University), Series 2018, Ref. RB                                                                               | CUSIP: 23867PBU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4914741.50   | 0.23%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico (Commonwealth of)                                                                                                                | Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds                                                                                               | CUSIP: 74514L3F2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   2030065 | PA      | $2031507.97   | 0.09%             | 2025-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Morrow (Port of), OR (Bonneville Cooperation Project No. 4)                                                                                  | Morrow (Port of), OR (Bonneville Cooperation Project No. 4), Series 2024 A, GO Bonds                                                                   | CUSIP: 73473RFG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002984.00   | 0.09%             | 2026-10-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Illinois (State of) Regional Transportation Authority                                                                                        | Illinois (State of) Regional Transportation Authority, Series 2018 B, RB                                                                               | CUSIP: 7599114D9<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |  20730000 | PA      | $18802818.96  | 0.87%             | 2043-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California (State of) Health Facilities Financing Authority (Sutter Health)                                                                  | California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB                                                    | CUSIP: 13032UXH6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   5920000 | PA      | $5902733.73   | 0.27%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa (State of) Finance Authority (Wedum Walnut Ridge LLC)                                                                                   | Iowa (State of) Finance Authority (Wedum Walnut Ridge LLC), Series 2007 B, RB                                                                          | CUSIP: 46247AAA1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Transportation Trust Fund Authority                                                                                    | New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB                                                                          | CUSIP: 64613CBM9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1371002.49   | 0.06%             | 2046-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Waterford Estates Community Development District                                                                                             | Waterford Estates Community Development District, Series 2006 A, RB                                                                                    | CUSIP: 941386AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1438588.94   | 0.07%             | 2037-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Kentucky (Commonwealth of) Public Energy Authority                                                                                           | Kentucky (Commonwealth of) Public Energy Authority, Series 2023 A-1, Ref. RB                                                                           | CUSIP: 74440DEC4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10585519.00  | 0.49%             | 2032-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Chesapeake Bay Bridge & Tunnel District                                                                                                      | Chesapeake Bay Bridge & Tunnel District, Series 2016, RB                                                                                               | CUSIP: 16514PAD1<br>LEI: 549300JGWE66ZSSOYN09 | Long             | DBT              | MUN               | US        |   6320000 | PA      | $6238686.88   | 0.29%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania (Commonwealth of) Turnpike Commission                                                                                           | Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 B, RB                                                                                  | CUSIP: 709225AW6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5123610.00   | 0.24%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Merrill Ranch Community Facilities District No. 1 (Assessment Area One)                                                                      | Merrill Ranch Community Facilities District No. 1 (Assessment Area One), Series 2006, RB                                                               | CUSIP: 590209AQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $165002.84    | 0.01%             | 2030-07-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project (No. 3)                                                                                                        | Central Plains Energy Project (No. 3), Series 2017 A, Ref. RB                                                                                          | CUSIP: 154871CL9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   6150000 | PA      | $6517778.00   | 0.30%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yorkville (United City of), IL (United City Special Services Area)                                                                           | Yorkville (United City of), IL (United City Special Services Area), Series 2013, Ref. RB                                                               | CUSIP: 987361AJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1828000 | PA      | $1804692.09   | 0.08%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois (State of)                                                                                                                          | Illinois (State of), Series 2018 A, GO Bonds                                                                                                           | CUSIP: 452152X97<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2610000 | PA      | $2668103.04   | 0.12%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                                                                           | Tobacco Settlement Financing Corp., Series 2018 A, Ref. RB                                                                                             | CUSIP: 888808HG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4613133.15   | 0.21%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York & New Jersey (States of) Port Authority                                                                                             | New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB                                                       | CUSIP: 73358WZK3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10030632.00  | 0.47%             | 2055-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                                                                               | Washington Metropolitan Area Transit Authority, Series 2020 A, RB                                                                                      | CUSIP: 93878YAU3<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |  25600000 | PA      | $22703221.76  | 1.05%             | 2045-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cuyahoga (County of), OH (MetroHealth System)                                                                                                | Cuyahoga (County of), OH (MetroHealth System), Series 2017, Ref. RB                                                                                    | CUSIP: 2322655V6<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   6050000 | PA      | $5869953.21   | 0.27%             | 2057-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Delaware (County of), PA Authority (Neumann University)                                                                                      | Delaware (County of), PA Authority (Neumann University), Series 2016, Ref. RB                                                                          | CUSIP: 246008NT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1235232.30   | 0.06%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virgin Islands (Government of) Public Finance Authority (Virgin Islands Gross Receipts Taxes Loan Note)                                      | Virgin Islands (Government of) Public Finance Authority (Virgin Islands Gross Receipts Taxes Loan Note), Series 2012 A, Ref. RB                        | CUSIP: 927676RR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1308290.56   | 0.06%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority,                                                                                          | South Carolina Jobs-Economic Development Authority, SSeries 2024, RB                                                                                   | CUSIP: 837032CF6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5158693.50   | 0.24%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Carter County Public Facilities Authority                                                                                                    | Carter County Public Facilities Authority, Series 2018, RB                                                                                             | CUSIP: 146201DL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3350000 | PA      | $3461645.45   | 0.16%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois (State of)                                                                                                                          | Illinois (State of), Series 2018 A, Ref. GO Bonds                                                                                                      | CUSIP: 4521522M2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6782321.00   | 0.31%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St. Louis (City of), MO (Printers Lofts Tax Increment Financing)                                                                             | St. Louis (City of), MO (Printers Lofts Tax Increment Financing), Series 2006, RB                                                                      | CUSIP: 85232CAB0<br>LEI: 5493004O38W8EYGEZ656 | Long             | DBT              | MUN               | US        |    545000 | PA      | $38150.00     | 0.00%             | 2026-08-21      | Fixed         | 6.00%                 | No            |                  3 | On Loan: No      |
| Wisconsin (State of) Health & Educational Facilities Authority (Froedtert Health)                                                            | Wisconsin (State of) Health & Educational Facilities Authority (Froedtert Health), Series 2022 A, Ref. RB                                              | CUSIP: 97712D8T6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   7160000 | PA      | $6482115.54   | 0.30%             | 2042-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Westside Community Development District                                                                                                      | Westside Community Development District, Series 2019-2, RB                                                                                             | CUSIP: 96149TAF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $420106.63    | 0.02%             | 2037-05-01      | Fixed         | 5.65%                 | No            |                  3 | On Loan: No      |
| New Jersey (State of) Economic Development Authority (Golden Door Charter School)                                                            | New Jersey (State of) Economic Development Authority (Golden Door Charter School), Series 2018 A, RB                                                   | CUSIP: 645912EX0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    220000 | PA      | $225488.82    | 0.01%             | 2052-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Prosper Independent School District                                                                                                          | Prosper Independent School District, Series 2023, GO Bonds                                                                                             | CUSIP: 7436002U1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10150000 | PA      | $8832370.65   | 0.41%             | 2053-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southwestern Illinois Development Authority                                                                                                  | Southwestern Illinois Development Authority, Series 2006, RB                                                                                           | CUSIP: 84552YFD8<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |    209547 | PA      | $44004.93     | 0.00%             | 2026-11-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Jefferson County Township High School District No. 201                                                                                       | Jefferson County Township High School District No. 201, Series 2012 A, GO Bonds                                                                        | CUSIP: 472844DK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1348795.34   | 0.06%             | 2031-12-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New York (City of), NY Transitional Finance Authority                                                                                        | New York (City of), NY Transitional Finance Authority, Series 2025 E, RB                                                                               | CUSIP: 64972JPR3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10645402.00  | 0.49%             | 2049-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| St. Louis (City of), MO (Washington Park Redevelopment)                                                                                      | St. Louis (City of), MO (Washington Park Redevelopment), Series 2007 A, RN                                                                             | CUSIP: 85232CAG9<br>LEI: 5493004O38W8EYGEZ656 | Long             | DBT              | MUN               | US        |    688000 | PA      | $213280.00    | 0.01%             | 2028-01-20      | Fixed         | 5.50%                 | No            |                  3 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority,                                                                                          | South Carolina Jobs-Economic Development Authority, Series 2024, RB                                                                                    | CUSIP: 837032CC3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2595177.25   | 0.12%             | 2049-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority (Green Bonds)                                                                                 | Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB                                                                        | CUSIP: 93878YDT3<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5121891.00   | 0.24%             | 2053-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp.                                                                                                        | Puerto Rico Sales Tax Financing Corp., Series 2018 A-1, RB                                                                                             | CUSIP: 74529JQG3<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | US        |  34472000 | PA      | $11066694.39  | 0.51%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia (City of), PA                                                                                                                   | Philadelphia (City of), PA, Series 2021 C, RB                                                                                                          | CUSIP: 717893W72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5116110.00   | 0.24%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Broward (County of), FL School Board                                                                                                         | Broward (County of), FL School Board, Series 2022, GO Bonds                                                                                            | CUSIP: 115067MC1<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10240877.00  | 0.47%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts (Commonwealth of) Bay Transportation Authority                                                                                 | Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB                                                                   | CUSIP: 575579W29<br>LEI: 549300D2U0XBUXGX8P68 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7324482.20   | 0.34%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Philadelphia (City of), PA (1998 General Ordinance)                                                                                          | Philadelphia (City of), PA (1998 General Ordinance), Series 2024, RB                                                                                   | CUSIP: 71783MDF9<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5167767.00   | 0.24%             | 2054-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                                                               | Buckeye Tobacco Settlement Financing Authority, Series 2020 A-2, Ref. RB                                                                               | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2960000 | PA      | $2476211.09   | 0.11%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire (State of) Business Finance Authority (Social Certificates)                                                                    | New Hampshire (State of) Business Finance Authority (Social Certificates), Series 2024-1A, RB                                                          | CUSIP: 63607DAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1855899.60   | 0.09%             | 2034-10-01      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| St. Louis (City of), MO (Washington Park Redevelopment)                                                                                      | St. Louis (City of), MO (Washington Park Redevelopment), Series 2007 B, RN                                                                             | CUSIP: 85232CAJ3<br>LEI: 5493004O38W8EYGEZ656 | Long             | DBT              | MUN               | US        |    466000 | PA      | $4660.00      | 0.00%             | 2028-01-20      | Fixed         | 5.50%                 | No            |                  3 | On Loan: No      |
| Arlington Ridge Community Development District                                                                                               | Arlington Ridge Community Development District, Series 2006 A, RB                                                                                      | CUSIP: 041751AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115052.93    | 0.01%             | 2036-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                                                                         | New Hope Cultural Education Facilities Finance Corp., Series 2025, RB                                                                                  | CUSIP: 64542UHF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2887147.50   | 0.13%             | 2055-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Onondaga Civic Development Corp.                                                                                                             | Onondaga Civic Development Corp., Series 2025, RB                                                                                                      | CUSIP: 682832LL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5306577.50   | 0.25%             | 2056-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| M-S-R Energy Authority                                                                                                                       | M-S-R Energy Authority, Series 2009 B, RB                                                                                                              | CUSIP: 55374SAF7<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   9820000 | PA      | $11591793.14  | 0.54%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Health & Educational Facilities Authority (American Baptist Homes of the Midwest Obligated Group)                       | Wisconsin (State of) Health & Educational Facilities Authority (American Baptist Homes of the Midwest Obligated Group), Series 2016, RB                | CUSIP: 97712DQT6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $19755364.00  | 0.92%             | 2034-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of St. Louis MO Airport Revenue                                                                                                         | City of St. Louis MO Airport Revenue, Series 2024, RB                                                                                                  | CUSIP: 791638T25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10405920.00  | 0.48%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp. (Mater Academy)                                                                                            | Florida Development Finance Corp. (Mater Academy), Series 2020 A, RB                                                                                   | CUSIP: 34061UFX1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   9405000 | PA      | $8854914.72   | 0.41%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois (State of) Toll Highway Authority                                                                                                   | Illinois (State of) Toll Highway Authority, Series 2020 A, RB                                                                                          | CUSIP: 452252PQ6<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |  21090000 | PA      | $21310133.20  | 0.99%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue)                                    | Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB                      | CUSIP: 01728A3W4<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   2825000 | PA      | $2883826.95   | 0.13%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Scranton School District                                                                                                                     | Scranton School District, Series 2017 E, Ref. GO Bonds                                                                                                 | CUSIP: 810827XB6<br>LEI: 549300SDNGI3OKNOUW62 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043257.50   | 0.05%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                                                                                 | Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB                                                                        | CUSIP: 79574CFR9<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |  15220000 | PA      | $15809776.52  | 0.73%             | 2053-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                                                                              | Indianapolis Local Public Improvement Bond Bank, Series 2025, RB                                                                                       | CUSIP: 45528VFS3<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10308307.00  | 0.48%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Oxnard (City of), CA Financing Authority                                                                                                     | Oxnard (City of), CA Financing Authority, Series 2014, Ref. RB                                                                                         | CUSIP: 691878BW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501816.95   | 0.07%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fulton (County of), GA Development Authority (Piedmont Healthcare, Inc.)                                                                     | Fulton (County of), GA Development Authority (Piedmont Healthcare, Inc.), Series 2019, RB                                                              | CUSIP: 36005FGE9<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |  11150000 | PA      | $9644447.84   | 0.45%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Puerto Rico                                                                                                                    | University of Puerto Rico, Series 2006 Q, RB                                                                                                           | CUSIP: 914811PR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $142040.49    | 0.01%             | 2036-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Illinois (State of)                                                                                                                          | Illinois (State of), Series 2018 A, Ref. GO Bonds                                                                                                      | CUSIP: 4521522Q3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3109755.30   | 0.14%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp. (CHF - Collegiate Housing Corpus Christi II, LLC - Texas A&M University-Corpus Christi) | New Hope Cultural Education Facilities Finance Corp. (CHF - Collegiate Housing Corpus Christi II, LLC - Texas A&M University-Corpus Christi), Series 2 | CUSIP: 64542RDZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $359855.19    | 0.02%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana State University & Agricultural & Mechanical College Board of Supervisors                                                          | Louisiana State University & Agricultural & Mechanical College Board of Supervisors, Series 2016 A, Ref. RB                                            | CUSIP: 546540QC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4035000 | PA      | $4123508.53   | 0.19%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Public Finance Authority (Explore Knowledge Foundation)                                                                 | Wisconsin (State of) Public Finance Authority (Explore Knowledge Foundation), Series 2012 A, RB                                                        | CUSIP: 744396AF9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    290000 | PA      | $290169.10    | 0.01%             | 2032-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Stephenson County School District No 145 Freeport                                                                                            | Stephenson County School District No 145 Freeport, Series 2018, GO Bonds                                                                               | CUSIP: 858892RD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $726187.43    | 0.03%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp. (Winfree Academy Charter School)                                                                    | Arlington Higher Education Finance Corp. (Winfree Academy Charter School), Series 2019, Ref. RB                                                        | CUSIP: 041806RV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1372407.68   | 0.06%             | 2043-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Black Desert Public Infrastructure District                                                                                                  | Black Desert Public Infrastructure District, Series 2024, RB                                                                                           | CUSIP: 09204TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4915456.00   | 0.23%             | 2053-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| New York (State of) Dormitory Authority                                                                                                      | New York (State of) Dormitory Authority, Series 2020 D, Ref. RB                                                                                        | CUSIP: 64990FPV0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  13150000 | PA      | $11510050.35  | 0.53%             | 2047-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Stone Canyon Community Improvement District (Infrastructure Improvement)                                                                     | Stone Canyon Community Improvement District (Infrastructure Improvement), Series 2007, RB                                                              | CUSIP: 861585AH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $67200.00     | 0.00%             | 2027-04-01      | Fixed         | 5.75%                 | No            |                  3 | On Loan: No      |
| Wisconsin (State of) Public Finance Authority (Traders Point Christian Schools)                                                              | Wisconsin (State of) Public Finance Authority (Traders Point Christian Schools), Series 2019 A, RB                                                     | CUSIP: 74442PLY9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    540000 | PA      | $427146.37    | 0.02%             | 2054-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California (State of) Housing Finance Agency (Social Certificates)                                                                           | California (State of) Housing Finance Agency (Social Certificates), Series 2023-1, RB                                                                  | CUSIP: 13033DAL9<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   3440018 | PA      | $3410603.78   | 0.16%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Jefferson County Township High School District No. 201                                                                                       | Jefferson County Township High School District No. 201, Series 2012 A, GO Bonds                                                                        | CUSIP: 472844DF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $966076.69    | 0.04%             | 2027-12-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Pima (County of), AZ Industrial Development Authority (The) (Christian Care Tuscon, Inc.)                                                    | Pima (County of), AZ Industrial Development Authority (The) (Christian Care Tuscon, Inc.), Series 2017 C, RB                                           | CUSIP: 721901KJ4<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1030478.05   | 0.05%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California (State of)                                                                                                                        | California (State of), Series 2018, GO Bonds                                                                                                           | CUSIP: 13063DFS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13500000 | PA      | $13578642.90  | 0.63%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester (County of), PA Industrial Development Authority (Longwood Gardens) (Green Bonds)                                                    | Chester (County of), PA Industrial Development Authority (Longwood Gardens) (Green Bonds), Series 2019, RB                                             | CUSIP: 165588EM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1872467.72   | 0.09%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington (State of) Housing Finance Commission (Social Certificates)                                                                       | Washington (State of) Housing Finance Commission (Social Certificates), Series 2024-2, RB                                                              | CUSIP: 93978UAA4<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   4979934 | PA      | $4590879.57   | 0.21%             | 2040-03-20      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| Stephenson County School District No. 145 Freeport                                                                                           | Stephenson County School District No. 145 Freeport, Series 2018 A, GO Bonds                                                                            | CUSIP: 858892NV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42122.98     | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson (County of), AL                                                                                                                    | Jefferson (County of), AL, Series 2024, Ref. Revenue Wts.                                                                                              | CUSIP: 472682ZR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6040000 | PA      | $6103074.51   | 0.28%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago (City of), IL Board of Education                                                                                                     | Chicago (City of), IL Board of Education, Series 2018 A, Ref. GO Bonds                                                                                 | CUSIP: 167505UG9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029253.20   | 0.05%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California (State of) County Tobacco Securitization Agency                                                                                   | California (State of) County Tobacco Securitization Agency, Series 2006 B, RB                                                                          | CUSIP: 13016NCJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 129820000 | PA      | $22914722.93  | 1.06%             | 2050-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Iowa (State of) Finance Authority (Unitypoint Health)                                                                                        | Iowa (State of) Finance Authority (Unitypoint Health), Series 2018 B, Ref. RB                                                                          | CUSIP: 46246K5C2<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300473.59   | 0.06%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Public Finance Authority (Two Step)                                                                                     | Wisconsin (State of) Public Finance Authority (Two Step), Series 2024, RB                                                                              | CUSIP: 74442PF42<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $634092.08    | 0.03%             | 2034-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia (City of), PA                                                                                                                   | Philadelphia (City of), PA, Series 2017 A, RB                                                                                                          | CUSIP: 717893C90<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9984169.00   | 0.46%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago (City of), IL (O'Hare International Airport)                                                                                         | Chicago (City of), IL (O'Hare International Airport), Series 2018 B, RB                                                                                | CUSIP: 167593M66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10500000 | PA      | $10421296.20  | 0.48%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester (County of), PA Industrial Development Authority (Longwood Gardens) (Green Bonds)                                                    | Chester (County of), PA Industrial Development Authority (Longwood Gardens) (Green Bonds), Series 2019, RB                                             | CUSIP: 165588EN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1167167.07   | 0.05%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa (State of) Finance Authority (Iowa Fertilizer Co.)                                                                                      | Iowa (State of) Finance Authority (Iowa Fertilizer Co.), Series 2022, Ref. RB                                                                          | CUSIP: 46246SAV7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   7785000 | PA      | $8756811.67   | 0.41%             | 2042-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                                                                           | Tobacco Settlement Financing Corp., Series 2015 A, Ref. RB                                                                                             | CUSIP: 888809BE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4695000 | PA      | $4694978.87   | 0.22%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire (State of) Business Finance Authority (Thomas Ranch)                                                                           | New Hampshire (State of) Business Finance Authority (Thomas Ranch), Series 2024, RB                                                                    | CUSIP: 63608TAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7265000 | PA      | $3850487.05   | 0.18%             | 2034-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire (State of) Housing Finance Authority (University Hospitals Home Care Services, Inc.)                                           | New Hampshire (State of) Housing Finance Authority (University Hospitals Home Care Services, Inc.), Series 2024, RB                                    | CUSIP: 63610JAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1529574.73   | 0.07%             | 2033-12-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District (Green Bonds)                                                                                            | Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds                                                                           | CUSIP: 544647GD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5239595.50   | 0.24%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Festival Ranch Community Facilities District (Assessment Districts Nos. 4 & 5)                                                               | Festival Ranch Community Facilities District (Assessment Districts Nos. 4 & 5), Series 2007, RB                                                        | CUSIP: 315599BY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    263000 | PA      | $263029.69    | 0.01%             | 2032-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PRIFA Custodial Trust                                                                                                                        | PRIFA Custodial Trust, Series 2005 A, RB                                                                                                               | CUSIP: 69365SAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645356 | PA      | $455512.09    | 0.02%             | 2049-03-15      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp.                                                                                                        | Puerto Rico Sales Tax Financing Corp., Series 2018 A-1, RB                                                                                             | CUSIP: 74529JPX7<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4134044.64   | 0.19%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority (Green Bonds)                                                                                 | Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB                                                                        | CUSIP: 93878YCT4<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7845332.25   | 0.36%             | 2051-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Harris County Hospital District                                                                                                              | Harris County Hospital District, Series 2025, GO Bonds                                                                                                 | CUSIP: 41415UCD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5791116.65   | 0.27%             | 2050-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Reno-Tahoe Airport Authority (Tahoe International Airport)                                                                                   | Reno-Tahoe Airport Authority (Tahoe International Airport), Series 2024 B, RB                                                                          | CUSIP: 759874DG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5400000 | PA      | $5564054.16   | 0.26%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York (State of) Thruway Authority                                                                                                        | New York (State of) Thruway Authority, Series 2019 B, RB                                                                                               | CUSIP: 650010CL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4261954.50   | 0.20%             | 2053-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi (State of) Development Bank                                                                                                      | Mississippi (State of) Development Bank, Series 2016, RB                                                                                               | CUSIP: 60534WFR4<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10060369.00  | 0.47%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                                                                       | New York State Urban Development Corp., Series 2020 A, RB                                                                                              | CUSIP: 650036AP1<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $8670851.00   | 0.40%             | 2049-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Stephenson County School District No. 145 Freeport                                                                                           | Stephenson County School District No. 145 Freeport, Series 2018 A, GO Bonds                                                                            | CUSIP: 858892MY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $221145.62    | 0.01%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St. John the Baptist (Parish of), LA (Marathon Oil Corp.)                                                                                    | St. John the Baptist (Parish of), LA (Marathon Oil Corp.), Subseries 2017 A-3, Ref. RB                                                                 | CUSIP: 79020FAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1961630.20   | 0.09%             | 2026-07-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority                                                                                                   | Metropolitan Washington Airports Authority, Series 2019 B, Ref. RB                                                                                     | CUSIP: 592643DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $8506697.00   | 0.39%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| St. Cloud (City of), MN (CentraCare Health System)                                                                                           | St. Cloud (City of), MN (CentraCare Health System), Series 2024, Ref. RB                                                                               | CUSIP: 78916VEU0<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   2330000 | PA      | $2283813.58   | 0.11%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Cruz (County of), CA Redevelopment Successor Agency                                                                                    | Santa Cruz (County of), CA Redevelopment Successor Agency, Series 2015 A, Ref. RB                                                                      | CUSIP: 80182YBD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1880000 | PA      | $1885655.04   | 0.09%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Branson (City of), MO Industrial Development Authority (Branson Hills Redevelopment)                                                         | Branson (City of), MO Industrial Development Authority (Branson Hills Redevelopment), Series 2007 A, RB                                                | CUSIP: 10544RAG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $441485.88    | 0.02%             | 2026-05-01      | Fixed         | 5.75%                 | No            |                  3 | On Loan: No      |
| Atlanta (City of), GA Urban Residential Finance Authority (Trestletree Village Apartments)                                                   | Atlanta (City of), GA Urban Residential Finance Authority (Trestletree Village Apartments), Series 2013 A, RB                                          | CUSIP: 04785VAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $369216.96    | 0.02%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico (Commonwealth of)                                                                                                                | Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds                                                                                               | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   2816310 | PA      | $2603099.84   | 0.12%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clark (County of), NV (Special Improvement District No. 128)                                                                                 | Clark (County of), NV (Special Improvement District No. 128), Series 2007 A, RB                                                                        | CUSIP: 181003HZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $245372.13    | 0.01%             | 2031-02-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Mound (City of), MN Housing & Redevelopment Authority                                                                                        | Mound (City of), MN Housing & Redevelopment Authority, Series 2006, Ref. RB                                                                            | CUSIP: 620545AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    239000 | PA      | $236997.32    | 0.01%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ridgewood Trails Community Development District                                                                                              | Ridgewood Trails Community Development District, Series 2007 A, RB                                                                                     | CUSIP: 76628LAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15007.48     | 0.00%             | 2038-05-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Indigo Community Development District                                                                                                        | Indigo Community Development District, Series 2005, RB                                                                                                 | CUSIP: 45567RAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    217965 | PA      | $185270.10    | 0.01%             | 2036-05-01      | Fixed         | 5.75%                 | No            |                  3 | On Loan: No      |
| Tampa (City of), FL                                                                                                                          | Tampa (City of), FL, Series 2020 A, RB                                                                                                                 | CUSIP: 875146AW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $558122.36    | 0.03%             | 2038-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp. (UME Preparatory Academy)                                                                           | Arlington Higher Education Finance Corp. (UME Preparatory Academy), Series 2017 A, RB                                                                  | CUSIP: 041806PS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $842354.33    | 0.04%             | 2038-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania (Commonwealth of)                                                                                                               | Pennsylvania (Commonwealth of), First Series 2018-1, GO Bonds                                                                                          | CUSIP: 70914PN81<br>LEI: 549300WICSGUHKHF1T85 | Long             | DBT              | MUN               | US        |   4175000 | PA      | $4183990.86   | 0.19%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health)                                                                        | Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2022, RB                                                                 | CUSIP: 19648FWU4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7556784.75   | 0.35%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Phoenix Civic Improvement Corp.                                                                                                              | Phoenix Civic Improvement Corp., Series 2019, RB                                                                                                       | CUSIP: 71883MNY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6855000 | PA      | $6335918.84   | 0.29%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Aurora (City of), CO (Pipeline/Interceptor)                                                                                                  | Aurora (City of), CO (Pipeline/Interceptor), Series 2023, RB                                                                                           | CUSIP: 051589CK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13285000 | PA      | $11544456.43  | 0.54%             | 2053-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PRIFA Custodial Trust                                                                                                                        | PRIFA Custodial Trust, Series 2022, RB                                                                                                                 | CUSIP: 69360AAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6997439 | PA      | $2935388.01   | 0.14%             | 2049-03-15      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Chicago (City of), IL Board of Education                                                                                                     | Chicago (City of), IL Board of Education, Series 2015 C, GO Bonds                                                                                      | CUSIP: 167505QP4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   4010000 | PA      | $3957591.71   | 0.18%             | 2035-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Reading School District                                                                                                                      | Reading School District, Series 2017, Ref. GO Bonds                                                                                                    | CUSIP: 755638ZE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $285545.57    | 0.01%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana (State of) Public Facilities Authority (Archdiocese of New Orleans)                                                                | Louisiana (State of) Public Facilities Authority (Archdiocese of New Orleans), Series 2017, Ref. RB                                                    | CUSIP: 5463987H5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    395000 | PA      | $335750.00    | 0.02%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania (Commonwealth of) Turnpike Commission                                                                                           | Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, RB                                                                                  | CUSIP: 709225DZ6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   8500000 | PA      | $7347005.60   | 0.34%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                                                                           | Tennessee Energy Acquisition Corp., Series 2006 C, RB                                                                                                  | CUSIP: 880443EE2<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   5665000 | PA      | $5742696.04   | 0.27%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                                                                            | Southeast Energy Authority A Cooperative District, Series 2025, RB                                                                                     | CUSIP: 84136HCF8<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5239693.00   | 0.24%             | 2031-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Harvey (City of), IL                                                                                                                         | Harvey (City of), IL, Series 2023 A, GO Bonds                                                                                                          | CUSIP: 417704GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3483000 | PA      | $2838184.90   | 0.13%             | 2054-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                                                                           | Tobacco Settlement Financing Corp., Series 2018 A, Ref. RB                                                                                             | CUSIP: 888808HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6024712.80   | 0.28%             | 2046-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arizona (State of) Industrial Development Authority (Provident Group-NCCU Properties LLC)                                                    | Arizona (State of) Industrial Development Authority (Provident Group-NCCU Properties LLC), Series 2019 A, RB                                           | CUSIP: 04052VAU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $557967.59    | 0.03%             | 2058-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough (County of), FL Industrial Development Authority (Baycare Health System)                                                        | Hillsborough (County of), FL Industrial Development Authority (Baycare Health System), Series 2024 C, Ref. RB                                          | CUSIP: 43233KAW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15799165.50  | 0.73%             | 2054-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund)                                                                             | Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2025, RB                                                                      | CUSIP: 896032BC2<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1380902.25   | 0.06%             | 2056-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Public Authority for Colorado Energy                                                                                                         | Public Authority for Colorado Energy, Series 2008, RB                                                                                                  | CUSIP: 744387AC5<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1306180.63   | 0.06%             | 2028-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp. (CHF - Collegiate Housing Denton, LLC - Texas Woman's University)                       | New Hope Cultural Education Facilities Finance Corp. (CHF - Collegiate Housing Denton, LLC - Texas Woman's University), Series 2018 A-1, RB            | CUSIP: 64542YAN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $806141.53    | 0.04%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago (City of), IL Board of Education                                                                                                     | Chicago (City of), IL Board of Education, Series 2018 A, Ref. GO Bonds                                                                                 | CUSIP: 167505UB0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    775000 | PA      | $791380.48    | 0.04%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California (State of) Community Choice Financing Authority (Green Bonds)                                                                     | California (State of) Community Choice Financing Authority (Green Bonds), Series 2023 C, RB                                                            | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3366089.68   | 0.16%             | 2031-10-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Georgetown (City of), CT Special Taxing District                                                                                             | Georgetown (City of), CT Special Taxing District, Series 2006 A, GO Bonds                                                                              | CUSIP: 373022AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $60000.00     | 0.00%             | 2036-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Stephenson County School District No. 145 Freeport                                                                                           | Stephenson County School District No. 145 Freeport, Series 2018 A, GO Bonds                                                                            | CUSIP: 858892NW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31592.23     | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Public Finance Authority                                                                                                | Wisconsin (State of) Public Finance Authority, Series 2023 B, RB                                                                                       | CUSIP: 74448GAB5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   6750000 | PA      | $4910625.00   | 0.23%             | 2062-07-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport)                                                             | New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB                                                 | CUSIP: 650116EQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2305000 | PA      | $2425894.48   | 0.11%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California (State of) Housing Finance Agency                                                                                                 | California (State of) Housing Finance Agency, Series 2019 A-2, RB                                                                                      | CUSIP: 13033DAC9<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   6495945 | PA      | $6454050.42   | 0.30%             | 2033-03-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade (County of), FL Transit System                                                                                                    | Miami-Dade (County of), FL Transit System, Series 2020 A, RB                                                                                           | CUSIP: 59334PHV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4263663.50   | 0.20%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Diego (County of), CA Regional Airport Authority                                                                                         | San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB                                                                           | CUSIP: 79739GLE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5093891.50   | 0.24%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels)                                                                                 | Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB                                                                        | CUSIP: 896035BE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5103838.50   | 0.24%             | 2057-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts)                                                                               | Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts), Series 2018 A, RB                                                                      | CUSIP: 509893AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $566364.18    | 0.03%             | 2053-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of)                                                                                                                        | New Jersey (State of), Series 2020 A, GO Bonds                                                                                                         | CUSIP: 646039YS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6380000 | PA      | $6712961.99   | 0.31%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Stephenson County School District No 145 Freeport                                                                                            | Stephenson County School District No 145 Freeport, Series 2018, GO Bonds                                                                               | CUSIP: 858892RF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $471343.01    | 0.02%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Broadway-Fairview Transportation Development District                                                                                        | Broadway-Fairview Transportation Development District, Series 2006 A, RB                                                                               | CUSIP: 11144RAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $209250.00    | 0.01%             | 2031-12-01      | Fixed         | 5.88%                 | No            |                  3 | On Loan: No      |
| Phoenix (City of), AZ Industrial Development Authority (The) (Great Hearts Academies)                                                        | Phoenix (City of), AZ Industrial Development Authority (The) (Great Hearts Academies), Series 2016 A, Ref. RB                                          | CUSIP: 71885FEK9<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1158591.24   | 0.05%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery (County of), OH (Dayton Children's Hospital)                                                                                      | Montgomery (County of), OH (Dayton Children's Hospital), Series 2021, Ref. RB                                                                          | CUSIP: 613520PB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4328864.00   | 0.20%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California (State of) Community Choice Financing Authority (Green Bonds)                                                                     | California (State of) Community Choice Financing Authority (Green Bonds), Series 2023, RB                                                              | CUSIP: 13013JBL9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5176294.00   | 0.24%             | 2029-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Economic Development Authority (Newark Downtown District Management Corp.)                                             | New Jersey (State of) Economic Development Authority (Newark Downtown District Management Corp.), Series 2019, Ref. RB                                 | CUSIP: 64577B5Z3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    774000 | PA      | $810211.20    | 0.04%             | 2037-06-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority (Green Bonds)                                                                                          | Metropolitan Transportation Authority (Green Bonds), Series 2017 A-1, RB                                                                               | CUSIP: 59261AMB0<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3520294.75   | 0.16%             | 2057-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TSASC, Inc.                                                                                                                                  | TSASC, Inc., Series 2017 A, Ref. RB                                                                                                                    | CUSIP: 898526FE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2455000 | PA      | $2466096.11   | 0.11%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Falls Detention Facility Corp.                                                                                                       | Central Falls Detention Facility Corp., Series 2005, Ref. RB                                                                                           | CUSIP: 153457AX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4915000 | PA      | $1916850.00   | 0.09%             | 2035-07-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Philadelphia (City of), PA Authority for Industrial Development (St. Joseph's University)                                                    | Philadelphia (City of), PA Authority for Industrial Development (St. Joseph's University), Series 2022, RB                                             | CUSIP: 71780TBL6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5053215.50   | 0.23%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Illinois (State of)                                                                                                                          | Illinois (State of), Series 2024 B, GO Bonds                                                                                                           | CUSIP: 452153KC2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3061734.00   | 0.14%             | 2045-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Miami-Dade (County of), FL Transit System                                                                                                    | Miami-Dade (County of), FL Transit System, Series 2020 A, RB                                                                                           | CUSIP: 59334PHT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12185000 | PA      | $10580029.57  | 0.49%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Boulders Public Improvement District                                                                                                         | Boulders Public Improvement District, Series 2015, RB                                                                                                  | CUSIP: 101567AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $222723.10    | 0.01%             | 2044-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Scranton School District                                                                                                                     | Scranton School District, Series 2017 E, Ref. GO Bonds                                                                                                 | CUSIP: 810827XC4<br>LEI: 549300SDNGI3OKNOUW62 | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1360458.98   | 0.06%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson (County of), AL                                                                                                                    | Jefferson (County of), AL, Series 2024, Ref. Revenue Wts.                                                                                              | CUSIP: 472682ZS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9226236.60   | 0.43%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago (City of), IL Transit Authority                                                                                                      | Chicago (City of), IL Transit Authority, Series 2020 A, Ref. RB                                                                                        | CUSIP: 16772PCD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2140000 | PA      | $2064301.14   | 0.10%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Magnolia West Community Development District                                                                                                 | Magnolia West Community Development District, Series 2017, RB                                                                                          | CUSIP: 55969LAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60382.19     | 0.00%             | 2037-05-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority (John Glenn Columbus International Airport)                                                              | Columbus Regional Airport Authority (John Glenn Columbus International Airport), Series 2025, Ref. RB                                                  | CUSIP: 199546DX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5154153.50   | 0.24%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay)                                                              | Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay), Series 2018, Ref. RB                                                  | CUSIP: 92774NAU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $718003.43    | 0.03%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stephenson County School District No 145 Freeport                                                                                            | Stephenson County School District No 145 Freeport, Series 2018, GO Bonds                                                                               | CUSIP: 858892QX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $163226.53    | 0.01%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                                                                             | Commonwealth Financing Authority, Series 2018, RB                                                                                                      | CUSIP: 20282EAP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2062990.00   | 0.10%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport)                                                          | Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport), Series 2021 A, RB                                                 | CUSIP: 944514C63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10160701.00  | 0.47%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania (Commonwealth of) Turnpike Commission                                                                                           | Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB                                                                                  | CUSIP: 709224P52<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   7750000 | PA      | $7817440.50   | 0.36%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado (State of) Health Facilities Authority (Christian Living Neighborhoods)                                                             | Colorado (State of) Health Facilities Authority (Christian Living Neighborhoods), Series 2016, Ref. RB                                                 | CUSIP: 19648FAY0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1404378.64   | 0.07%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vista Community Development District                                                                                                         | Vista Community Development District, Series 2006 A, RB                                                                                                | CUSIP: 92834TAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3055000 | PA      | $3056102.86   | 0.14%             | 2037-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| JEA Water & Sewer System                                                                                                                     | JEA Water & Sewer System, Series 2025 A, Ref. RB                                                                                                       | CUSIP: 46615SGL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7850000 | PA      | $8140293.79   | 0.38%             | 2055-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Stephenson County School District No. 145 Freeport                                                                                           | Stephenson County School District No. 145 Freeport, Series 2018 A, GO Bonds                                                                            | CUSIP: 858892NX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26326.86     | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York (State of) Thruway Authority                                                                                                        | New York (State of) Thruway Authority, Series 2019 B, RB                                                                                               | CUSIP: 650010CK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4310265.50   | 0.20%             | 2050-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority (Geisinger Health System)                                                                                                | Geisinger Authority (Geisinger Health System), Series 2017 A-1, Ref. RB                                                                                | CUSIP: 368497HP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6335000 | PA      | $6262601.72   | 0.29%             | 2045-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Cincinnati (Port of), OH Development Authority                                                                                       | Greater Cincinnati (Port of), OH Development Authority, Series 2004, RB                                                                                | CUSIP: 734198AB0<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   5420000 | PA      | $5330704.96   | 0.25%             | 2034-02-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp. (Green Bonds)                                                                                        | New York City Housing Development Corp. (Green Bonds), Series 2023, RB                                                                                 | CUSIP: 64966WHK6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $11789060.40  | 0.55%             | 2053-02-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Chicago (City of), IL Transit Authority                                                                                                      | Chicago (City of), IL Transit Authority, Series 2020 A, Ref. RB                                                                                        | CUSIP: 16772PCB0<br>LEI: 549300CB8XLRGIPN3E12 | Long             | DBT              | MUN               | US        |     20000 | PA      | $19591.96     | 0.00%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson County Improvement Authority (Hudson County Courthouse)                                                                               | Hudson County Improvement Authority (Hudson County Courthouse), Series 2020, RB                                                                        | CUSIP: 443730QB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9149538.00   | 0.42%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hardin (City of), MT                                                                                                                         | Hardin (City of), MT, Series 2006, RB                                                                                                                  | CUSIP: 412236AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11710000 | PA      | $1756500.00   | 0.08%             | 2031-09-01      | Variable      | 6.25%                 | No            |                  3 | On Loan: No      |
| Illinois (State of) Finance Authority (University of Illinois Health Services)                                                               | Illinois (State of) Finance Authority (University of Illinois Health Services), Series 2020, RB                                                        | CUSIP: 452031AP2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3950000 | PA      | $3531795.73   | 0.16%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tacoma (City of), WA Consolidated Local Improvement Districts                                                                                | Tacoma (City of), WA Consolidated Local Improvement Districts, Series 2013, RB                                                                         | CUSIP: 873472EH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1135642 | PA      | $1109559.94   | 0.05%             | 2043-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Pima (County of), AZ Industrial Development Authority (The) (Tuscon Country Day School)                                                      | Pima (County of), AZ Industrial Development Authority (The) (Tuscon Country Day School), Series 2007, Ref. RB                                          | CUSIP: 72177MJC2<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    645000 | PA      | $566678.49    | 0.03%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health & Educational Building Corp. (Lifespan Obligated Group)                                                                  | Rhode Island Health & Educational Building Corp. (Lifespan Obligated Group), Series 2024, RB                                                           | CUSIP: 762244MJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4961493.50   | 0.23%             | 2054-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                                                                | Main Street Natural Gas, Inc., Series 2023 C, RB                                                                                                       | CUSIP: 56035DFK3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5226067.00   | 0.24%             | 2030-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana (State of) Public Facilities Authority (Archdiocese of New Orleans)                                                                | Louisiana (State of) Public Facilities Authority (Archdiocese of New Orleans), Series 2017, Ref. RB                                                    | CUSIP: 5463987J1<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    300000 | PA      | $255000.00    | 0.01%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan (State of) Strategic Fund (Wolverine Human Services)                                                                                | Michigan (State of) Strategic Fund (Wolverine Human Services), Series 2007, RN                                                                         | CUSIP: 594698CP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5683615 | PA      | $1989265.30   | 0.09%             | 2027-08-31      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Michigan (State of) Finance Authority (Universal Learning Academy)                                                                           | Michigan (State of) Finance Authority (Universal Learning Academy), Series 2018, Ref. RB                                                               | CUSIP: 594479EK9<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    635000 | PA      | $635764.60    | 0.03%             | 2040-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Miami-Dade (County of), FL                                                                                                                   | Miami-Dade (County of), FL, Series 2025 B, RB                                                                                                          | CUSIP: 593340AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6745506.95   | 0.31%             | 2055-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                                                                           | Tobacco Settlement Financing Corp., Series 2018 A, Ref. RB                                                                                             | CUSIP: 888808HP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3029893.20   | 0.14%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp.                                                                                                        | Puerto Rico Sales Tax Financing Corp., Series 2019 A-2, RB                                                                                             | CUSIP: 74529JRL1<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | US        |   5172000 | PA      | $4636735.76   | 0.21%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center)                                                       | Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, Ref. RB                                           | CUSIP: 93978HSN6<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2259511.65   | 0.10%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BNC Metropolitan District No. 1                                                                                                              | BNC Metropolitan District No. 1, Series 2017 A, Ref. GO Bonds                                                                                          | CUSIP: 05567BAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $564793.52    | 0.03%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority                                                                                                   | Metropolitan Washington Airports Authority, Series 2019 A, Ref. RB                                                                                     | CUSIP: 592643CV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5022191.50   | 0.23%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denham Springs (City of) & Livingston (Parish of), LA Housing & Mortgage Finance Authority                                                   | Denham Springs (City of) & Livingston (Parish of), LA Housing & Mortgage Finance Authority, Series 2007, RB                                            | CUSIP: 248297BU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      2628 | PA      | $2642.74      | 0.00%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                                                                           | New York State Dormitory Authority, Series 2025, RB                                                                                                    | CUSIP: 64990KGV9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5123685.00   | 0.24%             | 2048-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California (State of) County Tobacco Securitization Agency (Fresno County Tobacco Funding Corp.)                                             | California (State of) County Tobacco Securitization Agency (Fresno County Tobacco Funding Corp.), Series 2006 B, RB                                    | CUSIP: 13016NCY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $1519129.80   | 0.07%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Gilberts (Village of), IL Special Service Area No. 24 (The Conservancy)                                                                      | Gilberts (Village of), IL Special Service Area No. 24 (The Conservancy), Subseries 2014 A, RB                                                          | CUSIP: 37546QAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575398 | PA      | $535767.74    | 0.02%             | 2034-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Nebraska Investment Finance Authority (Social Bonds)                                                                                         | Nebraska Investment Finance Authority (Social Bonds), Series 2024 E, RB                                                                                | CUSIP: 63968M7H6<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4843086.00   | 0.22%             | 2054-09-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Economic Development Authority                                                                                         | New Jersey (State of) Economic Development Authority, Series 2016 AAA, RB                                                                              | CUSIP: 64577BTL8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3099072.30   | 0.14%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky (Commonwealth of) Property & Building Commission (No. 115)                                                                          | Kentucky (Commonwealth of) Property & Building Commission (No. 115), Series 2017, RB                                                                   | CUSIP: 49151FTY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2546024.75   | 0.12%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc. (Florida Charter Educational Foundation, Inc.)                                                                    | Capital Trust Agency, Inc. (Florida Charter Educational Foundation, Inc.), Series 2018 A, RB                                                           | CUSIP: 14054CBB4<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    480000 | PA      | $435459.70    | 0.02%             | 2048-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Transbay Joint Powers Authority (Green Bonds)                                                                                                | Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB                                                                                       | CUSIP: 89356CAU0<br>LEI: 549300WC0UP8WU8GYU95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $957170.90    | 0.04%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Public Finance Authority (Traders Point Christian Schools)                                                              | Wisconsin (State of) Public Finance Authority (Traders Point Christian Schools), Series 2019 A, RB                                                     | CUSIP: 74442PLX1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    535000 | PA      | $438571.17    | 0.02%             | 2044-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| University of Cincinnati                                                                                                                     | University of Cincinnati, Series 2024 A, RB                                                                                                            | CUSIP: 9141194X7<br>LEI: 549300E0RD3ICJ858L23 | Long             | DBT              | MUN               | US        |   6275000 | PA      | $6478016.33   | 0.30%             | 2054-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wildwood (City of), FL Village Community Development Disctrict No. 15                                                                        | Wildwood (City of), FL Village Community Development Disctrict No. 15, Series 2023, RB                                                                 | CUSIP: 92708KAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $961876.04    | 0.04%             | 2054-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico (Commonwealth of)                                                                                                                | Puerto Rico (Commonwealth of), Series 2021 A, GO Bonds                                                                                                 | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   4697971 | PA      | $3184347.23   | 0.15%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing)                                          | California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing), Series 2018, RB                                   | CUSIP: 13049YCM1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4324834.00   | 0.20%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Walled Lake Consolidated School District                                                                                                     | Walled Lake Consolidated School District, Series 2019, GO Bonds                                                                                        | CUSIP: 932423UD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $577332.00    | 0.03%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Economic Development Authority                                                                                         | New Jersey (State of) Economic Development Authority, Series 2018 C, RB                                                                                | CUSIP: 64578EKR7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4855000 | PA      | $5009003.03   | 0.23%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens)                                                        | Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens), Series 2018 A-2, RB                                             | CUSIP: 67556TDA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $654595.95    | 0.03%             | 2028-12-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Michigan (State of) Finance Authority                                                                                                        | Michigan (State of) Finance Authority, Series 2014, Ref. RB                                                                                            | CUSIP: 594479JS7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1209215.21   | 0.06%             | 2044-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Pennsylvania (Commonwealth of) Turnpike Commission                                                                                           | Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB                                                                               | CUSIP: 709224LP2<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5042168.00   | 0.23%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health)                                                                        | Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2024 A, Ref. RB                                                          | CUSIP: 19648FXU3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |  13345000 | PA      | $13447013.18  | 0.62%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago (City of), IL (O'Hare International Airport)                                                                                         | Chicago (City of), IL (O'Hare International Airport), Series 2017 D, RB                                                                                | CUSIP: 167593WN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4688555.06   | 0.22%             | 2036-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania (Commonwealth of) Turnpike Commission                                                                                           | Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB                                                                             | CUSIP: 709225DD5<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7096848.50   | 0.33%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                                                                               | Sales Tax Securitization Corp., Series 2018 C, Ref. RB                                                                                                 | CUSIP: 79467BCL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5069541.50   | 0.24%             | 2048-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania (Commonwealth of) Turnpike Commission                                                                                           | Pennsylvania (Commonwealth of) Turnpike Commission, Series 2009 E, RB                                                                                  | CUSIP: 709223XW6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1577935.95   | 0.07%             | 2038-12-01      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                                                                                  | Washington State Housing Finance Commission, Series 2025, RB                                                                                           | CUSIP: 93978LJN7<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2468813.50   | 0.11%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Idaho (State of) Health Facilities Authority (St. Luke's Health ystem)                                                                       | Idaho (State of) Health Facilities Authority (St. Luke's Health ystem), Series 2025, Ref. RB                                                           | CUSIP: 451295H28<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   3735000 | PA      | $3807843.33   | 0.18%             | 2050-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools)                                                       | Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools), Series 2019, Ref. RB                                           | CUSIP: 56681NEN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1299160.24   | 0.06%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania (Commonwealth of) Turnpike Commission                                                                                           | Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-1, RB                                                                                | CUSIP: 709224WQ8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   5125000 | PA      | $5172173.58   | 0.24%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia School District (The)                                                                                                           | Philadelphia School District (The), Series 2016 F, Ref. GO Bonds                                                                                       | CUSIP: 717883TH5<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018309.10   | 0.05%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas (County of), TX Flood Control District No. 1                                                                                          | Dallas (County of), TX Flood Control District No. 1, Series 2015, Ref. GO Bonds                                                                        | CUSIP: 234662DY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1080717.22   | 0.05%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico (Commonwealth of),                                                                                                               | Puerto Rico (Commonwealth of), Subseries 2022, RN                                                                                                      | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  15997326 | PA      | $9618392.49   | 0.45%             | 2043-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Lamar Consolidated Independent School District                                                                                               | Lamar Consolidated Independent School District, Series 2018, GO Bonds                                                                                  | CUSIP: 513174XP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10700000 | PA      | $10771522.01  | 0.50%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                                                                               | Metropolitan Nashville Airport Authority (The), Series 2019 A, RB                                                                                      | CUSIP: 592190NL2<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5009741.00   | 0.23%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Beach (City of), CA Bond Finance Authority                                                                                              | Long Beach (City of), CA Bond Finance Authority, Series 2007 A, RB                                                                                     | CUSIP: 54241AAZ6<br>LEI: 549300BKBZ5U7OZH3S21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2196921.80   | 0.10%             | 2037-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Turnpike Authority                                                                                                     | New Jersey (State of) Turnpike Authority, Series 2021 A, RB                                                                                            | CUSIP: 646140DJ9<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1845182.20   | 0.09%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Bay Community Development District                                                                                                     | South Bay Community Development District, Series 2005 A-2, Ref. RB                                                                                     | CUSIP: 836454AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $547500.00    | 0.03%             | 2036-05-01      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                                                                       | New York State Urban Development Corp., Series 2020 A, RB                                                                                              | CUSIP: 650036AN6<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $8944196.00   | 0.41%             | 2045-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York (City of), NY Transitional Finance Authority                                                                                        | New York (City of), NY Transitional Finance Authority, Series 2019 A-3, RB                                                                             | CUSIP: 64971XLJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9378060.00   | 0.43%             | 2041-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                                                                           | Tobacco Settlement Financing Corp., Series 2018 A, Ref. RB                                                                                             | CUSIP: 888808HJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5005000 | PA      | $5109591.49   | 0.24%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Forney Independent School District                                                                                                           | Forney Independent School District, Series 2023, GO Bonds                                                                                              | CUSIP: 346425JY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $10429107.60  | 0.48%             | 2053-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alamo Community College District                                                                                                             | Alamo Community College District, Series 2007, GO Bonds                                                                                                | CUSIP: 011415KX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5002.59      | 0.00%             | 2033-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New York (State of) Thruway Authority (Group 2)                                                                                              | New York (State of) Thruway Authority (Group 2), Series 2021 O, Ref. RB                                                                                | CUSIP: 650009X32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4466406.00   | 0.21%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund)                                                                             | Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2025, RB                                                                      | CUSIP: 896032BB4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1553970.90   | 0.07%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Walled Lake Consolidated School District                                                                                                     | Walled Lake Consolidated School District, Series 2019, GO Bonds                                                                                        | CUSIP: 932423UF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2485000 | PA      | $2401113.11   | 0.11%             | 2041-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois (State of)                                                                                                                          | Illinois (State of), Series 2018 A, Ref. GO Bonds                                                                                                      | CUSIP: 4521522R1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    750000 | PA      | $774404.70    | 0.04%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Detroit (City of), MI                                                                                                                        | Detroit (City of), MI, Series 2003 B-R, RB                                                                                                             | CUSIP: 2512377M9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60191.57     | 0.00%             | 2033-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens)                                                        | Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens), Series 2018 A-1, RB                                             | CUSIP: 67556TCX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $881699.63    | 0.04%             | 2038-12-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Transportation Trust Fund Authority                                                                                    | New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB                                                                          | CUSIP: 6461367L9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $8442444.00   | 0.39%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp.                                                                                                        | Puerto Rico Sales Tax Financing Corp., Series 2018 A-1, RB                                                                                             | CUSIP: 74529JPW9<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | US        |   9853000 | PA      | $9023327.15   | 0.42%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Pottsville (City of), PA Hospital Authority (Lehigh Valley)                                                                                  | Pottsville (City of), PA Hospital Authority (Lehigh Valley), Series 2016 B, Ref. RB                                                                    | CUSIP: 738435CP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4136199.60   | 0.19%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Puerto Rico                                                                                                                    | University of Puerto Rico, Series 2006 P, Ref. RB                                                                                                      | CUSIP: 914811NT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1295922.68   | 0.06%             | 2026-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New York Counties Tobacco Trust II                                                                                                           | New York Counties Tobacco Trust II, Series 2001, RB                                                                                                    | CUSIP: 62947VAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56040.77     | 0.00%             | 2043-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport)                                                                | Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB                                                  | CUSIP: 23503CBN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10085933.00  | 0.47%             | 2050-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico (Commonwealth of)                                                                                                                | Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds                                                                                               | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   4028926 | PA      | $4135789.23   | 0.19%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Louisiana Stadium & Exposition District                                                                                                      | Louisiana Stadium & Exposition District, Series 2023 A, Ref. RB                                                                                        | CUSIP: 546410CX7<br>LEI: 5493000QEHWDGVGH7J62 | Long             | DBT              | MUN               | US        |  13235000 | PA      | $13345463.28  | 0.62%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Villages Improvement District (Develepmont Unit No. 2)                                                                                  | West Villages Improvement District (Develepmont Unit No. 2), Series 2005 A-2, RB                                                                       | CUSIP: 956454BR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2925000 | PA      | $1696500.00   | 0.08%             | 2036-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Connecticut (State of) Health & Educational Facilities Authority (Nuvance Health)                                                            | Connecticut (State of) Health & Educational Facilities Authority (Nuvance Health), Series 2019 A, Ref. RB                                              | CUSIP: 20775DCU4<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   8555000 | PA      | $7284419.10   | 0.34%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Amelia Concourse Community Development District                                                                                              | Amelia Concourse Community Development District, Series 2007, RB                                                                                       | CUSIP: 023440AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $257142.19    | 0.01%             | 2038-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Illinois (State of)                                                                                                                          | Illinois (State of), Series 2020, GO Bonds                                                                                                             | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3925802.25   | 0.18%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| St. Louis (City of), MO                                                                                                                      | St. Louis (City of), MO, Series 2007 A, RB                                                                                                             | CUSIP: 85232CAF1<br>LEI: 5493004O38W8EYGEZ656 | Long             | DBT              | MUN               | US        |    373000 | PA      | $78330.00     | 0.00%             | 2028-09-02      | Fixed         | 5.50%                 | No            |                  3 | On Loan: No      |
| Transbay Joint Powers Authority (Green Bonds)                                                                                                | Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB                                                                                       | CUSIP: 89356CAT3<br>LEI: 549300WC0UP8WU8GYU95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $970778.80    | 0.05%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lamar Consolidated Independent School District                                                                                               | Lamar Consolidated Independent School District, Series 2023, GO Bonds                                                                                  | CUSIP: 513174H96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $6320660.25   | 0.29%             | 2053-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California (State of) Community Choice Financing Authority (Clean Energy)                                                                    | California (State of) Community Choice Financing Authority (Clean Energy), Series 2024, RB                                                             | CUSIP: 13013JDR4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10499208.00  | 0.49%             | 2032-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                                                               | Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB                                                                               | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  21690000 | PA      | $18796306.73  | 0.87%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport)                                                                | Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB                                                  | CUSIP: 23503CBM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4571501.00   | 0.21%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Las Vegas Valley Water District                                                                                                              | Las Vegas Valley Water District, Series 2022 A, GO Bonds                                                                                               | CUSIP: 517845NQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4316178.00   | 0.20%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah (State of) Charter School Finance Authority (Merit Preparatory Academy)                                                                 | Utah (State of) Charter School Finance Authority (Merit Preparatory Academy), Series 2019 A, RB                                                        | CUSIP: 91754TXH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1003181.81   | 0.05%             | 2049-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Southwest Independent School District                                                                                                        | Southwest Independent School District, Series 2023, GO Bonds                                                                                           | CUSIP: 845267D83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4355839.00   | 0.20%             | 2053-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan (State of) Finance Authority (Old Redforf Academy)                                                                                  | Michigan (State of) Finance Authority (Old Redforf Academy), Series 2010 A, RB                                                                         | CUSIP: 594479AH0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    400000 | PA      | $396948.96    | 0.02%             | 2030-12-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| District of Columbia Tobacco Settlement Financing Corp.                                                                                      | District of Columbia Tobacco Settlement Financing Corp., Series 2001, RB                                                                               | CUSIP: 254842AK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3095000 | PA      | $3193622.48   | 0.15%             | 2040-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Twin Rivers Unified School District                                                                                                          | Twin Rivers Unified School District, Series 2020, GO Bonds                                                                                             | CUSIP: 90171TEK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7990000 | PA      | $3227848.94   | 0.15%             | 2044-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade (County of), FL                                                                                                                   | Miami-Dade (County of), FL, Series 2009, RB                                                                                                            | CUSIP: 59333NN82<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   6925000 | PA      | $3195638.89   | 0.15%             | 2042-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Jarrell Independent School District                                                                                                          | Jarrell Independent School District, Series 2023, GO Bonds                                                                                             | CUSIP: 471146XB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9460000 | PA      | $8589982.72   | 0.40%             | 2053-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Brookhaven (City of), GA Urban Redevelopment Agency                                                                                          | Brookhaven (City of), GA Urban Redevelopment Agency, Series 2023 A, RB                                                                                 | CUSIP: 113077BF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4521954.50   | 0.21%             | 2053-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                                                                           | Tobacco Settlement Financing Corp., Series 2018 B, Ref. RB                                                                                             | CUSIP: 888808HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6825000 | PA      | $6552195.20   | 0.30%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hawaii (State of)                                                                                                                            | Hawaii (State of), Series 2025 B, RB                                                                                                                   | CUSIP: 419794K76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15314865.00  | 0.71%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook (County of), IL                                                                                                                         | Cook (County of), IL, Series 2021 A, Ref. RB                                                                                                           | CUSIP: 213248CP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3180888.55   | 0.15%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The))                                                       | Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)), Series 2016, Ref. RB                                           | CUSIP: 72177MRK5<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    900000 | PA      | $810460.98    | 0.04%             | 2046-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Louisiana (State of) Public Facilities Authority (Archdiocese of New Orleans)                                                                | Louisiana (State of) Public Facilities Authority (Archdiocese of New Orleans), Series 2017, Ref. RB                                                    | CUSIP: 5463986X1<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    345000 | PA      | $293250.00    | 0.01%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Southeast, A Cooperative District                                                                                                     | Energy Southeast, A Cooperative District, Series 2024 B, RB                                                                                            | CUSIP: 292723BN2<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4764385.35   | 0.22%             | 2032-06-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hampshire (State of) Business Finance Authority (Social Bonds)                                                                           | New Hampshire (State of) Business Finance Authority (Social Bonds), Series 2022-2A, RB                                                                 | CUSIP: 63607WAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4904257 | PA      | $4616020.67   | 0.21%             | 2036-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TSASC, Inc.                                                                                                                                  | TSASC, Inc., Series 2016 B, Ref. RB                                                                                                                    | CUSIP: 898526FQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13790000 | PA      | $12167075.59  | 0.56%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York (City of), NY Transitional Finance Authority                                                                                        | New York (City of), NY Transitional Finance Authority, Series 2018, VRD RB                                                                             | CUSIP: 64971XHT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4000000.00   | 0.19%             | 2042-08-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds)

**Signature:** Adrien Deberghes

**Name of Signer:** Adrien Deberghes

**Title:** Principal Financial Officer and Treasurer