# EDGAR Filing Document

**Accession Number:** 0000035373
**File Stem:** 0000035402-25-002138
**Filing Date:** 2025-11
**Character Count:** 230575
**Document Hash:** 9a595f1bc8493bc8f47e49a63a7ffc9d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035402-25-002138.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000035402-25-002138

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02628
- **FILM NUMBER:** 251519360

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

**Quarterly Holdings Report**

**for**

**Fidelity Flex® Funds**

**Fidelity Flex® Conservative Income Municipal Bond Fund**

**September 30, 2025**

XCB-NPRT3-1125

1.9884862.107 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 97.9%** | &nbsp;&nbsp;**Municipal Securities - 97.9%** | &nbsp;&nbsp;**Municipal Securities - 97.9%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 4.3%  |  |  |
| Electric Utilities - 0.9% |  |  |
| Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) 3.78% tender 6/1/2034 (b) | 100000 | 100259 |
| Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) Series 2008, 3.3% tender 7/15/2034 (b) | 500000 | 500732 |
| Walker Cnty AL Economic & Indl Dev Auth Solid Waste Disp Rev (Alabama Power & Light Proj.) 3.7% 12/1/2036 VRDN (b)(c) | 1000000 | 1000000 |
| Walker Cnty AL Economic & Indl Dev Auth Solid Waste Disp Rev (Alabama Power & Light Proj.) Series FIRST 2023, 3.9% 8/1/2063 VRDN (b)(c) | 500000 | 500000 |
|  |  | 2100991 |
| General Obligations - 1.1% |  |  |
| Black Belt Energy Gas District 5% 5/1/2028 (BP PLC Guaranteed)  | 75000 | 78200 |
| Black Belt Energy Gas District 5.25% 12/1/2025 (Morgan Stanley Guaranteed)  | 95000 | 95282 |
| Black Belt Energy Gas District 5.25% tender 2/1/2053 (Morgan Stanley Guaranteed) (b) | 940000 | 1003974 |
| Black Belt Energy Gas District Series 2022 E, 5% 6/1/2026 (Canadian Imperial Bank of Commerce/New York NY Guaranteed)  | 125000 | 126568 |
| Black Belt Energy Gas District Series 2023 D 1, 5.5% tender 6/1/2049 (Goldman Sachs Group Inc/The Guaranteed) (b) | 210000 | 225066 |
| Black Belt Energy Gas District Series 2023C, 5.5% 6/1/2027 (Goldman Sachs Group Inc/The Guaranteed)  | 80000 | 82784 |
| Black Belt Energy Gas District Series 2025 D, 5% 2/1/2029 (Pacific Life Insurance Co Guaranteed) (d) | 350000 | 371170 |
| Southeast Energy Authority A Cooperative District 5% 1/1/2027 (Athene Annuity And Life Company Guaranteed)  | 700000 | 712747 |
|  |  | 2695791 |
| Health Care - 0.1% |  |  |
| Health Care Auth For Bapt Hlth Ala Series 2013B, 4.31% 11/1/2042 VRDN (b) | 300000 | 300000 |
| Industrial Development - 0.4% |  |  |
| Decatur AL Indl Dev Brd Exempt (Nucor Corp Proj.) 3.2% 8/1/2036 VRDN (b)(c) | 1000000 | 1000000 |
| Synthetics - 1.7% |  |  |
| Black Belt Energy Gas Dist Ala Gas Supply Rev Participating VRDN Series 2023 XM1110, 3.19% 12/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 700000 | 700000 |
| Black Belt Energy Gas District Participating VRDN 3.14% 2/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 300000 | 300000 |
| Black Belt Energy Gas District Participating VRDN 3.19% 2/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 1000000 | 1000000 |
| Southeast Energy Auth Commodity Supply Rev Ala Participating VRDN 3.19% 1/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 1600000 | 1600000 |
| Southeast Energy Auth Commodity Supply Rev Ala Participating VRDN Series 2022 XM1062, 3.19% 1/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 500000 | 500000 |
|  |  | 4100000 |
| Water & Sewer - 0.1% |  |  |
| Jefferson Cnty AL Swr Rev 5% 10/1/2025  | 90000 | 90000 |
| Jefferson Cnty AL Swr Rev 5% 10/1/2026  | 55000 | 56258 |
| Jefferson Cnty AL Swr Rev 5% 10/1/2027  | 50000 | 52327 |
|  |  | 198585 |
| TOTAL ALABAMA |  | 10395367 |
| Alaska - 1.0%  |  |  |
| General Obligations - 0.1% |  |  |
| Alaska St Gen. Oblig. Series 2025 A, 5% 8/1/2026  | 120000 | 122518 |
| Alaska St Gen. Oblig. Series 2025 A, 5% 8/1/2028  | 95000 | 101777 |
|  |  | 224295 |
| Synthetics - 0.3% |  |  |
| Municipality of Anchorage AK Participating VRDN Series 2025 XF3381, 3.04% 2/1/2050 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(e) | 700000 | 700000 |
| Transportation - 0.6% |  |  |
| Alaska Airport Series 2021 C, 5% 10/1/2025 (c) | 1410000 | 1410000 |
| TOTAL ALASKA |  | 2334295 |
| Arizona - 4.2%  |  |  |
| Electric Utilities - 0.4% |  |  |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 3.09% 5/1/2029 VRDN (b) | 600000 | 600000 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 3.09% 5/1/2029 VRDN (b) | 400000 | 400000 |
|  |  | 1000000 |
| General Obligations - 0.8% |  |  |
| Buckeye Ariz Un High Sch Dist No 201 5% 7/1/2026 (Assured Guaranty Inc Insured)  | 875000 | 890020 |
| Buckeye Ariz Un High Sch Dist No 201 5% 7/1/2027 (Assured Guaranty Inc Insured)  | 550000 | 572967 |
| Buckeye Ariz Un High Sch Dist No 201 5% 7/1/2028 (Assured Guaranty Inc Insured)  | 375000 | 399457 |
|  |  | 1862444 |
| Health Care - 0.5% |  |  |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024 D, 5% 12/1/2025  | 360000 | 361264 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024 D, 5% 12/1/2026  | 455000 | 467828 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024 D, 5% 12/1/2027  | 365000 | 382697 |
|  |  | 1211789 |
| Housing - 0.6% |  |  |
| Arizona St Indl Dev Auth Multifamily Hsg Rev 2.76% tender 7/1/2047 (b) | 600000 | 595577 |
| Pima Cnty AZ Ida Multifamily 2.71% tender 10/1/2059 (b) | 870000 | 865374 |
|  |  | 1460951 |
| Industrial Development - 0.4% |  |  |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) 5% tender 9/1/2052 (b)(c) | 835000 | 849189 |
| Resource Recovery - 0.4% |  |  |
| Phoenix Ariz Indl Dev Auth Solid Waste Disp Rev (Republic Services Inc Proj.) 3.85% tender 12/1/2035 (b)(c) | 900000 | 899861 |
| Synthetics - 1.1% |  |  |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2023 MIZ9157, 3.12% 12/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(f) | 200000 | 200000 |
| Arizona Ind Dev Auth Participating VRDN Series 2023 MIZ9149, 3.12% 7/1/2040 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(f) | 500000 | 500000 |
| Arizona Indl Dev Auth Participating VRDN Series 2023 XF3174, 3.17% 11/1/2041 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e) | 2000000 | 2000001 |
|  |  | 2700001 |
| Transportation - 0.0% |  |  |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2023, 5% 7/1/2026 (c) | 185000 | 187886 |
| TOTAL ARIZONA |  | 10172121 |
| Arkansas - 0.0%  |  |  |
| Industrial Development - 0.0% |  |  |
| Blytheville AR Indl Dev Rev (Nucor Corp Proj.) 3.2% 6/1/2028 VRDN (b)(c) | 100000 | 100000 |
| California - 11.2%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern Ca Pub Pwr Auth Proj.) Series 2025 2, 5% tender 7/1/2053 (b) | 335000 | 355420 |
| General Obligations - 0.3% |  |  |
| California Community Choice Financing Authority Series 2025B, 5% 11/1/2028 (Pacific Life Insurance Co Guaranteed)  | 350000 | 368812 |
| California Community Choice Financing Authority Series 2025C, 5% 10/1/2028 (American General Life Insurance Co Guaranteed)  | 435000 | 457162 |
|  |  | 825974 |
| Health Care - 0.1% |  |  |
| California Health Facilities Financing Authority (Providence Health Systems Proj.) Series 2019 C, 5% tender 10/1/2039 (b) | 200000 | 200000 |
| Resource Recovery - 1.7% |  |  |
| California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2021 B, 3.85% tender 7/1/2051 (b)(c) | 400000 | 399818 |
| California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2021A, 3.75% tender 7/1/2041 (b)(c) | 1100000 | 1100000 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2020B, 3.85% tender 11/1/2041 (b)(c) | 800000 | 799923 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2024B, 3.375% tender 9/1/2050 (b)(c) | 300000 | 298143 |
| California Pcf Solid Wst Disp (Republic Services Inc Proj.) Series 2017 A 1, 3.85% tender 11/1/2042 (b)(c)(g) | 750000 | 749959 |
| California Pcf Solid Wst Disp (Republic Services Inc Proj.) Series 2023, 3.8% tender 7/1/2043 (b)(c)(g) | 800000 | 799419 |
|  |  | 4147262 |
| Synthetics - 7.9% |  |  |
| California Community Choice Financing Authority Participating VRDN Series 2022 XF3007, 3.19% 5/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 2005000 | 2005000 |
| California Hsg Fin Agcy Ltd Obl Participating VRDN Series 2023 XF3127, 3.17% 6/1/2030 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e) | 200000 | 200000 |
| California Multi Fam Hsg Rev Participating VRDN Series 2025 BAML6065, 3.65% 5/15/2036 (Liquidity Facility Bank of America, N.A.) (b)(c)(e) | 2600000 | 2600000 |
| California Statewide Cmntys Dev Auth Multi Fam Hsg Rev Participating VRDN 3.1% 11/1/2052 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(f) | 800000 | 800000 |
| California Stwide Cmnty Mf Rev Participating VRDN 4.3% 11/1/2033 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(e) | 2100000 | 2100000 |
| California Stwide Cmnty Mf Rev Participating VRDN 4.3% 12/1/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(e) | 2540000 | 2540000 |
| Los Angeles CA Multi Fam Mtg Rev Participating VRDN Series 2025 MIZ9221, 3.1% 8/4/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(f) | 1400000 | 1400000 |
| Los Angeles Cmty Redv Agy Mfhr Participating VRDN Series 2022 MIZ9089, 4.3% 4/15/2042 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(e) | 3805000 | 3805000 |
| San Francisco CA Multi Fam Hsg Haynes Apts Participating VRDN Series 2025 CF7033, 2.99% 7/1/2053 (Liquidity Facility Citibank NA) (b)(e) | 1100000 | 1100000 |
| San Francisco City & County Multi Fam Hsg Rev Participating VRDN 3.1% 12/1/2052 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(f) | 2200000 | 2200000 |
|  |  | 18750000 |
| Transportation - 1.1% |  |  |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2026 (c) | 1595000 | 1617873 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2026 (c) | 810000 | 821616 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2026 (c) | 200000 | 202868 |
| Los Angeles CA Dept Arpts Rev Series 2023 A, 5% 5/15/2026 (c) | 55000 | 55789 |
|  |  | 2698146 |
| TOTAL CALIFORNIA |  | 26976802 |
| Colorado - 2.0%  |  |  |
| Housing - 0.2% |  |  |
| Colorado Hsg & Fin Auth Multifamily Hsg Rev Series 2024, 3.5% tender 11/1/2043 (b) | 400000 | 401153 |
| Maiker Hsg Partners Colo Multifamily Hsg Rev Series 2023, 4.5% tender 5/1/2042 (b) | 200000 | 201471 |
|  |  | 602624 |
| Synthetics - 1.6% |  |  |
| Colorado Health Facilities Authority Participating VRDN 3.04% 11/1/2042 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 2780000 | 2780001 |
| Denver CO City & Cnty Arpt Participating VRDN Series 2018 XM0715, 3.19% 12/1/2043 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(e) | 1100000 | 1100000 |
|  |  | 3880001 |
| Transportation - 0.2% |  |  |
| Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2027 (c) | 275000 | 287593 |
| Denver CO City & Cnty Arpt Series 2022A, 5% 11/15/2025 (c) | 165000 | 165417 |
|  |  | 453010 |
| TOTAL COLORADO |  | 4935635 |
| Connecticut - 0.7%  |  |  |
| Education - 0.5% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Yale University Proj.) 2.8% tender 7/1/2057 (b) | 1100000 | 1099191 |
| General Obligations - 0.2% |  |  |
| New Haven CT Gen. Oblig. Series 2024, 5% 8/1/2028 (Assured Guaranty Inc Insured)  | 385000 | 410272 |
| West Haven CT BAN 4.25% 3/26/2026  | 300000 | 301609 |
|  |  | 711881 |
| TOTAL CONNECTICUT |  | 1811072 |
| District Of Columbia - 0.7%  |  |  |
| Housing - 0.1% |  |  |
| District Columbia Hsg Fin Mult Series 2024, 3.65% tender 7/1/2028 (b) | 340000 | 344811 |
| Transportation - 0.6% |  |  |
| Metropolitan Wash DC Arpts Ath Series 2023 A, 5% 10/1/2028 (c) | 315000 | 335007 |
| Metropolitan Wash DC Arpts Ath Series 2024A, 5% 10/1/2026 (c) | 235000 | 239816 |
| Metropolitan Wash DC Arpts Ath Series 2024A, 5% 10/1/2027 (c) | 535000 | 558187 |
|  |  | 1133010 |
| Water & Sewer - 0.0% |  |  |
| District Columbia Wtr & Swr Auth Pub Util Rev Series 2022E, 3% tender 10/1/2057 (b) | 120000 | 119289 |
| TOTAL DISTRICT OF COLUMBIA |  | 1597110 |
| Florida - 6.5%  |  |  |
| General Obligations - 0.0% |  |  |
| Jacksonville Fla Spl Rev (Jacksonville FL Proj.) 5% 10/1/2025  | 25000 | 25000 |
| Health Care - 0.7% |  |  |
| Lee County Industrial Development Authority/FL (Lee Mem Health Sys Fl Hosp Rev Proj.) 3.49% 4/1/2049 VRDN (b) | 1500000 | 1500000 |
| Orange Cnty FL Health Facs Auth Rev (Advent Health Proj.) 5% tender 11/15/2052 (b) | 190000 | 194508 |
|  |  | 1694508 |
| Housing - 0.6% |  |  |
| Broward Cty FL Hsg Aut Hsg Rev 3.15% tender 3/1/2028 (b) | 390000 | 390871 |
| Broward Cty FL Hsg Aut Hsg Rev Series 2023, 4.05% tender 9/1/2056 (b) | 125000 | 125524 |
| Fla Hsg Fin Corp Multifamily Mtg Rev Series 2023 C, 5% tender 12/1/2026 (b) | 75000 | 75226 |
| Florida Hsg Fin Corp Mltfmy Rv Series 2024 E, 3.8% tender 6/1/2042 (b) | 185000 | 185782 |
| Miami Dade Cnty FL Hsg Fin Auth Multifamily Hsg Rev 5% tender 10/1/2026 (b) | 420000 | 420001 |
| Miami Dade Cnty FL Hsg Fin Auth Multifamily Hsg Rev Series 2023, 3.55% tender 1/1/2027 (b) | 290000 | 290240 |
|  |  | 1487644 |
| Resource Recovery - 0.5% |  |  |
| Florida Dev Fin Corp Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2025A, 3.4% tender 9/1/2050 (b)(c) | 210000 | 209922 |
| Miami-Dade Cnty FL Ida Sld Waste Disp Rev (Waste Management Inc Del Proj.) Series 2018 B, 4% tender 11/1/2048 (b)(c) | 1000000 | 999887 |
|  |  | 1209809 |
| Special Tax - 1.3% |  |  |
| Florida Ins Assistance Interlocal Agy Fla Ins Assmt Rev Series 2023 A2, 3.63% 9/1/2032 (Liquidity Facility Florida St) VRDN (b) | 3120000 | 3120000 |
| Synthetics - 3.0% |  |  |
| Florida Dev Fin Corp Rev Participating VRDN 4.15% 7/1/2053 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) | 1100000 | 1100000 |
| Florida Dev Fin Corp Rev Participating VRDN Series 2024 XF1704, 3.09% 7/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(e) | 2540000 | 2540000 |
| Gallery Smathers Plz FL Participating VRDN Series 2025 CF7017, 3.01% 4/1/2037 (Liquidity Facility Citibank NA) (b)(e) | 200000 | 200000 |
| Greater Orlando Aviation Auth Participating VRDN 4.2% 10/1/2036 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 175000 | 175000 |
| Miami Dade County Hsg Multi Fam Hsg Rev Participating VRDN Series 2022 MIZ9087, 3.12% 11/1/2061 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(f) | 200000 | 200000 |
| Miami-Dade Cnty Fla Aviat Rev Participating VRDN Series 2025 CF7044, 3.04% 10/1/2040 (Liquidity Facility Citibank NA) (b)(c)(e) | 1500000 | 1500000 |
| Orange Cnty FL Health Facs Auth Rev Participating VRDN Series 2025 XF3302, 3.01% 10/1/2056 (Liquidity Facility Wells Fargo Bank NA) (b)(e) | 1600000 | 1600000 |
|  |  | 7315000 |
| Transportation - 0.4% |  |  |
| Greater Orlando Aviation Auth Series 2024, 5% 10/1/2028 (c) | 450000 | 478849 |
| Osceola Cnty Fla Transn Rev (Osceola Parkway Proj.) Series 2019 A 2, 0% 10/1/2025 (h) | 125000 | 125000 |
| Palm Beach Cnty FL Arpt Sys Series 2024 B, 5% 10/1/2027 (c) | 345000 | 359131 |
|  |  | 962980 |
| TOTAL FLORIDA |  | 15814941 |
| Georgia - 3.1%  |  |  |
| Electric Utilities - 1.3% |  |  |
| Appling Cnty GA Dev Auth Pcr (Oglethorpe Pwr Corp Proj.) 3.38% 1/1/2038 VRDN (b) | 900000 | 900000 |
| Bartow Cnty GA Dev Auth Solid Waste Disp Fac Rev (Georgia Power Co Proj.) 3.55% 11/1/2062 VRDN (b)(c) | 1200000 | 1200000 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series 2008 SECOND, 3.375% tender 11/1/2048 (b) | 85000 | 85523 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIFTH 1994, 3.7% tender 10/1/2032 (b) | 155000 | 158252 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FOURTH 1995, 3.8% tender 10/1/2032 (b) | 200000 | 201041 |
| Georgia Mun Elec Auth Pwr Rev Series A, 5% 1/1/2028  | 280000 | 285105 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series SECOND 2009, 3.875% tender 10/1/2048 (b) | 170000 | 170655 |
|  |  | 3000576 |
| General Obligations - 1.3% |  |  |
| Main Street Natural Gas Inc 4% tender 5/1/2052 (Citigroup Inc Guaranteed) (b) | 515000 | 527575 |
| Main Street Natural Gas Inc Series 2022A, 4% 12/1/2025 (Citigroup Inc Guaranteed)  | 70000 | 70076 |
| Main Street Natural Gas Inc Series 2022B, 5% 6/1/2026 (Citigroup Inc Guaranteed)  | 1900000 | 1921563 |
| Main Street Natural Gas Inc Series 2022B, 5% tender 12/1/2052 (Citigroup Inc Guaranteed) (b) | 245000 | 259577 |
| Main Street Natural Gas Inc Series 2023D, 5% 12/1/2026 (Citigroup Inc Guaranteed)  | 75000 | 76555 |
| Main Street Natural Gas Inc Series 2024B, 5% 3/1/2026 (Royal Bank of Canada Guaranteed)  | 350000 | 352453 |
|  |  | 3207799 |
| Synthetics - 0.1% |  |  |
| Buford Hsg Auth Multi Fam Participating VRDN Series 2023 XF3118, 3.17% 3/1/2041 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e) | 200000 | 200000 |
| Transportation - 0.4% |  |  |
| Atlanta GA Arpt Rev Series 2025B B 1, 5% 7/1/2027 (c) | 1005000 | 1042424 |
| TOTAL GEORGIA |  | 7450799 |
| Guam - 0.0%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Guam Power Auth. 5% 10/1/2025  | 85000 | 85000 |
| Hawaii - 0.2%  |  |  |
| Housing - 0.2% |  |  |
| Honolulu HI City & Cnty Mfr Series 2023, 5% tender 6/1/2027 (b) | 370000 | 374839 |
| Synthetics - 0.0% |  |  |
| Hawaii St Arpts Sys Rev Participating VRDN 3.09% 7/1/2048 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(e) | 200000 | 200000 |
| TOTAL HAWAII |  | 574839 |
| Illinois - 2.8%  |  |  |
| General Obligations - 0.4% |  |  |
| Cook Cnty IL Gen. Oblig. Series 2022 A, 5% 11/15/2025  | 255000 | 255693 |
| Illinois St Gen. Oblig. 5% 3/1/2026  | 340000 | 343288 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2026  | 85000 | 87087 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2027  | 125000 | 129513 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2028  | 85000 | 89888 |
|  |  | 905469 |
| Housing - 0.1% |  |  |
| Illinois Hsg Dev Auth Multifamily Hsg Rev 5% tender 2/1/2027 (b) | 90000 | 90563 |
| Illinois Hsg Dev Auth Multifamily Hsg Rev Series 2023, 5% tender 2/1/2027 (b) | 100000 | 100639 |
|  |  | 191202 |
| Synthetics - 1.6% |  |  |
| Chicago IL O'Hare Intl Arpt Rev Participating VRDN 3.03% 1/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 1900000 | 1900000 |
| Chicago IL O'Hare Intl Arpt Rev Participating VRDN Series 2023 XF1457, 4.2% 7/1/2027 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 120000 | 120000 |
| Chicago IL O'Hare Intl Arpt Rev Participating VRDN Series 2025 ZF1980, 3.05% 1/1/2059 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 600000 | 600000 |
| Chicago Ill Tran Auth Sales Tax Rcpts Rev Participating VRDN Series 2024 XF3290, 3.03% 12/1/2049 (Liquidity Facility Wells Fargo Bank NA) (b)(e) | 400000 | 400000 |
| IL Fin Auth Rev Plymouth Place Participating VRDN Series 2025 002, 3.19% 5/15/2056 (Liquidity Facility Barclays Bank PLC) (b)(e) | 820000 | 820000 |
|  |  | 3840000 |
| Transportation - 0.6% |  |  |
| Chicago IL O'Hare Intl Arpt Rev Series 2024C, 5% 1/1/2028 (c) | 910000 | 947762 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024E, 5% 1/1/2026 (c) | 410000 | 412218 |
|  |  | 1359980 |
| Water & Sewer - 0.1% |  |  |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 5% 1/1/2026 (d) | 350000 | 351817 |
| TOTAL ILLINOIS |  | 6648468 |
| Indiana - 0.6%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Indiana St Dev Fin Auth Envr Rev (Duke Energy Ind Inc Proj.) 3.01% 12/1/2038 VRDN (b)(c) | 100000 | 100000 |
| Industrial Development - 0.2% |  |  |
| Whiting Ind Environmental Facs (Bp Products North America Inc Proj.) Series 2019A, 5% tender 12/1/2044 (BP PLC Guaranteed) (b)(c) | 370000 | 374890 |
| Resource Recovery - 0.3% |  |  |
| Indiana St Fin Auth Economic Dev Rev (Republic Services Inc Proj.) Series 2010A, 3.8% tender 5/1/2028 (b)(c) | 400000 | 399821 |
| Indiana St Fin Auth Economic Dev Rev (Republic Services Inc Proj.) Series 2012, 3.8% tender 5/1/2028 (b)(c) | 400000 | 399820 |
|  |  | 799641 |
| Transportation - 0.1% |  |  |
| Indianapolis Local Public Improvement Bond Bank (Indianapolis IN Arpt Auth Rev Proj.) Series 2023I 2, 5% 1/1/2026 (c) | 65000 | 65347 |
| Indianapolis Local Public Improvement Bond Bank (Indianapolis IN Arpt Auth Rev Proj.) Series 2023I 2, 5% 1/1/2027 (c) | 130000 | 133239 |
|  |  | 198586 |
| TOTAL INDIANA |  | 1473117 |
| Iowa - 0.3%  |  |  |
| Electric Utilities - 0.3% |  |  |
| Iowa Fin Auth Sld Disp Wst Rev (Midamerican Energy Co Proj.) 3% 7/1/2038 VRDN (b)(c) | 800000 | 800000 |
| Kansas - 0.3%  |  |  |
| Housing - 0.3% |  |  |
| Kansas St Dev Fin Auth Multifamily Hsg Rev (Seasons Proj.) Series 2025F, 2.95% tender 9/1/2059 (b) | 690000 | 689383 |
| Kentucky - 1.2%  |  |  |
| Electric Utilities - 0.3% |  |  |
| Trimble Cnty KY Environmental Facs Rev (Kentucky Utilities Co Proj.) 4.7% tender 6/1/2054 (b)(c) | 800000 | 808584 |
| General Obligations - 0.2% |  |  |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2025A, 5% 12/1/2026 (Morgan Stanley Guaranteed)  | 295000 | 301422 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 4/1/2026  | 330000 | 334006 |
|  |  | 635428 |
| Industrial Development - 0.5% |  |  |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2020 A 1, 4.05% 7/1/2060 VRDN (b)(c) | 1100000 | 1100000 |
| Resource Recovery - 0.2% |  |  |
| Kentucky Economic Dev Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2010A, 3.8% tender 4/1/2031 (b)(c) | 400000 | 400000 |
| TOTAL KENTUCKY |  | 2944012 |
| Louisiana - 4.6%  |  |  |
| Housing - 0.2% |  |  |
| Louisiana Housing Corp Series 2024B, 3.75% tender 2/1/2028 (b) | 370000 | 374244 |
| Industrial Development - 3.9% |  |  |
| St James Parish LA Rev (Nucor Corp Proj.) 3.05% 11/1/2040 VRDN (b) | 400000 | 400000 |
| St James Parish LA Rev (Nucor Corp Proj.) 3.13% 11/1/2040 VRDN (b) | 9095000 | 9095000 |
|  |  | 9495000 |
| Transportation - 0.5% |  |  |
| New Orleans LA Aviation Board 5% 1/1/2026 (c) | 280000 | 281444 |
| New Orleans LA Aviation Board 5% 1/1/2027 (c) | 315000 | 322927 |
| New Orleans LA Aviation Board 5% 1/1/2028 (c) | 595000 | 621143 |
|  |  | 1225514 |
| TOTAL LOUISIANA |  | 11094758 |
| Maryland - 0.7%  |  |  |
| Housing - 0.2% |  |  |
| Maryland Community Development Administration (MD Mhsg Rev 1997 Proj.) Series 2023 D, 3.5% 1/1/2026  | 495000 | 495759 |
| Synthetics - 0.5% |  |  |
| Baltimore County Gen. Oblig. Participating VRDN 3.24% 1/1/2050 (Liquidity Facility Barclays Bank PLC) (b)(e) | 200000 | 200000 |
| Integrace Obligated Group Participating VRDN Series 2022 024, 3.24% 11/15/2049 (Liquidity Facility Barclays Bank PLC) (b)(e) | 400000 | 400000 |
| Maryland St Econ Dev Corp Participating VRDN Series 2024 XF3222, 3.12% 4/1/2054 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e) | 300000 | 300000 |
| Riderwood Vlg Inc Participating VRDN Series 2022 029, 3.24% 1/1/2045 (Liquidity Facility Barclays Bank PLC) (b)(e) | 400000 | 400000 |
|  |  | 1300000 |
| TOTAL MARYLAND |  | 1795759 |
| Massachusetts - 0.3%  |  |  |
| General Obligations - 0.2% |  |  |
| Hudson MA Gen. Oblig. BAN 5% 6/11/2026  | 370000 | 372874 |
| Special Tax - 0.1% |  |  |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Series 2015C, 5% 8/15/2027  | 300000 | 300349 |
| TOTAL MASSACHUSETTS |  | 673223 |
| Michigan - 1.0%  |  |  |
| Education - 0.2% |  |  |
| Wayne St Univ MI Univ Revs Series 2024A, 5% 11/15/2026 (Build America Mutual Assurance Co Insured)  | 500000 | 513771 |
| Electric Utilities - 0.4% |  |  |
| Michigan St Strategic Fd Ltd Oblig Rev (Consumers Energy Co Proj.) Series 2019, 3.35% tender 10/1/2049 (b)(c) | 730000 | 726041 |
| General Obligations - 0.2% |  |  |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2026  | 160000 | 161718 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2027  | 165000 | 169763 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2028  | 90000 | 94220 |
|  |  | 425701 |
| Health Care - 0.1% |  |  |
| Michigan Fin Auth Rev (Corewell Health Proj.) 5% 4/15/2026  | 265000 | 268144 |
| Housing - 0.1% |  |  |
| Michigan State Housing Development Authority Series 2025, 2.7% tender 10/1/2043 (b) | 310000 | 308013 |
| Transportation - 0.0% |  |  |
| Wayne Cnty Mich Arpt Auth Rev Series F, 5% 12/1/2026 (c) | 55000 | 55046 |
| TOTAL MICHIGAN |  | 2296716 |
| Minnesota - 0.3%  |  |  |
| Synthetics - 0.1% |  |  |
| Saint Paul Hsg & Redev Auth Rev Participating VRDN Series 2023 MIZ9145, 3.12% 6/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(f) | 300000 | 300000 |
| Transportation - 0.2% |  |  |
| Minneapolis Met Airport Commis Series 2023B, 5% 1/1/2026 (c) | 350000 | 351832 |
| TOTAL MINNESOTA |  | 651832 |
| Mississippi - 0.3%  |  |  |
| Education - 0.3% |  |  |
| Jackson St Univ Edl Bldg Corp MS Rev Series 2021 A, 0.8% 3/1/2028 (Build America Mutual Assurance Co Insured) (b) | 635000 | 604494 |
| Missouri - 0.3%  |  |  |
| Housing - 0.1% |  |  |
| Kansas City MO Planned Indl Expansion Auth Multifamily Hsg Rev Series 2023, 5% tender 7/1/2045 (b) | 150000 | 153732 |
| Industrial Development - 0.1% |  |  |
| Missouri Development Finance Board (Procter & Gamble Co/The Proj.) 5.2% 3/15/2029 (c) | 275000 | 294005 |
| Synthetics - 0.1% |  |  |
| Kansas City MO Indl Dev Auth Arpt Spl Oblig Participating VRDN 4.2% 3/1/2057 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 100000 | 100000 |
| St Louis County Ind Dev Auth Multi Fam Hsg Rev Participating VRDN 3.12% 10/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(f) | 200000 | 200000 |
|  |  | 300000 |
| TOTAL MISSOURI |  | 747737 |
| Montana - 0.3%  |  |  |
| Housing - 0.3% |  |  |
| Montana St Brd Hsg Multifamilyhsg Rev Series 2024, 3.32% tender 7/1/2046 (b) | 660000 | 664565 |
| Nebraska - 0.2%  |  |  |
| Industrial Development - 0.0% |  |  |
| Stanton Cnty NE Indl Dev Rev (Nucor Corp Proj.) 3.2% 6/1/2028 VRDN (b)(c) | 100000 | 100000 |
| Synthetics - 0.2% |  |  |
| Omaha NE Arpt Auth Arpt Rev Participating VRDN 3.09% 12/15/2049 (Liquidity Facility Bank of America, N.A.) (b)(c)(e) | 500000 | 500000 |
| TOTAL NEBRASKA |  | 600000 |
| Nevada - 0.2%  |  |  |
| Housing - 0.1% |  |  |
| Nevada Hsg Div Series 2024, 5% tender 7/1/2028 (b) | 260000 | 269448 |
| Resource Recovery - 0.1% |  |  |
| Nevada Dpt Bus & Ind Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2001, 3.95% tender 12/1/2026 (b)(c)(g) | 200000 | 199970 |
| TOTAL NEVADA |  | 469418 |
| New Hampshire - 1.2%  |  |  |
| Housing - 0.1% |  |  |
| New Hampshire St Hsg Fin Auth Multi-Family Hsg (NH Mhsg Rev 2017 Proj.) 3.8% 7/1/2026  | 170000 | 170146 |
| New Hampshire St Hsg Fin Auth Multi-Family Hsg (NH Mhsg Rev 2017 Proj.) Series 2023 4, 3.625% 4/1/2026  | 35000 | 35054 |
| New Hampshire St Hsg Fin Auth Multi-Family Hsg (NH Mhsg Rev 2017 Proj.) Series 2023 4, 3.7% 1/1/2027  | 115000 | 115675 |
|  |  | 320875 |
| Resource Recovery - 0.9% |  |  |
| National Fin Auth NH Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2019 A 2, 4.25% tender 7/1/2027 (b)(c) | 1400000 | 1411188 |
| National Fin Auth NH Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2019 A 3, 4% tender 7/1/2033 (b)(c) | 600000 | 600255 |
|  |  | 2011443 |
| Synthetics - 0.2% |  |  |
| Nat'l Fin Auth NH Specialty Bonds Series 2024 MS0023, 3.19% tender 12/15/2030 (Liquidity Facility Morgan Stanley Bank NA) (b)(e)(f) | 500000 | 500000 |
| TOTAL NEW HAMPSHIRE |  | 2832318 |
| New Jersey - 2.6%  |  |  |
| Education - 0.3% |  |  |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) 5% 12/1/2025 (c) | 250000 | 250679 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 A, 5% 12/1/2027 (c) | 150000 | 155510 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 B, 5% 12/1/2027 (c) | 415000 | 430243 |
|  |  | 836432 |
| General Obligations - 1.8% |  |  |
| Belleville NJ Tan Gen. Oblig. BAN 4% 7/7/2026  | 2100000 | 2113764 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2019 GGG, 5.25% 9/1/2026 (g) | 180000 | 184272 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2023 RRR, 5% 3/1/2026  | 360000 | 363368 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2024 SSS, 5% 6/15/2026  | 240000 | 243899 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2025 (h) | 155000 | 154082 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2026  | 80000 | 81798 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2027  | 75000 | 78555 |
| Orange Twp NJ BAN 4% 3/18/2026  | 1100000 | 1105109 |
|  |  | 4324847 |
| Housing - 0.5% |  |  |
| Camden Cnty NJ Impt Auth Multifamily Rev Series 2024, 5% tender 3/1/2027 (b) | 550000 | 554451 |
| NJ Hsg & Mtg Fin Agy Multi Fam Rev (NJ Multi-Family 12/16/04 Proj.) Series 2024 D 2, 2.85% 11/1/2026  | 555000 | 554526 |
|  |  | 1108977 |
| TOTAL NEW JERSEY |  | 6270256 |
| New Jersey,New York - 0.7%  |  |  |
| Transportation - 0.7% |  |  |
| Port Auth NY & NJ 5% 10/15/2028 (c) | 630000 | 668861 |
| Port Auth NY & NJ Series 193, 5% 10/15/2025 (c) | 265000 | 265185 |
| Port Auth NY & NJ Series 242, 5% 12/1/2025 (c) | 275000 | 275840 |
| Port Auth NY & NJ Series 242, 5% 12/1/2026 (c) | 565000 | 578431 |
|  |  | 1788317 |
| TOTAL NEW JERSEY,NEW YORK |  | 1788317 |
| New Mexico - 0.6%  |  |  |
| Housing - 0.5% |  |  |
| New Mexico Mtg Fin Auth Mf Hsg Rev (Jlg Nm Abq 2023, Lllp Proj.) Series 2023, 2.97% tender 2/1/2042 (b) | 500000 | 499432 |
| Santa Fe Cnty N Mex Multifamily Rev Series 2024, 3.29% tender 12/10/2049 (b) | 755000 | 759306 |
|  |  | 1258738 |
| Synthetics - 0.1% |  |  |
| New Mexico St Hosp Equip Ln Co Participating VRDN 3.24% 7/1/2042 (Liquidity Facility Barclays Bank PLC) (b)(e) | 195000 | 195000 |
| TOTAL NEW MEXICO |  | 1453738 |
| New York - 8.8%  |  |  |
| Electric Utilities - 0.2% |  |  |
| Long Island Pwr Auth NY Elec Series 2025B, 3% tender 9/1/2055 (b) | 510000 | 507367 |
| General Obligations - 4.9% |  |  |
| Albany NY BAN 4% 3/20/2026  | 2500000 | 2510682 |
| Binghamton NY BAN 4% 4/10/2026  | 2300000 | 2312342 |
| City of New York NY Gen. Oblig. 5% 8/1/2028  | 2255000 | 2411611 |
| East Syracuse-Minoa NY Cent SD BAN Series 2025, 4% 6/25/2026  | 800000 | 805881 |
| Farmington NY Gen. Oblig. BAN Series 2025, 4% 7/29/2026  | 900000 | 902567 |
| Ithaca City New York BAN 4.25% 2/13/2026  | 1000000 | 1002897 |
| Ithaca City New York Gen. Oblig. BAN 4.5% 7/17/2026  | 395727 | 399237 |
| Sullivan West Cent Sch Dist NY BAN Series 2025, 4% 6/25/2026  | 1000000 | 1006514 |
| Washington Co NY BAN 4% 3/20/2026  | 600000 | 603218 |
|  |  | 11954949 |
| Health Care - 0.1% |  |  |
| Genesee County Funding Corp/The (Rochester General Hospital,Ny Proj.) 5% 12/1/2025  | 175000 | 175393 |
| Housing - 0.5% |  |  |
| Monroe Cnty NY Indl Dev Agy Multi-Family Hsg Rev 5% tender 7/1/2028 (b) | 90000 | 93270 |
| New York St Hsg Fin Agy Series 2023 E 2, 3.8% tender 11/1/2063 (b) | 115000 | 115054 |
| New York St Hsg Fin Agy Series 2024 A, 3.375% tender 11/1/2063 (b) | 925000 | 925239 |
|  |  | 1133563 |
| Special Tax - 0.0% |  |  |
| New York NY City Ida Rev (Queens Ballpark Company LLC Proj.) Series 2021A, 5% 1/1/2026 (Assured Guaranty Inc Insured)  | 35000 | 35181 |
| Synthetics - 2.9% |  |  |
| Liberty NY Dev Corp Rev Participating VRDN 3.24% 10/1/2035 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 300000 | 300000 |
| Metropolitan Transn Auth NY Rv Participating VRDN 3.14% 11/15/2043 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 2300000 | 2300000 |
| Metropolitan Transn Auth NY Rv Participating VRDN Series 2022 XF1321, 3.14% 11/15/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 225000 | 225000 |
| Metropolitan Transn Auth NY Rv Participating VRDN Series 2025 XF8023, 3.01% 11/15/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 1200000 | 1200000 |
| New York St Hsg Fin Agy Participating VRDN Series 2022 003, 3.24% 11/1/2041 (Liquidity Facility Barclays Bank PLC) (b)(e) | 400000 | 400000 |
| New York St Hsg Fin Agy Participating VRDN Series 2022 007, 3.34% 11/1/2041 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) | 2600000 | 2600000 |
|  |  | 7025000 |
| Transportation - 0.2% |  |  |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) 5% 12/1/2025 (c) | 45000 | 45126 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2026 (c) | 330000 | 337286 |
|  |  | 382412 |
| TOTAL NEW YORK |  | 21213865 |
| North Carolina - 1.7%  |  |  |
| Escrowed/Pre-Refunded - 0.2% |  |  |
| Cumberland Cnty NC Series 2024, 3.75% tender 12/1/2027 (b)(c) | 500000 | 500073 |
| Health Care - 0.1% |  |  |
| Atrium Health Series 2018C, 3.45% tender 1/15/2048 (b) | 335000 | 335117 |
| Housing - 1.2% |  |  |
| Inlivian NC Multifamily Rev (Sycamore Station Ii Llc Proj.) 3.625% tender 11/1/2058 (b) | 600000 | 607819 |
| North Carolina Housing Finance Agency (NC Homeownership Proj.) Series 55 C, 3.2% tender 7/1/2056 (b) | 2000000 | 2000059 |
|  |  | 2607878 |
| Transportation - 0.2% |  |  |
| Charlotte NC Arpt Rev Series 2023B, 5% 7/1/2027 (c) | 550000 | 570003 |
| TOTAL NORTH CAROLINA |  | 4013071 |
| North Dakota - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Grand Forks ND Health Care Sys Rev (Altru Health System Proj.) 5% 12/1/2025  | 25000 | 25031 |
| Grand Forks ND Health Care Sys Rev (Altru Health System Proj.) 5% 12/1/2026  | 210000 | 213779 |
|  |  | 238810 |
| TOTAL NORTH DAKOTA |  | 238810 |
| Ohio - 1.7%  |  |  |
| Education - 0.0% |  |  |
| Ohio St Higher Ed Fac Comm (Case Western Reserve Univ, Oh Proj.) 1.625% tender 12/1/2034 (b) | 70000 | 68542 |
| Electric Utilities - 0.7% |  |  |
| American Mun Pwr Rev Series 2023A, 5% 2/15/2026  | 300000 | 302605 |
| American Mun Pwr Rev Series 2023A, 5% 2/15/2027  | 475000 | 490656 |
| Ohio St Air Quality Dev Auth (American Electric Power Co Inc Proj.) Series 2014C, 3.65% 12/1/2027 (c) | 525000 | 525797 |
| Ohio St Air Quality Dev Auth (American Electric Power Co Inc Proj.) Series 2014D, 3.2% 5/1/2026  | 480000 | 478855 |
|  |  | 1797913 |
| Health Care - 0.8% |  |  |
| Ohio St Hosp Rev (Cleveland Clinic Foundation Proj.) Series 2019 C, 2.75% tender 1/1/2052 (b) | 455000 | 452910 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, Oh Proj.) Series 2013 B, 3.42% 1/15/2033 VRDN (b) | 500000 | 500000 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, Oh Proj.) Series 2015B, 3.42% 1/15/2045 VRDN (b) | 900000 | 900000 |
|  |  | 1852910 |
| Housing - 0.1% |  |  |
| Columbus-Franklin Cnty Ohio Fin Auth Multifamily Hsg Rev Series 2023, 5% tender 7/1/2045 (b) | 130000 | 132408 |
| Water & Sewer - 0.1% |  |  |
| Hamilton Cnty OH Swr Sys Rev Series 2024 B, 5% 12/1/2025  | 95000 | 95355 |
| Hamilton Cnty OH Swr Sys Rev Series 2024 B, 5% 12/1/2026  | 95000 | 97701 |
| Hamilton Cnty OH Swr Sys Rev Series 2024 B, 5% 12/1/2027  | 60000 | 63339 |
|  |  | 256395 |
| TOTAL OHIO |  | 4108168 |
| Oklahoma - 0.8%  |  |  |
| General Obligations - 0.6% |  |  |
| Oklahoma Cnty Indep Sch Dist 89 Oklahoma City 3% 7/1/2026  | 700000 | 700360 |
| Oklahoma St Inds Auth Edl Facs Lease Rev (Oklahoma Cnty Indep Sch Dist 89 Oklahoma City Proj.) Series 2024, 5% 4/1/2026  | 525000 | 530848 |
|  |  | 1231208 |
| Health Care - 0.2% |  |  |
| OK Dev Fin Auth Health Sys Rev (Integris Baptist Medical Ctr Proj.) Series 2020B, 3.53% 8/15/2031 VRDN (b) | 575000 | 575000 |
| Synthetics - 0.0% |  |  |
| Steele Duncan Plaza LLC Participating VRDN Series 2022 MIZ9103, 3.12% 8/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(f) | 114268 | 114268 |
| TOTAL OKLAHOMA |  | 1920476 |
| Pennsylvania - 5.8%  |  |  |
| General Obligations - 0.6% |  |  |
| Pennsylvania St 5% 9/1/2026  | 780000 | 797974 |
| Pennsylvania St Series 2019, 5% 7/15/2026  | 200000 | 203927 |
| Philadelphia PA Gen. Oblig. Series 2025 C, 5% 8/1/2027  | 545000 | 569510 |
|  |  | 1571411 |
| Health Care - 1.3% |  |  |
| Geisinger Auth PA Hlth Sys Rev (Kaiser Permanente Hlth System Proj.) Series 2020 B, 5% tender 4/1/2043 (b) | 410000 | 418022 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2018 D, 3.69% 9/1/2050 VRDN (b) | 800000 | 800000 |
| Pennsylvania Econ Dev Fing Auth UPMC Rev (UPMC Proj.) Series 2023 A 2, 5% 5/15/2026  | 500000 | 506611 |
| Philadelphia PA Auth For Indl Dev Revs (Thomas Jefferson Univ-Abiington Proj.) Series 2017 B, 3.69% 9/1/2050 VRDN (b) | 1450000 | 1450000 |
|  |  | 3174633 |
| Resource Recovery - 3.5% |  |  |
| Pennsylvania Econ Dev Sld Wst (Republic Services Inc Proj.) Series 2014, 3.7% tender 6/1/2044 (b)(c) | 1800000 | 1800000 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) 4.25% tender 7/1/2041 (b)(c) | 600000 | 604538 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2013, 3.85% tender 8/1/2045 (b)(c) | 1100000 | 1099860 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2019 A, 3.875% tender 8/1/2038 (b)(c) | 1100000 | 1100018 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2021A 2, 4.6% tender 10/1/2046 (b)(c) | 2000000 | 2008593 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2021A, 4% tender 6/1/2041 (b)(c) | 1000000 | 1000228 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2025 A, 3.8% tender 6/1/2049 (b)(c) | 800000 | 799748 |
|  |  | 8412985 |
| Synthetics - 0.2% |  |  |
| Pennsylvania Turnpike Commission Participating VRDN Series 5096, 3.04% 6/1/2047 (Liquidity Facility JP Morgan Securities LLC) (b)(e) | 500000 | 500000 |
| Transportation - 0.2% |  |  |
| Philadelphia PA Airport Rev Series 2025B, 5% 7/1/2028 (c) | 435000 | 458753 |
| TOTAL PENNSYLVANIA |  | 14117782 |
| Rhode Island - 0.5%  |  |  |
| Education - 0.4% |  |  |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Providence College Proj.) Series 2023, 5% 11/1/2025  | 500000 | 500857 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Providence College Proj.) Series 2023, 5% 11/1/2026  | 350000 | 358652 |
|  |  | 859509 |
| General Obligations - 0.1% |  |  |
| Pawtucket RI Gen. Oblig. BAN Series 2024 2, 4.5% 10/24/2025  | 300000 | 300155 |
| TOTAL RHODE ISLAND |  | 1159664 |
| South Carolina - 0.6%  |  |  |
| Electric Utilities - 0.3% |  |  |
| South Carolina St Svc Auth Rev 5% 12/1/2026  | 130000 | 133513 |
| South Carolina St Svc Auth Rev 5% 12/1/2028  | 190000 | 204424 |
| South Carolina St Svc Auth Rev Series 2022 A, 5% 12/1/2025  | 350000 | 351236 |
|  |  | 689173 |
| Industrial Development - 0.2% |  |  |
| Berkeley Cnty SC Indl Dev Rev (Nucor Corp Proj.) 3.2% 4/1/2030 VRDN (b)(c) | 300000 | 300000 |
| Berkeley Cnty SC Indl Dev Rev (Nucor Corp Proj.) 3.2% 9/1/2028 VRDN (b)(c) | 100000 | 100000 |
|  |  | 400000 |
| Synthetics - 0.1% |  |  |
| South Carolina Conway Hosp Participating VRDN Series 2022 019, 3.24% 7/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(e) | 300000 | 300000 |
| TOTAL SOUTH CAROLINA |  | 1389173 |
| Tennessee - 1.2%  |  |  |
| Health Care - 0.6% |  |  |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev (Commonspirit Health Proj.) 3.05% 5/1/2039 VRDN (b) | 1400000 | 1400000 |
| Housing - 0.5% |  |  |
| Chattanooga Tenn Health Edl & Hsg Fac Brd Multifamily Hsg 3.6% tender 6/1/2048 (b) | 910000 | 922557 |
| Knoxville Cnty Tenn Health Edl& Hsg Fac Brd Multifamily Hsgrev Series 2024, 3.1% tender 9/1/2029 (b) | 335000 | 336251 |
|  |  | 1258808 |
| Synthetics - 0.1% |  |  |
| Metropolitan Govt Nashville & Davidson County Hlth & Edl Facs Participating VRDN Series 2024 MIZ9163, 3.12% 12/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(f) | 200000 | 200000 |
| TOTAL TENNESSEE |  | 2858808 |
| Texas - 17.1%  |  |  |
| Education - 0.4% |  |  |
| Texas A&M Univ Revs Series 2016 E, 4% 5/15/2027  | 1000000 | 1008472 |
| Electric Utilities - 0.2% |  |  |
| San Antonio TX Elec & Gas Rev 5% 2/1/2026  | 50000 | 50382 |
| San Antonio TX Elec & Gas Rev SIFMA Municipal Swap Index + 0.87%, 3.76% tender 2/1/2048 (b)(i) | 455000 | 454943 |
|  |  | 505325 |
| General Obligations - 5.5% |  |  |
| Argyle TX Indpt Sch Dist Series 2025 B 1, 4% tender 8/15/2057 (Permanent Sch Fund of Texas Guaranteed) (b) | 390000 | 400332 |
| Argyle TX Indpt Sch Dist Series 2025 B 2, 4% tender 8/15/2057 (Permanent Sch Fund of Texas Guaranteed) (b) | 600000 | 623912 |
| Boerne TX Isd Series 2023, 3.125% tender 2/1/2053 (Permanent Sch Fund of Texas Guaranteed) (b) | 785000 | 787542 |
| Boerne TX Isd Series 2024, 4% tender 2/1/2054 (Permanent Sch Fund of Texas Guaranteed) (b) | 175000 | 179749 |
| Dallas TX Gen. Oblig. Series 2024A, 5% 2/15/2026  | 1000000 | 1008457 |
| Dallas TX Gen. Oblig. Series 2024A, 5% 2/15/2027  | 1000000 | 1033223 |
| Dallas TX ISD Series 2025A 2025A 1, 5% tender 2/15/2055 (Permanent Sch Fund of Texas Guaranteed) (b) | 1200000 | 1209073 |
| Denton Independent School District Series B1, 4% tender 8/15/2055 (Permanent Sch Fund of Texas Guaranteed) (b) | 1120000 | 1164635 |
| Humble TX Indpt Sch Dist Series 2025, 5% 2/15/2029 (Permanent Sch Fund of Texas Guaranteed)  | 1760000 | 1908595 |
| Hutto TX Indpt Sch Dist Series 2015, 4% tender 2/1/2055 (Permanent Sch Fund of Texas Guaranteed) (b) | 370000 | 381575 |
| Navarro Tex Indpt Sch Dist Series 2025, 4% tender 2/15/2062 (Permanent Sch Fund of Texas Guaranteed) (b) | 445000 | 459530 |
| North East Indpt Sch Dist TX Series 2024, 3.75% tender 8/1/2049 (Permanent Sch Fund of Texas Guaranteed) (b) | 225000 | 228615 |
| Northside TX Indpt Sch Dist Series 2023 B, 3% tender 8/1/2053 (Permanent Sch Fund of Texas Guaranteed) (b) | 1600000 | 1601278 |
| Northside TX Indpt Sch Dist Series 2024B, 3.45% tender 8/1/2054 (Permanent Sch Fund of Texas Guaranteed) (b) | 630000 | 636748 |
| Prosper Tex Indpt Sch Dist Series 2019 B, 4% tender 2/15/2050 (Permanent Sch Fund of Texas Guaranteed) (b) | 110000 | 111020 |
| Texarkana Tex Indpt Sch Dist Series 2024, 4% tender 2/15/2053 (Permanent Sch Fund of Texas Guaranteed) (b) | 445000 | 449131 |
| Texas Mun Gas Acquisition & Supply Corp IV Gas Supply Rev Series 2023B, 5.25% 1/1/2027 (BP PLC Guaranteed)  | 230000 | 235823 |
| Texas State Gen. Oblig. Series 2007 A, 2.93% 6/1/2037 (Liquidity Facility State Street Bank & Trust Co) VRDN (b)(c) | 800000 | 800000 |
|  |  | 13219238 |
| Health Care - 0.1% |  |  |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Baylor Scott & White Health Proj.) 5% tender 11/15/2052 (b) | 225000 | 226947 |
| Housing - 1.2% |  |  |
| Bexar Mgmt & Dev Corp Tex Multifamily Hsg Rev Series 2024, 3.02% tender 5/10/2045 (b) | 1005000 | 1006608 |
| Capital Area Hsg Fin Corp Tex Multi Family Hsg Rev Series 2024, 3.125% tender 9/1/2029 (b) | 385000 | 388121 |
| Dallas Tex Hsg Fin Corp Multi Family Hsg Rev Series 2023, 5% tender 9/1/2026 (b) | 190000 | 190196 |
| Houston Tex Fin Corp Multifamilty Hsg Rev 5% tender 8/1/2041 (b) | 110000 | 111966 |
| Houston Tex Fin Corp Multifamilty Hsg Rev Series 2024, 3.65% tender 2/1/2048 (b) | 445000 | 449894 |
| San Antonio Tex Hsg Tr Pub Fac Multifamily Hsg Rev Series 2024, 3.45% tender 7/1/2029 (b) | 510000 | 513054 |
| Texas St Affordable Hsg Corp Multifamily Hsg Rev Series 2023, 3.625% tender 1/1/2045 (b) | 130000 | 131188 |
|  |  | 2791027 |
| Industrial Development - 5.0% |  |  |
| Port Arthur TX Navigation Dist Env Fac Rev (Motiva Enterprises Llc Proj.) 3.45% 11/1/2040 VRDN (b) | 4350000 | 4350000 |
| Port Arthur TX Navigation Dist Env Fac Rev (Motiva Enterprises Llc Proj.) 3.5% 11/1/2040 VRDN (b) | 1800000 | 1800000 |
| Port Arthur TX Navigation Dist Env Fac Rev (Motiva Enterprises Llc Proj.) 3.55% 12/1/2027 VRDN (b)(c) | 6000000 | 6000000 |
|  |  | 12150000 |
| Resource Recovery - 1.2% |  |  |
| Mission TX Economic Dev Corp Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2012, 3.85% tender 1/1/2026 (b)(c) | 400000 | 399949 |
| Mission TX Economic Dev Corp Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2020A, 3.85% tender 5/1/2050 (b)(c) | 900000 | 899885 |
| Mission TX Economic Dev Corp Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2020 B, 3.8% tender 7/1/2040 (b)(c) | 1400000 | 1399559 |
| Mission TX Economic Dev Corp Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2023A, 4.25% tender 6/1/2048 (b)(c) | 300000 | 301742 |
|  |  | 3001135 |
| Special Tax - 0.6% |  |  |
| Fort Worth Tex Spl Tax Rev (Will Rogers Memorial Ctr Proj.) Series 2025, 5% 3/1/2026  | 400000 | 403873 |
| Fort Worth Tex Spl Tax Rev (Will Rogers Memorial Ctr Proj.) Series 2025, 5% 3/1/2029  | 900000 | 967883 |
|  |  | 1371756 |
| Synthetics - 0.7% |  |  |
| Brazos County Tex Hsg Fin Corp Participating VRDN Series 2023 XF3129, 3.17% 9/1/2041 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e) | 200000 | 200000 |
| El Paso TX Hsg Fin Auth Participating VRDN Series 2022 MIZ9104, 3.12% 8/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(f) | 200000 | 200000 |
| Texas Affordable Hsg Corp Multi Fam Hsg Rev Participating VRDN 3.12% 10/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(f) | 1300000 | 1300000 |
|  |  | 1700000 |
| Transportation - 1.8% |  |  |
| Austin Tex Airport Sys Series 2022, 5% 11/15/2025 (c) | 105000 | 105259 |
| Dallas Fort Worth International Airport Series 2025 A 1, 5% 11/1/2027 (c)(d) | 3745000 | 3900690 |
| Galveston TX Wharves & Terminal Revenue Series 2023, 5.25% 8/1/2026 (c) | 235000 | 238475 |
| North TX Twy Auth Rev 5% 1/1/2026  | 65000 | 65370 |
|  |  | 4309794 |
| Water & Sewer - 0.4% |  |  |
| San Antonio TX Wtr Rev Series 2013 F, 1% tender 5/1/2043 (b) | 1000000 | 974281 |
| TOTAL TEXAS |  | 41257975 |
| Utah - 0.4%  |  |  |
| Health Care - 0.1% |  |  |
| Utah Cnty Utah Hosp Rev (Ihc Health Services Inc Proj.) Series 2020B 2, 5% tender 5/15/2060 (b) | 160000 | 162971 |
| Housing - 0.1% |  |  |
| UT Hsg Corp Multifamily Rev Series 2024, 3.7% tender 8/1/2043 (b) | 235000 | 236629 |
| Industrial Development - 0.0% |  |  |
| Box Elder Cnty Utah Pollution Ctl Rev (Nucor Corp Proj.) 3.1% 4/1/2028 VRDN (b) | 100000 | 100000 |
| Transportation - 0.2% |  |  |
| Salt Lake City UT Arpt Rev Series 2023A, 5% 7/1/2027 (c) | 60000 | 62182 |
| Salt Lake City UT Arpt Rev Series 2025A, 5% 7/1/2027 (c) | 340000 | 352366 |
|  |  | 414548 |
| TOTAL UTAH |  | 914148 |
| Virginia - 1.4%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Halifax Cnty VA Indl Dev Auth Pollution Ctl Rev (Virginia Electric And Power Co Proj.) 3.8% tender 12/1/2041 (b) | 135000 | 136979 |
| Escrowed/Pre-Refunded - 0.2% |  |  |
| Virginia Small Business Fing Auth Environmental Facs Rev 4% tender 11/1/2052 (b)(c) | 400000 | 400233 |
| Housing - 0.2% |  |  |
| Alexandria VA Redv & Hsg Auth Multi Fam Hsg Rev Series 2024, 3.4% tender 12/1/2054 (b) | 475000 | 475203 |
| Synthetics - 1.0% |  |  |
| Lynchburg Economic Development Authority Participating VRDN Series 2018 XL0075, 3.19% 1/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 2000000 | 2000000 |
| Nat'l Sr Campuses Participating VRDN Series 2022 028, 3.24% 1/1/2045 (Liquidity Facility Barclays Bank PLC) (b)(e) | 400000 | 400000 |
|  |  | 2400000 |
| TOTAL VIRGINIA |  | 3412415 |
| Washington - 2.5%  |  |  |
| Health Care - 0.6% |  |  |
| Washington St Health Care Facs Auth Rev (Multicare Health System, WA Proj.) 5% 8/15/2026  | 1355000 | 1379049 |
| Housing - 1.1% |  |  |
| King Cnty Wash Hsg Auth Hsg Rev (King Cnty WA Mhsg Rev 2019 Proj.) Series 2025, 5% 1/1/2026  | 215000 | 215891 |
| King Cnty Wash Hsg Auth Hsg Rev (King Cnty WA Mhsg Rev 2019 Proj.) Series 2025, 5% 1/1/2029  | 450000 | 474591 |
| Seattle Wash Hsg Auth Rev Series 2023, 5% 6/1/2027  | 80000 | 81389 |
| Washington St Hsg Fin Commn Multifamily Hsg Rev Series 2023, 5% tender 12/1/2043 (b) | 135000 | 136678 |
| Washington St Hsg Fin Commn Multifamily Hsg Rev Series 2025, 2.7% tender 4/1/2044 (b) | 1825000 | 1815865 |
|  |  | 2724414 |
| Transportation - 0.7% |  |  |
| Port Seattle WA Rev Series 2018A, 5% 5/1/2027 (c) | 250000 | 258025 |
| Port Seattle WA Rev Series 2022B, 5% 8/1/2026 (c) | 95000 | 96628 |
| Port Seattle WA Rev Series 2025 B, 5% 10/1/2028 (c) | 1290000 | 1372701 |
|  |  | 1727354 |
| Water & Sewer - 0.1% |  |  |
| King Cnty WA Swr Rev 0.875% tender 1/1/2042 (b) | 325000 | 322450 |
| TOTAL WASHINGTON |  | 6153267 |
| West Virginia - 0.3%  |  |  |
| Health Care - 0.1% |  |  |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2018 E, 3.5% 6/1/2033 VRDN (b) | 300000 | 300000 |
| Industrial Development - 0.2% |  |  |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Appalachian Power Co Proj.) Series 2011A, 3.3% tender 1/1/2041 (b)(c) | 405000 | 407903 |
| TOTAL WEST VIRGINIA |  | 707903 |
| Wisconsin - 1.9%  |  |  |
| Education - 0.1% |  |  |
| Wisconsin St Health & Edl Facs Auth Rev (Marquette University, WI Proj.) 5% 10/1/2025  | 360000 | 360000 |
| Escrowed/Pre-Refunded - 0.4% |  |  |
| Wisconsin Health & Educational Facilities Authority Series 2016 A, 4% 11/15/2046 (Pre-refunded to 5/15/2026 at 100)  | 885000 | 892211 |
| General Obligations - 0.1% |  |  |
| Milwaukee WI Gen. Oblig. 2% 3/1/2027  | 190000 | 187649 |
| Health Care - 0.6% |  |  |
| Wisconsin St Health & Edl Facs Auth Rev (Advocate Health Care Network Proj.) 5% tender 8/15/2054 (b) | 330000 | 335124 |
| Wisconsin St Health & Edl Facs Auth Rev (Sanford Health, SD Proj.) Series 2024 A, 5% 2/15/2026  | 400000 | 403190 |
| Wisconsin St Health & Edl Facs Auth Rev (Sanford Health, SD Proj.) Series 2024 A, 5% 2/15/2028  | 525000 | 551273 |
|  |  | 1289587 |
| Housing - 0.3% |  |  |
| Wisconsin Hsg & Eda Hsg Rev (Wi Hsg Rev 3/12/74 Proj.) 2.99% 5/1/2042, LOC Bank of America NA VRDN (b)(c) | 700000 | 700000 |
| Wisconsin Hsg & Eda Hsg Rev (Wi Mhsg Rev 2007 Proj.) Series 2023 E, 3.875% tender 11/1/2054 (b) | 115000 | 115088 |
|  |  | 815088 |
| Industrial Development - 0.1% |  |  |
| Wisconsin St Health & Edl Facs Auth Rev (WI Forensic Science Proj Proj.) Series 2024, 5% 8/1/2027 (g) | 340000 | 344575 |
| Transportation - 0.3% |  |  |
| Milwaukee Cnty WI Arpt Rev Series 2023B, 5% 12/1/2025 (c) | 800000 | 802755 |
| TOTAL WISCONSIN |  | 4691865 |
| Wyoming - 0.7%  |  |  |
| Electric Utilities - 0.7% |  |  |
| Lincoln Cnty Wyo Environmental Impt Rev (Pacificorp Proj.) Series 1995, 3.17% 11/1/2025 VRDN (b)(c) | 900000 | 900000 |
| Sweetwater Cnty WY Env Imp Rev (Pacificorp Proj.) 4% 11/1/2025 VRDN (b)(c) | 700000 | 700000 |
|  |  | 1600000 |
| TOTAL WYOMING |  | 1600000 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $235,980,236) |  | <br> **236503482** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.6%** | &nbsp;&nbsp;**Money Market Funds - 3.6%** | &nbsp;&nbsp;**Money Market Funds - 3.6%** | &nbsp;&nbsp;**Money Market Funds - 3.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Municipal Cash Central Fund (j)(k)<br>(Cost $8,781,415)<br>| 3.29 | 8779659 | **8781415** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.5%**<br> (Cost $244,761,651)<br>| <br>**245284897** |
| **NET OTHER ASSETS (LIABILITIES) - (1.5)%**  | **(3675772)** |
| **NET ASSETS - 100.0%** | **241609125** |

---

**Security Type Abbreviations**

BAN - BOND ANTICIPATION NOTE <br> VRDN - VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(c) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(e) Provides evidence of ownership in one or more underlying municipal bonds. Coupon rates are determined by re-marketing agents based on current market conditions.

(f) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $8,114,268 or 3.4% of net assets.

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,278,195 or 0.9% of net assets.

(h) Zero coupon bond which is issued at a discount.

(i) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

(j) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Central Fund.

(k) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2023 MIZ9157, 3.12% 12/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) | 12/21/2023 | 200000 |
| Arizona Ind Dev Auth Participating VRDN Series 2023 MIZ9149, 3.12% 7/1/2040 (Liquidity Facility Mizuho Capital Markets LLC) | 9/26/2024 | 500000 |
| California Statewide Cmntys Dev Auth Multi Fam Hsg Rev Participating VRDN 3.1% 11/1/2052 (Liquidity Facility Mizuho Capital Markets LLC) | 6/22/2023 | 800000 |
| El Paso TX Hsg Fin Auth Participating VRDN Series 2022 MIZ9104, 3.12% 8/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) | 8/5/2022 | 200000 |
| Los Angeles CA Multi Fam Mtg Rev Participating VRDN Series 2025 MIZ9221, 3.1% 8/4/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 8/5/2025 | 1400000 |
| Metropolitan Govt Nashville & Davidson County Hlth & Edl Facs Participating VRDN Series 2024 MIZ9163, 3.12% 12/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) | 1/18/2024 | 200000 |
| Miami Dade County Hsg Multi Fam Hsg Rev Participating VRDN Series 2022 MIZ9087, 3.12% 11/1/2061 (Liquidity Facility Mizuho Capital Markets LLC) | 1/27/2022 | 200000 |
| Nat'l Fin Auth NH Specialty Bonds Series 2024 MS0023, 3.19% tender 12/15/2030 (Liquidity Facility Morgan Stanley Bank NA) | 4/16/2024 | 500000 |
| Saint Paul Hsg & Redev Auth Rev Participating VRDN Series 2023 MIZ9145, 3.12% 6/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) | 9/26/2024 | 300000 |
| San Francisco City & County Multi Fam Hsg Rev Participating VRDN 3.1% 12/1/2052 (Liquidity Facility Mizuho Capital Markets LLC) | 12/19/2022 - 1/30/2023 | 2200000 |
| St Louis County Ind Dev Auth Multi Fam Hsg Rev Participating VRDN 3.12% 10/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) | 11/17/2023 | 200000 |
| Steele Duncan Plaza LLC Participating VRDN Series 2022 MIZ9103, 3.12% 8/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) | 8/11/2022 | 114268 |
| Texas Affordable Hsg Corp Multi Fam Hsg Rev Participating VRDN 3.12% 10/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) | 1/27/2023 | 1300000 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Municipal Cash Central Fund | 5926511 | 53372849 | 50517945 | 159010 | - | - | 8781415 | 8779659 | 0.3% |
| Total | 5926511 | 53372849 | 50517945 | 159010 | - | - | 8781415 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.

**Investment Valuation**

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - Unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Municipal Securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

*The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.*

*Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.*

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02210

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $246685702.78

**Total Liabilities:** $5260830.96

**Net Assets:** $241424871.82

**Delayed Delivery Securities:** $4645008.90

**Cash Not Reported:** $998.77

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2187.94102900 | **1-Year:** 9085.10218950 | **5-Year:** 5079.21958400 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 431.06758709 | **1-Year:** 375.33164828 | **5-Year:** 201.59971634 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194468 | 0.35%                | 0.26%                | 0.26%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1998.60                 | $225491.10                                 |
| Month 2  | $14431.36                | $146232.03                                 |
| Month 3  | $40.01                   | $-102354.15                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| KING CNTY WASH HSG AUTH HSG RE                                                    | KING CNTY WA MF 5% 1/1/2029                                                  | CUSIP: 494759SL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $474591.42    | 0.20%             | 2029-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV                                      | CA ST MFA SW 3.85% MT @                                                      | CUSIP: 13048RAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $799922.64    | 0.33%             | 2041-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| STANTON CNTY NE INDL DEV REV                                                      | NE NUCOR 98 V7@                                                              | CUSIP: 854743AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.04%             | 2028-06-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASH DC ARPTS ATH                                                    | MTRO WA DC ARPT 5% 10/1/2028 @                                               | CUSIP: 592647LL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $335007.41    | 0.14%             | 2028-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ECONOMIC DEV REV                                              | IN FIN ECON REP SERV 2012 MT@                                                | CUSIP: 45505RBT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $399820.68    | 0.17%             | 2028-05-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL                                                                      | COOK CY IL 5% 11/15/2025                                                     | CUSIP: 213185MT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $255692.99    | 0.11%             | 2025-11-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HEALTH CARE AUTH FOR BAPT HLTH ALA                                                | HLTH BAPTIST AL 2013B V7                                                     | CUSIP: 42219UBR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.12%             | 2042-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| FORT WORTH TEX SPL TAX REV                                                        | FORT WRTH TEX 5% 3/1/2029                                                    | CUSIP: 349507DE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $967883.04    | 0.40%             | 2029-03-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CA CMNTY CHOICE FIN AUTH 2022-XF3007-NUV Q=MO D7                             | CUSIP: 88035DDL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2005000 | PA      | $2005000.00   | 0.83%             | 2053-05-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUN PWR REV                                                              | AMERICAN MUN OH 5% 2/15/2026                                                 | CUSIP: 02765URM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302605.47    | 0.13%             | 2026-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CHICAGO IL TRANSIT SALES TX 2024-XF3290-BNY Q=WF D7                          | CUSIP: 88035J4S8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.17%             | 2049-12-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| OSCEOLA CNTY FLA TRANSN REV                                                       | OSCEOLA FL TRAN 0% 10/1/2025                                                 | CUSIP: 688031EE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125000.00    | 0.05%             | 2025-10-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST SCH BLDG AUTH DEDICATED SALES TAX REV                            | MA SCH BLDG 5% 8/15/2027                                                     | CUSIP: 576000RT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300348.96    | 0.12%             | 2027-08-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY N Y INDL DEV AGY MULTI-FAMILY HSG REV                                 | MONRO NY 61075N 5% 7/1/2028                                                  | CUSIP: 61075NAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $93270.40     | 0.04%             | 2028-07-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                            | MAIN STR NAT GA 4% MT                                                        | CUSIP: 56035DCZ3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    515000 | PA      | $527575.37    | 0.22%             | 2052-05-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT REV                                                               | ATLANTA GA ARPT 5% 7/1/2027 @                                                | CUSIP: 04780M2H1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1042424.29   | 0.43%             | 2027-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                            | MAIN STR NAT GA 5% 3/1/2026                                                  | CUSIP: 56035DGW6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    350000 | PA      | $352452.56    | 0.15%             | 2026-03-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | AZ IDA MF HSG ROERS FLAGSTAFF 2023-MIZ9157 MZ/MZ D35                         | CUSIP: 60700HUK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.08%             | 2063-12-01      | Variable      | 0.03%                 | Yes           |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ECONOMIC DEV REV                                              | IN FIN ECON VAR MT@                                                          | CUSIP: 45505RBN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $399820.68    | 0.17%             | 2028-05-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                        | BLACK BELT ENE 5.5% 6/1/2049 MT                                              | CUSIP: 09182TCR6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    210000 | PA      | $225066.14    | 0.09%             | 2049-06-01      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| ALBANY NY                                                                         | ALBANY CITY NY 3/20/26 BAN                                                   | CUSIP: 012429CF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2510681.50   | 1.04%             | 2026-03-20      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| DENVER CO CITY and CNTY ARPT                                                      | DENVER CO ARPT 5% 12/1/2027 @                                                | CUSIP: 249182LA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $287592.50    | 0.12%             | 2027-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DALLAS TX ISD                                                                     | DALLAS TX ISD 25A-1 G=PSF MT                                                 | CUSIP: 235308Q30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1209072.72   | 0.50%             | 2055-02-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REV                                                                  | OH UNIV HOSP SYS R-FLOAT V7                                                  | CUSIP: 67756CCB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.21%             | 2033-01-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TEX HSG TR PUB FACCORP MULTIFAMILY HSG REV                            | SAN ANTONI TXS 3.45% MT                                                      | CUSIP: 79626VAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $513053.93    | 0.21%             | 2029-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| ST JAMES PARISH LA REV                                                            | LA NUCOR 10B1 V7                                                             | CUSIP: 790103AH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.17%             | 2040-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FING AUTH ENVIRONMENTAL FACS REV                          | VA SM BUS PURE SALMON LLC PRE MT@                                            | CUSIP: 92810RAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400233.16    | 0.17%             | 2052-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| WAYNE ST UNIV MI UNIV REVS                                                        | WAYNE ST U MI 5% 11/15/2026                                                  | CUSIP: 946303H31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513770.65    | 0.21%             | 2026-11-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASH DC ARPTS ATH                                                    | MTRO WA DC ARPT 5% 10/1/2027 @                                               | CUSIP: 592647MK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $558186.58    | 0.23%             | 2027-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST INDS AUTH EDL FACSLEASE REV                                           | OKLAHOMA ST IND 5% 4/1/2026                                                  | CUSIP: 67910FAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $530848.19    | 0.22%             | 2026-04-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HEALTH and EDL FACS AUTH REVENUE                                   | CONN ST HEALTH 2.80% 7/1/2057                                                | CUSIP: 20775DUY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1099190.95   | 0.46%             | 2057-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH and EDL FACSAUTH REV                                          | WISCONSIN ST H 5% 2/15/2026                                                  | CUSIP: 97712JKC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $403189.76    | 0.17%             | 2026-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| LIBERTY NY DEV CORP REV                                                           | LIBERTY NY DEV 2015-XM0106 LIQ MORGAN STANLEY                                | CUSIP: 531127AM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.12%             | 2035-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH PCR                                                        | BURKE GA PCR 3.7% MT                                                         | CUSIP: 121342QM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $158252.21    | 0.07%             | 2032-10-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMN MULTIFAMILY HSG REV                                   | WA HFC MF 2.7% 4/1/2044 MT                                                   | CUSIP: 93978PPY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1815864.42   | 0.75%             | 2044-04-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| DALLAS TEX HSG FIN CORP MULTI FAMILY HSG REV                                      | DALLAS MHSG 5% MT                                                            | CUSIP: 235298BT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $190196.42    | 0.08%             | 2026-09-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BERKELEY CNTY SC INDL DEV REV                                                     | SC NUCOR 97 V7@                                                              | CUSIP: 084185DD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.12%             | 2030-04-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| PORT SEATTLE WA REV                                                               | PORT SEATTLE 5% 5/1/2027 @                                                   | CUSIP: 735389C63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258024.95    | 0.11%             | 2027-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BEXAR MGMT and DEV CORP TEX MULTIFAMILY HSG REV                                   | BEXAR MGMT and DE 3.02% MT                                                   | CUSIP: 08857CAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1006608.40   | 0.42%             | 2045-05-10      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| SULLIVAN WEST CENT SCH DIST NY                                                    | SULLIVAN WEST NY CSD 6/25/26 BAN                                             | CUSIP: 865353DG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006513.60   | 0.42%             | 2026-06-25      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REV                                                        | SLT LAKE U 5% 7/1/2027@                                                      | CUSIP: 795576MF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $352365.49    | 0.15%             | 2027-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PAWTUCKET R I                                                                     | PAWTUCKET CITY RI 24-2 10/24/25 BAN                                          | CUSIP: 7041654L0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300154.89    | 0.12%             | 2025-10-24      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| ITHACA CITY NEW YORK                                                              | ITHACA CITY NY 7/17/26 BAN                                                   | CUSIP: 465650U80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395727 | PA      | $399236.94    | 0.17%             | 2026-07-17      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | NASHVILLE and DAVIDSON TN HLTH and EDUC EWING HGTS 2024-MIZ9163 MZ/MZ D35    | CUSIP: 60700HVD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.08%             | 2062-12-01      | Variable      | 0.03%                 | Yes           |                  2 | On Loan: No      |
| DECATUR AL INDL DEV BRD EXEMPT                                                    | AL NUCOR 03A V7@                                                             | CUSIP: 242846AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.41%             | 2036-08-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MOBILE AL IDB POLLUTN CTL REV                                                     | MOBILE AL IDB 3.65% MT                                                       | CUSIP: 607167DX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500731.45    | 0.21%             | 2034-07-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA AVIATION BOARD                                                     | N ORLEANS AVIAT 5% 1/1/2026@                                                 | CUSIP: 64763HLX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $281444.27    | 0.12%             | 2026-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DALLAS TX                                                                         | DALLAS TX 5% 2/15/2026                                                       | CUSIP: 235219VZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008457.40   | 0.42%             | 2026-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NORTH TX TWY AUTH REV                                                             | NORTH TX TOLL 5% 1/1/2026                                                    | CUSIP: 66285WE77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65369.64     | 0.03%             | 2026-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ARGYLE TX INDPT SCH DIST                                                          | ARGYLE TX ISD 4% G=PSF 8/15/2057 MT                                          | CUSIP: 040319X26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $400332.23    | 0.17%             | 2057-08-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG and FIN AUTH MULTIFAMILY HSG REV                                     | CO HSG and FIN 3.5% 11/1/2043                                                | CUSIP: 19647PDN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $401153.40    | 0.17%             | 2043-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| HIGHER ED STUDENT ASSISTANCE AUTH NJ STUDENT LN REV                               | NJ STUD LOAN 5% 12/1/2025 @                                                  | CUSIP: 646080WH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250679.10    | 0.10%             | 2025-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP                                          | NY TRANS CORP 5% 12/1/2026 @                                                 | CUSIP: 650116FA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $337285.64    | 0.14%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY ARIZ INDL DEV AUTH HOSP REV                                         | MARICOPA C 5% 12/1/2025                                                      | CUSIP: 56678PBR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $361264.18    | 0.15%             | 2025-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| COLUMBUS-FRANKLIN CNTY OHIO FIN AUTH MULTIFAMILY HSG REV                          | COLUMBUS HSG RE 5% 7/1/2045 MT                                               | CUSIP: 19910XAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $132407.55    | 0.05%             | 2045-07-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY GA DEV AUTH PCR                                                       | MONROE GA PCR (GEORGIA PWR CO PLT SCHERER) 3.88% 10/1/48                     | CUSIP: 610530FY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170654.98    | 0.07%             | 2048-10-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PORT AUTH NY and NJ                                                               | PORT NY NJ 5% 12/1/2026 @                                                    | CUSIP: 73358XJU7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    565000 | PA      | $578430.84    | 0.24%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REV                                                         | JEFF AL W+S 5% 10/1/2025                                                     | CUSIP: 472682YU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90000.00     | 0.04%             | 2025-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | BRAZOS TX HSG FIN CORP 2023-XF3129-AMR MZ/MZ D7                              | CUSIP: 88035GQP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.08%             | 2041-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV                                      | CA SOLID WASTE REPUBLIC SEVICES 21A MT@                                      | CUSIP: 13048RAJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100000.00   | 0.46%             | 2041-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY CITY IDA REV                                                          | NYC IDA 5% 1/1/2026                                                          | CUSIP: 64971PKU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35180.64     | 0.01%             | 2026-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | MD MF HSG WOODINGTON GARDENS 2024-XF3222-AMR MZ/MZ D7                        | CUSIP: 88035HK96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.12%             | 2054-04-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CA MF HSG FIN AGY 2023-XF3127-AMR MZ/MZ D7                                   | CUSIP: 88035F4X5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.08%             | 2030-06-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV                                      | CA SOLID WASTE REPUBLIC SEVICES 21B MT@                                      | CUSIP: 13048RAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $399817.88    | 0.17%             | 2051-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TEXAS STATE                                                                       | TX ST VET 07A Q=SS V7@                                                       | CUSIP: 882724HG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.33%             | 2037-06-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | SAINT LOUIS MO IDA HAWKINS VILLAGE APTS 2023-MIZ9153 MZ/MZ D35               | CUSIP: 60700HTX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.08%             | 2063-10-01      | Variable      | 0.03%                 | Yes           |                  2 | On Loan: No      |
| CHICAGO IL OHARE INTL ARPT REV                                                    | CHICAGO OHARE 5% 1/1/2026 @                                                  | CUSIP: 1675937E6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $412218.39    | 0.17%             | 2026-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                        | BLACK BELT ENE 5.25% 12/1/2025                                               | CUSIP: 09182TBY2<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |     95000 | PA      | $95282.12     | 0.04%             | 2025-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTHRV                                                               | ILLINOIS FN RV 5% 1/1/2026                                                   | CUSIP: 45204FF83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $351817.03    | 0.15%             | 2026-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NAVARRO TEX INDPT SCH DIST                                                        | NAVARRO ISD 4% 2/15/28 MT                                                    | CUSIP: 639285SW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $459529.65    | 0.19%             | 2062-02-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                                                        | DETROIT MI 5% 5/1/2026                                                       | CUSIP: 2510936G0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $161717.73    | 0.07%             | 2026-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DIRECTOR ST NV DPT BUS and IND SOLID WASTE DISP REV                               | NV SLD WST 3.95% @ MT                                                        | CUSIP: 25459JAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $199970.50    | 0.08%             | 2026-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| HONOLULU HI CITY and CNTY MFR                                                     | HONOLULU HI MFR 5% 12/1/2026 MT                                              | CUSIP: 438697BQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $374839.45    | 0.16%             | 2027-06-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BROWARD CTY FL HSG AUT HSG REV                                                    | BROWARD HSG 3.15% MT                                                         | CUSIP: 115027RE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $390871.14    | 0.16%             | 2028-03-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | NY MTA TRANS 2022-XF1355-NUV Q=JPMC BK D7                                    | CUSIP: 88035DDN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2300000.00   | 0.95%             | 2043-11-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MILWAUKEE CNTY WI ARPT REV                                                        | MILWAUKEE WI AR 5% 12/1/2025 @                                               | CUSIP: 602248ME3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $802755.12    | 0.33%             | 2025-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | TX ST MF HSG ROERS BOERNE 2023-MIZ9124 MZ/MZ D35                             | CUSIP: 60700HQD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300000.00   | 0.54%             | 2062-10-01      | Variable      | 0.03%                 | Yes           |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | EL PASO TX HSG FIN 2022-MIZ9104 MZ/MZ D35                                    | CUSIP: 60700HNE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.08%             | 2062-08-01      | Variable      | 0.03%                 | Yes           |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH and EDL FACSAUTH REV                                          | WISCONSIN ST H 5% 2/15/2028                                                  | CUSIP: 97712JKE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $551272.68    | 0.23%             | 2028-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TEXAS A and M UNIVERSITY REVS                                                     | TX A and M UNIV 4% 5/15/2027                                                 | CUSIP: 88213AGU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008472.20   | 0.42%             | 2027-05-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY GO                                                                  | NYC NY 5% 8/1/2028                                                           | CUSIP: 64966SKE5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2255000 | PA      | $2411610.88   | 1.00%             | 2028-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IND LOC PUB IMPTBD BK                                                | INDIANAPOLIS BK 5% 1/1/2026 @                                                | CUSIP: 45528VAX7<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65346.77     | 0.03%             | 2026-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ILLINOIS HSG DEV AUTH MULTIFAMILY HSG REV                                         | ILLINOIS HDA MU 5% 2/1/2027 MT                                               | CUSIP: 45203LEL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90562.94     | 0.04%             | 2027-02-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                     | PA EDFA SW 3.95% MT@                                                         | CUSIP: 708692CB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $799748.24    | 0.33%             | 2049-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IND LOC PUB IMPTBD BK                                                | INDIANAPOLIS BK 5% 1/1/2027 @                                                | CUSIP: 45528VAY5<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    130000 | PA      | $133239.26    | 0.06%             | 2027-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST DEV FIN BRD SOLID WASTE DISP REV                                      | MISSOURI ST DEV FIN BRD SOLID WASTE DISP REV PROCTER and GAMBLE PAPER PRODS@ | CUSIP: 60636LAA7<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |    275000 | PA      | $294004.76    | 0.12%             | 2029-03-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH PCR                                                        | BURKE GA PCR 3.8% 10/1/2032 MT                                               | CUSIP: 121342QJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201040.86    | 0.08%             | 2032-10-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ECONOMIC DEV AUTH SOLD WASTE DISP FACS REV                          | WV EDA SLD WAST 3.3% MT @                                                    | CUSIP: 95648VBY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $407903.00    | 0.17%             | 2041-01-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX WTR REV                                                            | SAN ANTONIO WTR 1% MT                                                        | CUSIP: 79642GNB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $974280.80    | 0.40%             | 2043-05-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HSG and EDA HSG REV                                                     | WISCONSIN HSG and ECONOMIC DEV AUTH HSG REV VAR-AMT-SER F                    | CUSIP: 976904SB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700000.00    | 0.29%             | 2042-05-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| CAMDEN CNTY N J IMPT AUTH MULTIFAMILY REV                                         | CAMDE NJ 13281R 5% MT                                                        | CUSIP: 13281RAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $554451.32    | 0.23%             | 2027-03-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BERKELEY CNTY SC INDL DEV REV                                                     | SC NUCOR 95 V7@                                                              | CUSIP: 084185DB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.04%             | 2028-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CO ST COMMONSPIRIT HLTH 2022-XM1059-ALL Q=JPMC BK D7                         | CUSIP: 88035DT54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2780000 | PA      | $2780000.00   | 1.15%             | 2042-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH REV                                                  | NEW JERSEY ECN 5% 3/1/2026                                                   | CUSIP: 64577XEN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $363368.48    | 0.15%             | 2026-03-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CO FL IDA SLD WASTE DISP REV                                           | MIAMI-DADE SLW 4.50% 11/1/2048 MT @                                          | CUSIP: 59333GAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999886.60    | 0.41%             | 2048-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST                                                                   | PA ST 5% 7/15/2026                                                           | CUSIP: 70914PP97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203926.94    | 0.08%             | 2026-07-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | SAN FRAN CA MHSG FD HAYNES APTS 2025-CF7033 CI/CI D7- FOR CASH               | CUSIP: 88035PYA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100000.00   | 0.46%             | 2053-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                       | IL ST 5% 11/1/2026                                                           | CUSIP: 452152Q61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $87087.05     | 0.04%             | 2026-11-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| KANSAS ST DEV FIN AUTH MULTIFAMILY HSG REV                                        | KS ST DEV FIN A 2.95% 9/1/2059 MT                                            | CUSIP: 48542TBN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $689383.28    | 0.29%             | 2059-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                            | MAIN STR NAT GA 5% 12/1/2026                                                 | CUSIP: 56035DFN7<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76554.74     | 0.03%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MOBILE AL IDB POLLUTN CTL REV                                                     | MOBILE AL IDB 3.78% MT                                                       | CUSIP: 607167DW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100259.47    | 0.04%             | 2034-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | BALTIMORE MD OAK CREST VLG BC22-032 BC/BC D42                                | CUSIP: 76252PVZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.08%             | 2050-01-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | BLACK BELT AL ENERGY 2022-XF3073-NUV Q=MO D7                                 | CUSIP: 88035EPR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.41%             | 2053-02-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | VA NATL SENIOR CAMPUS BC22-028 BC/BC DR42                                    | CUSIP: 76252PVB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.17%             | 2045-01-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| JACKSON ST UNIV EDL BLDG CORP MS REV                                              | JACKSON ST UNIV .80% 3/1/2028                                                | CUSIP: 468714FF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $604494.41    | 0.25%             | 2028-03-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| MEADE CNTY KY INDL BLDG REV                                                       | KY NUCOR 20A1 V1@                                                            | CUSIP: 583022AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100000.00   | 0.46%             | 2060-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PORT AUTH NY and NJ                                                               | PORT NY NJ 5% 10/15/2028 @                                                   | CUSIP: 73358XRB0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    630000 | PA      | $668860.92    | 0.28%             | 2028-10-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MIAMI DADE CNTY FL HSG FIN AUTH MULTIFAMILY HSG REV                               | MIAMI-DADE MFH 3.55% MT                                                      | CUSIP: 593344BT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $290240.29    | 0.12%             | 2027-01-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REV                                                         | JEFF AL W+S 5% 10/1/2026                                                     | CUSIP: 472682YV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56258.33     | 0.02%             | 2026-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| LINCOLN CNTY WYO ENVIRONMENTAL IMPT REV                                           | WY PACIFICORP-BRK LIN 95 V7@                                                 | CUSIP: 533477AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $900000.00    | 0.37%             | 2025-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CO NY                                                                  | WASHINGTON CNTY NY 3/20/26 BAN                                               | CUSIP: 938123HY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $603219.36    | 0.25%             | 2026-03-20      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| GEISINGER AUTH PA HLTH SYS REV                                                    | GEISINGER PA 5% 4/1/2043 MT                                                  | CUSIP: 368497JX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $418022.43    | 0.17%             | 2043-04-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT ARPTS REV                                                     | LA CA AIRPT 5% 5/15/2026 @                                                   | CUSIP: 5444453E7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $821615.81    | 0.34%             | 2026-05-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | BRIGHTLINE FL PASSENGER RAIL 2024-XG0577-NUV E-AGM(BC)/BC D1@                | CUSIP: 88035HZ74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100000.00   | 0.46%             | 2053-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                     | PA EDFA SW MT@                                                               | CUSIP: 708692BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1800000.00   | 0.75%             | 2044-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | OMAHA NE ARPT 2024-XG0593-MST E-AGC/Q=BA D7@                                 | CUSIP: 88035JY22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.21%             | 2049-12-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| DENVER CO CITY and CNTY ARPT                                                      | DENVER CO ARPT 5% 11/15/2025 @                                               | CUSIP: 249182QA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $165417.62    | 0.07%             | 2025-11-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WAYNE CNTY MICH ARPT AUTH REV                                                     | WAYNE CO MI AAR 5% 12/1/2026@                                                | CUSIP: 944514TC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55047.06     | 0.02%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | CA ST MFH KENSINGTON APTS 2022-MIZ9113 MZ/MZ D35                             | CUSIP: 60700HPB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.33%             | 2052-11-01      | Variable      | 0.03%                 | Yes           |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL DEV REVS                                            | PA THO JFFRSN U 17B RFLOAT7                                                  | CUSIP: 71781XCR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1450000.00   | 0.60%             | 2050-09-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| GENESEE COUNTY FUNDING CORP/THE                                                   | GENESEE COUNT 5% 12/1/2025                                                   | CUSIP: 371669AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175392.70    | 0.07%             | 2025-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV                           | CALIFORNIA CMY 5% 10/1/2028                                                  | CUSIP: 13013JGS9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    435000 | PA      | $457162.16    | 0.19%             | 2028-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| FORT WORTH TEX SPL TAX REV                                                        | FORT WRTH TEX 5% 3/1/2026                                                    | CUSIP: 349507DB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $403873.08    | 0.17%             | 2026-03-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FD LTD OBLIG REV                                            | MI STRAT FND 3.35% MT@                                                       | CUSIP: 594698TK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $726040.70    | 0.30%             | 2049-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | NY MTA TRAN-XF8023-NUV Q=JP D7                                               | CUSIP: 88035RHX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200000.00   | 0.50%             | 2049-11-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CHICAGO IL OHARE ARPT 2025-ZF1980-BLK Q=JP D7@ - for cash                    | CUSIP: 88035PU55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600000.00    | 0.25%             | 2059-01-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REV                                                                  | OH UNIV HOSP HLTH SVCS 15B V7                                                | CUSIP: 67756CCG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $900000.00    | 0.37%             | 2045-01-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| GRAND FORKS ND HEALTH CARE SYS REV                                                | GRD FORKS ND HL 5% 12/1/2025                                                 | CUSIP: 38546WCW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25031.23     | 0.01%             | 2025-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WALKER CNTY AL ECONOMIC and INDL DEV AUTH SOLID WASTE DISP REV                    | AL PWR - SOUTHERN CO 07 V1@                                                  | CUSIP: 931542AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.41%             | 2036-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH MULTIFAMILY HSG REV                                      | ARIZONA ST INDL 2.76% MT                                                     | CUSIP: 04062PDH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $595577.46    | 0.25%             | 2047-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | MD RIDERWOOD VLG BC22-029 BC/BC DR42                                         | CUSIP: 76252PVG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.17%             | 2045-01-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | MIAMI-DADE CNTY FL AVIATION 2025-CF7044 E-AG/BH Q=CI D7@                     | CUSIP: 88035RGV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.62%             | 2040-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL OHARE INTL ARPT REV                                                    | CHICAGO OHARE 5% 1/1/2028 @                                                  | CUSIP: 1675935L2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $947761.63    | 0.39%             | 2028-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX FIN CORP MFHR                                                         | HOUSTON TX MF 5% 8/1/2041                                                    | CUSIP: 442396EL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $111965.85    | 0.05%             | 2041-08-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                     | PA EDFA SW 8/1/45 MT@                                                        | CUSIP: 708692BG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1099859.86   | 0.46%             | 2045-08-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| OK DEV FIN AUTH HEALTH SYS REV                                                    | OK INTEGRIS HLTH 20B V7                                                      | CUSIP: 67884XCU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $575000.00    | 0.24%             | 2031-08-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH PCR                                                        | BURKE GA PCR MT 11/1/2048                                                    | CUSIP: 121342QK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85523.07     | 0.04%             | 2048-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY                                                           | NYS_HFA 3.375% MT                                                            | CUSIP: 64987JQ38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $925238.65    | 0.38%             | 2063-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| BROWARD CTY FL HSG AUT HSG REV                                                    | BROWARD HSG 4.05% 9/1/2056 MT                                                | CUSIP: 115027RA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125524.25    | 0.05%             | 2056-09-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BOERNE TX ISD                                                                     | BOERNE TX ISD 0% 2/1/2053                                                    | CUSIP: 097067NL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $787542.07    | 0.33%             | 2053-02-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                       | IL ST 5% 5/1/2027                                                            | CUSIP: 452153JJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $129513.25    | 0.05%             | 2027-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| LEE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY/FL                                    | LEE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY/FL V7                            | CUSIP: 52350LAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.62%             | 2049-04-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| IOWA FIN AUTH SLD DISP WST REV                                                    | IA MIDAMERICAN - BRK 08A V7@                                                 | CUSIP: 46245EAW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.33%             | 2038-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| EAST SYRACUSE-MINOA NY CENT SD                                                    | E SYRACUSE MINOA NY CSD 6/25/26 BAN                                          | CUSIP: 275443EX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $805881.60    | 0.33%             | 2026-06-25      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | ARIZONA IND DEV AUTH MF HSG 2023-MIZ9149 MZ/MZ D35                           | CUSIP: 60700HTK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.21%             | 2040-07-01      | Variable      | 0.03%                 | Yes           |                  2 | On Loan: No      |
| ILLINOIS ST                                                                       | IL ST 5% 5/1/2028                                                            | CUSIP: 452153JK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $89887.61     | 0.04%             | 2028-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ IDA MULTIFAMILY                                                      | PIMA CO AZ MF 0% 10/1/2059 MT                                                | CUSIP: 721779LM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $865373.34    | 0.36%             | 2059-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN AUTH RE                                                              | MICHIGAN FIN AU 5% 4/15/2026                                                 | CUSIP: 59447T3F8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $268144.38    | 0.11%             | 2026-04-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REV                                                         | JEFF AL W+S 5% 10/1/2027                                                     | CUSIP: 472682YW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52327.02     | 0.02%             | 2027-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                                                        | DETROIT MI 5% 5/1/2027                                                       | CUSIP: 2510936H8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $169762.31    | 0.07%             | 2027-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC ARPT REV                                                             | CHARLOTTE NC AP 5% 7/1/2027 @                                                | CUSIP: 161036VS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $570003.01    | 0.24%             | 2027-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX FIN CORP MFHR                                                         | HOUSTON TX MF 3.65% MT                                                       | CUSIP: 442396EN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $449894.15    | 0.19%             | 2048-02-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND HEALTH and EDL BLDG CORP HIGHER ED FAC REV                           | RI HLTH and EDL 5% 11/1/2025                                                 | CUSIP: 762197J77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500856.40    | 0.21%             | 2025-11-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC and GAS REV                                                   | SAN ANTONIO E and G SIFMA+87 MT                                              | CUSIP: 79625GFV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $454943.31    | 0.19%             | 2048-02-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| WHITING IND ENVIRONMENTAL FACS                                                    | WHITING IN ENV 5% MT@                                                        | CUSIP: 96634RAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $374889.55    | 0.16%             | 2044-12-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CVC IMP CRP APR REV                                                    | PHX CVC APT REV 5% 7/1/2026 @                                                | CUSIP: 71883MQJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $187885.87    | 0.08%             | 2026-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                     | PA EDFA SW 4.6% 10/1/2046 MT @                                               | CUSIP: 708692BZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2008592.20   | 0.83%             | 2046-10-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| GALVESTON TX WHARVES and TERMINAL REVENUE                                         | GALVESTON TX ST 5.25% 8/1/2026 @                                             | CUSIP: 364568HW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $238475.49    | 0.10%             | 2026-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PORT AUTH NY and NJ                                                               | PORT NY NJ 5% 12/1/2025 @                                                    | CUSIP: 73358XJT0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    275000 | PA      | $275840.10    | 0.11%             | 2025-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ITHACA CITY NEW YORK                                                              | ITHACA CITY NY 2/13/26 BAN                                                   | CUSIP: 465650U72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002896.90   | 0.42%             | 2026-02-13      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST SVC AUTH REV                                                    | SC PUB SVC 5% 12/1/2025                                                      | CUSIP: 837151ZC6<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    350000 | PA      | $351234.98    | 0.15%             | 2025-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DALLAS FORT WORTH TX INTL ARPT                                                    | DFW ARPT 5% 11/1/2027 @                                                      | CUSIP: 23503CFN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3745000 | PA      | $3900689.76   | 1.62%             | 2027-11-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PROSPER TEX INDPT SCH DIST                                                        | PROSPER TX ISD 4% 2/15/2050 MT                                               | CUSIP: 7436002V9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $111021.20    | 0.05%             | 2050-02-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| UT HSG CORP MULTIFAMILY REV                                                       | UT HSG MF 3.7% MT                                                            | CUSIP: 917434DF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $236629.33    | 0.10%             | 2043-08-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMN MULTIFAMILY HSG REV                                   | WA HFC MF 5% MT                                                              | CUSIP: 93978PPU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $136678.48    | 0.06%             | 2043-12-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | LOS ANGELES CA MF MTG REV 2025-MIZ9221 MZ/MZ D35                             | CUSIP: 60700HH77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400000.00   | 0.58%             | 2028-08-04      | Variable      | 0.03%                 | Yes           |                  2 | On Loan: No      |
| BINGHAMTON NY                                                                     | BINGHAMTON CITY NY 4/10/26 BAN                                               | CUSIP: 0904912K6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2312342.03   | 0.96%             | 2026-04-10      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BOX ELDER CNTY UTAH POLLUTION CTL REV                                             | BOX ELDER CNTY UTAH POLLUTION CTL REV VAR-REF-NUCOR CORP PROJ                | CUSIP: 103160AE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.04%             | 2028-04-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MAIKER HSG PARTNERS COLO MULTIFAMILY HSG REV                                      | MAIKER HSG PART 4.5% MT                                                      | CUSIP: 56031AAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201471.04    | 0.08%             | 2042-05-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| SWEETWATER CNTY WY ENV IMP REV                                                    | WY PACIFICORP-BRK SWE 95 V1@                                                 | CUSIP: 870481AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700000.00    | 0.29%             | 2025-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH and EDL FACSAUTH REV                                          | WISCONSIN ST H 5% MT                                                         | CUSIP: 97712JGW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $335124.60    | 0.14%             | 2054-08-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| OHIO ST HIGHER EDL FAC COMMN                                                      | OH HI ED COM 1.625% MT                                                       | CUSIP: 67756DVP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $68542.36     | 0.03%             | 2034-12-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                        | BLACK BELT ENE 5% 5/1/2028                                                   | CUSIP: 09182TFU6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |     75000 | PA      | $78200.24     | 0.03%             | 2028-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO MTG FIN AUTH MF HSG REV                                                | NM MTG MHSG REV 3/1/26 MT                                                    | CUSIP: 64719HEQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499431.90    | 0.21%             | 2042-02-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| BOERNE TX ISD                                                                     | BOERNE TX ISD 4% MT                                                          | CUSIP: 097067NQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $179748.80    | 0.07%             | 2054-02-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY ARIZ INDL DEV AUTH HOSP REV                                         | MARICOPA C 5% 12/1/2027                                                      | CUSIP: 56678PBT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $382697.39    | 0.16%             | 2027-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIF PUB PWR AUTH SOUTHN TRANSMISSION SYS RENEWALPROJ REV               | SOUTHERN CFA 5% MT                                                           | CUSIP: 842469DL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $355419.89    | 0.15%             | 2053-07-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECONIMC DEV CORP SOLID WASTE DISP REV                                  | MISSION TX EDC 7/1/2040 MT@                                                  | CUSIP: 605155BS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1399559.42   | 0.58%             | 2040-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MONTANA ST BRD HSG MULTIFAMILYHSG REV                                             | MONTANA ST BRD HSG 3.32% MT                                                  | CUSIP: 61212VAU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $664565.48    | 0.28%             | 2046-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| WALKER CNTY AL ECONOMIC and INDL DEV AUTH SOLID WASTE DISP REV                    | AL PWR - SOUTHERN CO 23-1 V1@                                                | CUSIP: 931542AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.21%             | 2063-08-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | CA STATEWIDE MFH 2023-MIZ9121 G=FHLM/MZ D1@                                  | CUSIP: 60700HPW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2100000.00   | 0.87%             | 2033-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MET AIRPORT COMMIS                                                    | MN MAC PORT REV 5% 1/1/2026 @                                                | CUSIP: 603827N28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $351831.87    | 0.15%             | 2026-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                     | PA EDFA SW 1.75% 8/1/2038 MT @                                               | CUSIP: 708692BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100017.93   | 0.46%             | 2038-08-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | LYNCHBURG VA EDA CENTRA HLTH 2018-XL0075-NUV Q=JPMC BK D7                    | CUSIP: 88034MXT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.83%             | 2055-01-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | BRIGHTLINE FL PASSENGER RAIL 2024-XF1704-NUV E-AGM(RC)/RC D7@                | CUSIP: 88035HZ25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2540000.00   | 1.05%             | 2053-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                                                      | OH AIR QUAL 3.20% 5/1/2026                                                   | CUSIP: 677525WY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $478855.34    | 0.20%             | 2026-05-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECONIMC DEV CORP SOLID WASTE DISP REV                                  | MISSION TX EDC 5/1/50 MT@                                                    | CUSIP: 605155BQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $899885.34    | 0.37%             | 2050-05-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| DISTRICT COLUMBIA WTR and SWR AU                                                  | DC W and S 3% MT                                                             | CUSIP: 254845TJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $119288.98    | 0.05%             | 2057-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST SVC AUTH REV                                                    | SC PUB SVC 5% 12/1/2026                                                      | CUSIP: 8371515X3<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    130000 | PA      | $133513.43    | 0.06%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH and EDL FACS AUTH REV                                         | WISCONSIN ST HT 4% 11/15/2046                                                | CUSIP: 97712D7E0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    885000 | PA      | $892211.33    | 0.37%             | 2046-11-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| LOUISIANA HOUSING CORP                                                            | RIDGE COMMONS COLLAT SOFT PUTS 3.75% MT                                      | CUSIP: 54627CBV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $374243.86    | 0.16%             | 2028-02-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | AL SE ENERGY G=MO 2022-XG0410-NUV Q=MO D7                                    | CUSIP: 88035DL94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1600000.00   | 0.66%             | 2053-01-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | SC CONWAY HOSP BC22-019 BC/BC DR42                                           | CUSIP: 76252PTY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.12%             | 2047-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| ALASKA ST                                                                         | AK ST 5% 8/1/2028                                                            | CUSIP: 0117706D1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $101777.29    | 0.04%             | 2028-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH SWR SYS REV                                                      | HAMILTON OH SWR 5% 12/1/2027                                                 | CUSIP: 407288H44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $63339.60     | 0.03%             | 2027-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SANTA FE CNTY N MEX MULTIFAMILY REV                                               | SANTA NM 3.29% 12/10/2049 MT                                                 | CUSIP: 80189NAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $759305.77    | 0.31%             | 2049-12-10      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| FLORIDA HSG FIN CORP MLTFMY RV                                                    | FL HFC MF 3.8% 6/1/2042 MT                                                   | CUSIP: 34073JVE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $185781.94    | 0.08%             | 2042-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                            | MAIN STR NAT GA 5% 12/1/2052 MT                                              | CUSIP: 56035DEE8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    245000 | PA      | $259577.13    | 0.11%             | 2052-12-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA AVIATION BOARD                                                     | N ORLEANS AVIAT 5% 1/1/2028@                                                 | CUSIP: 64763HLZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $621142.34    | 0.26%             | 2028-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                        | BLACK BELT ENE 5.50% 6/1/2027                                                | CUSIP: 09182TCV7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |     80000 | PA      | $82783.89     | 0.03%             | 2027-06-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| NJ ST HSG and MTG FIN AGY MFR                                                     | NJ ST HMFA MF1 2.85% 11/1/2026                                               | CUSIP: 6461087L8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $554525.75    | 0.23%             | 2026-11-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| BLYTHEVILLE AR INDL DEV REV                                                       | AR NUCOR 98 V7@                                                              | CUSIP: 096490BV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.04%             | 2028-06-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REV                                                        | SLT LAKE U 5% 7/1/2027 @                                                     | CUSIP: 795576LJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $62182.15     | 0.03%             | 2027-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| FLORIDA INS ASSISTANCE INTERLOCAL AGY FLA INS ASSMT REV                           | FL INSURANCE 2023 A2 Q=FL V7                                                 | CUSIP: 34074EAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3120000 | PA      | $3120000.00   | 1.29%             | 2032-09-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TEXAS MUN GAS ACQUISITION and SUPPLY CORP IV GAS SUPPLY REV                       | TEXAS GAS IV 5.25% 1/1/2027                                                  | CUSIP: 88256PAK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $235823.28    | 0.10%             | 2027-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY ARIZ INDL DEV AUTH HOSP REV                                         | MARICOPA C 5% 12/1/2026                                                      | CUSIP: 56678PBS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $467827.59    | 0.19%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV                           | CALIFORNIA CMY 5% 11/1/2028                                                  | CUSIP: 13013JFY7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    350000 | PA      | $368812.22    | 0.15%             | 2028-11-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ATRIUM HEALTH                                                                     | ATRIUM HEALTH 3.45% MT                                                       | CUSIP: 160853TL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $335117.52    | 0.14%             | 2048-01-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| GRAND FORKS ND HEALTH CARE SYS REV                                                | GRD FORKS ND HL 5% 12/1/2026                                                 | CUSIP: 38546WCX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $213779.12    | 0.09%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ST JAMES PARISH LA REV                                                            | LA NUCOR 10A1 V7                                                             | CUSIP: 790103AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9095000 | PA      | $9095000.00   | 3.77%             | 2040-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH N H SOLID WASTE DISP REV                                        | NATIONAL FN AT 4.25% MT@                                                     | CUSIP: 63608RAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1411187.96   | 0.58%             | 2027-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| FARMINGTON N Y                                                                    | FARMINGTON TWN NY 7/29/26 BAN                                                | CUSIP: 311459ED9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $902566.62    | 0.37%             | 2026-07-29      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BARTOW CNTY GA DEV AUTH SOLIDWASTE DISP FAC REV                                   | GA PWR - SOUTHERN CO 22-2 V1@                                                | CUSIP: 06964KAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200000.00   | 0.50%             | 2062-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| ILLINOIS HSG DEV AUTH MULTIFAMILY HSG REV                                         | ILLINOIS HDA MU 0% 2/1/2027                                                  | CUSIP: 45203LEM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100638.89    | 0.04%             | 2027-02-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                        | BLACK BELT ENE(MO) 5.25% 6/1/29MT 53                                         | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    940000 | PA      | $1003972.92   | 0.42%             | 2053-02-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HEALTH FACS AUTH REV                                               | ORANGE CNTY FL 0% 11/15/2052                                                 | CUSIP: 68450LGT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $194507.60    | 0.08%             | 2052-11-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| PORT PORT ARTHUR TX NAV DIST E                                                    | PRT ARTHR TX MTVA10E Q=SELF V7                                               | CUSIP: 735220AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1800000.00   | 0.75%             | 2040-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT ARPTS REV                                                     | LA CA AIRPT 5% 5/15/2026 @                                                   | CUSIP: 5444452F5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1617873.10   | 0.67%             | 2026-05-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUT                                                    | NJ ST TRANSN TR FD AUTH CAP APPREC-TRANSN SYS-SER A                          | CUSIP: 646136WE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $154082.46    | 0.06%             | 2025-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT ARPTS REV                                                     | LA CA AIRPT 5% 5/15/2026 @                                                   | CUSIP: 544445XP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202868.10    | 0.08%             | 2026-05-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST                                                                   | PA ST 5% 9/1/2026                                                            | CUSIP: 70914P2V3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $797973.70    | 0.33%             | 2026-09-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ORANGE TWP NJ                                                                     | ORANGE TWP CITY ESSEX CNTY NJ 3/18/26 BAN                                    | CUSIP: 685312NP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1105108.84   | 0.46%             | 2026-03-18      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| DALLAS TX                                                                         | DALLAS TX 5% 2/15/2027                                                       | CUSIP: 235219WA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033222.30   | 0.43%             | 2027-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| JACKSONVILLE FLA SPL REV                                                          | JACKSONVILLE F 5% 10/1/2025                                                  | CUSIP: 469487TA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.01%             | 2025-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                            | MAIN STR NAT GA 5% 6/1/2026                                                  | CUSIP: 56035DEA6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1921562.91   | 0.80%             | 2026-06-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WEST HAVEN CT                                                                     | W HAVEN CITY CT 3/26/26 BAN                                                  | CUSIP: 9531402P4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $301609.29    | 0.12%             | 2026-03-26      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CHICAGO OHARE 2023 XF1457 D1 @                                               | CUSIP: 88035E5E9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120000.00    | 0.05%             | 2027-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY NC                                                                | CUMBERLAND CNTY NC PROJECT AERO PRE MT@                                      | CUSIP: 230589AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500072.65    | 0.21%             | 2027-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ECONOMIC DEV FIN AUTH SOLID WASTE DISP REV                               | KENTUCKY ECONOMIC DEV FIN REPUBLIC SVCS-A ***AMT***@                         | CUSIP: 49126RAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.17%             | 2031-04-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV                                      | CA ST MFA SW 3.375% 9/1/2050 @                                               | CUSIP: 13048RAS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $298143.72    | 0.12%             | 2050-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| FLA HSG FIN CORP MULTIFAMILY MTG REV                                              | FL MHSG 5% MT                                                                | CUSIP: 34074HGY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75226.35     | 0.03%             | 2026-12-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| AUSTIN TEX AIRPORT SYS                                                            | AUSTIN TX ARPT 5% 11/15/2025@                                                | CUSIP: 052398HA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105259.22    | 0.04%             | 2025-11-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY                                                           | NYS HFA 3.8% MT                                                              | CUSIP: 64987JP54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115053.94    | 0.05%             | 2063-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL ARPT SYS                                                       | PALM BCH ARPT 5% 10/1/2027 @                                                 | CUSIP: 696499FB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $359131.10    | 0.15%             | 2027-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASH DC ARPTS ATH                                                    | MTRO WA DC ARPT 5% 10/1/2026 @                                               | CUSIP: 592647MJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $239816.30    | 0.10%             | 2026-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CA MFH TERESINA APTS BAML25-6045 BA/BA D1@                                   | CUSIP: 88035MAS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2600000.00   | 1.08%             | 2036-05-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| ALASKA ST                                                                         | AK ST 5% 8/1/2026                                                            | CUSIP: 0117706B5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $122517.56    | 0.05%             | 2026-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DEPT HSG and CMNTY DEV                                | MARYLAND ST CMN 3.50% 1/1/2026                                               | CUSIP: 57419T3S8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $495758.59    | 0.21%             | 2026-01-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | MD HLTH INTEGRACE BC22-024 BC/BC DR42                                        | CUSIP: 76252PUP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.17%             | 2049-11-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECONIMC DEV CORP SOLID WASTE DISP REV                                  | MISSION TX EDC 2.05/VAR MT@                                                  | CUSIP: 605155BM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $399949.04    | 0.17%             | 2026-01-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOM DEV AUTH REV                                                    | NJ EDA REV 5.25% 9/1/26                                                      | CUSIP: 64577B6K5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $184271.98    | 0.08%             | 2026-09-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FACS FNG AUTH REV                                               | CALIFORNIA HLTH 0% 10/1/2039 MT                                              | CUSIP: 13032UB80<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.08%             | 2039-10-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | CA STATEWIDE MFH 2023-MIZ9122 G=FHLM/MZ D1@                                  | CUSIP: 60700HPY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2540000.00   | 1.05%             | 2027-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HSG and EDA HSG REV                                                     | WI HSG EDA 3.875% MT                                                         | CUSIP: 9769044P4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115088.21    | 0.05%             | 2054-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                     | PA EDFA SW 2.15% MT@                                                         | CUSIP: 708692BF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $604538.28    | 0.25%             | 2041-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                                                   | PHILA PA 5% 8/1/2027                                                         | CUSIP: 717813C23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $569509.58    | 0.24%             | 2027-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECONIMC DEV CORP SOLID WASTE DISP REV                                  | MISSION TX EDC 4.25% 6/1/2048 MT @                                           | CUSIP: 605155BU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $301741.56    | 0.12%             | 2048-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                     | PA EDFA SW SIFMA+40 MT @                                                     | CUSIP: 708692BT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000228.20   | 0.41%             | 2041-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | LOS ANGELES MFH HOLLYWOOD and VINE APTS 2022-MIZ9089 FRE/MZ D1@              | CUSIP: 60700HKS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3805000 | PA      | $3805000.00   | 1.58%             | 2042-04-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | NY HSG 42ND and 10TH BC22-003 BC/BC DR42                                     | CUSIP: 76252PRU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.17%             | 2041-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| PORT AUTH NY and NJ                                                               | PORT NY NJ 5% 10/15/2025 AMT                                                 | CUSIP: 73358WYA6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    265000 | PA      | $265185.05    | 0.11%             | 2025-10-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| KING CNTY WA SWR REV                                                              | KING CNTY SWR 1/1/2042 MT                                                    | CUSIP: 495290BD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $322449.76    | 0.13%             | 2042-01-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| BUCKEYE ARIZ UN HIGH SCH DIST NO 201                                              | BUCKEYE AZ SD 5% 7/1/2027                                                    | CUSIP: 118106KL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $572966.96    | 0.24%             | 2027-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| KNOXVILLE CNTY TENN HEALTH EDL and HSG FAC BRD MULTIFAMILY HSGREV                 | KNOXV TN 3.1% MT                                                             | CUSIP: 499652AT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $336250.69    | 0.14%             | 2029-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PCF SOLID WST DISP                                                     | CAL PCR SWDR 4% MT @                                                         | CUSIP: 130536RC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $749959.20    | 0.31%             | 2042-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ POLLUTION CTL                                                    | MARICOPA AZ PUB SVC 09E V7                                                   | CUSIP: 566854ET8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.17%             | 2029-05-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | NYS HFA 42ND and 10TH BC22-007 L=BC/BC DR42@                                 | CUSIP: 76252PSF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2600000.00   | 1.08%             | 2041-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| PORT SEATTLE WA REV                                                               | PORT SEATTLE 5% 8/1/2026                                                     | CUSIP: 735389T81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $96628.25     | 0.04%             | 2026-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | KANSAS CITY MO ARPT 2023-XM1108-MST AGM/JPMC BK D1@                          | CUSIP: 88035FZG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.04%             | 2057-03-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PTY and BLDGS COMMN                                                   | KY ST PROP 132A 4/1/26                                                       | CUSIP: 49151F4M9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $334005.51    | 0.14%             | 2026-04-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CHICAGO IL OHARE ARPT 2022-XM1078-MST AGM/JPMC BK D7@                        | CUSIP: 88035ENZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1900000.00   | 0.79%             | 2053-01-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| INDIANA ST DEV FIN AUTH ENVR R                                                    | INDIANA ST DEV FIN AUTH ENVIRONMENTAL REV VAR-PSI ENERGY INC PROJS-SER B     | CUSIP: 454912AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.04%             | 2038-12-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TENN HEALTH EDL and HSG FAC BRD MULTIFAMILY HSG                       | CHATT TN HEHA 3.6% MT                                                        | CUSIP: 162404DT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $922557.36    | 0.38%             | 2048-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TEXARKANA TEX INDPT SCH DIST                                                      | TEXAR TX 4% 2/15/2053 MT                                                     | CUSIP: 881847VM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $449131.20    | 0.19%             | 2053-02-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| KENTUCKY INC KY PUB ENERGY AUTH GAS SUPPLY REV                                    | KENTUCKY INC KY 5% 12/1/2026                                                 | CUSIP: 74440DFF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $301422.15    | 0.12%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REV                                                                  | OHIO ST HOSP RE 2.75% 1/1/2052 MT                                            | CUSIP: 67756CFW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $452909.82    | 0.19%             | 2052-01-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| HIGHER ED STUDENT ASSISTANCE AUTH NJ STUDENT LN REV                               | NJ STUD LOAN 5% 12/1/2027@                                                   | CUSIP: 646080XU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $430243.16    | 0.18%             | 2027-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HIGHER ED STUDENT ASSISTANCE AUTH NJ STUDENT LN REV                               | NJ STUD LOAN 5% 12/1/2027 @                                                  | CUSIP: 646080XM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $155509.58    | 0.06%             | 2027-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NEVADA HSG DIV                                                                    | NV MHSG 5% MT                                                                | CUSIP: 641272HR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $269447.83    | 0.11%             | 2028-07-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH and EDL FACSAUTH REV                                          | WISCONSIN ST H 5% 8/1/2027                                                   | CUSIP: 97712JHF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $344574.50    | 0.14%             | 2027-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HSG FIN AUTH MULTI-FAMILY HSG                                    | NEW HAMPSHIRE 3.80% 7/1/2026                                                 | CUSIP: 64469MQL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170145.45    | 0.07%             | 2026-07-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST SVC AUTH REV                                                    | SC PUB SVC 5% 12/1/2028                                                      | CUSIP: 8371515Z8<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    190000 | PA      | $204424.42    | 0.08%             | 2028-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | DENVER CO ARPT 2018-XM0715-MST Q=MO D7                                       | CUSIP: 88034NE34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100000.00   | 0.46%             | 2043-12-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HSG FIN AUTH MULTI-FAMILY HSG                                    | NEW HAMPSHIRE 3.625% 4/1/2026                                                | CUSIP: 64469MRK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35054.31     | 0.01%             | 2026-04-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | NM HAVERLAND CARTER BC22-034 BC/BC D42                                       | CUSIP: 76252PWP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $195000.00    | 0.08%             | 2042-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| BELLEVILLE NJ TAN                                                                 | BELLEVILLE TWP ESSEX CNTY NJ 7/7/26 BAN                                      | CUSIP: 079098GJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2113763.82   | 0.88%             | 2026-07-07      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BUCKEYE ARIZ UN HIGH SCH DIST NO 201                                              | BUCKEYE AZ SD 5% 7/1/2028                                                    | CUSIP: 118106KM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $399457.20    | 0.17%             | 2028-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MIAMI DADE CNTY FL HSG FIN AUTH MULTIFAMILY HSG REV                               | MIAMI-DADE MFH 5% 10/1/2026 MT                                               | CUSIP: 593344BP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $420000.00    | 0.17%             | 2026-10-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| TEXAS ST AFFORDABLE HSG CORP MULTIFAMILY HSG REV                                  | TX AHC MF 3.625% MT                                                          | CUSIP: 88271FFR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $131187.76    | 0.05%             | 2045-01-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| ARGYLE TX INDPT SCH DIST                                                          | ARGYLE TX ISD 4% MT                                                          | CUSIP: 040319X34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $623911.56    | 0.26%             | 2057-08-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| Fidelity Revere Street Trust                                                      | Fidelity Municipal Cash Central Fund                                         | CUSIP: 31635A204<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |   8779659 | NS      | $8781415.08   | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| OKLAHOMA CO OK IDS 89 OKLA CTY                                                    | OKLAHOMA CTY OK 3% 7/1/2026                                                  | CUSIP: 678841LL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700359.38    | 0.29%             | 2026-07-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | NH NATL FIN AUTH UNIV HOSP HOME CARE 2024-MS0023 MO DT                       | CUSIP: 88035HM37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.21%             | 2030-12-15      | Variable      | 0.03%                 | Yes           |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | FL ORLANDO HLTH 2025-XF3302-NUV Q=WF D7                                      | CUSIP: 88035MEG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1600000.00   | 0.66%             | 2056-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MILWAUKEE WI                                                                      | MILWAUKEE 2% 3/1/2027                                                        | CUSIP: 602366VT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $187648.92    | 0.08%             | 2027-03-01      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | MIAMI-DADE CNTY FL MFH SUPERIOR MANOR APTS 2022-MIZ9087 MZ/MZ D35            | CUSIP: 60700HKP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.08%             | 2061-11-01      | Variable      | 0.03%                 | Yes           |                  2 | On Loan: No      |
| NEW HAVEN CT                                                                      | NEW_HAVEN CT 5% 8/1/2028                                                     | CUSIP: 645021DL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $410271.98    | 0.17%             | 2028-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA HIGHER ED and HEALTH AUTH REV                                  | PA THO JFFRSN U 18D RFLOAT V7                                                | CUSIP: 613603ZL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.33%             | 2050-09-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| GUAM POWER AUTH.                                                                  | GUAM POWER AUTH 5% 10/1/2025 Q                                               | CUSIP: 400653JQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85000.00     | 0.04%             | 2025-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH N H SOLID WASTE DISP REV                                        | NATIONAL FN AT 2.15% MT@                                                     | CUSIP: 63608RAF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600255.12    | 0.25%             | 2033-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| GEORGIA MUN ELEC AUTH PWR REV                                                     | GA MEAG 5% 1/1/2028                                                          | CUSIP: 626207Q49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $285104.65    | 0.12%             | 2028-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH SWR SYS REV                                                      | HAMILTON OH SWR 5% 12/1/2025                                                 | CUSIP: 407288H28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95354.51     | 0.04%             | 2025-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | AZ MFH SAFFORD PRJ 2023-XF3174-AMR MZ/MZ D7                                  | CUSIP: 88035GT24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400000.00   | 0.58%             | 2041-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | AL SE ENERGY G=MO 2022-XM1062-ALL Q=MO D7                                    | CUSIP: 88035DX26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.21%             | 2053-01-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| CHATANOOGA TN HEALTH ED and HSG FAC BRD REV                                       | CHTNOOGA TN COMNSPIRIT HLTH V7                                               | CUSIP: 162410CB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400000.00   | 0.58%             | 2039-05-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| APPLING CNTY GA DEV AUTH PCR                                                      | GA OGLETHORPE PWR HATCH 13A V7                                               | CUSIP: 038315EX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $900000.00    | 0.37%             | 2038-01-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                        | BLACK BELT ENE 5% 2/1/2029                                                   | CUSIP: 09182TFD4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    350000 | PA      | $371170.28    | 0.15%             | 2029-02-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PORT PORT ARTHUR TX NAV DIST E                                                    | PORT ARTHUR NAV DIST TX ENVIR VAR-REF-MOTIVA ENTERPRISES PJ ***AMT***        | CUSIP: 735220AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6000000.00   | 2.49%             | 2027-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA VA REDV and HSG AU MFH                                                 | ALEXANDRIA MFH 3.4% MT                                                       | CUSIP: 015330FB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $475202.54    | 0.20%             | 2054-12-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| UTAH CNTY UTAH HOSP REV                                                           | UT CNTY UT HOSP 5% MT                                                        | CUSIP: 917393DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $162970.72    | 0.07%             | 2060-05-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| NORTHSIDE TX INDPT SCH DIST                                                       | NTHSIDE TX ISD 3.45% G=PSF 8/1/2054 MT                                       | CUSIP: 66702RK92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $636748.31    | 0.26%             | 2054-08-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND PWR AUTH NY ELEC                                                      | LIPA NY 9/1/2055 MT                                                          | CUSIP: 542691LD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $507367.02    | 0.21%             | 2055-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA HSG FIN AGY MULTIFAMILY HSG REV                                    | NC HSG FIN AGY 3.2% MT                                                       | CUSIP: 65820BBB1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000059.00   | 0.83%             | 2056-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| BUCKEYE ARIZ UN HIGH SCH DIST NO 201                                              | BUCKEYE AZ SD 5% 7/1/2026                                                    | CUSIP: 118106KK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $890020.25    | 0.37%             | 2026-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | ANCHORAGE AK PORT REV 2025-XF3381-INV E-AGC/Q=WF D7@                         | CUSIP: 88035PJP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700000.00    | 0.29%             | 2050-02-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | OK MFH DUNCAN PL 2022-MIZ9103 MZ/MZ D35                                      | CUSIP: 60700HNB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    114268 | PA      | $114268.00    | 0.05%             | 2062-08-01      | Variable      | 0.03%                 | Yes           |                  2 | On Loan: No      |
| PORT PORT ARTHUR TX NAV DIST E                                                    | PRT ARTHR TX MTVA10D Q=SELF V7                                               | CUSIP: 735220AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4350000 | PA      | $4350000.00   | 1.80%             | 2040-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| NORTHSIDE TX INDPT SCH DIST                                                       | NTHSIDE TX ISD 3% MT                                                         | CUSIP: 66702RH54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1601277.92   | 0.66%             | 2053-08-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | BUFORD GA MF HSG AUTH 2023-XF3118-AMR MZ/MZ D7                               | CUSIP: 88035FN48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.08%             | 2041-03-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL ED FACS FIN CORP HOSP REV                                | TARRANT EFFC HO 5% MT                                                        | CUSIP: 87638QSF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $226946.61    | 0.09%             | 2052-11-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| HALIFAX CNTY VA INDL DEV AUTH POLLUTION CTL REV VRDO IAM COML PAPER 3/A2 SER 1992 | HALIFAX CNTY VA 3.8% MT                                                      | CUSIP: 40579PAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $136979.76    | 0.06%             | 2041-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PORT SEATTLE WA REV                                                               | PORT SEATTLE 5% 10/1/2028 @                                                  | CUSIP: 7353893K2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1372701.13   | 0.57%             | 2028-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                                                        | DETROIT MI 5% 5/1/2028                                                       | CUSIP: 2510936J4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $94220.46     | 0.04%             | 2028-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT ARPTS REV                                                     | LA CA AIRPT 5% 5/15/2026 @                                                   | CUSIP: 544445W54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55788.73     | 0.02%             | 2026-05-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | BLACK BELT AL ENERGY 2022-ZL0396-BLK Q=MO D7                                 | CUSIP: 88035EQD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.12%             | 2053-02-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HEALTH CARE FACS AUTH REV                                           | WA ST HLTH CAR 5% 8/15/2026                                                  | CUSIP: 93978HB46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1379048.54   | 0.57%             | 2026-08-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HUMBLE TX INDPT SCH DIST                                                          | HUMBLE TX ISD 0% 2/15/2029                                                   | CUSIP: 445047NJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1908594.69   | 0.79%             | 2029-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HUTTO TX INDPT SCH DIST                                                           | HUTTO TX ISD 4% MT                                                           | CUSIP: 4484926N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $381574.71    | 0.16%             | 2055-02-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO PLANNED INDL EXPANSION AUTH MULTIFAMILY HSG REV                    | KANSAS CITY MSR 5% MT                                                        | CUSIP: 48507MAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $153732.60    | 0.06%             | 2045-07-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PCF SOLID WST DISP                                                     | CAL PCR SWDR 4.25% 7/1/2043 MT @                                             | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $799419.04    | 0.33%             | 2043-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | NY MTA TRANSP 2022-XF1321-LA Q=JPMC BK D7                                    | CUSIP: 88035AUM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225000.00    | 0.09%             | 2055-11-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP                                          | NY TRANS CORP 5% 12/1/2025 @                                                 | CUSIP: 650116DE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45126.27     | 0.02%             | 2025-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA AVIATION BOARD                                                     | N ORLEANS AVIAT 5% 1/1/2027@                                                 | CUSIP: 64763HLY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $322927.23    | 0.13%             | 2027-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ POLLUTION CTL                                                    | MARICOPA AZ PUB SVC 09D V7                                                   | CUSIP: 566854ES0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600000.00    | 0.25%             | 2029-05-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEV FINGAUTH UPMC REV                                       | PENNSYLVANIA EC 5% 5/15/2026                                                 | CUSIP: 70870JET1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506610.85    | 0.21%             | 2026-05-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CAPITAL AREA HSG FIN CORP TEX MULTI FAMILY HSG REV                                | CAP AREA HFC TX 3.125% MT                                                    | CUSIP: 139726CZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $388120.58    | 0.16%             | 2029-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| NJ HLTH CARE FACS FING AUTH DEPT HUMAN SVCS LEASE                                 | NJ HLTH CARE FA 5% 9/15/2027                                                 | CUSIP: 64579XEN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $78555.07     | 0.03%             | 2027-09-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| J P MORGAN CHASE PUTTERS / DRIVERS TR VAR STS                                     | PA TPK PUTTER-5096 Q=JPS D7                                                  | CUSIP: 46640KU85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.21%             | 2047-06-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| SEATTLE WASH HSG AUTH REV                                                         | SEATTLE WA HSG 5% 6/1/2027                                                   | CUSIP: 812636PA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $81388.82     | 0.03%             | 2027-06-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH REV                                                  | NEW JERSEY ECN 5% 6/15/2026                                                  | CUSIP: 64577XET9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $243898.85    | 0.10%             | 2026-06-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| INLIVIAN N C MULTIFAMILY REV                                                      | INLIVIAN N C MU 11/1/2058 MT                                                 | CUSIP: 45753CAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $607818.66    | 0.25%             | 2058-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TRIMBLE CNTY KY ENVIRONMENTAL FACS REV                                            | TRIMBLE CNTY KY 0% 6/1/2054 @                                                | CUSIP: 896221AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $808583.84    | 0.33%             | 2054-06-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                        | BLACK BELT ENE 5% 6/1/2026                                                   | CUSIP: 09182TBH9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    125000 | PA      | $126567.74    | 0.05%             | 2026-06-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC and GAS REV                                                   | SAN ANTONIO E and G 5% 2/1/2026                                              | CUSIP: 79625GED1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50381.64     | 0.02%             | 2026-02-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HUDSON MA                                                                         | HUDSON TWN MA 6/11/26 BAN                                                    | CUSIP: 443852XA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $372874.38    | 0.15%             | 2026-06-11      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | FHLMC FL GALLERY SMATHERS PLZ 2025-CF7017 CI/CI D7                           | CUSIP: 88035MKR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.08%             | 2037-04-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| DISTRICT COLUMBIA HSG FIN MULT                                                    | DC HSG MF 3.65% MT                                                           | CUSIP: 25477PQA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $344810.56    | 0.14%             | 2028-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HSG FIN AUTH MULTI-FAMILY HSG                                    | NEW HAMPSHIRE 3.70% 1/1/2027                                                 | CUSIP: 64469MRL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115675.45    | 0.05%             | 2027-01-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH HOSP REV                                           | WV UNIV HLTH 18E RFLOAT V7                                                   | CUSIP: 956622P32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.12%             | 2033-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH SWR SYS REV                                                      | HAMILTON OH SWR 5% 12/1/2026                                                 | CUSIP: 407288H36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $97700.85     | 0.04%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | FL GT ORLANDO ARPT 2022-XM1093-ALL Q=JPMC BK D1@                             | CUSIP: 88035EZM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175000.00    | 0.07%             | 2036-10-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP SOLID WASTE DISP REV                                         | FLORIDA DEV FIN 3.40% 9/1/2050 @                                             | CUSIP: 34061XAH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $209922.43    | 0.09%             | 2050-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A COOPERATIVE DISTRICT                                 | SOUTHEAST EN AL 5% 1/1/2027                                                  | CUSIP: 84136HBE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $712747.21    | 0.30%             | 2027-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| GREATER ORLANDO AVIATION AUTH                                                     | GT ORLANDO ARPT 5% 10/1/2028 @                                               | CUSIP: 392275EQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $478849.23    | 0.20%             | 2028-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUN PWR REV                                                              | AMERICAN MUN OH 5% 2/15/2027                                                 | CUSIP: 02765URN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $490655.48    | 0.20%             | 2027-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                            | MAIN STR NAT GA 4% 12/1/2025                                                 | CUSIP: 56035DDS8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70076.28     | 0.03%             | 2025-12-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND HEALTH and EDL BLDG CORP HIGHER ED FAC REV                           | RI HLTH and EDL 5% 11/1/2026                                                 | CUSIP: 762197J85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $358652.46    | 0.15%             | 2026-11-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | SAN FRANCISCO CA CITY and CNTY MF HSG 2022-MIZ9115 MZ/MZ D35                 | CUSIP: 60700HPG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2200000.00   | 0.91%             | 2052-12-01      | Variable      | 0.03%                 | Yes           |                  2 | On Loan: No      |
| ALASKA AIRPORT                                                                    | AK AIRPORT 5% 10/1/2025 @                                                    | CUSIP: 011842UN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1410000.00   | 0.58%             | 2025-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEVE AUTH IDR                                                    | CHANDLER AZ IDR(INTEL) 5% 9/1/27MT@                                          | CUSIP: 158862CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $849189.32    | 0.35%             | 2052-09-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AIRPORT REV                                                       | PHIL PA AIRPORT 5% 7/1/2028@                                                 | CUSIP: 717817YH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $458754.22    | 0.19%             | 2028-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NJ HLTH CARE FACS FING AUTH DEPT HUMAN SVCS LEASE                                 | NJ HLTH CARE FA 5% 9/15/2026                                                 | CUSIP: 64579XEB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $81797.62     | 0.03%             | 2026-09-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DENTON TEXAS ISD                                                                  | DENTON TX ISD 4% MT                                                          | CUSIP: 249002NM4<br>LEI: 5493005I9W678SUI0Z07 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1164634.91   | 0.48%             | 2055-08-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| NORTH EAST INDPT SCH DIST TX                                                      | NE TX ISD 3.75% 8/1/2049 MT                                                  | CUSIP: 659155QL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $228614.60    | 0.09%             | 2049-08-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                       | IL ST 5% 3/1/2026                                                            | CUSIP: 452153DF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $343287.87    | 0.14%             | 2026-03-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | BLACK BELT AL ENERGY GAS DIST 2023-XM1110-ALL G=RC Q=RC D7                   | CUSIP: 88035FC24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700000.00    | 0.29%             | 2053-12-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                                                      | OH AIR QUAL 3.65% 12/1/2027 @                                                | CUSIP: 677525XB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $525796.85    | 0.22%             | 2027-12-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | IL PLYMOUTH PLACE BC25-002 BC/BC D35                                         | CUSIP: 76252PG45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $820000.00    | 0.34%             | 2056-05-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH and EDL FACSAUTH REV                                          | WISCONSIN ST H 5% 10/1/2025 Q                                                | CUSIP: 97712JFJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $360000.00    | 0.15%             | 2025-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY                                      | UNASSGND LC 567 2.7% MT                                                      | CUSIP: 59465FAG5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    310000 | PA      | $308012.96    | 0.13%             | 2043-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | SAINT PAUL MN MF HSG PLATO APTS 2023-MIZ9145 MZ/MZ D35                       | CUSIP: 60700HSW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.12%             | 2063-06-01      | Variable      | 0.03%                 | Yes           |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | HI ST ARPT 2022-XG0386-MST Q=MO D7@                                          | CUSIP: 88035DAU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.08%             | 2048-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| KING CNTY WASH HSG AUTH HSG RE                                                    | KING CNTY WA MF 5% 1/1/2026                                                  | CUSIP: 494759SE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $215891.00    | 0.09%             | 2026-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PHOENIX ARIZ INDL DEV AUTH SOLID WASTE DISP REV                                   | PHX IDA SW 3.85% 12/1/2035 @                                                 | CUSIP: 71884RAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $899861.04    | 0.37%             | 2035-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

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

**Signature:** Laura M. Del Prato

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

**Title:** President and Treasurer