# EDGAR Filing Document

**Accession Number:** 0001723701
**File Stem:** 0001099263-26-007344
**Filing Date:** 2026-5
**Character Count:** 369884
**Document Hash:** 3a75fadf7e61bcba5ab17f482f279b09
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-26-007344.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001099263-26-007344

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PIMCO Flexible Municipal Income Fund
- **CENTRAL INDEX KEY:** 0001723701

**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:** 811-23314
- **FILM NUMBER:** 261043719

**BUSINESS ADDRESS:**
- **STREET 1:** 1633 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** (844) 337-4626

**MAIL ADDRESS:**
- **STREET 1:** 1633 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

## Nport-Ex

<br> Consolidated Schedule of Investments PIMCO Flexible Municipal Income Fund March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** |
|  | PRINCIPAL<br>AMOUNT<br>(000s) | MARKET<br>VALUE<br>(000s) |
| **INVESTMENTS IN SECURITIES 139.6% ¤** |  |  |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 17.1%**  |  |  |
| **136 River Apartments**  |  |  |
| TBD% - 5.940% due 09/01/2028 «~µ | $13419 | $13416 |
| TBD% due 09/01/2043 «~µ | 4970 | 4970 |
| **3412 Victoria**<br>TBD% due 04/01/2044 «~µ | 2980 | 2980 |
| **3981 Meier St. Los Angeles**<br>TBD% due 04/01/2044 «~µ | 3479 | 3479 |
| **4345 Matilja**<br>TBD% due 04/01/2044 «~µ | 4177 | 4177 |
| **5625 Case**<br>TBD% due 04/01/2044 «~µ | 4402 | 4402 |
| **8911 Ramsgate**<br>TBD% due 04/01/2044 «~µ | 4413 | 4413 |
| **AM Bidco Operations LLC**<br>TBD% - 8.500% (TSFR3M + 0.000%) due 10/21/2027 «~µ(f) | 10470 | 8672 |
| **Anchor Senior Living**<br>6.020% due 10/01/2042 «~(f) | 13175 | 14049 |
| **California Housing Finance Agency**  |  |  |
| TBD% due 04/01/2044 «~µ | 3754 | 3754 |
| TBD% - 5.840% due 04/01/2028 «~µ | 39566 | 39503 |
| **Cambridge House II**<br>TBD% - 6.500% due 02/01/2027 «~µ | 8200 | 8191 |
| **Camelot Apartments LLC**<br>7.000% due 09/12/2026 «~ | 7295 | 7291 |
| **City of Woodland**<br>4.400% due 09/01/2034 «~(f) | 13239 | 12839 |
| **Crossroads Square Partners LP**<br>7.000% due 10/13/2026 «~ | 7070 | 7066 |
| **Fairbanks Square Affordable Housing**<br>6.070% due 10/01/2030 «~ | 5905 | 6044 |
| **Fairhaven Glen**  |  |  |
| TBD% due 12/12/2041 «~µ | 890 | 890 |
| TBD% - 6.024% due 01/01/2067 «~ | 12210 | 12176 |
| TBD% - 9.710% due 11/01/2027 «~µ | 10105 | 10086 |
| **Falcon PK**  |  |  |
| TBD% due 11/01/2026 «~µ | 2800 | 2800 |
| TBD% - 6.024% due 10/26/2063 «~µ | 13900 | 14295 |
| **Federal Building 10**<br>8.000% due 07/31/2026 «~ | 4000 | 4002 |
| **La Serena**<br>TBD% - 7.500% due 01/04/2027 «~ | 17420 | 17397 |
| **Laurel Wood Apartments**<br>TBD% - 6.500% due 01/01/2043 «~µ | 15225 | 15236 |
| **MacArthur Place Borrower LLC**<br>TBD% - 7.250% due 09/30/2026 «~µ | 4539 | 4533 |
| **Maple Oaks**  |  |  |
| TBD% due 06/01/2027 «~µ | 4830 | 4830 |
| 6.200% due 12/01/2042 «~ | 8917 | 8840 |
| **Peachtree Canyon Apartments LLLP**<br>TBD% - 7.250% due 01/30/2027 «~µ | 11844 | 11819 |
| **Touro Shakespeare**  |  |  |
| TBD% due 01/01/2044 «~µ | 1130 | 1130 |
| TBD% - 6.500% due 06/01/2028 «~µ | 9040 | 9022 |
| **Vineyard At Iowa**<br>TBD% - 6.500% due 11/15/2026 «~µ | 7462 | 7452 |
| **West Branch & River Road**<br>7.057% due 01/01/2043 «~ | 6796 | 6639 |
| Total Loan Participations and Assignments (Cost $276,501) |  | 276393 |
| **CORPORATE BONDS & NOTES 1.2%**  |  |  |
| **BANKING & FINANCE 0.6%**  |  |  |
| **Benloch Ranch Improvement Association No. 2** <br>10.000% due 12/01/2051 « | 10000 | 7318 |
| **Credit Suisse AG AT1 Claim** <br>1.000% due 12/31/2060 | 3000 | 1050 |

---

------

<br> Consolidated Schedule of Investments PIMCO Flexible Municipal Income Fund (Cont.) March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **VM Fund I LLC** <br>8.625% due 02/28/2031 « | 820 | 827 |
|  |  | 9195 |
| **INDUSTRIALS 0.6%**  |  |  |
| **Sutter Health** <br>5.537% due 08/15/2035 | 3500 | 3613 |
| **Toll Road Investors Partnership II LP** <br>0.000% due 02/15/2043 (d) | 5597 | 1980 |
| **Wild Rivers Water Park** <br>8.500% due 11/01/2051 | 5300 | 4098 |
|  |  | 9691 |
| Total Corporate Bonds & Notes (Cost $21,208) |  | 18886 |
| **MUNICIPAL BONDS & NOTES 103.1%**  |  |  |
| **ALABAMA 4.1%**  |  |  |
| **Baldwin County, Alabama Industrial Development Authority Revenue Bonds, Series 2025**  |  |  |
| 4.625% due 06/01/2055  | 1700 | 1701 |
| 5.000% due 06/01/2055  | 6300 | 6393 |
| **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021** <br>4.000% due 06/01/2051 | 3520 | 3557 |
| **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023**  |  |  |
| 5.250% due 12/01/2053  | 2950 | 3150 |
| 5.500% due 10/01/2054  | 5400 | 5829 |
| **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024** <br>5.250% due 05/01/2055 | 2220 | 2283 |
| **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025** <br>5.000% due 12/01/2055 | 9900 | 10478 |
| **Black Belt Energy Gas District, Alabama Revenue Notes, Series 2025** <br>5.000% due 10/01/2035 | 4045 | 4217 |
| **Black Belt Energy Gas District, Alabama Revenue Notes, Series 2026** <br>5.000% due 07/01/2033 | 3300 | 3452 |
| **Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023** <br>5.750% due 04/01/2054 | 1900 | 2074 |
| **Montgomery Medical Clinic Board, Alabama Revenue Bonds, Series 2016**  |  |  |
| 5.000% due 03/01/2028 ^(b)  | 4350 | 348 |
| 5.000% due 03/01/2030 ^(b)  | 4305 | 344 |
| **Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023** <br>5.000% due 01/01/2054 | 3000 | 3150 |
| **Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024** <br>5.000% due 11/01/2035 | 8600 | 8791 |
| **Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025** <br>5.000% due 01/01/2056 | 10300 | 10366 |
|  |  | 66133 |
| **ARIZONA 1.0%**  |  |  |
| **Arizona Industrial Development Authority Revenue Bonds, Series 2021** <br>6.000% due 07/01/2051 ^(b) | 1500 | 35 |
| **Arizona Industrial Development Authority Revenue Bonds, Series 2025**  |  |  |
| 2.000% due 01/01/2059 (e)  | 1451 | 211 |
| 5.000% due 01/01/2059 (e)  | 2468 | 1280 |
| 5.125% due 01/01/2059  | 10228 | 8549 |
| **Arizona Industrial Development Authority Revenue Notes, Series 2021** <br>5.500% due 07/01/2031 ^(b) | 325 | 8 |
| **Industrial Development Authority of the County, Arizona of Pima Revenue Bonds, Series 2020** <br>5.000% due 07/01/2049 ^(b) | 1500 | 1200 |
| **Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2017** <br>4.000% due 01/01/2041 | 2180 | 2087 |
| **Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2016** <br>3.500% due 07/01/2026 | 260 | 259 |
| **Salt Verde Financial Corp. Arizona Revenue Bonds, Series 2007** <br>5.000% due 12/01/2037 | 3000 | 3169 |
|  |  | 16798 |
| **ARKANSAS 1.0%**  |  |  |
| **Arkansas Development Finance Authority Revenue Bonds, Series 2026** <br>4.250% due 09/01/2046 | 17000 | 16901 |
| **CALIFORNIA 6.3%**  |  |  |
| **California Community Choice Financing Authority Revenue Bonds, Series 2023** <br>5.500% due 10/01/2054 | 2465 | 2682 |
| **California Community Choice Financing Authority Revenue Bonds, Series 2024**  |  |  |
| 5.000% due 12/01/2032 (f)  | 4585 | 4684 |
| 5.000% due 11/01/2055  | 850 | 868 |
| **California Community Housing Agency Revenue Bonds, Series 2021** <br>4.000% due 02/01/2056 | 7010 | 3443 |
| **California Community Housing Agency Revenue Bonds, Series 2022** <br>4.500% due 08/01/2052 | 2500 | 1856 |

---

------

<br> Consolidated Schedule of Investments PIMCO Flexible Municipal Income Fund (Cont.) March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **California County Tobacco Securitization Agency Revenue Bonds, Series 2020** <br>0.000% due 06/01/2055 (d) | 5200 | 951 |
| **California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024** <br>5.970% due 11/01/2053 | 5300 | 5333 |
| **California Housing Finance Revenue Bonds, Series 2024**  |  |  |
| 6.000% due 03/01/2053  | 12300 | 12433 |
| 7.000% due 03/01/2053  | 3250 | 3175 |
| **California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021** <br>0.000% due 01/01/2061 (d) | 2860 | 236 |
| **California Municipal Finance Authority Revenue Bonds, Series 2018** <br>5.000% due 12/31/2043 | 1000 | 1010 |
| **California Municipal Finance Authority Revenue Bonds, Series 2020** <br>5.000% due 07/01/2052 | 1000 | 891 |
| **California Municipal Finance Authority Revenue Bonds, Series 2021** <br>4.000% due 11/01/2036 | 3655 | 3473 |
| **California Municipal Finance Authority Revenue Bonds, Series 2024** <br>6.000% due 01/01/2039 | 6000 | 6243 |
| **California Municipal Finance Authority Revenue Notes, Series 2021** <br>3.637% due 07/01/2030 | 1430 | 1306 |
| **California Pollution Control Financing Authority Revenue Bonds, Series 2019** <br>7.500% due 12/01/2039 ^(b) | 2451 | 0 |
| **California State General Obligation Bonds, Series 2015** <br>3.875% due 12/01/2030 | 2710 | 2710 |
| **CMFA Special Finance Agency VIII, California Revenue Bonds, Series 2021** <br>4.000% due 08/01/2047 | 2730 | 2498 |
| **CMFA Special Finance Agency, California Revenue Bonds, Series 2021**  |  |  |
| 4.000% due 08/01/2045  | 5445 | 4825 |
| 4.000% due 12/01/2045  | 3500 | 2663 |
| **CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021** <br>3.400% due 10/01/2046 | 790 | 629 |
| **CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022**  |  |  |
| 4.300% due 07/01/2059  | 5000 | 3929 |
| 4.750% due 09/01/2062 (e)  | 11000 | 7200 |
| 5.000% due 09/01/2037  | 2100 | 2130 |
| **Firebaugh, California Revenue Notes, Series 2019** <br>2.050% due 08/01/2029 | 750 | 700 |
| **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021**  |  |  |
| 0.000% due 06/01/2066 (d)  | 14295 | 1433 |
| 3.714% due 06/01/2041  | 2970 | 2356 |
| 3.850% due 06/01/2050  | 5205 | 4759 |
| **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022** <br>5.000% due 06/01/2051 | 1900 | 1862 |
| **Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020** <br>5.000% due 07/01/2061 | 2000 | 1760 |
| **Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019** <br>3.678% due 06/01/2038 | 2315 | 2253 |
| **River Islands Public Financing Authority, California Special Tax Bonds, Series 2022** <br>5.750% due 09/01/2052 | 3000 | 3069 |
| **San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2016** <br>5.000% due 05/01/2041 | 7500 | 7503 |
| **Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019**  |  |  |
| 0.000% due 06/01/2054 (d)  | 1000 | 179 |
| 5.000% due 06/01/2048  | 1150 | 1110 |
|  |  | 102152 |
| **COLORADO 3.6%**  |  |  |
| **Aurora Highlands Community Authority Board, Colorado Revenue Bonds, Series 2021** <br>5.750% due 12/01/2051 | 4000 | 3801 |
| **Bradley Heights Metropolitan District No 2, Colorado General Obligation Bonds, Series 2021** <br>4.750% due 12/01/2051 | 6250 | 4895 |
| **Centerra Metropolitan District No 1, Colorado Tax Allocation Bonds, Series 2017** <br>5.000% due 12/01/2037 | 4500 | 4501 |
| **Clear Creek Transit Metropolitan District No 2, Colorado General Obligation Bonds, Series 2021**  |  |  |
| 5.000% due 12/01/2050  | 700 | 522 |
| 7.900% due 12/15/2050  | 1125 | 1116 |
| **Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGM Insured), Series 2024**  |  |  |
| 5.000% due 12/01/2041  | 1000 | 1092 |
| 5.000% due 12/01/2042  | 1000 | 1085 |
| **Colorado Health Facilities Authority Revenue Bonds, Series 2019** <br>4.000% due 08/01/2049 | 1000 | 863 |
| **Colorado Health Facilities Authority Revenue Bonds, Series 2022** <br>5.500% due 11/01/2047 | 4000 | 4182 |
| **Colorado International Center Metropolitan District No 7, General Obligation Bonds, Series 2021** <br>5.250% due 12/01/2051 (e) | 6375 | 5176 |
| **Colorado State Certificates of Participation Bonds, Series 2017** <br>4.000% due 03/15/2042 | 3000 | 2817 |
| **Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022** <br>5.875% due 12/01/2052 | 6698 | 6843 |
| **Dominion Water & Sanitation District, Colorado Revenue Notes, Series 2022**  |  |  |
| 5.000% due 12/01/2027  | 1165 | 1172 |
| 5.250% due 12/01/2032  | 3170 | 3248 |
| **Harvest Crossing Metropolitan District No 4, Colorado General Obligation Bonds, Series 2022** <br>7.250% due 12/01/2052 | 2500 | 2486 |
| **Longs Peak Metropolitan District, Colorado General Obligation Bonds, Series 2021** <br>5.250% due 12/01/2051 | 2500 | 2412 |

---

------

<br> Consolidated Schedule of Investments PIMCO Flexible Municipal Income Fund (Cont.) March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Reunion Metropolitan District, Colorado Revenue Bonds, Series 2021** <br>3.625% due 12/01/2044 | 4994 | 3733 |
| **Senac South Metropolitan District No 1, Colorado General Obligation Bonds, Series 2021** <br>5.250% due 12/01/2051 | 2915 | 2748 |
| **Third Creek Metropolitan District No 1, Colorado General Obligation Bonds, Series 2022** <br>4.750% due 12/01/2051 | 1000 | 777 |
| **Transport Metropolitan District No 3, Colorado General Obligation Bonds, Series 2021** <br>5.000% due 12/01/2051 | 500 | 387 |
| **Vail Home Partners Corp. Colorado Revenue Bonds, Series 2025** <br>5.875% due 10/01/2055 | 2500 | 2540 |
| **Village Metropolitan District, Colorado General Obligation Bonds, Series 2020** <br>5.000% due 12/01/2040 | 1000 | 993 |
|  |  | 57389 |
| **CONNECTICUT 5.0%**  |  |  |
| **Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2010** <br>2.300% due 07/01/2049 | 30000 | 30000 |
| **Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2013** <br>2.300% due 07/01/2042 | 30000 | 30000 |
| **Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2017** <br>2.550% due 07/01/2057 | 20000 | 20000 |
|  |  | 80000 |
| **DISTRICT OF COLUMBIA 0.3%**  |  |  |
| **Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2018** <br>5.000% due 10/01/2038 | 3200 | 3283 |
| **Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2024** <br>5.250% due 10/01/2046 | 2000 | 2086 |
|  |  | 5369 |
| **FLORIDA 4.6%**  |  |  |
| **Angeline Community Development District, Florida Special Assessment Bonds, Series 2025** <br>5.500% due 05/01/2045 | 925 | 931 |
| **Avenir Community Development District, Florida Special Assessment Bonds, Series 2023** <br>5.375% due 05/01/2043 | 3440 | 3453 |
| **Buckhead Trails II Community Development District, Florida Special Assessment Bonds, Series 2026** <br>5.500% due 05/01/2046 | 500 | 500 |
| **Capital Projects Finance Authority, Florida Revenue Bonds, Series 2020**  |  |  |
| 5.000% due 10/01/2031  | 1500 | 1574 |
| 5.000% due 10/01/2032  | 1350 | 1411 |
| **Capital Projects Finance Authority, Florida Revenue Notes, Series 2020** <br>5.000% due 10/01/2030 | 1600 | 1686 |
| **Capital Trust Agency Inc, Florida Revenue Bonds, Series 2021** <br>5.000% due 01/01/2056 | 1500 | 1254 |
| **Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2018**  |  |  |
| 5.000% due 07/01/2033 ^(b)  | 500 | 121 |
| 5.000% due 07/01/2043 ^(b)  | 250 | 9 |
| 5.250% due 07/01/2048 ^(b)  | 250 | 9 |
| **Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2020** <br>0.000% due 01/01/2035 (d) | 2390 | 1429 |
| **Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2021** <br>0.000% due 01/01/2061 (d) | 5395 | 430 |
| **Capital Trust Authority, Florida Revenue Bonds, Series 2023** <br>6.375% due 06/15/2058 | 3580 | 3634 |
| **Charlotte County Industrial Development Authority, Florida Revenue Bonds, Series 2021** <br>4.000% due 10/01/2041 | 500 | 459 |
| **Charlotte County Industrial Development Authority, Florida Revenue Bonds, Series 2025** <br>6.125% due 10/01/2055 | 2100 | 2149 |
| **Crosswinds East Community Development District, Florida Special Assessment Bonds, Series 2024** <br>5.500% due 05/01/2044 | 1000 | 1020 |
| **Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024**  |  |  |
| 5.000% due 07/01/2044  | 7000 | 6812 |
| 5.250% due 07/01/2047  | 2300 | 2260 |
| 5.250% due 07/01/2053  | 5750 | 5585 |
| **Florida Higher Educational Facilities Financing Authority Revenue Bonds, Series 2025**  |  |  |
| 6.000% due 07/01/2045  | 4900 | 4974 |
| 6.250% due 07/01/2055  | 1000 | 1004 |
| **Florida Local Government Finance Commission Revenue Bonds, Series 2025**  |  |  |
| 6.625% due 11/15/2045  | 1500 | 1589 |
| 6.750% due 11/15/2055  | 1000 | 1036 |
| **Gas Worx Community Development District, Florida Special Assessment Bonds, Series 2025** <br>5.750% due 05/01/2045 | 1000 | 1022 |
| **Gas Worx Community Development District, Florida Special Assessment Notes, Series 2025** <br>4.625% due 05/01/2030 | 345 | 350 |
| **Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2015** <br>5.000% due 10/01/2040 | 3335 | 3337 |
| **Hamilton Bluff Community Development District, Florida Special Assessment Bonds, Series 2024** <br>5.800% due 05/01/2054 | 1000 | 981 |
| **Lakes of Sarasota Community Development District, Florida Revenue Bonds, Series 2018** <br>5.000% due 07/01/2041 | 5000 | 5093 |
| **Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2025** <br>5.800% due 05/01/2045 | 2560 | 2707 |

---

------

<br> Consolidated Schedule of Investments PIMCO Flexible Municipal Income Fund (Cont.) March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Lee County Industrial Development Authority, Florida Revenue Bonds, Series 2026** <br>5.000% due 04/01/2065 | 2750 | 3039 |
| **Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014** <br>5.000% due 05/01/2029 | 1230 | 1231 |
| **Newfield Community Development District, Florida Special Assessment Bonds, Series 2025** <br>5.625% due 05/01/2045 | 1800 | 1837 |
| **Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2024** <br>5.000% due 08/01/2054 | 1090 | 1045 |
| **Osceola County, Florida Transportation Revenue Bonds, Series 2020** <br>0.000% due 10/01/2035 (d) | 1250 | 832 |
| **Pasadena Ridge Community Development District, Florida Special Assessment Bonds, Series 2025** <br>5.500% due 05/01/2045 | 1560 | 1548 |
| **Polk County, Florida Industrial Development Authority Revenue Bonds, Series 2020** <br>5.875% due 01/01/2033 ^(b) | 2025 | 405 |
| **Reflection Bay Community Development District, Florida Special Assessment Bonds, Series 2025** <br>5.625% due 05/01/2045 | 745 | 759 |
| **Reflection Bay Community Development District, Florida Special Assessment Notes, Series 2025** <br>4.500% due 05/01/2030 | 330 | 333 |
| **Rivers Edge III Community Development District, Florida Special Assessment Bonds, Series 2025** <br>5.750% due 05/01/2045 | 350 | 360 |
| **St Johns County, Florida Industrial Development Authority Revenue Bonds, Series 2021** <br>4.000% due 12/15/2036 | 1000 | 944 |
| **Sunrise Community Development District, Florida Special Assessment Bonds, Series 2025** <br>5.625% due 05/01/2045 | 1000 | 986 |
| **Tampa, Florida Revenue Bonds, Series 2020** <br>0.000% due 09/01/2037 (d) | 800 | 504 |
| **Tampa-Hillsborough County, Florida Expressway Authority Revenue Bonds, Series 2017** <br>4.000% due 07/01/2042 | 2450 | 2390 |
| **Village Community Development District No. 15, Florida Special Assessment Notes, Series 2023** <br>4.250% due 05/01/2028 | 385 | 389 |
|  |  | 73421 |
| **GEORGIA 1.3%**  |  |  |
| **Atlanta Development Authority, Georgia Revenue Bonds, Series 2017** <br>7.000% due 01/01/2040 ^(b) | 400 | 180 |
| **Atlanta Development Authority, Georgia Revenue Bonds, Series 2024** <br>6.500% due 12/15/2048 (e) | 2700 | 2439 |
| **Atlanta Development Authority, Georgia Tax Allocation Notes, Series 2024** <br>5.000% due 04/01/2034 | 700 | 713 |
| **Bartow County, Georgia Development Authority Revenue Bonds, Series 1997** <br>1.800% due 09/01/2029 | 2800 | 2594 |
| **Fulton County, Georgia Residential Care Facilities for the Elderly Authority Revenue Bonds, Series 2021** <br>4.000% due 04/01/2056 | 2000 | 1540 |
| **Housing Authority of Douglas County, Georgia Revenue Bonds, Series 2025** <br>5.100% due 02/01/2044 | 1550 | 1620 |
| **Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2022** <br>5.000% due 12/01/2052 | 5500 | 5740 |
| **Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024** <br>5.000% due 05/01/2054 | 2000 | 2120 |
| **Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025** <br>5.000% due 12/01/2055 | 2300 | 2416 |
| **Municipal Electric Authority of Georgia Revenue Bonds, Series 2024** <br>5.000% due 01/01/2040 | 1250 | 1345 |
|  |  | 20707 |
| **GUAM 0.1%**  |  |  |
| **Guam Department of Education Certificates of Participation Notes, Series 2020** <br>4.250% due 02/01/2030 | 1225 | 1224 |
| **HAWAII 2.2%**  |  |  |
| **Hawaii Department of Budget & Finance State Revenue Bonds, Series 2025** <br>2.550% due 07/01/2060 | 35000 | 35000 |
| **IDAHO 0.1%**  |  |  |
| **Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021** <br>3.750% due 09/01/2051 | 1524 | 1454 |
| **ILLINOIS 5.9%**  |  |  |
| **Chicago Board of Education, Illinois General Obligation Bonds, Series 2017** <br>5.000% due 12/01/2036 | 5900 | 5697 |
| **Chicago Board of Education, Illinois General Obligation Bonds, Series 2022** <br>5.000% due 12/01/2047 | 2355 | 2138 |
| **Chicago Board of Education, Illinois General Obligation Bonds, Series 2023** <br>5.875% due 12/01/2047 | 3580 | 3617 |
| **Chicago Board of Education, Illinois General Obligation Bonds, Series 2025**  |  |  |
| 5.000% due 12/01/2040  | 2780 | 2687 |
| 5.750% due 12/01/2050  | 6400 | 6404 |
| 6.000% due 12/01/2043  | 2200 | 2327 |
| **Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2017** <br>5.000% due 01/01/2047 | 2085 | 2085 |
| **Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2018** <br>5.000% due 07/01/2038 | 2850 | 2899 |

---

------

<br> Consolidated Schedule of Investments PIMCO Flexible Municipal Income Fund (Cont.) March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022** <br>5.250% due 01/01/2056 | 1000 | 1019 |
| **Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024**  |  |  |
| 5.000% due 01/01/2037  | 2000 | 2154 |
| 5.000% due 01/01/2039  | 1200 | 1275 |
| 5.500% due 01/01/2044  | 2625 | 2831 |
| **Chicago Transit Authority, Illinois Revenue Bonds, Series 2020** <br>4.000% due 12/01/2050 | 2250 | 1926 |
| **Chicago, Illinois Certificates of Participation Bonds, Series 2016** <br>5.000% due 03/15/2034 | 1281 | 1282 |
| **Chicago, Illinois General Obligation Bonds, Series 2019** <br>5.500% due 01/01/2035 | 1840 | 1888 |
| **Chicago, Illinois General Obligation Bonds, Series 2023** <br>5.500% due 01/01/2039 | 2300 | 2384 |
| **Cook County, Illinois School District No 28 General Obligation Bonds, Series 2025** <br>5.250% due 12/01/2047 | 1730 | 1805 |
| **Gilberts Special Service Area No 25, Illinois Special Tax Bonds, Series 2018** <br>6.000% due 03/01/2048 | 4857 | 4762 |
| **Illinois Finance Authority Revenue Bonds, Series 2017**  |  |  |
| 4.800% due 12/01/2043  | 2000 | 2015 |
| 5.125% due 02/15/2045 ^(b)  | 223 | 7 |
| 5.250% due 05/15/2054  | 2000 | 1635 |
| 5.500% due 05/15/2054  | 3100 | 2615 |
| **Illinois Finance Authority Revenue Bonds, Series 2018** <br>5.000% due 05/15/2043 | 4600 | 4685 |
| **Illinois Finance Authority Revenue Bonds, Series 2020**  |  |  |
| 3.510% due 05/15/2041  | 2070 | 1677 |
| 4.000% due 08/15/2039  | 5370 | 5101 |
| 4.000% due 08/15/2040  | 3500 | 3296 |
| **Illinois Finance Authority Revenue Bonds, Series 2025** <br>5.000% due 08/15/2044 | 8500 | 9419 |
| **Illinois Finance Authority Revenue Bonds, Series 2026** <br>6.500% due 03/01/2055 | 2142 | 1904 |
| **Illinois Finance Authority Revenue Notes, Series 2024** <br>5.000% due 11/15/2034 | 1500 | 1640 |
| **Illinois Sales Tax State Revenue Notes, Series 2021** <br>5.000% due 06/15/2031 | 2000 | 2191 |
| **Illinois State General Obligation Bonds, Series 2016** <br>4.000% due 06/01/2037 | 1400 | 1361 |
| **Illinois State General Obligation Bonds, Series 2020** <br>4.000% due 10/01/2034 | 3400 | 3401 |
| **Illinois State General Obligation Bonds, Series 2025** <br>5.000% due 09/01/2042 | 4000 | 4171 |
| **Sales Tax Securitization Corp. Illinois Revenue Notes, Series 2020** <br>5.000% due 01/01/2029 | 1500 | 1582 |
|  |  | 95880 |
| **INDIANA 2.2%**  |  |  |
| **Indiana Finance Authority Revenue Bonds, (AGC Insured), Series 2025** <br>5.928% due 07/01/2053 | 3655 | 3624 |
| **Indiana Finance Authority Revenue Bonds, Series 2012** <br>4.250% due 11/01/2030 | 4250 | 4361 |
| **Indiana Finance Authority Revenue Bonds, Series 2019** <br>7.000% due 03/01/2039 ^(b) | 10490 | 525 |
| **Indiana Finance Authority Revenue Bonds, Series 2024** <br>5.000% due 07/01/2059 | 1250 | 1195 |
| **Indiana Finance Authority Revenue Notes, Series 2021** <br>1.400% due 08/01/2029 | 2000 | 1828 |
| **Indiana Housing & Community Development Authority Revenue Bonds, Series 2016** <br>6.250% due 07/01/2056 | 2965 | 2826 |
| **Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023** <br>6.125% due 03/01/2057 | 3335 | 3451 |
| **Indianapolis, Indiana Revenue Bonds, Series 2016** <br>6.250% due 07/01/2056 | 2965 | 2836 |
| **Mount Vernon, Indiana Revenue Bonds, Series 2015** <br>4.250% due 09/01/2055 | 1150 | 1161 |
| **Warrick County, Indiana Revenue Bonds, Series 2015** <br>4.250% due 09/01/2055 | 1000 | 1010 |
| **Whiting, Indiana Revenue Bonds, Series 2016** <br>4.400% due 03/01/2046 | 12500 | 13019 |
|  |  | 35836 |
| **IOWA 0.6%**  |  |  |
| **Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2012** <br>4.750% due 08/01/2042 | 1850 | 1850 |
| **Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022** <br>4.000% due 12/01/2050 | 1200 | 1280 |
| **Iowa Finance Authority Revenue Bonds, Series 2022** <br>8.000% due 01/01/2042 | 5640 | 4764 |

---

------

<br> Consolidated Schedule of Investments PIMCO Flexible Municipal Income Fund (Cont.) March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Iowa Tobacco Settlement Authority Revenue Bonds, Series 2021** <br>0.000% due 06/01/2065 (d) | 14455 | 1973 |
|  |  | 9867 |
| **KENTUCKY 1.3%**  |  |  |
| **Kentucky Economic Development Finance Authority Revenue Bonds, Series 2016** <br>6.000% due 11/15/2036 | 685 | 539 |
| **Kentucky Economic Development Finance Authority Revenue Bonds, Series 2021** <br>5.000% due 07/01/2050 | 4000 | 3325 |
| **Kentucky Economic Development Finance Authority Revenue Notes, Series 2021** <br>4.250% due 07/01/2031 | 1380 | 1344 |
| **Kentucky Public Energy Authority Revenue Bonds, Series 2022** <br>3.632% (SOFRRATE) due 08/01/2052 ~ | 3900 | 3903 |
| **Kentucky Public Energy Authority Revenue Bonds, Series 2024** <br>5.000% due 01/01/2055 | 1750 | 1854 |
| **Kentucky Public Energy Authority Revenue Notes, Series 2025** <br>5.000% due 05/01/2036 | 9000 | 9480 |
| **Kentucky State Property & Building Commission Revenue Bonds, Series 2019** <br>4.000% due 11/01/2034 | 1250 | 1260 |
|  |  | 21705 |
| **LOUISIANA 0.7%**  |  |  |
| **New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024**  |  |  |
| 5.000% due 01/01/2037  | 4450 | 4774 |
| 5.000% due 01/01/2038  | 4000 | 4265 |
| **Parish of St James, Louisiana Revenue Bonds, Series 2010** <br>6.350% due 10/01/2040 | 2200 | 2381 |
|  |  | 11420 |
| **MARYLAND 0.2%**  |  |  |
| **Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021**  |  |  |
| 3.762% due 01/01/2043  | 2000 | 1498 |
| 4.000% due 06/01/2036  | 200 | 194 |
| **Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2025** <br>5.000% due 07/01/2045 | 2100 | 2256 |
|  |  | 3948 |
| **MASSACHUSETTS 0.5%**  |  |  |
| **Commonwealth of Massachusetts General Obligation Bonds, Series 2017** <br>4.000% due 02/01/2041 | 2000 | 1967 |
| **Massachusetts Development Finance Agency Revenue Bonds, Series 2026**  |  |  |
| 5.500% due 10/01/2045  | 1500 | 1583 |
| 6.000% due 10/01/2049  | 3750 | 4013 |
|  |  | 7563 |
| **MICHIGAN 1.7%**  |  |  |
| **Detroit, Michigan General Obligation Bonds, Series 2014** <br>4.000% due 04/01/2044 | 12233 | 9432 |
| **Detroit, Michigan General Obligation Bonds, Series 2023** <br>6.000% due 05/01/2039 | 1400 | 1572 |
| **Kalamazoo Economic Development Corp., Michigan Revenue Bonds, Series 2026** <br>6.250% due 08/15/2056 | 1000 | 1006 |
| **Michigan Finance Authority Revenue Bonds, Series 2020**  |  |  |
| 0.000% due 06/01/2045 (d)  | 5000 | 1334 |
| 0.000% due 06/01/2065 (d)  | 30650 | 2958 |
| 5.000% due 06/01/2040  | 4895 | 5036 |
| **Michigan Finance Authority Revenue Bonds, Series 2021** <br>5.000% due 05/01/2046 | 1100 | 859 |
| **Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2008** <br>0.000% due 06/01/2046 (d) | 38000 | 5167 |
|  |  | 27364 |
| **MINNESOTA 3.0%**  |  |  |
| **Duluth Economic Development Authority, Minnesota Revenue Bonds, Series 2018** <br>5.000% due 02/15/2048 | 1515 | 1515 |
| **Minneapolis, Minnesota Revenue Bonds, Series 2018** <br>5.000% due 11/15/2049 | 2000 | 1940 |
| **Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Bonds, Series 2022**  |  |  |
| 5.000% due 01/01/2034  | 1000 | 1077 |
| 5.000% due 01/01/2036  | 1900 | 2026 |
| **Rochester, Minnesota Revenue Bonds, Series 2025** <br>2.300% due 11/15/2064 | 40000 | 40000 |

---

------

<br> Consolidated Schedule of Investments PIMCO Flexible Municipal Income Fund (Cont.) March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **St Cloud, Minnesota Revenue Bonds, Series 2019** <br>5.000% due 05/01/2048 | 1500 | 1513 |
|  |  | 48071 |
| **MISSOURI 0.1%**  |  |  |
| **Cape Girardeau County, Missouri Industrial Development Authority Revenue Bonds, Series 2021** <br>4.000% due 03/01/2046 | 1400 | 1307 |
| **MULTI-STATE 1.9%**  |  |  |
| **FHLMC Multifamily VRD Certificates, New York Revenue Bonds, Series 2025** <br>4.604% due 06/25/2042 | 2095 | 2145 |
| **Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2022** <br>3.125% due 09/25/2036 | 1883 | 1744 |
| **Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023**  |  |  |
| 3.922% due 12/25/2036  | 10131 | 10064 |
| 4.139% due 08/25/2040  | 8455 | 8504 |
| 4.140% due 01/25/2040  | 7775 | 7711 |
|  |  | 30168 |
| **NEVADA 0.3%**  |  |  |
| **Las Vegas, Nevada Revenue Bonds, Series 2016** <br>4.375% due 06/15/2035 | 2020 | 1989 |
| **Reno, Nevada Revenue Bonds, Series 2018** <br>0.000% due 07/01/2058 (d) | 22500 | 3521 |
|  |  | 5510 |
| **NEW HAMPSHIRE 1.6%**  |  |  |
| **New Hampshire Business Finance Authority Revenue Bonds, Series 2023** <br>4.837% due 07/20/2036 | 8328 | 8358 |
| **New Hampshire Business Finance Authority Revenue Bonds, Series 2024** <br>0.511% due 08/20/2039 (a) | 7788 | 296 |
| **New Hampshire Business Finance Authority Revenue Bonds, Series 2025**  |  |  |
| 3.824% due 11/20/2042  | 6857 | 6589 |
| 5.625% due 06/01/2039  | 1600 | 1601 |
| **New Hampshire Business Finance Authority Revenue Notes, Series 2022** <br>4.000% due 12/01/2028 | 4050 | 4102 |
| **New Hampshire Business Finance Authority Revenue Notes, Series 2023** <br>5.087% due 07/20/2027 | 5144 | 5212 |
|  |  | 26158 |
| **NEW JERSEY 1.0%**  |  |  |
| **Atlantic City, New Jersey General Obligation Bonds, Series 2015** <br>6.375% due 03/01/2030 | 690 | 691 |
| **New Jersey Economic Development Authority Revenue Bonds, Series 2021** <br>4.000% due 06/15/2040 | 1000 | 983 |
| **New Jersey Economic Development Authority Revenue Bonds, Series 2022** <br>5.000% due 11/01/2036 | 2500 | 2728 |
| **New Jersey Economic Development Authority Special Assessment Bonds, Series 2002** <br>5.750% due 04/01/2031 | 5000 | 5016 |
| **New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2010** <br>0.000% due 12/15/2032 (d) | 2000 | 1593 |
| **Tobacco Settlement Financing Corp. New Jersey Revenue Bonds, Series 2018** <br>5.000% due 06/01/2046 | 4785 | 4660 |
|  |  | 15671 |
| **NEW MEXICO 0.5%**  |  |  |
| **Farmington, New Mexico Revenue Bonds, Series 2005** <br>1.800% due 04/01/2029 | 8440 | 7923 |
| **NEW YORK 11.8%**  |  |  |
| **Build NYC Resource Corp. New York Revenue Bonds, Series 2018** <br>5.625% due 12/01/2050 | 6800 | 5669 |
| **Build NYC Resource Corp. New York Revenue Notes, Series 2022** <br>5.000% due 06/01/2032 | 200 | 203 |
| **New York City, New York General Obligation Bonds, Series 2025**  |  |  |
| 2.700% due 02/01/2055  | 19055 | 19055 |
| 2.900% due 02/01/2055  | 10000 | 10000 |
| **New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022** <br>2.650% due 06/15/2044 | 25000 | 25000 |
| **New York City, New York Municipal Water Finance Authority, New York Revenue Bonds, (BABs), Series 2009** <br>2.700% due 06/15/2041 | 15000 | 15000 |
| **New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2021** <br>4.000% due 08/01/2039 | 1000 | 996 |
| **New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2023** <br>5.000% due 05/01/2053 | 4900 | 5002 |
| **New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2024** <br>5.000% due 05/01/2047 | 5500 | 5704 |
| **New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2025** <br>5.000% due 11/01/2053 | 2900 | 2971 |

---

------

<br> Consolidated Schedule of Investments PIMCO Flexible Municipal Income Fund (Cont.) March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2026** <br>5.000% due 02/01/2045 | 5000 | 5292 |
| **New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023** <br>5.250% due 05/01/2048 | 5000 | 5234 |
| **New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024** <br>5.000% due 05/01/2048 | 4000 | 4120 |
| **New York County, New York Tobacco Trust Revenue Bonds, Series 2005**  |  |  |
| 0.000% due 06/01/2055 (d)  | 26000 | 2097 |
| 0.000% due 06/01/2060 (d)  | 90000 | 3641 |
| **New York Energy Finance Development Corp. Revenue Bonds, Series 2025** <br>5.000% due 07/01/2056 | 4865 | 4970 |
| **New York Liberty Development Corp. Revenue Bonds, Series 2014**  |  |  |
| 5.000% due 11/15/2044  | 17000 | 17001 |
| 5.375% due 11/15/2040  | 4500 | 4481 |
| **New York State Dormitory Authority Revenue Bonds, Series 2025** <br>5.000% due 07/01/2036 | 1000 | 1089 |
| **New York State Thruway Authority Revenue Bonds, Series 2025** <br>5.000% due 03/15/2042 | 3500 | 3826 |
| **New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2025** <br>5.500% due 06/30/2059 | 17400 | 17884 |
| **New York Transportation Development Corp. Revenue Bonds, Series 2018** <br>5.000% due 01/01/2036 | 500 | 508 |
| **New York Transportation Development Corp. Revenue Bonds, Series 2023** <br>6.000% due 04/01/2035 | 3400 | 3730 |
| **New York Transportation Development Corp. Revenue Bonds, Series 2025** <br>6.000% due 06/30/2041 | 1125 | 1250 |
| **New York Transportation Development Corp. Revenue Notes, Series 2018** <br>5.000% due 01/01/2027 | 5000 | 5070 |
| **New York Transportation Development Corp. Revenue Notes, Series 2020** <br>4.000% due 10/01/2030 | 8000 | 8131 |
| **New York Transportation Development Corp. Revenue Notes, Series 2021** <br>2.250% due 08/01/2026 | 670 | 668 |
| **Port Authority of New York & New Jersey Revenue Bonds, Series 1994** <br>6.125% due 06/01/2094 | 2000 | 2004 |
| **Suffolk Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2021** <br>0.000% due 06/01/2066 (d) | 62170 | 5273 |
| **Westchester County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2025** <br>6.500% due 11/01/2055 (f) | 1000 | 1105 |
| **Westchester County, New York Local Development Corp. Revenue Bonds, Series 2025** <br>7.500% due 11/01/2055 (f) | 3000 | 3297 |
| **Yonkers Economic Development Corp. New York Revenue Bonds, Series 2019** <br>5.000% due 10/15/2054 | 930 | 820 |
|  |  | 191091 |
| **NORTH CAROLINA 0.5%**  |  |  |
| **Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2021** <br>2.750% due 01/15/2042 | 8310 | 8310 |
| **NORTH DAKOTA 0.0%**  |  |  |
| **Grand Forks County, North Dakota Revenue Bonds, Series 2021**  |  |  |
| 6.625% due 12/15/2031 ^(b)  | 1500 | 0 |
| 7.000% due 12/15/2043 ^(b)  | 1000 | 0 |
|  |  | 0 |
| **OHIO 6.0%**  |  |  |
| **Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2025** <br>2.750% due 11/01/2050 | 25000 | 25000 |
| **Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020**  |  |  |
| 0.000% due 06/01/2057 (d)  | 89365 | 6536 |
| 5.000% due 06/01/2055  | 30000 | 24225 |
| **Cleveland-Cuyahoga County, Ohio Port Authority Tax Allocation Bonds, Series 2021** <br>4.000% due 12/01/2055 | 910 | 688 |
| **Columbus-Franklin County, Ohio Finance Authority Revenue Bonds, Series 2025** <br>6.050% due 01/01/2046 | 800 | 806 |
| **Dayton-Montgomery County, Ohio Port Authority Revenue Bonds, Series 2025** <br>6.625% due 01/01/2045 | 1300 | 1362 |
| **Franklin County, Ohio Convention Facilities Authority Revenue Bonds, Series 2019**  |  |  |
| 5.000% due 12/01/2037  | 650 | 660 |
| 5.000% due 12/01/2044  | 2500 | 2489 |
| **Kent State University, Ohio Revenue Bonds, Series 2022** <br>5.000% due 05/01/2034 | 1425 | 1566 |
| **Montgomery County, Ohio Revenue Bonds, Series 2018** <br>6.250% due 04/01/2049 ^(b) | 2528 | 32 |
| **Ohio Air Quality Development Authority Revenue Bonds, Series 2014** <br>2.400% due 12/01/2038 | 1000 | 954 |
| **Ohio Air Quality Development Authority Revenue Bonds, Series 2015** <br>4.250% due 11/01/2040 | 2000 | 2026 |
| **Ohio Air Quality Development Authority Revenue Bonds, Series 2019** <br>5.000% due 07/01/2049 | 13350 | 12105 |
| **Ohio Air Quality Development Authority Revenue Bonds, Series 2022** <br>4.250% due 11/01/2039 | 5045 | 5089 |
| **Ohio Air Quality Development Authority Revenue Bonds, Series 2026** <br>4.350% due 06/30/2040 | 950 | 935 |

---

------

<br> Consolidated Schedule of Investments PIMCO Flexible Municipal Income Fund (Cont.) March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Ohio Housing Finance Agency Revenue Bonds, Series 2025**  |  |  |
| 6.250% due 01/01/2045  | 2600 | 2685 |
| 6.300% due 01/01/2045  | 3660 | 3727 |
| 6.375% due 01/01/2045  | 1000 | 1040 |
| 6.500% due 01/01/2045  | 1100 | 1135 |
| **Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2009** <br>4.750% due 06/01/2033 | 2585 | 2667 |
| **Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, Series 2025** <br>6.500% due 01/01/2045 | 1300 | 1354 |
|  |  | 97081 |
| **OKLAHOMA 0.1%**  |  |  |
| **Oklahoma Development Finance Authority Revenue Bonds, Series 2019** <br>4.000% due 08/01/2036 | 1230 | 1153 |
| **OREGON 0.1%**  |  |  |
| **Clackamas County, Oregon Hospital Facility Authority Revenue Bonds, Series 2018** <br>5.000% due 05/15/2052 | 355 | 322 |
| **Clackamas County, Oregon Hospital Facility Authority Revenue Bonds, Series 2020** <br>5.375% due 11/15/2055 | 750 | 733 |
|  |  | 1055 |
| **PENNSYLVANIA 3.2%**  |  |  |
| **Berks County, Pennsylvania Municipal Authority Revenue Notes, Series 2024**  |  |  |
| 6.000% due 06/30/2034  | 770 | 821 |
| 8.000% due 06/30/2034  | 1539 | 1571 |
| **Blythe Township Solid Waste Authority, Pennsylvania Revenue Bonds, Series 2017** <br>7.750% due 12/01/2037 | 1645 | 1752 |
| **Bucks County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2021**  |  |  |
| 4.000% due 07/01/2051  | 1050 | 882 |
| 5.000% due 07/01/2039  | 2850 | 2920 |
| **Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018** <br>4.000% due 06/01/2039 | 4810 | 4627 |
| **Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020** <br>4.000% due 04/01/2050 | 7000 | 6066 |
| **Lehigh County, Pennsylvania Revenue Bonds, Series 2019** <br>3.520% (MUNIPSA) due 08/15/2038 ~(f) | 2800 | 2765 |
| **Luzerne County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2019** <br>2.450% due 12/01/2039 | 2000 | 1881 |
| **Mercer County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2020** <br>6.125% due 10/01/2050 | 2170 | 1537 |
| **Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2023** <br>4.450% due 10/01/2034 | 5000 | 5128 |
| **Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2024** <br>5.000% due 11/01/2044 | 1300 | 1240 |
| **Montgomery County, Pennsylvania Higher Education & Health Authority Revenue Bonds, Series 2022** <br>4.000% due 05/01/2039 | 1375 | 1333 |
| **Moon Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2015** <br>6.000% due 07/01/2045 | 5000 | 5000 |
| **Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2009** <br>5.250% due 12/01/2038 | 2000 | 2004 |
| **Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015** <br>5.000% due 12/31/2038 | 1150 | 1151 |
| **Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022** <br>5.500% due 06/30/2040 | 5000 | 5327 |
| **Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2023** <br>5.000% due 07/01/2042 | 2000 | 2037 |
| **Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025** <br>5.450% due 01/01/2051 | 1200 | 1305 |
| **Philadelphia Authority for Industrial Development, Pennsylvania Revenue Bonds, Series 2017** <br>5.500% due 12/01/2058 | 2500 | 2543 |
|  |  | 51890 |
| **PUERTO RICO 8.8%**  |  |  |
| **Children's Trust Fund, Puerto Rico Revenue Bonds, Series 2005** <br>0.000% due 05/15/2050 (d) | 8800 | 1758 |
| **Children's Trust Fund, Puerto Rico Revenue Bonds, Series 2008** <br>0.000% due 05/15/2057 (d) | 87500 | 4056 |
| **Commonwealth of Puerto Rico Bonds, Series 2022**  |  |  |
| 0.000% due 11/01/2043  | 9005 | 6045 |
| 0.000% due 11/01/2051  | 52041 | 32653 |
| **Commonwealth of Puerto Rico General Obligation Notes, Series 2021** <br>5.625% due 07/01/2027 | 2758 | 2812 |
| **GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018** <br>7.500% due 08/20/2040 | 18167 | 17822 |
| **Puerto Rico Electric Power Authority Revenue Bonds, Series 2012** <br>5.000% due 07/01/2029 ^(b) | 17700 | 11770 |
| **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018**  |  |  |
| 0.000% due 07/01/2046 (d)  | 69270 | 24394 |
| 0.000% due 07/01/2051 (d)  | 105489 | 27039 |
| 5.000% due 07/01/2058  | 8130 | 7741 |

---

------

<br> Consolidated Schedule of Investments PIMCO Flexible Municipal Income Fund (Cont.) March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019**  |  |  |
| 4.329% due 07/01/2040  | 1200 | 1184 |
| 4.550% due 07/01/2040  | 4493 | 4481 |
|  |  | 141755 |
| **RHODE ISLAND 0.7%**  |  |  |
| **Rhode Island Health and Educational Building Corp. Revenue Bonds, (AGM Insured),Series 2025**  |  |  |
| 5.000% due 07/01/2039  | 350 | 365 |
| 5.000% due 07/01/2040  | 350 | 362 |
| **Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2007** <br>0.000% due 06/01/2052 (d) | 1700 | 241 |
| **Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015** <br>5.000% due 06/01/2050 | 10000 | 9798 |
|  |  | 10766 |
| **SOUTH CAROLINA 0.2%**  |  |  |
| **Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023** <br>5.250% due 02/01/2054 | 3100 | 3311 |
| **South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2021** <br>6.500% due 06/01/2051 ^(b) | 500 | 55 |
|  |  | 3366 |
| **TENNESSEE 1.2%**  |  |  |
| **Memphis-Shelby County, Tennessee Industrial Development Board Tax Allocation Bonds, Series 2017**  |  |  |
| 5.500% due 07/01/2037  | 1420 | 1071 |
| 5.625% due 01/01/2046  | 1900 | 1281 |
| **Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, (HUD Insured), Series 2023** <br>4.875% due 10/01/2038 | 4935 | 5035 |
| **Metropolitan Government of Nashville & Davidson County, Tennessee Industrial Development Board Special Assessment Bonds, Series 2021** <br>0.000% due 06/01/2043 (d) | 1915 | 838 |
| **Tennergy Corp. Tennessee Revenue Bonds, Series 2022** <br>5.500% due 10/01/2053 | 5750 | 6115 |
| **Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021** <br>5.000% due 05/01/2052 | 5000 | 5289 |
|  |  | 19629 |
| **TEXAS 12.0%**  |  |  |
| **Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021**  |  |  |
| 7.500% due 12/01/2045 ^(b)  | 2675 | 134 |
| 12.000% due 12/01/2045 ^(b)  | 9000 | 450 |
| **Arlington Higher Education Finance Corp. Texas Revenue Bonds, Series 2025** <br>5.750% due 06/15/2055 | 3000 | 3010 |
| **Austin Housing Finance Corp. Texas Revenue Bonds, Series 2024** <br>3.400% due 11/01/2042 | 1750 | 1763 |
| **Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2022** <br>10.000% due 06/01/2042 ^(b) | 2812 | 141 |
| **Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2023** <br>12.000% due 06/01/2043 ^(b) | 2162 | 108 |
| **Calhoun County, Texas Navigation Industrial Development Authority Revenue Notes, Series 2021**  |  |  |
| 3.625% due 07/01/2026  | 2250 | 2229 |
| 6.500% due 07/01/2026  | 2750 | 2713 |
| **Clifton Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025** <br>5.000% due 02/15/2041 | 3850 | 4088 |
| **Dallas Housing Finance Corp. Texas Revenue Bonds, Series 2022** <br>6.000% due 12/01/2062 | 3000 | 2783 |
| **Denton Essential Investments Public Facility Corp.**  |  |  |
| 5.625% due 12/31/2055  | 2700 | 2738 |
| 5.875% due 12/31/2045  | 1000 | 1023 |
| 7.095% due 06/01/2059 «~  | 3700 | 3726 |
| 7.095% due 06/02/2059 «~  | 12800 | 12977 |
| **Denton, Texas Essential Investments Public Facility Corp.**  |  |  |
| 6.697% due 01/01/2043 «  | 1880 | 1849 |
| 6.697% due 01/01/2059 «  | 8000 | 7795 |
| **Fort Worth, Texas Water & Sewer System Revenue Bonds, Series 2025** <br>5.000% due 02/15/2048 | 1310 | 1356 |
| **Houston, Texas Airport System Revenue Bonds, Series 2024**  |  |  |
| 5.500% due 07/15/2035  | 5000 | 5312 |
| 5.500% due 07/15/2036  | 8000 | 8438 |
| 5.500% due 07/15/2037  | 2500 | 2619 |
| 5.500% due 07/15/2039  | 1500 | 1555 |
| **Manor Housing Public Facility Corp. Texas Revenue Bonds, Series 2024** <br>3.400% due 11/01/2042 | 2550 | 2564 |
| **Mission Economic Development Corp. Texas Revenue Bonds, Series 2024** <br>4.000% due 06/01/2054 | 4250 | 4244 |
| **New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2016**  |  |  |
| 4.000% due 07/01/2031 ^(b)  | 2510 | 1958 |
| 4.000% due 07/01/2036 ^(b)  | 2065 | 1967 |
| 5.000% due 07/01/2046 ^(b)  | 12245 | 10258 |
| 5.000% due 07/01/2051 ^(b)  | 700 | 665 |

---

------

<br> Consolidated Schedule of Investments PIMCO Flexible Municipal Income Fund (Cont.) March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| 5.750% due 07/01/2051 ^(b)  | 1400 | 913 |
| **New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2017** <br>5.000% due 07/01/2047 ^(b) | 1500 | 1073 |
| **New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2019**  |  |  |
| 4.000% due 12/01/2054  | 450 | 329 |
| 5.000% due 12/01/2054  | 250 | 219 |
| **New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2025** <br>2.900% due 08/01/2055 | 24000 | 24000 |
| **Pilot Point, Texas Special Assessment Notes, Series 2025**  |  |  |
| 5.000% due 09/15/2030  | 600 | 612 |
| 5.250% due 09/15/2035  | 740 | 766 |
| **Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024** <br>2.700% due 11/15/2050 | 1000 | 1000 |
| **Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025** <br>5.000% due 11/15/2049 | 2000 | 2052 |
| **Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2026**  |  |  |
| 2.550% due 11/15/2063  | 22650 | 22650 |
| 2.700% due 11/15/2063  | 40000 | 40000 |
| **Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006** <br>4.087% (TSFR3M) due 12/15/2026 ~ | 3000 | 3001 |
| **Texas Transportation Finance Corp. Revenue Bonds, Series 2025** <br>5.000% due 10/01/2050 | 9040 | 9333 |
|  |  | 194411 |
| **UTAH 1.0%**  |  |  |
| **Downtown Daybreak Public Infrastructure District No 1, Utah Tax Allocation Bonds, Series 2026** <br>5.875% due 03/01/2051 | 1250 | 1262 |
| **Downtown Revitalization Public Infrastructure District, Utah Revenue Notes, Series 2025** <br>5.000% due 07/15/2035 | 4925 | 4945 |
| **Mida Cormont Public Infrastructure District, Utah General Obligation Bonds, Series 2025**  |  |  |
| 6.250% due 06/01/2055  | 550 | 573 |
| 6.750% due 06/01/2055 (e)  | 1350 | 1158 |
| **Mida Mountain Village Public Infrastructure District, Utah Special Assessment Bonds, Series 2021** <br>4.000% due 08/01/2050 | 1845 | 1536 |
| **Mida Mountain Village Public Infrastructure District, Utah Tax Allocation Bonds, Series 2024**  |  |  |
| 5.750% due 06/15/2044  | 2125 | 2191 |
| 6.000% due 06/15/2054  | 4000 | 4081 |
|  |  | 15746 |
| **VIRGINIA 1.4%**  |  |  |
| **Farms New Kent Community Development Authority, Virginia Special Assessment Bonds, Series 2021** <br>3.750% due 03/01/2036 | 4240 | 4096 |
| **Lynchburg Economic Development Authority, Virginia Revenue Bonds, Series 2021** <br>4.000% due 01/01/2041 | 455 | 430 |
| **Virginia Beach Development Authority Revenue Bonds, Series 2023** <br>7.000% due 09/01/2053 | 3500 | 3821 |
| **Virginia Small Business Financing Authority Revenue Bonds, Series 2019**  |  |  |
| 0.000% due 07/01/2061 (d)  | 29035 | 827 |
| 5.000% due 07/01/2034  | 7290 | 6484 |
| 7.500% due 07/01/2052 ^(b)  | 4170 | 2502 |
| **Virginia Small Business Financing Authority Revenue Bonds, Series 2025**  |  |  |
| 5.000% due 06/15/2042  | 2150 | 2279 |
| 5.000% due 06/15/2043  | 1445 | 1522 |
|  |  | 21961 |
| **WASHINGTON 0.7%**  |  |  |
| **Washington State Housing Finance Commission Revenue Bonds, Series 2018**  |  |  |
| 5.000% due 07/01/2038  | 1075 | 886 |
| 5.000% due 07/01/2048  | 500 | 367 |
| 5.000% due 07/01/2053  | 1100 | 762 |
| **Washington State Housing Finance Commission Revenue Bonds, Series 2024** <br>3.812% due 03/01/2050 | 4549 | 4385 |
| **Washington State Housing Finance Commission Revenue Bonds, Series 2025**  |  |  |
| 6.000% due 01/01/2046  | 4500 | 4525 |
| 7.000% due 07/01/2064  | 700 | 720 |
|  |  | 11645 |
| **WEST VIRGINIA 1.6%**  |  |  |
| **Montgomery County, West Virginia Tax Allocation Bonds, Series 2023**  |  |  |
| 5.750% due 06/01/2043  | 875 | 928 |
| 6.000% due 06/01/2053  | 1315 | 1371 |
| **Montgomery County, West Virginia Tax Allocation Notes, Series 2023** <br>5.000% due 06/01/2033 | 395 | 410 |
| **Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007** <br>0.000% due 06/01/2047 (d) | 70100 | 6513 |
| **West Virginia Economic Development Authority Revenue Bonds, Series 2025**  |  |  |
| 4.625% due 04/15/2055  | 5000 | 5088 |
| 5.450% due 01/01/2055  | 6860 | 7458 |

---

------

<br> Consolidated Schedule of Investments PIMCO Flexible Municipal Income Fund (Cont.) March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **West Virginia Hospital Finance Authority Revenue Bonds, Series 2023** <br>5.750% due 09/01/2043 | 4000 | 4291 |
|  |  | 26059 |
| **WISCONSIN 2.7%**  |  |  |
| **Public Finance Authority, Wisconsin Revenue Bonds, Series 2017**  |  |  |
| 6.750% due 08/01/2031  | 4500 | 3150 |
| 7.000% due 01/01/2050  | 1000 | 1053 |
| **Public Finance Authority, Wisconsin Revenue Bonds, Series 2018** <br>6.375% due 01/01/2048 ^(b) | 2000 | 900 |
| **Public Finance Authority, Wisconsin Revenue Bonds, Series 2019** <br>5.875% due 10/01/2054 ^(b) | 1500 | 925 |
| **Public Finance Authority, Wisconsin Revenue Bonds, Series 2020**  |  |  |
| 5.000% due 01/01/2055  | 1000 | 845 |
| 5.250% due 03/01/2045  | 1500 | 1445 |
| **Public Finance Authority, Wisconsin Revenue Bonds, Series 2021**  |  |  |
| 0.000% due 01/01/2061 (d)  | 4515 | 360 |
| 4.000% due 09/30/2051  | 985 | 812 |
| 4.000% due 03/31/2056  | 4150 | 3322 |
| 4.000% due 07/01/2056  | 2250 | 1598 |
| 5.625% due 06/01/2050  | 1610 | 1595 |
| 6.500% due 06/01/2045  | 3100 | 2767 |
| **Public Finance Authority, Wisconsin Revenue Bonds, Series 2024** <br>5.750% due 07/01/2054 | 1100 | 1125 |
| **Public Finance Authority, Wisconsin Revenue Bonds, Series 2025**  |  |  |
| 5.000% due 11/15/2043  | 1000 | 1030 |
| 5.000% due 11/15/2044  | 1000 | 1023 |
| 5.750% due 12/31/2065  | 5000 | 5107 |
| **Public Finance Authority, Wisconsin Revenue Notes, Series 2023**  |  |  |
| 0.000% due 09/01/2029 (d)  | 342 | 266 |
| 6.125% due 12/15/2029  | 4045 | 4086 |
| **Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020** <br>0.000% due 12/15/2033 (d) | 2755 | 2078 |
| **Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021** <br>4.000% due 08/15/2046 | 4000 | 3582 |
| **Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2024** <br>5.875% due 07/01/2055 | 2400 | 2388 |
| **Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2025**  |  |  |
| 6.250% due 11/15/2055  | 3665 | 3603 |
| 6.375% due 07/01/2045  | 1030 | 1091 |
|  |  | 44151 |
| Total Municipal Bonds & Notes (Cost $1,701,079) |  | 1665008 |
| **U.S. GOVERNMENT AGENCIES 4.2%**  |  |  |
| **Federal Home Loan Mortgage Corp.**  |  |  |
| 3.600% due 06/01/2043 | 3255 | 2987 |
| 3.700% due 09/01/2038 | 9785 | 9354 |
| 3.790% due 07/01/2040 | 3138 | 2997 |
| 3.800% due 12/01/2038 | 8734 | 8346 |
| 3.850% due 02/01/2038 - 07/01/2039 | 9982 | 9571 |
| 4.000% due 01/01/2039 | 1386 | 1355 |
| 4.600% due 03/01/2041 | 2600 | 2660 |
| 4.900% due 02/01/2040 | 2951 | 3107 |
| 5.210% due 08/01/2040 | 6587 | 7163 |
| **Federal Home Loan Mortgage Corp. Multifamily ML Certificates**  |  |  |
| 2.802% due 04/25/2043 ~ | 3616 | 3104 |
| 2.951% due 01/25/2039 ~ | 7800 | 5191 |
| 3.198% due 01/25/2043 ~ | 3800 | 2536 |
| 4.979% due 01/25/2042 ~ | 3600 | 2914 |
| **Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate**<br>4.269% due 07/15/2040 •  | 5828 | 5955 |
| Total U.S. Government Agencies (Cost $65,204) |  | 67240 |
| **U.S. TREASURY OBLIGATIONS 7.0%**  |  |  |
| **U.S. Treasury Notes**  |  |  |
| 3.375% due 02/29/2028 | 40500 | 40184 |
| 3.500% due 02/28/2031 | 33000 | 32362 |
| 4.125% due 03/31/2031 | 2700 | 2719 |
| 4.250% due 02/28/2031 | 15600 | 15804 |
| 4.625% due 04/30/2031 | 20700 | 21318 |

---

------

<br> Consolidated Schedule of Investments PIMCO Flexible Municipal Income Fund (Cont.) March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| Total U.S. Treasury Obligations (Cost $112,436) |  | 112387 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.4%**  |  |  |
| **Multifamily Tax-Exempt Mortgage-backed Securities** <br>4.770% due 07/01/2043 | 6000 | 6146 |
| Total Non-Agency Mortgage-Backed Securities (Cost $6,000) |  | 6146 |
|  | SHARES |  |
| **MUTUAL FUNDS 2.1%**  |  |  |
| **BlackRock MuniYield Quality Fund III, Inc.** | 490934 | 5160 |
| **Invesco Quality Municipal Income Trust** | 461597 | 4441 |
| **Nuveen AMT-Free Municipal Credit Income Fund** | 470900 | 5806 |
| **Nuveen California Quality Municipal Income Fund** | 401979 | 4683 |
| **Nuveen Municipal Credit Income Fund** | 462380 | 5632 |
| **Nuveen Quality Municipal Income Fund** | 300646 | 3457 |
| **Western Asset Managed Municipals Fund, Inc.** | 544800 | 5601 |
| Total Mutual Funds (Cost $38,054) |  | 34780 |
| **COMMON STOCKS 0.0%**  |  |  |
| **INDUSTRIALS 0.0%**  |  |  |
| **AM Bidco Holdings LLC «(c)** | 419 | 0 |
| Total Common Stocks (Cost $0) |  | 0 |
| **PREFERRED SECURITIES 0.0%**  |  |  |
| **INDUSTRIALS 0.0%**  |  |  |
| **SVB Financial Trust**<br>0.000% due 11/07/2032 (d) | 122000 | 8 |
| Total Preferred Securities (Cost $2,752) |  | 8 |
| **SHORT-TERM INSTRUMENTS 4.5%**  |  |  |
| **REPURCHASE AGREEMENTS (g) 4.1%** |  | 66800 |
|  | PRINCIPAL<br>AMOUNT<br>(000s) |  |
| **MUNICIPAL BONDS & NOTES 0.4%**  |  |  |
| **Albany City School District, New York General Obligation Notes, Series 2025** <br>4.000% due 06/25/2026 | $4000 | 4011 |
| **Honeoye Falls-Lima Central School District, New York General Obligation Notes, Series 2025** <br>4.000% due 06/25/2026 | 2600 | 2608 |
| Total Municipal Bonds & Notes (Cost $6,613) |  | 6619 |
| Total Short-Term Instruments (Cost $73,413) |  | 73419 |
| Total Investments in Securities (Cost $2,296,647) |  | 2254267 |
| Total Investments 139.6% (Cost $2,296,647) |  | $2254267 |
| Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (34.1)% |  | (549505) |
| Other Assets and Liabilities, net (5.5)% |  | (90315) |
| Net Assets Applicable to Common Shareholders 100.0% |  | $1614447 |

---

------

<br> Consolidated Schedule of Investments PIMCO Flexible Municipal Income Fund (Cont.) March 31, 2026 (Unaudited)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** |
| **^** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** |
| **«** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** |
| **µ** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** |
| **~** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** |
| **•** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** |
| **(a)** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** |
| **(b)** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** |
| **(c)** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** |
| **(d)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(e)** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** |
| **(f)** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** |
| Issuer Description | Issuer Description | Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Cost |  | Market<br>Value | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets Applicable to Common Shareholders | Market Value<br>as Percentage<br>of Net Assets Applicable to Common Shareholders |
| AM Bidco Operations LLC | AM Bidco Operations LLC | AM Bidco Operations LLC | 0.000 | 10/21/2027 | 10/21/2025 - 04/01/2026 | 9083 | 9083 | $ | 8672 | 8672 | 0.54 | % |
| Anchor Senior Living | Anchor Senior Living | Anchor Senior Living | 6.020 | 10/01/2042 | 01/09/2025 | 13722 | 13722 |  | 14049 | 14049 | 0.87 |  |
| City of Woodland | City of Woodland | City of Woodland | 4.400 | 09/01/2034 | 07/26/2023 | 12754 | 12754 |  | 12839 | 12839 | 0.80 |  |
| Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | 3.520 | 08/15/2038 | 09/14/2021 | 2831 | 2831 |  | 2765 | 2765 | 0.17 |  |
| Westchester County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2025 | Westchester County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2025 | Westchester County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2025 | 6.500 | 11/01/2055 | 08/25/2025 | 1000 | 1000 |  | 1105 | 1105 | 0.07 |  |
| Westchester County, New York Local Development Corp. Revenue Bonds, Series 2025 | Westchester County, New York Local Development Corp. Revenue Bonds, Series 2025 | Westchester County, New York Local Development Corp. Revenue Bonds, Series 2025 | 7.500 | 11/01/2055 | 08/25/2025 | 3000 | 3000 |  | 3297 | 3297 | 0.20 |  |
|  |  |  |  |  | $ | 42390 | $ | $ | 42727 | 2.65%  | 2.65%  | 2.65%  |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **(g)** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** |
| Counterparty | Maturity<br>Date | Principal<br>Amount | Principal<br>Amount | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | Collateral<br>(Received) | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value |  |  | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| FICC STR | 04/01/2026 | 66800 | 66800 | &nbsp;&nbsp; U.S. Treasury Bonds 4.250% - 4.500% due 08/15/2054 - 11/15/2054 | &nbsp;&nbsp; U.S. Treasury Bonds 4.250% - 4.500% due 08/15/2054 - 11/15/2054 | &nbsp;&nbsp; U.S. Treasury Bonds 4.250% - 4.500% due 08/15/2054 - 11/15/2054 | (29795) | (29795) | 66800 | $ | $ | 66807 |
|  |  |  |  | &nbsp;&nbsp; U.S. Treasury Inflation Protected Securities 2.375% due 02/15/2055 - 02/15/2056 | &nbsp;&nbsp; U.S. Treasury Inflation Protected Securities 2.375% due 02/15/2055 - 02/15/2056 | &nbsp;&nbsp; U.S. Treasury Inflation Protected Securities 2.375% due 02/15/2055 - 02/15/2056 | (38341) | (38341) |  |  |  |  |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  | **(68136)** | **(68136)** | **66800** | **$** | **$** | **66807** |
| <sup>(1)</sup> | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. |
| **The average amount of borrowings outstanding during the period ended March 31, 2026 was $(2894) at a weighted average interest rate of 3.684%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended March 31, 2026 was $(2894) at a weighted average interest rate of 3.684%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended March 31, 2026 was $(2894) at a weighted average interest rate of 3.684%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended March 31, 2026 was $(2894) at a weighted average interest rate of 3.684%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended March 31, 2026 was $(2894) at a weighted average interest rate of 3.684%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended March 31, 2026 was $(2894) at a weighted average interest rate of 3.684%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended March 31, 2026 was $(2894) at a weighted average interest rate of 3.684%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended March 31, 2026 was $(2894) at a weighted average interest rate of 3.684%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended March 31, 2026 was $(2894) at a weighted average interest rate of 3.684%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended March 31, 2026 was $(2894) at a weighted average interest rate of 3.684%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended March 31, 2026 was $(2894) at a weighted average interest rate of 3.684%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended March 31, 2026 was $(2894) at a weighted average interest rate of 3.684%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended March 31, 2026 was $(2894) at a weighted average interest rate of 3.684%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities**: |  |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Level 1 | Level 2 | Level 3 | Level 3 | Fair Value<br>at 03/31/2026 | Fair Value<br>at 03/31/2026 | Fair Value<br>at 03/31/2026 | Fair Value<br>at 03/31/2026 |  |

---

------

<br> Consolidated Schedule of Investments PIMCO Flexible Municipal Income Fund (Cont.) March 31, 2026 (Unaudited)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | |
| Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | $0 | 0 | 0 | 0 | $0 | 0 | $276393 | 276393 | $ | 276393 |  |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |  |
| Banking & Finance | Banking & Finance | Banking & Finance | 0 | 0 | 0 | 0 | 1050 | 1050 | 8145 | 8145 |  | 9195 |  |
| Industrials | Industrials | Industrials | 0 | 0 | 0 | 0 | 9691 | 9691 | 0 | 0 |  | 9691 |  |
| Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |  |
| Alabama | Alabama | Alabama | 0 | 0 | 0 | 0 | 66133 | 66133 | 0 | 0 |  | 66133 |  |
| Arizona | Arizona | Arizona | 0 | 0 | 0 | 0 | 16798 | 16798 | 0 | 0 |  | 16798 |  |
| Arkansas | Arkansas | Arkansas | 0 | 0 | 0 | 0 | 16901 | 16901 | 0 | 0 |  | 16901 |  |
| California | California | California | 0 | 0 | 0 | 0 | 102152 | 102152 | 0 | 0 |  | 102152 |  |
| Colorado | Colorado | Colorado | 0 | 0 | 0 | 0 | 57389 | 57389 | 0 | 0 |  | 57389 |  |
| Connecticut | Connecticut | Connecticut | 0 | 0 | 0 | 0 | 80000 | 80000 | 0 | 0 |  | 80000 |  |
| District of Columbia | District of Columbia | District of Columbia | 0 | 0 | 0 | 0 | 5369 | 5369 | 0 | 0 |  | 5369 |  |
| Florida | Florida | Florida | 0 | 0 | 0 | 0 | 73421 | 73421 | 0 | 0 |  | 73421 |  |
| Georgia | Georgia | Georgia | 0 | 0 | 0 | 0 | 20707 | 20707 | 0 | 0 |  | 20707 |  |
| Guam | Guam | Guam | 0 | 0 | 0 | 0 | 1224 | 1224 | 0 | 0 |  | 1224 |  |
| Hawaii | Hawaii | Hawaii | 0 | 0 | 0 | 0 | 35000 | 35000 | 0 | 0 |  | 35000 |  |
| Idaho | Idaho | Idaho | 0 | 0 | 0 | 0 | 1454 | 1454 | 0 | 0 |  | 1454 |  |
| Illinois | Illinois | Illinois | 0 | 0 | 0 | 0 | 95880 | 95880 | 0 | 0 |  | 95880 |  |
| Indiana | Indiana | Indiana | 0 | 0 | 0 | 0 | 35836 | 35836 | 0 | 0 |  | 35836 |  |
| Iowa | Iowa | Iowa | 0 | 0 | 0 | 0 | 9867 | 9867 | 0 | 0 |  | 9867 |  |
| Kentucky | Kentucky | Kentucky | 0 | 0 | 0 | 0 | 21705 | 21705 | 0 | 0 |  | 21705 |  |
| Louisiana | Louisiana | Louisiana | 0 | 0 | 0 | 0 | 11420 | 11420 | 0 | 0 |  | 11420 |  |
| Maryland | Maryland | Maryland | 0 | 0 | 0 | 0 | 3948 | 3948 | 0 | 0 |  | 3948 |  |
| Massachusetts | Massachusetts | Massachusetts | 0 | 0 | 0 | 0 | 7563 | 7563 | 0 | 0 |  | 7563 |  |
| Michigan | Michigan | Michigan | 0 | 0 | 0 | 0 | 27364 | 27364 | 0 | 0 |  | 27364 |  |
| Minnesota | Minnesota | Minnesota | 0 | 0 | 0 | 0 | 48071 | 48071 | 0 | 0 |  | 48071 |  |
| Missouri | Missouri | Missouri | 0 | 0 | 0 | 0 | 1307 | 1307 | 0 | 0 |  | 1307 |  |
| Multi-State | Multi-State | Multi-State | 0 | 0 | 0 | 0 | 30168 | 30168 | 0 | 0 |  | 30168 |  |
| Nevada | Nevada | Nevada | 0 | 0 | 0 | 0 | 5510 | 5510 | 0 | 0 |  | 5510 |  |
| New Hampshire | New Hampshire | New Hampshire | 0 | 0 | 0 | 0 | 26158 | 26158 | 0 | 0 |  | 26158 |  |
| New Jersey | New Jersey | New Jersey | 0 | 0 | 0 | 0 | 15671 | 15671 | 0 | 0 |  | 15671 |  |
| New Mexico | New Mexico | New Mexico | 0 | 0 | 0 | 0 | 7923 | 7923 | 0 | 0 |  | 7923 |  |
| New York | New York | New York | 0 | 0 | 0 | 0 | 191091 | 191091 | 0 | 0 |  | 191091 |  |
| North Carolina | North Carolina | North Carolina | 0 | 0 | 0 | 0 | 8310 | 8310 | 0 | 0 |  | 8310 |  |
| Ohio | Ohio | Ohio | 0 | 0 | 0 | 0 | 97081 | 97081 | 0 | 0 |  | 97081 |  |
| Oklahoma | Oklahoma | Oklahoma | 0 | 0 | 0 | 0 | 1153 | 1153 | 0 | 0 |  | 1153 |  |
| Oregon | Oregon | Oregon | 0 | 0 | 0 | 0 | 1055 | 1055 | 0 | 0 |  | 1055 |  |
| Pennsylvania | Pennsylvania | Pennsylvania | 0 | 0 | 0 | 0 | 51890 | 51890 | 0 | 0 |  | 51890 |  |
| Puerto Rico | Puerto Rico | Puerto Rico | 0 | 0 | 0 | 0 | 141755 | 141755 | 0 | 0 |  | 141755 |  |
| Rhode Island | Rhode Island | Rhode Island | 0 | 0 | 0 | 0 | 10766 | 10766 | 0 | 0 |  | 10766 |  |
| South Carolina | South Carolina | South Carolina | 0 | 0 | 0 | 0 | 3366 | 3366 | 0 | 0 |  | 3366 |  |
| Tennessee | Tennessee | Tennessee | 0 | 0 | 0 | 0 | 19629 | 19629 | 0 | 0 |  | 19629 |  |
| Texas | Texas | Texas | 0 | 0 | 0 | 0 | 168064 | 168064 | 26347 | 26347 |  | 194411 |  |
| Utah | Utah | Utah | 0 | 0 | 0 | 0 | 15746 | 15746 | 0 | 0 |  | 15746 |  |
| Virginia | Virginia | Virginia | 0 | 0 | 0 | 0 | 21961 | 21961 | 0 | 0 |  | 21961 |  |
| Washington | Washington | Washington | 0 | 0 | 0 | 0 | 11645 | 11645 | 0 | 0 |  | 11645 |  |
| West Virginia | West Virginia | West Virginia | 0 | 0 | 0 | 0 | 26059 | 26059 | 0 | 0 |  | 26059 |  |
| Wisconsin | Wisconsin | Wisconsin | 0 | 0 | 0 | 0 | 44151 | 44151 | 0 | 0 |  | 44151 |  |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | 0 | 0 | 0 | 0 | 67240 | 67240 | 0 | 0 |  | 67240 |  |
| U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | 0 | 0 | 0 | 0 | 112387 | 112387 | 0 | 0 |  | 112387 |  |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 0 | 0 | 0 | 0 | 6146 | 6146 | 0 | 0 |  | 6146 |  |
| Mutual Funds | Mutual Funds | Mutual Funds | 34780 | 34780 | 34780 | 34780 | 0 | 0 | 0 | 0 |  | 34780 |  |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |  |
| Industrials | Industrials | Industrials | 0 | 0 | 0 | 0 | 8 | 8 | 0 | 0 |  | 8 |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |
| Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | 0 | 0 | 0 | 0 | 66800 | 66800 | 0 | 0 |  | 66800 |  |
| Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | 0 | 0 | 0 | 0 | 6619 | 6619 | 0 | 0 |  | 6619 |  |
| Total Investments | Total Investments | Total Investments | $34780 | 34780 | 34780 | 34780 | $1908602 | 1908602 | $310885 | 310885 | $ | 2254267 |  |
| **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:** |
| Category and Subcategory | Net<br>Sales/Settlements  | Accrued<br>Discounts/<br>(Premiums) | Accrued<br>Discounts/<br>(Premiums) | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 03/31/2026 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2026<sup>(1)</sup> |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Loan Participations and Assignments | $(4459) | $ | 212 | $ | $5 | $ | (964) | $0 | 0 | $0 | 0 | $276393 | $(647) |
| Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Banking & Finance | (193) |  | 0 |  | 2 |  | (169) | 0 | 0 | 0 | 0 | 8145 | (124) |
| Municipal Bonds & Notes<sup>(2)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Texas | 0 |  | 0 |  | 0 |  | (243) | 0 | 0 | 0 | 0 | 26347 | (243) |

---

------

<br> Consolidated Schedule of Investments PIMCO Flexible Municipal Income Fund (Cont.) March 31, 2026 (Unaudited)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Totals | Totals | $298069 | 18625 | $ | $(4652) | $212 | $7 | $(1376) | $0 | 0 | 0 | 310885 | $ | (1014) |
| <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** |
|  |  |  |  |  |  |  |  |  |  |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Ending<br>Balance<br>at 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs |  | Input Value(s) | Input Value(s) | Weighted Average | Weighted Average |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | $8672 | 8672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Multiple | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Multiple | X | 1.800- | 1.800- |  |  |
|  |  |  | 267721 | 267721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate |  | 5.169 - 9.960 | 5.169 - 9.960 | 6.637 | 6.637 |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| Banking & Finance | Banking & Finance | Banking & Finance | 8145 | 8145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate |  | 7.926 - 24.718 | 7.926 - 24.718 | 23.014 | 23.014 |
| Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| Texas | Texas | Texas | 26347 | 26347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate |  | 6.640 – 8.400 | 6.640 – 8.400 | 7.035 | 7.035 |
| Total | Total | Total | $310885 | 310885 |  |  |  |  |  |  |  |  |  |  |
| <sup>(1)</sup> | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. |
| <sup>(2)</sup> | Sector type updated from Loan Participations and Assignments to Municipal Bonds & Notes since prior fiscal year end | Sector type updated from Loan Participations and Assignments to Municipal Bonds & Notes since prior fiscal year end | Sector type updated from Loan Participations and Assignments to Municipal Bonds & Notes since prior fiscal year end | Sector type updated from Loan Participations and Assignments to Municipal Bonds & Notes since prior fiscal year end | Sector type updated from Loan Participations and Assignments to Municipal Bonds & Notes since prior fiscal year end | Sector type updated from Loan Participations and Assignments to Municipal Bonds & Notes since prior fiscal year end | Sector type updated from Loan Participations and Assignments to Municipal Bonds & Notes since prior fiscal year end | Sector type updated from Loan Participations and Assignments to Municipal Bonds & Notes since prior fiscal year end | Sector type updated from Loan Participations and Assignments to Municipal Bonds & Notes since prior fiscal year end | Sector type updated from Loan Participations and Assignments to Municipal Bonds & Notes since prior fiscal year end | Sector type updated from Loan Participations and Assignments to Municipal Bonds & Notes since prior fiscal year end | Sector type updated from Loan Participations and Assignments to Municipal Bonds & Notes since prior fiscal year end | Sector type updated from Loan Participations and Assignments to Municipal Bonds & Notes since prior fiscal year end | Sector type updated from Loan Participations and Assignments to Municipal Bonds & Notes since prior fiscal year end |

---

------

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. BASIS FOR CONSOLIDATION**

The Fund's subsidiary was formed as a wholly owned subsidiary acting as an investment vehicle for the Fund in order to effect certain investments for the Fund consistent with the Fund's investment objectives and policies in effect from time to time. The Fund's investment portfolio has been consolidated and includes the portfolio holdings of the Fund and its subsidiaries. Accordingly, the consolidated financial statements include the accounts of the Fund and its subsidiary. All inter-company transactions and balances have been eliminated. This structure was established so that certain investments could be held by a separate legal entity from the Fund. See the table below for details regarding the structure, incorporation and relationship as of period end of the subsidiary.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Subsidiary** | &nbsp;&nbsp; **Date of Formation** | &nbsp;&nbsp; **Subsidiary % of Consolidated Fund Net Assets**<sup>†</sup> |
| &nbsp;&nbsp;&nbsp; 14751 SPV I LLC | &nbsp;&nbsp;&nbsp; 06/29/2023 | &nbsp;&nbsp;&nbsp; 2.0% |

---

† A zero balance may reflect actual amounts rounding to less than 0.01%.

**2. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS**

**(a) Investment Valuation Policies**The net asset value ("NAV") of the Fund's shares, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Fund or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Fund may calculate its NAV as of the NYSE Close for such day or such other time that the Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by Pacific Investment Management Company LLC ("PIMCO") to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the "Act"). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated PIMCO as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fundportfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), the Fund's NAV will be calculated based on the NAVs of such investments.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Fund is not open for business, which may result in the Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments, and in turn, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Fund is not open for business. As a result, to the extent that the Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Fund may transact.

------

Notes to Financial Statements(Cont.)

Fair valuation may require subjective determinations about the value of a security. While the Fund's and Valuation Designee's policies and procedures are intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing, the Fund cannot ensure that fair values accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold.

Under certain circumstances, the per share NAV of a class of the Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

**(b) Fair Value Hierarchy** U.S. GAAP describes fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

• Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

• Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of the Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Fund.

**(c) Valuation Techniques and the Fair Value Hierarchy**

**Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value** The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Comparable Companies model is based on application of valuation multiples from publicly traded comparable companies to the financials of the subject company. Adjustments may be made to the marketderived valuation multiples based on differences between the comparable companies and the subject company. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that theValuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. FEDERAL INCOME TAX MATTERS**

The Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Manager has reviewed the Fund's tax positions for all open tax years. As of March 31, 2026, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Fund files U.S. federal, state and local tax returns as required. The Fund's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** |  | (Unaudited) |
| **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |  |  |  |  |
| **FICC STR** | Fixed Income Clearing Corp. - State Street FICC Repo |  |  |  |  |
| **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **USD (or $)** | United States Dollar |  |  |  |  |
| **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **MUNIPSA** | Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index | **SOFR** | Secured Overnight Financing Rate | **TSFR3M** | Term SOFR 3-Month |
| **Municipal Bond or Agency Abbreviations:** | **Municipal Bond or Agency Abbreviations:** |  |  |  |  |
| **AGC** | Assured Guaranty Corp. | **FHLMC** | Federal Home Loan Mortgage Corp. | **PSF** | Public School Fund |
| **AGM** | Assured Guaranty Municipal | **HUD** | U.S. Department of Housing and Urban <br> Development |  |  |
| **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **BABs** | Build America Bonds | **TBD** | To-Be-Determined | **TBD%** | Interest rate to be determined when loan <br> settles or at the time of funding |
| **TBA** | To-Be-Announced |  |  |  |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** PIMCO Flexible Municipal Income Fund

- **b. Investment Company Act file number:** 811-23314

- **c. CIK number of Registrant:** 0001723701

- **d. LEI of Registrant:** 549300QWR0VUYGU5FE83

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

  - **Street Address 1:** 1633 Broadway

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10019

  - **Telephone number:** (844) 312-2113

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

- **a. Name of Series:** N/A

- **c. LEI of Series:** N/A

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2350714287.84

**Total Liabilities:** $741873844.65

**Net Assets:** $1608840443.19

**Cash Not Reported:** $57890782.54

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 14990.019900 | **1-Year:** 39076.949800 | **5-Year:** 182827.906400 | **10-Year:** 469624.420300 | **30-Year:** 32964.280700

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

- **3-Month:** 284.357300 | **1-Year:** 12752.859900 | **5-Year:** 131811.882000 | **10-Year:** 206098.014000 | **30-Year:** 25675.013900

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.75%                | 1.80%                | -2.13%               |
| Class ID N/A | 0.74%                | 1.80%                | -2.13%               |
| Class ID N/A | 0.72%                | 1.78%                | -2.15%               |
| Class ID N/A | 0.79%                | 1.84%                | -2.09%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-303260.66              | $6872840.76                                |
| Month 2  | $-3969199.17             | $27992004.02                               |
| Month 3  | $2147390.70              | $-42474341.10                              |

**Designated Index Information**

- **Index Name:** 60% Bloomberg Municipal Bond Long 22+ Total Return Hedged USD Index, 40% Bloomberg Municipal Bond High Yield Total Return Unhedged USD Index

- **Index Identifier:** LM22TR, LMHYTR

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HAWAII ST DEPT BUDGET & FIN SPL PURP REV                                         | HAWAII ST DEPT OF BUDGET   FIN HISGEN 07/60 ADJUSTABLE VAR          | CUSIP: 419800QS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  35000000 | PA      | $35000000.00  | 2.18%             | 2060-07-01      | Variable      | 1.40%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                           | Illinois Housing Development Authority                              | CUSIP: BA000DPL5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  13175202 | PA      | $14048717.89  | 0.87%             | 2042-10-01      | Fixed         | 6.02%                 | Yes           |                  3 | On Loan: No      |
| ANGELINA & NECHES RIVER AUTHORITY                                                | ANGELINA NECHES RIVER AUTH I ANGDEV 12/45 FIXED 12                  | CUSIP: 03469KAG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $450000.00    | 0.03%             | 2045-12-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| NEW YORK STATE DORMITORY AUTHORITY                                               | NEW YORK ST DORM AUTH REVENUES NYSHGR 07/36 FIXED 5                 | CUSIP: 64985SBK8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1089478.80   | 0.07%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DISTRICT                                                   | BLACK BELT ENERGY GAS DIST AL BBEUTL 06/51 ADJUSTABLE VAR           | CUSIP: 09182NBR0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   3520000 | PA      | $3557118.75   | 0.22%             | 2051-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA HOUSING FIN AGY MTG REV                                                | LOUISIANA HOUSING FIN AGY MTG REV                                   | CUSIP: BA000SRY2<br>LEI: 549300VL35TBE7RSJH61 | Long             | ABS-MBS          | CORP              | US        |   9040000 | PA      | $9021920.00   | 0.56%             | 2028-06-01      | Fixed         | 1.62%                 | No            |                  3 | On Loan: No      |
| IOWA FINANCE AUTHORITY                                                           | IOWA ST FIN AUTH MIDWSTRN DISA IASGEN 08/42 FIXED 4.75              | CUSIP: 46246SAE5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1850140.79   | 0.11%             | 2042-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FINANCING CORP SALES TAX REVENUE                           | PUERTO RICO SALES TAX FING COR PRCGEN 07/51 ZEROCPNOID 0            | CUSIP: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        | 105489000 | PA      | $27039288.59  | 1.68%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                            | CSCDA CMNTY IMPT AUTH CA ESSEN CDAHSG 09/37 FIXED 5                 | CUSIP: 126292CQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2129774.64   | 0.13%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                         | PUBLIC FIN AUTH WI HLTHCARE FA PUBMEC 07/56 FIXED 4                 | CUSIP: 74444KBZ6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1598348.25   | 0.10%             | 2056-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF WHITING INDIANA                                                          | WHITING IN ENVRNMNTL FACS REVE WHGFAC 03/46 ADJUSTABLE VAR          | CUSIP: 96634RAX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12500000 | PA      | $13018478.75  | 0.81%             | 2046-03-01      | Variable      | 4.40%                 | No            |                  2 | On Loan: No      |
| THIRD CREEK METROPOLITAN DISTRICT NO 1                                           | THIRD CREEK MET DIST  1 CO TCMFAC 12/51 FIXED 4.75                  | CUSIP: 88423EAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $777004.00    | 0.05%             | 2051-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY/PA                            | MONTGOMERY CNTY PA INDL DEV AU MONDEV 10/34 ADJUSTABLE VAR          | CUSIP: 61361TAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5128048.50   | 0.32%             | 2034-10-01      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASHINGTON AIRPORTS AUTHORITY AVIATION REVENUE                      | MET WASHINGTON DC ARPTS AUTH A METAPT 10/46 FIXED 5.25              | CUSIP: 592647NE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2086056.00   | 0.13%             | 2046-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AM Bidco Secured                                                                 | AM Bidco Secured                                                    | CUSIP: BA000R643<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  10235526 | PA      | $8477248.31   | 0.53%             | 2027-10-21      | Fixed         | 2.67%                 | Yes           |                  3 | On Loan: No      |
| DENTON CNTY TEX                                                                  | DENTON CNTY TX SPL ASSMNT REVE DNNDEV 12/45 FIXED 5.875             | CUSIP: 24880GAR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023264.40   | 0.06%             | 2045-12-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MICHIGAN TOBACCO SETTLEMENT FINANCE AUTHORITY                                    | MICHIGAN ST TOBACCO SETTLEMENT MISGEN 06/46 ZEROCPNOID 0            | CUSIP: 594751AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  38000000 | PA      | $5166966.40   | 0.32%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| OHIO AIR QUALITY DEVELOPMENT AUTHORITY                                           | OHIO ST AIR QUALITY DEV AUTH OHSDEV 12/38 ADJUSTABLE VAR            | CUSIP: 677525WG8<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $953829.60    | 0.06%             | 2038-12-01      | Variable      | 2.40%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEVELOPMENT FINANCE CORPORATION                                          | FLORIDA ST DEV FIN CORP FLSDEV 07/47 FIXED 5.25                     | CUSIP: 340618DW4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2260085.80   | 0.14%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ROCHESTER CITY OF                                                                | ROCHESTER MN HLTH CARE FACS RE MNHOSP 11/64 ADJUSTABLE VAR          | CUSIP: 771902HN6<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |  40000000 | PA      | $40000000.00  | 2.49%             | 2064-11-15      | Variable      | 1.15%                 | No            |                  2 | On Loan: No      |
| ASHEVILLE HOUSING AUTHORITY                                                      | ASHEVILLE HOUSING AUTHORITY                                         | CUSIP: BA000LT17<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9034524 | PA      | $9047436.48   | 0.56%             | 2043-01-01      | Fixed         | 6.12%                 | No            |                  3 | On Loan: No      |
| WISCONSIN HEALTH AND EDUCATIONAL FACILITIES AUTHORITY                            | WISCONSIN HLTH EDL FACS AUTH S WISMED 11/55 FIXED OID 6.25          | CUSIP: 97671VCX1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   3665000 | PA      | $3603256.11   | 0.22%             | 2055-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HARVEST CROSSING METROPOLITAN DISTRICT NO 4                                      | HARVEST CROSSING MET DIST 12/52 7.25                                | CUSIP: 41753TAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2485651.00   | 0.15%             | 2052-12-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| SUFFOLK TOBACCO ASSET SECURITIZATION CORPORATION                                 | SUFFOLK NY TOBACCO ASSET SECUR SFKSEC 06/66 ZEROCPNOID 0            | CUSIP: 864809CD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  62170000 | PA      | $5272774.47   | 0.33%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY                                  | CALIFORNIA CMNTY CHOICE FING A CCEDEV 10/54 ADJUSTABLE VAR          | CUSIP: 13013JDD5<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2465000 | PA      | $2681901.76   | 0.17%             | 2054-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                         | PUBLIC FIN AUTH WI EDUCTNL FAC PUBFIN 10/54 FIXED 5.875             | CUSIP: 74443DFP1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $925002.60    | 0.06%             | 2054-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GEISINGER AUTH PA HEALTH SYSTEM                                                  | GEISINGER PA AUTH HLTH SYS REV GEIMED 04/50 FIXED 4                 | CUSIP: 368497JV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6065635.10   | 0.38%             | 2050-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP                              | NEW HOPE CULTURAL EDU FACS FIN NHPFAC 07/51 FIXED 5                 | CUSIP: 64542PAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $665000.00    | 0.04%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY/FL                             | CHARLOTTE CNTY FL INDL DEV AUT CHAUTL 10/41 FIXED 4                 | CUSIP: 16080TAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $459478.00    | 0.03%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FINANCE AUTHORITY                                                       | MICHIGAN ST FIN AUTH LTD OBLIG MISFIN 05/46 FIXED 5                 | CUSIP: 594479GQ4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $859073.82    | 0.05%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY INDUSTRIAL DEV                                                   | MARICOPA CNTY AZ INDL DEV AUTH MARDEV 01/41 FIXED 4                 | CUSIP: 56682HCK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2180000 | PA      | $2087359.81   | 0.13%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FINANCING CORPORATION                                         | TOBACCO SETTLEMENT FING CORP N TOBGEN 06/46 FIXED 5                 | CUSIP: 888808HQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4785000 | PA      | $4660147.87   | 0.29%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONEOYE FALLS-LIMA CENTRAL SCHOOL DISTRICT                                       | HONEOYE FALLS LIMA NY CENTRL S HFLSCD 06/26 FIXED 4                 | CUSIP: 438209MJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2607938.58   | 0.16%             | 2026-06-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FINANCE AUTHORITY                                                        | INDIANA ST FIN AUTH ENVRNMNTL INSENV 08/29 FIXED 1.4                | CUSIP: 455059AK1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1828369.00   | 0.11%             | 2029-08-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH AND EDUCATIONAL FACILITIES AUTHORITY                            | WISCONSIN HLTH EDL FACS AUTH S WISMED 07/55 FIXED OID 5.875         | CUSIP: 97671VCP8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2387508.48   | 0.15%             | 2055-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NEW YORK ENERGY FINANCE DEVELOPMENT CORPORATION                                  | NEW YORK ENERGY FIN DEV CORP NYEFAC 07/56 ADJUSTABLE VAR            | CUSIP: 64947PAA4<br>LEI: 254900PRGXZMJ912RI65 | Long             | DBT              | MUN               | US        |   4865000 | PA      | $4969912.27   | 0.31%             | 2056-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO GOVT                                                                 | PUERTO RICO CMWLTH PRC 11/51 ADJUSTABLE VAR                         | CUSIP: 74514L4C8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |  42841212 | PA      | $29721091.04  | 1.85%             | 2051-11-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN STATE TOBACCO SECURITIZATION                                              | GOLDEN ST TOBACCO SECURITIZATI GLDGEN 06/51 FIXED 5                 | CUSIP: 38122ND90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1862280.82   | 0.12%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FING AUTH HOSP R                                         | VIRGINIA ST SMALL BUSINESS FIN VASHGR 07/61 ZEROCPNOID 0            | CUSIP: 92810PAY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  29035000 | PA      | $826995.19    | 0.05%             | 2061-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PORT OF GREATER CINCINNATI DEVELOPMENT AUTHORITY                                 | PORT OF GTR CINCINNATI DEV AUT PRTDEV 01/45 FIXED 6.5               | CUSIP: 73419RAE2<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1354176.33   | 0.08%             | 2045-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP                              | NEW HOPE CULTURAL EDU FACS FIN NHPFAC 07/51 FIXED OID 5.75          | CUSIP: 64542PCM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $913500.00    | 0.06%             | 2051-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COUNTY TOBACCO SECURITIZATION AGENCY                                  | CALIFORNIA CNTY CA TOBACCO SEC CASGEN 06/55 ZEROCPNOID 0            | CUSIP: 13016NFC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5200000 | PA      | $951148.12    | 0.06%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS DEVELOPMENT FINANCE AUTHORITY                                           | ARKANSAS DEV FIN AUTH ENVIRONM ARSDEV 09/46 ADJUSTABLE VAR          | CUSIP: 04110FAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17000000 | PA      | $16900572.10  | 1.05%             | 2046-09-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| AM Bidco                                                                         | AM Bidco                                                            | CUSIP: 958ADP902<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       419 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                                | CALIFORNIA HOUSING FINANCE AGENCY                                   | CUSIP: BA000QZR2<br>LEI: 549300BOPCVLBA552Z14 | Long             | ABS-MBS          | CORP              | US        |   3754475 | PA      | $3754475.47   | 0.23%             | 2044-04-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL WE6090 FR 08/40 FIXED 5.21                        | CUSIP: 3132YBXT8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   6587305 | PA      | $7162833.12   | 0.45%             | 2040-08-01      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| INDIANA HOUSING FINANCE AUTHOR                                                   | INDIANA ST HSG   CMNTY DEV AUT INSMFH 07/56 ADJUSTABLE VAR          | CUSIP: 45506CAP2<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   2965000 | PA      | $2826388.62   | 0.18%             | 2056-07-01      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| THE ATLANTA DEVELOPMENT AUTHORITY                                                | ATLANTA GA DEV AUTH ATLDEV 12/48 INT APROID VAR                     | CUSIP: 04780NMY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2438846.01   | 0.15%             | 2048-12-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORPORATION                                  | NEW YORK ST TRANSPRTN DEV CORP NYTTRN 01/27 FIXED 5                 | CUSIP: 650116CF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5069653.50   | 0.32%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH AND EDUCATIONAL FACILITIES AUTHORITY                            | WISCONSIN ST HLTH   EDUCTNL FA WISMED 08/46 FIXED 4                 | CUSIP: 97712JDM2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3581803.60   | 0.22%             | 2046-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                         | PUBLIC FIN AUTH WI TOLL REVENU PUBTRN 12/65 FIXED OID 5.75          | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5106896.50   | 0.32%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WISCONSIN CENTER DISTRICT                                                        | WISCONSIN CENTER DIST WI TAX R WISGEN 12/33 ZEROCPNOID 0            | CUSIP: 976595FL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2755000 | PA      | $2077553.21   | 0.13%             | 2033-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY ORE HOSP FAC AUTH REV                                             | CLACKAMAS CNTY OR HOSP FAC AUT CLAMED 11/55 FIXED 5.375             | CUSIP: 179027YN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $732404.40    | 0.05%             | 2055-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                           | CALIFORNIA ST MUNI FIN AUTH RE CASFIN 01/39 FIXED 6                 | CUSIP: 13048VQ27<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6242523.60   | 0.39%             | 2039-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MONONGALIA COUNTY OF                                                             | MONONGALIA CNTY WV COMMISSION MONGEN 06/53 FIXED OID 6              | CUSIP: 61022DAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1371199.42   | 0.09%             | 2053-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON HIGHER EDUCATION FINANCE CORPORATION                                   | ARLINGTON TX HGR EDU FIN CORP ARLEDU 06/55 FIXED OID 5.75           | CUSIP: 041807PV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3009995.40   | 0.19%             | 2055-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A COOPERATIVE DISTRICT                                | SOUTHEAST ENERGY AUTHORITY A C SEEPWR 01/56 ADJUSTABLE VAR          | CUSIP: 84136HBC6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |  10300000 | PA      | $10366136.30  | 0.64%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 02/28 3.375                                         | CUSIP: 91282CQB0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  40500000 | PA      | $40183593.75  | 2.50%             | 2028-02-29      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND HEALTH & EDL BLDG CORP                                              | RHODE ISLAND ST HLTH   EDUCTNL RISMED 07/39 FIXED 5                 | CUSIP: 762244NV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $365018.71    | 0.02%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY                                 | CALIFORNIA ST POLL CONTROL FIN CASPOL 12/39 FIXED OID 7.5           | CUSIP: 130536RK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2451113 | PA      | $24.51        | 0.00%             | 2039-12-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                         | PUBLIC FIN AUTH WI PROJ REVENU PUBFIN 01/50 FIXED OID 7             | CUSIP: 74444UAC6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052555.40   | 0.07%             | 2050-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY                      | CONNECTICUT ST HLTH   EDUCTNL CTSHGR 07/42 ADJUSTABLE VAR           | CUSIP: 20775DTU6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |  30000000 | PA      | $30000000.00  | 1.86%             | 2042-07-01      | Variable      | 1.35%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS STATE                                                              | MASSACHUSETTS ST MAS 02/41 FIXED 4                                  | CUSIP: 57582RPK6<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1966400.60   | 0.12%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TARRANT COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORPORATION                 | TARRANT CNTY TX CULTURAL EDU F TAREDU 11/63 ADJUSTABLE VAR          | CUSIP: 87638QVD8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15000000.00  | 0.93%             | 2063-11-15      | Variable      | 1.45%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC MULTIFAMILY ML CERTIFICATES                                          | FREDDIE MAC MULTIFAMILY FRETE 2023 ML15 A                           | CUSIP: 3137HA4G8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | MUN               | US        |   7774506 | PA      | $7710963.11   | 0.48%             | 2040-01-25      | Variable      | 4.14%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | RVPO STATE STREET GLOBAL MARKE USD RVPO FICC SSGM                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | RA               |  | US        |  66800000 | PA      | $66800000.00  | 4.15%             |  |  |  | No            |                  2 | On Loan: No      |
| DENTON ESSENTIAL INVESTMENTS PUBLIC FACILITY CORP                                | DENTON ESSENTIAL INVESTMENTS 01/43 1                                | CUSIP: 24881CAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1880000 | PA      | $1848980.00   | 0.11%             | 2043-01-01      | Variable      | 6.70%                 | No            |                  3 | On Loan: No      |
| MAIN STREET NATURAL GAS INC                                                      | MAIN STREET NATURAL GAS INC GA MAIUTL 12/52 ADJUSTABLE VAR          | CUSIP: 56035DEE8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5740076.65   | 0.36%             | 2052-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MIDTOWN MIAMI COMMUNITY DEVELOPMENT DISTRICT                                     | MIDTOWN MIAMI FL CDD SPL ASSMN MDTDEV 05/29 FIXED 5                 | CUSIP: 59807PAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1230615.86   | 0.08%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIBERTY DEVELOPMENT CORPORATION                                         | NEW YORK ST LIBERTY DEV CORP L NYCDEV 11/40 FIXED 5.375             | CUSIP: 649519DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4480654.05   | 0.28%             | 2040-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL WE5061 FR 01/39 FIXED 4                           | CUSIP: 3132YATS7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1386000 | PA      | $1354752.26   | 0.08%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY                                   | NEW JERSEY ST TRANSPRTN TRUST NJSTRN 12/32 ZEROCPNOID 0             | CUSIP: 646136XK2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1592762.60   | 0.10%             | 2032-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS AVIATION BOARD                                                       | NEW ORLEANS LA AVIATION BRD NEWTRN 01/38 FIXED 5                    | CUSIP: 64763HMK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4264772.00   | 0.27%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| THE INDUSTRIAL DEVELOPMENT BOARD OF THE CITY OF KINGSPORT TENNESSEE              | THE INDUSTRIAL DEVELOPMENT BOARD OF THE CITY OF KINGSPORT TENNESSEE | CUSIP: BA000S8T4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1506155 | PA      | $1506155.00   | 0.09%             | 2027-06-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY                                         | MASSACHUSETTS ST DEV FIN AGY R MASDEV 10/49 FIXED 6                 | CUSIP: 57585BTF5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $4013397.00   | 0.25%             | 2049-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FINANCING CORP SALES TAX REVENUE                           | PUERTO RICO SALES TAX FING COR PRCGEN 07/40 FIXED 4.55              | CUSIP: 74529JRQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   4493000 | PA      | $4480580.00   | 0.28%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH STEWARDSHIP DISTRICT                                              | LAKEWOOD RANCH FL STEWARDSHIP LKRGEN 05/45 FIXED OID 5.8            | CUSIP: 51265KGG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2560000 | PA      | $2707074.05   | 0.17%             | 2045-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                       | ILLINOIS ST FIN AUTH REVENUE ILSGEN 08/40 FIXED 4                   | CUSIP: 45204FBE4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3296261.15   | 0.20%             | 2040-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AURORA HIGHLANDS COMMUNITY AUTHORITY BOARD                                       | AURORA HIGHLANDS CMNTY AUTH BR AHIDEV 12/51 FIXED 5.75              | CUSIP: 05164HAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3801227.20   | 0.24%             | 2051-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SUNRISE COMMUNITY DEVELOPMENT DISTRICT                                           | SUNRISE CDD FL CAPITAL IMPT RE SSEDEV 05/45 FIXED OID 5.625         | CUSIP: 86771UAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986204.60    | 0.06%             | 2045-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MIDA MOUNTAIN VILLAGE PUBLIC INFRASTRUCTURE DISTRICT                             | MIDA MOUNTAIN VLG PUBLIC INFRA MMVDEV 06/54 FIXED 6                 | CUSIP: 59561UAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4081114.40   | 0.25%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF GRAND FORKS                                                            | GRAND FORKS CNTY ND GRADEV 12/43 FIXED 7                            | CUSIP: 38543PAF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $10.00        | 0.00%             | 2043-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| DOMINION WATER & SANITATION DISTRICT                                             | DOMINION WTR   SANTN DIST CO R DOMWTR 12/27 FIXED 5                 | CUSIP: 25755AAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1172315.62   | 0.07%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 04/31 4.625                                         | CUSIP: 91282CKN0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20700000 | PA      | $21317765.63  | 1.33%             | 2031-04-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| GDB DEBT RECOVERY AUTHORITY OF PUERTO RICO                                       | GDB DEBT RECOVERY AUTH OF CMWL PRCDEV 08/40 FIXED OID 7.5           | CUSIP: 36829QAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18167387 | PA      | $17821519.92  | 1.11%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                         | PUBLIC FIN AUTH WI REVENUE PUBGEN 11/43 FIXED 5                     | CUSIP: 74442PK61<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029904.70   | 0.06%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL WE6122 FR 12/38 FIXED 3.8                         | CUSIP: 3132YBYT7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   8734437 | PA      | $8346105.91   | 0.52%             | 2038-12-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A COOPERATIVE DISTRICT                                | SOUTHEAST ENERGY AUTHORITY A C SEEPWR 11/35 FIXED 5                 | CUSIP: 84136HAU7<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   8600000 | PA      | $8791017.18   | 0.55%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                         | PUBLIC FIN AUTH WI EDUCTNL FAC PUBFIN 06/50 FIXED OID 5.625         | CUSIP: 74443DGD7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1595317.28   | 0.10%             | 2050-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| TAMPA HEALTH SYSTEMS                                                             | TAMPA FL CAPITAL IMPT CIGARETT TAMGEN 09/37 ZEROCPNOID 0            | CUSIP: 875146AV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $503551.44    | 0.03%             | 2037-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                      | ILLINOIS ST ILS 09/42 FIXED 5                                       | CUSIP: 452153PC7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4170868.40   | 0.26%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY HOUSING AGENCY                                              | CALIFORNIA CMNTY HSG AGY ESSEN CCHHSG 02/56 FIXED OID 4             | CUSIP: 13013FAP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7010000 | PA      | $3443330.93   | 0.21%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DOMINION WATER & SANITATION DISTRICT                                             | DOMINION WTR   SANTN DIST CO R DOMWTR 12/32 FIXED 5.25              | CUSIP: 25755AAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3170000 | PA      | $3247952.20   | 0.20%             | 2032-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| POLK COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY/FL                                  | POLK CNTY FL INDL DEV AUTH POKDEV 01/33 FIXED 5.875                 | CUSIP: 731120NQ0<br>LEI: 549300UTRO4TAORRAL04 | Long             | DBT              | MUN               | US        |   2025000 | PA      | $405000.00    | 0.03%             | 2033-01-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ASHEVILLE HOUSING AUTHORITY                                                      | ASHEVILLE HOUSING AUTHORITY                                         | CUSIP: BA000LSQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5720000 | PA      | $5720000.00   | 0.36%             | 2043-01-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A COOPERATIVE DISTRICT                                | SOUTHEAST ENERGY AUTHORITY A C SEEPWR 11/35 FIXED 5                 | CUSIP: 84136HDM2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2821970.34   | 0.18%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRANKLIN COUNTY CONVENTION FACILITIES AUTHORITY HOTEL PROJECT REVENUE            | FRANKLIN CNTY OH CONVENTION FA FRAFAC 12/37 FIXED 5                 | CUSIP: 35317DAQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $660255.64    | 0.04%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY                                         | NATIONAL FIN AUTH NH POLLUTION NFAPOL 12/28 FIXED 4                 | CUSIP: 63609YAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4050000 | PA      | $4101662.61   | 0.25%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO GOVT                                                                 | PUERTO RICO CMWLTH PRC 07/27 FIXED 5.625                            | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   2758141 | PA      | $2811687.55   | 0.17%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| OHIO HOUSING FINANCE AGENCY                                                      | OHIO HOUSING FINANCE AGENCY                                         | CUSIP: BA000TTB8<br>LEI: 549300K10X7VPG6JVX38 | Long             | ABS-MBS          | CORP              | US        |   8200000 | PA      | $8191310.79   | 0.51%             | 2027-02-01      | Fixed         | 1.86%                 | No            |                  3 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                         | PUBLIC FIN AUTH WI REVENUE PUBGEN 01/61 ZEROCPNOID 0                | CUSIP: 74442PRQ0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4515000 | PA      | $360079.38    | 0.02%             | 2061-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY                                  | KENTUCKY ST ECON DEV FIN AUTH KYSMED 11/36 FIXED OID 6              | CUSIP: 49126TAW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $539084.04    | 0.03%             | 2036-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO                                                                  | CHICAGO IL CHI 01/35 FIXED 5.5                                      | CUSIP: 167486D71<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1888036.14   | 0.12%             | 2035-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DENTON ESSENTIAL INVESTMENTS PFC                                                 | BONNIE BRAE FIXED SUBORDINATED TERM LOAN                            | CUSIP: BA000PLS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3725900.00   | 0.23%             | 2059-06-01      | Fixed         | 7.21%                 | No            |                  3 | On Loan: No      |
| NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP                              | NEW HOPE CULTURAL EDU FACS FIN NHPFAC 07/31 FIXED OID 4             | CUSIP: 64542PBU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2510000 | PA      | $1957800.00   | 0.12%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGENCY INC                                                         | CAPITAL TRUST AGY FL SENIOR 07/48  5.25                             | CUSIP: 140542BQ3<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    250000 | PA      | $9500.00      | 0.00%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 02/31 4.25                                          | CUSIP: 91282CKC4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15600000 | PA      | $15804445.33  | 0.98%             | 2031-02-28      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS AVIATION BOARD                                                       | NEW ORLEANS LA AVIATION BRD NEWTRN 01/37 FIXED 5                    | CUSIP: 64763HMJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4450000 | PA      | $4774146.46   | 0.30%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF WARRICK IN                                                             | WARRICK CNTY IN ENVRNMNTL IMPT WARFAC 09/55 ADJUSTABLE VAR          | CUSIP: 936195AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009861.70   | 0.06%             | 2055-09-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                            | CSCDA CMNTY IMPT AUTH CA ESSEN CDAHSG 09/62 INT APROID VAR          | CUSIP: 126292CP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11000000 | PA      | $7199987.30   | 0.45%             | 2062-09-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY                                  | NEW YORK CITY NY MUNI WTR FIN NYUTL 06/44 ADJUSTABLE VAR            | CUSIP: 64972GC69<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  25000000 | PA      | $25000000.00  | 1.55%             | 2044-06-15      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY                                         | NATIONAL FIN AUTH NH MUNI CTFS NFADEV 11/42 ADJUSTABLE VAR          | CUSIP: 63607WBN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6857399 | PA      | $6588619.52   | 0.41%             | 2042-11-20      | Variable      | 3.82%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC MULTIFAMILY 2024-ML27                                                | FREDDIE MAC MULTIFAMILY FRETE 2024 ML27 BUS                         | CUSIP: 35833XAA4<br>LEI: N/A                  | Long             | ABS-MBS          | MUN               | US        |   3600000 | PA      | $2914363.44   | 0.18%             | 2042-01-25      | Variable      | 4.98%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-ST PAUL METROPOLITAN AIRPORTS COMMISSION                             | MINNEAPOLIS SAINT PAUL MN MET MINAPT 01/36 FIXED 5                  | CUSIP: 603827K54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2026318.27   | 0.13%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FING AUTH HOSP R                                         | VIRGINIA ST SMALL BUSINESS FIN VASHGR 07/34 FIXED OID 5             | CUSIP: 92810PAV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7290000 | PA      | $6483720.17   | 0.40%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUTTER HEALTH                                                                    | SUTTER HEALTH UNSECURED 08/35 5.537                                 | CUSIP: 86944BAQ6<br>LEI: 549300MJCC12LU768G81 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3612636.16   | 0.22%             | 2035-08-15      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                                | CALIFORNIA HSG FIN AGY LTD OBL CASMFH 03/53 ADJUSTABLE VAR          | CUSIP: 13034DAK0<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3175438.50   | 0.20%             | 2053-03-01      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| DOUGLAS COUNTY HOUSING AUTHORITY                                                 | DOUGLAS CNTY GA HSG AUTH MF RE DOUMFH 02/44 FIXED 5.1               | CUSIP: 259028AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1619989.63   | 0.10%             | 2044-02-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH FINANCING AUTHORITY                                                 | CMWLTH FING AUTH PA TOBACCO MA CMNGEN 06/39 FIXED OID 4             | CUSIP: 20282EAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4810000 | PA      | $4627397.49   | 0.29%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF RENO NV                                                                  | RENO NV SALES TAX REVENUE RENGEN 07/58 ZEROCPNOID 0                 | CUSIP: 759861EJ2<br>LEI: 549300M4R5WWSUWY8D52 | Long             | DBT              | MUN               | US        |  22500000 | PA      | $3520827.00   | 0.22%             | 2058-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TEXAS MUNICIPAL GAS ACQUISITION AND SUPPLY CORPORATION I                         | TEXAS ST MUNI GAS ACQUISITION TXSUTL 12/26 FLOATING VAR             | CUSIP: 88256CAX7<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3001169.70   | 0.19%             | 2026-12-15      | Floating      | 4.09%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                      | WASHINGTON ST HSG FIN COMMISSI WASHSG 01/46 FIXED OID 6             | CUSIP: 939783Z33<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4525477.65   | 0.28%             | 2046-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO OHARE INTERNATIONAL AIRPORT                                              | CHICAGO IL O HARE INTERNATIONA CHICAGO A AMT  REV                   | CUSIP: 1675934Q2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2625000 | PA      | $2830647.23   | 0.18%             | 2044-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ST JOHNSONS CNTY FLA INDL DEV AUTH                                               | SAINT JOHNS CNTY FL INDL DEV A STJMED 12/36 FIXED 4                 | CUSIP: 79041LAM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $943719.50    | 0.06%             | 2036-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORPORATION                                  | NEW YORK ST TRANSPRTN DEV CORP NYTTRN 06/41 FIXED 6                 | CUSIP: 650116JD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1249729.88   | 0.08%             | 2041-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FINANCE AUTHORITY                                                       | MICHIGAN ST FIN AUTH REVENUE MISFIN 06/45 ZEROCPNOID 0              | CUSIP: 59447TJ20<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $1334462.00   | 0.08%             | 2045-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Housing Authority of the City of San Diego                                       | Housing Authority of the City of San Diego                          | CUSIP: 953DUHII1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5904843 | PA      | $6044197.68   | 0.38%             | 2030-10-01      | Fixed         | 6.07%                 | No            |                  3 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL WE5063 FR 04/39 FIXED 3.85                        | CUSIP: 3132YATU2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2969305 | PA      | $2849573.78   | 0.18%             | 2039-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| DULUTH ECONOMIC DEVELOPMENT AUTHORITY                                            | DULUTH MN ECON DEV AUTH HLTH C DULDEV 02/48 FIXED 5                 | CUSIP: 26444CHC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1514661.70   | 0.09%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEVELOPMENT FINANCE CORPORATION                                          | FLORIDA ST DEV FIN CORP FLSDEV 07/53 FIXED 5.25                     | CUSIP: 340618DV6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   5750000 | PA      | $5585491.93   | 0.35%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC MULTIFAMILY ML CERTIFICATES                                          | FEDERAL HOME LOAN MTGE CORP MU FEDMFH 12/36 ADJUSTABLE VAR          | CUSIP: 3137HB2V5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | MUN               | US        |  10131096 | PA      | $10063720.24  | 0.63%             | 2036-12-25      | Variable      | 4.03%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY                                  | KENTUCKY ST ECON DEV FIN AUTH KYSMED 07/50 FIXED OID 5              | CUSIP: 49126TBC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3324935.20   | 0.21%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF HOUSTON TX AIRPORT SYSTEM REVENUE                                        | HOUSTON TX ARPT SYS REVENUE HOUAPT 07/39 FIXED 5.5                  | CUSIP: 442349HZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1555222.80   | 0.10%             | 2039-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GAS WORX COMMUNITY DEVELOPMENT DISTRICT                                          | GAS WORX CDD FL SPL ASSMNT GSWGEN 05/45 FIXED 5.75                  | CUSIP: 367200AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021777.50   | 0.06%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC MULTIFAMILY ML CERTIFICATES                                          | FREDDIE MAC MULTIFAMILY FRETE 2022 ML13 AUS                         | CUSIP: 3137H9JN0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | MUN               | US        |   1882857 | PA      | $1743934.93   | 0.11%             | 2036-09-25      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| BENLOCH RANCH IMPROVEMENT ASSOCIATION NO 2                                       | BENLOCH RANCH IMPROV SR UNSECURED 144A 12/51 10                     | CUSIP: 082149AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10000000 | PA      | $7318415.30   | 0.45%             | 2051-12-01      | Fixed         | 10.00%                | No            |                  3 | On Loan: No      |
| CHICAGO BOARD OF EDUCATION                                                       | CHICAGO IL BRD OF EDU CHIEDU 12/40 FIXED OID 5                      | CUSIP: 167505A30<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2780000 | PA      | $2686917.82   | 0.17%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN DAYBREAK PUBLIC INFRASTRUCTURE DISTRICT NO 1                            | DOWNTOWN DAYBREAK PUB INFRASTR DDPGEN 03/51 FIXED 5.875             | CUSIP: 26114MAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1262071.75   | 0.08%             | 2051-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MIDA MOUNTAIN VILLAGE PUBLIC INFRASTRUCTURE DISTRICT                             | MIDA MOUNTAIN VLG PUBLIC INFRA MMVDEV 08/50 FIXED OID 4             | CUSIP: 59561TAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1845000 | PA      | $1536523.01   | 0.10%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO GOVT                                                                 | PUERTO RICO CMWLTH PRC 11/43 ADJUSTABLE VAR                         | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   9005081 | PA      | $6044660.59   | 0.38%             | 2043-11-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MOON INDUSTRIAL DEVELOPMENT AUTHORITY                                            | MOON INDL DEV AUTH PA REVENUE MOODEV 07/45 FIXED OID 6              | CUSIP: 61543RAT3<br>LEI: 549300CGX4T1GTNHL435 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4999500.50   | 0.31%             | 2045-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MISSION ECONOMIC DEVELOPMENT CORPORATION                                         | MISSION TX ECON DEV CORP SOL W MISPOL 06/54 ADJUSTABLE VAR          | CUSIP: 605155BV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4244299.05   | 0.26%             | 2054-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO AIR QUALITY DEVELOPMENT AUTHORITY                                           | OHIO ST AIR QUALITY DEV AUTH OHSDEV 06/40 FIXED 4.35                | CUSIP: 677525XD4<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    950000 | PA      | $935136.68    | 0.06%             | 2040-06-30      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| IOWA FINANCE AUTHORITY                                                           | IOWA FINANCE AUTHORITY                                              | CUSIP: BA000TTL6<br>LEI: 549300NQVL49BTHOW391 | Long             | ABS-MBS          | CORP              | US        |   7070000 | PA      | $7066465.00   | 0.44%             | 2026-10-13      | Fixed         | 7.00%                 | No            |                  3 | On Loan: No      |
| WEST VIRGINIA HOSPITAL FINANCE                                                   | WEST VIRGINIA ST HOSP FIN AUTH W VIRGINIA ST H SER B                | CUSIP: 956622W75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4290916.40   | 0.27%             | 2043-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORPORATION                                  | NEW YORK ST TRANSPRTN DEV CORP NYTTRN 04/35 FIXED 6                 | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3730204.94   | 0.23%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OHIO AIR QUALITY DEVELOPMENT AUTHORITY                                           | OHIO ST AIR QUALITY DEV AUTH E OHSDEV 07/49 FIXED 5                 | CUSIP: 67754AAF1<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |  13350000 | PA      | $12105339.45  | 0.75%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LAS VEGAS NV SALES TAX INCREMENT REVENUE                                 | LAS VEGAS NV SALES TAX INCREME LASGEN 06/35 FIXED OID 4.375         | CUSIP: 517741AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2020000 | PA      | $1989460.83   | 0.12%             | 2035-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CHICAGO TRANSIT AUTHORITY SALES TAX RECEIPTS FUND                                | CHICAGO IL TRANSIT AUTH SALES CHITRN 12/50 FIXED 4                  | CUSIP: 16772PCC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1926452.25   | 0.12%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY ALA MED CLINIC BRD HEALTH REV                                         | MONTGOMERY AL MED CLINIC BRD H MONMED 03/28 FIXED 5                 | CUSIP: 613058CV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4350000 | PA      | $348000.00    | 0.02%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                      | ILLINOIS ST ILS 10/34 FIXED OID 4                                   | CUSIP: 4521526Y2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3400979.20   | 0.21%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY INDUSTRIAL DEV                                                   | MARICOPA CNTY AZ INDL DEV AUTH MAREDU 07/26 FIXED 3.5               | CUSIP: 56681NAY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $259425.69    | 0.02%             | 2026-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                           | CALIFORNIA MUNICIPAL FINANCE AUTHORITY                              | CUSIP: BA000Y580<br>LEI: 5493000UQOV6R4ZWS346 | Long             | ABS-MBS          | CORP              | US        |   4363593 | PA      | $4363593.00   | 0.27%             | 2028-09-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| CAPITAL TRUST AGENCY INC                                                         | CAPITAL TRUST AGY FL SENIOR LI CPTMED 07/33 FIXED 5                 | CUSIP: 140542BH3<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    500000 | PA      | $120850.00    | 0.01%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER COUNTY LOCAL DEVELOPMENT CORPORATION                                 | WESTCHESTER CNTY NY LOCAL DEV WSTDEV 11/55 FIXED 7.5                | CUSIP: 95737TFX9<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3296915.40   | 0.20%             | 2055-11-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| MINNEAPOLIS-ST PAUL METROPOLITAN AIRPORTS COMMISSION                             | MINNEAPOLIS SAINT PAUL MN MET MINAPT 01/34 FIXED 5                  | CUSIP: 603827K39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076906.00   | 0.07%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO HOUSING FINANCE AGENCY                                                      | OHIO ST HSG FIN AGY MF HSG REV OHSMFH 01/45 FIXED 6.25              | CUSIP: 676900YB3<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2684527.82   | 0.17%             | 2045-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK COUNTIES TOBACCO TRUST V                                                | NEW YORK CNTYS NY TOBACCO TRUS NYSGEN 06/60 ZEROCPNOID 0            | CUSIP: 649441AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  90000000 | PA      | $3640626.00   | 0.23%             | 2060-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CITY OF DETROIT                                                                  | DETROIT MI DET 05/39 FIXED 6                                        | CUSIP: 2510936C9<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1572437.02   | 0.10%             | 2039-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTURE TAX SECURED REVENUE          | NEW YORK CITY NY TRANSITIONAL NYCGEN 05/53 FIXED 5                  | CUSIP: 64971X8M3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4900000 | PA      | $5001652.46   | 0.31%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK                          | CALIFORNIA ST INFRASTRUCTURE CASDEV 01/61 ZEROCPNOID 0              | CUSIP: 13034AR28<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2860000 | PA      | $235864.49    | 0.01%             | 2061-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CITY OF PILOT POINT TX                                                           | PILOT POINT TX SPL ASSMNT REVE PILGEN 09/35 FIXED OID 5.25          | CUSIP: 721614AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $325965.37    | 0.02%             | 2035-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOUISIANA HOUSING FIN AGY MTG REV                                                | LOUISIANA HOUSING FIN AGY MTG REV                                   | CUSIP: BA000TST0<br>LEI: 549300VL35TBE7RSJH61 | Long             | ABS-MBS          | CORP              | US        |   7462006 | PA      | $7452063.55   | 0.46%             | 2026-11-15      | Fixed         | 6.19%                 | No            |                  3 | On Loan: No      |
| COUNTRY OF MONTGOMERY                                                            | MONTGOMERY CNTY OH SENIOR LIVI MONHSG 04/49 FIXED OID 6.25          | CUSIP: 613554AG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2528239 | PA      | $31602.98     | 0.00%             | 2049-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH SOUTHN CAL T                                         | TOBACCO SECURITIZATION AUTH ST TOBGEN 06/48 FIXED 5                 | CUSIP: 888804CT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1110327.53   | 0.07%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                                | CALIFORNIA HOUSING FINANCE AGENCY                                   | CUSIP: BA000PMM9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3479130 | PA      | $3479130.00   | 0.22%             | 2044-04-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| THE INDUSTRIAL DEVELOPMENT BOARD OF THE CITY OF KINGSPORT TENNESSEE              | THE INDUSTRIAL DEVELOPMENT BOARD OF THE CITY OF KINGSPORT TENNESSEE | CUSIP: BA000S8X5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3323875 | PA      | $3323875.00   | 0.21%             | 2027-06-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| CAPITAL PROJECTS FINANCE AUTHORITY/FL                                            | CAPITAL PROJS FL FIN AUTH STUD CPPHSG 10/32 FIXED 5                 | CUSIP: 140427BN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1411063.74   | 0.09%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY                      | CONNECTICUT ST HLTH   EDUCTNL CTSHGR 07/57 ADJUSTABLE VAR           | CUSIP: 20775DL75<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20000000.00  | 1.24%             | 2057-07-01      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                                | CALIFORNIA HOUSING FINANCE AGENCY                                   | CUSIP: BA000RHM1<br>LEI: 549300BOPCVLBA552Z14 | Long             | ABS-MBS          | CORP              | US        |   2980110 | PA      | $2980110.00   | 0.19%             | 2044-04-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| TARRANT COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORPORATION                 | TARRANT CNTY TX CULTURAL EDU F TAREDU 11/63 ADJUSTABLE VAR          | CUSIP: 87638QVF3<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |  25000000 | PA      | $25000000.00  | 1.55%             | 2063-11-15      | Variable      | 1.45%                 | No            |                  2 | On Loan: No      |
| ENERGY SOUTHEAST A COOPERATIVE DISTRICT                                          | ENERGY S E AL A COOPERATIVE DI ESDPWR 04/54 ADJUSTABLE VAR          | CUSIP: 292723AY9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2073948.04   | 0.13%             | 2054-04-01      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY                                         | NATIONAL FIN AUTH NH MUNI CTFS NFADEV 07/27 FIXED 5.087             | CUSIP: 63607WAL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5143965 | PA      | $5212499.94   | 0.32%             | 2027-07-20      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY                            | PENNSYLVANIA ST ECON DEV FING PASDEV 01/51 ADJUSTABLE VAR           | CUSIP: 708692CA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1304812.20   | 0.08%             | 2051-01-01      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| IOWA FINANCE AUTHORITY                                                           | IOWA FINANCE AUTHORITY                                              | CUSIP: BA000TSW3<br>LEI: 549300NQVL49BTHOW391 | Long             | ABS-MBS          | CORP              | US        |   7295000 | PA      | $7291352.50   | 0.45%             | 2026-09-12      | Fixed         | 7.00%                 | No            |                  3 | On Loan: No      |
| CITY OF PILOT POINT TX                                                           | PILOT POINT TX SPL ASSMNT REVE PILGEN 09/30 FIXED 5                 | CUSIP: 721614AZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $357063.39    | 0.02%             | 2030-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL WE6084 FR 02/40 FIXED 4.9                         | CUSIP: 3132YBXM3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2951318 | PA      | $3106850.10   | 0.19%             | 2040-02-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                       | ILLINOIS ST FIN AUTH REVENUE ILSGEN 11/34 FIXED 5                   | CUSIP: 45204FYL3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1639638.00   | 0.10%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                                | CALIFORNIA HOUSING FINANCE AGENCY                                   | CUSIP: BA000QZT8<br>LEI: 549300BOPCVLBA552Z14 | Long             | ABS-MBS          | CORP              | US        |   5698670 | PA      | $5691936.92   | 0.35%             | 2028-04-01      | Fixed         | 1.38%                 | No            |                  3 | On Loan: No      |
| FHLMC MULTIFAMILY VRD CERTIFICATES                                               | FEDERAL HOME LOAN MTGE CORP MF FEDMFH 06/42 ADJUSTABLE VAR          | CUSIP: 31350ADY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2096228 | PA      | $2146626.57   | 0.13%             | 2042-06-25      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| ANGELINE COMMUNITY DEVELOPMENT DISTRICT                                          | ANGELINE CDD FL CAPITAL IMPT R ANGDEV 05/45 FIXED 5.5               | CUSIP: 03473TAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $931495.35    | 0.06%             | 2045-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DISTRICT                                                   | BLACK BELT ENERGY GAS DIST AL BBEUTL 10/35 FIXED 5                  | CUSIP: 09182TGM3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   4045000 | PA      | $4216753.13   | 0.26%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FING AUTH HOSP R                                         | VIRGINIA ST SMALL BUSINESS FIN VASMED 06/42 FIXED 5                 | CUSIP: 928105CJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2279412.59   | 0.14%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA FINANCE AUTHORITY                                                           | IOWA ST FIN AUTH MIDWSTRN DISA IASGEN 12/50 ADJUSTABLE VAR          | CUSIP: 46246SAW5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1280172.24   | 0.08%             | 2050-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS LOCAL PUBLIC IMPROVEMENT BOND BANK                                  | INDIANAPOLIS IN LOCAL PUBLIC I 03/57 6.125                          | CUSIP: 45528U6Y2<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   3335000 | PA      | $3451213.74   | 0.21%             | 2057-03-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| NUVEEN MUNICIPAL CREDIT INCOME FUND                                              | NUVEEN MUNICIPAL CREDIT INCOME NUVEEN MUNICIPAL CREDIT INC          | CUSIP: 67070X101<br>LEI: 54930078DL3R0VSYW338 | Long             | EC               | CORP              | US        |    462380 | NS      | $5631788.40   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| COLORADO HEALTH FACILITIES AUTHORITY                                             | COLORADO ST HLTH FACS AUTH REV COSMED 11/47 FIXED 5.5               | CUSIP: 19648FWT7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4181530.80   | 0.26%             | 2047-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO                                                                  | CHICAGO IL CHI 01/39 FIXED 5.5                                      | CUSIP: 167486P52<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2384048.21   | 0.15%             | 2039-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BUCKS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                    | BUCKS CNTY PA INDL DEV AUTH HO BUCMED 07/39 FIXED 5                 | CUSIP: 11861MBH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2919974.91   | 0.18%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                         | PUBLIC FIN AUTH WI REVENUE PUBGEN 03/56 FIXED 4                     | CUSIP: 74442PTG0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4150000 | PA      | $3322276.69   | 0.21%             | 2056-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                         | PUBLIC FIN AUTH WI RETMNT FAC PUBFIN 03/45 FIXED 5.25               | CUSIP: 74444VAV2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1444830.30   | 0.09%             | 2045-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                                | CALIFORNIA HOUSING FINANCE AGENCY                                   | CUSIP: BA000Q637<br>LEI: 549300BOPCVLBA552Z14 | Long             | ABS-MBS          | CORP              | US        |   7830000 | PA      | $7816401.48   | 0.49%             | 2028-04-01      | Fixed         | 1.73%                 | No            |                  3 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A COOPERATIVE DISTRICT                                | SOUTHEAST ENERGY AUTH AL COMMO SEEPWR 01/54 ADJUSTABLE VAR          | CUSIP: 84136GAK1<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3149413.50   | 0.20%             | 2054-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CUYAHOGA COUNTY PORT AUTHORITY                                         | CLEVELAND CUYAHOGA CNTY OH POR CLETRN 12/55 FIXED 4                 | CUSIP: 18611HAB1<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    910000 | PA      | $687964.37    | 0.04%             | 2055-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP                              | NEW HOPE CULTURAL EDU FACS FIN NHPFAC 12/54 FIXED OID 4             | CUSIP: 64542PEW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $329235.30    | 0.02%             | 2054-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FRANKLIN COUNTY CONVENTION FACILITIES AUTHORITY HOTEL PROJECT REVENUE            | FRANKLIN CNTY OH CONVENTION FA FRAFAC 12/44 FIXED 5                 | CUSIP: 35317DAM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2488600.00   | 0.15%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FING AUTH HOSP R                                         | VIRGINIA ST SMALL BUSINESS FIN VASHGR 07/52 FIXED OID 7.5           | CUSIP: 92810PAU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4170045 | PA      | $2502027.00   | 0.16%             | 2052-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV                                    | MARYLAND ST HLTH   HGR EDUCTNL MDSMED 06/36 FIXED 4                 | CUSIP: 57421CCC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $193817.34    | 0.01%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF ALLEN OH HOSPITAL FACILITIES REVENUE                                   | ALLEN CNTY OH HOSP FACS REVENU ALLMED 11/50 ADJUSTABLE VAR          | CUSIP: 01757LHL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25000000 | PA      | $25000000.00  | 1.55%             | 2050-11-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| BUCKHEAD TRAILS II COMMUNITY DEVELOPMENT DISTRICT                                | BUCKHEAD TRAILS II CDD FL SPL BHTGEN 05/46 FIXED 5.5                | CUSIP: 11837KAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499636.40    | 0.03%             | 2046-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                                | CALIFORNIA HOUSING FINANCE AGENCY                                   | CUSIP: BA000RHP4<br>LEI: 549300BOPCVLBA552Z14 | Long             | ABS-MBS          | CORP              | US        |   5611700 | PA      | $5603189.63   | 0.35%             | 2028-04-01      | Fixed         | 1.22%                 | No            |                  3 | On Loan: No      |
| INDIANA FINANCE AUTHORITY                                                        | INDIANA ST FIN AUTH UNIV HSG R INSHSG 07/53 FIXED 5.928             | CUSIP: 45471MAC0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3655000 | PA      | $3623571.39   | 0.23%             | 2053-07-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| NEWFIELD COMMUNITY DEVELOPMENT DISTRICT                                          | NEWFIELD CDD FL SPL ASSMNT REV NFDDEV 05/45 FIXED OID 5.625         | CUSIP: 65128AAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1837170.00   | 0.11%             | 2045-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| STATE OF ILLINOIS SALES TAX REVENUE                                              | ILLINOIS ST SALES TAX REVENUE ILSGEN 06/31 FIXED 5                  | CUSIP: 452227SF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2191431.00   | 0.14%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                    | BUCKS CNTY PA INDL DEV AUTH HO BUCMED 07/51 FIXED 4                 | CUSIP: 11861MBM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $881626.62    | 0.05%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FINANCING CORP SALES TAX REVENUE                           | PUERTO RICO SALES TAX FING COR PRCGEN 07/58 FIXED OID 5             | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   8130000 | PA      | $7740776.25   | 0.48%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY OF                                                                 | NEW YORK NY GOBNYC 02/55 ADJUSTABLE VAR                             | CUSIP: 64966SNL6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.62%             | 2055-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| THE PORT AUTHORITY OF NEW YORK AND NEW JERSEY                                    | PORT AUTH OF NEW YORK   NEW JE PORTRN 06/94 FIXED OID 6.125         | CUSIP: 733580S88<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003799.80   | 0.12%             | 2094-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| IOWA TOBACCO SETTLEMENT AUTHORITY                                                | TOBACCO SETTLEMENT AUTH IA TOB TOBGEN 06/65 ZEROCPNOID 0            | CUSIP: 888805CJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14455000 | PA      | $1972795.27   | 0.12%             | 2065-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                           | CALIFORNIA ST MUNI FIN AUTH RE CASFIN 12/43 FIXED 5                 | CUSIP: 13048VBY3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010471.50   | 0.06%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST CLOUD MINN HEALTH CARE REV                                                    | SAINT CLOUD MN HLTH CARE REVEN SUDMED 05/48 FIXED 5                 | CUSIP: 78916VDV9<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1512988.95   | 0.09%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANGELINA & NECHES RIVER AUTHORITY                                                | ANGELINA NECHES RIVER AUTH I ANGDEV 12/45 FIXED 7.5                 | CUSIP: 03469KAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2675000 | PA      | $133750.00    | 0.01%             | 2045-12-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TARRANT COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORPORATION                 | TARRANT CNTY TX CULTURAL EDU F TAREDU 11/63 ADJUSTABLE VAR          | CUSIP: 87638QVK2<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |  22650000 | PA      | $22650000.00  | 1.41%             | 2063-11-15      | Variable      | 1.45%                 | No            |                  2 | On Loan: No      |
| INDIANA FINANCE AUTHORITY                                                        | INDIANA ST FIN AUTH EXEMPT FAC INSGEN 03/39 FIXED OID 7             | CUSIP: 45470DAA5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |  10490000 | PA      | $524500.00    | 0.03%             | 2039-03-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FINANCING CORP SALES TAX REVENUE                           | PUERTO RICO SALES TAX FING COR PRCGEN 07/46 ZEROCPNOID 0            | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |  69270000 | PA      | $24393915.39  | 1.52%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                         | PUBLIC FIN AUTH WI REVENUE PUBGEN 07/54 FIXED 5.75                  | CUSIP: 74442PF75<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1125271.07   | 0.07%             | 2054-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORPORATION                                             | SALES TAX SECURITIZATION CORP STSGEN 01/29 FIXED 5                  | CUSIP: 79467BCU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1582112.55   | 0.10%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEHIGH CNTY PA                                                                   | LEHIGH CNTY PA GEN PURPOSE HOS LEHMED 08/38 FLOATING VAR            | CUSIP: 52480GDC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2764840.40   | 0.17%             | 2038-08-15      | Floating      | 3.47%                 | Yes           |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                         | PUBLIC FIN AUTH WI REVENUE PUBGEN 01/55 FIXED 5                     | CUSIP: 74442PPU3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $845010.00    | 0.05%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BRADLEY HEIGHTS METROPOLITAN DISTRICT NO 2                                       | BRADLEY HEIGHTS MET DIST  2 CO BRHDEV 12/51 FIXED 4.75              | CUSIP: 104571AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6250000 | PA      | $4895338.75   | 0.30%             | 2051-12-01      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                                | CALIFORNIA HOUSING FINANCE AGENCY                                   | CUSIP: BA000QPH5<br>LEI: 549300BOPCVLBA552Z14 | Long             | ABS-MBS          | CORP              | US        |   4176932 | PA      | $4176931.91   | 0.26%             | 2044-04-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| MONTGOMERY CNTY PA HIGHER ED & HLTH                                              | MONTGOMERY CNTY PA HGR EDU   H MONHGR 05/39 FIXED 4                 | CUSIP: 613603F79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1333169.89   | 0.08%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF GRAND FORKS                                                            | GRAND FORKS CNTY ND GRADEV 12/31 FIXED 6.625                        | CUSIP: 38543PAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $15.00        | 0.00%             | 2031-12-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                      | WASHINGTON ST HSG FIN COMMISSI WASHSG 07/53 FIXED 5                 | CUSIP: 939783WS1<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $761884.31    | 0.05%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORPORATION                 | TARRANT CNTY TX CULTURAL EDU F TAREDU 11/50 ADJUSTABLE VAR          | CUSIP: 87638QSL4<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.06%             | 2050-11-15      | Variable      | 1.45%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTURE TAX SECURED REVENUE          | NEW YORK CITY NY TRANSITIONAL NYCGEN 05/47 FIXED 5                  | CUSIP: 64972JMG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5704242.50   | 0.35%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTURE TAX SECURED REVENUE          | NEW YORK CITY NY TRANSITIONAL NYCGEN 02/45 FIXED 5                  | CUSIP: 64972JC48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5292023.00   | 0.33%             | 2045-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE-MECKLENBURG HOSPITAL AUTHORITY                                         | CHARLOTTE MECKLENBURG NC HOSPA CHAMED 01/42 ADJUSTABLE VAR          | CUSIP: 160853VA2<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   8310000 | PA      | $8310000.00   | 0.52%             | 2042-01-15      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO                                                                  | CHICAGO IL COPS TAX INCR ALLOC CHI 03/34 FIXED 5                    | CUSIP: 16752QAS7<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1280801 | PA      | $1281564.14   | 0.08%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORPORATION                                                   | BUILD NYC RESOURCE CORP NY REV BUIGEN 12/50 FIXED OID 5.625         | CUSIP: 12008EPK6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   6800000 | PA      | $5668658.84   | 0.35%             | 2050-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| AUSTIN HOUSING FINANCE CORPORATION                                               | AUSTIN TX HSG FIN CORP AUSMFH 11/42 ADJUSTABLE VAR                  | CUSIP: 052425HY4<br>LEI: 549300UBTYKESVNBXV64 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1763497.05   | 0.11%             | 2042-11-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| FLORIDA HIGHER EDUCATIONAL FACILITIES FINANCING AUTHORITY                        | HGR EDU FACS FING AUTH FL HGR FLSHGR 07/45 FIXED OID 6              | CUSIP: 42982GAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4900000 | PA      | $4973839.57   | 0.31%             | 2045-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MANOR HOUSING PUBLIC FACILITY CORP                                               | MANOR HSG PUBLIC FAC CORP TX M MNRMFH 11/42 ADJUSTABLE VAR          | CUSIP: 56406AAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2564136.69   | 0.16%             | 2042-11-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| CITY OF PILOT POINT TX                                                           | PILOT POINT TX SPL ASSMNT REVE PILGEN 09/30 FIXED 5                 | CUSIP: 721614AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255045.28    | 0.02%             | 2030-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY                                         | ARIZONA ST INDL DEV AUTH SENIO AZSNUR 01/59 FIXED 5.125             | CUSIP: 04052TDD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5333444 | PA      | $4021169.84   | 0.25%             | 2059-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTURE TAX SECURED REVENUE          | NEW YORK CITY NY TRANSITIONAL NYCGEN 08/39 FIXED 4                  | CUSIP: 64971XF86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996345.30    | 0.06%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                         | PUBLIC FIN AUTH WI SPL REVENUE PUBFAC 12/29 FIXED OID 6.125         | CUSIP: 74447TAC6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4045000 | PA      | $4086386.82   | 0.25%             | 2029-12-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                           | CALIFORNIA MUNICIPAL FINANCE AUTHORITY                              | CUSIP: BA000Y5B3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | ABS-MBS          | CORP              | US        |   9055819 | PA      | $9051525.18   | 0.56%             | 2028-09-01      | Fixed         | 0.42%                 | No            |                  3 | On Loan: No      |
| CITY OF INDIANAPOLIS IN                                                          | INDIANAPOLIS IN MF HSG REVENUE INPMFH 07/56 ADJUSTABLE VAR          | CUSIP: 45528TBF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2965000 | PA      | $2835958.75   | 0.18%             | 2056-07-01      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                         | PUBLIC FIN AUTH WI EDUCTNL FAC PUBFIN 06/45 FIXED OID 6.5           | CUSIP: 74443DGE5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $2767144.94   | 0.17%             | 2045-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CMFA SPECIAL FINANCE AGENCY                                                      | CMFA SPL FIN AGY CA ESSENTIAL CMFHSG 08/45 FIXED 4                  | CUSIP: 12574WAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5445000 | PA      | $4824692.53   | 0.30%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BRAZORIA COUNTY INDUSTRIAL DEVELOPMENT CORP                                      | BRAZORIA CNTY TX INDL DEV CORP BZIFAC 06/43 FIXED 12                | CUSIP: 10604PAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2162147 | PA      | $108107.33    | 0.01%             | 2043-06-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                      | WASHINGTON ST HSG FIN COMMISSI WASHSG 03/50 ADJUST OID VAR          | CUSIP: 93978UAA4<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   4549134 | PA      | $4384777.47   | 0.27%             | 2050-03-01      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELECTRIC POWER AUTHORITY                                             | PUERTO RICO ELEC PWR AUTH PWRR PRCPWR 07/29 FIXED 5                 | CUSIP: 74526YCY9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |  17700000 | PA      | $11770500.00  | 0.73%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNERGY CORP                                                                    | TENNERGY CORP TN GAS REVENUE TGYPWR 10/53 ADJUSTABLE VAR            | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   5750000 | PA      | $6114866.83   | 0.38%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                                | CALIFORNIA HOUSING FINANCE AGENCY                                   | CUSIP: BA000PMJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6159750 | PA      | $6148851.68   | 0.38%             | 2028-04-01      | Fixed         | 1.37%                 | No            |                  3 | On Loan: No      |
| CREDIT SUISSE GROUP AG                                                           | CS AT1 CLAIMS US225401AK46 CREDIT SUISSE GROUP AG                   | CUSIP: 952NPK908<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $1050000.00   | 0.07%             | 2060-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATE                                                                 | CALIFORNIA ST CAS 12/30 FIXED 3.875                                 | CUSIP: 13063CXP0<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2710000 | PA      | $2709945.80   | 0.17%             | 2030-12-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE THRUWAY AUTHORITY                                                 | NEW YORK ST THRUWAY AUTH PERSO NYSTRN 03/42 FIXED 5                 | CUSIP: 650028A45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3826356.45   | 0.24%             | 2042-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY OF                                                                 | NEW YORK NY GOBNYC 02/55 ADJUSTABLE VAR                             | CUSIP: 64966SMR4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  19055000 | PA      | $19055000.00  | 1.18%             | 2055-02-01      | Variable      | 1.70%                 | No            |                  2 | On Loan: No      |
| CMFA SPECIAL FINANCE AGENCY                                                      | CMFA SPL FIN AGY CA ESSENTIAL CMFHSG 12/45 FIXED 4                  | CUSIP: 12574WAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2663492.65   | 0.17%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RIVERS EDGE III COMMUNITY DEVELOPMENT DISTRICT                                   | RIVERS EDGE III CDD FL CAPITAL RVIDEV 05/45 FIXED OID 5.75          | CUSIP: 76882NAK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $360344.46    | 0.02%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PIMA COUNTRY INDUSTRIAL DEVELOPMENT                                              | PIMA CNTY AZ INDL DEV AUTH EDU PIMDEV 07/49 FIXED 5                 | CUSIP: 72177MTN7<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1200000.00   | 0.07%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & COUNTY AIRPORT COMM-SAN FRANCISCO INTERNATIONAL AIRPORT     | SAN FRANCISCO CA CITY  CNTY AR SFOAPT 05/41 FIXED 5                 | CUSIP: 79766DGE3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7502514.00   | 0.47%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                       | ILLINOIS FIN AUTH SURFACE FREI ILSTRN 12/43 ADJUSTABLE VAR          | CUSIP: 45203PAD6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2015077.40   | 0.13%             | 2043-12-01      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| LOUISIANA HOUSING FIN AGY MTG REV                                                | LOUISIANA HOUSING FIN AGY MTG REV                                   | CUSIP: BA000SS05<br>LEI: 549300VL35TBE7RSJH61 | Long             | ABS-MBS          | CORP              | US        |   1130000 | PA      | $1130000.00   | 0.07%             | 2044-01-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| ASHEVILLE HOUSING AUTHORITY                                                      | ASHEVILLE HOUSING AUTHORITY                                         | CUSIP: BA000LT25<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1629654 | PA      | $1629654.00   | 0.10%             | 2043-01-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| CALHOUN COUNTY NAVIGATION INDUSTRIAL DEVELOPMENT AUTHORITY                       | CALHOUN CNTY TX NAVIGATION IND CLHDEV 07/26 FIXED 3.625             | CUSIP: 129729AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2228748.75   | 0.14%             | 2026-07-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| GILBERTS SPECIAL SERVICE AREA NO 25                                              | GILBERTS IL SPL SVC AREA  25 S GILFAC 03/48 INT APROID VAR          | CUSIP: 37546TAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4857000 | PA      | $4761531.29   | 0.30%             | 2048-03-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON HIGHER EDUCATION FINAN                                                   | CLIFTON TX HGR EDU FIN CORP ED CLIEDU 02/41 FIXED 5                 | CUSIP: 187145VK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3850000 | PA      | $4088301.91   | 0.25%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VM FUND I LLC                                                                    | VM FUND I LLC SR SECURED 144A 02/31 8.625                           | CUSIP: 91842WAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    819618 | PA      | $826598.24    | 0.05%             | 2031-02-28      | Fixed         | 8.62%                 | No            |                  3 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                      | WASHINGTON ST HSG FIN COMMISSI WASHSG 07/38 FIXED 5                 | CUSIP: 939783WQ5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $886395.12    | 0.06%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASHINGTON AIRPORTS AUTHORITY AVIATION REVENUE                      | MET WASHINGTON DC ARPTS AUTH A METAPT 10/38 FIXED 5                 | CUSIP: 592647FM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3282709.12   | 0.20%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF DETROIT                                                                  | DETROIT MI DET 04/44 ADJUSTABLE VAR                                 | CUSIP: 251093S84<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |  12232758 | PA      | $9431772.02   | 0.59%             | 2044-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| INLIVIAN                                                                         | FAIRHAVEN GLEN TAXABLE CONSTRUCT                                    | CUSIP: BA00061Z5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11581048 | PA      | $11558612.68  | 0.72%             | 2027-11-01      | Floating      | 7.00%                 | No            |                  3 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY                            | PENNSYLVANIA ST ECON DEV FING PASDEV 12/38 FIXED 5                  | CUSIP: 70869PJY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1151454.64   | 0.07%             | 2038-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VAIL HOME PARTNERS CORP                                                          | VAIL HOME PARTNERS CORP CO HSG VHPHSG 10/55 FIXED OID 5.875         | CUSIP: 91879VAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2540144.00   | 0.16%             | 2055-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP                              | NEW HOPE CULTURAL EDU FACS FIN NHPFAC 07/46 FIXED 5                 | CUSIP: 64542PAV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4945000 | PA      | $4710112.50   | 0.29%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                                | CALIFORNIA HOUSING FINANCE AGENCY                                   | CUSIP: BA000PYN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4401523 | PA      | $4401523.37   | 0.27%             | 2044-04-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| WESTERN ASSET MANAGED MUNICIPALS FUND INC                                        | WESTERN ASSET MANAGED MUNICIPA WESTERN ASSET MANAGED MUNICI         | CUSIP: 95766M105<br>LEI: 549300HVO8EY2T8K4F73 | Long             | EC               | CORP              | US        |    544800 | NS      | $5600544.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY                                         | ARIZONA ST INDL DEV AUTH SENIO AZSNUR 01/59 INTERAPREC VAR          | CUSIP: 04052TDF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1451284 | PA      | $210563.17    | 0.01%             | 2059-01-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| DENTON ESSENTIAL INVESTMENTS PUBLIC FACILITY CORP                                | DENTON ESSENTIAL INVESTMENTS P 01/59 6.697                          | CUSIP: 24881CAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $7795200.00   | 0.48%             | 2059-01-01      | Fixed         | 6.70%                 | No            |                  3 | On Loan: No      |
| FREDDIE MAC GOLD POOL                                                            | FED HM LN PC POOL WE6065 FR 07/40 FIXED 3.79                        | CUSIP: 3132YBW28<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | MUN               | US        |   3138095 | PA      | $2997256.91   | 0.19%             | 2040-07-01      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS COALITION                                                    | SOUTH CAROLINA ST JOBS ECON DE SCSPOL 06/51 FIXED 6.5               | CUSIP: 83704DAM8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $55000.00     | 0.00%             | 2051-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| INLAND EMPIRE TOBACCO SECURITIZATION CORPORATION                                 | INLAND EMPIRE CA TOBACCO SECUR INEGEN 06/38 FIXED 3.678             | CUSIP: 45734TAJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2315000 | PA      | $2253132.78   | 0.14%             | 2038-06-01      | Fixed         | 3.68%                 | No            |                  2 | On Loan: No      |
| GOLDEN STATE TOBACCO SECURITIZATION                                              | GOLDEN ST TOBACCO SECURITIZATI GLDGEN 06/41 FIXED 3.714             | CUSIP: 38122ND58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2970000 | PA      | $2355749.95   | 0.15%             | 2041-06-01      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| TRANSPORT METROPOLITAN DISTRICT NO 3                                             | TRANSPORT MET DIST  3 CO TMDDEV 12/51 FIXED 5                       | CUSIP: 89386FAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $386587.65    | 0.02%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF EDUCATION                                                       | CHICAGO IL BRD OF EDU CHIEDU 12/47 FIXED 5                          | CUSIP: 167505YB6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2355000 | PA      | $2137581.45   | 0.13%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK COUNTIES TOBACCO TRUST V                                                | NEW YORK CNTYS NY TOBACCO TRUS NYSGEN 06/55 ZEROCPNOID 0            | CUSIP: 649441AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  26000000 | PA      | $2097414.80   | 0.13%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                      | WASHINGTON ST HSG FIN COMMISSI WASHSG 07/48 FIXED 5                 | CUSIP: 939783WR3<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    500000 | PA      | $366490.90    | 0.02%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC MULTIFAMILY M CERTIFICATES M-070                                     | FREDDIE MAC MULTIFAMILY VARIAB FMMV M070 A                          | CUSIP: 3137HASB3<br>LEI: N/A                  | Long             | ABS-MBS          | MUN               | US        |   5828458 | PA      | $5955220.74   | 0.37%             | 2040-07-15      | Floating      | 4.27%                 | No            |                  2 | On Loan: No      |
| LYNCHBURG ECONOMIC DEVELOPMENT AUTHORITY                                         | LYNCHBURG VA ECON DEV AUTH HOS LNCMED 01/41 FIXED 4                 | CUSIP: 55123TBP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $430529.69    | 0.03%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE METROPOLITAN DISTRICT/THE                                                | VILLAGE MET DIST CO VLLFAC 12/40 FIXED 5                            | CUSIP: 92708CAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992624.50    | 0.06%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL WE2060 FR 02/38 FIXED 3.85                        | CUSIP: 3132Y7JD8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2155424 | PA      | $2090544.42   | 0.13%             | 2038-02-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| City of Woodland Community Facilities District                                   | City of Woodland Community Facilities District                      | CUSIP: 948GDAII6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  13238557 | PA      | $12839289.63  | 0.80%             | 2034-09-01      | Fixed         | 4.40%                 | Yes           |                  3 | On Loan: No      |
| INLIVIAN                                                                         | FAIRHAVEN GLEN FIXED TAX EXEMPT CONSTRUCTIONB                       | CUSIP: BA00061T9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $890000.00    | 0.06%             | 2041-12-12      | Fixed         | 9.71%                 | No            |                  3 | On Loan: No      |
| MIDA MOUNTAIN VILLAGE PUBLIC INFRASTRUCTURE DISTRICT                             | MIDA MOUNTAIN VLG PUBLIC INFRA MMVDEV 06/44 FIXED 5.75              | CUSIP: 59561UAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2190678.44   | 0.14%             | 2044-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PHOENIX INDUSTRIAL DEVELOPMENT AUTHORITY                                         | FALCON PK DELAYED DRAW TERM LOAN 2                                  | CUSIP: 948TTQII6<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2800000.00   | 0.17%             | 2026-11-01      | Floating      | 7.67%                 | No            |                  3 | On Loan: No      |
| LUZERNE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                  | LUZERNE CNTY PA INDL DEV AUTH LUZDEV 12/39 ADJUSTABLE VAR           | CUSIP: 550728AF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1881040.60   | 0.12%             | 2039-12-01      | Variable      | 2.45%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTURE TAX SECURED REVENUE          | NEW YORK CITY NY TRANSITIONAL NYCGEN 11/53 FIXED 5                  | CUSIP: 64972JPT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2970895.43   | 0.18%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY                                        | NEW JERSEY ST ECON DEV AUTH EC NJSDEV 04/31 FIXED OID 5.75          | CUSIP: 64577HMH1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5016018.50   | 0.31%             | 2031-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| KENT STATE UNIVERSITY                                                            | KENT OH ST UNIV REVENUES KSUHGR 05/34 FIXED 5                       | CUSIP: 490728F49<br>LEI: 549300HL3HX54032AG28 | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1565421.07   | 0.10%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF MINNEAPOLIS MINNESOTA                                                    | MINNEAPOLIS MN HLTH CARE SYS R MINMED 11/49 FIXED 5                 | CUSIP: 60374VEF6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1939960.60   | 0.12%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA HOUSING FIN AGY MTG REV                                                | LOUISIANA HOUSING FIN AGY MTG REV                                   | CUSIP: BA000TV41<br>LEI: 549300VL35TBE7RSJH61 | Long             | ABS-MBS          | CORP              | US        |   4538917 | PA      | $4532703.69   | 0.28%             | 2026-09-30      | Fixed         | 6.62%                 | No            |                  3 | On Loan: No      |
| PUBLIC ENERGY AUTHORITY OF KENTUCKY INC                                          | KENTUCKY ST PUBLIC ENERGY AUTH KYSPWR 05/36 FIXED 5                 | CUSIP: 74440DGL2<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9480118.50   | 0.59%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                         | PUBLIC FIN AUTH WI LTD OBLIG G PUBFIN 08/31 FIXED OID 6.75          | CUSIP: 74446EAB2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $3150000.00   | 0.20%             | 2031-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CROSSWINDS EAST COMMUNITY DEVELOPMENT DISTRICT                                   | CROSSWINDS EAST CDD FL SPL ASS CEADEV 05/44 FIXED 5.5               | CUSIP: 22769LAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019574.80   | 0.06%             | 2044-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IOWA FINANCE AUTHORITY                                                           | IOWA ST FIN AUTH REVENUE IASGEN 01/42 FIXED OID 8                   | CUSIP: 46247SCZ5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   5640000 | PA      | $4763819.80   | 0.30%             | 2042-01-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC MULTIFAMILY 2024-ML26                                                | FREDDIE MAC MULTIFAMILY FRETE 2024 ML26 B                           | CUSIP: 35834CAB7<br>LEI: N/A                  | Long             | ABS-MBS          | MUN               | US        |   7800000 | PA      | $5190731.91   | 0.32%             | 2039-01-25      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| CMFA SPECIAL FINANCE AGENCY VIII                                                 | CMFA SPL FIN AGY VIII CA ESSEN CMFHSG 08/47 FIXED 4                 | CUSIP: 12574VAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2730000 | PA      | $2497667.72   | 0.16%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BERKS COUNTY MUNICIPAL AUTHORITY                                                 | BERKS CNTY PA MUNI AUTH BERKS CO MUNI AUTH A1                       | CUSIP: 084538JD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1539000 | PA      | $1571465.67   | 0.10%             | 2034-06-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORPORATION                                  | NEW YORK ST TRANSPRTN DEV CORP NYTTRN 10/30 FIXED OID 4             | CUSIP: 650116CX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8130752.80   | 0.51%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INLIVIAN                                                                         | FAIRHAVEN GLEN FIXED TAX EXEMPT CONSTRUCTIONA                       | CUSIP: BA00061X0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12210000 | PA      | $12175812.00  | 0.76%             | 2067-01-01      | Floating      | 6.26%                 | No            |                  3 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP RHODE ISLAN                                         | TOBACCO SETTLEMENT FING CORP R TOBGEN 06/52 ZEROCPNOID 0            | CUSIP: 888809AH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $240794.63    | 0.01%             | 2052-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CITY OF FORT WORTH TX WATER & SEWER SYSTEM REVENUE                               | FORT WORTH TX WTR   SWR REVENU FTWUTL 02/48 FIXED 5                 | CUSIP: 3495155W2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1356030.26   | 0.08%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MEMPHIS-SHELBY COUNTY INDUSTRIAL DEVELOPMENT BOARD                               | MEMPHIS SHELBY CNTY TN INDL DE MEMDEV 01/46 FIXED OID 5.625         | CUSIP: 58611YAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1281285.33   | 0.08%             | 2046-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BLACKROCK MUNIYIELD QUALITY FUND III INC                                         | BLACKROCK MUNIYIELD QUALITY FU BLACKROCK MUNIYIELD QLTY III         | CUSIP: 09254E103<br>LEI: UB5J2GS6Q51M6A2L8886 | Long             | EC               | CORP              | US        |    490934 | NS      | $5159716.34   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| FREDDIE MAC MULTIFAMILY 2024-ML25                                                | FREDDIE MAC MULTIFAMILY FRETE 2024 ML25 BCA                         | CUSIP: 30339BAB0<br>LEI: N/A                  | Long             | ABS-MBS          | MUN               | US        |   3800000 | PA      | $2536484.23   | 0.16%             | 2043-01-25      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| CITY OF DALLAS HOUSING FINANCE CORPORATION                                       | DALLAS TX HSG FIN CORP RSDL DE DALHSG 12/62 FIXED OID 6             | CUSIP: 23529CAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2782690.50   | 0.17%             | 2062-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA LOCAL GOVERNMENT FINANCE COMMISSION                                      | FLORIDA LOC GOVT FIN COMMISSIO FLSFAC 11/55 FIXED OID 6.75          | CUSIP: 34077UAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035905.90   | 0.06%             | 2055-11-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| OHIO AIR QUALITY DEVELOPMENT AUTHORITY                                           | OHIO ST AIR QUALITY DEV AUTH OHSDEV 11/39 ADJUSTABLE VAR            | CUSIP: 677525WV5<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   5045000 | PA      | $5089029.23   | 0.32%             | 2039-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY ALA MED CLINIC BRD HEALTH REV                                         | MONTGOMERY AL MED CLINIC BRD H MONMED 03/30 FIXED 5                 | CUSIP: 613058CX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4305000 | PA      | $344400.00    | 0.02%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FING AUTH HOSP R                                         | VIRGINIA ST SMALL BUSINESS FIN VASMED 06/43 FIXED 5                 | CUSIP: 928105CK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1521770.25   | 0.09%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP                              | NEW HOPE CULTURAL EDU FACS FIN NHPFAC 07/47 FIXED 5                 | CUSIP: 64542PDD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1072551.75   | 0.07%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN STATE TOBACCO SECURITIZATION                                              | GOLDEN ST TOBACCO SECURITIZATI GLDGEN 06/66 ZEROCPNOID 0            | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14295000 | PA      | $1432584.86   | 0.09%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS-FRANKLIN COUNTY FINAN                                                   | COLUMBUS FRANKLIN CNTY OH FIN COLMFH 01/46 FIXED 6.05               | CUSIP: 19910XAR7<br>LEI: 549300NX3ODQN2ETOO82 | Long             | DBT              | MUN               | US        |    800000 | PA      | $806281.12    | 0.05%             | 2046-01-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                                | CALIFORNIA HOUSING FINANCE AGENCY                                   | CUSIP: BA000QPK8<br>LEI: 549300BOPCVLBA552Z14 | Long             | ABS-MBS          | CORP              | US        |   7041156 | PA      | $7030857.46   | 0.44%             | 2028-04-01      | Fixed         | 1.43%                 | No            |                  3 | On Loan: No      |
| CAPITAL PROJECTS FINANCE AUTHORITY/FL                                            | CAPITAL PROJS FL FIN AUTH STUD CPPHSG 10/30 FIXED 5                 | CUSIP: 140427BL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1685518.24   | 0.10%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY                                  | CALIFORNIA CMNTY CHOICE FING A CCEDEV 01/55 ADJUSTABLE VAR          | CUSIP: 13013JEA0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4585000 | PA      | $4684058.93   | 0.29%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| YONKERS NY ECONOMIC DEV CORP EDL REV                                             | YONKERS NY ECON DEV CORP EDUCT YONDEV 10/54 FIXED 5                 | CUSIP: 98608MAG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $820536.77    | 0.05%             | 2054-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF HOUSTON TX AIRPORT SYSTEM REVENUE                                        | HOUSTON TX ARPT SYS REVENUE HOUAPT 07/35 FIXED 5.5                  | CUSIP: 442349HV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5312269.00   | 0.33%             | 2035-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL WE6120 FR 09/38 FIXED 3.7                         | CUSIP: 3132YBYR1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   9785343 | PA      | $9353619.94   | 0.58%             | 2038-09-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC                                                      | MAIN STREET NATURAL GAS INC GA MAIUTL 05/54 ADJUSTABLE VAR          | CUSIP: 56035DGT3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2120359.80   | 0.13%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                       | ILLINOIS ST FIN AUTH REVENUE ILSGEN 08/39 FIXED 4                   | CUSIP: 45204FBD6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   5370000 | PA      | $5101014.02   | 0.32%             | 2039-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND HEALTH & EDL BLDG CORP                                              | RHODE ISLAND ST HLTH   EDUCTNL RISMED 07/40 FIXED 5                 | CUSIP: 762244NW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $361776.49    | 0.02%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO HOUSING FINANCE AGENCY                                                      | OHIO ST HSG FIN AGY MF HSG REV OHSMFH 01/45 FIXED 6.3               | CUSIP: 676900YF4<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   3660000 | PA      | $3727012.04   | 0.23%             | 2045-01-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                           | CALIFORNIA MUNI FIN AUTH FED L CASFIN 07/30 FIXED 3.637             | CUSIP: 13049GAB6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1305570.98   | 0.08%             | 2030-07-01      | Fixed         | 3.64%                 | No            |                  2 | On Loan: No      |
| BUCKEYE TOBACCO SETTLEMENT FINANCING AUTHORITY                                   | BUCKEYE OH TOBACCO SETTLEMENT BUCGEN 06/57 ZEROCPNOID 0             | CUSIP: 118217DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  89365000 | PA      | $6536013.12   | 0.41%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY                            | PENNSYLVANIA ST ECON DEV FINGA PASDEV 12/38 ADJUSTABLE VAR          | CUSIP: 708686ES5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003751.40   | 0.12%             | 2038-12-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER COUNTY LOCAL DEVELOPMENT CORPORATION                                 | WESTCHESTER CNTY NY LOCAL DEV WSTDEV 11/55 FIXED 6.5                | CUSIP: 95737TFY7<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1105142.60   | 0.07%             | 2055-11-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| BUCKEYE TOBACCO SETTLEMENT FINANCING AUTHORITY                                   | BUCKEYE OH TOBACCO SETTLEMENT BUCGEN 06/55 FIXED 5                  | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  30000000 | PA      | $24225000.00  | 1.51%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF EDUCATION                                                       | CHICAGO IL BRD OF EDU CHIEDU 12/47 FIXED OID 5.875                  | CUSIP: 167505ZF6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3580000 | PA      | $3616815.65   | 0.22%             | 2047-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                         | PUBLIC FIN AUTH WI REVENUE PUBGEN 01/48 FIXED OID 6.375             | CUSIP: 74442PJV8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $900000.00    | 0.06%             | 2048-01-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                      | ILLINOIS ST ILS 06/37 FIXED OID 4                                   | CUSIP: 452152E64<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1360893.38   | 0.08%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                       | ILLINOIS ST FIN AUTH REVENUE ILSGEN 05/54 FIXED 5.5                 | CUSIP: 45204EC48<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $2615000.97   | 0.16%             | 2054-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORPORATION                                  | NEW YORK ST TRANSPRTN DEV CORP NYTTRN 01/36 FIXED 5                 | CUSIP: 650116CP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507874.35    | 0.03%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUBLIC INFRASTRUCTURE DISTRICT                           | DOWNTWN PUB INFRA C DTRFAC 07/35 FIXED 5                            | CUSIP: 26118TBW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4925000 | PA      | $4944864.99   | 0.31%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGENCY INC                                                         | CAPITAL TRUST AGY FL REVENUE CPTGEN 01/35 ZEROCPNOID 0              | CUSIP: 14052WDG9<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   2390000 | PA      | $1428717.62   | 0.09%             | 2035-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DENTON ESSENTIAL INVESTMENTS PFC                                                 | BONNIE BRAE FIXED TERM LOAN                                         | CUSIP: BA000PLR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12800000 | PA      | $12976640.00  | 0.81%             | 2059-06-02      | Fixed         | 7.21%                 | No            |                  3 | On Loan: No      |
| CITY OF HOUSTON TX AIRPORT SYSTEM REVENUE                                        | HOUSTON TX ARPT SYS REVENUE HOUAPT 07/37 FIXED 5.5                  | CUSIP: 442349HX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2619211.50   | 0.16%             | 2037-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KALAMAZOO MICH ECONOMIC DEV CORP REV                                             | KALAMAZOO MI ECON DEV CORP KALDEV 08/56 FIXED 6.25                  | CUSIP: 483228EG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005668.30   | 0.06%             | 2056-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY/FL                             | CHARLOTTE CNTY FL INDL DEV AUT CHAUTL 10/55 FIXED 6.125             | CUSIP: 16080TAL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2149359.66   | 0.13%             | 2055-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORPORATION                                                   | BUILD NYC RESOURCE CORP NY REV BUIGEN 06/32 FIXED 5                 | CUSIP: 12008ETH9<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    200000 | PA      | $203489.14    | 0.01%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY                                         | NATIONAL FIN AUTH NH SPL REVEN NFAGEN 06/39 FIXED 5.625             | CUSIP: 63608TAY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1600914.88   | 0.10%             | 2039-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC GOLD POOL                                                            | FED HM LN PC POOL WE6072 FR 07/39 FIXED 3.85                        | CUSIP: 3132YBW93<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | MUN               | US        |   4857367 | PA      | $4629741.41   | 0.29%             | 2039-07-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND                                     | NUVEEN AMT FREE MUNICIPAL CRED NUVEEN AMT FR MUNI CRDT              | CUSIP: 67071L106<br>LEI: 549300LBMO1C0IG71T03 | Long             | EC               | CORP              | US        |    470900 | NS      | $5806197.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACK BELT ENERGY GAS DISTRICT                                                   | BLACK BELT ENERGY GAS DIST AL BBEUTL 07/33 FIXED 5                  | CUSIP: 09182THJ9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3451764.36   | 0.21%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC ENERGY AUTHORITY OF KENTUCKY INC                                          | KENTUCKY ST PUBLIC ENERGY AUTH KYSPWR 08/52 FLOATING VAR            | CUSIP: 74440DDT8<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3902766.66   | 0.24%             | 2052-08-01      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                      | WASHINGTON ST HSG FIN COMMISSI WASHSG 11/41 ADJUSTABLE VAR          | CUSIP: 93978UDT0<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   7564520 | PA      | $7172535.33   | 0.45%             | 2041-11-20      | Variable      | 3.68%                 | No            |                  2 | On Loan: No      |
| CHICAGO OHARE INTERNATIONAL AIRPORT                                              | CHICAGO IL O HARE INTERNATIONA CHITRN 01/39 FIXED 5                 | CUSIP: 1675935X6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1275321.96   | 0.08%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM DEPARTMENT OF EDUCATION                                                     | GUAM GOVT DEPT OF EDU COPS GMSEDU 02/30 FIXED 4.25                  | CUSIP: 40065AAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1225000 | PA      | $1224256.06   | 0.08%             | 2030-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| THE INDUSTRIAL DEVELOPMENT BOARD OF THE CITY OF KINGSPORT TENNESSEE              | THE INDUSTRIAL DEVELOPMENT BOARD OF THE CITY OF KINGSPORT TENNESSEE | CUSIP: BA000S8S6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   8917363 | PA      | $8839782.36   | 0.55%             | 2042-12-01      | Fixed         | 6.20%                 | No            |                  3 | On Loan: No      |
| CHILDRENS TRUST FD TOBACCO SETTLMNT                                              | THE CHILDRENS TRUST FUND PR TO CHIGEN 05/50 ZEROCPNOID 0            | CUSIP: 16876QBJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   8800000 | PA      | $1757763.92   | 0.11%             | 2050-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                       | ILLINOIS FIN AUTH REV 11/54 6.5                                     | CUSIP: 45204FX26<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2141953 | PA      | $1903886.92   | 0.12%             | 2054-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GREATER ORLANDO AVIATION AUTHORITY                                               | GTR ORLANDO FL AVIATION AUTH A GREAPT 10/40 FIXED 5                 | CUSIP: 3922745N2<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   3335000 | PA      | $3337028.68   | 0.21%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ECONOMIC DEVELOPMENT AUTHORITY                                     | WEST VIRGINIA ST ECON DEV AUTH WVSDEV 01/55 ADJUSTABLE VAR          | CUSIP: 95648VBU2<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   6860000 | PA      | $7458279.81   | 0.46%             | 2055-01-01      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| CHICAGO OHARE INTERNATIONAL AIRPORT                                              | CHICAGO IL O HARE INTERNATIONA CHITRN 01/37 FIXED 5                 | CUSIP: 1675935V0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2153828.00   | 0.13%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGENCY INC                                                         | CAPITAL TRUST AGY FL SENIOR LI CPTMED 07/43 FIXED 5                 | CUSIP: 140542BP5<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    250000 | PA      | $9500.00      | 0.00%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL WE5042 FR 06/43 FIXED 3.6                         | CUSIP: 3132YAS74<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3254636 | PA      | $2987455.15   | 0.19%             | 2043-06-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| REUNION METROPOLITAN DISTRICT                                                    | REUNION MET DIST CO SPL REVENU REUFAC 12/44 FIXED OID 3.625         | CUSIP: 76133UAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4993742 | PA      | $3733397.12   | 0.23%             | 2044-12-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGENCY INC                                                         | CAPITAL TRUST AGY FL REVENUE CPTGEN 01/61 ZEROCPNOID 0              | CUSIP: 14052WDV6<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   5395000 | PA      | $430260.96    | 0.03%             | 2061-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP                              | NEW HOPE CULTURAL EDU FACS FIN TXMED 08/55 ADJUSTABLE VAR           | CUSIP: 645424BR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24000000 | PA      | $24000000.00  | 1.49%             | 2055-08-01      | Variable      | 1.85%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA                                          | MUNI ELEC AUTH OF GA MELPWR 01/40 FIXED 5                           | CUSIP: 62620HJT0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1344734.00   | 0.08%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTURE TAX SECURED REVENUE          | NEW YORK CITY NY TRANSITIONAL NYCGEN 05/48 FIXED 5                  | CUSIP: 64972JMH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4119793.60   | 0.26%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY                            | PENNSYLVANIA ST ECON DEV FING PASDEV 07/42 FIXED OID 5              | CUSIP: 70869PPF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2037449.60   | 0.13%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO OHARE INTERNATIONAL AIRPORT                                              | CHICAGO IL O HARE INTERNATIONA CHITRN 01/56 FIXED 5.25              | CUSIP: 167593Y63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019206.70   | 0.06%             | 2056-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                       | ILLINOIS ST FIN AUTH REVENUE ILSGEN 08/44 ADJUSTABLE VAR            | CUSIP: 45204FM85<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   8500000 | PA      | $9419013.20   | 0.59%             | 2044-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP                              | NEW HOPE CULTURAL EDU FACS FIN NHPFAC 07/36 FIXED OID 4             | CUSIP: 64542PAU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2065000 | PA      | $1966912.50   | 0.12%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON CNTY TENN                                          | MET GOVT NASHVILLE   DAVIDSON METHSG 10/38 FIXED OID 4.875          | CUSIP: 592113CG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4935000 | PA      | $5035574.31   | 0.31%             | 2038-10-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TARRANT COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORPORATION                 | TARRANT CNTY TX CULTURAL EDU F TAREDU 11/49 FIXED OID 5             | CUSIP: 87638TJQ7<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2051797.40   | 0.13%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NUVEEN QUALITY MUNICIPAL INCOME FUND                                             | NUVEEN QUALITY MUNICIPAL INCOM NUVEEN QUALITY MUNICIPAL INC         | CUSIP: 67066V101<br>LEI: 549300RDIO25ZNWCOA97 | Long             | EC               | CORP              | US        |    300646 | NS      | $3457429.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                                | CALIFORNIA HOUSING FINANCE AGENCY                                   | CUSIP: BA000PYM6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7224474 | PA      | $7211629.16   | 0.45%             | 2028-04-01      | Fixed         | 1.74%                 | No            |                  3 | On Loan: No      |
| CITY OF HOUSTON TX AIRPORT SYSTEM REVENUE                                        | HOUSTON TX ARPT SYS REVENUE HOUAPT 07/36 FIXED 5.5                  | CUSIP: 442349HW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8438512.00   | 0.52%             | 2036-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY                                         | ARIZONA ST INDL DEV AUTH SENIO AZSNUR 01/59 INTERAPREC VAR          | CUSIP: 04052TDE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2467810 | PA      | $1280026.65   | 0.08%             | 2059-01-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FINANCE AUTHORITY                                                       | MICHIGAN ST FIN AUTH REVENUE MISFIN 06/65 ZEROCPNOID 0              | CUSIP: 59447TM26<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |  30650000 | PA      | $2957519.65   | 0.18%             | 2065-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SPRING VALLEY COMMUNITY INFRASTRUCTURE DISTRICT NO 1                             | SPRING VLY CMNTY INFRASTRUCTUR SPVGEN 09/51 FIXED 3.75              | CUSIP: 850072AA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1524000 | PA      | $1453729.27   | 0.09%             | 2051-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NUVEEN CALIFORNIA QUALITY MUNICIPAL INCOME FUND                                  | NUVEEN CALIFORNIA QUALITY MUNI NUVEEN CA QLTY MUNI INC              | CUSIP: 67066Y105<br>LEI: 549300ZT6V9X5U9BHR46 | Long             | EC               | CORP              | US        |    401979 | NS      | $4683055.35   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| FLORIDA LOCAL GOVERNMENT FINANCE COMMISSION                                      | FLORIDA LOC GOVT FIN COMMISSIO FLSFAC 11/45 FIXED OID 6.625         | CUSIP: 34077UAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1589160.30   | 0.10%             | 2045-11-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY ORE HOSP FAC AUTH REV                                             | CLACKAMAS CNTY OR HOSP FAC AUT CLAMED 05/52 FIXED 5                 | CUSIP: 179027YB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $322225.51    | 0.02%             | 2052-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO WATER DEVELOPMENT AUTHORITY WATER POLLUTION CONTROL LOAN FUND               | OHIO ST WTR DEV AUTH WTR POLL OHSPOL 06/33 FIXED 4.75               | CUSIP: 67766WXM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2585000 | PA      | $2667341.56   | 0.17%             | 2033-06-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| MONONGALIA COUNTY OF                                                             | MONONGALIA CNTY WV COMMISSION MONGEN 06/43 FIXED OID 5.75           | CUSIP: 61022DAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $927477.16    | 0.06%             | 2043-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY HOUSING AGENCY                                              | CALIFORNIA CMNTY HSG AGY ESSEN CCHHSG 08/52 FIXED OID 4.5           | CUSIP: 13013FBH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1856473.00   | 0.12%             | 2052-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COUNTY OF BERNALILLO NM                                                          | COUNTY OF BERNALILLO NM                                             | CUSIP: BA000TTG7<br>LEI: 549300HH7LOB1GPMU667 | Long             | ABS-MBS          | CORP              | CL        |  18976209 | PA      | $18951539.93  | 1.18%             | 2027-01-04      | Fixed         | 7.50%                 | No            |                  3 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 02/31 3.5                                           | CUSIP: 91282CQD6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  33000000 | PA      | $32361913.98  | 2.01%             | 2031-02-28      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                      | WASHINGTON ST HSG FIN COMMISSI WASHSG 07/64 FIXED 7                 | CUSIP: 93978LJR8<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    700000 | PA      | $719971.63    | 0.04%             | 2064-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC                                                      | MAIN STREET NATURAL GAS INC GA MAIUTL 12/55 ADJUSTABLE VAR          | CUSIP: 56035DKH4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2416412.43   | 0.15%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEVELOPMENT FINANCE CORPORATION                                          | FLORIDA ST DEV FIN CORP FLSDEV 07/44 FIXED 5                        | CUSIP: 340618DR5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6811952.70   | 0.42%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY                                         | ARIZONA ST INDL DEV AUTH ECON AZSDEV 07/51 FIXED 6                  | CUSIP: 040523AL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $35250.00     | 0.00%             | 2051-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COLORADO BRIDGE & TUNNEL ENTERPRISE                                              | COLORADO BRIDGE   TUNNEL ENTER CBTTRN 12/41 FIXED 5                 | CUSIP: 19633TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091592.50   | 0.07%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALDWIN COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                  | BALDWIN CNTY AL INDL DEV AUTH BLWPOL 06/55 ADJUSTABLE VAR           | CUSIP: 05786PAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1701245.42   | 0.11%             | 2055-06-01      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| DAYTON-MONTGOMERY COUNTY PORT AUTHORITY                                          | DAYTON MONTGOMERY CNTY OH PORT DAYTRN 01/45 FIXED 6.625             | CUSIP: 23982CAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1362381.93   | 0.08%             | 2045-01-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BRAZORIA COUNTY INDUSTRIAL DEVELOPMENT CORP                                      | BRAZORIA CNTY TX INDL DEV CORP BZIFAC 06/42 ADJUST OID VAR          | CUSIP: 10604PAE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2812106 | PA      | $140605.29    | 0.01%             | 2042-06-01      | Variable      | 10.00%                | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                                | CALIFORNIA HSG FIN AGY LTD OBL CA HSG FIN AGY H                     | CUSIP: 13034DAF1<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   5300000 | PA      | $5332496.42   | 0.33%             | 2053-11-01      | Variable      | 5.97%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACILITIES AUTHORITY                                             | COLORADO ST HLTH FACS AUTH REV COSMED 08/49 FIXED 4                 | CUSIP: 19648FKT0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $862634.20    | 0.05%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHILDRENS TRUST FD TOBACCO SETTLMNT                                              | THE CHILDRENS TRUST FUND PR TO CHIGEN 05/57 ZEROCPNOID 0            | CUSIP: 16876QBL2<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |  87500000 | PA      | $4056360.00   | 0.25%             | 2057-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF EDUCATION                                                       | CHICAGO IL BRD OF EDU CHIEDU 12/50 FIXED OID 5.75                   | CUSIP: 167505ZM1<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   6400000 | PA      | $6404314.88   | 0.40%             | 2050-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH SOUTHN CAL T                                         | TOBACCO SECURITIZATION AUTH ST TOBGEN 06/54 ZEROCPNOID 0            | CUSIP: 888804CU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $178611.20    | 0.01%             | 2054-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                       | ILLINOIS ST FIN AUTH REVENUE ILSGEN 05/41 FIXED 3.51                | CUSIP: 45204FED3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2070000 | PA      | $1677063.29   | 0.10%             | 2041-05-15      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| VILLAGE COMMUNITY DEVELOPMENT DISTRICT NO 15                                     | VILLAGE CDD NO 15 SPL ASSMNT R VGEDEV 05/28 FIXED 4.25              | CUSIP: 92708KAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $388721.14    | 0.02%             | 2028-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY                                        | NEW JERSEY ST ECON DEV AUTH RE NJSDEV 06/40 FIXED 4                 | CUSIP: 64577XCR5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $982519.70    | 0.06%             | 2040-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FARMINGTON N.M. POLLUTION CONTROL                                                | FARMINGTON NM POLL CONTROL REV FARPOL 04/29 FIXED 1.8               | CUSIP: 311450GA2<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |   8440000 | PA      | $7923088.82   | 0.49%             | 2029-04-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                         | PUBLIC FIN AUTH WI REVENUE PUBGEN 11/44 FIXED 5                     | CUSIP: 74442PK79<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022967.80   | 0.06%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF MOUNT VERNON IN                                                          | MOUNT VERNON IN ENVRNMNTL IMPT MOUPOL 09/55 ADJUSTABLE VAR          | CUSIP: 623455AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1161340.96   | 0.07%             | 2055-09-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGENCY INC                                                         | CAPITAL TRUST AGY FL REVENUE CPTGEN 01/56 FIXED 5                   | CUSIP: 14052WDT1<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1253536.35   | 0.08%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONONGALIA COUNTY OF                                                             | MONONGALIA CNTY WV COMMISSION MONGEN 06/33 FIXED OID 5              | CUSIP: 61022DAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $410421.43    | 0.03%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                         | PUBLIC FIN AUTH WI SPL REVENUE PUBFAC 09/29 ZEROCPNOID 0            | CUSIP: 74447TAA0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    342000 | PA      | $265679.28    | 0.02%             | 2029-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CAPE GIRARDEAU COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                           | CAPE GIRARDEAU CNTY MO INDL DE CPGMED 03/46 FIXED 4                 | CUSIP: 139404HT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1306847.36   | 0.08%             | 2046-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                         | PUBLIC FIN AUTH WI REVENUE PUBGEN 09/51 FIXED 4                     | CUSIP: 74442PTF2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    985000 | PA      | $811762.73    | 0.05%             | 2051-09-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FARMS NEW KENT COMMUNITY DEVEL                                                   | FARMS NEW KENT VA CMNTY DEV AU FRMDEV 03/36 FIXED 3.75              | CUSIP: 311551AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4240000 | PA      | $4095801.42   | 0.25%             | 2036-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORPORATION                                  | NEW YORK ST TRANSPRTN DEV CORP NYTTRN 06/59 FIXED OID 5.5           | CUSIP: 650116JM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17400000 | PA      | $17884454.28  | 1.11%             | 2059-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WILD RIVERS WATER PARK                                                           | WILD RIVERS WATER PARK SECURED 11/51 8.5                            | CUSIP: 96810LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5300000 | PA      | $4097786.69   | 0.25%             | 2051-11-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| INDIANA FINANCE AUTHORITY                                                        | INDIANA FIN AUTH MIDWESTERN DI INDGEN 11/30 FIXED 4.25              | CUSIP: 45470CAG4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4361261.18   | 0.27%             | 2030-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTURE TAX SECURED REVENUE          | NEW YORK CITY NY TRANSITIONAL NYCGEN 05/48 FIXED 5.25               | CUSIP: 64972JCD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5234020.50   | 0.33%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY                                         | ARIZONA ST INDL DEV AUTH ECON AZSDEV 07/31 FIXED 5.5                | CUSIP: 040523AK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $7637.50      | 0.00%             | 2031-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CLEAR CREEK TRANSIT METROPOLITAN DISTRICT NO 2                                   | CLEAR CREEK TRANSIT B TRSFAC 12/50 FIXED 7.9                        | CUSIP: 184542AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1115790.08   | 0.07%             | 2050-12-15      | Fixed         | 10.42%                | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                       | ILLINOIS ST FIN AUTH REVENUE ILSGEN 05/54 FIXED OID 5.25            | CUSIP: 45204EC55<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1635207.60   | 0.10%             | 2054-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CENTERRA METROPOLITAN DISTRICT NO 1                                              | CENTERRA CO MET DIST  1 SPL RE CETGEN 12/37 FIXED 5                 | CUSIP: 15200XAF0<br>LEI: 549300SHE5ZPSMGZH793 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4501341.00   | 0.28%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FINANCE AUTHORITY                                                       | MICHIGAN ST FIN AUTH REVENUE MISFIN 06/40 FIXED 5                   | CUSIP: 59447TG80<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   4895000 | PA      | $5036410.19   | 0.31%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL WE5056 FR 03/41 FIXED 4.6                         | CUSIP: 3132YATM0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2600000 | PA      | $2660209.53   | 0.17%             | 2041-03-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| MIDA CORMONT PUBLIC INFRASTRUCTURE DISTRICT                                      | MIDA CORMONT PUBLIC INFRASTRUC MCRDEV 06/55 FIXED 6.25              | CUSIP: 59561JAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $573091.04    | 0.04%             | 2055-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PARISH OF ST JAMES LA                                                            | SAINT JAMES PARISH LA REVENUE STJGEN 10/40 FIXED 6.35               | CUSIP: 790103AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2381067.70   | 0.15%             | 2040-10-01      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ECONOMIC DEVELOPMENT AUTHORITY                                     | WEST VIRGINIA ST ECON DEV AUTH WVSDEV 04/55 ADJUSTABLE VAR          | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5087861.50   | 0.32%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| CITY OF PILOT POINT TX                                                           | PILOT POINT TX SPL ASSMNT REVE PILGEN 09/35 FIXED OID 5.25          | CUSIP: 721614BA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $440345.99    | 0.03%             | 2035-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| REFLECTION BAY COMMUNITY DEVELOPMENT DISTRICT                                    | REFLECTION BAY CDD FL SPL ASSM REFDEV 05/45 FIXED OID 5.625         | CUSIP: 75865NAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $758799.04    | 0.05%             | 2045-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GOLDEN STATE TOBACCO SECURITIZATION                                              | GOLDEN ST TOBACCO SECURITIZATI GLDGEN 06/50 FIXED 3.85              | CUSIP: 38122ND82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5205000 | PA      | $4758750.37   | 0.30%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTHORITY                                                          | CAPITAL TRUST AUTH FL EDUCTNL CAPITAL TRUST AGY A                   | CUSIP: 14054WAM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3580000 | PA      | $3633984.25   | 0.23%             | 2058-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 03/31 4.125                                         | CUSIP: 91282CKF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2700000 | PA      | $2719511.71   | 0.17%             | 2031-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY                      | CONNECTICUT ST HLTH   EDUCTNLF CTSHGR 07/49 ADJUSTABLE VAR          | CUSIP: 20775DZK1<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |  30000000 | PA      | $30000000.00  | 1.86%             | 2049-07-01      | Variable      | 1.35%                 | No            |                  2 | On Loan: No      |
| HAMILTON BLUFF COMMUNITY DEVELOPMENT DISTRICT                                    | HAMILTON BLUFF CMNTY DEV 05/54 5.8                                  | CUSIP: 40702EAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $981221.00    | 0.06%             | 2054-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC MULTIFAMILY ML CERTIFICATES                                          | FREDDIE MAC MULTIFAMILY FRETE 2023 ML20 AUS                         | CUSIP: 3137HBCD4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | MUN               | US        |   8455173 | PA      | $8504209.21   | 0.53%             | 2040-08-25      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORPORATION                                  | NEW YORK ST TRANSPRTN DEV CORP NYTTRN 08/26 FIXED 2.25              | CUSIP: 650116EY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $667976.40    | 0.04%             | 2026-08-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CITY OF ATLANTIC CITY NJ                                                         | ATLANTIC CITY NJ ATC 03/30 FIXED 6.375                              | CUSIP: 048339UY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $691405.32    | 0.04%             | 2030-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                                | CALIFORNIA HSG FIN AGY LTD OBL CASMFH 03/53 ADJUSTABLE VAR          | CUSIP: 13034DAJ3<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |  12300000 | PA      | $12433436.55  | 0.77%             | 2053-03-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| TAMPA-HILLSBOROUGH COUNTY EXPRESSWAY AUTHORITY                                   | TAMPA HILLSBOROUGH CNTY FL EXP TAMTRN 07/42 FIXED 4                 | CUSIP: 875301GL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2389798.11   | 0.15%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL PROJECTS FINANCE AUTHORITY/FL                                            | CAPITAL PROJS FL FIN AUTH STUD CPPHSG 10/31 FIXED 5                 | CUSIP: 140427BM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1574192.25   | 0.10%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ENERGY ACQUISITION CORPORATION                                         | TENNESSEE ENERGY ACQUISITION C TNSUTL 05/52 ADJUSTABLE VAR          | CUSIP: 88044TAL3<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5289052.50   | 0.33%             | 2052-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP RHODE ISLAN                                         | TOBACCO SETTLEMENT FING CORP R TOBGEN 06/50 FIXED 5                 | CUSIP: 888809BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9798681.00   | 0.61%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| THE ATLANTA DEVELOPMENT AUTHORITY                                                | ATLANTA GA DEV AUTH SENIOR HLT ATLMED 01/40 FIXED OID 7             | CUSIP: 04781GAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $180000.00    | 0.01%             | 2040-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| COLORADO BRIDGE & TUNNEL ENTERPRISE                                              | COLORADO BRIDGE   TUNNEL ENTER CBTTRN 12/42 FIXED 5                 | CUSIP: 19633TAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084917.10   | 0.07%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF EDUCATION                                                       | CHICAGO IL BRD OF EDU CHIEDU 12/43 FIXED 6                          | CUSIP: 167505C87<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2326980.70   | 0.14%             | 2043-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV                                    | MARYLAND ST HLTH   HGR EDUCTNL MDSMED 07/45 ADJUSTABLE VAR          | CUSIP: 57421CHV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2256248.19   | 0.14%             | 2045-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN GOVERNMENT NASHVILLE & DAVIDSON COUNTY INDUSTRIAL DEVELOPMENT BOARD | MET GOVT NASHVILLE   DAVIDSON METDEV 06/43 ZEROCPNOID 0             | CUSIP: 59211SAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1915000 | PA      | $838164.09    | 0.05%             | 2043-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FLA INDL DEV AUTH INDL DEV REV                                          | LEE CNTY FL INDL DEV AUTH HOSP LEIMED 04/65 ADJUSTABLE VAR          | CUSIP: 52350LBC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $3038757.43   | 0.19%             | 2065-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BLYTHE TOWNSHIP SOLID WASTE AUTHORITY                                            | BLYTHE TWP PA SOL WST AUTH REV BLYPOL 12/37 FIXED 7.75              | CUSIP: 096464AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1752137.37   | 0.11%             | 2037-12-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC MULTIFAMILY ML CERTIFICATES                                          | FREDDIE MAC MULTIFAMILY FRETE 2023 ML17 A                           | CUSIP: 3137HAMK9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | MUN               | US        |   3615698 | PA      | $3103834.29   | 0.19%             | 2043-04-25      | Variable      | 3.08%                 | No            |                  2 | On Loan: No      |
| OHIO HOUSING FINANCE AGENCY                                                      | OHIO ST HSG FIN AGY MF HSG REV OHSMFH 01/45 FIXED 6.5               | CUSIP: 676900XW8<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1135347.18   | 0.07%             | 2045-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV                                    | MARYLAND ST HLTH   HGR EDUCTNL MDSMED 01/43 FIXED 3.762             | CUSIP: 57421CDT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1497870.20   | 0.09%             | 2043-01-01      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                           | CALIFORNIA MUNICIPAL FINANCE AUTHORITY                              | CUSIP: BA000Y564<br>LEI: 5493000UQOV6R4ZWS346 | Long             | ABS-MBS          | CORP              | US        |   4970428 | PA      | $4970427.65   | 0.31%             | 2043-09-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| BLACK BELT ENERGY GAS DISTRICT                                                   | BLACK BELT ENERGY GAS DIST AL BBEUTL 05/55 ADJUSTABLE VAR           | CUSIP: 09182TDL8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2220000 | PA      | $2283322.61   | 0.14%             | 2055-05-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                       | ILLINOIS ST FIN AUTH REVENUE ILSGEN 02/45 FIXED OID 5.125           | CUSIP: 45204EA73<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    222945 | PA      | $6688.34      | 0.00%             | 2045-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                            | CSCDA CMNTY IMPT AUTH CA ESSEN CDAHSG 07/59 FIXED OID 4.3           | CUSIP: 126292CM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3929443.50   | 0.24%             | 2059-07-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY                                         | ARIZONA ST INDL DEV AUTH SENIO AZSNUR 01/59 FIXED 5.125             | CUSIP: 04052TDC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4895000 | PA      | $4528328.77   | 0.28%             | 2059-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DISTRICT                                                   | BLACK BELT ENERGY GAS DIST AL BBEUTL 12/53 ADJUSTABLE VAR           | CUSIP: 09182NCT5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2950000 | PA      | $3149950.41   | 0.20%             | 2053-12-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| INVESCO QUALITY MUNICIPAL INCOME TRUST                                           | INVESCO QUALITY MUNICIPAL INCO INVESCO QUALITY MUNI INC TR          | CUSIP: 46133G107<br>LEI: WLEGDSEH0E242WVNUY02 | Long             | EC               | CORP              | US        |    461597 | NS      | $4440563.14   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL DEV                                                | PHILADELPHIA PA AUTH FOR INDL PHIMFH 12/58 FIXED 5.5                | CUSIP: 717908AM9<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2542901.75   | 0.16%             | 2058-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALHOUN COUNTY NAVIGATION INDUSTRIAL DEVELOPMENT AUTHORITY                       | CALHOUN CNTY TX NAVIGATION IND CLHDEV 07/26 FIXED 6.5               | CUSIP: 129729AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2712627.23   | 0.17%             | 2026-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA HIGHER EDUCATIONAL FACILITIES FINANCING AUTHORITY                        | HGR EDU FACS FING AUTH FL HGR FLSHGR 07/55 FIXED 6.25               | CUSIP: 42982GAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004394.80   | 0.06%             | 2055-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FINANCING CORP SALES TAX REVENUE                           | PUERTO RICO SALES TAX FING COR PRCGEN 07/40 FIXED 4.329             | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1200000 | PA      | $1183978.92   | 0.07%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| SENAC SOUTH METROPOLITAN DISTRICT NO 1                                           | SENAC SOUTH MET DIST  1 CO SESFAC 12/51 FIXED 5.25                  | CUSIP: 81685AAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2915000 | PA      | $2748177.47   | 0.17%             | 2051-12-01      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PPTY & BLDGS COMMN REVS                                              | KENTUCKY ST PROPERTY   BLDGS C KYSFAC 11/34 FIXED 4                 | CUSIP: 49151FC99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1260453.50   | 0.08%             | 2034-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP                              | NEW HOPE CULTURAL EDU FACS FIN NHPFAC 12/54 FIXED 5                 | CUSIP: 64542PEX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $218587.70    | 0.01%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY                                         | NATIONAL FIN AUTH NH MUNI CTFS NFADEV 08/39 ADJUST OID VAR          | CUSIP: 63607WAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7787759 | PA      | $295856.96    | 0.02%             | 2039-08-20      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| COOK COUNTY SCHOOL DISTRICT NO 28                                                | COOK CNTY SCH DIST  28 IL COKSCD 12/47 FIXED 5.25                   | CUSIP: 213381AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1804988.75   | 0.11%             | 2047-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH AND EDUCATIONAL FACILITIES AUTHORITY                            | WISCONSIN HLTH EDL FACS AUTH S WISMED 07/45 FIXED OID 6.375         | CUSIP: 97671VCS2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1091038.93   | 0.07%             | 2045-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| THE ATLANTA DEVELOPMENT AUTHORITY                                                | ATLANTA GA DEV AUTH ATLDEV 04/34 FIXED 5                            | CUSIP: 04780NMW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $712470.57    | 0.04%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY                                         | NATIONAL FIN AUTH NH MUNI CTFS NFADEV 07/36 FIXED OID 4.837         | CUSIP: 63607WAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8328214 | PA      | $8358549.19   | 0.52%             | 2036-07-20      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DISTRICT                                                   | BLACK BELT ENERGY GAS DIST AL BLACK BELT ENGY GAS C                 | CUSIP: 09182TDB0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   5400000 | PA      | $5828897.70   | 0.36%             | 2054-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| MEMPHIS-SHELBY COUNTY INDUSTRIAL DEVELOPMENT BOARD                               | MEMPHIS SHELBY CNTY TN INDL DE MEMDEV 07/37 FIXED OID 5.5           | CUSIP: 58611YAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1070624.19   | 0.07%             | 2037-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FLA HEALTH FACS AUTH FEV                                             | ORANGE CNTY FLA HEALTH FACS AU 08/54 5                              | CUSIP: 68450LJC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1045202.31   | 0.06%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                           | CALIFORNIA ST MUNI FIN AUTH MF CASMFH 11/36 FIXED 4                 | CUSIP: 130483ES5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3655000 | PA      | $3472989.41   | 0.22%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HASTINGS CAMPUS HOUSING FINANCE AUTHORITY                                        | HASTINGS CAMPUS HSG FIN AUTH C HCHGEN 07/61 FIXED 5                 | CUSIP: 418338AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1760387.00   | 0.11%             | 2061-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY SCHOOL DISTRICT OF ALBANY                                                   | ALBANY NY CITY SCH DIST ALBSCD 06/26 FIXED 4                        | CUSIP: 012434SY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4011334.00   | 0.25%             | 2026-06-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BARTOW COUNTY DEVELOPMENT AUTHORITY                                              | BARTOW CNTY GA DEV AUTH BTWPOL 09/29 FIXED 1.8                      | CUSIP: 069643BL7<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2594390.40   | 0.16%             | 2029-09-01      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| PASADENA RIDGE COMMUNITY DEVELOPMENT DISTRICT                                    | PASADENA RIDGE CDD FL CAPITAL PSRDEV 05/45 FIXED OID 5.5            | CUSIP: 702300AE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1548185.81   | 0.10%             | 2045-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA STATE HOUSING FINANCE AND DEVELOPMENT AUTHORITY                   | MULTIFAMILY TAX EXEMPT MORTGAG MTEMS 2023 07FN PT                   | CUSIP: 83712LAF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6146290.80   | 0.38%             | 2043-07-01      | Fixed         | 4.77%                 | No            |                  2 | On Loan: No      |
| CITY OF FIREBAUGH CA                                                             | FIREBAUGH CA LEASE AGREEMENT FRBGEN 08/29 FIXED 2.05                | CUSIP: 31813EAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $700084.65    | 0.04%             | 2029-08-01      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FINANCE AUTHORITY                                             | TOBACCO SETTLEMENT FIN AUTH WV TOBGEN 06/47 ZEROCPNOID 0            | CUSIP: 88880LAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  70100000 | PA      | $6513285.42   | 0.40%             | 2047-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AVENIR COMMUNITY DEVELOPMENT DISTRICT                                            | AVENIR FL CDD SPL ASSMNT AVRDEV 05/43 FIXED OID 5.375               | CUSIP: 05357JAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3440000 | PA      | $3452544.99   | 0.21%             | 2043-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| The Vermont Housing Finance Agency                                               | The Vermont Housing Finance Agency                                  | CUSIP: BA000V7J0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6795755 | PA      | $6639452.25   | 0.41%             | 2043-01-01      | Fixed         | 7.06%                 | No            |                  3 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                                | CALIFORNIA HOUSING FINANCE AGENCY                                   | CUSIP: BA000Q611<br>LEI: 549300BOPCVLBA552Z14 | Long             | ABS-MBS          | CORP              | US        |   4412915 | PA      | $4412915.00   | 0.27%             | 2044-04-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| CHICAGO OHARE INTERNATIONAL AIRPORT                                              | CHICAGO IL O HARE INTERNATIONA CHITRN 07/38 FIXED 5                 | CUSIP: 167590EZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2899336.64   | 0.18%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GAS WORX COMMUNITY DEVELOPMENT DISTRICT                                          | GAS WORX CDD FL SPL ASSMNT GSWGEN 05/30 FIXED 4.625                 | CUSIP: 367200AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $350059.94    | 0.02%             | 2030-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                           | CALIFORNIA ST MUNI FIN AUTH ST CASFIN 07/52 FIXED 5                 | CUSIP: 13049YER8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $890888.40    | 0.06%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MERCER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                   | MERCER CNTY PA INDL DEV AUTH C MERHGR 10/50 FIXED 6.125             | CUSIP: 58787LAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2170000 | PA      | $1537185.90   | 0.10%             | 2050-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PATRIOTS ENERGY GROUP FINANCING AGENCY                                           | PATRIOTS ENERGY GROUP FING AGY PATRIOTS ENERGY GROUP                | CUSIP: 70342PAR5<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3310694.60   | 0.21%             | 2054-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| LOUISIANA HOUSING FIN AGY MTG REV                                                | LOUISIANA HOUSING FIN AGY MTG REV                                   | CUSIP: BA000TV66<br>LEI: 549300VL35TBE7RSJH61 | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $4002000.00   | 0.25%             | 2026-07-31      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| NEW YORK LIBERTY DEVELOPMENT CORPORATION                                         | NEW YORK ST LIBERTY DEV CORP L NYCDEV 11/44 FIXED 5                 | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17000000 | PA      | $17000566.10  | 1.06%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT VERDE FINANCIAL CORPORATION                                                 | SALT VERDE AZ FINANCIAL CORP S SLTPWR 12/37 FIXED OID 5             | CUSIP: 79575EAS7<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3168429.30   | 0.20%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY                                  | CALIFORNIA CMNTY CHOICE FING A CCEDEV 11/55 ADJUSTABLE VAR          | CUSIP: 13013JFS0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    850000 | PA      | $867570.52    | 0.05%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO OHARE INTERNATIONAL AIRPORT                                              | CHICAGO IL O HARE INTERNATIONA CHITRN 01/47 FIXED 5                 | CUSIP: 167593F72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2085000 | PA      | $2085334.02   | 0.13%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY                                  | NEW YORK CITY NY MUNI WTR FIN NYCUTL 06/41 ADJUSTABLE VAR           | CUSIP: 64972FK62<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15000000.00  | 0.93%             | 2041-06-15      | Variable      | 1.70%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                       | ILLINOIS ST FIN AUTH REVENUE ILSGEN 05/43 FIXED 5                   | CUSIP: 45204EL97<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4684939.46   | 0.29%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FINANCE AUTHORITY                                                        | INDIANA ST FIN AUTH STUDENT HS IN FIN AUTH A                        | CUSIP: 45471FAY7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1195095.38   | 0.07%             | 2059-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF EDUCATION                                                       | CHICAGO IL BRD OF EDU CHIEDU 12/36 FIXED 5                          | CUSIP: 167505TJ5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   5900000 | PA      | $5696723.17   | 0.35%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REFLECTION BAY COMMUNITY DEVELOPMENT DISTRICT                                    | REFLECTION BAY CDD FL SPL ASSM REFDEV 05/30 FIXED 4.5               | CUSIP: 75865NAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $333056.43    | 0.02%             | 2030-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY                                  | KENTUCKY ST ECON DEV FIN AUTH KYSMED 07/31 FIXED OID 4.25           | CUSIP: 49126TBA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1344252.76   | 0.08%             | 2031-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP                              | NEW HOPE CULTURAL EDU FACS FIN NHPFAC 07/46 FIXED 5                 | CUSIP: 64542PBW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7300000 | PA      | $5548000.00   | 0.34%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIDA CORMONT PUBLIC INFRASTRUCTURE DISTRICT                                      | MIDA CORMONT PUBLIC INFRASTRUC MCRDEV 06/55 INT APROID VAR          | CUSIP: 59561JAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1157580.72   | 0.07%             | 2055-06-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY                                         | MASSACHUSETTS ST DEV FIN AGY R MASDEV 10/45 FIXED 5.5               | CUSIP: 57585BTE8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1583085.00   | 0.10%             | 2045-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO GOVT                                                                 | PUERTO RICO CMWLTH PRC 11/51 ADJUSTABLE VAR                         | CUSIP: 74514L4E4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   9200000 | PA      | $2932500.00   | 0.18%             | 2051-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| BERKS COUNTY MUNICIPAL AUTHORITY                                                 | BERKS CNTY PA MUNI AUTH BERKS CO MUNI AUTH A1                       | CUSIP: 084538JF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $820930.80    | 0.05%             | 2034-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OHIO AIR QUALITY DEVELOPMENT AUTHORITY                                           | OHIO ST AIR QUALITY DEV AUTH OHSDEV 11/40 ADJUSTABLE VAR            | CUSIP: 677525WS2<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2025931.00   | 0.13%             | 2040-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS PUBLIC FINANCING AUTHORITY                                         | RIVER ISLANDS CA PUBLIC FING A RVIGEN 09/52 FIXED OID 5.75          | CUSIP: 76827QHK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3069342.00   | 0.19%             | 2052-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| OHIO HOUSING FINANCE AGENCY                                                      | OHIO ST HSG FIN AGY MF HSG REV OHSMFH 01/45 FIXED 6.375             | CUSIP: 676900XS7<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040090.30   | 0.06%             | 2045-01-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA DEVELOPMENT FINANCE AUTHORITY                                           | OKLAHOMA ST DEV FIN AUTH OKSDEV 08/36 FIXED 4                       | CUSIP: 6789083N2<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1152703.48   | 0.07%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENTON CNTY TEX                                                                  | DENTON CNTY TX SPL ASSMNT REVE DNNDEV 12/55 FIXED 5.625             | CUSIP: 24880GAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2737530.27   | 0.17%             | 2055-12-31      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DISTRICT                                                   | BLACK BELT ENERGY GAS DIST AL BBEUTL 12/55 ADJUSTABLE VAR           | CUSIP: 09182TGC5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   9900000 | PA      | $10478315.43  | 0.65%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| DOMINION WATER & SANITATION DISTRICT                                             | DOMINION WTR   SANTN DIST CO R DOMWTR 12/52 FIXED 5.875             | CUSIP: 25755AAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6698000 | PA      | $6842921.28   | 0.43%             | 2052-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SARASOTA COUNTY PUBLIC HOSPITAL DISTRICT                                         | SARASOTA CNTY FL PUBLIC HOSP D SARMED 07/41 FIXED 5                 | CUSIP: 803301DJ6<br>LEI: 549300JY4SF4DU1YDF85 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5092666.50   | 0.32%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO STATE                                                                   | COLORADO ST BLDG EXCELLENT SCH COSEDU 03/42 FIXED 4                 | CUSIP: 19668QJF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2817402.30   | 0.18%             | 2042-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY/PA                            | MONTGOMERY CNTY PA INDL DEV AU MONDEV 11/44 FIXED 5                 | CUSIP: 613609N28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1239485.91   | 0.08%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS TRANSPORTATION FINANCE CORP                                                | TEXAS ST TRANSPRTN FIN CORP SH TTFTRN 10/50 FIXED 5                 | CUSIP: 88283PAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9040000 | PA      | $9332745.03   | 0.58%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA BEACH DEVELOPMENT AUTHORITY                                             | VIRGINIA BEACH VA DEV AUTH RSD VBHDEV 09/53 FIXED 7                 | CUSIP: 92774NBB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3820765.90   | 0.24%             | 2053-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC ENERGY AUTHORITY OF KENTUCKY INC                                          | KENTUCKY ST PUBLIC ENERGY AUTH KYSPWR 01/55 ADJUSTABLE VAR          | CUSIP: 74440DFC3<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1853458.95   | 0.12%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CLEAR CREEK TRANSIT METROPOLITAN DISTRICT NO 2                                   | CLEAR CREEK TRANSIT MET DIST TRSFAC 12/50 FIXED 5                   | CUSIP: 184542AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $522141.83    | 0.03%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF OSCEOLA FL TRANSPORTATION REVENUE                                      | OSCEOLA CNTY FL TRANSPRTN REVE OSCTRN 10/35 ZEROCPNOID 0            | CUSIP: 688031EQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $832310.63    | 0.05%             | 2035-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FULTON COUNTY RESIDENTIAL CARE                                                   | FULTON CNTY GA RSDL CARE FACS FULMED 04/56 FIXED 4                  | CUSIP: 360058FR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1539647.80   | 0.10%             | 2056-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                            | CSCDA CMNTY IMPT AUTH CA ESSEN CDAHSG 10/46 FIXED 3.4               | CUSIP: 126292AJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $628878.24    | 0.04%             | 2046-10-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| SVB FINANCIAL TRUST                                                              | SVB FINL TR                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    122000 | NS      | $7930.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TOLL ROAD INVESTORS PARTNERSHIP II LP                                            | TOLL ROAD INV PART II INSURED 144A 02/43 0.00000                    | CUSIP: 88948ABM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5597312 | PA      | $1980049.27   | 0.12%             | 2043-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY                                        | NEW JERSEY ST ECON DEV AUTH RE NJSDEV 11/36 FIXED 5                 | CUSIP: 64577XDW3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2728100.75   | 0.17%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO MORTGAGE FINANCE AUTHORITY                                            | NEW MEXICO MORTGAGE FINANCE AUTHORITY                               | CUSIP: BA000TT10<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11843764 | PA      | $11819054.24  | 0.73%             | 2027-01-30      | Fixed         | 6.30%                 | No            |                  3 | On Loan: No      |
| COLORADO INTERNATIONAL CENTER METROPOLITAN DISTRICT NO 7                         | COLORADO INTL CTR MET DIST NO CICDEV 12/51 INT APROID VAR           | CUSIP: 19650TAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6375000 | PA      | $5176367.40   | 0.32%             | 2051-12-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| LONGS PEAK METROPOLITAN DISTRICT                                                 | LONGS PEAK MET DIST CO LPMGEN 12/51 FIXED 5.25                      | CUSIP: 54316AAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2412221.50   | 0.15%             | 2051-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BALDWIN COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                  | BALDWIN CNTY AL INDL DEV AUTH BLWPOL 06/55 ADJUSTABLE VAR           | CUSIP: 05786PAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6300000 | PA      | $6393228.66   | 0.40%             | 2055-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY                            | PENNSYLVANIA ST ECON DEV FING PASDEV 06/40 FIXED 5.5                | CUSIP: 70868YAR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5326915.50   | 0.33%             | 2040-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-26

**Name of Applicant:** PIMCO Flexible Municipal Income Fund

**Signature:** /s/ Bijal Parikh

**Name of Signer:** Bijal Parikh

**Title:** Treasurer