# EDGAR Filing Document

**Accession Number:** 0001342947
**File Stem:** 0001003715-26-001078
**Filing Date:** 2026-3
**Character Count:** 262239
**Document Hash:** 9d2dfa18f81d7a46c83b6330fdc05678
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001003715-26-001078.hdr.sgml**: 20260330

**ACCESSION NUMBER**: 0001003715-26-001078

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260330

**DATE AS OF CHANGE**: 20260330

**PERIOD START**: 20261031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BBH Trust
- **CENTRAL INDEX KEY:** 0001342947

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21829
- **FILM NUMBER:** 26811946

**BUSINESS ADDRESS:**
- **STREET 1:** 140 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005
- **BUSINESS PHONE:** 800-575-1265

**MAIL ADDRESS:**
- **STREET 1:** 140 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005

## Series and Classes Contracts Data

### BBH Intermediate Municipal Bond Fund (Series ID: S000034202)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000105434 | Class N Shares | BBINX           |
| C000105435 | Class I Shares | BBIIX           |

## Nport-Ex

**BBH Intermediate Municipal Bond Fund**

**Portfolio of Investments**

**January 31, 2026 (unaudited)**

**All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity <br>Date | Interest<br> Rate | Value |
|  | **Municipal Bonds (101.5%)<br> Alabama (5.7%)** |  |  |  |
| $12000000 | Black Belt Energy Gas District, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.650%)<sup>1</sup> | 04/01/53 | 2.930% | $11867132 |
| 16500000 | Energy Southeast A Cooperative District, Revenue Bonds | 09/01/33 | 5.000 | 17407479 |
| 3600000 | Industrial Development Board of the City of Mobile Alabama, Revenue Bonds<sup>1,2</sup> | 06/01/34 | 3.920 | 3612482 |
| 47000000 | Southeast Energy Authority A Cooperative District, Revenue Bonds | 10/01/30 | 5.000 | 51028215 |
| 6725000 | Southeast Energy Authority A Cooperative District, Revenue Bonds | 09/01/35 | 5.000 | 7411691 |
| 18850000 | Southeast Energy Authority A Cooperative District, Revenue Bonds<sup>1,2</sup> | 03/01/55 | 5.250 | 19949260 |
| 11025000 | Southeast Energy Authority A Cooperative District, Revenue Bonds<sup>1,2</sup> | 10/01/55 | 5.000 | 11897073 |
|  | **Total Alabama** |  |  | **123173332** |
|  | **Arizona (2.4%)** |  |  |  |
| 7500000 | Arizona Health Facilities Authority, Revenue Bonds<sup>1,3</sup> | 02/02/26 | 3.250 | 7500000 |
| 2700000 | Arizona Industrial Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 10/01/55 | 6.250 | 3019436 |
| 3000000 | County of Yavapai Industrial Development Authority, Revenue Bonds | 06/01/27 | 1.300 | 2925213 |
| 4980000 | Maricopa County & Phoenix Industrial Development Authorities, Revenue Bonds, GNMA | 09/01/56 | 6.000 | 5596876 |
| 3800000 | Salt Verde Financial Corp., Revenue Bonds | 12/01/28 | 5.250 | 4010634 |
| 4865000 | Salt Verde Financial Corp., Revenue Bonds | 12/01/32 | 5.000 | 5343778 |
| 22005000 | Salt Verde Financial Corp., Revenue Bonds | 12/01/37 | 5.000 | 24143761 |
|  | **Total Arizona** |  |  | **52539698** |
|  | **Arkansas (0.1%)** |  |  |  |
| 1000000 | County of Pulaski, Revenue Bonds | 03/01/40 | 5.000 | 1082605 |
| 1000000 | County of Pulaski, Revenue Bonds | 03/01/41 | 5.000 | 1071831 |
| 1000000 | County of Pulaski, Revenue Bonds | 03/01/42 | 5.000 | 1061804 |
|  | **Total Arkansas** |  |  | **3216240** |

---

**BBH Intermediate Municipal Bond Fund**

**Portfolio of Investments (continued)**

**January 31, 2026 (unaudited)**

**All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity <br>Date | Interest<br> Rate | Value |
|  | **Municipal Bonds (continued) <br> California (10.8%)** |  |  |  |
| $11555000 | Allan Hancock Joint Community College District, General Obligation Bonds<sup>4</sup> | 08/01/42 | 0.000% | $10473101 |
| 1000000 | Antelope Valley Community College District, General Obligation Bonds<sup>5</sup> | 08/01/30 | 5.000 | 1090663 |
| 1120000 | Antelope Valley Community College District, General Obligation Bonds<sup>5</sup> | 08/01/33 | 5.000 | 1276786 |
| 1000000 | Antelcpe Valley Community College District, General Obligation Bonds<sup>4</sup> | 08/01/34 | 0.000 | 748783 |
| 1000000 | Antelope Valley Community College District, General Obligation Bonds<sup>4</sup> | 08/01/36 | 0.000 | 664440 |
| 1000000 | Antelcpe Valley Community College District, General Obligation Bonds<sup>5</sup> | 08/01/36 | 5.000 | 1164451 |
| 1000000 | Antelope Valley Community College District, General Obligation Bonds<sup>4</sup> | 08/01/38 | 0.000 | 587691 |
| 1500000 | Antelope Valley Community College District, General Obligation Bonds<sup>5</sup> | 08/01/39 | 5.000 | 1707136 |
| 2000000 | Antelope Valley Community College District, General Obligation Bonds<sup>5</sup> | 08/01/43 | 5.000 | 2166274 |
| 1675000 | Antelope Valley Community College District, General Obligation Bonds<sup>5</sup> | 08/01/44 | 5.000 | 1799295 |
| 28175000 | California Community Choice Financing Authority, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.450%)<sup>1</sup> | 02/01/52 | 2.730 | 27031357 |
| 2535000 | California Community Choice Financing Authority, Revenue Bonds<sup>1,2</sup> | 01/01/56 | 5.000 | 2780648 |
| 10000000 | California Community Choice Financing Authority, Revenue Bonds (SOFR + 1.450%)<sup>1</sup> | 04/01/56 | 3.902 | 10001285 |
| 10000000 | California Municipal Finance Authority, Revenue Bonds<sup>1,2</sup> | 10/01/41 | 3.450 | 10068362 |
| 2500000 | California Municipal Finance Authority, Revenue Bonds<sup>1,2</sup> | 09/01/50 | 3.375 | 2499435 |
| 5000000 | Central Valley Energy Authority, Revenue Bonds<sup>1,2</sup> | 12/01/55 | 5.000 | 5403823 |
| 1000000 | Chaffey Joint Union High School District, General Obligation Bonds<sup>4</sup> | 08/01/39 | 0.000 | 578600 |
| 1500000 | Chaffey Joint Union High School District, General Obligation Bonds<sup>4</sup> | 08/01/40 | 0.000 | 817950 |
| 1450000 | Chino Valley Unified School District, General Obligation Bonds<sup>4</sup> | 08/01/34 | 0.000 | 1088375 |
| 2200000 | Chino Valley Unified School District, General Obligation Bonds<sup>4</sup> | 08/01/35 | 0.000 | 1572373 |
| 1225000 | Chino Valley Unified School District, General Obligation Bonds<sup>4</sup> | 08/01/38 | 0.000 | 763854 |
| 1800000 | Chino Valley Unified School District, General Obligation Bonds<sup>4</sup> | 08/01/39 | 0.000 | 1062119 |

---

**BBH Intermediate Municipal Bond Fund**

**Portfolio of Investments (continued)**

**January 31, 2026 (unaudited)**

**All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity <br>Date | Interest<br> Rate | Value |
|  | **Municipal Bonds (continued)<br> California (continued)** |  |  |  |
| $1935000 | City of Los Angeles Department of Airports, Revenue Bonds | 05/15/36 | 5.000% | $1989380 |
| 1000000 | City of Los Angeles Department of Airports, Revenue Bonds | 05/15/37 | 5.000 | 1083118 |
| 2400000 | City of Los Angeles Department of Airports, Revenue Bonds | 05/15/37 | 5.000 | 2673089 |
| 15000000 | City of Los Angeles Department of Airports, Revenue Bonds | 05/15/42 | 5.250 | 16723683 |
| 5000000 | City of Los Angeles Department of Airports, Revenue Bonds | 05/15/44 | 5.000 | 5073900 |
| 1600000 | Fremont Unified School District, General Obligation Bonds<sup>5</sup> | 08/01/36 | 5.000 | 1916589 |
| 1750000 | Fremont Unified School District, General Obligation Bonds<sup>5</sup> | 08/01/37 | 5.000 | 2074356 |
| 2000000 | Fremont Unified School District, General Obligation Bonds<sup>5</sup> | 08/01/38 | 5.000 | 2345661 |
| 6150000 | Lake Tahoe Unified School District, General Obligation Bonds<sup>4</sup> | 08/01/45 | 0.000 | 5287933 |
| 1200000 | Long Beach Bond Finance Authority, Revenue Bonds (3-Month CME Term SOFR + 1.450%)<sup>1</sup> | 11/15/27 | 4.206 | 1215276 |
| 5500000 | Long Beach Community College District, General Obligation Bonds<sup>4</sup> | 08/01/49 | 0.000 | 3800759 |
| 6920000 | Long Beach Unified School District, General Obligation Bonds<sup>4</sup> | 08/01/36 | 0.000 | 4450533 |
| 3115000 | Los Angeles Department of Water & Power, Revenue Bonds | 07/01/32 | 5.000 | 3179869 |
| 1000000 | Los Angeles Department of Water & Power, Revenue Bonds | 07/01/35 | 5.000 | 1178521 |
| 1250000 | Los Angeles Department of Water & Power, Revenue Bonds | 07/01/37 | 5.000 | 1358240 |
| 750000 | Los Angeles Department of Water & Power, Revenue Bonds, BAM | 07/01/39 | 5.000 | 852022 |
| 1000000 | Los Angeles Department of Water & Power, Revenue Bonds, BAM | 07/01/40 | 5.000 | 1126986 |
| 1000000 | Los Angeles Department of Water & Power, Revenue Bonds, BAM | 07/01/41 | 5.000 | 1117861 |
| 20000000 | Modesto Irrigation District, Revenue Bonds, NPFG (3-Month CME Term SOFR + 0.630%)<sup>1</sup> | 09/01/37 | 3.346 | 19651952 |
| 7700000 | Mt San Antonio Community College District, General Obligation Bonds<sup>4</sup> | 08/01/43 | 0.000 | 7879866 |
| 10000000 | Northern California Energy Authority, Revenue Bonds<sup>1,2</sup> | 12/01/54 | 5.000 | 10748571 |
| 3950000 | Northern California Gas Authority No 1, Revenue Bonds (3-Month CME Term SOFR + 0.720%)<sup>1</sup> | 07/01/27 | 3.348 | 3959614 |
| 1200000 | Rialto Unified School District, General Obligation Bonds, BAM<sup>4</sup> | 08/01/40 | 0.000 | 648528 |

---

**BBH Intermediate Municipal Bond Fund**

**Portfolio of Investments (continued)**

**January 31, 2026 (unaudited)**

**All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity <br>Date | Interest<br> Rate | Value |
|  | **Municipal Bonds (continued)**<br> **California (continued)** |  |  |  |
| $1430000 | Rialto Unified School District, General Obligation Bonds, BAM<sup>4</sup> | 08/01/42 | 0.000% | $684986 |
| 11745000 | Rio Hondo Community College District, General Obligation Bonds<sup>4</sup> | 08/01/43 | 0.000 | 5259267 |
| 6075000 | Rio Hondo Community College District, General Obligation Bonds<sup>4</sup> | 08/01/45 | 0.000 | 2415846 |
| 1035000 | Roseville Joint Union High School District, General Obligation Bonds<sup>4</sup> | 08/01/33 | 0.000 | 769084 |
| 2115000 | Sacramento County Water Financing Authority, Revenue Bonds, NPFG (3-Month CME Term SOFR + 0.550%)<sup>1</sup> | 06/01/34 | 3.266 | 2079950 |
| 6375000 | Sacramento County Water Financing Authority, Revenue Bonds, NPFG (3-Month CME Term SOFR + 0.570%)<sup>1</sup> | 06/01/39 | 3.286 | 6158703 |
| 4725000 | San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bonds | 05/01/37 | 5.000 | 5311711 |
| 9655000 | San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bonds | 05/01/40 | 5.250 | 10774415 |
| 1845000 | San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bonds | 05/01/41 | 5.250 | 2046114 |
| 1245000 | San Mateo Union High School District, General Obligation Bonds<sup>5</sup> | 09/01/27 | 5.000 | 1286710 |
| 1850000 | San Mateo Union High School District, General Obligation Bonds<sup>5</sup> | 09/01/30 | 5.000 | 2065495 |
| 1350000 | San Mateo Union High School District, General Obligation Bonds<sup>5</sup> | 09/01/31 | 5.000 | 1536924 |
| 3535000 | San Mateo Union High School District, General Obligation Bonds<sup>4</sup> | 09/01/41 | 0.000 | 3886934 |
| 3375000 | Southern California Public Power Authority, Revenue Bonds (3-Month CME Term SOFR + 1.470%)<sup>1</sup> | 11/01/38 | 4.099 | 3342400 |
| 1040000 | Windsor Unified School District, General Obligation Bonds<sup>4</sup> | 08/01/33 | 0.000 | 836714 |
|  | **Total California** |  |  | **234138361** |
|  | **Colorado (2.4%)** |  |  |  |
| 3275000 | City & County of Denver Airport System Revenue, Revenue Bonds | 11/15/34 | 5.250 | 3753110 |
| 2000000 | City & County of Denver Airport System Revenue, Revenue Bonds | 11/15/35 | 5.250 | 2273394 |
| 885000 | City & County of Denver Airport System Revenue, Revenue Bonds | 11/15/36 | 5.250 | 997691 |
| 3000000 | City & County of Denver Airport System Revenue, Revenue Bonds | 11/15/36 | 5.750 | 3672784 |

---

**BBH Intermediate Municipal Bond Fund**

**Portfolio of Investments (continued)**

**January 31, 2026 (unaudited)**

**All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity <br>Date | Interest<br> Rate | Value |
|  | **Municipal Bonds (continued) <br> Colorado (continued)** |  |  |  |
| $2095000 | City & County of Denver Airport System Revenue, Revenue Bonds | 11/15/37 | 5.000% | $2279454 |
| 1530000 | City & County of Denver Airport System Revenue, Revenue Bonds | 11/15/41 | 4.000 | 1516971 |
| 6200000 | Colorado Health Facilities Authority, Revenue Bonds<sup>1,3</sup> | 02/02/26 | 3.250 | 6200000 |
| 3130000 | Colorado Health Facilities Authority, Revenue Bonds | 11/15/39 | 5.000 | 3411769 |
| 2355000 | Colorado Health Facilities Authority, Revenue Bonds | 11/15/43 | 4.000 | 2218384 |
| 10000000 | Colorado Health Facilities Authority, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.550%)<sup>1</sup> | 05/15/61 | 2.830 | 9997067 |
| 373609 | Colorado Housing & Finance Authority, Revenue Bonds, GNMA | 11/01/48 | 4.200 | 374011 |
| 3800000 | E-470 Public Highway Authority, Revenue Bonds, NPFG<sup>4</sup> | 09/01/35 | 0.000 | 2373835 |
| 5025000 | E-470 Public Highway Authority, Revenue Bonds, NPFG<sup>4</sup> | 09/01/37 | 0.000 | 2832540 |
| 11000000 | E-470 Public Highway Authority, Revenue Bonds (SOFR + 0.750%)<sup>1</sup> | 09/01/39 | 3.196 | 10982602 |
|  | **Total Colorado** |  |  | **52883612** |
|  | **Connecticut (2.9%)** |  |  |  |
| 165000 | Connecticut Housing Finance Authority, Revenue Bonds | 05/15/30 | 2.000 | 153280 |
| 450000 | Connecticut Housing Finance Authority, Revenue Bonds | 11/15/30 | 2.050 | 418026 |
| 400000 | Connecticut Housing Finance Authority, Revenue Bonds | 05/15/31 | 2.100 | 359995 |
| 840000 | Connecticut Housing Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 05/15/42 | 4.250 | 848553 |
| 2115000 | Connecticut Housing Finance Authority, Revenue Bonds | 05/15/49 | 4.000 | 2158514 |
| 5575000 | Connecticut Housing Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 11/15/52 | 5.500 | 5893941 |
| 3100000 | Connecticut Housing Finance Authority, Revenue Bonds | 05/15/54 | 6.250 | 3387641 |
| 2090000 | Connecticut Housing Finance Authority, Revenue Bonds | 11/15/54 | 6.000 | 2328406 |
| 4700000 | Connecticut Housing Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 11/15/54 | 6.000 | 5110767 |
| 14000000 | Connecticut State Health & Educational Facilities Authority, Revenue Bonds<sup>1,3</sup> | 02/02/26 | 2.850 | 14000000 |

---

**BBH Intermediate Municipal Bond Fund**

**Portfolio of Investments (continued)**

**January 31, 2026 (unaudited)**

**All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity <br>Date | Interest<br> Rate | Value |
|  | **Municipal Bonds (continued)**<br> **Connecticut (continued)** |  |  |  |
| $14000000 | Connecticut State Health & Educational Facilities Authority, Revenue Bonds<sup>1,3</sup> | &nbsp;&nbsp;02/02/26 | 2.850% | $14000000 |
| 7825000 | Connecticut State Health & Educational Facilities Authority, Revenue Bonds<sup>1,2</sup> | &nbsp;&nbsp;07/01/48 | 2.800 | 7825680 |
| 6580000 | Connecticut State Health & Educational Facilities Authority, Revenue Bonds<sup>1,2</sup> | &nbsp;&nbsp;07/01/57 | 2.800 | 6580071 |
|  | **Total Connecticut** |  |  | **63064874** |
|  | **District of Columbia (1.6%)** |  |  |  |
| 12900000 | District of Columbia, Revenue Bonds | &nbsp;&nbsp;07/15/40 | 5.000 | 12907740 |
| 1475000 | District of Columbia, General Obligation Bonds | &nbsp;&nbsp;06/01/41 | 5.000 | 1480938 |
| 1170000 | Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds | &nbsp;&nbsp;10/01/34 | 5.000 | 1243823 |
| 8250000 | Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds | &nbsp;&nbsp;10/01/35 | 5.000 | 9496980 |
| 2085000 | Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds | &nbsp;&nbsp;10/01/37 | 5.000 | 2268709 |
| 1610000 | Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds | &nbsp;&nbsp;10/01/40 | 5.000 | 1739281 |
| 5805000 | Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds | &nbsp;&nbsp;10/01/42 | 5.000 | 5881261 |
|  | **Total District of Columbia** |  |  | **35018732** |
|  | **Florida (4.9%)** |  |  |  |
| 25755000 | City of South Miami Health Facilities Authority, Inc., Revenue Bonds | &nbsp;&nbsp;08/15/42 | 5.000 | 26229435 |
| 3050000 | County of Broward Airport System Revenue, Revenue Bonds | &nbsp;&nbsp;10/01/31 | 5.000 | 3273602 |
| 3275000 | County of Miami-Dade Aviation Revenue, Revenue Bonds | &nbsp;&nbsp;10/01/32 | 5.000 | 3691102 |
| 2105000 | County of Miami-Dade Aviation Revenue, Revenue Bonds | &nbsp;&nbsp;10/01/34 | 5.000 | 2415129 |
| 14100000 | County of Miami-Dade Aviation Revenue, Revenue Bonds | &nbsp;&nbsp;10/01/36 | 5.000 | 15836282 |
| 2535000 | County of Miami-Dade Aviation Revenue, Revenue Bonds | &nbsp;&nbsp;10/01/38 | 5.000 | 2538930 |
| 7000000 | Florida Development Finance Corp., Revenue Bonds<sup>1,2</sup> | &nbsp;&nbsp;09/01/50 | 3.400 | 7020103 |
| 2285000 | Florida Housing Finance Corp., Revenue Bonds, FHLMC, FNMA, GNMA | &nbsp;&nbsp;01/01/54 | 5.000 | 2402490 |

---

**BBH Intermediate Municipal Bond Fund**

**Portfolio of Investments (continued)**

**January 31, 2026 (unaudited)**

**All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity <br>Date | Interest<br> Rate | Value |
|  | **Municipal Bonds (continued)**<br> **Florida (continued)** |  |  |  |
| $4350000 | Florida Housing Finance Corp., Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/55 | 6.250% | $4814741 |
| 1920000 | Greater Orlando Aviation Authority, Revenue Bonds | 10/01/32 | 5.000 | 2123889 |
| 2000000 | Greater Orlando Aviation Authority, Revenue Bonds | 10/01/33 | 5.000 | 2057212 |
| 5030000 | Greater Orlando Aviation Authority, Revenue Bonds | 10/01/36 | 5.000 | 5304809 |
| 3235000 | Greater Orlando Aviation Authority, Revenue Bonds | 10/01/37 | 5.000 | 3611445 |
| 6760000 | Greater Orlando Aviation Authority, Revenue Bonds | 10/01/37 | 5.000 | 6904047 |
| 3450000 | Greater Orlando Aviation Authority, Revenue Bonds | 10/01/38 | 5.000 | 3612926 |
| 5000000 | Greater Orlando Aviation Authority, Revenue Bonds | 10/01/43 | 5.250 | 5421371 |
| 4665000 | Greater Orlando Aviation Authority, Revenue Bonds | 10/01/44 | 5.250 | 5006485 |
| 5430000 | Martin County Health Facilities Authority, Revenue Bonds | 01/01/46 | 4.000 | 4952150 |
|  | **Total Florida** |  |  | **107216148** |
|  | **Georgia (1.0%)** |  |  |  |
| 3000000 | City of Atlanta Department of Aviation, Revenue Bonds | 07/01/38 | 5.000 | 3258471 |
| 1350000 | Development Authority of Burke County, Revenue Bonds<sup>1,2</sup> | 10/01/32 | 3.800 | 1353997 |
| 7500000 | Main Street Natural Gas, Inc., Revenue Bonds<sup>1,2</sup> | 12/01/53 | 5.000 | 8033830 |
| 7500000 | Main Street Natural Gas, Inc., Revenue Bonds<sup>1,2</sup> | 04/01/54 | 5.000 | 8036139 |
|  | **Total Georgia** |  |  | **20682437** |
|  | **Hawaii (0.1%)** |  |  |  |
| 2000000 | City & County of Honolulu, General Obligation Bonds | 10/01/30 | 4.000 | 2015938 |
|  | **Total Hawaii** |  |  | **2015938** |
|  | **Idaho (0.6%)** |  |  |  |
| 4610000 | Idaho Housing & Finance Association, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/54 | 6.000 | 5128979 |
| 6000000 | Idaho Housing & Finance Association, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/56 | 6.250 | 6870515 |
|  | **Total Idaho** |  |  | **11999494** |
|  | **Illinois (4.7%)** |  |  |  |
| 15000000 | Illinois Finance Authority, Revenue Bonds<sup>1,3</sup> | 02/02/26 | 3.250 | 15000000 |

---

**BBH Intermediate Municipal Bond Fund**

**Portfolio of Investments (continued)**

**January 31, 2026 (unaudited)**

**All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity <br>Date | Interest<br> Rate | Value |
|  | **Municipal Bonds (continued)**<br> **Illinois (continued)** |  |  |  |
| $1000000 | Illinois Finance Authority, Revenue Bonds | 07/01/30 | 5.000% | $1111597 |
| 790000 | Illinois Finance Authority, Revenue Bonds | 02/15/36 | 5.000 | 811303 |
| 3990000 | Illinois Finance Authority, Revenue Bonds | 02/15/36 | 5.000 | 4064839 |
| 3470000 | Illinois Finance Authority, Revenue Bonds | 08/15/36 | 4.000 | 3519933 |
| 7600000 | Illinois Finance Authority, Revenue Bonds<sup>1,2</sup> | 11/15/37 | 2.500 | 7600000 |
| 23035000 | Illinois Finance Authority, Revenue Bonds | 07/15/47 | 4.000 | 20599602 |
| 8000000 | Illinois Finance Authority, Revenue Bonds<sup>1,2</sup> | 08/15/49 | 2.500 | 8000000 |
| 2460000 | Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 10/1/52 | 6.250 | 2642058 |
| 4625000 | Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 04/01/53 | 5.250 | 4978807 |
| 4330000 | Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 10/01/53 | 6.250 | 4848613 |
| 5075000 | Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 04/01/54 | 6.250 | 5550069 |
| 4120000 | Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 10/01/55 | 6.250 | 4550814 |
| 4955000 | Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 10/01/55 | 6.250 | 5641983 |
| 7970000 | Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 10/01/55 | 6.250 | 9132184 |
| 3000000 | Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 10/01/56 | 6.250 | 3462124 |
|  | **Total Illinois** |  |  | **101513926** |
|  | **Indiana (0.4%)** |  |  |  |
| 4820000 | Indiana Housing & Community Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/52 | 4.750 | 5009525 |
| 3500000 | Indiana Housing & Community Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/55 | 6.500 | 3988281 |
|  | **Total Indiana** |  |  | **8997806** |

---

**BBH Intermediate Municipal Bond Fund**

**Portfolio of Investments (continued)**

**January 31, 2026 (unaudited)**

**All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity <br>Date | Interest<br> Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Iowa (0.7%)** |  |  |  |
| $5545000 | County of Polk, General Obligation Bonds | 06/01/40 | 5.000% | $5904003 |
| 2000000 | County of Polk, General Obligation Bonds | 06/01/43 | 5.000 | 2090310 |
| 1350000 | Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/44 | 5.000 | 1423659 |
| 535000 | Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/49 | 3.500 | 536756 |
| 4280000 | Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/53 | 6.250 | 4711627 |
|  | **Total Iowa** |  |  | **14666355** |
|  | **Kentucky (1.5%)** |  |  |  |
| 5000000 | County of Trimble, Revenue Bonds | 11/01/27 | 1.350 | 4842418 |
| 3725000 | County of Trimble, Revenue Bonds<sup>1,2</sup> | 06/01/54 | 4.700 | 3761062 |
| 4570000 | Kentucky Housing Corp., Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/54 | 6.250 | 5122537 |
| 6250000 | Kentucky Housing Corp., Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/55 | 6.250 | 6995243 |
| 12560000 | Kentucky Public Energy Authority, Revenue Bonds (SOFR + 1200%)<sup>1</sup> | 08/01/52 | 3.645 | 12689064 |
|  | **Total Kentucky** |  |  | **33410324** |
|  | **Louisiana (0.2%)** |  |  |  |
| 4890000 | Louisiana Public Facilities Authority, Revenue Bonds, NPFG (3-Month CME Term SOFR + 0700%)<sup>1</sup> | 02/15/36 | 3.456 | 4852055 |
|  | **Total Louisiana** |  |  | **4852055** |
|  | **Massachusetts (0.4%)** |  |  |  |
| 4740000 | Massachusetts Development Finance Agency, Revenue Bonds | 07/01/41 | 4.000 | 4743625 |
| 370000 | Massachusetts Housing Finance Agency, Revenue Bonds | 06/01/34 | 3.300 | 368308 |
| 485000 | Massachusetts Housing Finance Agency, Revenue Bonds | 12/01/36 | 3.450 | 480406 |
| 2905000 | Massachusetts Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 06/01/51 | 3.000 | 2874706 |
|  | **Total Massachusetts** |  |  | **8467045** |
|  | **Michigan (1.8%)** |  |  |  |
| 2500000 | Detroit City School District, General Obligation Bonds | 05/01/29 | 6.000 | 2672170 |
| 1500000 | Gerald R Ford International Airport Authority, Revenue Bonds | 01/01/41 | 5.000 | 1623772 |
| 5335000 | Gerald R Ford International Airport Authority, Revenue Bonds | 01/01/46 | 5.000 | 5460900 |
| 6030000 | Michigan Finance Authority, Revenue Bonds | 04/15/42 | 4.000 | 6040074 |

---

**BBH Intermediate Municipal Bond Fund**

**Portfolio of Investments (continued)**

**January 31, 2026 (unaudited)**

**All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity <br>Date | Interest<br> Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Michigan (continued)** |  |  |  |
| $15705000 | Michigan Finance Authority, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.750%)<sup>1</sup> | &nbsp;&nbsp;04/15/47 | 3.030% | $15666725 |
| 7015000 | State of Michigan Trunk Line Revenue, Revenue Bonds | &nbsp;&nbsp;11/15/44 | 4.000 | 6831789 |
|  | **Total Michigan** |  |  | **38295430** |
|  | **Minnesota (1.7%)** |  |  |  |
| 950000 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | &nbsp;&nbsp;07/01/36 | 5.350 | 1010403 |
| 527889 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | &nbsp;&nbsp;03/01/47 | 2.930 | 479982 |
| 455020 | Minnesota Housing Finance Agency, Revenue Bonds, FHA, FHLMC, FNMA, GNMA | &nbsp;&nbsp;01/01/49 | 3.600 | 434379 |
| 890000 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | &nbsp;&nbsp;01/01/49 | 4.250 | 903555 |
| 1157245 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | &nbsp;&nbsp;03/01/49 | 3.450 | 1104812 |
| 502738 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | &nbsp;&nbsp;06/01/49 | 3.150 | 460974 |
| 2518539 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | &nbsp;&nbsp;01/01/50 | 2.470 | 2087494 |
| 1250000 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | &nbsp;&nbsp;01/01/52 | 3.000 | 1237500 |
| 2430000 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | &nbsp;&nbsp;07/01/53 | 5.000 | 2540816 |
| 5730000 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | &nbsp;&nbsp;07/01/54 | 6.250 | 6268097 |
| 4740000 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | &nbsp;&nbsp;07/01/54 | 6.500 | 5243405 |
| 4965000 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | &nbsp;&nbsp;01/01/55 | 6.250 | 5601386 |
| 3385000 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA,GNMA | &nbsp;&nbsp;01/01/55 | 6.500 | 3842070 |
| 3350000 | St Cloud Independent School District No 742, General Obligation Bonds<sup>4</sup> | &nbsp;&nbsp;02/01/38 | 0.000 | 2076820 |

---

**BBH Intermediate Municipal Bond Fund**

**Portfolio of Investments (continued)**

**January 31, 2026 (unaudited)**

**All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity <br>Date | Interest<br> Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Minnesota (continued)** |  |  |  |
| $3750000 | St Cloud Independent School District No 742, General Obligation Bonds<sup>4</sup> | 02/01/39 | 0.000% | $2193895 |
| 3750000 | St Cloud Independent School District No 742, General Obligation Bonds<sup>4</sup> | 02/01/40 | 0.000 | 2046499 |
|  | **Total Minnesota** |  |  | **37532087** |
|  | **Missouri (1.0%)** |  |  |  |
| 2080000 | Missouri Housing Development<br> Commission, Revenue Bonds, FHLMC, FNMA, GNMA | 11/01/52 | 4.750 | 2153827 |
| 8260000 | Missouri Housing Development Commission, Revenue Bonds, FHLMC, FNMA, GNMA | 05/01/53 | 5.750 | 8855555 |
| 4575000 | Missouri Housing Development Commission, Revenue Bonds, FHLMC, FNMA, GNMA | 05/01/55 | 6.000 | 5107512 |
| 4960000 | Missouri Housing Development Commission, Revenue Bonds, FHLMC, FNMA, GNMA | 05/01/56 | 5.750 | 5442850 |
|  | **Total Missouri** |  |  | **21559744** |
|  | **Montana (0.3%)** |  |  |  |
| 245000 | Montana Board of Housing, Revenue Bonds | 12/01/43 | 4.000 | 246143 |
| 1865000 | Montana Board of Housing, Revenue Bonds | 12/01/50 | 4.000 | 1890950 |
| 1120000 | Montana Board of Housing, Revenue Bonds | 12/01/52 | 5.000 | 1169431 |
| 3250000 | Montana Board of Housing, Revenue Bonds | 12/01/55 | 6.000 | 3621296 |
|  | **Total Montana** |  |  | **6927820** |
|  | **Nebraska (1.5%)** |  |  |  |
| 22375000 | Central Plains Energy Project, Revenue Bonds<sup>1,2</sup> | 05/01/53 | 5.000 | 23530335 |
| 5750000 | Nebraska Investment Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 09/01/55 | 6.000 | 6545784 |
| 2000000 | Nebraska Investment Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 09/01/55 | 6.250 | 2249297 |
|  | **Total Nebraska** |  |  | **32325416** |
|  | **Nevada (1.1%)** |  |  |  |
| 2530000 | County of Clark, Revenue Bondst<sup>1,2</sup> | 01/01/36 | 3.750 | 2532951 |
| 6435000 | County of Washoe, Revenue Bonds<sup>1,2</sup> | 03/01/36 | 4.125 | 6614183 |
| 7575000 | County of Washoe, Revenue Bonds<sup>1,2</sup> | 03/01/36 | 4.125 | 7785926 |
| 980000 | Reno-Tahoe Airport Authority, Revenue Bonds | 07/01/36 | 5.000 | 1079657 |
| 1000000 | Reno-Tahoe Airport Authority, Revenue Bonds | 07/01/37 | 5.250 | 1129075 |

---

**BBH Intermediate Municipal Bond Fund**

**Portfolio of Investments (continued)**

**January 31, 2026 (unaudited)**

**All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity <br>Date | Interest<br> Rate | Value |
|  | **Municipal Bonds (continued)<br> Nevada (continued)** |  |  |  |
| $1750000 | **Reno-Tahoe Airport Authority, Revenue Bonds** | 07/01/39 | 5.250% | $1949604 |
| 1125000 | Reno-Tahoe Airport Authority, Revenue Bonds | 07/01/40 | 5.250 | 1241358 |
| 2320000 | Reno-Tahoe Airport Authority, Revenue Bonds | 07/01/41 | 5.250 | 2550906 |
|  | **Total Nevada** |  |  | **24883660** |
|  | **New Jersey (3.4%)** |  |  |  |
| 2285000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds<sup>4</sup> | 12/15/34 | 0.000 | 1732098 |
| 7295000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds<sup>4</sup> | 12/15/34 | 0.000 | 5529828 |
| 5135000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds | 06/15/38 | 5.000 | 5846079 |
| 10000000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds<sup>4</sup> | 12/15/38 | 0.000 | 6264483 |
| 3080000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds | 06/15/39 | 5.000 | 3472215 |
| 15100000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds<sup>4</sup> | 12/15/39 | 0.000 | 8939487 |
| 4350000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds<sup>4</sup> | 12/15/40 | 0.000 | 2461595 |
| 13760000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds | 06/15/41 | 5.250 | 15573077 |
| 7000000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds | 06/15/42 | 5.000 | 7664637 |
| 3725000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds | 06/15/43 | 5.000 | 4034652 |
| 11435000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds | 06/15/44 | 4.250 | 11449121 |
|  | **Total New Jersey** |  |  | **72967272** |
|  | **New Mexico (2.0%)** |  |  |  |
| 4395000 | City of Farmington, Revenue Bonds | 04/01/29 | 1.800 | 4199001 |
| 500000 | New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA. | 01/01/49 | 4.000 | 504034 |
| 9170000 | New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 09/01/54 | 6.500 | 10166029 |
| 2865000 | New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 03/01/55 | 5.750 | 3113723 |
| 4855000 | New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 03/01/55 | 6.000 | 5387553 |
| 10000000 | New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 03/01/56 | 6.000 | 11141867 |

---

**BBH Intermediate Municipal Bond Fund**

**Portfolio of Investments (continued)<br> January 31, 2026 (unaudited) <br> All investments in the United States, except as noted.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **New Mexico (continued)** |  |  |  |
| $9000000 | New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA<sup>1,2</sup> | 09/01/57 | 3.000% | $9011309 |
|  | **Total New Mexico** |  |  | **43523516** |
|  | **New York (8.1%)** |  |  |  |
| 1500000 | Metropolitan Transportation Authority, Revenue Bonds (SOFR + 0.800%)<sup>1</sup> | 11/01/32 | 3.239 | 1500091 |
| 10425000 | Metropolitan Transportation Authority, Revenue Bonds | 11/15/37 | 5.000 | 10546466 |
| 18800000 | Metropolitan Transportation Authority, Revenue Bonds | 11/15/45 | 4.750 | 18869474 |
| 8225000 | Metropolitan Transportation Authority, Revenue Bonds<sup>1,2</sup> | 11/15/45 | 5.000 | 8850013 |
| 5100000 | New York City Municipal Water Finance Authority, Revenue Bonds | 06/15/45 | 4.000 | 4883085 |
| 1500000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | 11/01/37 | 5.000 | 1682283 |
| 3095000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | 05/01/38 | 5.000 | 3521326 |
| 7235000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | 05/01/38 | 5.000 | 8181726 |
| 2500000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | 02/01/39 | 4.000 | 2548155 |
| 3000000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | 02/01/40 | 5.250 | 3343178 |
| 3160000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | 05/01/40 | 5.000 | 3503997 |
| 3250000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | 11/01/40 | 5.000 | 3657119 |
| 2000000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | 11/01/41 | 5.000 | 2237663 |
| 7550000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | 11/01/41 | 5.000 | 8447179 |
| 5350000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | 05/01/42 | 5.000 | 5859613 |
| 12780000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | 05/01/42 | 5.000 | 13997356 |

---

**BBH Intermediate Municipal Bond Fund**

**Portfolio of Investments (continued)<br> January 31, 2025 (unaudited) <br> All investments in the United States, except as noted.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **New York (continued)** |  |  |  |
| $3125000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | 02/01/47 | 5.250% | $3286038 |
| 2565000 | New York State Dormitory Authority, Revenue Bonds | 07/01/38 | 4.000 | 2665723 |
| 1300000 | New York State Dormitory Authority, Revenue Bonds | 03/15/45 | 5.000 | 1391944 |
| 7000000 | New York State Dormitory Authority, Revenue Bonds | 03/15/46 | 5.250 | 7565611 |
| 7500000 | New York State Housing Finance Agency, Revenue Bonds, FNMA<sup>1,2</sup> | 11/01/50 | 3.950 | 7573307 |
| 5000000 | New York State Housing Finance Agency, Revenue Bonds<sup>1,2</sup> | 06/15/54 | 3.350 | 5030047 |
| 4075000 | New York State Thruway Authority Revenue Bonds | 03/15/42 | 5.000 | 4368039 |
| 1750000 | Port Authority of New York & New Jersey, Revenue Bonds | 09/15/32 | 5.000 | 1816507 |
| 1730000 | Port Authority of New York & New Jersey, Revenue Bonds | 11/01/32 | 5.000 | 1855258 |
| 2800000 | Port Authority of New York & New Jersey, Revenue Bonds | 07/15/34 | 5.000 | 3172386 |
| 5000000 | Port Authority of New York & New Jersey, Revenue Bonds | 09/15/34 | 5.000 | 5176288 |
| 1320000 | Port Authority of New York & New Jersey, Revenue Bonds | 10/15/34 | 5.000 | 1447142 |
| 3910000 | Port Authority of New York & New Jersey, Revenue Bonds | 12 /01/34 | 5.000 | 4443086 |
| 1500000 | Port Authority of New York & New Jersey, Revenue Bonds | 07/15/35 | 5.000 | 1601439 |
| 3000000 | Port Authority of New York & New Jersey, Revenue Bonds | 07/15/36 | 5.000 | 3344407 |
| 1395000 | Port Authority of New York & New Jersey, Revenue Bonds | 08/01/36 | 5.000 | 1533686 |
| 4595000 | Port Authority of New York & New Jersey, Revenue Bonds | 07/15/37 | 5.000 | 5075013 |
| 1010000 | Port Authority of New York & New Jersey, Revenue Bonds | 01/15/38 | 5.000 | 1106295 |
| 1750000 | Port Authority of New York & New Jersey, Revenue Bonds | 07/15/38 | 5.000 | 1918310 |
| 1125000 | Port Authority of New York & New Jersey, Revenue Bonds | 01/15/39 | 5.000 | 1224318 |
| 2750000 | Triborough Bridge & Tunnel Authority, Revenue Bonds (SOFR + 1.050%)<sup>1</sup> | 04/01/26 | 3.489 | 2751009 |
| 1165000 | Triborough Bridge & Tunnel Authority, Revenue Bonds<sup>4</sup> | 11/15/35 | 0.000 | 843582 |
| 6500000 | Triborough Bridge & Tunnel Authority, Revenue Bonds<sup>4</sup> | 11/15/36 | 0.000 | 4478425 |
|  | **Total New York** |  |  | **175296584** |

---

**BBH Intermediate Municipal Bond Fund**

**Portfolio of Investments (continued)<br> January 31, 2026 (unaudited) <br> All investments in the United States, except as noted.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity <br> Date | Interest <br> Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **North Carolina (4.5%)** |  |  |  |
| $440000 | North Carolina Housing Finance Agency, Revenue Bonds | 07/01/47 | 4.000% | $441645 |
| 5205000 | North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/54 | 5.500 | 5631342 |
| 4815000 | North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/55 | 6.250 | 5414254 |
| 8275000 | North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/55 | 6.250 | 9023078 |
| 12740000 | North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/55 | 6.250 | 14094563 |
| 6480000 | North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/56 | 6.250 | 7361613 |
| 10000000 | State of North Carolina, General Obligation Bonds<sup>5</sup> | 06/01/27 | 5.000 | 10347086 |
| 6250000 | State of North Carolina, General Obligation Bonds<sup>5</sup> | 06/01/28 | 5.000 | 6626324 |
| 38235000 | University of North Carolina at Chapel Hill, Revenue Bonds (SOFR + 1.050%)<sup>1</sup> | 12/01/41 | 3.496 | 38392432 |
|  | **Total North Carolina** |  |  | **97332337** |
|  | **North Dakota (0.3%)** |  |  |  |
| 475000 | North Dakota Housing Finance Agency, Revenue Bonds | 01/01/49 | 4.250 | 479208 |
| 1275000 | North Dakota Housing Finance Agency, Revenue Bonds | 07/01/49 | 4.250 | 1288823 |
| 4735000 | North Dakota Housing Finance Agency, Revenue Bonds | 07/01/53 | 5.750 | 5048852 |
|  | **Total North Dakota** |  |  | **6816883** |
|  | **Ohio (5.1%)** |  |  |  |
| 20000000 | County of Allen Hospital Facilities Revenue, Revenue Bonds<sup>1,3</sup> | 02/02/26 | 3.200 | 20000000 |
| 2000000 | County of Franklin, Revenue Bonds<sup>1,3</sup> | 02/02/26 | 3.250 | 2000000 |
| 7000000 | Lancaster Port Authority, Revenue Bonds<sup>1,2</sup> | 02/01/55 | 5.000 | 7447148 |
| 12000000 | Ohio Higher Educational Facility Commission, Revenue Bonds<sup>1,3</sup> | 02/02/26 | 3.200 | 12000000 |
| 5725000 | Ohio Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 09/01/48 | 4.500 | 5788647 |
| 5890000 | Ohio Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 03/01/54 | 5.750 | 6244251 |

---

**BBH Intermediate Municipal Bond Fund**

**Portfolio of Investments (continued)** **<br> January 31, 2026 (unaudited) <br> All investments in the United States, except as noted.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount |  | Maturity <br> Date | Interest <br> Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Ohio (continued)** |  |  |  |
| $6335000 | Ohio Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 03/01/55 | 6.250% | $6991410 |
| 16285000 | Ohio Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 03/01/56 | 6.500 | 18863707 |
| 1680000 | Ohio Turnpike & Infrastructure Commission, Revenue Bonds<sup>4</sup> | 02/15/38 | 0.000 | 1115203 |
| 30000000 | State of Ohio, Revenue Bonds<sup>1,2</sup> | 01/01/52 | 2.500 | 30000000 |
|  | **Total Ohio** |  |  | **110450366** |
|  | **Oklahoma (0.4%)** |  |  |  |
| 2715000 | Oklahoma Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 03/01/54 | 6.000 | 2997697 |
| 4975000 | Oklahoma Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 03/01/56 | 6.500 | 5679849 |
|  | **Total Oklahoma** |  |  | **8677546** |
|  | **Oregon (4.8%)** |  |  |  |
| 3150000 | Clackamas & Washington Counties School District No 3, General Obligation Bonds<sup>4</sup> | 06/15/36 | 0.000 | 2086506 |
| 3250000 | Clackamas County School District No 12 North Clackamas, General Obligation Bonds<sup>4</sup> | 06/15/34 | 0.000 | 2318097 |
| 5800000 | Clackamas County School District No 12 North Clackamas, General Obligation Bonds<sup>4</sup> | 06/15/36 | 0.000 | 3722850 |
| 825000 | Lane & Douglas Counties School District No 28J Fern Ridge, General Obligation Bonds | 06/15/36 | 5.000 | 961140 |
| 1075000 | Lane & Douglas Counties School District No 28J Fern Ridge, General Obligation Bonds | 06/15/37 | 5.000 | 1241130 |
| 1550000 | Lane County School District No 40 Creswell, General Obligation Bonds<sup>4</sup> | 06/15/43 | 0.000 | 662746 |
| 750000 | Lincoln County School District, General Obligation Bonds<sup>4</sup> | 06/15/30 | 0.000 | 810511 |
| 745000 | Lincoln County School District, General Obligation Bonds<sup>4</sup> | 06/15/31 | 0.000 | 817270 |
| 950000 | Lincoln County School District, General Obligation Bonds<sup>4</sup> | 06/15/32 | 0.000 | 1056418 |
| 1000000 | Lincoln County School District, General Obligation Bonds<sup>4</sup> | 06/15/33 | 0.000 | 1124445 |
| 1945000 | Lincoln County School District, General Obligation Bonds<sup>4</sup> | 06/15/34 | 0.000 | 2217606 |

---

**BBH Intermediate Municipal Bond Fund**

**Portfolio of Investments (continued)<br> January 31, 2026 (unaudited) <br> All investments in the United States, except as noted.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity <br> Date | Interest <br> Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Ohio (continued)** |  |  |  |
| $825000 | Lincoln County School District, General Obligation Bonds<sup>4</sup> | &nbsp;&nbsp;06/15/35 | 0.000% | $944939 |
| 1350000 | Lincoln County School District, General Obligation Bonds<sup>4</sup> | &nbsp;&nbsp;06/15/38 | 0.000 | 1501162 |
| 1000000 | Lincoln County School District, General Obligation Bonds<sup>4</sup> | &nbsp;&nbsp;06/15/39 | 0.000 | 1104033 |
| 1445000 | Multnomah & Clackamas Counties School District No 10JT Gresham-Barlow, General Obligation Bonds<sup>4</sup> | &nbsp;&nbsp;06/15/32 | 0.000 | 1162064 |
| 3650000 | Multnomah & Clackamas Counties School District No 10JT Gresham- Barlow, General Obligation Bonds<sup>4</sup> | &nbsp;&nbsp;06/15/34 | 0.000 | 2583452 |
| 6135000 | Multnomah & Clackamas Counties School District No 10JT Gresham- Barlow, General Obligation Bonds<sup>4</sup> | &nbsp;&nbsp;06/15/36 | 0.000 | 3908555 |
| 2585000 | Multnomah County School District No 40, General Obligation Bonds<sup>4</sup> | &nbsp;&nbsp;06/15/26 | 0.000 | 2559890 |
| 1515000 | Multnomah County School District No 40, General Obligation Bonds<sup>4</sup> | &nbsp;&nbsp;06/15/34 | 0.000 | 1143365 |
| 2250000 | Multnomah County School District No 40, General Obligation Bonds<sup>4</sup> | &nbsp;&nbsp;06/15/38 | 0.000 | 1342036 |
| 21050000 | Multnomah County School District No 40, General Obligation Bonds<sup>4</sup> | &nbsp;&nbsp;06/15/43 | 0.000 | 9267677 |
| 300000 | Oregon Coast Community College District, General Obligation Bonds | &nbsp;&nbsp;06/15/33 | 5.000 | 348212 |
| 300000 | Oregon Coast Community College District, General Obligation Bonds | &nbsp;&nbsp;06/15/34 | 5.000 | 352150 |
| 560000 | Oregon Coast Community College District, General Obligation Bonds | &nbsp;&nbsp;06/15/36 | 5.000 | 651956 |
| 510000 | Oregon Coast Community College District, General Obligation Bonds | &nbsp;&nbsp;06/15/38 | 5.000 | 584506 |
| 3000000 | Port of Portland Airport Revenue, Revenue Bonds | &nbsp;&nbsp;07/01/36 | 5.000 | 3335279 |
| 5000000 | Port of Portland Airport Revenue, Revenue Bonds | &nbsp;&nbsp;07/01/38 | 4.000 | 5042514 |
| 4970000 | Port of Portland Airport Revenue, Revenue Bonds | &nbsp;&nbsp;07/01/47 | 4.000 | 4479962 |
| 1045000 | Salem-Keizer School District No 24J, General Obligation Bonds<sup>4</sup> | &nbsp;&nbsp;06/15/35 | 0.000 | 756365 |
| 1905000 | Tillamook Bay Community College District, General Obligation Bonds<sup>4</sup> | &nbsp;&nbsp;06/15/38 | 0.000 | 1154950 |
| 3750000 | Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds<sup>4</sup> | &nbsp;&nbsp;06/15/31 | 0.000 | 3087730 |
| 5350000 | Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds<sup>4</sup> | &nbsp;&nbsp;06/15/34 | 0.000 | 3838691 |
| 9000000 | Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds<sup>4</sup> | &nbsp;&nbsp;06/15/37 | 0.000 | 5765383 |

---

**BBH Intermediate Municipal Bond Fund**

**Portfolio of Investments (continued)<br> January 31, 2026 (unaudited) <br> All investments in the United States, except as noted.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity <br> Date | Interest<br> Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Oregon (continued)** |  |  |  |
| $5000000 | Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds<sup>4</sup> | 06/15/38 | 0.000% | $3074443 |
| 1900000 | Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds<sup>4</sup> | 06/15/39 | 0.000 | 1088197 |
| 8665000 | Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds<sup>4</sup> | 06/15/40 | 0.000 | 4710135 |
| 1800000 | Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds<sup>4</sup> | 06/15/41 | 0.000 | 916207 |
| 770000 | Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds<sup>4</sup> | 06/15/41 | 0.000 | 3934759 |
| 4750000 | Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds<sup>4</sup> | 06/15/42 | 0.000 | 2266064 |
| 3630000 | Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds<sup>4</sup> | 06/15/43 | 0.000 | 1615688 |
| 1500000 | Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds<sup>4</sup> | 06/15/31 | 0.000 | 1246733 |
| 1380000 | Washington Clackamas & Yamhill Ccunties School District No 88J, General Obligation Bonds<sup>4</sup> | 06/15/33 | 0.000 | 1053509 |
| 3530000 | Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds<sup>4</sup> | 06/15/37 | 0.000 | 2144150 |
| 6000000 | Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds<sup>4</sup> | 06/15/39 | 0.000 | 3307473 |
| 4800000 | Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds<sup>4</sup> | 06/15/40 | 0.000 | 2588350 |
| 5000000 | Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds | 06/15/41 | 0.000 | 2496892 |
| 5885000 | Washington County School District No 13 Banks, General Obligation Bonds<sup>4</sup> | 06/15/44 | 0.000 | 2493785 |
|  | **Total Oregon** |  |  | **104869975** |
|  | **Other (2.4%)** |  |  |  |
| 7498095 | FHLMC Multifamily VRD Certificates, Revenue Bonds<sup>1,2,4</sup> | 03/25/42 | 0.000 | 7827990 |
| 12132403 | FHLMC Multifamily VRD Certificates, Revenue Bonds<sup>1,2</sup> | 06/25/42 | 4.604 | 12219102 |

---

**BBH Intermediate Municipal Bond Fund**

**Portfolio of Investments (continued)<br> January 31, 2026 (unaudited) <br> All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount |  | Maturity<br> Date | Interest<br> Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Other (continued)** |  |  |  |
| $4969960 | FHLMC Multifamily VRD Certificates, Revenue Bonds<sup>1 2</sup> | 11/25/42 | 4.534% | $4842127 |
| 4977505 | FHLMC Multifamily VRD Certificates, Revenue Bonds<sup>1,2</sup> | 01/25/43 | 4.712 | 5032317 |
| 9852999 | Freddie Mac Multifamily Certificates, Revenue Bonds<sup>1,2</sup> | 11/25/38 | 3.541 | 9354564 |
| 6920752 | Freddie Mac Multifamily Certificates, Revenue Bonds<sup>1,2</sup> | 12/25/38 | 3.260 | 6061454 |
| 4786647 | Freddie Mac Multifamily Certificates, Revenue Bonds<sup>1,2</sup> | 10/25/40 | 4.686 | 4863565 |
| 2981077 | Freddie Mac Multifamily Certificates, Revenue Bonds<sup>1,2</sup> | 04/25/42 | 4.702 | 2984045 |
|  | **Total Other** |  |  | **53185164** |
|  | **Pennsylvania (3.1%)** |  |  |  |
| 1980000 | Allegheny County Airport Authority, Revenue Bonds | 01/01/35 | 5.000 | 2192468 |
| 1000000 | Allegheny County Airport Authority, Revenue Bonds | 01/01/36 | 5.250 | 1118660 |
| 1000000 | Allegheny County Airport Authority, Revenue Bonds | 01/01/37 | 5.250 | 1110402 |
| 1940000 | Allegheny County Airport Authority, Revenue Bonds | 01/01/40 | 5.250 | 2110563 |
| 7000000 | Allegheny County Airport Authority, Revenue Bonds | 01/01/46 | 4.000 | 6387732 |
| 5860000 | Butler County General Authority, Revenue Bonds (3-Month CME Term SOFR + 0.700%)<sup>1</sup> | 10/01/34 | 3.328 | 5757855 |
| 7905000 | Pennsylvania Turnpike Commission, Revenue Bonds<sup>4</sup> | 12/01/37 | 0.000 | 8149825 |
| 3350000 | Pennsylvania Turnpike Commission, Revenue Bonds<sup>4</sup> | 12/01/41 | 0.000 | 1645588 |
| 3500000 | Pennsylvania Turnpike Commission, Revenue Bonds<sup>1,2</sup> | 12/01/45 | 5.000 | 3947112 |
| 13000000 | Philadelphia Authority for Industrial Development, Revenue Bonds<sup>1,3</sup> | 02/02/26 | 3.250 | 13000000 |
| 5000000 | School District of Philadelphia, General Obligation Bonds | 09/01/29 | 5.000 | 5070091 |
| 2500000 | School District of Philadelphia, General Obligation Bonds | 09/01/34 | 5.000 | 2532144 |
| 2910000 | School District of Philadelphia, General Obligation Bonds | 09/01/34 | 5.000 | 3061439 |
| 1815000 | School District of Philadelphia, General Obligation Bonds | 09/01/37 | 5.000 | 1835394 |
| 3700000 | School District of Philadelphia, General Obligation Bonds | 09/01/48 | 5.500 | 3909726 |
| 5000000 | State Public School Building Authority, Revenue Bonds | 06/01/32 | 5.000 | 5083353 |
|  | **Total Pennsylvania** |  |  | **66912352** |

---

**BBH Intermediate Municipal Bond Fund**

**Portfolio of Investments (continued) <br> January 31, 2026 (unaudited)<br> All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity<br> Date | Interest<br> Rate | Value |
|  | **Municipal Bonds (continued)<br> South Carolina (0.8%)**  |  |  |  |
| $3685000 | South Carolina State Housing Finance & Development Authority, Revenue Bonds | 01/01/54 | 5.750% | $4034397 |
| 6290000 | South Carolina State Housing Finance & Development Authority, Revenue Bonds | 01/01/54 | 6.000 | 6958620 |
| 5935000 | South Carolina State Housing Finance & Development Authority, Revenue Bonds | 07/01/54 | 6.250 | 6647429 |
|  | **Total South Carolina** |  |  | **17640446** |
|  | **South Dakota (1.2%)** |  |  |  |
| 15000 | South Dakota Housing Development Authority, Revenue Bonds | 11/01/45 | 4.000 | 15018 |
| 145000 | South Dakota Housing Development Authority, Revenue Bonds | 11/01/46 | 3.500 | 145001 |
| 825000 | South Dakota Housing Development Authority, Revenue Bonds | 11/01/48 | 4.500 | 834677 |
| 1445000 | South Dakota Housing Development Authority, Revenue Bonds | 11/01/49 | 4.000 | 1462087 |
| 3540000 | South Dakota Housing Development Authority, Revenue Bonds | 05/01/53 | 5.000 | 3687699 |
| 4605000 | South Dakota Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 05/01/54 | 6.000 | 4913500 |
| 5340000 | South Dakota Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 05/01/55 | 6.250 | 5857880 |
| 4900000 | South Dakota Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA. | 11/01/55 | 6.250 | 5529316 |
| 3250000 | South Dakota Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA. | 05/01/56 | 6.250 | 3737511 |
|  | **Total South Dakota** |  |  | **26182689** |
|  | **Tennessee (0.7%)** |  |  |  |
| 1450000 | Metropolitan Nashville Airport Authority, Revenue Bonds | 07/01/34 | 5.250 | 1628327 |
| 1125000 | Metropolitan Nashville Airport Authority, Revenue Bonds | 07/01/35 | 5.250 | 1255835 |
| 1875000 | Metropolitan Nashville Airport Authority, Revenue Bonds | 07/01/41 | 5.500 | 2063460 |
| 5575000 | New Memphis Arena Public Building Authority, Revenue Bonds<sup>4</sup> | 04/01/29 | 0.000 | 5757527 |
| 3750000 | Tennergy Corp., Revenue Bonds<sup>1,2</sup> | 10/01/54 | 5.000 | 3978223 |
| 520000 | Tennessee Housing Development Agency, Revenue Bonds | 01/01/43 | 4.000 | 522780 |

---

**BBH Intermediate Municipal Bond Fund**

**Portfolio of Investments (continued) <br> January 31, 2026 (unaudited)<br> All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity<br> Date | Interest<br> Rate | Value |
|  | **Municipal Bonds (continued)<br> Tennessee (continued)**  |  |  |  |
| $425000 | Tennessee Housing Development Agency, Revenue Bonds | 07/01/48 | 4.000% | $426957 |
|  | **Total Tennessee** |  |  | **15633109** |
|  | **Texas (11.3%)** |  |  |  |
| 2695000 | Cedar Hill Independent School District, General Obligation Bonds | 02/15/37 | 5.000 | 3067040 |
| 1800000 | City of Austin Airport System Revenue, Revenue Bonds | 11/15/36 | 5.000 | 1965631 |
| 2000000 | City of Houston Airport System Revenue, Revenue Bonds | 07/01/31 | 5.000 | 2174506 |
| 1250000 | City of Houston Airport System Revenue, Revenue Bonds | 07/01/34 | 5.000 | 1363661 |
| 3355000 | City of Houston Airport System Revenue, Revenue Bonds | 07/01/36 | 5.000 | 3704403 |
| 2625000 | City of Houston Airport System Revenue, Revenue Bonds | 07/01/38 | 4.000 | 2626364 |
| 1000000 | City of Houston Airport System Revenue, Revenue Bonds | 07/01/40 | 4.000 | 983647 |
| 5000000 | City of Houston Airport System Revenue, Revenue Bonds | 07/01/41 | 5.250 | 5463351 |
| 8530000 | City of Houston Airport System Revenue, Revenue Bonds | 07/01/46 | 4.000 | 7648168 |
| 16125000 | City of Houston Airport System Revenue, Revenue Bonds | 07/01/48 | 5.250 | 16646371 |
| 16000000 | City of San Antonio Electric & Gas Systems Revenue, Revenue Bonds<sup>1,2,5</sup> | 02/01/55 | 2.900 | 16009478 |
| 8000000 | City of San Antonio Electric & Gas Systems Revenue, Revenue Bonds<sup>1,2</sup> | 02/01/55 | 3.080 | 8070554 |
| 3975000 | County of Harris Toll Road Revenue Revenue Bonds | 08/15/45 | 4.000 | 3822753 |
| 5000000 | El Paso Independent School District, General Obligation Bonds<sup>5</sup> | 08/15/35 | 5.000 | 5739635 |
| 3470000 | Fort Bend Independent School District, General Obligation Bonds<sup>1,2</sup> | 08/01/51 | 0.720 | 3423325 |
| 3875000 | Fort Bend Independent School District, General Obligation Bonds<sup>1,2</sup> | 08/01/54 | 4.000 | 3956651 |
| 5000000 | Fort Bend Independent School District, General Obligation Bonds<sup>1,2</sup> | 08/01/55 | 3.800 | 5133567 |
| 1750000 | Goose Creek Consolidated Independent School District, General Obligation Bonds<sup>1,2</sup> | 02/15/35 | 0.600 | 1730727 |
| 1000000 | Kilgore Independent School District, General Obligation Bonds<sup>1,2</sup> | 02/15/52 | 4.000 | 1 007818 |
| 1500000 | Love Field Airport Modernization Corp., Revenue Bonds | 11/01/34 | 5.000 | 1515608 |
| 2000000 | Love Field Airport Modernization Corp., Revenue Bonds | 11/01/35 | 5.000 | 2018985 |

---

**BBH Intermediate Municipal Bond Fund**

**Portfolio of Investments (continued) <br> January 31, 2026 (unaudited)<br> All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity<br> Date | Interest<br> Rate | Value |
|  | **Municipal Bonds (continued)<br> Texas (continued)**  |  |  |  |
| $4260000 | Medina Valley Independent School District, General Obligation Bonds<sup>1,2</sup> | 02/15/51 | 0.820% | $4255729 |
| 4790000 | North East Independent School District, General Obligation Bonds<sup>1,2</sup> | 08/01/49 | 3.750 | 4860166 |
| 8000000 | North Texas Tollway Authority, Revenue Bonds<sup>4</sup> | 01/01/32 | 0.000 | 6770941 |
| 4835000 | North Texas Tollway Authority, Revenue Bonds<sup>4</sup> | 01/01/35 | 0.000 | 3649133 |
| 5270000 | North Texas Tollway Authority, Revenue Bonds<sup>4</sup> | 01/01/36 | 0.000 | 3793747 |
| 10990000 | North Texas Tollway Authority, Revenue Bonds<sup>4</sup> | 01/01/38 | 0.000 | 7175505 |
| 10000000 | Northside Independent School District, General Obligation Bonds<sup>1,2</sup> | 06/01/50 | 3.550 | 10199630 |
| 2715000 | State of Texas, General Obligation Bonds | 08/01/36 | 5.000 | 3084393 |
| 5745000 | State of Texas, General Obligation Bonds | 08/01/40 | 5.000 | 6206586 |
| 520000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 09/01/35 | 2.150 | 446010 |
| 3860000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 07/01/37 | 2.150 | 3209363 |
| 1385000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 09/01/38 | 4.300 | 1432167 |
| 4100000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 01/01/39 | 4.000 | 4136825 |
| 7724917 | Texas Department of Housing & Community Affairs, Revenue Bonds, FHLMC, FNMA, GNMA | 09/01/47 | 2.835 | 6937236 |
| 1120000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 03/01/50 | 4.000 | 1140377 |
| 2950000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 01/01/53 | 5.750 | 3212531 |
| 2940000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 03/01/53 | 6.000 | 3236659 |
| 3650000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 03/01/54 | 6.000 | 4041322 |
| 3000000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 01/01/56 | 6.250 | 3411908 |

---

**BBH Intermediate Municipal Bond Fund**

**Portfolio of Investments (continued) <br> January 31, 2026 (unaudited)<br> All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity<br> Date | Interest<br> Rate | Value |
|  | **Municipal Bonds (continued) <br>Texas (continued)** |  |  |  |
| $3205000 | Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Bonds (3- Month CME Term SOFR + 0.700%)<sup>1</sup> | 12/15/26 | 3.370% | $3205332 |
| 3290000 | Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Bonds | 12/15/26 | 6.250 | 3393224 |
| 1645000 | Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.550%)<sup>1</sup> | 09/15/27 | 2.830 | 1641804 |
| 6410000 | Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (3-Month CME Term SOFR + 0.863%)<sup>1</sup> | 09/15/27 | 3.320 | 6421428 |
| 17790000 | Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (3-Month CME Term SOFR + 1.045%)<sup>1</sup> | 09/15/27 | 3.540 | 17846750 |
| 19275000 | Texas Municipal Gas Acquisition & Supply Corp. V, Revenue Bonds<sup>1,2</sup> | 01/01/55 | 5.000 | 20854750 |
| 12115000 | Texas Water Development Board, Revenue Bonds | 10/15/43 | 4.000 | 12118897 |
|  | **Total Texas** |  |  | **244754656** |
|  | **Utah (0.2%)** |  |  |  |
| 5000000 | Utah Housing Corp., Revenue Bonds<sup>1,2</sup> | 04/01/46 | 2.950 | 5009760 |
|  | **Total Utah** |  |  | **5009760** |
|  | **Virginia (0.5%)** |  |  |  |
| 1000000 | City of Norfolk Water Revenue, Revenue Bonds | 11/01/33 | 5.000 | 1175993 |
| 10000000 | Virginia Housing Development Authority, Revenue Bonds<sup>1,2</sup> | 07/01/56 | 3.125 | 10001206 |
|  | **Total Virginia** |  |  | **11177199** |
|  | **Washington (2.0%)** |  |  |  |
| 3185000 | County of King Sewer Revenue, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.230%)<sup>1</sup> | 01/01/40 | 2.510 | 3161621 |
| 6955000 | Port of Seattle, Revenue Bonds | 04/01/34 | 5.000 | 7352567 |
| 5500000 | Port of Seattle, Revenue Bonds | 08/01/34 | 5.000 | 6120422 |
| 1415000 | Port of Seattle, Revenue Bonds | 08/01/35 | 5.000 | 1564327 |
| 3500000 | Port of Seattle, Revenue Bonds | 08/01/36 | 4.000 | 3566789 |
| 6285000 | Port of Seattle, Revenue Bonds | 04/01/37 | 5.000 | 6568207 |
| 3385000 | Port of Seattle, Revenue Bonds | 04/01/39 | 5.000 | 3516049 |
| 4950000 | Port of Seattle, Revenue Bonds | 05/01/43 | 4.000 | 4730049 |
| 5755000 | Port of Seattle, Revenue Bonds | 08/01/46 | 5.000 | 5872999 |
|  | **Total Washington** |  |  | **42453030** |

---

**BBH Intermediate Municipal Bond Fund**

**Portfolio of Investments (continued) <br> January 31, 2026 (unaudited)<br> All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount |  | Maturity <br> Date | Interest<br> Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Wisconsin (2.8%)** |  |  |  |
| $20700000 | Public Finance Authority, Revenue Bonds<sup>1,3</sup> | &nbsp;&nbsp;02/02/26 | 3.050% | $20700000 |
| 6280000 | Public Finance Authority, Revenue Bonds<sup>1,2</sup> | &nbsp;&nbsp;10/01/46 | 3.700 | 6464266 |
| 6850000 | Wisconsin Health & Educational Facilities Authority, Revenue Bonds | &nbsp;&nbsp;11/15/39 | 4.000 | 6777802 |
| 815000 | Wisconsin Health & Educational Facilities Authority, Revenue Bonds | &nbsp;&nbsp;11/15/43 | 4.000 | 853628 |
| 6215000 | Wisconsin Health & Educational Facilities Authority, Revenue Bonds | &nbsp;&nbsp;11/15/43 | 4.000 | 5941199 |
| 9715000 | Wisconsin Health & Educational Facilities Authority, Revenue Bonds | &nbsp;&nbsp;11/15/43 | 4.000 | 9298620 |
| 4500000 | Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Revenue Bonds, FHLMC, FNMA, GNMA. . | &nbsp;&nbsp;03/01/55 | 6.000 | 4949279 |
| 5000000 | Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Revenue Bonds, FHLMC, FNMA, GNMA. | &nbsp;&nbsp;09/01/55 | 6.250 | 5605529 |
|  | **Total Wisconsin** |  |  | **60590323** |
|  | **Wyoming (0.2%)** |  |  |  |
| 1880000 | Wyoming Community Development Authority, Revenue Bonds | &nbsp;&nbsp;12/01/34 | 3.500 | 1880120 |
| 725000 | Wyoming Community Development Authority, Revenue Bonds | &nbsp;&nbsp;12/01/48 | 4.000 | 731589 |
| 170000 | Wyoming Community Development Authority, Revenue Bonds | &nbsp;&nbsp;12/01/49 | 3.750 | 170225 |
| 1325000 | Wyoming Community Development Authority, Revenue Bonds | &nbsp;&nbsp;12/01/55 | 6.250 | 1491341 |
|  | **Total Wyoming** |  |  | **4273275** |
|  | **Total Municipal Bonds<br> (Identified cost $2,165,016,627)** |  |  | **2207127016** |

---

---

| | | |
|:---|:---|:---|
| **Total Investments (Identified cost $2,165,016,627)** | **101.6%** | $**2207127016** |
| **Liabilities in Excess of Cash and Other Assets** | **(1.6)%** | **(33227488)** |
| **Net Assets** | **100.0%** | $**2173899528** |

---

<sup>1</sup> Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the January 31, 2026 coupon or interest rate.

<sup>2</sup> This variable rate security is based on a predetermined schedule and the rate at January 31, 2026, also represents the reference rate at January 31, 2026.

**BBH Intermediate Municipal Bond Fund**

**Portfolio of Investments (continued) <br> January 31, 2026 (unaudited)<br> All investments in the United States, except as noted.**

<sup>3</sup> Variable rate demand note. The maturity date reflects the demand repayment dates. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the coupon or interest rate as of January 31, 2026.

<sup>4</sup> Security issued with zero coupon. Income is recognized through accretion of discount.

<sup>5</sup> Represent a security purchased on a when-issued basis.

<sup>6</sup> The aggregate cost for federal income tax purposes is $2,165,016,627, the aggregate gross unrealized appreciation is $47,673,269 and the aggregate gross unrealized depreciation is $5,562,880, resulting in net unrealized depreciation of $42,110,389.

Abbreviations:

---

| | |
|:---|:---|
| BAM | Build America Mutual. |
| CME | Chicago Mercantile Exchange. |
| FHA | Federal Housing Administration. |
| FHLMC | Federal Home Loan Mortgage Corporation. |
| FNMA | Federal National Mortgage Association. |
| GNMA | Government National Mortgage Association. |
| NPFG | National Public Finance Guarantee Corporation. |
| SIFMA | Securities Industry and Financial Markets Association. |
| SOFR | Secured Overnight Financing Rate. |

---

**BBH Intermediate Municipal Bond Fund**

**Portfolio of Investments (continued) <br> January 31, 2026 (unaudited)**

<br> **Fair Value Measurements**

BBH Intermediate Municipal Bond Fund (the "Fund") is required to disclose information regarding the fair value measurements of the Fund's assets and liabilities. Fair value 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. The disclosure requirement established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including, for example, the risk inherent in a particular valuation technique used to measure fair value, including the model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund's own considerations about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Authoritative guidance establishes three levels of the fair value hierarchy as follows:

— Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities.

— Level 2 – significant other observable inputs (including quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk, etc.).

— Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of assets and liabilities).

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires judgment by the investment adviser. The investment adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the investment adviser's perceived risk of that instrument.

**BBH Intermediate Municipal Bond Fund**

**Portfolio of Investments (continued) <br> January 31, 2026 (unaudited)**

<br> Financial assets within Level 1 are based on quoted market prices in active markets. The Fund does not adjust the quoted price for these instruments.

Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include municipal bonds, investment-grade corporate bonds, U.S. Treasury notes and bonds, and certain non-U.S. sovereign obligations and over-the-counter derivatives. As Level 2 financial assets include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

Financial assets classified within Level 3 have significant unobservable inputs, as they trade infrequently. Level 3 financial assets include private equity and certain corporate debt securities.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon the actual sale of those investments.

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of January 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments, at value** | **Unadjusted <br> Quoted Prices<br> in Active <br> Markets<br> for Identical <br> Investments <br> (Level 1)** | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)** | **Significant <br> Unobservable <br> Inputs<br> (Level 3)** | **Balance as of <br> January 31, 2026** |
| Municipal Bonds\* | $— | $2207127016 | $— | $2207127016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments, at value** | $— | $2207127016 | $— | $2207127016 |

---

\* For geographical breakdown of municipal bond investments, refer to the Portfolio of Investments.

**BBH Intermediate Municipal Bond Fund**

**Portfolio of Investments (continued) <br> January 31, 2026 (unaudited)**

<br> Portfolio holdings are shown as of the date indicated. Since market conditions fluctuate suddenly and frequently, the portfolio holdings may change and this list is not indicative of future portfolio composition. These portfolio holdings are not intended to be and do not constitute recommendations that others buy, sell, or hold any of the securities listed.

**For more complete information on the Fund, call 1-800-575-1265 for a prospectus or visit www.bbhfunds.com. You should consider the Fund's investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the Fund's prospectus, which you should read carefully before investing.**

The BBH Funds are managed by a separately identifiable department within Brown Brothers Harriman & Co. Shares of the Fund are distributed by ALPS Distributors, Inc., located at 1290 Broadway, Suite 1000, Denver, CO 80203.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** BBH Trust

- **b. Investment Company Act file number:** 811-21829

- **c. CIK number of Registrant:** 0001342947

- **d. LEI of Registrant:** 5493002QM4WBFYUZ3Y95

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

  - **Street Address 1:** 140 Broadway

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10005-1108

  - **Telephone number:** 800-575-1265

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

- **a. Name of Series:** BBH Intermediate Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000034202

- **c. LEI of Series:** 549300DPCM9UOCN3CJ45

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**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:** $2299000860.86

**Total Liabilities:** $133647690.87

**Net Assets:** $2165353169.99

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -4082.00000000 | **1-Year:** -80617.00000000 | **5-Year:** -347725.00000000 | **10-Year:** -734289.00000000 | **30-Year:** -180426.00000000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000105435 | 0.30%                | 0.31%                | 0.98%                |
| Class ID C000105434 | 0.28%                | 0.20%                | 0.96%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1739554.83              | $-1737510.24                               |
| Month 2  | $441362.29               | $-1174507.40                               |
| Month 3  | $412910.06               | $13188490.17                               |

**Designated Index Information**

- **Index Name:** Bloomberg 1-15 Year Muni Blend

- **Index Identifier:** LM17TR Index

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| DIST OF COLUMBIA 5% 06/01/41   | DIST OF COLUMBIA REGD B/E 5.00000000                                                 | CUSIP: 25476FSD1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1480938.35   | 0.07%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MODESTO CA IRR DI V/R 09/01/37 | MODESTO CA IRR DIST FING AUTH REGD V/R B/E NATL 3.34610000                           | CUSIP: 607769EL6<br>LEI: S6U6XLZ7IOWYIG8C8H50 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $19651952.00  | 0.91%             | 2037-09-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY V/R 04/01/53 | BLACK BELT ENERGY GAS DIST AL REGD V/R B/E 2.93000000                                | CUSIP: 09182TBD8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $11867132.40  | 0.55%             | 2053-04-01      | Variable      | 2.93%                 | No            |                  2 | On Loan: No      |
| WYOMING ST CMNT 6.25% 12/01/55 | WYOMING ST CMNTY DEV AUTH HSG REGD B/E 6.25000000                                    | CUSIP: 98322QW45<br>LEI: 549300UQ62NB8FGTHW65 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1491341.43   | 0.07%             | 2055-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA UNI ZCP 08/01/36 | LONG BEACH CA UNIF SCH DIST REGD ZCP OID B/E 0.00000000                              | CUSIP: 542433QL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6920000 | PA      | $4450532.95   | 0.21%             | 2036-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| FRETE 2024-ML25  V/R 11/25/38  | FREDDIE MAC MULTIFAMILY ML CERTIFICATES SER 2024-ML25 CL ACA V/R 3.54109800          | CUSIP: 3137HH6G1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9852999 | PA      | $9354563.56   | 0.43%             | 2038-11-25      | Variable      | 3.54%                 | No            |                  2 | On Loan: No      |
| ALLAN HANCOCK JT C 0% 08/01/42 | ALLAN HANCOCK JT CMNTY CLG CA REGD OID B/E 0.00000000                                | CUSIP: 016730DA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11555000 | PA      | $10473100.73  | 0.48%             | 2042-08-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV V/R 10/01/32 | BURKE CNTY GA DEV AUTH POLL CO REGD V/R B/E 3.80000000                               | CUSIP: 121342QH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1353996.95   | 0.06%             | 2032-10-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG F 3% 01/01/52 | MINNESOTA ST HSG FIN AGY REGD B/E GNMA/FN 3.00000000                                 | CUSIP: 60416TFM5<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1237500.25   | 0.06%             | 2052-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM A 5% 03/15/45 | NEW YORK ST DORM AUTH ST PERSO REGD B/E 5.00000000                                   | CUSIP: 64990KHZ9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1391944.32   | 0.06%             | 2045-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HL V/R 07/01/48 | CONNECTICUT ST HLTH & EDUCTNL REGD V/R B/E 2.80000000                                | CUSIP: 20775DUX8<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   7825000 | PA      | $7825679.99   | 0.36%             | 2048-07-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| MARTIN CNTY FL HLT 4% 01/01/46 | MARTIN CNTY FL HLTH FACS AUTH REGD B/E 4.00000000                                    | CUSIP: 573903FZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5430000 | PA      | $4952150.23   | 0.23%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW MEMPHIS ARENA  0% 04/01/29 | NEW MEMPHIS ARENA PUBLIC BLDG REGD N/C OID B/E 0.00000000                            | CUSIP: 64704CAT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5575000 | PA      | $5757526.62   | 0.27%             | 2029-04-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG 6.25% 10/01/55 | ILLINOIS ST HSG DEV AUTH REVEN REGD B/E GNMA/FN 6.25000000                           | CUSIP: 45203MK34<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   4955000 | PA      | $5641982.51   | 0.26%             | 2055-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEP 5% 07/01/35 | LOS ANGELES CA DEPT OF WTR & P REGD N/C B/E 5.00000000                               | CUSIP: 544532QD9<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1178521.30   | 0.05%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA BON V/R 11/15/27 | LONG BEACH CA BOND FIN AUTH NA REGD V/R B/E 4.20600000                               | CUSIP: 54241ABC6<br>LEI: 549300BKBZ5U7OZH3S21 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1215276.24   | 0.06%             | 2027-11-15      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| RIALTO CA UNIF SC ZCP 08/01/40 | RIALTO CA UNIF SCH DIST REGD ZCP OID B/E BAM 0.00000000                              | CUSIP: 762494SK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $648527.76    | 0.03%             | 2040-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CLACKA ZCP 06/15/41 | WASHINGTON CLACKAMAS & YAMHILL REGD ZCP OID B/E SCH BD 0.00000000                    | CUSIP: 937440DU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $2496892.00   | 0.12%             | 2041-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG 2% 05/15/30 | CONNECTICUT ST HSG FIN AUTH HS REGD B/E AMT 2.00000000                               | CUSIP: 20775HBQ5<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    165000 | PA      | $153280.38    | 0.01%             | 2030-05-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HSG DE 6% 05/01/55 | MISSOURI ST HSG DEV COMMISSION REGD B/E GNMA/FN 6.00000000                           | CUSIP: 60637GBD0<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |   4575000 | PA      | $5107511.70   | 0.24%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY O ZCP 06/15/41 | WASHINGTON CNTY OR SCH DIST #4 REGD ZCP OID B/E SCH BD 0.00000000                    | CUSIP: 938429X44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $916206.84    | 0.04%             | 2041-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN 6% 07/01/54 | IDAHO ST HSG & FIN ASSN SF MTG REGD B/E GNMA/FN 6.00000000                           | CUSIP: 45129Y5K8<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   4610000 | PA      | $5128979.05   | 0.24%             | 2054-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| E-470 CO PUBLIC H V/R 09/01/39 | E-470 CO PUBLIC HIGHWAY AUTH REGD V/R B/E 3.19600000                                 | CUSIP: 26822LMX9<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |  11000000 | PA      | $10982602.40  | 0.51%             | 2039-09-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG 6% 11/15/54 | CONNECTICUT ST HSG FIN AUTH HS REGD B/E GNMA/FN 6.00000000                           | CUSIP: 20775HM34<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   4700000 | PA      | $5110766.84   | 0.24%             | 2054-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OREGON COAST OR CM 0% 06/15/34 | OREGON COAST OR CMNTY CLG DIST REGD N/C OID B/E SCH BD 5.00000000                    | CUSIP: 68583NCB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $352150.41    | 0.02%             | 2034-06-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| RENO-TAHOE NV A 5.25% 07/01/40 | RENO-TAHOE NV ARPT AUTH ARPT R REGD B/E AMT 5.25000000                               | CUSIP: 759874CE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1241357.85   | 0.06%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG 4% 05/15/49 | CONNECTICUT ST HSG FIN AUTH HS REGD B/E 4.00000000                                   | CUSIP: 20775CU85<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2158513.59   | 0.10%             | 2049-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH  4% 11/15/43 | PREREF WISCONSIN ST HLTH & EDUCTNL FA REGD B/E PREREFUNDED 11/15/28 @ 100 4.00000000 | CUSIP: 97712JPN7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    815000 | PA      | $853627.50    | 0.04%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HS 4% 11/01/45 | SOUTH DAKOTA ST HSG DEV AUTH REGD B/E 4.00000000                                     | CUSIP: 83756CLL7<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15018.34     | 0.00%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EL PASO TX INDEP S 5% 08/15/35 | EL PASO TX INDEP SCH DIST REGD B/E PSF-GTD 5.00000000                                | CUSIP: 283770PR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5739635.00   | 0.27%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEP 5% 05/15/44 | LOS ANGELES CA DEPT OF ARPTS A REGD B/E AMT 5.00000000                               | CUSIP: 544445ER6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5073900.00   | 0.23%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHINO VLY CA UNIF ZCP 08/01/34 | CHINO VLY CA UNIF SCH DIST REGD ZCP OID B/E 0.00000000                               | CUSIP: 169583JJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1088374.50   | 0.05%             | 2034-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG 5.25% 04/01/53 | ILLINOIS ST HSG DEV AUTH REVEN REGD B/E GNMA/FN 5.25000000                           | CUSIP: 45203MLG4<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   4625000 | PA      | $4978807.41   | 0.23%             | 2053-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ANTELOPE VLY CA CM 5% 08/01/43 | ANTELOPE VLY CA CMNTY CLG DIST REGD B/E 5.00000000                                   | CUSIP: 03667PLP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2166274.40   | 0.10%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST HSG 6.25% 07/01/55 | KENTUCKY ST HSG CORP SF MTGE REGD B/E GNMA/FN 6.25000000                             | CUSIP: 491309PS3<br>LEI: 549300NTBUU903EKQ287 | Long             | DBT              | MUN               | US        |   6250000 | PA      | $6995243.13   | 0.32%             | 2055-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CHAFFEY CA JT UNI ZCP 08/01/40 | CHAFFEY CA JT UNION HIGH SCH D REGD ZCP OID B/E 0.00000000                           | CUSIP: 157411VV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $817950.00    | 0.04%             | 2040-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST T ZCP 12/01/41 | PENNSYLVANIA ST TURNPIKE COMMI REGD N/C ZCP OID B/E 0.00000000                       | CUSIP: 709224DS5<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   3350000 | PA      | $1645588.34   | 0.08%             | 2041-12-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DOR 5.25% 03/15/46 | NEW YORK ST DORM AUTH ST PERSO REGD B/E 5.25000000                                   | CUSIP: 64990KJA2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7565611.20   | 0.35%             | 2046-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RENO-TAHOE NV ARPT 5% 07/01/36 | RENO-TAHOE NV ARPT AUTH ARPT R REGD B/E AMT 5.00000000                               | CUSIP: 759874CA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $1079656.98   | 0.05%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN 5.75% 03/01/54 | OHIO ST HSG FIN AGY RSDL MTGE REGD B/E FNMA/GN 5.75000000                            | CUSIP: 67756Q2H9<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   5890000 | PA      | $6244251.11   | 0.29%             | 2054-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VIRGINIA HSG DEV  V/R 07/01/56 | VIRGINIA HSG DEV AUTH REGD V/R B/E 3.12500000                                        | CUSIP: 92812XRF1<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10001206.00  | 0.46%             | 2056-07-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| MONTANA ST BRD OF  4% 12/01/43 | MONTANA ST BRD OF HSG SF MTGE REGD B/E 4.00000000                                    | CUSIP: 61212WFN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $246142.29    | 0.01%             | 2043-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY T 5% 05/01/38 | NEW YORK CITY NY TRANSITIONAL REGD B/E 5.00000000                                    | CUSIP: 64972JLX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3095000 | PA      | $3521325.73   | 0.16%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP FAC  V/R 01/01/52 | OHIO ST HOSP FAC REVENUE REGD V/R B/E 3.00000000                                     | CUSIP: 677561LA8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |  30000000 | PA      | $30000000.00  | 1.39%             | 2052-01-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX EL V/R 02/01/55 | SAN ANTONIO TX ELEC & GAS REVE REGD V/R B/E 0.00000000                               | CUSIP: 79625GNS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16000000 | PA      | $16009478.40  | 0.74%             | 2055-02-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| UTAH ST HSG CORP  V/R 04/01/46 | UTAH ST HSG CORP MF REVENUE REGD V/R B/E 2.95000000                                  | CUSIP: 917434DM1<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5009760.50   | 0.23%             | 2046-04-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH  V/R 12/01/52 | COLORADO ST HLTH FACS AUTH REV REGD V/R B/E 3.25000000                               | CUSIP: 19648FPT5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   6200000 | PA      | $6200000.00   | 0.29%             | 2052-12-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| NRTHRN CA ENERGY  V/R 12/01/54 | NRTHRN CA ENERGY AUTH COMMODIT REGD V/R B/E 5.00000000                               | CUSIP: 664840AL9<br>LEI: 5493001ZIJGWU7HYLH34 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10748571.00  | 0.50%             | 2054-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST T 4.25% 06/15/44 | NEW JERSEY ST TRANSPRTN TRUST REGD OID B/E 4.25000000                                | CUSIP: 64613CDQ8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  11435000 | PA      | $11449121.08  | 0.53%             | 2044-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TILLAMOOK BAY OR  ZCP 06/15/38 | TILLAMOOK BAY OR CMNTY CLG DIS REGD ZCP OID B/E SCH BD 0.00000000                    | CUSIP: 886792BD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1905000 | PA      | $1154949.68   | 0.05%             | 2038-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY  V/R 01/01/56 | CALIFORNIA CMNTY CHOICE FING A REGD V/R B/E 5.00000000                               | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2535000 | PA      | $2780648.09   | 0.13%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST D 4% 07/01/41 | MASSACHUSETTS ST DEV FIN AGY R REGD B/E 4.00000000                                   | CUSIP: 57584X8V6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   4740000 | PA      | $4743625.15   | 0.22%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVI 5% 10/01/37 | GTR ORLANDO FL AVIATION AUTH A REGD B/E AMT 5.00000000                               | CUSIP: 392275EZ2<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   3235000 | PA      | $3611444.66   | 0.17%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA 4% 05/01/43 | PORT OF SEATTLE WA REVENUE REGD B/E AMT 4.00000000                                   | CUSIP: 735389E46<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   4950000 | PA      | $4730049.23   | 0.22%             | 2043-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST 3.3% 06/01/34 | MASSACHUSETTS ST HSG FIN AGY H REGD B/E AMT 3.30000000                               | CUSIP: 57587AQ92<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    370000 | PA      | $368308.47    | 0.02%             | 2034-06-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| MONTANA ST BRD OF  4% 12/01/50 | MONTANA ST BRD OF HSG SF MTGE REGD B/E 4.00000000                                    | CUSIP: 61212WKN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1865000 | PA      | $1890950.17   | 0.09%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST HSG  4.75% 07/01/52 | INDIANA ST HSG & CMNTY DEV AUT REGD OID B/E GNMA/FN 4.75000000                       | CUSIP: 45505TXV8<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   4820000 | PA      | $5009525.29   | 0.23%             | 2052-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AU 5% 02/15/36 | PREREF ILLINOIS ST FIN AUTH REVENUE REGD B/E PREREFUNDED 02/15/27 @ 100 5.00000000   | CUSIP: 45204FN84<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    790000 | PA      | $811303.14    | 0.04%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANTELOPE VLY CA CM 5% 08/01/30 | ANTELOPE VLY CA CMNTY CLG DIST REGD N/C B/E 5.00000000                               | CUSIP: 03667PLA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1090663.10   | 0.05%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY & PH 6% 09/01/56 | MARICOPA CNTY & PHOENIX AZ IND REGD B/E GNMA CO 6.00000000                           | CUSIP: 566736LA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4980000 | PA      | $5596876.09   | 0.26%             | 2056-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER OH PORT V/R 02/01/55 | LANCASTER OH PORT AUTH GAS REV REGD V/R B/E 5.00000000                               | CUSIP: 514401BN7<br>LEI: 5493007EGWLFDZJFF129 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7447148.10   | 0.34%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEN CNTY OH HOS V/R 11/01/50 | ALLEN CNTY OH HOSP FACS REVENU REGD V/R B/E 3.20000000                               | CUSIP: 01757LHL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20000000.00  | 0.92%             | 2050-11-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| LOVE FIELD TX ARPT 5% 11/01/35 | LOVE FIELD TX ARPT MODERNIZATI REGD B/E AMT 5.00000000                               | CUSIP: 54714CBL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2018985.40   | 0.09%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY T 5% 11/01/41 | NEW YORK CITY NY TRANSITIONAL REGD B/E 5.00000000                                    | CUSIP: 64972JZH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2237663.20   | 0.10%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF H 6% 03/01/53 | TEXAS ST DEPT OF HSG & CMNTY A REGD B/E GNMA CO 6.00000000                           | CUSIP: 88275FVW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2940000 | PA      | $3236658.94   | 0.15%             | 2053-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & C 5.75% 11/15/36 | DENVER CITY & CNTY CO ARPT REV REGD N/C B/E AMT 5.75000000                           | CUSIP: 249182TE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3672783.90   | 0.17%             | 2036-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV  4% 07/01/48 | TENNESSEE HSG DEV AGY RSDL FIN REGD B/E 4.00000000                                   | CUSIP: 880461SC3<br>LEI: 25490004PSQYQLFJGI76 | Long             | DBT              | MUN               | US        |    425000 | PA      | $426956.79    | 0.02%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST 6.25% 11/01/55 | SOUTH DAKOTA ST HSG DEV AUTH REGD B/E GNMA/FN 6.25000000                             | CUSIP: 83756LBH7<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |   4900000 | PA      | $5529316.31   | 0.26%             | 2055-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FI V/R 09/01/50 | FLORIDA ST DEV FIN CORP SOL WS REGD V/R B/E AMT 3.40000000                           | CUSIP: 34061XAH5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7020102.60   | 0.32%             | 2050-09-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| FREMONT CA UNIF SC 5% 08/01/37 | FREMONT CA UNIF SCH DIST ALAME REGD B/E 5.00000000                                   | CUSIP: 357155FR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $2074355.68   | 0.10%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HS 4.25% 01/01/49 | MINNESOTA ST HSG FIN AGY REGD B/E GNMA/FN 4.25000000                                 | CUSIP: 60416SB66<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    890000 | PA      | $903554.52    | 0.04%             | 2049-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST HSG 6.25% 07/01/54 | KENTUCKY ST HSG CORP SF MTGE REGD B/E GNMA/FN 6.25000000                             | CUSIP: 491309ES5<br>LEI: 549300NTBUU903EKQ287 | Long             | DBT              | MUN               | US        |   4570000 | PA      | $5122537.22   | 0.24%             | 2054-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENE V/R 05/01/53 | CENTRL PLAINS ENERGY PROJ NE G REGD V/R B/E 5.00000000                               | CUSIP: 154871CU9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |  22375000 | PA      | $23530335.36  | 1.09%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MT 6.5% 09/01/54 | NEW MEXICO ST MTGE FIN AUTH REGD B/E GNMA/FN 6.50000000                              | CUSIP: 647201ZU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9170000 | PA      | $10166028.89  | 0.47%             | 2054-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY  V/R 03/01/55 | SOUTHEAST ENERGY AUTHORITY A C REGD V/R B/E 5.25000000                               | CUSIP: 84136HBT9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |  18850000 | PA      | $19949260.37  | 0.92%             | 2055-03-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| WINDSOR CA UNIF S ZCP 08/01/33 | WINDSOR CA UNIF SCH DIST REGD N/C ZCP OID B/Q B/E 0.00000000                         | CUSIP: 973517HY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $836714.11    | 0.04%             | 2033-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ANTELOPE VLY CA CM 5% 08/01/44 | ANTELOPE VLY CA CMNTY CLG DIST REGD B/E 5.00000000                                   | CUSIP: 03667PLQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1799294.88   | 0.08%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HL V/R 07/01/57 | CONNECTICUT ST HLTH & EDUCTNL REGD V/R B/E 2.80000000                                | CUSIP: 20775DUY6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   6580000 | PA      | $6580071.06   | 0.30%             | 2057-07-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEP 5% 05/15/37 | LOS ANGELES CA DEPT OF ARPTS A REGD B/E AMT 5.00000000                               | CUSIP: 544445SS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1083117.90   | 0.05%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI CITY SC 6% 05/01/29 | DETROIT MI CITY SCH DIST REGD N/C B/E AG Q-SB 6.00000000                             | CUSIP: 251129ZY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2672170.50   | 0.12%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATUR V/R 12/01/53 | MAIN STREET NATURAL GAS INC GA REGD V/R B/E 5.00000000                               | CUSIP: 56035DGB2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $8033829.75   | 0.37%             | 2053-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LANE & DOUGLAS CNT 0% 06/15/36 | LANE & DOUGLAS CNTYS OR SCH DI REGD OID B/E SCH BD 5.00000000                        | CUSIP: 515160EH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $961139.93    | 0.04%             | 2036-06-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS V/R 09/15/27 | TEXAS ST MUNI GAS ACQUISITION REGD N/C V/R B/E 3.32000000                            | CUSIP: 88255QBH1<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |   6410000 | PA      | $6421427.75   | 0.30%             | 2027-09-15      | Variable      | 3.32%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY O ZCP 06/15/38 | WASHINGTON CNTY OR SCH DIST #4 REGD ZCP OID B/E SCH BD 0.00000000                    | CUSIP: 9384292K2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3074442.50   | 0.14%             | 2038-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH W V/R 10/01/55 | PUBLIC FIN AUTH WI HLTHCARE SY REGD V/R B/E 3.05000000                               | CUSIP: 74447GAC4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  20700000 | PA      | $20700000.00  | 0.96%             | 2055-10-01      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY T 5% 05/01/40 | NEW YORK CITY NY TRANSITIONAL REGD B/E 5.00000000                                    | CUSIP: 64972JHS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3160000 | PA      | $3503997.28   | 0.16%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN  6.5% 03/01/56 | OHIO ST HSG FIN AGY RSDL MTGE REGD B/E GNMA/FN 6.50000000                            | CUSIP: 67756UDQ8<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |  16285000 | PA      | $18863706.95  | 0.87%             | 2056-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| INDIANA ST HSG & 6.5% 07/01/55 | INDIANA ST HSG & CMNTY DEV AUT REGD B/E GNMA/FN 6.50000000                           | CUSIP: 45505WCY8<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3988280.45   | 0.18%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY OH  V/R 11/01/42 | FRANKLIN CNTY OH HOSP FACS REV REGD V/R B/E 3.25000000                               | CUSIP: 353187EW3<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.09%             | 2042-11-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN V/R 06/25/42 | FEDERAL HOME LOAN MTGE CORP MF REGD N/C V/R B/E 4.60400000                           | CUSIP: 31350ADY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12132403 | PA      | $12219102.27  | 0.56%             | 2042-06-25      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| WYOMING ST CMNT 3.75% 12/01/49 | WYOMING ST CMNTY DEV AUTH HSG REGD B/E 3.75000000                                    | CUSIP: 98322QUG0<br>LEI: 549300UQ62NB8FGTHW65 | Long             | DBT              | MUN               | US        |    170000 | PA      | $170224.62    | 0.01%             | 2049-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC  5% 10/01/34 | MET WASHINGTON DC ARPTS AUTH A REGD B/E AMT 5.00000000                               | CUSIP: 592647GF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1243822.79   | 0.06%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRA ZCP 12/15/34 | NEW JERSEY ST TRANSPRTN TRUST REGD N/C ZCP OID B/E 0.00000000                        | CUSIP: 646136XM8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   7295000 | PA      | $5529828.12   | 0.26%             | 2034-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN A 4.75% 11/15/45 | MET TRANSPRTN AUTH NY REVENUE REGD OID B/E 4.75000000                                | CUSIP: 59261AG35<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |  18800000 | PA      | $18869473.52  | 0.87%             | 2045-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY A 5% 10/01/30 | SOUTHEAST ENERGY AUTHORITY A C REGD B/E 5.00000000                                   | CUSIP: 84136HCT8<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |  47000000 | PA      | $51028214.90  | 2.36%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HS 3.45% 03/01/49 | MINNESOTA ST HSG FIN AGY HOMEO REGD B/E GNMA/FN 3.45000000                           | CUSIP: 60416QHL1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1157245 | PA      | $1104812.22   | 0.05%             | 2049-03-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEP 5% 07/01/32 | LOS ANGELES CA DEPT WTR & PWR REGD B/E 5.00000000                                    | CUSIP: 5444952H6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   3115000 | PA      | $3179869.25   | 0.15%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HL V/R 07/01/49 | CONNECTICUT ST HLTH & EDUCTNLF REGD V/R B/E 2.85000000                               | CUSIP: 20775DZL9<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |  14000000 | PA      | $14000000.00  | 0.65%             | 2049-07-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| LANE CNTY OR SCH  ZCP 06/15/43 | LANE CNTY OR SCH DIST #40 CRES REGD ZCP OID B/E SCH BD 0.00000000                    | CUSIP: 515354EW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $662746.21    | 0.03%             | 2043-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA  6.25% 07/01/54 | SOUTH CAROLINA ST HSG FIN & DE REGD B/E 6.25000000                                   | CUSIP: 83712D5F9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5935000 | PA      | $6647429.09   | 0.31%             | 2054-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI G 6.25% 12/15/26 | TEXAS ST MUNI GAS ACQUISITION REGD N/C OID B/E 6.25000000                            | CUSIP: 88256CEX3<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |   3290000 | PA      | $3393224.41   | 0.16%             | 2026-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINA 5% 12/01/32 | SALT VERDE AZ FINANCIAL CORP S REGD N/C OID B/E 5.00000000                           | CUSIP: 79575EAR9<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   4865000 | PA      | $5343778.27   | 0.25%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCT V/R 01/01/39 | OHIO ST HGR EDUCTNL FAC COMMIS REGD V/R B/E 3.20000000                               | CUSIP: 67756DBD7<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12000000.00  | 0.55%             | 2039-01-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA  6.25% 01/01/55 | NORTH CAROLINA ST HSG FIN AGY REGD B/E GNMA/FN 6.25000000                            | CUSIP: 6582074E2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   8275000 | PA      | $9023078.21   | 0.42%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEP 5% 05/15/37 | LOS ANGELES CA DEPT OF ARPTS A REGD B/E AMT 5.00000000                               | CUSIP: 544445X87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2673088.80   | 0.12%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MTGE 6% 03/01/55 | NEW MEXICO ST MTGE FIN AUTH REGD B/E GNMA/FN 6.00000000                              | CUSIP: 647201K43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4855000 | PA      | $5387552.72   | 0.25%             | 2055-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND O 5% 07/01/36 | PORT OF PORTLAND OR ARPT REVEN REGD B/E AMT 5.00000000                               | CUSIP: 7352403A9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3335279.10   | 0.15%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTANA ST BRD OF  6% 12/01/55 | MONTANA ST BRD OF HSG SF MTGE REGD B/E 6.00000000                                    | CUSIP: 61212WD77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3621296.25   | 0.17%             | 2055-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG 6.25% 04/01/54 | ILLINOIS ST HSG DEV AUTH REVEN REGD B/E GNMA/FN 6.25000000                           | CUSIP: 45203MUH2<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   5075000 | PA      | $5550068.72   | 0.26%             | 2054-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SY 5% 07/01/34 | HOUSTON TX ARPT SYS REVENUE REGD B/E AMT 5.00000000                                  | CUSIP: 442349FP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1363660.63   | 0.06%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN  4.5% 09/01/48 | OHIO ST HSG FIN AGY RSDL MTGE REGD B/E GNMA/FN 4.50000000                            | CUSIP: 67756QXM4<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   5725000 | PA      | $5788647.12   | 0.27%             | 2048-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND O 4% 07/01/38 | PORT OF PORTLAND OR ARPT REVEN REGD B/E AMT 4.00000000                               | CUSIP: 7352402L6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5042514.50   | 0.23%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN 5.5% 07/01/41 | MET NASHVILLE TN ARPT AUTH ARP REGD B/E AMT 5.50000000                               | CUSIP: 592190QW5<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $2063460.00   | 0.10%             | 2041-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HSG  4.2% 11/01/48 | COLORADO ST HSG & FIN AUTH REGD B/E GNMA CO 4.20000000                               | CUSIP: 196479V48<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |    373609 | PA      | $374011.30    | 0.02%             | 2048-11-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA  5.5% 09/01/48 | PHILADELPHIA PA SCH DIST REGD B/E ST AID 5.50000000                                  | CUSIP: 717883A77<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3909725.62   | 0.18%             | 2048-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA 5% 08/01/46 | PORT OF SEATTLE WA REVENUE REGD B/E AMT 5.00000000                                   | CUSIP: 735389R26<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   5755000 | PA      | $5872999.37   | 0.27%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE PUBLIC SCH B 5% 06/01/32 | STATE PUBLIC SCH BLDG AUTH PA REGD B/E AG ST A 5.00000000                            | CUSIP: 85732GUG3<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5083353.00   | 0.23%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL  5.25% 10/01/43 | GTR ORLANDO FL AVIATION AUTH A REGD B/E AMT 5.25000000                               | CUSIP: 392275FF5<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5421370.50   | 0.25%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRAN 5% 06/15/39 | NEW JERSEY ST TRANSPRTN TRUST REGD B/E 5.00000000                                    | CUSIP: 64613CGA0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3080000 | PA      | $3472215.21   | 0.16%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST H 2.1% 05/15/31 | CONNECTICUT ST HSG FIN AUTH HS REGD B/E AMT 2.10000000                               | CUSIP: 20775HBS1<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    400000 | PA      | $359995.36    | 0.02%             | 2031-05-15      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG F V/R 06/15/54 | NEW YORK ST HSG FIN AGY ST PER REGD V/R B/E 3.35000000                               | CUSIP: 649870NG3<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5030047.00   | 0.23%             | 2054-06-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY T 5% 05/01/42 | NEW YORK CITY NY TRANSITIONAL REGD B/E 5.00000000                                    | CUSIP: 64972JNH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5350000 | PA      | $5859613.18   | 0.27%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MULTNOMAH CLACKAM ZCP 06/15/36 | MULTNOMAH CLACKAMAS CNTYS OR S REGD ZCP OID B/E SCH BD 0.00000000                    | CUSIP: 625482GG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6135000 | PA      | $3908555.13   | 0.18%             | 2036-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINA 5% 12/01/37 | SALT VERDE AZ FINANCIAL CORP S REGD N/C OID B/E 5.00000000                           | CUSIP: 79575EAS7<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |  22005000 | PA      | $24143760.57  | 1.12%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIO HONDO CA CMNT ZCP 08/01/43 | RIO HONDO CA CMNTY CLG DIST REGD ZCP OID B/E 0.00000000                              | CUSIP: 767121ES1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11745000 | PA      | $5259266.54   | 0.24%             | 2043-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| YAVAPAI CNTY AZ  1.3% 06/01/27 | YAVAPAI CNTY AZ INDL DEV AUTH REGD N/C B/E AMT 1.30000000                            | CUSIP: 98521UAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2925213.00   | 0.14%             | 2027-06-01      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE T 5.25% 07/01/34 | MET NASHVILLE TN ARPT AUTH ARP REGD B/E AMT 5.25000000                               | CUSIP: 592190QP0<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1628327.24   | 0.08%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LINCOLN CNTY OR SC 0% 06/15/32 | LINCOLN CNTY OR SCH DIST REGD N/C B/E SCH BD 0.00000000                              | CUSIP: 533404CX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $1056417.58   | 0.05%             | 2032-06-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST HSG  6.5% 03/01/56 | OKLAHOMA ST HSG FIN AGY SF MTG REGD B/E GNMA/FN 6.50000000                           | CUSIP: 67886MT41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4975000 | PA      | $5679849.54   | 0.26%             | 2056-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY T 5% 05/01/42 | NEW YORK CITY NY TRANSITIONAL REGD B/E 5.00000000                                    | CUSIP: 64972JMB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12780000 | PA      | $13997356.34  | 0.65%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY T 4% 02/01/39 | NEW YORK CITY NY TRANSITIONAL REGD B/E 4.00000000                                    | CUSIP: 64971XK80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2548155.25   | 0.12%             | 2039-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RIALTO CA UNIF SC ZCP 08/01/42 | RIALTO CA UNIF SCH DIST REGD ZCP OID B/E BAM 0.00000000                              | CUSIP: 762494SM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $684985.87    | 0.03%             | 2042-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV POL V/R 01/01/36 | CLARK CNTY NV POLL CONTROL REV REGD V/R B/E 3.75000000                               | CUSIP: 181008BE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2530000 | PA      | $2532950.99   | 0.12%             | 2036-01-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| NORTHSIDE TX INDE V/R 06/01/50 | NORTHSIDE TX INDEP SCH DIST REGD V/R B/E PSF-GTD 3.55000000                          | CUSIP: 66702RR79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10199630.00  | 0.47%             | 2050-06-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| NTHRN CA GAS AUTH V/R 07/01/27 | NTHRN CA GAS AUTH #1 GAS PROJ REGD V/R B/E 3.34800000                                | CUSIP: 66483PAH4<br>LEI: 549300TLE6LHZ4MKO832 | Long             | DBT              | MUN               | US        |   3950000 | PA      | $3959613.91   | 0.18%             | 2027-07-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AU 4% 07/15/47 | ILLINOIS ST FIN AUTH REVENUE REGD B/E 4.00000000                                     | CUSIP: 45204EA32<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |  23035000 | PA      | $20599601.59  | 0.95%             | 2047-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVI 5% 10/01/33 | GTR ORLANDO FL AVIATION AUTH A REGD B/E AMT 5.00000000                               | CUSIP: 392274W69<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2057211.60   | 0.10%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUT V/R 11/01/32 | MET TRANSPRTN AUTH NY REVENUE REGD V/R B/E AG 3.23880000                             | CUSIP: 59261AL54<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500091.50   | 0.07%             | 2032-11-01      | Variable      | 3.24%                 | No            |                  2 | On Loan: No      |
| RIO HONDO CA CMNT ZCP 08/01/45 | RIO HONDO CA CMNTY CLG DIST REGD ZCP OID B/E 0.00000000                              | CUSIP: 767121EU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6075000 | PA      | $2415846.47   | 0.11%             | 2045-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUN V/R 09/01/50 | CALIFORNIA ST MUNI FIN AUTH SO REGD V/R B/E AMT 3.37500000                           | CUSIP: 13048RAS6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2499435.50   | 0.12%             | 2050-09-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEP 5% 07/01/41 | LOS ANGELES CA DEPT OF WTR & P REGD B/E BAM 5.00000000                               | CUSIP: 544532PN8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1117860.90   | 0.05%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CNTY C V/R 06/01/39 | SACRAMENTO CNTY CA WTR FING AU REGD V/R B/E NATL 3.28610000                          | CUSIP: 78615RCV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6375000 | PA      | $6158703.26   | 0.28%             | 2039-06-01      | Variable      | 3.29%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA 5% 08/01/34 | PORT OF SEATTLE WA REVENUE REGD B/E AMT 5.00000000                                   | CUSIP: 735389U89<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $6120422.00   | 0.28%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRA ZCP 12/15/38 | NEW JERSEY ST TRANSPRTN TRUST REGD N/C ZCP OID B/E 0.00000000                        | CUSIP: 646136WK3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $6264483.00   | 0.29%             | 2038-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY N 5.25% 02/01/40 | NEW YORK CITY NY TRANSITIONAL REGD B/E 5.25000000                                    | CUSIP: 64971X7A0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3343177.80   | 0.15%             | 2040-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OREGON COAST OR CM 0% 06/15/36 | OREGON COAST OR CMNTY CLG DIST REGD OID B/E SCH BD 5.00000000                        | CUSIP: 68583NCD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $651955.64    | 0.03%             | 2036-06-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG 6.25% 10/01/56 | ILLINOIS ST HSG DEV AUTH REVEN REGD B/E GNMA/FN 6.25000000                           | CUSIP: 45203M2J9<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3462124.50   | 0.16%             | 2056-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT O 5.75% 01/01/53 | TEXAS ST DEPT OF HSG & CMNTY A REGD B/E GNMA CO 5.75000000                           | CUSIP: 882750SX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2950000 | PA      | $3212530.83   | 0.15%             | 2053-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMB 5% 07/15/40 | DISTRICT OF COLUMBIA HOSP REVE REGD B/E 5.00000000                                   | CUSIP: 254764KC6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |  12900000 | PA      | $12907740.00  | 0.60%             | 2040-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HS 6% 05/01/54 | SOUTH DAKOTA ST HSG DEV AUTH REGD B/E GNMA/FN 6.00000000                             | CUSIP: 83756C2W4<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |   4605000 | PA      | $4913500.46   | 0.23%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG 6.25% 10/01/52 | ILLINOIS ST HSG DEV AUTH REVEN REGD B/E GNMA/FN 6.25000000                           | CUSIP: 45203MKB6<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   2460000 | PA      | $2642058.20   | 0.12%             | 2052-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN A V/R 08/15/49 | ILLINOIS ST FIN AUTH REVENUE REGD V/R B/E 3.05000000                                 | CUSIP: 45204FAH8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8000000.00   | 0.37%             | 2049-08-15      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG 3.6% 01/01/49 | MINNESOTA ST HSG FIN AGY HOMEO REGD B/E GNMA/FN 3.60000000                           | CUSIP: 60416QHJ6<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    455020 | PA      | $434378.96    | 0.02%             | 2049-01-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH 5% 11/15/37 | MET TRANSPRTN AUTH NY REVENUE REGD B/E 5.00000000                                    | CUSIP: 59261AFS1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |  10425000 | PA      | $10546465.85  | 0.49%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PULASKI CNTY AR HO 5% 03/01/41 | PULASKI CNTY AR HOSP REVENUE REGD B/E 5.00000000                                     | CUSIP: 745392KG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071831.10   | 0.05%             | 2041-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF 4.3% 09/01/38 | TEXAS ST DEPT OF HSG & CMNTY A REGD B/E GNMA CO 4.30000000                           | CUSIP: 88275FYV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1432167.28   | 0.07%             | 2038-09-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT 5.25% 07/01/41 | HOUSTON TX ARPT SYS REVENUE REGD B/E AMT AG 5.25000000                               | CUSIP: 442349GS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5463351.00   | 0.25%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL 5% 10/01/36 | MIAMI-DADE CNTY FL AVIATION RE REGD B/E AMT 5.00000000                               | CUSIP: 59333P7N2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14100000 | PA      | $15836282.46  | 0.73%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL AR 5% 10/01/31 | BROWARD CNTY FL ARPT SYS REVEN REGD B/E AMT 5.00000000                               | CUSIP: 114894YG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3050000 | PA      | $3273602.21   | 0.15%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LINCOLN CNTY OR SC 0% 06/15/35 | LINCOLN CNTY OR SCH DIST REGD N/C B/E SCH BD 0.00000000                              | CUSIP: 533404DA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $944938.83    | 0.04%             | 2035-06-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC  5% 10/01/42 | MET WASHINGTON DC ARPTS AUTH A REGD B/E AMT 5.00000000                               | CUSIP: 592647EQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5805000 | PA      | $5881260.87   | 0.27%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA JT U ZCP 08/01/33 | ROSEVILLE CA JT UNION HIGH SCH REGD ZCP OID B/E 0.00000000                           | CUSIP: 777849SW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $769083.87    | 0.04%             | 2033-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN A V/R 11/15/37 | ILLINOIS ST FIN AUTH REVENUE REGD V/R B/E 3.00000000                                 | CUSIP: 45204EM54<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   7600000 | PA      | $7600000.00   | 0.35%             | 2037-11-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY O ZCP 06/15/40 | WASHINGTON CNTY OR SCH DIST #4 REGD ZCP OID B/E SCH BD 0.00000000                    | CUSIP: 9384292M8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8665000 | PA      | $4710134.56   | 0.22%             | 2040-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW Y 5% 10/15/34 | PORT AUTH OF NEW YORK & NEW JE REGD B/E AMT 5.00000000                               | CUSIP: 73358XCE0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1447141.87   | 0.07%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL VLY CA ENE V/R 12/01/55 | CENTRL VLY CA ENERGY AUTH COMM REGD V/R B/E 5.00000000                               | CUSIP: 15569DAA0<br>LEI: 254900G5IPQ9MA3FRJ55 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5403823.00   | 0.25%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH  V/R 05/15/61 | COLORADO ST HLTH FACS AUTH REV REGD V/R B/E 2.83000000                               | CUSIP: 19648FVM3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9997067.00   | 0.46%             | 2061-05-15      | Variable      | 2.83%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH ZCP 01/01/36 | N TX TOLLWAY AUTH REVENUE REGD N/C ZCP OID B/E AG 0.00000000                         | CUSIP: 66285WCB0<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   5270000 | PA      | $3793746.52   | 0.18%             | 2036-01-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AU 5% 02/15/36 | ILLINOIS ST FIN AUTH REVENUE REGD B/E 5.00000000                                     | CUSIP: 45204FP66<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3990000 | PA      | $4064838.83   | 0.19%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH ZCP 01/01/35 | N TX TOLLWAY AUTH REVENUE REGD N/C ZCP OID B/E AG 0.00000000                         | CUSIP: 66285WCA2<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   4835000 | PA      | $3649132.60   | 0.17%             | 2035-01-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PULASKI CNTY AR HO 5% 03/01/40 | PULASKI CNTY AR HOSP REVENUE REGD B/E 5.00000000                                     | CUSIP: 745392KF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082604.90   | 0.05%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & C 5.25% 11/15/36 | DENVER CITY & CNTY CO ARPT REV REGD B/E AMT 5.25000000                               | CUSIP: 249182UX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $997690.50    | 0.05%             | 2036-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ F 5.25% 12/01/28 | SALT VERDE AZ FINANCIAL CORP S REGD N/C B/E 5.25000000                               | CUSIP: 79575EAP3<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   3800000 | PA      | $4010633.62   | 0.19%             | 2028-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAN MATEO CA UNION 5% 09/01/27 | SAN MATEO CA UNION HIGH SCH DI REGD N/C B/E 5.00000000                               | CUSIP: 799017ZX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1286710.24   | 0.06%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST H 5.5% 11/15/52 | CONNECTICUT ST HSG FIN AUTH HS REGD B/E GNMA/FN 5.50000000                           | CUSIP: 20775HXT5<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   5575000 | PA      | $5893941.29   | 0.27%             | 2052-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NORTH DAKOTA ST 4.25% 01/01/49 | NORTH DAKOTA ST HSG FIN AGY REGD B/E 4.25000000                                      | CUSIP: 658909SW7<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |    475000 | PA      | $479208.22    | 0.02%             | 2049-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT 5.25% 07/01/48 | HOUSTON TX ARPT SYS REVENUE REGD B/E AMT AG 5.25000000                               | CUSIP: 442349GV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16125000 | PA      | $16646371.24  | 0.77%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CLACKA ZCP 06/15/39 | WASHINGTON CLACKAMAS & YAMHILL REGD ZCP OID B/E SCH BD 0.00000000                    | CUSIP: 937440DS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $3307473.00   | 0.15%             | 2039-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH F 5% 11/15/39 | COLORADO ST HLTH FACS AUTH REV REGD B/E 5.00000000                                   | CUSIP: 19648FSD7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3130000 | PA      | $3411769.17   | 0.16%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AU 4% 04/15/42 | MICHIGAN ST FIN AUTH REVENUE REGD OID B/E 4.00000000                                 | CUSIP: 59447T3V3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   6030000 | PA      | $6040073.72   | 0.28%             | 2042-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH  4% 11/15/39 | WISCONSIN ST HLTH & EDUCTNL FA REGD B/E 4.00000000                                   | CUSIP: 97712DQR0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   6850000 | PA      | $6777802.37   | 0.31%             | 2039-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY 5% 11/15/37 | DENVER CITY & CNTY CO ARPT REV REGD B/E AMT 5.00000000                               | CUSIP: 249182QN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2095000 | PA      | $2279454.28   | 0.11%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF NORTH CAR V/R 12/01/41 | UNIV OF NORTH CAROLINA NC AT C REGD V/R B/E 3.49550000                               | CUSIP: 914713U75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  38235000 | PA      | $38392432.61  | 1.77%             | 2041-12-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HS 2.93% 03/01/47 | MINNESOTA ST HSG FIN AGY HOMEO REGD B/E GNMA/FN 2.93000000                           | CUSIP: 60416QGQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    527889 | PA      | $479981.94    | 0.02%             | 2047-03-01      | Fixed         | 2.93%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATUR V/R 04/01/54 | MAIN STREET NATURAL GAS INC GA REGD V/R B/E 5.00000000                               | CUSIP: 56035DHZ8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $8036139.00   | 0.37%             | 2054-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY O ZCP 06/15/39 | WASHINGTON CNTY OR SCH DIST #4 REGD ZCP OID B/E SCH BD 0.00000000                    | CUSIP: 938429X28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1088196.88   | 0.05%             | 2039-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRI ZCP 11/15/35 | TRIBOROUGH NY BRIDGE & TUNNEL REGD N/C ZCP OID B/E 0.00000000                        | CUSIP: 89602HES2<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1165000 | PA      | $843582.44    | 0.04%             | 2035-11-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| KILGORE TX INDEP  V/R 02/15/52 | KILGORE TX INDEP SCH DIST REGD V/R B/E PSF-GTD 4.00000000                            | CUSIP: 494053MA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007817.70   | 0.05%             | 2052-02-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CLACKA ZCP 06/15/37 | WASHINGTON CLACKAMAS & YAMHILL REGD ZCP OID B/E SCH BD 0.00000000                    | CUSIP: 937440DQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3530000 | PA      | $2144150.24   | 0.10%             | 2037-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY T 5% 05/01/38 | NEW YORK CITY NY TRANSITIONAL REGD B/E 5.00000000                                    | CUSIP: 64972JHQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7235000 | PA      | $8181725.80   | 0.38%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA  4% 01/01/46 | ALLEGHENY CNTY PA ARPT AUTH AR REGD B/E AMT AG 4.00000000                            | CUSIP: 01728LFH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6387732.40   | 0.29%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY  5.25% 01/01/36 | ALLEGHENY CNTY PA ARPT AUTH AR REGD B/E AMT AG 5.25000000                            | CUSIP: 01728LGV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1118659.80   | 0.05%             | 2036-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRAN 5% 06/15/43 | NEW JERSEY ST TRANSPRTN TRUST REGD B/E 5.00000000                                    | CUSIP: 64613CGE2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3725000 | PA      | $4034651.80   | 0.19%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN V/R 03/25/42 | FEDERAL HOME LOAN MTGE CORP MF REGD N/C V/R B/E 4.83710000                           | CUSIP: 31350ADZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7829978.25   | 0.36%             | 2042-03-25      | Variable      | 4.84%                 | No            |                  2 | On Loan: No      |
| ANTELOPE VLY CA CM 5% 08/01/36 | ANTELOPE VLY CA CMNTY CLG DIST REGD N/C B/E 5.00000000                               | CUSIP: 03667PLG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1164451.30   | 0.05%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PULASKI CNTY AR HO 5% 03/01/42 | PULASKI CNTY AR HOSP REVENUE REGD B/E 5.00000000                                     | CUSIP: 745392KH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061803.90   | 0.05%             | 2042-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC  5% 10/01/35 | MET WASHINGTON DC ARPTS AUTH A REGD N/C B/E AMT 5.00000000                           | CUSIP: 592647NS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8250000 | PA      | $9496980.08   | 0.44%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF H 4% 03/01/50 | TEXAS ST DEPT OF HSG & CMNTY A REGD B/E GNMA CO 4.00000000                           | CUSIP: 88275FRD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1140376.50   | 0.05%             | 2050-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MTGE 6% 03/01/56 | NEW MEXICO ST MTGE FIN AUTH REGD B/E GNMA/FN 6.00000000                              | CUSIP: 6472017A4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $11141867.00  | 0.51%             | 2056-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRA ZCP 12/15/34 | NEW JERSEY ST TRANSPRTN TRUST REGD N/C ZCP OID B/E 0.00000000                        | CUSIP: 646136WR8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2285000 | PA      | $1732098.32   | 0.08%             | 2034-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY A 5% 09/01/35 | SOUTHEAST ENERGY AUTHORITY A C REGD B/E 5.00000000                                   | CUSIP: 84136HCP6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   6725000 | PA      | $7411691.10   | 0.34%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA  6.25% 07/01/55 | NORTH CAROLINA HSG FIN AGY HOM REGD B/E GNMA/FN 6.25000000                           | CUSIP: 65820BBA3<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |  12740000 | PA      | $14094562.66  | 0.65%             | 2055-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SY 4% 07/01/46 | HOUSTON TX ARPT SYS REVENUE REGD B/E AMT 4.00000000                                  | CUSIP: 442349FX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8530000 | PA      | $7648167.75   | 0.35%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX EL V/R 02/01/55 | SAN ANTONIO TX ELEC & GAS REVE REGD V/R B/E 3.08000000                               | CUSIP: 79625GNE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8070554.40   | 0.37%             | 2055-02-01      | Variable      | 3.08%                 | No            |                  2 | On Loan: No      |
| ANTELOPE VLY CA C ZCP 08/01/38 | ANTELOPE VLY CA CMNTY CLG DIST REGD ZCP OID B/E 0.00000000                           | CUSIP: 03667PJM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $587691.40    | 0.03%             | 2038-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ANTELOPE VLY CA CM 5% 08/01/39 | ANTELOPE VLY CA CMNTY CLG DIST REGD B/E 5.00000000                                   | CUSIP: 03667PLK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1707136.35   | 0.08%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FARMINGTON NM PO 1.8% 04/01/29 | FARMINGTON NM POLL CONTROL REV REGD N/C B/E 1.80000000                               | CUSIP: 311450FZ8<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |   4395000 | PA      | $4199001.02   | 0.19%             | 2029-04-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN A V/R 11/15/37 | ILLINOIS ST FIN AUTH REVENUE REGD V/R B/E 3.25000000                                 | CUSIP: 45204EM39<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15000000.00  | 0.69%             | 2037-11-15      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST  6% 01/01/54 | SOUTH CAROLINA ST HSG FIN & DE REGD B/E 6.00000000                                   | CUSIP: 83712D4A1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6290000 | PA      | $6958619.45   | 0.32%             | 2054-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW Y 5% 01/15/39 | PORT AUTH OF NEW YORK & NEW JE REGD B/E AMT 5.00000000                               | CUSIP: 73358XHA3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1224318.15   | 0.06%             | 2039-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH ZCP 01/01/32 | N TX TOLLWAY AUTH REVENUE REGD N/C ZCP OID B/E AG 0.00000000                         | CUSIP: 66285WBX3<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $6770940.80   | 0.31%             | 2032-01-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN A V/R 04/15/47 | MICHIGAN ST FIN AUTH REVENUE REGD V/R B/E 3.03000000                                 | CUSIP: 59447T3W1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |  15705000 | PA      | $15666725.34  | 0.72%             | 2047-04-15      | Variable      | 3.03%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY O ZCP 06/15/37 | WASHINGTON CNTY OR SCH DIST #4 REGD ZCP OID B/E SCH BD 0.00000000                    | CUSIP: 938429W86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $5765382.90   | 0.27%             | 2037-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NORTH EAST TX IND V/R 08/01/49 | NORTH EAST TX INDEP SCH DIST REGD V/R B/E PSF-GTD 3.75000000                         | CUSIP: 659155QL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4790000 | PA      | $4860165.84   | 0.22%             | 2049-08-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| CHINO VLY CA UNIF ZCP 08/01/35 | CHINO VLY CA UNIF SCH DIST REGD ZCP OID B/E 0.00000000                               | CUSIP: 169583JK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $1572373.00   | 0.07%             | 2035-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT RE 5% 07/01/38 | ATLANTA GA ARPT REVENUE REGD B/E AMT 5.00000000                                      | CUSIP: 04780ME96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3258471.60   | 0.15%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN MATEO CA UNION 5% 09/01/31 | SAN MATEO CA UNION HIGH SCH DI REGD N/C B/E 5.00000000                               | CUSIP: 799017A32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1536923.57   | 0.07%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SC 5% 09/01/34 | PHILADELPHIA PA SCH DIST REGD B/E ST AID 5.00000000                                  | CUSIP: 717883VB5<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   2910000 | PA      | $3061438.73   | 0.14%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW Y 5% 01/15/38 | PORT AUTH OF NEW YORK & NEW JE REGD B/E AMT 5.00000000                               | CUSIP: 73358XGZ9<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1106294.61   | 0.05%             | 2038-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG 6% 11/15/54 | CONNECTICUT ST HSG FIN AUTH HS REGD B/E 6.00000000                                   | CUSIP: 20775HQ71<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   2090000 | PA      | $2328406.30   | 0.11%             | 2054-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL 5% 10/01/32 | MIAMI-DADE CNTY FL AVIATION RE REGD N/C B/E AMT 5.00000000                           | CUSIP: 59333P7J1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3275000 | PA      | $3691101.52   | 0.17%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW Y 5% 09/15/32 | PORT AUTH OF NEW YORK & NEW JE REGD B/E AMT 5.00000000                               | CUSIP: 73358WS54<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1816506.65   | 0.08%             | 2032-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY O ZCP 06/15/43 | WASHINGTON CNTY OR SCH DIST #4 REGD ZCP OID B/E SCH BD 0.00000000                    | CUSIP: 9384292Q9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3630000 | PA      | $1615687.59   | 0.07%             | 2043-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT O 2.15% 07/01/37 | TEXAS ST DEPT OF HSG & CMNTY A REGD B/E GNMA 2.15000000                              | CUSIP: 882750RQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3860000 | PA      | $3209363.42   | 0.15%             | 2037-07-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| MULTNOMAH CLACKAM ZCP 06/15/32 | MULTNOMAH CLACKAMAS CNTYS OR S REGD ZCP OID B/E SCH BD 0.00000000                    | CUSIP: 625482HN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1162064.38   | 0.05%             | 2032-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN IN ZCP 02/01/39 | SAINT CLOUD MN INDEP SCH DIST# REGD ZCP OID B/E SD CRED 0.00000000                   | CUSIP: 789177TF9<br>LEI: 549300777B7XVMYHUU90 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $2193895.13   | 0.10%             | 2039-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| LANE & DOUGLAS CNT 0% 06/15/37 | LANE & DOUGLAS CNTYS OR SCH DI REGD OID B/E SCH BD 5.00000000                        | CUSIP: 515160EJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1241130.07   | 0.06%             | 2037-06-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MOBILE AL INDL DE V/R 06/01/34 | MOBILE AL INDL DEV BRD POLL CO REGD V/R B/E 3.92000000                               | CUSIP: 607167DV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3612481.56   | 0.17%             | 2034-06-01      | Variable      | 3.92%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN V/R 01/25/43 | FEDERAL HOME LOAN MTGE CORP MF REGD N/C V/R B/E 4.86900000                           | CUSIP: 31350ADW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4977505 | PA      | $5032316.94   | 0.23%             | 2043-01-25      | Variable      | 4.87%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE T 5.25% 07/01/35 | MET NASHVILLE TN ARPT AUTH ARP REGD B/E AMT 5.25000000                               | CUSIP: 592190QQ8<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1255835.36   | 0.06%             | 2035-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN IN ZCP 02/01/38 | SAINT CLOUD MN INDEP SCH DIST# REGD ZCP OID B/E SD CRED 0.00000000                   | CUSIP: 789177TE2<br>LEI: 549300777B7XVMYHUU90 | Long             | DBT              | MUN               | US        |   3350000 | PA      | $2076819.77   | 0.10%             | 2038-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRI V/R 04/01/26 | TRIBOROUGH NY BRIDGE & TUNNEL REGD V/R B/E 3.48880000                                | CUSIP: 89602HEW3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2751009.25   | 0.13%             | 2026-04-01      | Variable      | 3.49%                 | No            |                  2 | On Loan: No      |
| KING CNTY WA SWR  V/R 01/01/40 | KING CNTY WA SWR REVENUE REGD V/R B/E 2.51000000                                     | CUSIP: 495290EF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3185000 | PA      | $3161621.46   | 0.15%             | 2040-01-01      | Variable      | 2.51%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS V/R 09/15/27 | TEXAS ST MUNI GAS ACQUISITION REGD V/R B/E 3.53980000                                | CUSIP: 88255QAC3<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |  17790000 | PA      | $17846750.10  | 0.82%             | 2027-09-15      | Variable      | 3.54%                 | No            |                  2 | On Loan: No      |
| TENNERGY CORP TN  V/R 10/01/54 | TENNERGY CORP TN GAS REVENUE REGD V/R B/E 5.00000000                                 | CUSIP: 880397CJ1<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3978223.13   | 0.18%             | 2054-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO C 5.25% 05/01/41 | SAN FRANCISCO CA CITY &CNTY AR REGD B/E AMT 5.25000000                               | CUSIP: 79766DWT2<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1845000 | PA      | $2046113.67   | 0.09%             | 2041-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LINCOLN CNTY OR SC 0% 06/15/38 | LINCOLN CNTY OR SCH DIST REGD B/E SCH BD 0.00000000                                  | CUSIP: 533404DD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1501162.47   | 0.07%             | 2038-06-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| ANTELOPE VLY CA C ZCP 08/01/34 | ANTELOPE VLY CA CMNTY CLG DIST REGD ZCP OID B/E 0.00000000                           | CUSIP: 03667PJH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $748783.20    | 0.03%             | 2034-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| LINCOLN CNTY OR SC 0% 06/15/31 | LINCOLN CNTY OR SCH DIST REGD N/C B/E SCH BD 0.00000000                              | CUSIP: 533404CW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $817269.92    | 0.04%             | 2031-06-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG 6.25% 10/01/53 | ILLINOIS ST HSG DEV AUTH REVEN REGD B/E FNMA/GN 6.25000000                           | CUSIP: 45203MSE2<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   4330000 | PA      | $4848612.76   | 0.22%             | 2053-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WYOMING ST CMNTY 3.5% 12/01/34 | WYOMING ST CMNTY DEV AUTH HSG REGD B/E 3.50000000                                    | CUSIP: 98322QHU4<br>LEI: 549300UQ62NB8FGTHW65 | Long             | DBT              | MUN               | US        |   1880000 | PA      | $1880120.32   | 0.09%             | 2034-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRI ZCP 11/15/36 | TRIBOROUGH NY BRIDGE & TUNNEL REGD N/C ZCP OID B/E 0.00000000                        | CUSIP: 89602HET0<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $4478425.25   | 0.21%             | 2036-11-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AU 4% 08/15/36 | ILLINOIS ST FIN AUTH REVENUE REGD B/E 4.00000000                                     | CUSIP: 45204FBA2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3470000 | PA      | $3519932.95   | 0.16%             | 2036-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST 6.25% 05/01/56 | SOUTH DAKOTA ST HSG DEV AUTH REGD B/E GNMA/FN 6.25000000                             | CUSIP: 83756LDX0<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3737511.05   | 0.17%             | 2056-05-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY  V/R 02/01/52 | CALIFORNIA CMNTY CHOICE FING A REGD V/R B/E 2.73000000                               | CUSIP: 13013JAR7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  28175000 | PA      | $27031357.03  | 1.25%             | 2052-02-01      | Variable      | 2.73%                 | No            |                  2 | On Loan: No      |
| NEBRASKA ST INV 6.25% 09/01/55 | NEBRASKA ST INVESTMENT FIN AUT REGD B/E GNMA/FN 6.25000000                           | CUSIP: 63968XDX0<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2249296.60   | 0.10%             | 2055-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY N 5.25% 02/01/47 | NEW YORK CITY NY TRANSITIONAL REGD B/E 5.25000000                                    | CUSIP: 64971X7G7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3125000 | PA      | $3286038.44   | 0.15%             | 2047-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SY 5% 07/01/36 | HOUSTON TX ARPT SYS REVENUE REGD B/E AMT AG 5.00000000                               | CUSIP: 442349GM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3355000 | PA      | $3704402.45   | 0.17%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVI 5% 10/01/32 | GTR ORLANDO FL AVIATION AUTH A REGD B/E AMT 5.00000000                               | CUSIP: 392275AY9<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1920000 | PA      | $2123889.41   | 0.10%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST  4.5% 11/01/48 | SOUTH DAKOTA ST HSG DEV AUTH REGD B/E 4.50000000                                     | CUSIP: 83756CWQ4<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |    825000 | PA      | $834676.67    | 0.04%             | 2048-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW Y 5% 07/15/38 | PORT AUTH OF NEW YORK & NEW JE REGD B/E AMT 5.00000000                               | CUSIP: 73358XHY1<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1918309.58   | 0.09%             | 2038-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SC 5% 09/01/29 | PHILADELPHIA PA SCH DIST REGD B/E ST AID 5.00000000                                  | CUSIP: 717883TE2<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5070091.00   | 0.23%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY O ZCP 06/15/41 | WASHINGTON CNTY OR SCH DIST #4 REGD ZCP OID B/E SCH BD 0.00000000                    | CUSIP: 9384292N6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7710000 | PA      | $3934759.18   | 0.18%             | 2041-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CHINO VLY CA UNIF ZCP 08/01/39 | CHINO VLY CA UNIF SCH DIST REGD ZCP OID B/E 0.00000000                               | CUSIP: 169583KP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1062119.34   | 0.05%             | 2039-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MONTANA ST BRD OF  5% 12/01/52 | MONTANA ST BRD OF HSG SF MTGE REGD B/E 5.00000000                                    | CUSIP: 61212WRS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1169431.09   | 0.05%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HSG 5.75% 05/01/53 | MISSOURI ST HSG DEV COMMISSION REGD B/E GNMA/FN 5.75000000                           | CUSIP: 60637B2T6<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |   8260000 | PA      | $8855555.09   | 0.41%             | 2053-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST 5% 06/01/28  | NORTH CAROLINA ST REGD N/C B/E 5.00000000                                            | CUSIP: 6582566E7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6250000 | PA      | $6626323.75   | 0.31%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRAN 5% 06/15/42 | NEW JERSEY ST TRANSPRTN TRUST REGD B/E 5.00000000                                    | CUSIP: 64613CEX2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7664636.70   | 0.35%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HSG 5.75% 05/01/56 | MISSOURI ST HSG DEV COMMISSION REGD B/E GNMA/FN 5.75000000                           | CUSIP: 60637GJK6<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |   4960000 | PA      | $5442849.55   | 0.25%             | 2056-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA 5% 08/01/35 | PORT OF SEATTLE WA REVENUE REGD B/E AMT 5.00000000                                   | CUSIP: 735389U97<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1564326.79   | 0.07%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HS 5.35% 07/01/36 | MINNESOTA ST HSG FIN AGY REGD B/E AMT GNMA/FN 5.35000000                             | CUSIP: 60416TXU7<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    950000 | PA      | $1010403.47   | 0.05%             | 2036-07-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG 6.25% 10/01/55 | ILLINOIS ST HSG DEV AUTH REVEN REGD B/E GNMA/FN 6.25000000                           | CUSIP: 45203MB83<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   4120000 | PA      | $4550814.39   | 0.21%             | 2055-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CEDAR HILL TX INDE 5% 02/15/37 | CEDAR HILL TX INDEP SCH DIST REGD B/E PSF-GTD 5.00000000                             | CUSIP: 1504293T3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2695000 | PA      | $3067039.63   | 0.14%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CLACKA ZCP 06/15/33 | WASHINGTON CLACKAMAS & YAMHILL REGD ZCP OID B/E SCH BD 0.00000000                    | CUSIP: 937440EV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1053508.70   | 0.05%             | 2033-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HS 3.15% 06/01/49 | MINNESOTA ST HSG FIN AGY HOMEO REGD B/E GNMA/FN 3.15000000                           | CUSIP: 60416QHN7<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    502738 | PA      | $460973.56    | 0.02%             | 2049-06-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW Y 5% 07/15/34 | PORT AUTH OF NEW YORK & NEW JE REGD B/E AMT 5.00000000                               | CUSIP: 73358XHU9<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $3172386.00   | 0.15%             | 2034-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH W V/R 10/01/46 | PUBLIC FIN AUTH WI EDU REVENUE REGD V/R B/E 3.70000000                               | CUSIP: 74447HAA6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   6280000 | PA      | $6464266.50   | 0.30%             | 2046-10-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN 6.25% 03/01/55 | OHIO ST HSG FIN AGY RSDL MTGE REGD B/E GNMA/FN 6.25000000                            | CUSIP: 67756Q8B6<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   6335000 | PA      | $6991409.89   | 0.32%             | 2055-03-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV  4% 01/01/43 | TENNESSEE HSG DEV AGY RSDL FIN REGD B/E 4.00000000                                   | CUSIP: 880461TK4<br>LEI: 25490004PSQYQLFJGI76 | Long             | DBT              | MUN               | US        |    520000 | PA      | $522780.08    | 0.02%             | 2043-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH DAKOTA ST 4.25% 07/01/49 | NORTH DAKOTA ST HSG FIN AGY REGD B/E 4.25000000                                      | CUSIP: 658909TX4<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1288823.04   | 0.06%             | 2049-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH  4% 11/15/43 | WISCONSIN ST HLTH & EDUCTNL FA REGD B/E 4.00000000                                   | CUSIP: 97712JPP2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   9715000 | PA      | $9298619.96   | 0.43%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA 5% 04/01/37 | PORT OF SEATTLE WA REVENUE REGD B/E AMT 5.00000000                                   | CUSIP: 735389H76<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   6285000 | PA      | $6568206.50   | 0.30%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| E-470 CO PUBLIC H ZCP 09/01/37 | E-470 CO PUBLIC HIGHWAY AUTH REGD ZCP OID B/E NATL 0.00000000                        | CUSIP: 26822LGT5<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |   5025000 | PA      | $2832540.24   | 0.13%             | 2037-09-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| OREGON COAST OR CM 0% 06/15/38 | OREGON COAST OR CMNTY CLG DIST REGD OID B/E SCH BD 5.00000000                        | CUSIP: 68583NCF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $584506.36    | 0.03%             | 2038-06-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY  5.25% 01/01/40 | ALLEGHENY CNTY PA ARPT AUTH AR REGD B/E AMT AG 5.25000000                            | CUSIP: 01728LGZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1940000 | PA      | $2110563.25   | 0.10%             | 2040-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO C 5.25% 05/01/40 | SAN FRANCISCO CA CITY &CNTY AR REGD B/E AMT 5.25000000                               | CUSIP: 79766DWS4<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   9655000 | PA      | $10774415.18  | 0.50%             | 2040-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST T V/R 12/01/45 | PENNSYLVANIA ST TURNPIKE COMMI REGD V/R B/E 5.00000000                               | CUSIP: 709225RH1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3947111.70   | 0.18%             | 2045-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST  3.5% 11/01/46 | SOUTH DAKOTA ST HSG DEV AUTH REGD B/E 3.50000000                                     | CUSIP: 83756CPQ2<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |    145000 | PA      | $145001.15    | 0.01%             | 2046-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST 5% 06/01/27  | NORTH CAROLINA ST REGD N/C B/E 5.00000000                                            | CUSIP: 6582566D9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10347086.00  | 0.48%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST  4.25% 05/15/42 | CONNECTICUT ST HSG FIN AUTH HS REGD B/E GNMA/FN 4.25000000                           | CUSIP: 20775CN34<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    840000 | PA      | $848553.05    | 0.04%             | 2042-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FRETE 2024-ML23  V/R 04/25/42  | FREDDIE MAC MULTIFAMILY ML CERTIFICATES SER 2024-ML23 CL AUS V/R 144A P/P 4.70231400 | CUSIP: 3137HDJL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2981077 | PA      | $2984045.37   | 0.14%             | 2042-04-25      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST T 5.25% 06/15/41 | NEW JERSEY ST TRANSPRTN TRUST REGD B/E 5.25000000                                    | CUSIP: 64613CEV6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  13760000 | PA      | $15573076.77  | 0.72%             | 2041-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST 6.25% 05/01/55 | SOUTH DAKOTA ST HSG DEV AUTH REGD OID B/E GNMA/FN 6.25000000                         | CUSIP: 83756LAC9<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |   5340000 | PA      | $5857879.61   | 0.27%             | 2055-05-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FORT BEND TX INDE V/R 08/01/55 | FORT BEND TX INDEP SCH DIST REGD V/R B/E PSF-GTD 3.80000000                          | CUSIP: 346843WS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5133567.00   | 0.24%             | 2055-08-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| ENERGY S E AL A CO 5% 09/01/33 | ENERGY S E AL A COOPERATIVE DI REGD B/E 5.00000000                                   | CUSIP: 292723CN1<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |  16500000 | PA      | $17407478.55  | 0.80%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST 5% 08/01/36           | TEXAS ST REGD B/E AMT 5.00000000                                                     | CUSIP: 8827243A3<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   2715000 | PA      | $3084393.13   | 0.14%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL  5.25% 10/01/44 | GTR ORLANDO FL AVIATION AUTH A REGD B/E AMT 5.25000000                               | CUSIP: 392275FG3<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   4665000 | PA      | $5006485.46   | 0.23%             | 2044-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY  5.25% 01/01/37 | ALLEGHENY CNTY PA ARPT AUTH AR REGD B/E AMT AG 5.25000000                            | CUSIP: 01728LGW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1110401.80   | 0.05%             | 2037-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| E-470 CO PUBLIC H ZCP 09/01/35 | E-470 CO PUBLIC HIGHWAY AUTH REGD ZCP OID B/E NATL 0.00000000                        | CUSIP: 26822LGS7<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |   3800000 | PA      | $2373834.54   | 0.11%             | 2035-09-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ANTELOPE VLY CA C ZCP 08/01/36 | ANTELOPE VLY CA CMNTY CLG DIST REGD ZCP OID B/E 0.00000000                           | CUSIP: 03667PJK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $664440.40    | 0.03%             | 2036-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR ZCP 06/15/34 | CLACKAMAS CNTY OR SCH DIST #12 REGD ZCP OID B/E SCH BD 0.00000000                    | CUSIP: 179093HJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $2318097.28   | 0.11%             | 2034-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRAN 5% 06/15/38 | NEW JERSEY ST TRANSPRTN TRUST REGD B/E 5.00000000                                    | CUSIP: 64613CEQ7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5135000 | PA      | $5846079.40   | 0.27%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW Y 5% 07/15/37 | PORT AUTH OF NEW YORK & NEW JE REGD B/E AMT 5.00000000                               | CUSIP: 73358XHX3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   4595000 | PA      | $5075012.54   | 0.23%             | 2037-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MULTNOMAH CNTY OR ZCP 06/15/26 | MULTNOMAH CNTY OR SCH DIST #40 REGD N/C ZCP OID B/E SCH BD 0.00000000                | CUSIP: 625693GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2585000 | PA      | $2559890.09   | 0.12%             | 2026-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| FHLMC STRUCTURED  V/R 10/25/40 | FHLMC STRUCTURED PASS THROUGH REGD N/C V/R B/E 4.68400000                            | CUSIP: 3137HCXR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4786647 | PA      | $4863565.03   | 0.22%             | 2040-10-25      | Variable      | 4.68%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HS 2.47% 01/01/50 | MINNESOTA ST HSG FIN AGY HOMEO REGD B/E GNMA/FN 2.47000000                           | CUSIP: 60416QHT4<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   2518539 | PA      | $2087494.10   | 0.10%             | 2050-01-01      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MTGE 4% 01/01/49 | NEW MEXICO ST MTGE FIN AUTH REGD B/E GNMA/FN 4.00000000                              | CUSIP: 647201BD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504034.20    | 0.02%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUT V/R 11/15/45 | MET TRANSPRTN AUTH NY REVENUE REGD V/R B/E 5.00000000                                | CUSIP: 59261AG68<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   8225000 | PA      | $8850012.82   | 0.41%             | 2045-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH F 4% 11/15/43 | COLORADO ST HLTH FACS AUTH REV REGD B/E 4.00000000                                   | CUSIP: 19648FJE5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2355000 | PA      | $2218383.86   | 0.10%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN MATEO CA UNION 5% 09/01/30 | SAN MATEO CA UNION HIGH SCH DI REGD N/C B/E 5.00000000                               | CUSIP: 799017A24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $2065494.66   | 0.10%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEP 5% 07/01/39 | LOS ANGELES CA DEPT OF WTR & P REGD B/E BAM 5.00000000                               | CUSIP: 544532PL2<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    750000 | PA      | $852021.98    | 0.04%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVI 5% 10/01/36 | GTR ORLANDO FL AVIATION AUTH A REGD B/E AMT 5.00000000                               | CUSIP: 3922742A3<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   5030000 | PA      | $5304809.02   | 0.24%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUTLER CNTY PA GE V/R 10/01/34 | BUTLER CNTY PA GEN AUTH REVENU REGD V/R B/E AG 3.32800000                            | CUSIP: 123574AG0<br>LEI: 549300TSJ3NDU9FG0667 | Long             | DBT              | MUN               | US        |   5860000 | PA      | $5757854.93   | 0.27%             | 2034-10-01      | Variable      | 3.33%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH 3.5% 01/01/49 | IOWA ST FIN AUTH SF MTGE REVEN REGD B/E GNMA/FN 3.50000000                           | CUSIP: 462467YJ4<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    535000 | PA      | $536756.35    | 0.02%             | 2049-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA  5% 01/01/35 | ALLEGHENY CNTY PA ARPT AUTH AR REGD B/E AMT AG 5.00000000                            | CUSIP: 01728LGU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1980000 | PA      | $2192468.26   | 0.10%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HSG  6.25% 01/01/55 | FLORIDA ST HSG FIN CORP REVENU REGD B/E GNMA/FN 6.25000000                           | CUSIP: 34074M7G0<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   4350000 | PA      | $4814740.95   | 0.22%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LINCOLN CNTY OR SC 0% 06/15/30 | LINCOLN CNTY OR SCH DIST REGD N/C B/E SCH BD 0.00000000                              | CUSIP: 533404CV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $810511.13    | 0.04%             | 2030-06-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & C 5.25% 11/15/34 | DENVER CITY & CNTY CO ARPT REV REGD B/E AMT 5.25000000                               | CUSIP: 249182UV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3275000 | PA      | $3753109.72   | 0.17%             | 2034-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RENO-TAHOE NV A 5.25% 07/01/37 | RENO-TAHOE NV ARPT AUTH ARPT R REGD B/E AMT 5.25000000                               | CUSIP: 759874CB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1129074.80   | 0.05%             | 2037-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OREGON COAST OR CM 0% 06/15/33 | OREGON COAST OR CMNTY CLG DIST REGD N/C OID B/E SCH BD 5.00000000                    | CUSIP: 68583NCA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $348211.68    | 0.02%             | 2033-06-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| S MIAMI FL HLTH FA 5% 08/15/42 | S MIAMI FL HLTH FACS AUTH REGD B/E 5.00000000                                        | CUSIP: 838810ED7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25755000 | PA      | $26229435.43  | 1.21%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AU 5% 07/01/30 | ILLINOIS ST FIN AUTH REVENUE REGD N/C B/E 5.00000000                                 | CUSIP: 45204FG90<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1111596.90   | 0.05%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AZ INDL DEV AUT 6.25% 10/01/55 | AZ INDL DEV AUTH SF MTGE REVEN REGD B/E GNMA/FN 6.25000000                           | CUSIP: 04052JDF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $3019436.19   | 0.14%             | 2055-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MULTNOMAH CNTY OR ZCP 06/15/34 | MULTNOMAH CNTY OR SCH DIST #40 REGD ZCP OID B/E SCH BD 0.00000000                    | CUSIP: 625693HW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1143364.89   | 0.05%             | 2034-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA 5% 04/01/39 | PORT OF SEATTLE WA REVENUE REGD B/E AMT 5.00000000                                   | CUSIP: 735389H92<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   3385000 | PA      | $3516049.26   | 0.16%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY T 5% 11/01/41 | NEW YORK CITY NY TRANSITIONAL REGD B/E 5.00000000                                    | CUSIP: 64972JYJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7550000 | PA      | $8447178.58   | 0.39%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA  6.25% 01/01/56 | NORTH CAROLINA HSG FIN AGY HOM REGD B/E GNMA/FN 6.25000000                           | CUSIP: 65820BBF2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   6480000 | PA      | $7361613.07   | 0.34%             | 2056-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LAKE TAHOE CA UNIF 0% 08/01/45 | LAKE TAHOE CA UNIF SCH DIST REGD N/C OID B/Q B/E AGM 0.00000000                      | CUSIP: 511012LW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6150000 | PA      | $5287932.98   | 0.24%             | 2045-08-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA C 5% 05/01/37 | SAN FRANCISCO CA CITY &CNTY AR REGD B/E AMT 5.00000000                               | CUSIP: 79766DWP0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   4725000 | PA      | $5311710.81   | 0.25%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RENO-TAHOE NV A 5.25% 07/01/41 | RENO-TAHOE NV ARPT AUTH ARPT R REGD B/E AMT 5.25000000                               | CUSIP: 759874CF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2320000 | PA      | $2550906.35   | 0.12%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA S 5.5% 01/01/54 | NORTH CAROLINA ST HSG FIN AGY REGD B/E GNMA/FN 5.50000000                            | CUSIP: 658207X42<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   5205000 | PA      | $5631342.59   | 0.26%             | 2054-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUT 6.25% 07/01/53 | IOWA ST FIN AUTH SF MTGE REVEN REGD B/E GNMA/FN 6.25000000                           | CUSIP: 4624677K1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   4280000 | PA      | $4711627.30   | 0.22%             | 2053-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBL V/R 02/15/36 | LOUISIANA ST PUBLIC FACS AUTH REGD V/R B/E NATL 3.45600000                           | CUSIP: 546398ST6<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   4890000 | PA      | $4852054.58   | 0.22%             | 2036-02-15      | Variable      | 3.46%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW Y 5% 11/01/32 | PORT AUTH OF NEW YORK & NEW JE REGD B/E AMT 5.00000000                               | CUSIP: 73358W3R3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1855257.54   | 0.09%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT  2.835% 09/01/47 | TEXAS ST DEPT OF HSG & CMNTY A REGD B/E GNMA\FN 2.83500000                           | CUSIP: 88275FNY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7724917 | PA      | $6937235.46   | 0.32%             | 2047-09-01      | Fixed         | 2.83%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEP 5% 07/01/37 | LOS ANGELES CA DEPT OF WTR & P REGD B/E 5.00000000                                   | CUSIP: 544532CH5<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1358239.75   | 0.06%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHINO VLY CA UNIF ZCP 08/01/38 | CHINO VLY CA UNIF SCH DIST REGD ZCP OID B/E 0.00000000                               | CUSIP: 169583KN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $763853.77    | 0.04%             | 2038-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN V/R 11/25/42 | FEDERAL HOME LOAN MTGE CORP MF REGD N/C V/R B/E 4.38700000                           | CUSIP: 31350ADR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4969960 | PA      | $4842127.06   | 0.22%             | 2042-11-25      | Variable      | 4.39%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR ZCP 06/15/36 | CLACKAMAS CNTY OR SCH DIST #12 REGD ZCP OID B/E SCH BD 0.00000000                    | CUSIP: 179093HL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5800000 | PA      | $3722850.06   | 0.17%             | 2036-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST WTR DEV B 4% 10/15/43 | TEXAS ST WTR DEV BRD REGD B/E 4.00000000                                             | CUSIP: 882854Q54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12115000 | PA      | $12118897.40  | 0.56%             | 2043-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY O ZCP 06/15/42 | WASHINGTON CNTY OR SCH DIST #4 REGD ZCP OID B/E SCH BD 0.00000000                    | CUSIP: 9384292P1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4750000 | PA      | $2266063.98   | 0.10%             | 2042-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SY 5% 07/01/31 | HOUSTON TX ARPT SYS REVENUE REGD B/E AMT 5.00000000                                  | CUSIP: 442349DT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2174506.40   | 0.10%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEBRASKA ST INVEST 6% 09/01/55 | NEBRASKA ST INVESTMENT FIN AUT REGD B/E GNMA/FN 6.00000000                           | CUSIP: 63968XFB6<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |   5750000 | PA      | $6545783.90   | 0.30%             | 2055-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEP 5% 07/01/40 | LOS ANGELES CA DEPT OF WTR & P REGD B/E BAM 5.00000000                               | CUSIP: 544532PM0<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1126986.30   | 0.05%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND O 4% 07/01/47 | PORT OF PORTLAND OR ARPT REVEN REGD B/E AMT 4.00000000                               | CUSIP: 7352402R3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4970000 | PA      | $4479961.98   | 0.21%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| POLK CNTY IA 5% 06/01/43       | POLK CNTY IA REGD B/E AMT 5.00000000                                                 | CUSIP: 7311972L2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2090309.80   | 0.10%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TU 0% 12/01/37 | PENNSYLVANIA ST TURNPIKE COMMI REGD OID B/E 0.00000000                               | CUSIP: 709224AX7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   7905000 | PA      | $8149824.96   | 0.38%             | 2037-12-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRA ZCP 12/15/39 | NEW JERSEY ST TRANSPRTN TRUST REGD N/C ZCP OID B/E 0.00000000                        | CUSIP: 646136WU1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  15100000 | PA      | $8939486.90   | 0.41%             | 2039-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA CMNT 0% 08/01/49 | LONG BEACH CA CMNTY CLG DIST REGD OID B/E 0.00000000                                 | CUSIP: 542411GJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $3800759.05   | 0.18%             | 2049-08-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST HSG FI 6% 03/01/54 | OKLAHOMA ST HSG FIN AGY SF MTG REGD B/E GNMA/FN 6.00000000                           | CUSIP: 67886MA25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2715000 | PA      | $2997696.66   | 0.14%             | 2054-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA  5.25% 05/15/42 | LOS ANGELES CA DEPT OF ARPTS A REGD B/E AMT 5.25000000                               | CUSIP: 5444452X6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $16723683.00  | 0.77%             | 2042-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FREMONT CA UNIF SC 5% 08/01/38 | FREMONT CA UNIF SCH DIST ALAME REGD B/E 5.00000000                                   | CUSIP: 357155FS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2345660.80   | 0.11%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SC 5% 09/01/37 | PHILADELPHIA PA SCH DIST REGD B/E ST AID 5.00000000                                  | CUSIP: 717883TN2<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1815000 | PA      | $1835394.43   | 0.08%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LINCOLN CNTY OR SC 0% 06/15/39 | LINCOLN CNTY OR SCH DIST REGD B/E SCH BD 0.00000000                                  | CUSIP: 533404DE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1104033.40   | 0.05%             | 2039-06-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST  2.05% 11/15/30 | CONNECTICUT ST HSG FIN AUTH HS REGD B/E AMT 2.05000000                               | CUSIP: 20775HBR3<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    450000 | PA      | $418025.52    | 0.02%             | 2030-11-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS V/R 12/15/26 | TEXAS ST MUNI GAS ACQUISITION REGD V/R B/E 3.36980000                                | CUSIP: 88256CAW9<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |   3205000 | PA      | $3205332.04   | 0.15%             | 2026-12-15      | Variable      | 3.37%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA  6.25% 01/01/55 | NORTH CAROLINA ST HSG FIN AGY REGD B/E GNMA/FN 6.25000000                            | CUSIP: 6582077Q2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   4815000 | PA      | $5414253.71   | 0.25%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MULTNOMAH CNTY OR ZCP 06/15/43 | MULTNOMAH CNTY OR SCH DIST #40 REGD ZCP OID B/E SCH BD 0.00000000                    | CUSIP: 625693JF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  21050000 | PA      | $9267677.19   | 0.43%             | 2043-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS V/R 09/15/27 | TEXAS ST MUNI GAS ACQUISITION REGD V/R B/E 2.83000000                                | CUSIP: 88255QAE9<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1641804.42   | 0.08%             | 2027-09-15      | Variable      | 2.83%                 | No            |                  2 | On Loan: No      |
| STHRN CA PUBLIC P V/R 11/01/38 | STHRN CA PUBLIC PWR AUTH NATUR REGD N/C V/R B/E 4.22730000                           | CUSIP: 842471AZ7<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   3375000 | PA      | $3342399.86   | 0.15%             | 2038-11-01      | Variable      | 4.23%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HSG 4.75% 11/01/52 | MISSOURI ST HSG DEV COMMISSION REGD B/E GNMA/FN 4.75000000                           | CUSIP: 60637BV31<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |   2080000 | PA      | $2153827.31   | 0.10%             | 2052-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG 6.25% 10/01/55 | ILLINOIS ST HSG DEV AUTH REVEN REGD B/E GNMA/FN 6.25000000                           | CUSIP: 45203MS36<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   7970000 | PA      | $9132183.81   | 0.42%             | 2055-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG 6.5% 07/01/54 | MINNESOTA ST HSG FIN AGY REGD B/E GNMA/FN 6.50000000                                 | CUSIP: 60416UBB0<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   4740000 | PA      | $5243405.06   | 0.24%             | 2054-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HL V/R 07/01/36 | CONNECTICUT ST HLTH & EDUCTNL REGD V/R B/E 2.50000000                                | CUSIP: 20774LRT4<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |  14000000 | PA      | $14000000.00  | 0.65%             | 2036-07-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF H 4% 01/01/39 | TEXAS ST DEPT OF HSG & CMNTY A REGD B/E GNMA CO 4.00000000                           | CUSIP: 882750XT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4100000 | PA      | $4136824.97   | 0.19%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HS 4% 11/01/49 | SOUTH DAKOTA ST HSG DEV AUTH REGD B/E 4.00000000                                     | CUSIP: 83756CZA6<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1462086.84   | 0.07%             | 2049-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CNTY C V/R 06/01/34 | SACRAMENTO CNTY CA WTR FING AU REGD V/R B/E NATL 3.26610000                          | CUSIP: 78615RCU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2079950.01   | 0.10%             | 2034-06-01      | Variable      | 3.27%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM A 4% 07/01/38 | NEW YORK ST DORM AUTH REVENUES REGD OID B/E 4.00000000                               | CUSIP: 65000BF52<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2565000 | PA      | $2665723.45   | 0.12%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW Y 5% 12/01/34 | PORT AUTH OF NEW YORK & NEW JE REGD B/E AMT 5.00000000                               | CUSIP: 73358XKB7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   3910000 | PA      | $4443086.27   | 0.21%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST TRUNK  4% 11/15/44 | MICHIGAN ST TRUNK LINE REGD B/E 4.00000000                                           | CUSIP: 5946952Z0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7015000 | PA      | $6831788.54   | 0.32%             | 2044-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX TOL 4% 08/15/45 | HARRIS CNTY TX TOLL ROAD REVEN REGD B/E 4.00000000                                   | CUSIP: 41423PCA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3975000 | PA      | $3822753.13   | 0.18%             | 2045-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW Y 5% 09/15/34 | PORT AUTH OF NEW YORK & NEW JE REGD B/E AMT 5.00000000                               | CUSIP: 73358WS70<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5176288.00   | 0.24%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MEDINA VLY TX IND V/R 02/15/51 | MEDINA VLY TX INDEP SCH DIST REGD V/R B/E PSF-GTD 0.82000000                         | CUSIP: 584887SX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4260000 | PA      | $4255728.50   | 0.20%             | 2051-02-15      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| WASHOE CNTY NV WT V/R 03/01/36 | WASHOE CNTY NV WTR FAC REVENUE REGD V/R B/E AMT 4.12500000                           | CUSIP: 940865BG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7575000 | PA      | $7785925.88   | 0.36%             | 2036-03-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| MOUNT SAN ANTONIO  0% 08/01/43 | MOUNT SAN ANTONIO CA CMNTY CLG REGD OID B/E 0.00000000                               | CUSIP: 623040FW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7700000 | PA      | $7879865.84   | 0.36%             | 2043-08-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS V/R 01/01/55 | TEXAS ST MUNI GAS ACQUISITION REGD V/R B/E 5.00000000                                | CUSIP: 88256RAK2<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |  19275000 | PA      | $20854750.09  | 0.96%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH ZCP 01/01/38 | N TX TOLLWAY AUTH REVENUE REGD N/C ZCP OID B/E AG 0.00000000                         | CUSIP: 66285WCD6<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |  10990000 | PA      | $7175505.08   | 0.33%             | 2038-01-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS 5% 11/15/36 | AUSTIN TX ARPT SYS REVENUE REGD B/E AMT 5.00000000                                   | CUSIP: 052398HM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1965631.32   | 0.09%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA A V/R 07/01/54 | PHILADELPHIA PA AUTH FOR INDL REGD V/R B/E 3.25000000                                | CUSIP: 717901CC4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $13000000.00  | 0.60%             | 2054-07-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY O ZCP 06/15/34 | WASHINGTON CNTY OR SCH DIST #4 REGD ZCP OID B/E SCH BD 0.00000000                    | CUSIP: 938429T31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5350000 | PA      | $3838691.34   | 0.18%             | 2034-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC  5% 10/01/37 | MET WASHINGTON DC ARPTS AUTH A REGD B/E AMT 5.00000000                               | CUSIP: 592647LV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2085000 | PA      | $2268708.52   | 0.10%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LINCOLN CNTY OR SC 0% 06/15/33 | LINCOLN CNTY OR SCH DIST REGD N/C B/E SCH BD 0.00000000                              | CUSIP: 533404CY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1124445.10   | 0.05%             | 2033-06-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| MULTNOMAH CNTY OR ZCP 06/15/38 | MULTNOMAH CNTY OR SCH DIST #40 REGD ZCP OID B/E SCH BD 0.00000000                    | CUSIP: 625693JA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1342035.68   | 0.06%             | 2038-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH  4% 11/15/43 | WISCONSIN ST HLTH & EDUCTNL FA REGD B/E 4.00000000                                   | CUSIP: 97712JMB6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   6215000 | PA      | $5941199.42   | 0.27%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEP 5% 05/15/36 | LOS ANGELES CA DEPT OF ARPTS A REGD B/E AMT 5.00000000                               | CUSIP: 544445FY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1935000 | PA      | $1989379.89   | 0.09%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY  V/R 10/01/55 | SOUTHEAST ENERGY AUTHORITY A C REGD V/R B/E 5.00000000                               | CUSIP: 84136HAH6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |  11025000 | PA      | $11897073.09  | 0.55%             | 2055-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY T 5% 11/01/40 | NEW YORK CITY NY TRANSITIONAL REGD B/E 5.00000000                                    | CUSIP: 64972JYH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3657118.73   | 0.17%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN IN ZCP 02/01/40 | SAINT CLOUD MN INDEP SCH DIST# REGD ZCP OID B/E SD CRED 0.00000000                   | CUSIP: 789177TG7<br>LEI: 549300777B7XVMYHUU90 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $2046499.13   | 0.09%             | 2040-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HS 6.25% 09/01/55 | WISCONSIN ST HSG & ECON DEV AU REGD B/E GNMA/FN 6.25000000                           | CUSIP: 97689QXG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5605528.50   | 0.26%             | 2055-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CHAFFEY CA JT UNI ZCP 08/01/39 | CHAFFEY CA JT UNION HIGH SCH D REGD ZCP OID B/E 0.00000000                           | CUSIP: 157411VU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $578600.50    | 0.03%             | 2039-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY O ZCP 06/15/44 | WASHINGTON CNTY OR SCH DIST #1 REGD ZCP OID B/E SCH BD 0.00000000                    | CUSIP: 938350FR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5885000 | PA      | $2493784.64   | 0.12%             | 2044-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG 6.5% 01/01/55 | MINNESOTA ST HSG FIN AGY REGD B/E GNMA/FN 6.50000000                                 | CUSIP: 60416UFQ3<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   3385000 | PA      | $3842069.78   | 0.18%             | 2055-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CLACKA ZCP 06/15/40 | WASHINGTON CLACKAMAS & YAMHILL REGD ZCP OID B/E SCH BD 0.00000000                    | CUSIP: 937440FC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4800000 | PA      | $2588350.08   | 0.12%             | 2040-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC  5% 10/01/40 | MET WASHINGTON DC ARPTS AUTH A REGD B/E AMT 5.00000000                               | CUSIP: 592647MY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1739280.91   | 0.08%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUN V/R 10/01/41 | CALIFORNIA ST MUNI FIN AUTH SO REGD V/R B/E AMT 3.45000000                           | CUSIP: 13048RAL1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10068362.00  | 0.46%             | 2041-10-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| GOOSE CREEK TX CO V/R 02/15/35 | GOOSE CREEK TX CONSOL INDEP SC REGD V/R B/E PSF-GTD 0.60000000                       | CUSIP: 3826043G9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1730727.43   | 0.08%             | 2035-02-15      | Variable      | 0.60%                 | No            |                  2 | On Loan: No      |
| FRETE 2024-ML26  V/R 12/25/38  | FREDDIE MAC MULTIFAMILY ML CERTIFICATES SER 2024-ML26 CL A V/R 3.26001000            | CUSIP: 3137HH6N6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6920752 | PA      | $6061454.41   | 0.28%             | 2038-12-25      | Variable      | 3.26%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW Y 5% 07/15/35 | PORT AUTH OF NEW YORK & NEW JE REGD B/E AMT 5.00000000                               | CUSIP: 73358W5L4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1601439.15   | 0.07%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORT BEND TX INDE V/R 08/01/54 | FORT BEND TX INDEP SCH DIST REGD V/R B/E PSF-GTD 4.00000000                          | CUSIP: 346843VT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3875000 | PA      | $3956650.51   | 0.18%             | 2054-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG F V/R 11/01/50 | NEW YORK ST HSG FIN AGY AFFORD REGD V/R B/E FNMA CO 3.95000000                       | CUSIP: 64987JY96<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7573306.50   | 0.35%             | 2050-11-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST HLTH F V/R 01/01/46 | ARIZONA ST HLTH FACS AUTH REGD V/R B/E 3.25000000                                    | CUSIP: 040507QB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7500000.00   | 0.35%             | 2046-01-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SY 4% 07/01/38 | HOUSTON TX ARPT SYS REVENUE REGD B/E AMT 4.00000000                                  | CUSIP: 442349FT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2625000 | PA      | $2626364.21   | 0.12%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ANTELOPE VLY CA CM 5% 08/01/33 | ANTELOPE VLY CA CMNTY CLG DIST REGD N/C B/E 5.00000000                               | CUSIP: 03667PLD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1276785.78   | 0.06%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY M 4% 06/15/45 | NEW YORK CITY NY MUNI WTR FIN REGD B/E 4.00000000                                    | CUSIP: 64972GA87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5100000 | PA      | $4883085.27   | 0.23%             | 2045-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF H 6% 03/01/54 | TEXAS ST DEPT OF HSG & CMNTY A REGD B/E GNMA CO 6.00000000                           | CUSIP: 88275FYZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3650000 | PA      | $4041321.98   | 0.19%             | 2054-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT O 6.25% 01/01/56 | TEXAS ST DEPT OF HSG & CMNTY A REGD B/E GNMA CO 6.25000000                           | CUSIP: 882750P55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3411907.80   | 0.16%             | 2056-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SAN MATEO CA UNION 0% 09/01/41 | SAN MATEO CA UNION HIGH SCH DI REGD OID B/E 0.00000000                               | CUSIP: 799017GU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3535000 | PA      | $3886933.64   | 0.18%             | 2041-09-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST TURNPIKE  ZCP 02/15/38 | OHIO ST TURNPIKE COMMISSION REGD N/C ZCP OID B/E 0.00000000                          | CUSIP: 67760HKH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1115203.32   | 0.05%             | 2038-02-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MARION & POLK CNT ZCP 06/15/35 | MARION & POLK CNTYS OR SCH DIS REGD ZCP OID B/E 0.00000000                           | CUSIP: 569203QA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $756365.04    | 0.03%             | 2035-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & C 5.25% 11/15/35 | DENVER CITY & CNTY CO ARPT REV REGD B/E AMT 5.25000000                               | CUSIP: 249182UW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2273393.80   | 0.10%             | 2035-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WYOMING ST CMNTY D 4% 12/01/48 | WYOMING ST CMNTY DEV AUTH HSG REGD B/E 4.00000000                                    | CUSIP: 98322QSY4<br>LEI: 549300UQ62NB8FGTHW65 | Long             | DBT              | MUN               | US        |    725000 | PA      | $731588.51    | 0.03%             | 2048-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HSG F 5.5% 01/01/54 | FLORIDA ST HSG FIN CORP REVENU REGD B/E GNMA/FN 5.50000000                           | CUSIP: 34074MD99<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   2285000 | PA      | $2402490.36   | 0.11%             | 2054-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS & WASHI ZCP 06/15/36 | CLACKAMAS & WASHINGTON CNTYS O REGD ZCP OID B/E SCH BD 0.00000000                    | CUSIP: 178882PZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3150000 | PA      | $2086506.14   | 0.10%             | 2036-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLI V/R 08/01/52 | KENTUCKY ST PUBLIC ENERGY AUTH REGD V/R B/E 3.64600000                               | CUSIP: 74440DDT8<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |  12560000 | PA      | $12689064.05  | 0.59%             | 2052-08-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| TRIMBLE CNTY KY 1.35% 11/01/27 | TRIMBLE CNTY KY POLL CONTROL R REGD N/C B/E AMT 1.35000000                           | CUSIP: 896224BB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4842417.50   | 0.22%             | 2027-11-01      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| WASHOE CNTY NV WT V/R 03/01/36 | WASHOE CNTY NV WTR FAC REVENUE REGD V/R B/E AMT 4.12500000                           | CUSIP: 940865BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6435000 | PA      | $6614182.58   | 0.31%             | 2036-03-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| TRIMBLE CNTY KY E V/R 06/01/54 | TRIMBLE CNTY KY ENVRNMNTL FACS REGD V/R B/E AMT 4.70000000                           | CUSIP: 896221AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3725000 | PA      | $3761062.47   | 0.17%             | 2054-06-01      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| GERALD R FORD INTE 5% 01/01/46 | GERALD R FORD INTERNATIONAL AR REGD B/E AMT CNTY GT 5.00000000                       | CUSIP: 373695AY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5335000 | PA      | $5460900.13   | 0.25%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG F 5% 07/01/53 | MINNESOTA ST HSG FIN AGY REGD B/E GNMA/FN 5.00000000                                 | CUSIP: 60416TVY1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   2430000 | PA      | $2540816.02   | 0.12%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CLACKA ZCP 06/15/31 | WASHINGTON CLACKAMAS & YAMHILL REGD ZCP OID B/E SCH BD 0.00000000                    | CUSIP: 937440ET8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1246733.10   | 0.06%             | 2031-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY O ZCP 06/15/31 | WASHINGTON CNTY OR SCH DIST #4 REGD ZCP OID B/E SCH BD 0.00000000                    | CUSIP: 938429S81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3087729.75   | 0.14%             | 2031-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWA 5% 03/15/42 | NEW YORK ST THRUWAY AUTH PERSO REGD B/E 5.00000000                                   | CUSIP: 650028YU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4075000 | PA      | $4368038.96   | 0.20%             | 2042-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH S 5% 01/01/44 | IOWA ST FIN AUTH SF MTGE REVEN REGD B/E GNMA/FN 5.00000000                           | CUSIP: 46247EBP9<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1423658.43   | 0.07%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG &  6.25% 01/01/56 | IDAHO ST HSG & FIN ASSN SF MTG REGD B/E GNMA/FN 6.25000000                           | CUSIP: 45130BCH4<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6870514.80   | 0.32%             | 2056-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA 5% 04/01/34 | PORT OF SEATTLE WA REVENUE REGD B/E AMT 5.00000000                                   | CUSIP: 735389H43<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   6955000 | PA      | $7352566.58   | 0.34%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SC 5% 09/01/34 | PHILADELPHIA PA SCH DIST REGD B/E ST AID 5.00000000                                  | CUSIP: 717883TK8<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2532143.75   | 0.12%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL 5% 10/01/38 | MIAMI-DADE CNTY FL AVIATION RE REGD B/E AMT 5.00000000                               | CUSIP: 59333PR75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2535000 | PA      | $2538930.01   | 0.12%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MTG V/R 09/01/57 | NEW MEXICO ST MTGE FIN AUTH REGD V/R B/E GNMA/FN 3.00000000                          | CUSIP: 64720AAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9011308.50   | 0.42%             | 2057-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| LINCOLN CNTY OR SC 0% 06/15/34 | LINCOLN CNTY OR SCH DIST REGD N/C B/E SCH BD 0.00000000                              | CUSIP: 533404CZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1945000 | PA      | $2217605.56   | 0.10%             | 2034-06-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVI 5% 10/01/37 | GTR ORLANDO FL AVIATION AUTH A REGD B/E AMT 5.00000000                               | CUSIP: 392274X27<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   6760000 | PA      | $6904046.81   | 0.32%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HSG & 6% 03/01/55 | WISCONSIN ST HSG & ECON DEV AU REGD B/E GNMA/FN 6.00000000                           | CUSIP: 97689QWD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4949278.65   | 0.23%             | 2055-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| POLK CNTY IA 5% 06/01/40       | POLK CNTY IA REGD B/E AMT 5.00000000                                                 | CUSIP: 7311972H1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5545000 | PA      | $5904003.26   | 0.27%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST  6.25% 05/15/54 | CONNECTICUT ST HSG FIN AUTH HS REGD B/E GNMA/FN 6.25000000                           | CUSIP: 20775HH48<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3387640.94   | 0.16%             | 2054-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST  4% 07/01/47 | NORTH CAROLINA ST HSG FIN AGY REGD B/E 4.00000000                                    | CUSIP: 658207TZ8<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    440000 | PA      | $441644.90    | 0.02%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW Y 5% 08/01/36 | PORT AUTH OF NEW YORK & NEW JE REGD B/E AMT 5.00000000                               | CUSIP: 73358XFJ6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1533686.30   | 0.07%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVI 5% 10/01/38 | GTR ORLANDO FL AVIATION AUTH A REGD B/E AMT 5.00000000                               | CUSIP: 3922742C9<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   3450000 | PA      | $3612925.56   | 0.17%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HS 6.25% 07/01/54 | MINNESOTA ST HSG FIN AGY REGD B/E GNMA/FN 6.25000000                                 | CUSIP: 60416T6P8<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   5730000 | PA      | $6268096.85   | 0.29%             | 2054-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CN 4% 10/01/30 | HONOLULU CITY & CNTY HI REGD B/E 4.00000000                                          | CUSIP: 4386703Y5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2015938.40   | 0.09%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOVE FIELD TX ARPT 5% 11/01/34 | LOVE FIELD TX ARPT MODERNIZATI REGD B/E AMT 5.00000000                               | CUSIP: 54714CBK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1515607.95   | 0.07%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SY 4% 07/01/40 | HOUSTON TX ARPT SYS REVENUE REGD B/E AMT 4.00000000                                  | CUSIP: 442349FV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983647.40    | 0.05%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA 4% 08/01/36 | PORT OF SEATTLE WA REVENUE REGD B/E AMT 4.00000000                                   | CUSIP: 735389Q43<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3566788.75   | 0.16%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA  5.75% 01/01/54 | SOUTH CAROLINA ST HSG FIN & DE REGD B/E 5.75000000                                   | CUSIP: 83712D2X3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3685000 | PA      | $4034397.33   | 0.19%             | 2054-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TEXAS ST 5% 08/01/40           | TEXAS ST REGD B/E AMT 5.00000000                                                     | CUSIP: 882724Y76<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   5745000 | PA      | $6206585.47   | 0.29%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HS 5% 05/01/53 | SOUTH DAKOTA ST HSG DEV AUTH REGD B/E 5.00000000                                     | CUSIP: 83756CW27<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |   3540000 | PA      | $3687698.71   | 0.17%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RENO-TAHOE NV A 5.25% 07/01/39 | RENO-TAHOE NV ARPT AUTH ARPT R REGD B/E AMT 5.25000000                               | CUSIP: 759874CD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1949604.13   | 0.09%             | 2039-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FREMONT CA UNIF SC 5% 08/01/36 | FREMONT CA UNIF SCH DIST ALAME REGD N/C B/E 5.00000000                               | CUSIP: 357155FQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1916589.12   | 0.09%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT O 2.15% 09/01/35 | TEXAS ST DEPT OF HSG & CMNTY A REGD B/E GNMA 2.15000000                              | CUSIP: 88275FSC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $446010.29    | 0.02%             | 2035-09-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY  V/R 04/01/56 | CALIFORNIA CMNTY CHOICE FING A REGD V/R B/E 3.90220000                               | CUSIP: 13013JHL3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10001285.00  | 0.46%             | 2056-04-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL 5% 10/01/34 | MIAMI-DADE CNTY FL AVIATION RE REGD N/C B/E AMT 5.00000000                           | CUSIP: 59333P7L6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2105000 | PA      | $2415129.44   | 0.11%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST M 5.75% 03/01/55 | NEW MEXICO ST MTGE FIN AUTH REGD B/E GNMA/FN 5.75000000                              | CUSIP: 647201C91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2865000 | PA      | $3113723.26   | 0.14%             | 2055-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GERALD R FORD INTE 5% 01/01/41 | GERALD R FORD INTERNATIONAL AR REGD B/E AMT CNTY GT 5.00000000                       | CUSIP: 373695CA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1623771.75   | 0.07%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH DAKOTA ST 5.75% 07/01/53 | NORTH DAKOTA ST HSG FIN AGY REGD B/E 5.75000000                                      | CUSIP: 658909X68<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   4735000 | PA      | $5048851.43   | 0.23%             | 2053-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRA ZCP 12/15/40 | NEW JERSEY ST TRANSPRTN TRUST REGD N/C ZCP OID B/E 0.00000000                        | CUSIP: 646136XQ9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   4350000 | PA      | $2461594.97   | 0.11%             | 2040-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MULTNOMAH CLACKAM ZCP 06/15/34 | MULTNOMAH CLACKAMAS CNTYS OR S REGD ZCP OID B/E SCH BD 0.00000000                    | CUSIP: 625482GE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3650000 | PA      | $2583452.12   | 0.12%             | 2034-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY T 5% 11/01/37 | NEW YORK CITY NY TRANSITIONAL REGD B/E 5.00000000                                    | CUSIP: 64971X4Z8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1682283.15   | 0.08%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS S 3.45% 12/01/36 | MASSACHUSETTS ST HSG FIN AGY H REGD B/E AMT 3.45000000                               | CUSIP: 57587AR26<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    485000 | PA      | $480405.93    | 0.02%             | 2036-12-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| NORFOLK VA WTR REV 5% 11/01/33 | NORFOLK VA WTR REVENUE REGD N/C B/E 5.00000000                                       | CUSIP: 656009PY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1175992.90   | 0.05%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW Y 5% 07/15/36 | PORT AUTH OF NEW YORK & NEW JE REGD B/E AMT 5.00000000                               | CUSIP: 73358XHW5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3344406.60   | 0.15%             | 2036-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY 4% 11/15/41 | DENVER CITY & CNTY CO ARPT REV REGD OID B/E AMT 4.00000000                           | CUSIP: 249182QS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1516971.29   | 0.07%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST H 3% 06/01/51 | MASSACHUSETTS ST HSG FIN AGY H REGD B/E GNMA/FN 3.00000000                           | CUSIP: 57587GJG1<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   2905000 | PA      | $2874705.79   | 0.13%             | 2051-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FORT BEND TX INDE V/R 08/01/51 | FORT BEND TX INDEP SCH DIST REGD V/R B/E PSF-GTD 0.72000000                          | CUSIP: 346843SZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3470000 | PA      | $3423325.38   | 0.16%             | 2051-08-01      | Variable      | 0.72%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HS 6.25% 01/01/55 | MINNESOTA ST HSG FIN AGY REGD B/E GNMA/FN 6.25000000                                 | CUSIP: 60416UGU3<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   4965000 | PA      | $5601385.90   | 0.26%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-02

**Name of Applicant:** BBH Trust

**Signature:** Declan Coyne

**Name of Signer:** Declan Coyne

**Title:** Treasurer