# EDGAR Filing Document

**Accession Number:** 0001676326
**File Stem:** 0002071691-26-011928
**Filing Date:** 2026-5
**Character Count:** 116110
**Document Hash:** 9720d85070b5888d69a6caa9076180a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-011928.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0002071691-26-011928

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**PERIOD START**: 20260930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morgan Stanley ETF Trust
- **CENTRAL INDEX KEY:** 0001676326

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23820
- **FILM NUMBER:** 261022376

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212.296.1404

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

## Series and Classes Contracts Data

### Eaton Vance Intermediate Municipal Income ETF (Series ID: S000082247)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000245531 | Eaton Vance Intermediate Municipal Income ETF | EVIM            |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Morgan Stanley ETF Trust

- **b. Investment Company Act file number:** 811-23820

- **c. CIK number of Registrant:** 0001676326

- **d. LEI of Registrant:** 549300HASXQLXGOR9H31

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

  - **Street Address 1:** 1585 Broadway

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

  - **Telephone number:** 800-548-7786

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

- **a. Name of Series:** Eaton Vance Intermediate Municipal Income ETF

- **b. EDGAR series identifier (if any):** S000082247

- **c. LEI of Series:** 254900737U7EX2LHPU38

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

- **a. Date of fiscal year-end:** 2026-09-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $200907322.62

**Total Liabilities:** $8375158.72

**Net Assets:** $192532163.90

**Delayed Delivery Securities:** $1930980.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 35486.87853500 | **1-Year:** 3824.39536300 | **5-Year:** 29710.28159200 | **10-Year:** 70948.37925000 | **30-Year:** 3923.97229900

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 1802.01558900 | **10-Year:** 2474.99713900 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000245531 | 1.03%                | 1.34%                | -2.63%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $71973.19                | $1028906.55                                |
| Month 2  | $146331.38               | $1708370.39                                |
| Month 3  | $307653.83               | $-5883733.39                               |

**Designated Index Information**

- **Index Name:** ICE BofA 2-17 Year US Municipal Securities Index

- **Index Identifier:** MLMUN2_17

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| County of Pitkin CO Solid Waste Center Enterprise Revenue                    | County of Pitkin, Series 2026                                                      | CUSIP: 724400AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $226582.42    | 0.12%             | 2044-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Chicago                                                              | City of Chicago IL, Series 2024 B                                                  | CUSIP: 167486U23<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    135000 | PA      | $140051.31    | 0.07%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                  | Connecticut State Health & Educational Facilities Authority, Series V              | CUSIP: 20775DH39<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    330000 | PA      | $379730.31    | 0.20%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Whiting                                                              | City of Whiting IN, Series 2008                                                    | CUSIP: 96634RAZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029959.70   | 0.53%             | 2044-06-01      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| Adams County School District No. 1                                           | Adams County School District No. 1, Series 2025                                    | CUSIP: 00562SBA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1090399.80   | 0.57%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County (The)                                  | Development Authority of Burke County (The), Series 1996-1                         | CUSIP: 121342QT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $968669.20    | 0.50%             | 2032-10-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Navajo County Unified School District No. 27 Kayenta                         | Navajo County Unified School District No. 27, Series 2025                          | CUSIP: 639147AB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $448193.23    | 0.23%             | 2035-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                | Main Street Natural Gas, Inc., Series 2023 B                                       | CUSIP: 56035DFC1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $524452.40    | 0.27%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sterling                                                             | City of Sterling, Series 2026                                                      | CUSIP: 859332KP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $832402.43    | 0.43%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                           | New York State Dormitory Authority, Series 2025 A                                  | CUSIP: 64985SDD2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     35000 | PA      | $39715.09     | 0.02%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Energy Research & Development Authority                       | New York State Energy Research & Development Authority, Series 2004 B              | CUSIP: 649845JB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $362549.74    | 0.19%             | 2032-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago                                                              | City of Chicago IL, Series 2021 A                                                  | CUSIP: 167486M30<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20527.14     | 0.01%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon City School District No. 62                                           | Oregon City School District No. 62, Series 2025 B                                  | CUSIP: 179162LM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $504245.25    | 0.26%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                               | State of Texas, Series 2025 F                                                      | CUSIP: 882725CA0<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    400000 | PA      | $402337.96    | 0.21%             | 2032-08-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Menifee Union School District                                                | Menifee Union School District, Series 2017 A                                       | CUSIP: 586807GW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $191931.30    | 0.10%             | 2037-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                                          | Columbus Regional Airport Authority, Series 2025 B                                 | CUSIP: 199546DM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $807423.73    | 0.42%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                  | Connecticut State Health & Educational Facilities Authority, Series 2025 B-2       | CUSIP: 20775DZT2<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1115551.40   | 0.58%             | 2064-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| EP Cimarron Ventanas PFC                                                     | EP Cimarron Ventanas PFC, Series 2024                                              | CUSIP: 26879QAM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $367507.24    | 0.19%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | California Community Choice Financing Authority, Series 2024 B                     | CUSIP: 13013JEA0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    835000 | PA      | $853040.18    | 0.44%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                  | Connecticut State Health & Educational Facilities Authority, Series M              | CUSIP: 20774YB97<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250860.38    | 0.13%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lawton Industrial Development Authority                                      | Lawton Industrial Development Authority, Series 2026 A                             | CUSIP: 521005BD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $162716.54    | 0.08%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Governors of Colorado State University System                       | Board of Governors of Colorado State, Series 2025 C                                | CUSIP: 196707Z71<br>LEI: 549300MAE3RAIIEIQV71 | Long             | DBT              | MUN               | US        |    625000 | PA      | $695829.50    | 0.36%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                     | Arizona Industrial Development Authority, Series 2026 A                            | CUSIP: 04052FFN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2530000 | PA      | $2761870.45   | 1.43%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis                                                          | City of Minneapolis MN, Series 2025                                                | CUSIP: 603695KF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $833883.52    | 0.43%             | 2044-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                    | Harris County Cultural Education Facilities Finance Corp., Series 2015-1           | CUSIP: 414009JU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500622.20    | 0.26%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                      | New York City Housing Development Corp., Series 2026 B                             | CUSIP: 64972KNP6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1166648.92   | 0.61%             | 2045-11-01      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                              | New York City Municipal Water Finance Authority, Series 2025 AA-1                  | CUSIP: 64972GK29<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    450000 | PA      | $463385.12    | 0.24%             | 2051-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Beach Unified School District                                           | Long Beach Unified School District, Series D                                       | CUSIP: 542433B97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1947281.00   | 1.01%             | 2049-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                      | Port Authority of New York & New Jersey, Series 202                                | CUSIP: 73358WK29<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    750000 | PA      | $760129.95    | 0.39%             | 2035-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                            | Idaho Health Facilities Authority, Series 2025 C                                   | CUSIP: 451295H69<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077492.40   | 0.56%             | 2060-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                     | Massachusetts Development Finance Agency, Series 2025 W                            | CUSIP: 57585BHK7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    750000 | PA      | $830120.33    | 0.43%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia                                                         | City of Philadelphia, Series 2025 C                                                | CUSIP: 717813C98<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1139129.50   | 0.59%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Elementary School District No. 6 Washington                  | Maricopa County Elementary School District No. 6, Series 2025 B                    | CUSIP: 567031VH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $549169.45    | 0.29%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                 | New York City Transitional Finance Authority, Series 2024 C                        | CUSIP: 64972JBQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $550754.10    | 0.29%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Larimer                                                            | County of Larimer, Series 2025 A                                                   | CUSIP: 517132DX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $552749.70    | 0.29%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Raleigh                                                              | City of Raleigh, Series 2025                                                       | CUSIP: 751120GW0<br>LEI: 549300I7RPBIIRI16112 | Long             | DBT              | MUN               | US        |    360000 | PA      | $401213.63    | 0.21%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Monroe County (The)                                 | Development Authority of Monroe County (The), Series 2013 A                        | CUSIP: 610530FE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506680.70    | 0.26%             | 2039-01-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | California Community Choice Financing Authority, Series 2023 F                     | CUSIP: 13013JDD5<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    485000 | PA      | $527676.41    | 0.27%             | 2054-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                 | West Virginia Economic Development Authority, Series 2025                          | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    775000 | PA      | $788618.53    | 0.41%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                               | State of Texas, Series 2025 F                                                      | CUSIP: 882725CC6<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    750000 | PA      | $760836.30    | 0.40%             | 2033-08-01      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| Snohomish County Housing Authority                                           | Snohomish County Housing Authority, Series 2026                                    | CUSIP: 83309AGK1<br>LEI: 549300FESB68D2IR7250 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2107671.53   | 1.09%             | 2036-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| City of Houston                                                              | City of Houston TX, Series 2024 B                                                  | CUSIP: 442349HW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $564325.49    | 0.29%             | 2036-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Series 2025 A                              | CUSIP: 13048V3W6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031231.20   | 0.54%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                         | Colorado Health Facilities Authority, Series 2025 A                                | CUSIP: 19648FB78<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $550519.65    | 0.29%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority, Series 2025 A                                            | CUSIP: 74439YFM8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    600000 | PA      | $641727.42    | 0.33%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Margate FL Water & Sewer Revenue                                     | City of Margate, Series 2025                                                       | CUSIP: 56660CAM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $421290.04    | 0.22%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                     | State of Connecticut, Series 2025 A                                                | CUSIP: 207758Z55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1686700.50   | 0.88%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Health & Educational Facilities Authority                       | South Dakota Health & Educational Facilities Authority, Series 2025 C-2            | CUSIP: 83755VW83<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088021.50   | 0.57%             | 2051-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                               | Charlotte-Mecklenburg Hospital Authority (The), Series 2018 G                      | CUSIP: 160853UL9<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |    710000 | PA      | $710000.00    | 0.37%             | 2048-01-15      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                       | North Carolina Medical Care Commission, Series 2025 C                              | CUSIP: 65821DZX2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1600000.00   | 0.83%             | 2055-06-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| Harris County Improvement District No. 18                                    | Harris County Improvement District No. 18, Series 2024 A                           | CUSIP: 414183PA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $637862.91    | 0.33%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Village of Westchester IL                                                    | Village of Westchester IL, Series 2025                                             | CUSIP: 957399FU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $711741.60    | 0.37%             | 2038-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                     | U.S. Treasury Notes                                                                | CUSIP: 91282CNM9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1501962.89   | 0.78%             | 2028-07-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No. 1                                  | North Carolina Municipal Power Agency No. 1, Series A                              | CUSIP: 658203X25<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250572.93    | 0.13%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Margate FL Water & Sewer Revenue                                     | City of Margate, Series 2025                                                       | CUSIP: 56660CAP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $254572.44    | 0.13%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                    | Harris County Cultural Education Facilities Finance Corp., Series 2022 A           | CUSIP: 414009RN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $267009.90    | 0.14%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rogers County Educational Facilities Authority                               | Rogers County Educational Facilities Authority, Series 2026                        | CUSIP: 77514RCE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $516813.53    | 0.27%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bristol                                                              | City of Bristol, Series 2021 B                                                     | CUSIP: 110205Y88<br>LEI: 549300Y7D0MWFOH48F15 | Long             | DBT              | MUN               | US        |     10000 | PA      | $9357.46      | 0.00%             | 2035-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| EP Forty649 PFC                                                              | EP Forty649 PFC, Series 2026                                                       | CUSIP: 268802AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1430134.35   | 0.74%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                        | Metropolitan Transportation Authority, Series 2005 D-1                             | CUSIP: 59261AX77<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.78%             | 2035-11-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                | North Texas Tollway Authority, Series 2023 A                                       | CUSIP: 66285WP34<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    250000 | PA      | $269304.75    | 0.14%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                          | Wisconsin Health & Educational Facilities Authority, Series 2024 A                 | CUSIP: 97712JLU5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    720000 | PA      | $719915.04    | 0.37%             | 2029-11-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Cypress-Fairbanks Independent School District                                | Cypress-Fairbanks Independent School District, Series 2023 A                       | CUSIP: 232769MX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $274269.18    | 0.14%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                              | New York City Municipal Water Finance Authority, Series AA-2                       | CUSIP: 64972GCN2<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 1.30%             | 2050-06-15      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                      | Port Authority of New York & New Jersey, Series 217                                | CUSIP: 73358WS54<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031619.80   | 0.54%             | 2032-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                    | New York Transportation Development Corp., Series 2025                             | CUSIP: 650116JE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $276199.53    | 0.14%             | 2042-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Unified School District No. 69                               | Maricopa County Unified School District No. 69, Series 2025 B                      | CUSIP: 567373V93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $739202.04    | 0.38%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                    | Michigan State Hospital Finance Authority, Series 2025 B-1                         | CUSIP: 59465HXE1<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |    750000 | PA      | $818726.93    | 0.43%             | 2055-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Higher Education Supplement Loan Authority                 | Connecticut State Higher Education Supplement Loan Authority, Series 2025 B-2      | CUSIP: 207743YR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250268.33    | 0.13%             | 2045-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.                     | Texas Private Activity Bond Surface Transportation Corp., Series 2023              | CUSIP: 882667CG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $263146.23    | 0.14%             | 2038-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Indiana Secondary Market for Education Loans, Inc.                           | Indiana Secondary Market for Education Loans, Inc., Series 2025 1-A                | CUSIP: 45505NAQ7<br>LEI: 549300M19IK303TD4597 | Long             | DBT              | MUN               | US        |    215000 | PA      | $225164.21    | 0.12%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                           | Tobacco Settlement Financing Corp., Series 2018 A                                  | CUSIP: 888808HK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517398.85    | 0.27%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                              | New York City Municipal Water Finance Authority, Series AA-6                       | CUSIP: 64972GCQ5<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.21%             | 2048-06-15      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| Prosper Independent School District                                          | Prosper Independent School District, Series 2022                                   | CUSIP: 7436006C7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028128.10   | 0.53%             | 2053-02-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                   | Chicago Board of Education, Series 2012 B                                          | CUSIP: 167505PT7<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $488172.00    | 0.25%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                     | Arlington Higher Education Finance Corp., Series 2024                              | CUSIP: 041807LP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $225822.52    | 0.12%             | 2044-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Will County Community Unit School District No. 209-U Wilmington              | Will County Community Unit School District No. 209-U, Series 2026                  | CUSIP: 969071KW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $54580.25     | 0.03%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                               | Buckeye Tobacco Settlement Financing Authority, Series 2020 A-2, Class 1           | CUSIP: 118217CT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501363.05    | 0.26%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                                 | District of Columbia Water & Sewer Authority, Series 2026 A                        | CUSIP: 254845WP1<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1665673.05   | 0.87%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                             | Energy Northwest, Series 2021 A                                                    | CUSIP: 29270C4K8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $871932.52    | 0.45%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Lawrence Community Schools Building Corp.                              | North Lawrence Community Schools Building Corp., Series 2025                       | CUSIP: 66042RFA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $300088.23    | 0.16%             | 2033-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                       | City of Mesa AZ, Series 2014                                                       | CUSIP: 590545TZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $215016.58    | 0.11%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                           | Dallas Independent School District, Series 2023                                    | CUSIP: 235308L92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $275611.44    | 0.14%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                               | New Jersey Transportation Trust Fund Authority, Series 2022 CC                     | CUSIP: 64613CCF3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $530859.65    | 0.28%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                | Delaware State Economic Development Authority, Series 2020 A                       | CUSIP: 246387SY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1477029.75   | 0.77%             | 2045-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority, Series 2026                                              | CUSIP: 74442ENX4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1507303.80   | 0.78%             | 2036-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New York State Dormitory Authority                                           | New York State Dormitory Authority, Series 2024                                    | CUSIP: 65000B8G6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $537652.25    | 0.28%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                           | Rhode Island Health and Educational Building Corp., Series 2025 B                  | CUSIP: 76219MCT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $643574.12    | 0.33%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IPS Multi-School Building Corp.                                              | IPS Multi-School Building Corp., Series 2025                                       | CUSIP: 46263RVU6<br>LEI: 549300BHLK1DUJUYPM91 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1097075.70   | 0.57%             | 2039-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Detroit City School District                                                 | Detroit City School District, Series 2001 A                                        | CUSIP: 251129ZY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057196.30   | 0.55%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue      | New York City Transitional Finance Authority, Series B-5                           | CUSIP: 64971XHV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 1.56%             | 2042-08-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Water System Revenue                                      | City of Seattle WA, Series 2025                                                    | CUSIP: 812728ZY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $613459.28    | 0.32%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                         | Pennsylvania Higher Educational Facilities Authority, Series 2024 B-1              | CUSIP: 70917TRP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $805255.88    | 0.42%             | 2040-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                        | New York State Housing Finance Agency, Series 2024 A-2                             | CUSIP: 649870NF5<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    750000 | PA      | $754768.80    | 0.39%             | 2054-06-15      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | California Community Choice Financing Authority, Series 2024 C                     | CUSIP: 13013JEB8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    325000 | PA      | $337433.72    | 0.18%             | 2055-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Gainesville FL Utilities System Revenue                              | City of Gainesville FL, Series 2012 B                                              | CUSIP: 362848RR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300000.00   | 0.68%             | 2042-10-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Knox Warren Etc Counties Community College District No. 518 Carl Sandburg    | Knox Warren Etc Counties Community College District No. 518, Series 2025           | CUSIP: 499635CU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $450184.50    | 0.23%             | 2035-12-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| University of Connecticut                                                    | University of Connecticut, Series 2026                                             | CUSIP: 9142334T5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1498714.95   | 0.78%             | 2027-03-23      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                           | Montgomery County Housing Opportunities Commission, Series 2025 A                  | CUSIP: 613347SR5<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507245.05    | 0.26%             | 2034-07-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                           | Rhode Island Health and Educational Building Corp., Series 2025 C                  | CUSIP: 76219MDW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070043.30   | 0.56%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                         | Colorado Educational & Cultural Facilities Authority, Series 2025                  | CUSIP: 19645DDG4<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033143.30   | 0.54%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lansing Board of Water & Light                                               | Lansing Board of Water & Light, Series 2026 A                                      | CUSIP: 516391FP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $388043.54    | 0.20%             | 2051-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                         | Chicago O'Hare International Airport, Series 2018 A                                | CUSIP: 167593L26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024756.30   | 0.53%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northside Independent School District                                        | Northside Independent School District, Series 2020                                 | CUSIP: 66702RR79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $759583.73    | 0.39%             | 2050-06-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| University of Colorado Hospital Authority                                    | University of Colorado Hospital Authority, Series 2024 B                           | CUSIP: 914183BX5<br>LEI: GQ60RLZ5ZEBY2J9KLI75 | Long             | DBT              | MUN               | US        |    250000 | PA      | $276882.30    | 0.14%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Golden                                                               | City of Golden CO, Series 2025                                                     | CUSIP: 380822BD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $578063.27    | 0.30%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clackamas County School District No. 12 North Clackamas                      | Clackamas County School District No. 12, Series A                                  | CUSIP: 179093LF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $417282.65    | 0.22%             | 2038-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                              | Allegheny County Hospital Development Authority, Series 2017 D-2                   | CUSIP: 01728A5V4<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |    500000 | PA      | $496447.90    | 0.26%             | 2047-11-15      | Floating      | 3.12%                 | No            |                  2 | On Loan: No      |
| County of King                                                               | County of King, Series 2021 C                                                      | CUSIP: 49474FG53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $878872.00    | 0.46%             | 2032-12-01      | Fixed         | 2.16%                 | No            |                  2 | On Loan: No      |
| City of Gadsden                                                              | City of Gadsden, Series 2025 A                                                     | CUSIP: 362460VY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $168220.50    | 0.09%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | San Francisco City & County Airport Commission, Series 2025 A                      | CUSIP: 79766DXM6<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    750000 | PA      | $833078.55    | 0.43%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                         | Colorado Health Facilities Authority, Series A-1                                   | CUSIP: 19648FXD1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $525806.40    | 0.27%             | 2058-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Private Colleges & Universities Authority                                    | Private Colleges & Universities Authority, Series 2025 A                           | CUSIP: 74265L3G1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $463545.34    | 0.24%             | 2039-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                      | City of Phoenix Civic Improvement Corp., Series 2019 B                             | CUSIP: 71883MPR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1419612.50   | 0.74%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ascension Health                                                             | Ascension Health, Series 2025                                                      | CUSIP: 04351LAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    510000 | PA      | $504159.79    | 0.26%             | 2035-11-15      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                     | State of Connecticut CT, Series 2021 A                                             | CUSIP: 207758D59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $530034.45    | 0.28%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metro Water Recovery                                                         | Metro Water Recovery, Series 2026 A                                                | CUSIP: 59164GGE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1122213.60   | 0.58%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Jersey Transportation Authority                                        | South Jersey Transportation Authority, Series 2025 A                               | CUSIP: 838536NM8<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |    690000 | PA      | $768944.28    | 0.40%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                 | Michigan State Housing Development Authority, Series 2024 D                        | CUSIP: 594654YZ2<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45221.78     | 0.02%             | 2030-06-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                        | Metropolitan Transportation Authority, Series A-1                                  | CUSIP: 59261ACS4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    440000 | PA      | $441297.25    | 0.23%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois Municipal Power Agency                                     | Northern Illinois Municipal Power Agency, Series 2016 A                            | CUSIP: 665250CW4<br>LEI: VWCV6ROJUT9NS55JU583 | Long             | DBT              | MUN               | US        |    250000 | PA      | $244155.63    | 0.13%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| L'Anse Creuse Public Schools                                                 | L'Anse Creuse Public Schools, Series 2025 I                                        | CUSIP: 516228TD5<br>LEI: 549300L3W88HP5QUMY54 | Long             | DBT              | MUN               | US        |    750000 | PA      | $833901.60    | 0.43%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wellborn Special Utility District                                            | Wellborn Special Utility District, Series 2026                                     | CUSIP: 949469GE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1503730.35   | 0.78%             | 2046-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                           | South Carolina Jobs-Economic Development Authority, Series 2024 A                  | CUSIP: 837032CB5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    250000 | PA      | $264607.75    | 0.14%             | 2048-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                 | Michigan State Housing Development Authority, Series B                             | CUSIP: 5946537Z4<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    335000 | PA      | $322365.54    | 0.17%             | 2034-12-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                     | Build NYC Resource Corp., Series 2026 B-3                                          | CUSIP: 12008EXV3<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2961766.80   | 1.54%             | 2031-12-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Muscatine Power and Water Electric Revenue                                   | Muscatine Power and Water, Series 2026 A                                           | CUSIP: 627270HU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $537748.90    | 0.28%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                            | State of Illinois IL, Series 2020                                                  | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    315000 | PA      | $332046.00    | 0.17%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                              | County of King, Series 2025                                                        | CUSIP: 495290GV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 1.30%             | 2065-01-01      | Variable      | 2.60%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | California Statewide Communities Development Authority, Series 2025 H-1            | CUSIP: 13079PA37<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016892.90   | 0.53%             | 2067-09-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                  | Washington State Housing Finance Commission, Series 2024                           | CUSIP: 93978LHE9<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    250000 | PA      | $255133.53    | 0.13%             | 2044-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Berkeley County Public Service Sewer District                                | Berkeley County Public Service Sewer District, Series 2025 A                       | CUSIP: 084249FJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $252895.63    | 0.13%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                           | South Carolina Jobs-Economic Development Authority, Series 2025                    | CUSIP: 83704NAC8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    525000 | PA      | $550040.45    | 0.29%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York                                                             | City of New York, Series 2026 D                                                    | CUSIP: 64966SQY5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1674792.45   | 0.87%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                            | State of Maryland, Series 2017 A                                                   | CUSIP: 574193PS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $268239.14    | 0.14%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Park Creek Metropolitan District                                             | Park Creek Metropolitan District, Series 2025                                      | CUSIP: 700385BY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $108481.55    | 0.06%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Alaska International Airports System                                | State of Alaska International Airports System, Series 2025 A                       | CUSIP: 011842VB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $355504.75    | 0.18%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma County Finance Authority                                            | Oklahoma County Finance Authority, Series 2025                                     | CUSIP: 67868UKK8<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |    665000 | PA      | $685733.70    | 0.36%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston                                                              | City of Houston, Series 2025 A                                                     | CUSIP: 442349JM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1095899.70   | 0.57%             | 2039-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Alaska Municipal Bond Bank Authority                                         | Alaska Municipal Bond Bank Authority, Series 2025-3                                | CUSIP: 01179R7L1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $167071.11    | 0.09%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                   | Illinois Finance Authority, Series 2016 C                                          | CUSIP: 45204FN92<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    240000 | PA      | $244969.13    | 0.13%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Housing & Mortgage Finance Corp.                                | Rhode Island Housing & Mortgage Finance Corp., Series 80 T-2                       | CUSIP: 76221R7S6<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 1.04%             | 2053-10-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                   | Illinois Finance Authority, Series 2016 C                                          | CUSIP: 45204FP74<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    260000 | PA      | $261772.71    | 0.14%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Lawrence Community Schools Building Corp.                              | North Lawrence Community Schools Building Corp., Series 2025                       | CUSIP: 66042RFB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $94821.85     | 0.05%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                      | South Carolina Public Service Authority, Series 2025 B                             | CUSIP: 8371516L8<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $529773.05    | 0.28%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                    | Indiana Finance Authority, Series 2025 D-4                                         | CUSIP: 45470YGG0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1108656.80   | 0.58%             | 2057-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta                                                              | City of Atlanta, Series 2025 B-1                                                   | CUSIP: 04780M2W8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069667.50   | 0.56%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                      | New York City Housing Development Corp., Series 2024 D                             | CUSIP: 64966TGV0<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    375000 | PA      | $382386.71    | 0.20%             | 2031-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                       | Ohio Air Quality Development Authority, Series 2026                                | CUSIP: 677525XF9<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    875000 | PA      | $876369.46    | 0.46%             | 2034-08-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Infrastructure Bank State Revolving Fund                        | Rhode Island Infrastructure Bank, Series 2026 A                                    | CUSIP: 76223MDR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1551309.15   | 0.81%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jersey City Municipal Utilities Authority                                    | Jersey City Municipal Utilities Authority, Series 2025 D                           | CUSIP: 476624EC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $370422.80    | 0.19%             | 2038-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                    | New York Transportation Development Corp., Series 2023                             | CUSIP: 650116GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $262842.58    | 0.14%             | 2040-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Charlton County School District                                              | Charlton County School District, Series 2025                                       | CUSIP: 161114BX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $176049.84    | 0.09%             | 2041-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                    | New York Transportation Development Corp., Series 2023                             | CUSIP: 650116GQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $264749.63    | 0.14%             | 2038-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                    | City of Salt Lake City UT, Series 2017 A                                           | CUSIP: 795576FV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $562424.62    | 0.29%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                        | Metropolitan Transportation Authority, Series 2025 B                               | CUSIP: 59261A5Z6<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1142043.90   | 0.59%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                               | State of Texas, Series 2025                                                        | CUSIP: 882725CZ5<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1136398.80   | 0.59%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                       | Downtown Revitalization Public Infrastructure District, Series 2025 A              | CUSIP: 26118TAP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1359422.61   | 0.71%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                               | Black Belt Energy Gas District, Series 2026 A                                      | CUSIP: 09182THS9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1566105.60   | 0.81%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | California Statewide Communities Development Authority, Series 2025 B              | CUSIP: 13080S2V5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082304.40   | 0.56%             | 2030-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                    | New York Transportation Development Corp., Series 2024 A                           | CUSIP: 650116HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503206.95    | 0.26%             | 2054-12-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                  | University of North Carolina at Chapel Hill, Series 2012 B                         | CUSIP: 914713U75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501427.75    | 0.26%             | 2041-12-01      | Floating      | 3.48%                 | No            |                  2 | On Loan: No      |
| New Jersey Institute of Technology                                           | New Jersey Institute of Technology, Series 2025 A                                  | CUSIP: 64579RDW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $223935.36    | 0.12%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston                                                              | City of Houston, Series 2025 B                                                     | CUSIP: 442349KE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051253.80   | 0.55%             | 2033-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                               | Charlotte-Mecklenburg Hospital Authority (The), Series 2007 B                      | CUSIP: 160853MR5<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400000.00   | 0.73%             | 2038-01-15      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Development Authority of Monroe County (The)                                 | Development Authority of Monroe County (The), Series 2008, Class 1                 | CUSIP: 610530FZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $755945.48    | 0.39%             | 2048-11-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds - MuniCash                                         | BlackRock Liquidity Funds - MuniCash                                               | CUSIP: 09248U841<br>LEI: 549300RWBJ885673DL84 | Long             | STIV             | RF                | US        |   5623450 | NS      | $5624011.86   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Washington State Housing Finance Commission                                  | Washington State Housing Finance Commission, Series 2025 B-1                       | CUSIP: 939783Z66<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $980672.20    | 0.51%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                            | Southeast Energy Authority A Cooperative District, Series 2025 A                   | CUSIP: 84136HBC6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25160.53     | 0.01%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp.                                           | Mississippi Business Finance Corp., Series 2011 G                                  | CUSIP: 60528ACK8<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2150000.00   | 1.12%             | 2035-11-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                     | Build NYC Resource Corp., Series 2025                                              | CUSIP: 12008EWK8<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1083713.40   | 0.56%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jersey City Municipal Utilities Authority                                    | Jersey City Municipal Utilities Authority, Series 2025 E                           | CUSIP: 476623DN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $352783.62    | 0.18%             | 2038-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                           | New York State Dormitory Authority, Series 2024                                    | CUSIP: 65000B7M4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    200000 | PA      | $214931.38    | 0.11%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Redevelopment Agency Successor Agency            | San Francisco City & County Redevelopment Agency Successor Agency, Series 2025 C   | CUSIP: 79770GLD6<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2022045.00   | 1.05%             | 2034-08-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                          | Allegheny County Sanitary Authority, Series 2025                                   | CUSIP: 017357T79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1276163.86   | 0.66%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oxnard School District                                                       | Oxnard School District, Series 2026                                                | CUSIP: 692020Z94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $498924.65    | 0.26%             | 2031-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United City of Yorkville                                                     | United City of Yorkville IL, Series 2025 A                                         | CUSIP: 987355NB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $383221.44    | 0.20%             | 2036-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California College of the Law San Francisco                    | University of California College of the Law, Series 2026                           | CUSIP: 194248AE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $209013.84    | 0.11%             | 2031-08-01      | Fixed         | 4.52%                 | No            |                  2 | On Loan: No      |
| Muscatine Power and Water Electric Revenue                                   | Muscatine Power and Water, Series 2026 A                                           | CUSIP: 627270HT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079076.20   | 0.56%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho State Building Authority                                               | Idaho State Building Authority, Series 2025 A                                      | CUSIP: 451446AV0<br>LEI: 549300XZ1VJYPPKQZU06 | Long             | DBT              | MUN               | US        |    970000 | PA      | $1108968.60   | 0.58%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | Commonwealth of Puerto Rico, Series 2022 A-1                                       | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    611000 | PA      | $622861.95    | 0.32%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| New York Energy Finance Development Corp.                                    | New York Energy Finance Development Corp., Series 2025                             | CUSIP: 64947PAA4<br>LEI: 254900PRGXZMJ912RI65 | Long             | DBT              | MUN               | US        |    720000 | PA      | $735526.58    | 0.38%             | 2056-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago                                                              | City of Chicago IL, Series 2024 B                                                  | CUSIP: 167486T82<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    200000 | PA      | $208518.58    | 0.11%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                 | Virginia Resources Authority, Series 2025 B                                        | CUSIP: 92818P4J9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $179964.61    | 0.09%             | 2040-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Las Varas Public Facility Corp.                                              | Las Varas Public Facility Corp., Series 2026 A                                     | CUSIP: 51766AAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1230900.38   | 0.64%             | 2044-11-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County (The)                                  | Development Authority of Burke County (The), Series 2009-1                         | CUSIP: 121342MW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.26%             | 2049-07-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                     | Build NYC Resource Corp., Series 2025                                              | CUSIP: 12008EVV5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    830000 | PA      | $777225.70    | 0.40%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                  | Virginia Small Business Financing Authority, Series 2022                           | CUSIP: 928104PP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $347974.42    | 0.18%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Transportation Commission State Highway 249 System                     | Texas Transportation Commission, Series 2019 A                                     | CUSIP: 88283NAK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $203058.88    | 0.11%             | 2040-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                         | District of Columbia, Series 2026 A                                                | CUSIP: 25476FL30<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $3096324.00   | 1.61%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuPage County Forest Preserve District                                       | DuPage County Forest Preserve District, Series 2025                                | CUSIP: 262651VQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $226290.72    | 0.12%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                           | South Carolina Jobs-Economic Development Authority, Series 2025                    | CUSIP: 83704NAD6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    440000 | PA      | $432975.71    | 0.22%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                 | Commonwealth of Pennsylvania, Series 2018                                          | CUSIP: 70914PN24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504193.65    | 0.26%             | 2038-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                               | Black Belt Energy Gas District, Series 2025 B                                      | CUSIP: 09182TEW3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    535000 | PA      | $535917.53    | 0.28%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                             | Pennsylvania Turnpike Commission, Series 2024-1                                    | CUSIP: 709225MJ2<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    750000 | PA      | $841818.60    | 0.44%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Williamson                                                         | County of Williamson, Series 2019                                                  | CUSIP: 969872SK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2210000 | PA      | $2060867.65   | 1.07%             | 2036-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                               | Indiana Municipal Power Agency, Series 2019 B                                      | CUSIP: 454898XD4<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.21%             | 2042-01-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| City of New York                                                             | City of New York, Series 2014 I-3                                                  | CUSIP: 64966SMQ6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 1.56%             | 2044-03-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation                          | Metropolitan Washington Airports Authority Aviation, Series A                      | CUSIP: 592647CY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504468.90    | 0.26%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax                              | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-2                        | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2000000 | PA      | $1973298.20   | 1.02%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                   | Intermountain Power Agency, Series 2025                                            | CUSIP: 45884AF40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $591757.49    | 0.31%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                     | San Antonio Water System, Series 2025 D                                            | CUSIP: 79642GTU6<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2900000.00   | 1.51%             | 2055-05-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                | Main Street Natural Gas, Inc., Series 2022 B                                       | CUSIP: 56035DEE8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $521825.15    | 0.27%             | 2052-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                          | State of Washington, Series 2026 D                                                 | CUSIP: 93974FFZ1<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3391507.80   | 1.76%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | City of Los Angeles CA, Series 2025 A                                              | CUSIP: 5444452Q1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $559531.95    | 0.29%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                | Main Street Natural Gas, Inc., Series 2025 A                                       | CUSIP: 56035DJZ6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $534997.80    | 0.28%             | 2055-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Vancouver Housing Authority                                                  | Vancouver Housing Authority, Series 2024                                           | CUSIP: 921626PT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $659726.69    | 0.34%             | 2034-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                     | New Jersey Higher Education Student Assistance Authority, Series 2025-1B           | CUSIP: 646080YS4<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068771.30   | 0.56%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                     | Arizona Industrial Development Authority, Series 2025                              | CUSIP: 04052AEP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $961111.02    | 0.50%             | 2033-10-01      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                          | Wisconsin Health & Educational Facilities Authority, Series 2025 A                 | CUSIP: 97712JNY5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1092005.50   | 0.57%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                        | City of San Antonio, Series 2026 A                                                 | CUSIP: 79625GNU3<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1233041.63   | 0.64%             | 2055-02-01      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| Board of Governors of Colorado State University System                       | Board of Governors of Colorado State University System, Series 2023 A-2            | CUSIP: 196707V67<br>LEI: 549300MAE3RAIIEIQV71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $510104.95    | 0.26%             | 2048-03-01      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| City of New York                                                             | City of New York, Series 2026 F-1                                                  | CUSIP: 64966SSX5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1121133.70   | 0.58%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit                                                              | City of Detroit MI, Series 2020                                                    | CUSIP: 2510934N7<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    250000 | PA      | $262714.03    | 0.14%             | 2040-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Maine State Housing Authority                                                | Maine State Housing Authority, Series 2017 G-1                                     | CUSIP: 56052FJB2<br>LEI: 549300SO05LH6D240016 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 1.04%             | 2050-11-15      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                       | Iowa Finance Authority, Series 2024 A                                              | CUSIP: 46247SFS8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    500000 | PA      | $513405.80    | 0.27%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                      | Los Angeles Department of Water & Power, Series 2025 A                             | CUSIP: 544532PG3<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    100000 | PA      | $112340.82    | 0.06%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                | Commonwealth of Massachusetts, Series 2015 B                                       | CUSIP: 57582RDF0<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    450000 | PA      | $426022.97    | 0.22%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FW Texas Street Public Facility Corp.                                        | FW Texas Street Public Facility Corp., Series 2025                                 | CUSIP: 30322SAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $789165.75    | 0.41%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York                                                             | City of New York NY, Series 2024 D                                                 | CUSIP: 64966SCD6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    630000 | PA      | $682239.03    | 0.35%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                           | Tennessee Energy Acquisition Corp., Series 2025 A                                  | CUSIP: 880443JM9<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    835000 | PA      | $884858.27    | 0.46%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County Consolidated High School District No. 120 Mundelein              | Lake County Consolidated High School District No. 120, Series 2026                 | CUSIP: 509156JQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2187166.40   | 1.14%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                               | Empire State Development Corp., Series 2023 A                                      | CUSIP: 64985TEL1<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    500000 | PA      | $532094.35    | 0.28%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                    | New York Transportation Development Corp., Series 2022                             | CUSIP: 650116FG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $540815.20    | 0.28%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                           | Dallas Independent School District, Series 2025 A-6                                | CUSIP: 235308Q89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $544018.00    | 0.28%             | 2055-02-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                               | Oklahoma Water Resources Board, Series 2024 C                                      | CUSIP: 67920Q5K0<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |    160000 | PA      | $156324.46    | 0.08%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Forney Independent School District                                           | Forney Independent School District, Series 2025                                    | CUSIP: 346425ME8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1170900.72   | 0.61%             | 2041-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                   | Chicago Board of Education, Series 2025 B                                          | CUSIP: 167505ZV1<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069623.80   | 0.56%             | 2034-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| University of Washington                                                     | University of Washington, Series 2024 A                                            | CUSIP: 91523NYS9<br>LEI: T8YS5W0N70BYCTHPA429 | Long             | DBT              | MUN               | US        |    250000 | PA      | $267327.28    | 0.14%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri State Environmental Improvement & Energy Resources Authority        | Missouri State Environmental Improvement & Energy Resources Authority, Series 2008 | CUSIP: 606907BK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $733751.11    | 0.38%             | 2038-05-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                  | District of Columbia Housing Finance Agency, Series 2023 A-2                       | CUSIP: 254768XU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512796.50    | 0.27%             | 2045-09-01      | Variable      | 4.40%                 | No            |                  2 | On Loan: No      |
| City of Chicago                                                              | City of Chicago IL, Series 2019 A                                                  | CUSIP: 167486E39<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    150000 | PA      | $147467.97    | 0.08%             | 2049-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                       | Virginia Housing Development Authority, Series 2024 E                              | CUSIP: 92812WST2<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    225000 | PA      | $221457.47    | 0.12%             | 2044-10-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Brownsburg 1999 School Building Corp.                                        | Brownsburg 1999 School Building Corp., Series 2025                                 | CUSIP: 116083J23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $222342.92    | 0.12%             | 2034-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                         | Colorado Health Facilities Authority, Series 2019 B-2                              | CUSIP: 19648FJJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500509.90    | 0.26%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Higher Education Supplement Loan Authority                 | Connecticut State Higher Education Supplement Loan Authority, Series 2025 B-1      | CUSIP: 207743YH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $230074.08    | 0.12%             | 2034-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                  | Shelby County Health Educational & Housing Facilities Board, Series 2024 A         | CUSIP: 821691AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $529095.90    | 0.27%             | 2039-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Harris County Municipal Utility District No. 165                             | Harris County Municipal Utility District No. 165, Series 2024                      | CUSIP: 4149624R8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $437822.75    | 0.23%             | 2041-03-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Housing Revenue           | Wisconsin Housing & Economic Development Authority, Series 2024 B                  | CUSIP: 9769045G3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $452064.69    | 0.23%             | 2055-11-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Raindance Metropolitan District No. 2                                        | Raindance Metropolitan District No. 2, Series 2024                                 | CUSIP: 75087FAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $258412.14    | 0.13%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority, Series 2025 A                                            | CUSIP: 74439YFR7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    350000 | PA      | $365319.01    | 0.19%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri           | Health & Educational Facilities Authority of the State of Missouri, Series 2026 A  | CUSIP: 60637AYV8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2267204.40   | 1.18%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                      | New York City Housing Development Corp., Series 2018 L-2                           | CUSIP: 64972E3G2<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 1.56%             | 2050-05-01      | Variable      | 2.42%                 | No            |                  2 | On Loan: No      |
| Main Street Energy, Inc.                                                     | Main Street Energy, Inc., Series 2025 D                                            | CUSIP: 560354AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $733876.78    | 0.38%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Yavapai (The)              | Industrial Development Authority of the County of Yavapai (The), Series 2019       | CUSIP: 985900ET2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $497439.74    | 0.26%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** Morgan Stanley ETF Trust

**Signature:** James F. Kirchner

**Name of Signer:** James F. Kirchner

**Title:** Principal Financial Officer