# EDGAR Filing Document

**Accession Number:** 0000832808
**File Stem:** 0001752724-25-203777
**Filing Date:** 2025-8
**Character Count:** 266561
**Document Hash:** 1a9e7228ae317627bd6a3056bae524d2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203777.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203777

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BERNSTEIN SANFORD C FUND INC
- **CENTRAL INDEX KEY:** 0000832808

**ORGANIZATION NAME:**
- **EIN:** 133464161
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05555
- **FILM NUMBER:** 251253535

**BUSINESS ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 66 HUDSON BOULEVARD EAST, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 2129691000

**MAIL ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 66 HUDSON BOULEVARD EAST, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

## Series and Classes Contracts Data

### Tax-Aware Overlay B Portfolio (Series ID: S000027650)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000083500 | Class 1      | SBTOX           |
| C000083501 | Class 2      | SBTTX           |

## Nport-Ex

**Sanford C. Bernstein Fund, Inc.** 

**Schedule of Investments** 

**Tax-Aware Overlay B Portfolio** 

**June 30, 2025 (unaudited)** 

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **MUNICIPAL OBLIGATIONS – 65.3%** | **MUNICIPAL OBLIGATIONS – 65.3%** | **MUNICIPAL OBLIGATIONS – 65.3%** |
|  **Long-Term Municipal Bonds – 64.9%** | **Long-Term Municipal Bonds – 64.9%** | **Long-Term Municipal Bonds – 64.9%** |
|  **Alabama – 1.2%** | **Alabama – 1.2%** | **Alabama – 1.2%** |
|  Southeast Energy Authority A Cooperative District<br> (Athene Annuity & Life Co.)<br>Series 2025-A<br>5.00%, 01/01/2056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020329 |
|  Southeast Energy Authority A Cooperative District<br> (BP PLC)<br>Series 2025-F<br>5.25%, 11/01/2055 | 355 | 381617 |
|  Southeast Energy Authority A Cooperative District<br> (Morgan Stanley)<br>Series 2021-B<br>4.00%, 12/01/2051 | 2000 | 1976737 |
|  Southeast Energy Authority A Cooperative District<br> (Royal Bank of Canada)<br>Series 2023-B<br>5.00%, 01/01/2054 | 1000 | 1053364 |
|  Southeast Energy Authority A Cooperative District<br> (Sumitomo Mitsui Financial Group)<br>Series 2023-A<br>5.25%, 01/01/2054 | 1100 | 1153822 |
|  |  | 5585869 |
|  **American Samoa – 0.2%** | **American Samoa – 0.2%** | **American Samoa – 0.2%** |
|  American Samoa Economic Development Authority<br> (Territory of American Samoa)<br>Series 2018<br>6.50%, 09/01/2028<sup>(a)</sup> | 675 | 702179 |
|  **Arizona – 1.5%** | **Arizona – 1.5%** | **Arizona – 1.5%** |
|  Arizona Industrial Development Authority<br> (Equitable School Revolving Fund Obligated Group)<br>Series 2020<br>4.00%, 11/01/2038 | 600 | 559072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2039 | 750 | 691620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2035 | 850 | 887138 |
|  Chandler Industrial Development Authority<br> (Intel Corp.)<br>Series 2022<br>5.00%, 09/01/2052 | 2000 | 2035553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>4.00%, 06/01/2049 | 1000 | 997634 |
|  City of Glendale AZ<br> (City of Glendale AZ COP)<br>Series 2021<br>2.062%, 07/01/2029 | 1000 | 921269 |
|  City of Tempe AZ<br> (City of Tempe AZ COP)<br>Series 2021<br>2.171%, 07/01/2033 | 1475 | 1231322 |
|  |  | 7323608 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **California – 14.1%** | **California – 14.1%** | **California – 14.1%** |
|  Bay Area Toll Authority<br> (Bay Area Toll Authority)<br>Series 2021<br>2.22% (MUNIPSA + 0.30%), 04/01/2056<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.33% (MUNIPSA + 0.41%), 04/01/2056<sup>(b)</sup> | 2000 | 1928848 |
|  California Community Choice Financing Authority<br> (American General Life Insurance)<br>Series 2023-D<br>5.50%, 05/01/2054 | 2000 | 2104684 |
|  California Community Choice Financing Authority<br> (Deutsche Bank AG)<br>Series 2023<br>5.25%, 01/01/2054 | 1000 | 1047922 |
|  California Community Choice Financing Authority<br> (Morgan Stanley)<br>Series 2023<br>4.551% (SOFR + 1.63%), 07/01/2053<sup>(b)</sup> | 2200 | 2200391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.591% (SOFR + 1.67%), 02/01/2054<sup>(b)</sup> | 1000 | 1001376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2054 | 1000 | 1052531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-E<br> 5.00%, 02/01/2055 | 1000 | 1056606 |
|  California Community Choice Financing Authority<br> (Royal Bank of Canada)<br>Series 2024<br>5.00%, 02/01/2055 | 1000 | 1063634 |
|  California Community Housing Agency<br> (California Community Housing Agency Brio Apartments & Next on Lex Apartments)<br>Series 2021-A<br>4.00%, 08/01/2047<sup>(a)</sup> | 1500 | 1122094 |
|  California Community Housing Agency<br> (California Community Housing Agency Summit at Sausalito Apartments)<br>Series 2021<br>4.00%, 02/01/2050<sup>(a)</sup> | 595 | 440648 |
|  California Enterprise Development Authority<br> (Rocketship Education Obligated Group)<br>Series 2022<br>4.00%, 06/01/2031<sup>(a)</sup> | 540 | 519513 |
|  California Health Facilities Financing Authority<br> (Sutter Health)<br>Series 2018-A<br>5.00%, 11/15/2030 | 900 | 940904 |
|  California Housing Finance Agency<br> (CAHFA 2019-2)<br>Series 2019-2,<br>Class A 4.00%, 03/20/2033 | 1727 | 1728560 |
|  California Housing Finance Agency<br> (CAHFA 2021-1)<br>Series 2021-1,<br>Class A 3.50%, 11/20/2035 | 1869 | 1743645 |
|  California Housing Finance Agency<br> (CAHFA 2021-2)<br>Series 2021-2, Class A |  |  |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/25/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1896 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1889323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class X<br>0.825%, 03/25/2035<sup>(c)</sup> | 2845 | 116347 |
|  California Municipal Finance Authority<br> (Anaheim Electric Utility Fund)<br>Series 2015-B<br>5.00%, 10/01/2026 | 1000 | 1006127 |
|  California Municipal Finance Authority<br> (LAX Integrated Express Solutions)<br>Series 2018<br>5.00%, 12/31/2028 | 1700 | 1758415 |
|  California Municipal Finance Authority<br> (Waste Management, Inc.)<br>Series 2019-A<br>2.40%, 10/01/2044 | 4710 | 4448189 |
|  California Pollution Control Financing Authority<br> (San Diego County Water Authority Desalination Project Pipeline)<br>Series 2019<br>5.00%, 07/01/2029<sup>(a)</sup> | 385 | 393980 |
|  California Public Finance Authority<br> (California University of Science & Medicine Obligated Group)<br>Series 2019<br>6.25%, 07/01/2054<sup>(a)</sup> | 1000 | 1022918 |
|  California School Finance Authority<br> (Classical Academy Obligated Group)<br>Series 2022<br>5.00%, 10/01/2042<sup>(a)</sup> | 1000 | 976720 |
|  California School Finance Authority<br> (Fenton Charter Public Schools)<br>Series 2020-A<br>4.00%, 07/01/2030<sup>(a)</sup> | 510 | 505845 |
|  California School Finance Authority<br> (Rocketship Education Obligated Group)<br>Series 2015-A<br>4.25%, 03/01/2028<sup>(a)</sup> | 275 | 274437 |
|  California State University<br> (California State University)<br>Series 2020-D<br>1.49%, 11/01/2028 | 400 | 369178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>2.374%, 11/01/2035 | 1000 | 798346 |
|  California Statewide Communities Development Authority<br> (Lancer Educational Housing)<br>Series 2019<br>5.00%, 06/01/2034<sup>(a)</sup> | 375 | 381784 |
|  California Statewide Communities Development Authority<br> (Loma Linda University Medical Center)<br>Series 2018-A<br>5.00%, 12/01/2028<sup>(a)</sup> | 500 | 512881 |
|  California Statewide Communities Development Authority<br> (NCCD-Hooper Street LLC)<br>Series 2019 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029<sup>(a)</sup> | 180 | 182755 |

---

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---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Central Valley Energy Authority<br> (Pacific Mutual Holding)<br>Series 2025<br>5.00%, 12/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065894 |
|  City of Fremont CA Community Facilities District No. 1<br> (City of Fremont CA Community Facilities District No. 1)<br>Series 2015<br>5.00%, 09/01/2028 | 1505 | 1508657 |
|  City of Los Angeles Department of Airports<br> (City of Los Angeles Dept. of Airports)<br>Series 2019<br>5.00%, 05/15/2031 | 485 | 508691 |
|  City of Los Angeles Department of Airports<br> (Prerefunded - US Treasuries)<br>Series 2016-A<br>5.00%, 05/15/2026 | 215 | 218479 |
|  City of Roseville CA<br> (City of Roseville CA Fiddyment Ranch Community Facilities District No. 1)<br>Series 2017<br>5.00%, 09/01/2031 | 1000 | 1028271 |
|  City of Roseville CA<br> (HP Campus Oaks Community Facilities District No. 1)<br>Series 2016<br>5.00%, 09/01/2031 | 305 | 309370 |
|  CMFA Special Finance Agency VIII Elan Huntington Beach<br> (CMFA Special Finance Agency VIII Elan Huntington Beach)<br>Series 2021<br>4.00%, 08/01/2047<sup>(a)</sup> | 100 | 87452 |
|  Coronado Community Development Agency Successor Agency<br> (Coronado Community Development Agency Successor Agency)<br>Series 2018-A<br>5.00%, 09/01/2033 | 1385 | 1388976 |
|  CSCDA Community Improvement Authority<br> (CSCDA Community Improvement Authority 777 Place-Pomona)<br>Series 2021<br>3.60%, 05/01/2047<sup>(a)</sup> | 1000 | 789074 |
|  CSCDA Community Improvement Authority<br> (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim)<br>Series 2021<br>3.35%, 04/01/2047<sup>(a)</sup> | 475 | 373451 |
|  CSCDA Community Improvement Authority<br> (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek)<br>Series 2021<br>4.00%, 10/01/2046<sup>(a)</sup> | 1000 | 759458 |

---

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| | | |
|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CSCDA Community Improvement Authority<br> (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne)<br>Series 2021<br>3.375%, 07/01/2043<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006714 |
|  CSCDA Community Improvement Authority<br> (CSCDA Community Improvement Authority Pasadena Portfolio)<br>Series 2021<br>2.65%, 12/01/2046<sup>(a)</sup> | 945 | 726308 |
|  CSCDA Community Improvement Authority<br> (CSCDA Community Improvement Authority Theo Apartments)<br>Series 2021<br>3.50%, 05/01/2047<sup>(a)</sup> | 2700 | 2186657 |
|  CSCDA Community Improvement Authority<br> (CSCDA Community Improvement Authority Vineyard Gardens Apartments)<br>Series 2021<br>4.00%, 10/01/2048<sup>(a)</sup> | 1000 | 744123 |
|  Los Angeles Department of Water & Power<br> (Los Angeles Dept. of Water & Power Power System Revenue)<br>Series 2020-B<br>5.00%, 07/01/2028 | 365 | 383721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 455 | 484376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br> 5.00%, 07/01/2039 | 1000 | 1051902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br> 5.00%, 07/01/2037 | 1570 | 1676965 |
|  Middle Fork Project Finance Authority<br> (Middle Fork Project Finance Authority)<br>Series 2020<br>5.00%, 04/01/2033 | 450 | 470081 |
|  Oakland Unified School District/Alameda County<br> (Oakland Unified School District/Alameda County)<br>Series 2015-A<br>5.00%, 08/01/2026 | 1025 | 1026748 |
|  River Islands Public Financing Authority<br> (River Islands Public Financing Authority Cmnty Facs District No. 2003-1 Area 1)<br>Series 2022<br>4.50%, 09/01/2037 | 1000 | 985997 |
|  Sacramento County Water Financing Authority<br> (Sacramento County Water Agency)<br>NATL Series 2007-B<br>3.646% (CME Term SOFR 3 Month + 0.57%), 06/01/2039<sup>(b)</sup> | 5125 | 4630798 |
|  San Joaquin Valley Clean Energy Authority<br> (Goldman Sachs Group)<br>Series 2025<br>5.50%, 01/01/2056 | 2000 | 2193378 |
|  Saugus/Hart School Facilities Financing Authority<br> (Saugus Union School District Community Facilities District No. 06-01)<br>Series 2016<br>5.00%, 09/01/2027 | 750 | 757697 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Southern California Public Power Authority<br> (American General Life Insurance)<br>Series 2024-A<br>5.00%, 04/01/2055 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472346 |
|  Southern California Public Power Authority<br> (Los Angeles Dept. of Water & Power Power System Revenue)<br>Series 2023<br>5.00%, 07/01/2039 |  | 1000 |  | 1052106 |
|  State of California<br> (State of California)<br>Series 2023<br>6.00%, 03/01/2033 |  | 1000 |  | 1086772 |
|  Tobacco Securitization Authority of Southern California<br> (San Diego County Tobacco Asset Securitization)<br>Series 2019<br>5.00%, 06/01/2030 |  | 960 |  | 1006299 |
|  University of California<br> (University of California)<br>Series 2023-B<br>4.693%, 05/15/2033 |  | 1500 |  | 1514376 |
|  |  |  |  | 67037434 |
|  **Colorado – 0.8%** | **Colorado – 0.8%** | **Colorado – 0.8%** | **Colorado – 0.8%** | **Colorado – 0.8%** |
|  City & County of Denver CO Airport System Revenue<br> (Denver Intl Airport)<br>Series 2018-A<br>5.00%, 12/01/2032 |  | 1615 |  | 1669408 |
|  Johnstown Plaza Metropolitan District<br> (Johnstown Plaza Metropolitan District)<br>Series 2022<br>4.25%, 12/01/2046 |  | 544 |  | 456000 |
|  Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado<br> (Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado)<br>Series 2025-A<br>5.00%, 04/01/2035<sup>(a)</sup> |  | 1000 |  | 1058394 |
|  Vauxmont Metropolitan District<br> (Vauxmont Metropolitan District)<br>AG Series 2019<br>3.25%, 12/15/2050 |  | 140 |  | 104477 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2020<br>5.00%, 12/01/2027 |  | 105 |  | 109783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 |  | 110 |  | 116640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2050 |  | 300 |  | 290523 |
|  |  |  |  | 3805225 |
|  **Connecticut – 1.9%** | **Connecticut – 1.9%** | **Connecticut – 1.9%** | **Connecticut – 1.9%** | **Connecticut – 1.9%** |
|  City of Bridgeport CT<br> (City of Bridgeport CT)<br>Series 2017-A<br>5.00%, 11/01/2029 |  | 1890 |  | 1967745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 |  | 2015 |  | 2097497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 |  | 1335 |  | 1386762 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Connecticut State Health & Educational Facilities Authority<br> (Yale University)<br>Series 2023-A<br>2.80%, 07/01/2048 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3380 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3358494 |
|  |  |  |  | 8810498 |
|  **District of Columbia – 0.4%** | **District of Columbia – 0.4%** | **District of Columbia – 0.4%** | **District of Columbia – 0.4%** | **District of Columbia – 0.4%** |
|  Metropolitan Washington Airports Authority Aviation Revenue<br> (Metropolitan Washington Airports Authority Aviation Revenue)<br>Series 2018-A<br>5.00%, 10/01/2030 |  | 1910 |  | 1992245 |
|  **Florida – 3.3%** | **Florida – 3.3%** | **Florida – 3.3%** | **Florida – 3.3%** | **Florida – 3.3%** |
|  County of Osceola FL Transportation Revenue<br> (County of Osceola FL Transportation Revenue)<br>Series 2020-A<br>Zero Coupon, 10/01/2030 |  | 100 |  | 82034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2031 |  | 100 |  | 78389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2032 |  | 200 |  | 149724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2034 |  | 100 |  | 67734 |
|  County of Pasco FL<br> (H Lee Moffitt Cancer Center & Research Institute Obligated Group)<br>Series 2023<br>5.00%, 07/01/2030<sup>(a)</sup> |  | 1000 |  | 1080059 |
|  Greater Orlando Aviation Authority<br> (Greater Orlando Aviation Authority)<br>Series 2024<br>5.00%, 10/01/2037 |  | 3000 |  | 3152997 |
|  Hillsborough County Aviation Authority<br> (Hillsborough County Aviation Authority)<br>Series 2024<br>5.25%, 10/01/2042 |  | 1000 |  | 1041149 |
|  Lakewood Ranch Stewardship District<br> (Lakewood Ranch Stewardship District Series 2020 Assessment Country Club East)<br>AG Series 2020<br>2.50%, 05/01/2033 |  | 1830 |  | 1610414 |
|  Miami-Dade County Educational Facilities Authority<br> (University of Miami)<br>Series 2025-B<br>5.25%, 04/01/2040 |  | 1000 |  | 1067363 |
|  North Broward Hospital District<br> (North Broward Hospital District)<br>Series 2017-B<br>5.00%, 01/01/2031 |  | 3590 |  | 3678743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 |  | 2950 |  | 3017043 |
|  Polk County Industrial Development Authority/FL<br> (Mineral Development LLC)<br>Series 2020<br>5.875%, 01/01/2033<sup>(d)(e)(f)</sup> |  | 950 |  | 551000 |
|  |  |  |  | 15576649 |

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| | | |
|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Georgia – 1.4%** | **Georgia – 1.4%** | **Georgia – 1.4%** |
|  City of Atlanta GA Department of Aviation<br> (City of Atlanta GA Dept. of Aviation)<br>Series 2021-A<br>5.00%, 07/01/2029 | $640 | $694006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>5.00%, 07/01/2029 | 600 | 650630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C<br>5.00%, 07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464439 |
|  Fayette County Development Authority<br> (United States Soccer Federation)<br>Series 2024<br>5.00%, 10/01/2030 | 400 | 429112 |
|  Main Street Natural Gas, Inc.<br> (Citigroup, Inc.)<br>Series 2024-C<br>5.00%, 12/01/2054 | 2000 | 2101088 |
|  Municipal Electric Authority of Georgia<br> (Municipal Electric Authority of Georgia)<br>Series 2019<br>5.00%, 01/01/2028 | 180 | 189054 |
|  |  | 6528329 |
|  **Guam – 1.0%** | **Guam – 1.0%** | **Guam – 1.0%** |
|  Antonio B Won Pat International Airport Authority<br> (Antonio B Won Pat Intl Airport Authority)<br>Series 2021-A<br>2.899%, 10/01/2027 | 200 | 193673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.099%, 10/01/2028 | 100 | 95933 |
|  Territory of Guam<br> (Guam Section 30 Income Tax)<br>Series 2016-A<br>5.00%, 12/01/2026 | 100 | 101949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 245 | 249382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 390 | 396736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 360 | 365308 |
|  Territory of Guam<br> (Territory of Guam Business Privilege Tax)<br>Series 2015<br>5.00%, 11/15/2030 | 1405 | 1408512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-D<br>5.00%, 11/15/2025 | 615 | 617821 |
|  Territory of Guam<br> (Territory of Guam Hotel Occupancy Tax)<br>Series 2021-A<br>5.00%, 11/01/2040 | 1000 | 1001376 |
|  Territory of Guam<br> (Territory of Guam)<br>Series 2019<br>5.00%, 11/15/2031 | 285 | 290585 |
|  |  | 4721275 |
|  **Hawaii – 0.2%** | **Hawaii – 0.2%** | **Hawaii – 0.2%** |
|  State of Hawaii Airports System Revenue<br> (State of Hawaii Airports System Revenue)<br>Series 2025-C<br>5.00%, 07/01/2041 | 1000 | 1021066 |

---

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| | | |
|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Illinois – 2.6%** | **Illinois – 2.6%** | **Illinois – 2.6%** |
|  Chicago Board of Education<br> (Chicago Board of Education)<br>Series 2010<br>6.319%, 11/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $984602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B<br>5.00%, 12/01/2030 | 270 | 276783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 310 | 315512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 200 | 202750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 160 | 161518 |
|  Chicago O'Hare International Airport<br> (Chicago O'Hare Intl Airport)<br>Series 2024-C<br>5.00%, 01/01/2033 | 1500 | 1617096 |
|  Illinois Finance Authority<br> (Centerpoint Joliet Terminal Railroad)<br>Series 2025<br>4.80%, 12/01/2043<sup>(a)(g)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012355 |
|  Illinois Finance Authority<br> (Illinois Institute of Technology)<br>Series 2019<br>5.00%, 09/01/2026 | 100 | 100579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 100 | 100359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 400 | 399221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 100 | 98804 |
|  Illinois Housing Development Authority<br> (Circle Park Preservation)<br>Series 2024-H<br>4.00%, 01/01/2042 | 1000 | 923515 |
|  Metropolitan Pier & Exposition Authority<br> (Metropolitan Pier & Exposition Authority)<br>Series 2017-B<br>5.00%, 12/15/2030 | 1400 | 1448744 |
|  State of Illinois<br> (State of Illinois)<br>Series 2017-A<br>5.00%, 12/01/2025 | 3810 | 3838674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.25%, 05/01/2043 | 1000 | 1026556 |
|  |  | 12507068 |
|  **Indiana – 0.5%** | **Indiana – 0.5%** | **Indiana – 0.5%** |
|  City of Fort Wayne IN<br> (Do Good Foods Fort Wayne Obligated Group)<br>10.75%, 12/01/2029<sup>(d)(f)</sup> | 27 | 3 |
|  City of Whiting IN<br> (BP PLC)<br>Series 2023<br>4.40%, 11/01/2045 | 2000 | 2031257 |
|  Indiana Finance Authority<br> (Ohio Valley Electric)<br>Series 2021-B<br>2.50%, 11/01/2030 | 330 | 309011 |
|  |  | 2340271 |
|  **Kentucky – 1.3%** | **Kentucky – 1.3%** | **Kentucky – 1.3%** |
|  City of Ashland KY<br> (Royal Blue Health Obligated Group) |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>5.00%, 02/01/2026 | $| 325 | $| 327315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 |  | 380 |  | 388688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 |  | 255 |  | 268918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 |  | 295 |  | 304744 |
|  Kenton County Airport Board<br> (Kenton County Airport Board)<br>Series 2024-A<br>5.25%, 01/01/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210 |  | 1228822 |
|  Kentucky Economic Development Finance Authority<br> (Owensboro Health Obligated Group)<br>Series 2017-A<br>5.00%, 06/01/2031 |  | 3445 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3504534 |
|  |  |  |  | 6023021 |
|  **Louisiana – 0.6%** | **Louisiana – 0.6%** | **Louisiana – 0.6%** | **Louisiana – 0.6%** | **Louisiana – 0.6%** |
|  Louisiana Local Government Environmental Facilities & Community Development Auth<br> (St. James Place of Baton Rouge)<br>Series 2015-A<br>6.00%, 11/15/2030 |  | 1550 |  | 1553498 |
|  Parish of St. James LA<br> (NuStar Logistics LP)<br>Series 2020<br>6.10%, 06/01/2038<sup>(a)</sup> |  | 515 |  | 548465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 12/01/2040<sup>(a)</sup> |  | 500 |  | 532476 |
|  |  |  |  | 2634439 |
|  **Massachusetts – 1.3%** | **Massachusetts – 1.3%** | **Massachusetts – 1.3%** | **Massachusetts – 1.3%** | **Massachusetts – 1.3%** |
|  Massachusetts Port Authority<br> (Prerefunded - US Treasuries)<br>Series 2015-B<br>5.00%, 07/01/2045 |  | 1840 |  | 1840000 |
|  Massachusetts Water Resources Authority<br> (Massachusetts Water Resources Authority)<br>Series 2024-B<br>5.00%, 08/01/2042 |  | 2000 |  | 2128205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C<br>5.00%, 08/01/2040 |  | 2000 |  | 2165637 |
|  |  |  |  | 6133842 |
|  **Michigan – 3.0%** | **Michigan – 3.0%** | **Michigan – 3.0%** | **Michigan – 3.0%** | **Michigan – 3.0%** |
|  City of Detroit MI<br> (City of Detroit MI)<br>Series 2018<br>5.00%, 04/01/2026 |  | 1200 |  | 1212872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2028 |  | 2475 |  | 2579035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2029 |  | 1000 |  | 1038676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030 |  | 600 |  | 620792 |
|  Michigan Finance Authority<br> (Michigan Finance Authority Tobacco Settlement Revenue)<br>Series 2020-A<br>3.267%, 06/01/2039 |  | 870 |  | 812426 |
|  Michigan Finance Authority<br> (Public Lighting Authority) |  |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-B<br>5.00%, 07/01/2025 | $| 1175 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175000 |
|  Michigan Strategic Fund<br> (Michigan Strategic Fund - I 75 Improvement Project)<br>Series 2018<br>5.00%, 06/30/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 |  | 2067155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2033 |  | 1090 |  | 1114746 |
|  South Lyon Community Schools<br> (South Lyon Community Schools)<br>Series 2016<br>5.00%, 05/01/2028 |  | 3640 |  | 3708020 |
|  |  |  |  | 14328722 |
|  **Minnesota – 0.2%** | **Minnesota – 0.2%** | **Minnesota – 0.2%** | **Minnesota – 0.2%** | **Minnesota – 0.2%** |
|  Minneapolis-St. Paul Metropolitan Airports Commission<br> (Minneapolis-St Paul Metropolitan Airports Commission)<br>Series 2024<br>5.25%, 01/01/2044 |  | 1000 |  | 1024591 |
|  **Mississippi – 0.2%** | **Mississippi – 0.2%** | **Mississippi – 0.2%** | **Mississippi – 0.2%** | **Mississippi – 0.2%** |
|  Mississippi Development Bank<br> (Magnolia Regional Health Center)<br>Series 2021<br>4.00%, 10/01/2035<sup>(a)</sup> |  | 1100 |  | 972729 |
|  **Missouri – 0.1%** | **Missouri – 0.1%** | **Missouri – 0.1%** | **Missouri – 0.1%** | **Missouri – 0.1%** |
|  Howard Bend Levee District<br> (Howard Bend Levee District)<br>XLCA Series 2005<br>5.75%, 03/01/2027 |  | 255 |  | 264102 |
|  **Nevada – 0.3%** | **Nevada – 0.3%** | **Nevada – 0.3%** | **Nevada – 0.3%** | **Nevada – 0.3%** |
|  City of Sparks NV<br> (City of Sparks NV Sales Tax)<br>Series 2019-A<br>2.75%, 06/15/2028<sup>(a)</sup> |  | 195 |  | 190364 |
|  Las Vegas Valley Water District<br> (Las Vegas Valley Water District)<br>Series 2025-A<br>5.00%, 06/01/2045 |  | 1350 |  | 1403317 |
|  |  |  |  | 1593681 |
|  **New Hampshire – 1.3%** | **New Hampshire – 1.3%** | **New Hampshire – 1.3%** | **New Hampshire – 1.3%** | **New Hampshire – 1.3%** |
|  New Hampshire Business Finance Authority<br> (Bridgeland Water & Utility Districts 490, 491 & 158)<br>Series 2024<br>5.375%, 12/15/2035<sup>(a)</sup> |  | 955 |  | 953335 |
|  New Hampshire Business Finance Authority<br> (NFA 2020-1)<br>Series 2020-1, Class A<br>4.125%, 01/20/2034 |  | 1643 |  | 1624098 |
|  New Hampshire Business Finance Authority<br> (NFA 2022-1)<br>Series 2022-1, Class A |  |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 09/20/2036 | $| 1921 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class X<br>0.35%, 09/20/2036<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3607 |  | 70969 |
|  New Hampshire Business Finance Authority<br> (NFA 2022-2)<br>Series 2022-2, Class A<br>4.00%, 10/20/2036 |  | 1926 |  | 1813860 |
|  New Hampshire Business Finance Authority<br> (NFA 2024-2)<br>Series 2024-2, Class X<br>0.595%, 08/20/2039<sup>(c)</sup> |  | 993 |  | 39415 |
|  |  |  |  | 6362014 |
|  **New Jersey – 2.2%** | **New Jersey – 2.2%** | **New Jersey – 2.2%** | **New Jersey – 2.2%** | **New Jersey – 2.2%** |
|  New Jersey Economic Development Authority<br> (United Airlines, Inc.)<br>Series 2012<br>5.25%, 09/15/2029 |  | 1125 |  | 1125381 |
|  New Jersey Health Care Facilities Financing Authority<br> (Inspira Health Obligated Group)<br>Series 2017-A<br>5.00%, 07/01/2027 |  | 1325 |  | 1382193 |
|  New Jersey Transportation Trust Fund Authority<br> (New Jersey Transportation Fed Hwy Grant)<br>Series 2018-A<br>5.00%, 06/15/2029 |  | 1630 |  | 1657323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2030 |  | 1675 |  | 1701366 |
|  New Jersey Transportation Trust Fund Authority<br> (State of New Jersey Lease)<br>Series 2018-A<br>5.00%, 12/15/2029 |  | 160 |  | 170445 |
|  New Jersey Turnpike Authority<br> (New Jersey Turnpike Authority)<br>Series 2024-C<br>5.00%, 01/01/2043 |  | 1000 |  | 1043967 |
|  Tobacco Settlement Financing Corp./NJ<br> (Tobacco Settlement Financing Corp/NJ)<br>Series 2018-A<br>5.00%, 06/01/2028 |  | 3450 |  | 3560992 |
|  |  |  |  | 10641667 |
|  **New Mexico – 0.2%** | **New Mexico – 0.2%** | **New Mexico – 0.2%** | **New Mexico – 0.2%** | **New Mexico – 0.2%** |
|  New Mexico Municipal Energy Acquisition Authority<br> (Royal Bank of Canada)<br>Series 2025<br>5.00%, 06/01/2054 |  | 1000 |  | 1059857 |
|  **New York – 9.0%** | **New York – 9.0%** | **New York – 9.0%** | **New York – 9.0%** | **New York – 9.0%** |
|  Albany County Airport Authority<br> (Albany County Airport Authority)<br>Series 2020-B<br>5.00%, 12/15/2026 |  | 145 |  | 148740 |
|  Build NYC Resource Corp.<br> (East Harlem Scholars Academy Charter School Obligated Group)<br>Series 2022 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/01/2042<sup>(a)</sup> |  | 245 |  | 246103 |

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| | | |
|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Build NYC Resource Corp.<br> (Integration Charter Schools)<br>Series 2021<br>5.00%, 06/01/2041<sup>(a)</sup> | $300 | $257919 |
|  Build NYC Resource Corp.<br> (Metropolitan College of New York)<br>Series 2014<br>5.25%, 11/01/2029<sup>(d)(f)</sup> | 1000 | 600000 |
|  City of New York NY<br> (City of New York NY)<br>Series 2018-E<br>5.00%, 03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>1.396%, 08/01/2027 | 1385 | 1310535 |
|  Dutchess County Local Development Corp.<br> (Bard College)<br>Series 2020-B<br>5.918%, 07/01/2039 | 900 | 878196 |
|  Empire State Development Corp.<br> (State of New York Pers Income Tax)<br>Series 2022<br>5.00%, 09/15/2029 | 275 | 300212 |
|  Hempstead Town Local Development Corp.<br> (Evergreen Charter School)<br>Series 2022-A<br>5.25%, 06/15/2042 | 1000 | 999124 |
|  Metropolitan Transportation Authority<br> (Metropolitan Transportation Authority)<br>Series 2016-A<br>5.00%, 11/15/2028 | 1540 | 1579399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C<br>5.00%, 11/15/2029 | 1735 | 1811108 |
|  Monroe County Industrial Development Corp./NY<br> (Academy of Health Sciences Charter School)<br>Series 2022<br>5.00%, 07/01/2032<sup>(a)</sup> | 370 | 375271 |
|  Monroe County Industrial Development Corp./NY<br> (Rochester Regional Health Obligated Group)<br>Series 2020<br>5.00%, 12/01/2030 | 955 | 1025321 |
|  New York City Transitional Finance Authority<br> (New York City Transitional Finance Authority Future Tax Secured Revenue)<br>Series 2025<br>5.00%, 05/01/2045 | 1000 | 1033742 |
|  New York City Transitional Finance Authority Building Aid Revenue<br> (New York City Transitional Finance Authority Building Aid Revenue State Lease)<br>Series 2018-S<br>5.00%, 07/15/2031 | 1460 | 1537846 |
|  New York Liberty Development Corp.<br> (3 World Trade Center LLC)<br>Series 2014<br>5.375%, 11/15/2040<sup>(a)</sup> | 350 | 349986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/15/2044<sup>(a)</sup> | 100 | 100064 |

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| | | |
|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New York Liberty Development Corp.<br> (One Bryant Park LLC)<br>Series 2019<br>2.45%, 09/15/2069 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2755 | $2546668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 09/15/2069 | 320 | 294223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/15/2069 | 4620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4212261 |
|  New York State Dormitory Authority<br> (Northwell Health Obligated Group)<br>Series 2022<br>4.00%, 05/01/2039 | 1000 | 959560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2040 | 1000 | 950965 |
|  New York State Dormitory Authority<br> (Prerefunded - US Govt Agencies)<br>Series 2021<br>1.187%, 03/15/2026 | 1000 | 978829 |
|  New York State Dormitory Authority<br> (Wagner College)<br>Series 2022<br>5.00%, 07/01/2037 | 1000 | 914628 |
|  New York State Thruway Authority<br> (New York State Thruway Authority Gen Toll Road)<br>Series 2021-O<br>4.00%, 01/01/2038 | 2810 | 2770088 |
|  New York Transportation Development Corp.<br> (Delta Air Lines, Inc.)<br>Series 2018<br>5.00%, 01/01/2032 | 1495 | 1522580 |
|  New York Transportation Development Corp.<br> (JFK Intl Air Terminal)<br>Series 2022<br>4.00%, 12/01/2042 | 2000 | 1726556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 | 1000 | 1005766 |
|  New York Transportation Development Corp.<br> (JFK NTO LLC)<br>AG Series 2024<br>4.25%, 06/30/2042 | 1675 | 1577534 |
|  Port Authority of New York & New Jersey<br> (Port Authority of New York & New Jersey)<br>Series 2019<br>5.00%, 11/01/2031 | 1455 | 1533741 |
|  Suffolk Tobacco Asset Securitization Corp.<br> (Suffolk Tobacco Asset Securitization)<br>Series 2021<br>4.00%, 06/01/2050 | 395 | 355611 |
|  Triborough Bridge & Tunnel Authority<br> (Metropolitan Transportation Authority Payroll Mobility Tax Revenue)<br>Series 2021-A<br>2.411%, 05/15/2034 | 1000 | 841552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 05/15/2034 | 500 | 554512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 11/15/2033 | 1500 | 1703181 |
|  Troy Capital Resource Corp.<br> (Rensselaer Polytechnic Institute)<br>Series 2020<br>5.00%, 09/01/2031 | 305 | 327629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 415 | 443983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 395 | 419585 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Trust for Cultural Resources of The City of New York (The)<br> (Lincoln Center for the Performing Arts)<br>Series 2016-A<br>5.00%, 12/01/2026 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3130 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3226355 |
|  |  |  |  | 42525292 |
|  **Ohio – 2.2%** | **Ohio – 2.2%** | **Ohio – 2.2%** | **Ohio – 2.2%** | **Ohio – 2.2%** |
|  Columbus Regional Airport Authority<br> (Columbus Regional Airport Authority)<br>Series 2025<br>5.00%, 01/01/2037 |  | 1000 |  | 1050540 |
|  County of Cuyahoga OH<br> (MetroHealth System/The)<br>Series 2017<br>5.00%, 02/15/2028 |  | 4000 |  | 4060264 |
|  County of Montgomery OH<br> (Dayton Children's Hospital Obligated Group)<br>Series 2021<br>5.00%, 08/01/2034 |  | 1150 |  | 1238804 |
|  County of Washington OH<br> (Marietta Area Health Care Obligated Group)<br>Series 2022<br>6.375%, 12/01/2037 |  | 1000 |  | 1052583 |
|  Ohio Higher Educational Facility Commission<br> (Ashtabula County Medical Center Obligated Group)<br>Series 2022<br>5.00%, 01/01/2034 |  | 360 |  | 377199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2035 |  | 750 |  | 803903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2038 |  | 1110 |  | 1167738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2039 |  | 780 |  | 814716 |
|  |  |  |  | 10565747 |
|  **Oklahoma – 1.0%** | **Oklahoma – 1.0%** | **Oklahoma – 1.0%** | **Oklahoma – 1.0%** | **Oklahoma – 1.0%** |
|  Comanche County Memorial Hospital<br> (Comanche County Memorial Hospital)<br>Series 2015<br>5.00%, 07/01/2026 |  | 1000 |  | 1000083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 |  | 1000 |  | 1000293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 |  | 1000 |  | 1000241 |
|  Oklahoma Development Finance Authority<br> (Oklahoma Development Finance Authority)<br>Series 2022<br>4.38%, 11/01/2045 |  | 1000 |  | 943226 |
|  Oklahoma Development Finance Authority<br> (OU Medicine Obligated Group)<br>Series 2022-A<br>5.50%, 08/15/2037 |  | 1000 |  | 1026749 |
|  |  |  |  | 4970592 |
|  **Other – 0.6%** | **Other – 0.6%** | **Other – 0.6%** | **Other – 0.6%** | **Other – 0.6%** |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates<br> (FRETE 2021-ML10)<br>Series 2021-ML10, Class ACA<br>2.046%, 06/25/2038 |  | 949 |  | 777889 |

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------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates<br> (FRETE 2024-ML22)<br>Series 2024-ML22, Class AUS<br>4.685%, 10/25/2040 | $| 992 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010550 |
|  Federal Home Loan Mortgage Corp. Multifamily VRD Certificates<br> (FHLM)<br>4.759%, 08/25/2041 |  | 997 |  | 1003789 |
|  |  |  |  | 2792228 |
|  **Pennsylvania – 2.7%** | **Pennsylvania – 2.7%** | **Pennsylvania – 2.7%** | **Pennsylvania – 2.7%** | **Pennsylvania – 2.7%** |
|  Moon Industrial Development Authority<br> (Baptist Homes Society)<br>Series 2015<br>5.125%, 07/01/2025 |  | 560 |  | 560000 |
|  Pennsylvania Economic Development Financing Authority<br> (Commonwealth of Pennsylvania Dept. of Transportation)<br>Series 2022<br>5.50%, 06/30/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 |  | 3429201 |
|  Pennsylvania Economic Development Financing Authority<br> (UPMC Obligated Group)<br>Series 2022-C<br>2.62% (MUNIPSA + 0.70%), 11/15/2047<sup>(b)</sup> |  | 2000 |  | 1987317 |
|  Pennsylvania State University (The)<br> (Pennsylvania State University)<br>Series 2025<br>5.00%, 09/01/2044 |  | 1000 |  | 1047870 |
|  Pennsylvania Turnpike Commission<br> (Pennsylvania Turnpike Commission)<br>Series 2017<br>5.00%, 12/01/2030 |  | 2540 |  | 2659514 |
|  Philadelphia Authority for Industrial Development<br> (MaST Community Charter School III)<br>Series 2021<br>5.00%, 08/01/2030 |  | 540 |  | 552931 |
|  Pittsburgh Water & Sewer Authority<br> (Pittsburgh Water & Sewer Authority)<br>AG Series 2023-C<br>3.873% (SOFR + 0.80%), 09/01/2040<sup>(a)(b)</sup> |  | 2500 |  | 2471275 |
|  |  |  |  | 12708108 |
|  **Puerto Rico – 1.1%** | **Puerto Rico – 1.1%** | **Puerto Rico – 1.1%** | **Puerto Rico – 1.1%** | **Puerto Rico – 1.1%** |
|  Commonwealth of Puerto Rico<br> (Commonwealth of Puerto Rico)<br>Series 2022-C<br>Zero Coupon, 11/01/2043 |  | 86 |  | 52895 |
|  Puerto Rico Electric Power Authority<br> (Puerto Rico Electric Power Authority)<br>AG Series 2007-V<br>5.25%, 07/01/2031 |  | 1240 |  | 1237381 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth<br> (AES Puerto Rico LP)<br>Series 2023-A<br>6.625%, 01/01/2027 | $| 458 | $| 454320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 01/01/2028 |  | 3494 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3458305 |
|  |  |  |  | 5202901 |
|  **South Carolina – 2.4%** | **South Carolina – 2.4%** | **South Carolina – 2.4%** | **South Carolina – 2.4%** | **South Carolina – 2.4%** |
|  Patriots Energy Group Financing Agency<br> (Royal Bank of Canada)<br>Series 2023<br>5.25%, 02/01/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 |  | 5367891 |
|  South Carolina Jobs-Economic Development Authority<br> (Novant Health Obligated Group)<br>Series 2024<br>4.00%, 11/01/2042 |  | 1000 |  | 911421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2041 |  | 3000 |  | 3144962 |
|  South Carolina Public Service Authority<br> (South Carolina Public Service Authority)<br>Series 2024-A<br>5.00%, 12/01/2044 |  | 1000 |  | 1017217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>4.125%, 12/01/2044 |  | 1100 |  | 999041 |
|  |  |  |  | 11440532 |
|  **Tennessee – 0.3%** | **Tennessee – 0.3%** | **Tennessee – 0.3%** | **Tennessee – 0.3%** | **Tennessee – 0.3%** |
|  Metropolitan Nashville Airport Authority (The)<br> (Metropolitan Nashville Airport Authority/The)<br>Series 2019-B<br>5.00%, 07/01/2032 |  | 1205 |  | 1270757 |
|  **Texas – 2.0%** | **Texas – 2.0%** | **Texas – 2.0%** | **Texas – 2.0%** | **Texas – 2.0%** |
|  City of Austin TX<br> (City of Austin TX)<br>Series 2015<br>5.00%, 09/01/2026 |  | 2000 |  | 2007038 |
|  City of Corpus Christi TX Utility System Revenue<br> (City of Corpus Christi TX Utility System Revenue)<br>Series 2015-C<br>5.00%, 07/15/2026 |  | 1030 |  | 1031797 |
|  City of Houston TX Airport System Revenue<br> (United Airlines, Inc.)<br>Series 2014<br>5.00%, 07/01/2029 |  | 390 |  | 390016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.25%, 07/15/2034 |  | 1000 |  | 1030292 |
|  Irving Hospital Authority<br> (Baylor Medical Center at Irving)<br>Series 2017-A<br>5.00%, 10/15/2028 |  | 1100 |  | 1117321 |
|  Mission Economic Development Corp.<br> (Natgasoline LLC)<br>Series 2018<br>4.625%, 10/01/2031<sup>(a)</sup> |  | 1010 |  | 1011403 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Texas Municipal Gas Acquisition & Supply Corp. IV<br> (BP PLC)<br>Series 2023-A<br>5.50%, 01/01/2054 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2915 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3096275 |
|  |  |  |  | 9684142 |
|  **Vermont – 0.6%** | **Vermont – 0.6%** | **Vermont – 0.6%** | **Vermont – 0.6%** | **Vermont – 0.6%** |
|  State of Vermont<br> (State of Vermont)<br>Series 2023-A<br>4.00%, 08/15/2043 |  | 3135 |  | 2978393 |
|  **Virginia – 0.6%** | **Virginia – 0.6%** | **Virginia – 0.6%** | **Virginia – 0.6%** | **Virginia – 0.6%** |
|  Federal Home Loan Mortgage Corp. VA FEDMFH<br> (FMMV M051)<br>Series M051, Class A<br>2.65%, 06/15/2035 |  | 2173 |  | 1839634 |
|  Virginia Small Business Financing Authority<br> (95 Express Lanes LLC)<br>Series 2022<br>5.00%, 07/01/2038 |  | 1120 |  | 1138342 |
|  |  |  |  | 2977976 |
|  **Washington – 0.2%** | **Washington – 0.2%** | **Washington – 0.2%** | **Washington – 0.2%** | **Washington – 0.2%** |
|  Washington State Housing Finance Commission<br> (WSHFC 2021-1)<br>Series 2021-1, Class A<br>3.50%, 12/20/2035 |  | 1078 |  | 1014028 |
|  **West Virginia – 0.4%** | **West Virginia – 0.4%** | **West Virginia – 0.4%** | **West Virginia – 0.4%** | **West Virginia – 0.4%** |
|  Tobacco Settlement Finance Authority/WV<br> (Tobacco Settlement Finance Authority/WV)<br>Series 2020<br>4.875%, 06/01/2049 |  | 2055 |  | 1885298 |
|  **Wisconsin – 2.0%** | **Wisconsin – 2.0%** | **Wisconsin – 2.0%** | **Wisconsin – 2.0%** | **Wisconsin – 2.0%** |
|  State of Wisconsin<br> (State of Wisconsin)<br>Series 2021-2<br>5.00%, 05/01/2035 |  | 750 |  | 805697 |
|  University of Wisconsin Hospitals & Clinics<br> (University of Wisconsin Hospitals & Clinics Authority Obligated Group)<br>Series 2024-B<br>5.00%, 04/01/2054 |  | 2000 |  | 2180482 |
|  Wisconsin Public Finance Authority<br> (CFC-SA LLC)<br>Series 2022<br>5.50%, 02/01/2042<sup>(a)</sup> |  | 1400 |  | 1420616 |
|  Wisconsin Public Finance Authority<br> (Queens University of Charlotte)<br>Series 2022<br>5.25%, 03/01/2042 |  | 1000 |  | 981913 |
|  Wisconsin Public Finance Authority<br> (Southeastern Regional Medical Center Obligated Group)<br>Series 2021<br>4.00%, 02/01/2040 |  | 1000 |  | 821959 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 02/01/2032 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $| 994316 |
|  Wisconsin Public Finance Authority<br> (UMA Education, Inc.)<br>Series 2019<br>5.00%, 10/01/2027<sup>(a)</sup> |  | 1205 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028<sup>(a)</sup> |  | 680 |  | 699691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029<sup>(a)</sup> |  | 400 |  | 413311 |
|  |  |  |  | 9548718 |
|  Total Long-Term Municipal Bonds <br>(cost $320,555,161) | Total Long-Term Municipal Bonds <br>(cost $320,555,161) | Total Long-Term Municipal Bonds <br>(cost $320,555,161) |  | 308555093 |
|  **Short-Term Municipal Notes – 0.4%** | **Short-Term Municipal Notes – 0.4%** | **Short-Term Municipal Notes – 0.4%** | **Short-Term Municipal Notes – 0.4%** | **Short-Term Municipal Notes – 0.4%** |
|  **California – 0.4%** | **California – 0.4%** | **California – 0.4%** | **California – 0.4%** | **California – 0.4%** |
|  City of Los Angeles CA<br> (City of Los Angeles CA)<br>Series 2025<br>5.00%, 06/25/2026<sup>(g)</sup> <br>(cost $1,822,506) |  | 1790 |  | 1826086 |
|  Total Municipal Obligations <br>(cost $322,377,667) | Total Municipal Obligations <br>(cost $322,377,667) | Total Municipal Obligations <br>(cost $322,377,667) |  | 310381179 |
|  | **Shares** | **Shares** |  |  |
|  **INVESTMENT COMPANIES – 21.7%** | **INVESTMENT COMPANIES – 21.7%** | **INVESTMENT COMPANIES – 21.7%** | **INVESTMENT COMPANIES – 21.7%** | **INVESTMENT COMPANIES – 21.7%** |
|  **Funds and Investment Trusts – 21.7%<sup>(h)</sup>** | **Funds and Investment Trusts – 21.7%<sup>(h)</sup>** |  |  |  |
|  iShares Core MSCI EAFE ETF |  | 418303 |  | 34919934 |
|  SPDR S&P 500 ETF Trust |  | 110443 |  | 68237208 |
|  Total Investment Companies <br>(cost $50,804,024) | Total Investment Companies <br>(cost $50,804,024) | Total Investment Companies <br>(cost $50,804,024) |  | 103157142 |
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** |  |  |
|  **CORPORATES - INVESTMENT GRADE – 0.8%** | **CORPORATES - INVESTMENT GRADE – 0.8%** | **CORPORATES - INVESTMENT GRADE – 0.8%** | **CORPORATES - INVESTMENT GRADE – 0.8%** | **CORPORATES - INVESTMENT GRADE – 0.8%** |
|  **Industrial – 0.8%** | **Industrial – 0.8%** | **Industrial – 0.8%** | **Industrial – 0.8%** | **Industrial – 0.8%** |
|  **Consumer Non-Cyclical – 0.8%** | **Consumer Non-Cyclical – 0.8%** | **Consumer Non-Cyclical – 0.8%** | **Consumer Non-Cyclical – 0.8%** | **Consumer Non-Cyclical – 0.8%** |
|  Baylor Scott & White Holdings<br>Series 2021<br>0.827%, 11/15/2025 |  | $1075 |  | 1053102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.777%, 11/15/2030 |  | 1000 |  | 878810 |
|  Novant Health, Inc.<br>2.637%, 11/01/2036 |  | 1525 |  | 1199855 |
|  Ochsner LSU Health System of North Louisiana<br>Series 2021<br>2.51%, 05/15/2031 |  | 1000 |  | 819090 |
|  Total Corporates - Investment Grade <br>(cost $4,599,383) | Total Corporates - Investment Grade <br>(cost $4,599,383) | Total Corporates - Investment Grade <br>(cost $4,599,383) |  | 3950857 |

---

------

---

| | | |
|:---|:---|:---|
| | **Notional<br>Amount** | **U.S. $ Value** |
|  **PURCHASED OPTIONS - PUTS – 0.8%** | **PURCHASED OPTIONS - PUTS – 0.8%** | **PURCHASED OPTIONS - PUTS – 0.8%** |
|  **Options on Equity Indices – 0.8%** | **Options on Equity Indices – 0.8%** | **Options on Equity Indices – 0.8%** |
|  Euro STOXX 50 Price EUR Index <br>Expiration: Feb 2026; Contracts: 2,290; <br>Exercise Price: EUR 4,600.00; <br>Counterparty: UBS AG<sup>(e)</sup> | 10534000 | $222706 |
|  Euro STOXX 50 Price EUR Index <br>Expiration: Feb 2026; Contracts: 650; <br>Exercise Price: EUR 4,600.00; <br>Counterparty: UBS AG<sup>(e)</sup> | 2990000 | 63214 |
|  FTSE 100 Index <br>Expiration: Jun 2026; Contracts: 700; <br>Exercise Price: GBP 7,600.00; <br>Counterparty: UBS AG<sup>(e)</sup> | 5320000 | 116001 |
|  Nikkei 225 Index <br>Expiration: Jun 2026; Contracts: 48,000; <br>Exercise Price: JPY 30,750.00; <br>Counterparty: UBS AG<sup>(e)</sup> | 1476000000 | 222702 |
|  S&P 500 Index <br>Expiration: Jun 2026; Contracts: 26,600;<br>Exercise Price: USD 5,075.00; <br>Counterparty: UBS AG<sup>(e)</sup> | 134995000 | 2933256 |
|  Total Purchased Options - Puts <br>(premiums paid $4,051,301) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3557879 |
|  | **Principal<br>Amount<br>(000)** |  |
|  **ASSET-BACKED SECURITIES – 0.5%** |  |  |
|  **Other ABS - Fixed Rate – 0.3%** |  |  |
|  Commonwealth of Massachusetts<br>Series 2022-B<br>4.11%, 07/15/2031 | $661 | 659401 |
|  Louisiana Local Government Environmental Facilities & Community Development Auth<br>Series 2023-ELL, Class A1<br>5.081%, 06/01/2031 | 968 | 981914 |
|  |  | 1641315 |
|  **Autos - Fixed Rate – 0.2%** | **Autos - Fixed Rate – 0.2%** | **Autos - Fixed Rate – 0.2%** |
|  Lendbuzz Securitization Trust<br>Series 2023-1A, Class A2<br>6.92%, 08/15/2028<sup>(a)</sup> | 702 | 712238 |
|  **Other ABS - Floating Rate – 0.0%** | **Other ABS - Floating Rate – 0.0%** | **Other ABS - Floating Rate – 0.0%** |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth<br>12.50% (PRIME 1 Month + 4.00%), 03/04/2026<sup>(b)(i)(j)</sup> | 114 | 110448 |
|  Total Asset-Backed Securities <br>(cost $2,444,450) | Total Asset-Backed Securities <br>(cost $2,444,450) | 2464001 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **CORPORATES - NON - INVESTMENT GRADE – 0.3%** |  |  |
|  **Industrial – 0.3%** |  |  |
|  **Communications - Media – 0.3%** |  |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.25%, 01/15/2034<sup>(a)</sup> <br>(cost $1,546,000) | $1546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375956 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.2%** |
|  **Agency CMBS – 0.2%** | **Agency CMBS – 0.2%** | **Agency CMBS – 0.2%** |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates<br>Series 2021-ML10, Class AUS<br>2.032%, 01/25/2038 <br>(cost $1,251,055) | 1213 | 966883 |
|  | **Shares** |  |
|  **PREFERRED STOCKS – 0.1%** | **PREFERRED STOCKS – 0.1%** | **PREFERRED STOCKS – 0.1%** |
|  **Industrials – 0.1%** | **Industrials – 0.1%** | **Industrials – 0.1%** |
|  **Energy – 0.1%** | **Energy – 0.1%** | **Energy – 0.1%** |
|  AES Guayama Holdings <br>0.00%<sup>(d)(i)(j)</sup> <br>(cost $1,388,269) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76842 | 223610 |
|  | **Principal<br>Amount<br>(000)** |  |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0%** |
|  **Risk Share Floating Rate – 0.0%** | **Risk Share Floating Rate – 0.0%** | **Risk Share Floating Rate – 0.0%** |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>Series 2015-C03, Class 1M2<br>9.42% (CME Term SOFR + 5.11%), 07/25/2025<sup>(b)</sup> | $20 | 19553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class 1M2<br>11.17% (CME Term SOFR + 6.86%), 08/25/2028<sup>(b)</sup> | 58 | 59239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class 1M2<br>10.42% (CME Term SOFR + 6.11%), 09/25/2028<sup>(b)</sup> | 11 | 10987 |
|  Total Collateralized Mortgage Obligations <br>(cost $89,452) | Total Collateralized Mortgage Obligations <br>(cost $89,452) | 89779 |
|  | **Shares** |  |
|  **SHORT-TERM INVESTMENTS – 7.2%** | **SHORT-TERM INVESTMENTS – 7.2%** | **SHORT-TERM INVESTMENTS – 7.2%** |
|  **Investment Companies – 7.2%** | **Investment Companies – 7.2%** | **Investment Companies – 7.2%** |
|  AB Fixed Income Shares, Inc. - Government Money Market Portfolio -<br>Class AB, 4.17%<sup>(h)(k)(l)</sup> <br>(cost $34,137,037) | 34137037 | 34137037 |

---

------

---

| | |
|:---|:---|
| | **U.S. $ Value** |
|  **Total Investments – 96.9%** <br>(cost $422,688,638)<sup>(m)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460304323 |
|  Other assets less liabilities – 3.1% | 14839944 |
|  **Net Assets – 100.0%** | $**475144267** |

---

**FUTURES** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number<br>of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
| **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** |
| E-Mini Russell 2000 Index Futures | 71 | September 2025 | $7780535 | $172742 |
| Euro STOXX 50 Index Futures | 31 | September 2025 | 1945232 | (5886) |
| MSCI Emerging Markets Index Futures | 219 | September 2025 | 13506825 | 286969 |
| MSCI Singapore ETS Index Futures | 4 | July 2025 | 129375 | 2264 |
| Nikkei 225 (OSE) Futures | 6 | September 2025 | 1687858 | 102422 |
| S&P 500 E-Mini Futures | 198 | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61912125 | 2193323 |
| S&P Mid 400 E-Mini Futures | 18 | September 2025 | 5625900 | 170060 |
| TOPIX Index Futures | 4 | September 2025 | 793167 | 19280 |
| **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** |
| FTSE 100 Index Futures | 20 | September 2025 | 2412981 | 32329 |
| Hang Seng Index Futures | 2 | July 2025 | 306805 | (95) |
| OMXS 30 Index Futures | 13 | July 2025 | 342557 | (5239) |
| S&P/TSX 60 Index Futures | 5 | September 2025 | 1174959 | (9847) |
| SPI 200 Futures | 5 | September 2025 | 702328 | 627 |
| U.S. T-Note 2 Yr (CBT) Futures | 2 | September 2025 | 416047 | (1659) |
| U.S. T-Note 10 Yr (CBT) Futures | 10 | September 2025 | 1121250 | (15858) |
| U.S. Ultra Bond (CBT) Futures | 2 | September 2025 | 238250 | (6472) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2934960 |

---

**FORWARD CURRENCY EXCHANGE CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| Bank of America NA | CHF | 8127 | USD | 9961 | 07/09/2025 | $(290735) |
| Barclays Capital, Inc. | USD | 2539 | CHF | 2068 | 07/09/2025 | 70007 |
| Barclays Capital, Inc. | GBP | 2491 | USD | 3370 | 07/16/2025 | (48775) |
| Citibank NA | USD | 5716 | GBP | 4276 | 07/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154188 |
| Goldman Sachs Bank USA | USD | 981 | EUR | 870 | 07/09/2025 | 43980 |
| Goldman Sachs Bank USA | USD | 1142 | NZD | 1883 | 08/21/2025 | 7999 |
| JPMorgan Chase Bank | EUR | 4915 | USD | 5477 | 07/09/2025 | (314463) |
| JPMorgan Chase Bank | AUD | 6308 | USD | 4110 | 08/21/2025 | (45963) |
| JPMorgan Chase Bank | NZD | 3269 | USD | 1981 | 08/21/2025 | (14587) |
| Morgan Stanley & Co., Inc. | USD | 7289 | EUR | 6391 | 07/09/2025 | 242554 |
| Morgan Stanley & Co., Inc. | GBP | 5337 | USD | 7242 | 07/16/2025 | (83619) |
| Morgan Stanley & Co., Inc. | USD | 2632 | GBP | 1943 | 07/16/2025 | 35226 |
| Morgan Stanley & Co., Inc. | USD | 2619 | AUD | 4005 | 08/21/2025 | 19709 |
| Morgan Stanley & Co., Inc. | USD | 13167 | CAD | 17807 | 08/28/2025 | (52214) |
| Morgan Stanley & Co., Inc. | SEK | 33438 | USD | 3536 | 09/04/2025 | (13248) |
| State Street Bank & Trust Co. | GBP | 357 | USD | 476 | 07/16/2025 | (14276) |
| State Street Bank & Trust Co. | USD | 477 | GBP | 357 | 07/16/2025 | 12965 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| State Street Bank & Trust Co. | JPY | 37734 | USD | 258 | 08/27/2025 | $(5879) |
| UBS | EUR | 435 | USD | 504 | 07/09/2025 | (9318) |
| UBS | USD | 2463 | AUD | 3775 | 08/21/2025 | 23285 |
| UBS | CAD | 7761 | USD | 5749 | 08/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32943 |
| UBS | USD | 4794 | NOK | 48569 | 09/04/2025 | 26555 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(223666) |

---

**CENTRALLY CLEARED CREDIT DEFAULT SWAPS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>June 30,<br>2025** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Buy Contracts** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-NAHY Series 44, 5 Year Index, 06/20/2030\* | (5.00)% | Quarterly | 3.18% | USD | 11960 | $(917466) | $(573790) | $(343676) |

---

*\** *Termination date* 

**CENTRALLY CLEARED INFLATION (CPI) SWAPS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | <br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 6600 | 01/15/2028 | 1.230% | CPI# | Maturity | $1361255 | $769044 | $592211 |
| USD | 4990 | 01/15/2028 | 0.735% | CPI# | Maturity | 1223129 |  | 1223129 |
| USD | 6831 | 10/15/2029 | 2.451% | CPI# | Maturity | 30786 |  | 30786 |
| USD | 6750 | 10/15/2029 | 2.485% | CPI# | Maturity | 19566 |  | 19566 |
| USD | 7825 | 01/15/2030 | 1.572% | CPI# | Maturity | 1488588 | 348597 | 1139991 |
| USD | 7825 | 01/15/2030 | 1.587% | CPI# | Maturity | 1477009 | 345742 | 1131267 |
| USD | 1550 | 01/15/2030 | 1.714% | CPI# | Maturity | 273029 | 49998 | 223031 |
| USD | 1550 | 01/15/2030 | 1.731% | CPI# | Maturity | 270396 | 49488 | 220908 |
| USD | 6700 | 01/15/2031 | 2.782% | CPI# | Maturity | 506224 | 116949 | 389275 |
| USD | 6210 | 01/15/2031 | 2.680% | CPI# | Maturity | 535855 | 121228 | 414627 |
| USD | 3360 | 01/15/2031 | 2.989% | CPI# | Maturity | 179863 | 61971 | 117892 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7365700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1863017 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5502683 |

---

*#* *Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).* 

**CENTRALLY CLEARED INTEREST RATE SWAPS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | <br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 18000 | 07/31/2030 | 1 Day SOFR | 4.616% | Annual | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989608 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190618 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798990 |
| USD | 4800 | 10/15/2030 | 1 Day SOFR | 4.092% | Annual | 142442 |  | 142442 |
| USD | 1600 | 10/15/2030 | 1 Day SOFR | 4.082% | Annual | 47048 |  | 47048 |
| USD | 8900 | 11/01/2030 | 1 Day SOFR | 4.518% | Annual | 467684 | 121525 | 346159 |
| USD | 6800 | 07/31/2031 | 1 Day SOFR | 3.972% | Annual | 137679 |  | 137679 |
| USD | 22400 | 08/15/2031 | 1 Day SOFR | 4.027% | Annual | 545340 |  | 545340 |
| USD | 5300 | 09/15/2031 | 1 Day SOFR | 3.768% | Annual | 56926 |  | 56926 |
| USD | 8400 | 12/03/2031 | 1 Day SOFR | 3.732% | Annual | 74883 |  | 74883 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | <br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 3420 | 12/03/2031 | 1 Day SOFR | 4.057% | Annual | $102364 | $— | $102364 |
| USD | 46950 | 03/31/2033 | 3.120% | 1 Day SOFR | Annual | 1624285 | 1159466 | 464819 |
| USD | 4500 | 06/15/2034 | 3.543% | 1 Day SOFR | Annual | 37506 | 517 | 36989 |
| USD | 4500 | 06/15/2034 | 3.627% | 1 Day SOFR | Annual | 8416 | 689 | 7727 |
| USD | 5640 | 08/15/2034 | 3.718% | 1 Day SOFR | Annual | (6606) |  | (6606) |
| USD | 3400 | 08/15/2034 | 3.231% | 1 Day SOFR | Annual | 147524 |  | 147524 |
| USD | 2500 | 08/15/2034 | 3.304% | 1 Day SOFR | Annual | 96527 |  | 96527 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4471626 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472815 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2998811 |

---

**INFLATION (CPI) SWAPS** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** | | | | |
| <br>**Swap Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | <br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
| Barclays Bank PLC | USD | 5400 | 10/23/2029 | 2.388% | CPI# | Maturity | $350696 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $350696 |
| Barclays Bank PLC | USD | 2000 | 10/23/2029 | 2.388% | CPI# | Maturity | 129887 |  | 129887 |
| Barclays Bank PLC | USD | 6400 | 12/04/2032 | 2.233% | CPI# | Maturity | 807686 |  | 807686 |
| Barclays Bank PLC | USD | 3000 | 12/04/2032 | 2.233% | CPI# | Maturity | 378603 |  | 378603 |
| Citibank NA | USD | 10000 | 07/20/2027 | 2.104% | CPI# | Maturity | 1441377 |  | 1441377 |
| Citibank NA | USD | 6500 | 07/20/2027 | 2.104% | CPI# | Maturity | 936895 |  | 936895 |
| JPMorgan Chase Bank NA | USD | 1590 | 11/04/2026 | 2.015% | CPI# | Maturity | 245215 |  | 245215 |
| JPMorgan Chase Bank NA | USD | 23000 | 12/27/2028 | 2.009% | CPI# | Maturity | 3337420 |  | 3337420 |
| JPMorgan Chase Bank NA | USD | 22020 | 01/15/2030 | 3.493% | CPI# | Maturity | 237339 |  | 237339 |
| JPMorgan Chase Bank NA | USD | 2800 | 01/15/2030 | 3.493% | CPI# | Maturity | 30179 |  | 30179 |
| JPMorgan Chase Bank NA | USD | 1620 | 01/15/2032 | 3.325% | CPI# | Maturity | 10251 |  | 10251 |
| Morgan Stanley Capital Services LLC | USD | 6800 | 07/20/2032 | 2.158% | CPI# | Maturity | 957550 |  | 957550 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8863098 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8863098 |

---

*#* *Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).* 

**INTEREST RATE SWAPS** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** | | | | |
| <br>**Swap Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | <br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
| Citibank NA | USD | 12470 | 10/09/2029 | 1.125% | 1 Week SIFMA\* | Quarterly | $811830 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $811830 |
| Citibank NA | USD | 6655 | 10/09/2029 | 1.125% | 1 Week SIFMA\* | Quarterly | 433258 |  | 433258 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245088 | $— | $1245088 |

---

*\** *Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.* 

------

**TOTAL RETURN SWAPS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty & <br>Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | **Maturity<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Pay Total Return on Reference Obligation** |  |  |  |  |  |  |
| Morgan Stanley Capital Services LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Maturity | CHF | 714 | 09/19/2025 | $15411 |

---

*(a)* *Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At June 30, 2025, the aggregate market value of these securities amounted to $30,721,734 or 6.5% of net assets.* 

*(b)* *Floating Rate Security. Stated interest/floor/ceiling rate was in effect at June 30, 2025.* 

*(c)* *IO - Interest Only.* 

*(d)* *Non-income producing security.* 

*(e)* *Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.12% of net assets as of June 30, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid Securities** | **Acquisition<br>Date** | **Cost** | | **Market<br>Value** | | **Percentage<br>of<br>Net Assets** |
|  *Polk County Industrial Development Authority/FL <br>(Mineral Development LLC)<br>Series 2020 <br>5.875%, 01/01/2033* | *10/23/2020* | $*950000* | | $*551000* | | *0.12%* |

---

*(f)* *Defaulted.* 

*(g)* *When-Issued or delayed delivery security.* 

*(h)* *To obtain a copy of the fund's shareholder report, please go to the Securities and Exchange Commission's website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.* 

*(i)* *Security in which significant unobservable inputs (Level 3) were used in determining fair value.* 

*(j)* *Fair valued by the Adviser.* 

*(k)* *The rate shown represents the 7-day yield as of period end.* 

*(l)* *Affiliated investments.* 

*(m)* *As of June 30, 2025, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $76,254,707 and gross unrealized depreciation of investments was $(17,646,313), resulting in net unrealized appreciation of $58,608,394.* 

*As of June 30, 2025, the Portfolio's percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 4.0% and 0.0%, respectively.* 

*Currency Abbreviations:* 

*AUD – Australian Dollar* 

*CAD – Canadian Dollar* 

*CHF – Swiss Franc* 

*EUR – Euro* 

*GBP – Great British Pound* 

*JPY – Japanese Yen* 

*NOK – Norwegian Krone* 

*NZD – New Zealand Dollar* 

*SEK – Swedish Krona* 

*USD – United States Dollar* 

------

*Glossary:* 

*ABS – Asset-Backed Securities* 

*AG – Assured Guaranty Inc.* 

*CBT – Chicago Board of Trade* 

*CDX-NAHY – North American High Yield Credit Default Swap Index* 

*CMBS – Commercial Mortgage-Backed Securities* 

*CME – Chicago Mercantile Exchange* 

*COP – Certificate of Participation* 

*EAFE – Europe, Australia, and Far East* 

*ETF – Exchange Traded Fund* 

*ETS – Emission Trading Scheme* 

*FTSE – Financial Times Stock Exchange* 

*MSCI – Morgan Stanley Capital International* 

*MUNIPSA – SIFMA Municipal Swap Index* 

*NATL – National Interstate Corporation* 

*OMXS – Stockholm Stock Exchange* 

*OSE – Osaka Securities Exchange* 

*SOFR – Secured Overnight Financing Rate* 

*SPDR – Standard & Poor's Depository Receipt* 

*SPI – Share Price Index* 

*TOPIX – Tokyo Price Index* 

*TSX – Toronto Stock Exchange* 

*UPMC – University of Pittsburgh Medical Center* 

*XLCA – XL Capital Assurance Inc.* 

------

**Sanford C. Bernstein Fund, Inc.** 

**Tax-Aware Overlay B Portfolio** 

**June 30, 2025 (unaudited)** 

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio's own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates,
prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value
of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

------

Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively, the values may be obtained through unobservable management determined inputs and/or management's proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options will be classified as Level 2. For options that do not trade on exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

Valuations of mortgage-backed or other asset backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

The following table summarizes the valuation of the Portfolio's investments by the above fair value hierarchy levels as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| Long-Term Municipal Bonds | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308555093 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308555093 |
| Short-Term Municipal Notes |  | 1826086 |  | 1826086 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103157142 |  |  | 103157142 |
| Corporates - Investment Grade |  | 3950857 |  | 3950857 |
| Purchased Options - Puts |  | 3557879 |  | 3557879 |
| Asset-Backed Securities |  | 2353553 | 110448 | 2464001 |
| Corporates - Non-Investment Grade |  | 1375956 |  | 1375956 |
| Commercial Mortgage-Backed Securities |  | 966883 |  | 966883 |
| Preferred Stocks |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223610 | 223610 |
| Collateralized Mortgage Obligations |  | 89779 |  | 89779 |
| Short-Term Investments | 34137037 |  |  | 34137037 |
| Total Investments in Securities | 137294179 | 322676086 | 334058 | 460304323 |
| **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures | 2980016 |  |  | 2980016 |
| Forward Currency Exchange Contracts |  | 669411 |  | 669411 |
| Centrally Cleared Inflation (CPI) Swaps |  | 7365700 |  | 7365700 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Centrally Cleared Interest Rate Swaps |  | 4478232 |  | 4478232 |
| Inflation (CPI) Swaps |  | 8863098 |  | 8863098 |
| Interest Rate Swaps |  | 1245088 |  | 1245088 |
| Total Return Swaps |  | 15411 |  | 15411 |
| **Liabilities:** |  |  |  |  |
| Futures | (45056) |  |  | (45056) |
| Forward Currency Exchange Contracts |  | (893077) |  | (893077) |
| Centrally Cleared Credit Default Swaps |  | (917466) |  | (917466) |
| Centrally Cleared Interest Rate Swaps |  | (6606) |  | (6606) |
| **Total** | $**140229139** | $**343495877** | $**334058** | $**484059074** |

---

*<sup>(a)</sup>* *Other financial instruments include derivative instruments, such as futures, forwards and swaps. Derivative instruments are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value.* 

A summary of the Portfolio's transactions in AB mutual funds for nine months ended June 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>09/30/2024<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>06/30/2025<br>(000)** | **Dividend<br>Income<br>(000)** |
| AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6805 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198531 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171199 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34137 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** BERNSTEIN SANFORD C FUND INC

- **b. Investment Company Act file number:** 811-05555

- **c. CIK number of Registrant:** 0000832808

- **d. LEI of Registrant:** 549300GA5IHQHIM7CU60

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

  - **Street Address 1:** ALLIANCEBERNSTEIN LP

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10001

  - **Telephone number:** 212-969-1000

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

- **a. Name of Series:** Tax-Aware Overlay B Portfolio

- **b. EDGAR series identifier (if any):** S000027650

- **c. LEI of Series:** LUC3N2ZMPZNMBTZW4051

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $491713774.78

**Total Liabilities:** $16322124.93

**Net Assets:** $475391649.85

**Delayed Delivery Securities:** $2833756.40

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -619.87000000 | **1-Year:** -12422.59000000 | **5-Year:** -43454.67000000 | **10-Year:** -65980.90000000 | **30-Year:** -23928.79000000

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

- **3-Month:** -256.19000000 | **1-Year:** -3143.95000000 | **5-Year:** -3199.87000000 | **10-Year:** -11470.59000000 | **30-Year:** -3746.29000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000083500 | 0.09%                | 1.49%                | 1.84%                |
| Class ID C000083501 | 0.09%                | 1.49%                | 1.84%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-818777.64              | $-1035332.42                               |
| Month 2  | $-98751.45               | $4884650.17                                |
| Month 3  | $-20401.38               | $5365889.47                                |

**Designated Index Information**

- **Index Name:** 19% Russell 3000/11% MSCI ACWI ex-USA IMI (net)/42% Bloomberg 1-10 Year Municipal Bond/28% Bloomberg 1-10 Year US Gov Inflation-Linked Bonds

- **Index Identifier:** ^RUA,NDUEACWZ,B12MTR,LTI1TRUU:IND

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| UBS AG                                                                           | AO94506 ALLIANCE                                                                                                                       | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DE               |  | US        |       700 | NC      | $116001.31    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH NATIONAL CHRT SCH REVOLVING LOAN FD                                                                           | CUSIP: 04052FBN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $887138.12    | 0.19%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                           | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $-314463.39   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| State of Vermont                                                                 | VERMONT ST                                                                                                                             | CUSIP: 9242586H4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3135000 | PA      | $2978392.64   | 0.63%             | 2043-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                        | ATLANTA GA ARPT REVENUE                                                                                                                | CUSIP: 04780MZU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2464439.36   | 0.52%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Washington OH                                                          | WASHINGTON CNTY OH HOSP REVENUE                                                                                                        | CUSIP: 938154DV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052583.10   | 0.22%             | 2037-12-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | CUYAHOGA CNTY OH HOSP REVENUE                                                                                                          | CUSIP: 2322655J3<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4060264.00   | 0.85%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                               | DETROIT MI                                                                                                                             | CUSIP: 2510933H1<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038676.10   | 0.22%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH NATIONAL CHRT SCH REVOLVING LOAN FD                                                                           | CUSIP: 04052FBS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $691620.00    | 0.15%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                                                                                                   | CUSIP: 74526QPP1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1237381.24   | 0.26%             | 2031-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Albany County Airport Authority                                                  | ALBANY CNTY NY ARPT AUTH                                                                                                               | CUSIP: 012123NK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $148739.96    | 0.03%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Valley Energy Authority                                                  | CENTRL VLY CA ENERGY AUTH COMMODITY SPLY REVENUE                                                                                       | CUSIP: 15569DAA0<br>LEI: 254900G5IPQ9MA3FRJ55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065893.70   | 0.22%             | 2055-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                                                                                           | CUSIP: 45204E6X1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    400000 | PA      | $399221.36    | 0.08%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NOVANT HEALTH INC                                                                | Novant Health Inc                                                                                                                      | CUSIP: 66988AAG9<br>LEI: 549300ZUXEGFGE8EP917 | Long             | DBT              | CORP              | US        |   1525000 | PA      | $1199854.75   | 0.25%             | 2036-11-01      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                                                                                       | CUSIP: 13048RAG2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   4710000 | PA      | $4448189.47   | 0.94%             | 2044-10-01      | Floating      | 2.40%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                                                                                                | CUSIP: 6461363N9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1701366.18   | 0.36%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Wisconsin Hospitals & Clinics                                      | UNIV HOSPS & CLINICS AUTH WI                                                                                                           | CUSIP: 915260FU2<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2180482.40   | 0.46%             | 2054-04-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                                         | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $-29457.13    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                           | Long: IS2TTD9   IRS USD R V 12MUSCPI IS2TTE0  INFLATIONZERO / Short: IS2TTD9   IRS USD P F  3.49300 IS2TTD9  INFLATIONZERO             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |   2800000 | OU      | $30179.35     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                                                                                            | CUSIP: 442349HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030291.40   | 0.22%             | 2034-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                                                                                                | CUSIP: 13080SWM2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    375000 | PA      | $381784.24    | 0.08%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                                                                                            | CUSIP: 13058TJJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $505845.49    | 0.11%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                        | ATLANTA GA ARPT REVENUE                                                                                                                | CUSIP: 04780MYR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $650630.16    | 0.14%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                                                    | NEW YORK ST URBAN DEV CORP REVENUE                                                                                                     | CUSIP: 650036FC5<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    275000 | PA      | $300211.89    | 0.06%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION                                                                                                       | CUSIP: 93978TS59<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1078399 | PA      | $1014028.45   | 0.21%             | 2035-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE                                                                                               | CUSIP: 84136HBC6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020328.90   | 0.21%             | 2056-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | Long: BS249F6   IRS USD R V 12MUSCPI IS249G7 CCPINFLATIONZERO / Short: BS249F6   IRS USD P F  1.71400 IS249F6 CCPINFLATIONZERO         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   1550000 | OU      | $273028.97    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| City of Los Angeles CA                                                           | LOS ANGELES CA                                                                                                                         | CUSIP: 544351SF7<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1826086.22   | 0.38%             | 2026-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | OKLAHOMA ST DEV FIN AUTH HLTHSYS REVENUE                                                                                               | CUSIP: 67884XCV7<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026748.80   | 0.22%             | 2037-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED USD / SOLD CHF                                                                                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |         1 | NC      | $-290734.58   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Polk County Industrial Development Authority/FL                                  | POLK CNTY FL INDL DEV AUTH                                                                                                             | CUSIP: 731120NQ0<br>LEI: 549300UTRO4TAORRAL04 | Long             | DBT              | MUN               | US        |    950000 | PA      | $551000.00    | 0.12%             | 2033-01-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                                              | Long: IS2TT51   IRS USD R V 12MUSCPI IS2TT62  INFLATIONZERO / Short: IS2TT51   IRS USD P F  2.15800 IS2TT51  INFLATIONZERO             | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DIR              |  | US        |   6800000 | OU      | $957549.68    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT                                                                                   | CUSIP: 65000BMS4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $914627.80    | 0.19%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chandler Industrial Development Authority                                        | CHANDLER AZ INDL DEV AUTH INDL DEV REVENUE                                                                                             | CUSIP: 158862CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2035553.00   | 0.43%             | 2052-09-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                                           | CCO Holdings LLC / CCO Holdings Capital Corp                                                                                           | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1546000 | PA      | $1375955.46   | 0.29%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | Long: BS2Y9Y5   IRS USD R V 00MSOFR IS2Y9Z6 CCPOIS / Short: BS2Y9Y5   IRS USD P F  3.30384 IS2Y9Y5 CCPOIS                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   2500000 | OU      | $96527.16     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT                                                                                   | CUSIP: 65000BND6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $950964.70    | 0.20%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                                                                                           | CUSIP: 45204E6Q6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100579.11    | 0.02%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE                                                                                         | CUSIP: 650116FQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005765.90   | 0.21%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE                                                                            | CUSIP: 13013JCC8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2200390.94   | 0.46%             | 2053-07-01      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | Long: IS1FYS8   IRS USD R V 12MUSCPI IS1FYT9 INFLATIONZERO / Short: IS1FYS8   IRS USD P F  2.10400 IS1FYS8 INFLATIONZERO               | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |  10000000 | OU      | $1441377.40   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE                                                                                        | CUSIP: 70870JEM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1987316.40   | 0.42%             | 2047-11-15      | Floating      | 1.17%                 | No            |                  2 | On Loan: No      |
| Fayette County Development Authority                                             | FAYETTE CNTY GA DEV AUTH REVENUE                                                                                                       | CUSIP: 31222PAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $429112.00    | 0.09%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Pasco FL                                                               | PASCO CNTY FL HOSP REVENUE                                                                                                             | CUSIP: 70252CAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1080059.00   | 0.23%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | Long: BS31F03   IRS USD R V 12MUSCPI IS31F14 CCPINFLATIONZERO / Short: BS31F03   IRS USD P F  2.48500 IS31F03 CCPINFLATIONZERO         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   6750000 | OU      | $19566.16     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                                         | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-58423.21    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                 | NEW YORK ST THRUWAY AUTH                                                                                                               | CUSIP: 650009W33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2810000 | PA      | $2770087.88   | 0.58%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                      | CALIFORNIA ST ENTERPRISE DEV AUTH CHRT SCH REVENUE                                                                                     | CUSIP: 13069AAS7<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    540000 | PA      | $519512.56    | 0.11%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | Long: BS2Y6I8   IRS USD R V 00MSOFR IS2Y6J9 CCPOIS / Short: BS2Y6I8   IRS USD P F  3.62700 IS2Y6I8 CCPOIS                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   4500000 | OU      | $8415.69      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                                                                                            | CUSIP: 13058TQA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $976720.10    | 0.21%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Ashland KY                                                               | ASHLAND KY MED CENTER REVENUE                                                                                                          | CUSIP: 044293BN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $327314.68    | 0.07%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |         1 | NC      | $-9317.88     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                                                                                                        | CUSIP: 888808HD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3450000 | PA      | $3560991.68   | 0.75%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | Long: IS2TT73   IRS USD R V 12MUSCPI IS2TT84  INFLATIONZERO / Short: IS2TT73   IRS USD P F  2.23250 IS2TT73  INFLATIONZERO             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   3000000 | OU      | $378602.82    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                           | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $-6183.61     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL FIN AUTH REV                                                                                             | CUSIP: 64972JTP3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033741.90   | 0.22%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Troy Capital Resource Corp                                                       | TROY NY CAPITAL RESOURCE CORP REVENUE                                                                                                  | CUSIP: 897579BQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $443982.77    | 0.09%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | GUAM GOVT HOTEL OCCUPANCY TAX REVENUE                                                                                                  | CUSIP: 40065KAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001376.00   | 0.21%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pittsburgh Water & Sewer Authority                                               | PITTSBURGH PA WTR & SWR AUTH                                                                                                           | CUSIP: 725304XD6<br>LEI: 54930034DVH6W22T1E86 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2471275.00   | 0.52%             | 2040-09-01      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                                                                                            | CUSIP: 452152S44<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3810000 | PA      | $3838673.68   | 0.81%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | Long: BS30759   IRS USD R V 12MUSCPI IS30760 CCP INFLATION ZERO / Short: BS30759   IRS USD P F  2.45000 BS30759 CCP INFLATION ZERO     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   6831000 | OU      | $30786.09     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Oakland Unified School District/Alameda County                                   | OAKLAND CA UNIF SCH DIST ALAMEDA CNTY                                                                                                  | CUSIP: 672325XK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1026748.04   | 0.22%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Housing Agency                                              | CALIFORNIA CMNTY HSG AGY ESSENTIAL HSG REVENUE                                                                                         | CUSIP: 13013FBC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $440647.72    | 0.09%             | 2050-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Vauxmont Metropolitan District                                                   | VAUXMONT MET DIST CO                                                                                                                   | CUSIP: 92242SBB8<br>LEI: 549300M7XL6MB0OW8D56 | Long             | DBT              | MUN               | US        |    110000 | PA      | $116640.47    | 0.02%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                                                                                          | CUSIP: 13063D3R7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086772.50   | 0.23%             | 2033-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                         | UNIV OF CALIFORNIA CA REVENUES                                                                                                         | CUSIP: 91412HNW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1514375.55   | 0.32%             | 2033-05-15      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | Long: BS2Y860   IRS USD R V 00MSOFR IS2Y871 CCPOIS / Short: BS2Y860   IRS USD P F  3.54300 IS2Y860 CCPOIS                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   4500000 | OU      | $37505.85     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                                                | EURO STOXX 50 SEP25                                                                                                                    | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        31 | NC      | $-5886.23     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                                                                                                       | CUSIP: 63608TAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $953334.58    | 0.20%             | 2035-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | Long: BS31116   IRS USD R V 00MSOFR IS31127 CCPOIS / Short: BS31116   IRS USD P F  3.71750 IS31116 CCPOIS                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   5640000 | OU      | $-6606.30     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | AO96278 ALLIANCE                                                                                                                       | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DE               |  | US        |     26600 | NC      | $2933255.52   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                                                                                            | CUSIP: 4423487H5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $390016.34    | 0.08%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Ashland KY                                                               | ASHLAND KY MED CENTER REVENUE                                                                                                          | CUSIP: 044293BT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $304744.06    | 0.06%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Water Resources Authority                                          | MASSACHUSETTS ST WTR RESOURCES AUTH                                                                                                    | CUSIP: 576051L79<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2165637.60   | 0.46%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX                                                                | AUSTIN TX                                                                                                                              | CUSIP: 052397AL0<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007038.00   | 0.42%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | Long: SS30XT5   IRS USD R F  3.73150 IS30XT5 CCPOIS / Short: SS30XT5   IRS USD P V 00MSOFR IS30XU6 CCPOIS                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   8400000 | OU      | $74882.76     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp                                                | NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE                                                                                           | CUSIP: 649519DH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4620000 | PA      | $4212261.44   | 0.89%             | 2069-09-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| City of Fremont CA Community Facilities District No 1                            | FREMONT CA CMNTY FACS DIST #1                                                                                                          | CUSIP: 357129BZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1508657.30   | 0.32%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE                                                                                         | CUSIP: 126292BK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $744123.40    | 0.16%             | 2048-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI HOTEL REVENUE                                                                                                       | CUSIP: 74447DAE7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1420616.26   | 0.30%             | 2042-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | AO73345 ALLIANCE                                                                                                                       | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DE               |  | US        |      2290 | NC      | $222706.42    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE                                                                                         | CUSIP: 650116FT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1726555.80   | 0.36%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE                                                                                  | CUSIP: 51265KDJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1830000 | PA      | $1610413.91   | 0.34%             | 2033-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp                                                | NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE                                                                                           | CUSIP: 649519DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $349985.65    | 0.07%             | 2040-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| North Broward Hospital District                                                  | NORTH BROWARD FL HOSP DIST                                                                                                             | CUSIP: 657883DF8<br>LEI: 549300HZL14T4Q7UDP41 | Long             | DBT              | MUN               | US        |   2950000 | PA      | $3017042.88   | 0.63%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                                                                                                  | CUSIP: 167505NG7<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984602.30    | 0.21%             | 2029-11-01      | Fixed         | 6.32%                 | No            |                  2 | On Loan: No      |
| AES PUERTO RICO LP                                                               | AES PUERTO RICO LP                                                                                                                     | CUSIP: 00810HAA0<br>LEI: 54930031FSLPC1L9X341 | Long             | DBT              | CORP              | US        |    113864 | PA      | $110448.08    | 0.02%             | 2026-03-04      | Variable      | 11.50%                | No            |                  3 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                                                                                                    | CUSIP: 13048VBL1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1758414.55   | 0.37%             | 2028-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AES GUAYAMA HOLDINGS PFD                                                         | AES GUAYAMA HOLDINGS PFD                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     76842 | NS      | $223610.22    | 0.05%             |  |  |  | No            |                  3 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission                             | MINNEAPOLIS-SAINT PAUL MN MET ARPTS COMMISSION ARPT REVENUE                                                                            | CUSIP: 603827Q74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024591.00   | 0.22%             | 2044-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX                                                                                | CUSIP: 89602HAG2<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $841552.40    | 0.18%             | 2034-05-15      | Fixed         | 2.41%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                          | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                                                                                              | CUSIP: 072024XT4<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1953696.00   | 0.41%             | 2056-04-01      | Floating      | 2.22%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | GUAM GOVT BUSINESS PRIVILEGE TAX REVENUE                                                                                               | CUSIP: 40065NCB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1408511.38   | 0.30%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily                                                          | Freddie Mac Multifamily ML Certificates                                                                                                | CUSIP: 35833JAJ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    948618 | PA      | $777888.69    | 0.16%             | 2038-06-25      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | Long: BS2AU39   IRS USD R V 12MUSCPI IS2AU40 CCPINFLATIONZERO / Short: BS2AU39   IRS USD P F  2.68000 IS2AU39 CCPINFLATIONZERO         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   6210000 | OU      | $535855.37    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | Long: BS2Z186   IRS USD R V 00MSOFR IS2Z197 CCPOIS / Short: BS2Z186   IRS USD P F  3.23100 IS2Z186 CCPOIS                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   3400000 | OU      | $147523.72    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | S+P500 EMINI FUT SEP25                                                                                                                 | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |       202 | NC      | $2237632.65   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                                                                                           | CUSIP: 1675935R9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1617095.55   | 0.34%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | AO91024 ALLIANCE                                                                                                                       | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DE               |  | US        |       650 | NC      | $63213.61     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                                                                                             | CUSIP: 74442PMQ5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1230732.65   | 0.26%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                                                                                           | CUSIP: 59447PYH8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1175000.00   | 0.25%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp/NY                                     | MONROE CNTY NY INDL DEV CORP CHRT SCH REVENUE                                                                                          | CUSIP: 61075YAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $375271.24    | 0.08%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDUCTNL FAC REVENUE                                                                                                 | CUSIP: 74443DHG9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $981912.60    | 0.21%             | 2042-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | Long: SS31TF6   IRS USD R F  4.08200 IS31TF6 CCPOIS / Short: SS31TF6   IRS USD P V 00MSOFR IS31TG7 CCPOIS                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   1600000 | OU      | $47048.43     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-5878.73     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | Long: SS2XGY1   IRS USD R F  3.97150 IS2XGY1 CCPOIS / Short: SS2XGY1   IRS USD P V 00MSOFR IS2XGZ2 CCPOIS                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   6800000 | OU      | $137679.15    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Troy Capital Resource Corp                                                       | TROY NY CAPITAL RESOURCE CORP REVENUE                                                                                                  | CUSIP: 897579BR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $419585.12    | 0.09%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hong Kong Futures Exchange Ltd.                                                  | HANG SENG IDX FUT JUL25                                                                                                                | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | N/A              | DE               |  | HK        |        -2 | NC      | $-1462.10     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange, Inc.                                                  | Long: BS33B45   CDS USD R V 03MEVENT IS33B56 CCPCDX / Short: BS33B45   CDS USD P F  5.00000 IS33B45 CCPCDX                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |  11960000 | OU      | $-917466.16   | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | Long: IS1WUB4   IRS USD R V 01MMUNIP IS1WUC5 VANILLA / Short: IS1WUB4   IRS USD P F  1.12500 IS1WUB4 VANILLA                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |  12470000 | OU      | $811829.94    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | MUNI ELEC AUTH OF GEORGIA                                                                                                              | CUSIP: 626207X74<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    180000 | PA      | $189053.77    | 0.04%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                 | Fannie Mae Connecticut Avenue Securities                                                                                               | CUSIP: 30711XBM5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     57552 | PA      | $59239.13     | 0.01%             | 2028-08-25      | Floating      | 11.17%                | No            |                  2 | On Loan: No      |
| City of Ashland KY                                                               | ASHLAND KY MED CENTER REVENUE                                                                                                          | CUSIP: 044293BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $388687.79    | 0.08%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HLTH FACS REVENUE                                                                                 | CUSIP: 837032BU4<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3144961.80   | 0.66%             | 2041-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                           | Long: IS1QI56   IRS USD R V 12MUSCPI IS1QI67 INFLATIONZERO / Short: IS1QI56   IRS USD P F  2.00900 IS1QI56 INFLATIONZERO               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |  23000000 | OU      | $3337420.06   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Kenton County Airport Board                                                      | KENTON CNTY KY ARPT BRD                                                                                                                | CUSIP: 491026WH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1228822.16   | 0.26%             | 2044-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Sacramento County Water Financing Authority                                      | SACRAMENTO CNTY CA WTR FING AUTH REVENUE                                                                                               | CUSIP: 78615RCV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5125000 | PA      | $4630798.30   | 0.97%             | 2039-06-01      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| South Lyon Community Schools                                                     | SOUTH LYON MI CMNTY SCHS                                                                                                               | CUSIP: 838736XB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3640000 | PA      | $3708020.32   | 0.78%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                                                                                                  | CUSIP: 167505XC5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    160000 | PA      | $161518.29    | 0.03%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | Long: IS1IRW2   IRS USD R V 12MUSCPI IS1IRX3 INFLATIONZERO / Short: IS1IRW2   IRS USD P F  2.23250 IS1IRW2 INFLATIONZERO               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   6400000 | OU      | $807686.02    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Hempstead Town Local Development Corp                                            | HEMPSTEAD TOWN NY LOCAL DEV CORP EDU REVENUE                                                                                           | CUSIP: 424685AZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999124.50    | 0.21%             | 2042-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | Long: IS2TSR6   IRS USD R V 01MMUNI IS2TSS7 VANILLA / Short: IS2TSR6   IRS USD P F  1.12500 IS2TSR6 VANILLA                            | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |   6655000 | OU      | $433258.08    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Antonio B Won Pat International Airport Authority                                | GUAM INTERNATIONAL ARPT AUTH                                                                                                           | CUSIP: 40064REF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $95932.84     | 0.02%             | 2028-10-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE                                                                            | CUSIP: 13013JFD3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063634.40   | 0.22%             | 2055-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                | NEW YORK CITY NY TRANSITIONAL FIN AUTH BLDG AID REVENUE                                                                                | CUSIP: 64972HF98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1537846.18   | 0.32%             | 2031-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | GUAM GOVT LTD OBLG REVENUE                                                                                                             | CUSIP: 40065HDN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $396736.24    | 0.08%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                           | PATRIOTS ENERGY GROUP FING AGY SC GAS SPLY REVENUE                                                                                     | CUSIP: 70342PAR5<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5367890.50   | 1.13%             | 2054-02-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Comanche County Hospital Authority                                               | COMANCHE CNTY OK HOSP AUTH REVENUE                                                                                                     | CUSIP: 199875HN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000241.10   | 0.21%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BAYLOR SCOTT & WHITE HOL                                                         | Baylor Scott & White Holdings                                                                                                          | CUSIP: 072863AH6<br>LEI: 549300JQDKSBWYRGGV95 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $878810.00    | 0.18%             | 2030-11-15      | Fixed         | 1.78%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                                                                                                | CUSIP: 6461363L3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1657323.20   | 0.35%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE                                                                                         | CUSIP: 650116HG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1577534.26   | 0.33%             | 2042-06-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE                                                                            | CUSIP: 13013JDC7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001376.30   | 0.21%             | 2054-02-01      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                                                                                              | CUSIP: 8371514D8<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017217.30   | 0.21%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE                                                                                        | CUSIP: 84136FBT3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1153822.45   | 0.24%             | 2054-01-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                                | CALIFORNIA HSG FIN AGY MUNI CTFS                                                                                                       | CUSIP: 13033DAH8<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   2844733 | PA      | $116347.03    | 0.02%             | 2035-03-25      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| County of Montgomery OH                                                          | MONTGOMERY CNTY OH HOSP REVENUE                                                                                                        | CUSIP: 613520NT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1238804.15   | 0.26%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vauxmont Metropolitan District                                                   | VAUXMONT MET DIST CO                                                                                                                   | CUSIP: 92242SAN3<br>LEI: 549300M7XL6MB0OW8D56 | Long             | DBT              | MUN               | US        |    140000 | PA      | $104476.60    | 0.02%             | 2050-12-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                                         | PURCHASED USD / SOLD SEK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-13248.31    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Vauxmont Metropolitan District                                                   | VAUXMONT MET DIST CO                                                                                                                   | CUSIP: 92242SAV5<br>LEI: 549300M7XL6MB0OW8D56 | Long             | DBT              | MUN               | US        |    105000 | PA      | $109783.35    | 0.02%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                                                                                           | CUSIP: 59447TH97<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    870000 | PA      | $812426.10    | 0.17%             | 2039-06-01      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| City of Bridgeport CT                                                            | BRIDGEPORT CT                                                                                                                          | CUSIP: 108152AK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1890000 | PA      | $1967745.34   | 0.41%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE                                                                                   | CUSIP: 64990FD50<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $978829.00    | 0.21%             | 2026-03-15      | Fixed         | 1.19%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | OKLAHOMA ST DEV FIN AUTH                                                                                                               | CUSIP: 6789084D3<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $943225.40    | 0.20%             | 2045-11-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                                | CALIFORNIA HSG FIN AGY MUNI CTFS                                                                                                       | CUSIP: 13033DAE5<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   1868565 | PA      | $1743644.60   | 0.37%             | 2035-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Alliance Bernstein                                                               | AB Fixed Income Shares, Inc. - Government Money Market Portfolio                                                                       | CUSIP: 018616748<br>LEI: 5493006YWHO7MNK2U579 | Long             | STIV             | RF                | US        |  34137037 | NS      | $34137036.84  | 7.18%             |  |  |  | No            |                  1 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH SPL FAC REVENUE                                                                                            | CUSIP: 64578CAH4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1125381.04   | 0.24%             | 2029-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Osceola FL Transportation Revenue                                      | OSCEOLA CNTY FL TRANSPRTN REVENUE                                                                                                      | CUSIP: 688031EL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $78389.12     | 0.02%             | 2031-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                 | Fannie Mae Connecticut Avenue Securities                                                                                               | CUSIP: 30711XBB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     19535 | PA      | $19552.96     | 0.00%             | 2025-07-25      | Floating      | 9.42%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS FIN AUTH SURFACE FREIGHT TRANSFER FACS REVENUE                                                                                | CUSIP: 45203PAC8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012354.70   | 0.21%             | 2043-12-01      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE                                                                                         | CUSIP: 645790LB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1382193.10   | 0.29%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                           | Long: IS2TTH3   IRS USD R V 12MUSCPI IS2TTI4  INFLATIONZERO / Short: IS2TTH3   IRS USD P F  3.32500 IS2TTH3  INFLATIONZERO             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |   1620000 | OU      | $10251.28     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                           | Long: IS19KK4   IRS USD R V 03MLIBOR IS19KL5 CPILV506025 / Short: IS19KK4   IRS USD P F  2.01500 IS19KK4 CPILV506025                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |   1590000 | OU      | $245214.60    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF Trust                                                           | SPDR S&P 500 ETF Trust                                                                                                                 | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Long             | EC               | RF                | US        |    110443 | NS      | $68237207.55  | 14.35%            |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                                                         | Long: SS31F25   IRS USD R F  4.09150 IS31F25 CCPOIS / Short: SS31F25   IRS USD P V 00MSOFR IS31F36 CCPOIS                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   4800000 | OU      | $142442.01    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | LOS ANGELES CA DEPT OF WTR & PWR REVENUE                                                                                               | CUSIP: 544532BB9<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    455000 | PA      | $484375.66    | 0.10%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE                                                                            | CUSIP: 13013JDB9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052531.20   | 0.22%             | 2054-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | GUAM GOVT LTD OBLG REVENUE                                                                                                             | CUSIP: 40065HDJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101948.79    | 0.02%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp/NY                                     | MONROE CNTY NY INDL DEV CORP REVENUE                                                                                                   | CUSIP: 61075TWD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $1025321.23   | 0.22%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE                                                                                   | CUSIP: 709224A58<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2659514.37   | 0.56%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE                                                                            | CUSIP: 13013JCS3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2104684.40   | 0.44%             | 2054-05-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HLTH FACS REVENUE                                                                                 | CUSIP: 837032BV2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $911421.30    | 0.19%             | 2042-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Osceola FL Transportation Revenue                                      | OSCEOLA CNTY FL TRANSPRTN REVENUE                                                                                                      | CUSIP: 688031EK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $82034.29     | 0.02%             | 2030-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Whiting IN                                                               | WHITING IN ENVRNMNTL FACS REVENUE                                                                                                      | CUSIP: 96634RAW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2031257.00   | 0.43%             | 2045-11-01      | Floating      | 4.40%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                                | CALIFORNIA HSG FIN AGY MUNI CTFS                                                                                                       | CUSIP: 13033DAC9<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   1723477 | PA      | $1725321.87   | 0.36%             | 2033-03-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH                                                                                | CUSIP: 54627RAR1<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    968209 | PA      | $981913.28    | 0.21%             | 2031-06-01      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division                                 | FTSE 100 IDX FUT SEP25                                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | GB        |       -20 | NC      | $31471.96     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                                                           | MSCI EMGMKT SEP25                                                                                                                      | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               |  | US        |       219 | NC      | $286968.84    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COOPERATIVE DIST GAS SPLY REVENUE                                                                             | CUSIP: 84136JAL3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    355000 | PA      | $381616.48    | 0.08%             | 2055-11-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | LOS ANGELES CA DEPT OF WTR & PWR REVENUE                                                                                               | CUSIP: 544532KK9<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051902.20   | 0.22%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA ST STWD CMNTYS DEV AUTH CLG HSG REVENUE                                                                                     | CUSIP: 13081CAB4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    180000 | PA      | $182755.26    | 0.04%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily VRD Certificates                                               | FEDERAL HOME LOAN MTGE CORP MF VARIABLE RATE CTFS                                                                                      | CUSIP: 31350ACN6<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |   2172844 | PA      | $1839633.76   | 0.39%             | 2035-06-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                           | ILLINOIS ST HSG DEV AUTH MF REVENUE                                                                                                    | CUSIP: 45202BSV9<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $923514.70    | 0.19%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | MICHIGAN ST STRATEGIC FUND LTD OBLG REVENUE                                                                                            | CUSIP: 594698QH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2067154.60   | 0.43%             | 2030-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED CHF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | CH        |         1 | NC      | $70007.14     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| City of Glendale AZ                                                              | GLENDALE AZ COPS                                                                                                                       | CUSIP: 37828AAF6<br>LEI: 5493002BC35ZY7XRQ949 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $921269.00    | 0.19%             | 2029-07-01      | Fixed         | 2.06%                 | No            |                  2 | On Loan: No      |
| Massachusetts Water Resources Authority                                          | MASSACHUSETTS ST WTR RESOURCES AUTH                                                                                                    | CUSIP: 576051J64<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2128204.80   | 0.45%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parish of St James LA                                                            | SAINT JAMES PARISH LA REVENUE                                                                                                          | CUSIP: 790103AU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $548464.85    | 0.12%             | 2038-06-01      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily ML Certificates                                          | FREDDIE MAC STRUCTURED PASS THROUGH CERT                                                                                               | CUSIP: 3137HCXR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    992074 | PA      | $1010550.19   | 0.21%             | 2040-10-25      | Variable      | 4.68%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | AO95606 ALLIANCE                                                                                                                       | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DE               |  | US        |     48000 | NC      | $222701.94    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                                                                                                  | CUSIP: 167505XA9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    310000 | PA      | $315512.54    | 0.07%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                      | OHIO ST HGR EDUCTNL FAC COMMISSION HLTHCR REVENUE                                                                                      | CUSIP: 677510CS6<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1167738.09   | 0.25%             | 2038-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                                                                                            | CUSIP: 452153KA6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026556.00   | 0.22%             | 2043-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily VRD Certificates                                               | FEDERAL HOME LOAN MTGE CORP MF VARIABLE RATE CTFS                                                                                      | CUSIP: 31350ADQ8<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |    997138 | PA      | $1003788.80   | 0.21%             | 2041-08-25      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| Vauxmont Metropolitan District                                                   | VAUXMONT MET DIST CO                                                                                                                   | CUSIP: 92242SBE2<br>LEI: 549300M7XL6MB0OW8D56 | Long             | DBT              | MUN               | US        |    300000 | PA      | $290523.42    | 0.06%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | Long: IS2TT39   IRS USD R V 12MUSCPI IS2TT40  INFLATIONZERO / Short: IS2TT39   IRS USD P F  2.10400 IS2TT39  INFLATIONZERO             | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |   6500000 | OU      | $936895.31    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                                                                                           | CUSIP: 45204E6W3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100358.80    | 0.02%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                      | OHIO ST HGR EDUCTNL FAC COMMISSION HLTHCR REVENUE                                                                                      | CUSIP: 677510CN7<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    360000 | PA      | $377199.11    | 0.08%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT                                                                                   | CUSIP: 65000BNC8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $959560.30    | 0.20%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                      | OHIO ST HGR EDUCTNL FAC COMMISSION HLTHCR REVENUE                                                                                      | CUSIP: 677510CP2<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    750000 | PA      | $803902.35    | 0.17%             | 2035-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | GB        |         1 | NC      | $12965.25     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Tobacco Settlement Finance Authority                                             | TOBACCO SETTLEMENT FIN AUTH WV ASSET BACKED                                                                                            | CUSIP: 88880LAW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2055000 | PA      | $1885297.48   | 0.40%             | 2049-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                                                                                                | CUSIP: 6461364A6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    160000 | PA      | $170444.80    | 0.04%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                      | OHIO ST HGR EDUCTNL FAC COMMISSION HLTHCR REVENUE                                                                                      | CUSIP: 677510CT4<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    780000 | PA      | $814716.08    | 0.17%             | 2039-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Middle Fork Project Finance Authority                                            | MIDDLE FORK PROJ FIN AUTH CA                                                                                                           | CUSIP: 59572CAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $470080.89    | 0.10%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                               | DETROIT MI                                                                                                                             | CUSIP: 2510933E8<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1212871.68   | 0.26%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                                                                                                     | CUSIP: 12008EGG5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $600000.00    | 0.13%             | 2029-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CMFA Special Finance Agency VIII                                                 | CMFA SPL FIN AGY VIII CA ESSENTIAL HSG REVENUE                                                                                         | CUSIP: 12574VAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $87451.87     | 0.02%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH POLL CONTROL REVENUE                                                                                               | CUSIP: 45505VAE6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    330000 | PA      | $309011.01    | 0.07%             | 2030-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MUNI CTFS                                                                                                         | CUSIP: 63607WAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1921195 | PA      | $1860336.70   | 0.39%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV                                                                            | CUSIP: 70868YAS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3429201.27   | 0.72%             | 2041-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                                | CALIFORNIA HSG FIN AGY MUNI CTFS                                                                                                       | CUSIP: 13033DAG0<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   1896489 | PA      | $1889322.83   | 0.40%             | 2035-03-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| County of Osceola FL Transportation Revenue                                      | OSCEOLA CNTY FL TRANSPRTN REVENUE                                                                                                      | CUSIP: 688031EP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $67733.88     | 0.01%             | 2034-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MUNI CTFS                                                                                                         | CUSIP: 63607WAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3606610 | PA      | $70969.07     | 0.01%             | 2036-09-20      | Variable      | 0.35%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | LOS ANGELES CA DEPT OF WTR & PWR REVENUE                                                                                               | CUSIP: 544532LU6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1676965.36   | 0.35%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | Long: BS2N2X2   IRS USD R V 12MUSCPI IS2N2Y3 CCP INFLATION ZERO / Short: BS2N2X2   IRS USD P F  3.49300 BS2N2X2 CCP INFLATION ZERO     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  22020000 | OU      | $237339.05    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                                                                                          | CUSIP: 59261APZ4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1811108.20   | 0.38%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Roseville CA                                                             | ROSEVILLE CA SPL TAX                                                                                                                   | CUSIP: 777870XT8<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028270.80   | 0.22%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE                                                                                         | CUSIP: 126292BS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1006714.02   | 0.21%             | 2043-07-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE                                                                                        | CUSIP: 84136FAV9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1976737.40   | 0.42%             | 2051-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Airports System Revenue                                          | HAWAII ST ARPTS SYS REVENUE                                                                                                            | CUSIP: 419794K92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021066.40   | 0.21%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-14276.28    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                          | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                                                                                              | CUSIP: 072024XU1<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1928847.80   | 0.41%             | 2056-04-01      | Floating      | 2.33%                 | No            |                  2 | On Loan: No      |
| OCHSNER LSU HEALTH SYST                                                          | Ochsner LSU Health System of North Louisiana                                                                                           | CUSIP: 67555JAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $819090.00    | 0.17%             | 2031-05-15      | Fixed         | 2.51%                 | No            |                  2 | On Loan: No      |
| California State University                                                      | CALIFORNIA ST UNIV REVENUE                                                                                                             | CUSIP: 13077DQP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $798345.90    | 0.17%             | 2035-11-01      | Fixed         | 2.37%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE                                                                                           | CUSIP: 928104PP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1138342.02   | 0.24%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                                                                                              | CUSIP: 13032URD2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    900000 | PA      | $940903.92    | 0.20%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                                                                                                | CUSIP: 13080SVH4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512880.55    | 0.11%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                       | STHRN CALIFORNIA ST PUBLIC PWR AUTH STHRN TRANSMISSION SYSTE                                                                           | CUSIP: 842469AQ1<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052106.40   | 0.22%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                                                                                             | CUSIP: 74442PMS1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    400000 | PA      | $413311.24    | 0.09%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parish of St James LA                                                            | SAINT JAMES PARISH LA REVENUE                                                                                                          | CUSIP: 790103AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $532475.95    | 0.11%             | 2040-12-01      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |         1 | NC      | $32942.61     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| California Community Housing Agency                                              | CALIFORNIA CMNTY HSG AGY ESSENTIAL HSG REVENUE                                                                                         | CUSIP: 13013FAM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1122094.50   | 0.24%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | Long: BS20V36   IRS USD R V 12MUSCPI IS20V47 CCPINFLATIONZERO / Short: BS20V36   IRS USD P F   .73500 IS20V36 CCPINFLATIONZERO         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   4990000 | OU      | $1223129.39   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                   | Long: SELS59942 TRS CHF R F   .00000 SELS59942/SMU5 / Short: SELS59942 TRS CHF P E SELS59942/DE000C68D780                              | CUSIP: 000000000<br>LEI: IGJSJL3JD5P30I6NJZ34 | N/A              | DE               |  | CH        |    726288 | OU      | $15411.35     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                                         | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |         1 | NC      | $19708.67     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Las Vegas Valley Water District                                                  | LAS VEGAS VLY NV WTR DIST                                                                                                              | CUSIP: 517845TH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1403317.17   | 0.30%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MUNI CTFS                                                                                                         | CUSIP: 63607WAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1639882 | PA      | $1621421.70   | 0.34%             | 2034-01-20      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Sparks NV                                                                | SPARKS NV TOURISM IMPT DIST #1 REVENUE                                                                                                 | CUSIP: 846562AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $190363.84    | 0.04%             | 2028-06-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COOPERATIVE DIST COMMODITY SPLY REV                                                                           | CUSIP: 84136GAK1<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053363.70   | 0.22%             | 2054-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chandler Industrial Development Authority                                        | CHANDLER AZ INDL DEV AUTH INDL DEV REVENUE                                                                                             | CUSIP: 158862CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997634.30    | 0.21%             | 2049-06-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Dutchess County Local Development Corp                                           | DUTCHESS CNTY NY LOCAL DEV CORP REVENUE                                                                                                | CUSIP: 267045NL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $878196.24    | 0.18%             | 2039-07-01      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE                                                                                         | CUSIP: 126292AQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $726308.29    | 0.15%             | 2046-12-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | Long: BS249D4   IRS USD R V 12MUSCPI IS249E5 CCPINFLATIONZERO / Short: BS249D4   IRS USD P F  1.73100 IS249D4 CCPINFLATIONZERO         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   1550000 | OU      | $270396.46    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Irving Hospital Authority                                                        | IRVING TX HOSP AUTH                                                                                                                    | CUSIP: 463794JV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1117321.15   | 0.24%             | 2028-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                                         | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-25196.40    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH                                                                                | CUSIP: 546282H56<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1553498.66   | 0.33%             | 2030-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | Long: SS31H41   IRS USD R F  4.05650 IS31H41 CCPOIS / Short: SS31H41   IRS USD P V 00MSOFR IS31H52 CCPOIS                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   3420000 | OU      | $102364.11    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                                                                                                     | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     86008 | PA      | $52894.89     | 0.01%             | 2043-11-01      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | Long: BS2TRV3   IRS USD R V 12MUSCPI IS2TRW4 CCPINFLATIONZERO / Short: BS2TRV3   IRS USD P F  1.23000 BS2TRV3 CCPINFLATIONZERO         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   6600000 | OU      | $1361254.75   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| City of Roseville CA                                                             | ROSEVILLE CA SPL TAX                                                                                                                   | CUSIP: 777870WD4<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    305000 | PA      | $309370.10    | 0.07%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                                                                                              | CUSIP: 544445J83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $218478.72    | 0.05%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                              | CALIFORNIA PUBLIC FIN AUTH REVENUE                                                                                                     | CUSIP: 13057EDH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022918.50   | 0.22%             | 2054-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                                         | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |         1 | NC      | $35225.60     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | Long: BS2MVV0   IRS USD R V 00MSOFR IS2MVW1 CCPOIS / Short: BS2MVV0   IRS USD P F  3.11950 IS2MVV0 CCPOIS                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  50100000 | OU      | $1733316.08   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| River Islands Public Financing Authority                                         | RIVER ISLANDS CA PUBLIC FING AUTH SPL TAX                                                                                              | CUSIP: 76827QHC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985996.90    | 0.21%             | 2037-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Fort Wayne IN                                                            | FORT WAYNE IN ECON DEV SOLID WST FAC REVENUE                                                                                           | CUSIP: 34924CAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     26951 | PA      | $2.70         | 0.00%             | 2029-12-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Antonio B Won Pat International Airport Authority                                | GUAM INTERNATIONAL ARPT AUTH                                                                                                           | CUSIP: 40064REE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $193673.18    | 0.04%             | 2027-10-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | Long: IS0QGN1   IRS USD R V 12MLIBOR IS0QGO2 CPI SWAP 10212014 06 / Short: IS0QGN1   IRS USD P F  2.38800 IS0QGN1 CPI SWAP 10212014 06 | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   5400000 | OU      | $350695.44    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | PHILADELPHIA PA AUTH FOR INDL DEV CHRT SCH REVENUE                                                                                     | CUSIP: 71780CBB5<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    540000 | PA      | $552930.41    | 0.12%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                           | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $-8403.35     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Suffolk Tobacco Asset Securitization Corp                                        | SUFFOLK NY TOBACCO ASSET SECURITIZATION CORP TOBACCO SETTLEM                                                                           | CUSIP: 864809CC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $355610.52    | 0.07%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | Long: SS2PQG9   IRS USD R F  4.61550 IS2PQG9 CCPOIS / Short: SS2PQG9   IRS USD P V 00MSOFR IS2PQH0 CCPOIS                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  18000000 | OU      | $989608.62    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| ASX Clear (Futures)                                                              | SPI 200 FUTURES SEP25                                                                                                                  | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DE               |  | AU        |        -5 | NC      | $627.16       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                                                         | Long: SS309N1   IRS USD R F  3.76800 IS309N1 CCPOIS / Short: SS309N1   IRS USD P V 00MSOFR IS309O2 CCPOIS                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   5300000 | OU      | $56926.22     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE                                                                                         | CUSIP: 126292BP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $789073.90    | 0.17%             | 2047-05-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                                                                                                     | CUSIP: 12008ESA5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    300000 | PA      | $257919.33    | 0.05%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | GUAM GOVT                                                                                                                              | CUSIP: 40065BCQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $290585.34    | 0.06%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth  | PUERTO RICO INDL TOURIST EDUCTNL MED & ENVRNMNTL CONTROL FAC                                                                           | CUSIP: 74528KAA1<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |    458086 | PA      | $454320.03    | 0.10%             | 2027-01-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | Long: BS23W54   IRS USD R V 12MUSCPI IS23W65 CCPINFLATIONZERO / Short: BS23W54   IRS USD P F  1.58700 IS23W54 CCPINFLATIONZERO         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   7825000 | OU      | $1477009.05   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | KENTUCKY ST ECON DEV FIN AUTH                                                                                                          | CUSIP: 49126KJZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3445000 | PA      | $3504534.08   | 0.74%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Osaka Exchange                                                                   | TOPIX INDX FUTR SEP25                                                                                                                  | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DE               |  | JP        |         4 | NC      | $16968.56     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                           | US ULTRA BOND CBT SEP25                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -2 | NC      | $-6471.83     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX                                                                                | CUSIP: 89602HHR1<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1703180.55   | 0.36%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST SPL OBLG REVENUE                                                                                                      | CUSIP: 576004HG3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    661071 | PA      | $659401.21    | 0.14%             | 2031-07-15      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp                                                | MISSION TX ECON DEV CORP REVENUE                                                                                                       | CUSIP: 605156AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1011403.40   | 0.21%             | 2031-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth  | PUERTO RICO INDL TOURIST EDUCTNL MED & ENVRNMNTL CONTROL FAC                                                                           | CUSIP: 74528KAB9<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |   3493752 | PA      | $3458305.09   | 0.73%             | 2028-01-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily                                                          | Freddie Mac Multifamily ML Certificates                                                                                                | CUSIP: 35833JAK3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1213024 | PA      | $966883.11    | 0.20%             | 2038-01-25      | Fixed         | 2.03%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | Long: BS23XF1   IRS USD R V 12MUSCPI IS23XG2 CCPINFLATIONZERO / Short: BS23XF1   IRS USD P F  1.57200 IS23XF1 CCPINFLATIONZERO         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   7825000 | OU      | $1488587.94   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| County of Osceola FL Transportation Revenue                                      | OSCEOLA CNTY FL TRANSPRTN REVENUE                                                                                                      | CUSIP: 688031EM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $149723.38    | 0.03%             | 2032-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                                                                                                     | CUSIP: 12008ETJ5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    245000 | PA      | $246102.92    | 0.05%             | 2042-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| North Broward Hospital District                                                  | NORTH BROWARD FL HOSP DIST                                                                                                             | CUSIP: 657883DE1<br>LEI: 549300HZL14T4Q7UDP41 | Long             | DBT              | MUN               | US        |   3590000 | PA      | $3678743.01   | 0.77%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | Long: IS2TSV0   IRS USD R V 12MUSCPI IS2TSW1  INFLATIONZERO / Short: IS2TSV0   IRS USD P F  2.38800 IS2TSV0  INFLATIONZERO             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   2000000 | OU      | $129887.22    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| New Mexico Municipal Energy Acquisition Authority                                | NEW MEXICO ST MUNI ENERGY ACQUISITION AUTH GAS SPLY                                                                                    | CUSIP: 647207BL2<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059857.40   | 0.22%             | 2054-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI HOSP REVENUE                                                                                                        | CUSIP: 74442CDP6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $821958.90    | 0.17%             | 2040-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| iShares Core MSCI EAFE ETF                                                       | iShares Core MSCI EAFE ETF                                                                                                             | CUSIP: 46432F842<br>LEI: 5493009FT582MI7Y3I36 | Long             | EC               | RF                | US        |    418303 | NS      | $34919934.44  | 7.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                                         | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $-22756.66    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | GUAM GOVT LTD OBLG REVENUE                                                                                                             | CUSIP: 40065HDQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $365307.84    | 0.08%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MUNI CTFS                                                                                                         | CUSIP: 63607WAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1926494 | PA      | $1813860.49   | 0.38%             | 2036-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Trust for Cultural Resources of The City of New York/The                         | NEW YORK CITY NY TRUST FOR CULTURAL RESOURCES                                                                                          | CUSIP: 649717UE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3130000 | PA      | $3226355.17   | 0.68%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | Long: BS2BFX7   IRS USD R V 12MUSCPI IS2BFY8 CCPINFLATIONZERO / Short: BS2BFX7   IRS USD P F  2.78200 IS2BFX7 CCPINFLATIONZERO         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   6700000 | OU      | $506224.13    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                                                                                             | CUSIP: 74442PMR3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    680000 | PA      | $699690.90    | 0.15%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp                                                | NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE                                                                                           | CUSIP: 649519DG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $294222.82    | 0.06%             | 2069-09-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                               | GTR ORLANDO FL AVIATION AUTH ARPT FACS REVENUE                                                                                         | CUSIP: 392275EZ2<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3152997.30   | 0.66%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal                                       | S+P/TSX 60 IX FUT SEP25                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | CA        |        -5 | NC      | $-9846.71     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Troy Capital Resource Corp                                                       | TROY NY CAPITAL RESOURCE CORP REVENUE                                                                                                  | CUSIP: 897579BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $327628.65    | 0.07%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                                                                                           | CUSIP: 45204E6Y9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $98804.34     | 0.02%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | Long: SS2PYW1   IRS USD R F  4.51750 IS2PYW1 CCPOIS / Short: SS2PYW1   IRS USD P V 00MSOFR IS2PYX2 CCPOIS                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   8900000 | OU      | $467683.57    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                           | US 10YR NOTE (CBT)SEP25                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -10 | NC      | $-15857.65    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                                           | PURCHASED USD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $-45962.64    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                                                                                                  | CUSIP: 73358W3Q5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1533741.40   | 0.32%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE                                                                                         | CUSIP: 126292BE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $759458.40    | 0.16%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | CALIFORNIA ST POLL CONTROL FING AUTH WTR FURNISHING REVENUE                                                                            | CUSIP: 13054WAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $393980.16    | 0.08%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Corpus Christi TX Utility System Revenue                                 | CORPUS CHRISTI TX UTILITY SYSREVENUE                                                                                                   | CUSIP: 220245XC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1031797.25   | 0.22%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                                                                                                     | CUSIP: 249182LF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1615000 | PA      | $1669407.74   | 0.35%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Saugus/Hart School Facilities Financing Authority                                | SAUGUS/HART CA SCH FACS FING AUTH SPL TAX                                                                                              | CUSIP: 804208CD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $757697.18    | 0.16%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | Long: SS2UW11   IRS USD R F  4.02650 IS2UW11 CCPOIS / Short: SS2UW11   IRS USD P V 00MSOFR IS2UW22 CCPOIS                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  22400000 | OU      | $545339.69    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                                                                                            | CUSIP: 64966MWX3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1105919.26   | 0.23%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | AU        |         1 | NC      | $23284.95     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                                                                                          | CUSIP: 592647FD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1910000 | PA      | $1992244.60   | 0.42%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                                                                                            | CUSIP: 64966QZY9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1310535.34   | 0.28%             | 2027-08-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                               | DETROIT MI                                                                                                                             | CUSIP: 2510933G3<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   2475000 | PA      | $2579035.39   | 0.54%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Moon Industrial Development Authority                                            | MOON INDL DEV AUTH PA REVENUE                                                                                                          | CUSIP: 61543RAQ9<br>LEI: 549300CGX4T1GTNHL435 | Long             | DBT              | MUN               | US        |    560000 | PA      | $560000.00    | 0.12%             | 2025-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Johnstown Plaza Metropolitan District                                            | JOHNSTOWN PLAZA MET DIST CO                                                                                                            | CUSIP: 479706AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    544000 | PA      | $455999.95    | 0.10%             | 2046-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | S+P MID 400 EMINI SEP25                                                                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |        18 | NC      | $170060.34    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI HOSP REVENUE                                                                                                        | CUSIP: 74442CED2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994316.40    | 0.21%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                       | STHRN CA PUBLIC PWR AUTH REVENUE                                                                                                       | CUSIP: 84247PND9<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1472345.98   | 0.31%             | 2055-04-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                                                                                              | CUSIP: 8371514U0<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $999041.01    | 0.21%             | 2044-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | GUAM GOVT BUSINESS PRIVILEGE TAX REVENUE                                                                                               | CUSIP: 40065NBW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $617821.07    | 0.13%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                                                                                            | CUSIP: 13058TBQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $274436.75    | 0.06%             | 2028-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                                                                                                    | CUSIP: 13048TWY5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006126.60   | 0.21%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $-48775.13    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL REVENUE                                                                                                  | CUSIP: 592250CR3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1448744.08   | 0.30%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE                                                                                         | CUSIP: 650116CL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1522580.06   | 0.32%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado            | STHRN UTE INDIAN TRIBE OF STHRN UTE INDIAN RESERVATION CO                                                                              | CUSIP: 844090AD2<br>LEI: 549300X0RZRBWLO0J697 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058393.80   | 0.22%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bridgeport CT                                                            | BRIDGEPORT CT                                                                                                                          | CUSIP: 108152AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2015000 | PA      | $2097496.92   | 0.44%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania State University/The                                                | PENNSYLVANIA ST UNIV                                                                                                                   | CUSIP: 7092354D4<br>LEI: 549300QDK4O4XCJ47X56 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047870.10   | 0.22%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bridgeport CT                                                            | BRIDGEPORT CT                                                                                                                          | CUSIP: 108152AM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1386761.82   | 0.29%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Aviation Authority                                           | HILLSBOROUGH CNTY FL AVIATION AUTH                                                                                                     | CUSIP: 432308W67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041149.10   | 0.22%             | 2042-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Comanche County Hospital Authority                                               | COMANCHE CNTY OK HOSP AUTH REVENUE                                                                                                     | CUSIP: 199875HK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000083.20   | 0.21%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nasdaq Stockholm AB                                                              | OMXS30 IND FUTURE JUL25                                                                                                                | CUSIP: 000000000<br>LEI: 549300KBQIVNEJEZVL96 | N/A              | DE               |  | SE        |       -13 | NC      | $-5707.01     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                                         | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $242554.49    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE                                                                                         | CUSIP: 126292BF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $373450.65    | 0.08%             | 2047-04-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                     | MISSISSIPPI DEV BK SPL OBLIG                                                                                                           | CUSIP: 60534XLT1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $972728.79    | 0.20%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | E-MINI RUSS 2000 SEP25                                                                                                                 | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |        71 | NC      | $172741.58    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Liberty Development Corp                                                | NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE                                                                                           | CUSIP: 649519DD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100063.82    | 0.02%             | 2044-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE                                                                                        | CUSIP: 20775DUX8<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   3380000 | PA      | $3358493.40   | 0.71%             | 2048-07-01      | Floating      | 2.80%                 | No            |                  2 | On Loan: No      |
| Comanche County Hospital Authority                                               | COMANCHE CNTY OK HOSP AUTH REVENUE                                                                                                     | CUSIP: 199875HM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000293.30   | 0.21%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                        | ATLANTA GA ARPT REVENUE                                                                                                                | CUSIP: 04780MXU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $694005.50    | 0.15%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | GUAM GOVT LTD OBLG REVENUE                                                                                                             | CUSIP: 40065HDM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $249381.83    | 0.05%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | MICHIGAN ST STRATEGIC FUND LTD OBLG REVENUE                                                                                            | CUSIP: 594698QP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1114746.27   | 0.23%             | 2033-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Singapore Exchange Derivatives Clearing Ltd.                                     | MSCI SING IX ETS JUL25                                                                                                                 | CUSIP: 000000000<br>LEI: 549300ZLWT3FK3F0FW61 | N/A              | DE               |  | SG        |         4 | NC      | $2292.45      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Coronado Community Development Agency Successor Agency                           | CORONADO CA CMNTY DEV AGY SUCCESSOR AGY TAX ALLOCATION                                                                                 | CUSIP: 21977AAJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1388975.92   | 0.29%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH NATIONAL CHRT SCH REVOLVING LOAN FD                                                                           | CUSIP: 04052FBR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $559071.78    | 0.12%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin Valley Clean Energy Authority                                        | SAN JOAQUIN VLY CLEAN ENERGY AUTH CA CLEAN ENERGY REVENUE                                                                              | CUSIP: 79811YAK4<br>LEI: 254900VA5DFN33OVGH87 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2193377.80   | 0.46%             | 2056-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Osaka Exchange                                                                   | NIKKEI 225 (OSE) SEP25                                                                                                                 | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DE               |  | JP        |         6 | NC      | $97502.76     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| California State University                                                      | CALIFORNIA ST UNIV REVENUE                                                                                                             | CUSIP: 13077DMP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $369178.00    | 0.08%             | 2028-11-01      | Fixed         | 1.49%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                                              | COLUMBUS OH REGL ARPT AUTH REVENUE                                                                                                     | CUSIP: 199546CT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050539.60   | 0.22%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority/The                                     | MET NASHVILLE TN ARPT AUTH ARPT REVENUE                                                                                                | CUSIP: 592190NX6<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1270757.45   | 0.27%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE                                                                            | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047921.60   | 0.22%             | 2054-01-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| BAYLOR SCOTT & WHITE HOL                                                         | Baylor Scott & White Holdings                                                                                                          | CUSIP: 072863AG8<br>LEI: 549300JQDKSBWYRGGV95 | Long             | DBT              | CORP              | US        |   1075000 | PA      | $1053102.25   | 0.22%             | 2025-11-15      | Fixed         | 0.83%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                                                                                              | CUSIP: 544445NK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $508691.09    | 0.11%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED NOK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | NO        |         1 | NC      | $26555.10     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                                                                                           | CUSIP: 646140GB3<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043967.40   | 0.22%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                           | US 2YR NOTE (CBT) SEP25                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -2 | NC      | $-1658.74     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX                                                                                | CUSIP: 89602HCZ8<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    500000 | PA      | $554511.75    | 0.12%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | GB        |         1 | NC      | $154187.93    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | WISCONSIN ST                                                                                                                           | CUSIP: 97705MTD7<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |    750000 | PA      | $805696.50    | 0.17%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Educational Facilities Authority                               | MIAMI-DADE CNTY FL EDUCTNL FACS AUTH REVENUE                                                                                           | CUSIP: 59333APN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067363.20   | 0.22%             | 2040-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                               | DETROIT MI                                                                                                                             | CUSIP: 2510933J7<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    600000 | PA      | $620791.50    | 0.13%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE                                                                            | CUSIP: 13013JEP7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056605.70   | 0.22%             | 2055-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                                                                                                  | CUSIP: 167505WZ5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    270000 | PA      | $276782.62    | 0.06%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp                                                | NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE                                                                                           | CUSIP: 649519DF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2755000 | PA      | $2546667.73   | 0.54%             | 2069-09-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| American Samoa Economic Development Authority                                    | AMERICAN SAMOA AS ECON DEV AUTH GEN REVENUE                                                                                            | CUSIP: 02936TAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $702178.54    | 0.15%             | 2028-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MUNI CTFS                                                                                                         | CUSIP: 63607WAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    993107 | PA      | $39415.32     | 0.01%             | 2039-08-20      | Variable      | 0.51%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                                           | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              |  | NZ        |         1 | NC      | $7999.56      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE                                                                                         | CUSIP: 126292BL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2186656.56   | 0.46%             | 2047-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                     | MASSACHUSETTS ST PORT AUTH                                                                                                             | CUSIP: 575896QJ7<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1840000.00   | 0.39%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp IV                                 | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP IV                                                                                            | CUSIP: 88256PAG5<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |   2915000 | PA      | $3096274.52   | 0.65%             | 2054-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Southern California                          | TOBACCO SECURITIZATION AUTH STHRN CA TOBACCO SETTLEMENT REVE                                                                           | CUSIP: 888804CF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    960000 | PA      | $1006298.88   | 0.21%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE                                                                                      | CUSIP: 56035DHT2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2101088.40   | 0.44%             | 2054-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Howard Bend Levee District                                                       | HOWARD BEND MO LEVEE DIST                                                                                                              | CUSIP: 442499CE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $264101.56    | 0.06%             | 2027-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | Long: BS2CZ96   IRS USD R V 12MUSCPI IS2CZA7 CCPINFLATIONZERO / Short: BS2CZ96   IRS USD P F  2.98850 IS2CZ96 CCPINFLATIONZERO         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   3360000 | OU      | $179862.85    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                                                                                          | CUSIP: 59261ADP9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1579398.59   | 0.33%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | LOS ANGELES CA DEPT OF WTR & PWR REVENUE                                                                                               | CUSIP: 544532BA1<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    365000 | PA      | $383720.81    | 0.08%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                                                    | Lendbuzz Securitization Trust 2023-1                                                                                                   | CUSIP: 52608LAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    702320 | PA      | $712238.35    | 0.15%             | 2028-08-15      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                                           | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              |  | XX        |         1 | NC      | $43980.08     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| City of Ashland KY                                                               | ASHLAND KY MED CENTER REVENUE                                                                                                          | CUSIP: 044293BS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $268918.64    | 0.06%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tempe AZ                                                                 | TEMPE AZ COPS                                                                                                                          | CUSIP: 87971LAQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1231322.18   | 0.26%             | 2033-07-01      | Fixed         | 2.17%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                 | Fannie Mae Connecticut Avenue Securities                                                                                               | CUSIP: 30711XCB8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10768 | PA      | $10987.37     | 0.00%             | 2028-09-25      | Floating      | 10.42%                | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                                                                                                  | CUSIP: 167505XB7<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    200000 | PA      | $202750.24    | 0.04%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** BERNSTEIN SANFORD C FUND INC

**Signature:** Stephen Woetzel

**Name of Signer:** Stephen Woetzel

**Title:** Controller