# EDGAR Filing Document

**Accession Number:** 0000215740
**File Stem:** 0001410368-26-055584
**Filing Date:** 2026-5
**Character Count:** 313478
**Document Hash:** 8755df6771b90d884c996b536f0deaa8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-055584.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001410368-26-055584

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ELFUN TAX EXEMPT INCOME FUND
- **CENTRAL INDEX KEY:** 0000215740

**ORGANIZATION NAME:**
- **EIN:** 066210148
- **STATE OF INCORPORATION:** CT
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02735
- **FILM NUMBER:** 261036093

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02114
- **BUSINESS PHONE:** 6176643920

**MAIL ADDRESS:**
- **STREET 1:** ONE CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02114

## Series and Classes Contracts Data

### ELFUN TAX EXEMPT INCOME FUND (Series ID: S000011830)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000032332 | Elfun Tax Exempt Income Fund | elftx           |

## Nport-Ex

Quarterly Report

March 31, 2026

**Elfun Tax-Exempt Income Fund**![](img1fc4191f1.gif)

------

Elfun Tax-Exempt Income Fund

Quarterly Report

March 31, 2026

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedule of Investments](#xx_1d763fbd-d0a6-4257-9cb6-bf608384e2be_SOI-CC-Continued-1526_1) | 1 |
| [Notes to Schedule of Investments](#xx_1d763fbd-d0a6-4257-9cb6-bf608384e2be_NTSOI-CC-Continued-1526_1) | 8 |

---

------

**Elfun Tax-Exempt Income Fund**

Schedule of Investments

March 31, 2026 (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**<br>| **Fair** <br>**Value**<br>|
| **Municipal Bonds and Notes - 98.8% †** | **Municipal Bonds and Notes - 98.8% †** | **Municipal Bonds and Notes - 98.8% †** |
| Alabama - 0.3%  | Alabama - 0.3%  | Alabama - 0.3%  |
| Alabama Corrections Institution Finance Authority, AL Revenue | Alabama Corrections Institution Finance Authority, AL Revenue | Alabama Corrections Institution Finance Authority, AL Revenue |
| &nbsp;&nbsp;&nbsp; 5.25% 07/01/52  | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $1023946 |
| County of Jefferson Sewer Revenue, AL Revenue | County of Jefferson Sewer Revenue, AL Revenue | County of Jefferson Sewer Revenue, AL Revenue |
| &nbsp;&nbsp;&nbsp; 5.50% 10/01/53  | &nbsp;&nbsp; 1185000 | &nbsp;&nbsp; 1232123 |
|  |  | &nbsp;&nbsp; 2256069 |
| Arizona - 1.4%  | Arizona - 1.4%  | Arizona - 1.4%  |
| City of Mesa Utility System Revenue, AZ Revenue, AG | City of Mesa Utility System Revenue, AZ Revenue, AG | City of Mesa Utility System Revenue, AZ Revenue, AG |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/32  | &nbsp;&nbsp; 560000 | &nbsp;&nbsp; 625725 |
| City of Phoenix Civic Improvement Corp., AZ Revenue | City of Phoenix Civic Improvement Corp., AZ Revenue | City of Phoenix Civic Improvement Corp., AZ Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 07/01/44  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 919119 |
| Maricopa County Unified School District No. 80 Chandler, AZ GO | Maricopa County Unified School District No. 80 Chandler, AZ GO | Maricopa County Unified School District No. 80 Chandler, AZ GO |
| &nbsp;&nbsp;&nbsp; 4.00% 07/01/32  | &nbsp;&nbsp; 2890000 | &nbsp;&nbsp; 2924005 |
| &nbsp;&nbsp;&nbsp; Maricopa County Union High School District No. 216 Agua Fria, <br> AZ GO | &nbsp;&nbsp;&nbsp; Maricopa County Union High School District No. 216 Agua Fria, <br> AZ GO | &nbsp;&nbsp;&nbsp; Maricopa County Union High School District No. 216 Agua Fria, <br> AZ GO |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/43  | &nbsp;&nbsp; 1275000 | &nbsp;&nbsp; 1372463 |
| &nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement & Power District, AZ <br> Revenue | &nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement & Power District, AZ <br> Revenue | &nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement & Power District, AZ <br> Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 01/01/47  | &nbsp;&nbsp; 4730000 | &nbsp;&nbsp; 4925433 |
|  |  | &nbsp;&nbsp; 10766745 |
| Arkansas - 0.3%  | Arkansas - 0.3%  | Arkansas - 0.3%  |
| City of Bentonville Sales & Use Tax Revenue, AR Revenue | City of Bentonville Sales & Use Tax Revenue, AR Revenue | City of Bentonville Sales & Use Tax Revenue, AR Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 11/01/34  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 536684 |
| University of Arkansas, AR Revenue | University of Arkansas, AR Revenue | University of Arkansas, AR Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 04/01/52  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2048990 |
|  |  | &nbsp;&nbsp; 2585674 |
| California - 5.1%  | California - 5.1%  | California - 5.1%  |
| Bay Area Toll Authority, CA Revenue | Bay Area Toll Authority, CA Revenue | Bay Area Toll Authority, CA Revenue |
| &nbsp;&nbsp;&nbsp; 4.13% 04/01/54  | &nbsp;&nbsp; 1235000 | &nbsp;&nbsp; 1154743 |
| City of Los Angeles Wastewater System Revenue, CA Revenue | City of Los Angeles Wastewater System Revenue, CA Revenue | City of Los Angeles Wastewater System Revenue, CA Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 06/01/48  | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5086812 |
| &nbsp;&nbsp;&nbsp; East Bay Municipal Utility District Water System Revenue, CA <br> Revenue | &nbsp;&nbsp;&nbsp; East Bay Municipal Utility District Water System Revenue, CA <br> Revenue | &nbsp;&nbsp;&nbsp; East Bay Municipal Utility District Water System Revenue, CA <br> Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 06/01/55  | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5235511 |
| Los Angeles Department of Water & Power, CA Revenue | Los Angeles Department of Water & Power, CA Revenue | Los Angeles Department of Water & Power, CA Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/39  | &nbsp;&nbsp; 280000 | &nbsp;&nbsp; 295163 |
| Northern California Transmission Agency, CA Revenue | Northern California Transmission Agency, CA Revenue | Northern California Transmission Agency, CA Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 05/01/37  | &nbsp;&nbsp; 3610000 | &nbsp;&nbsp; 3617537 |
| Oakland Unified School District/Alameda County, CA GO, AG | Oakland Unified School District/Alameda County, CA GO, AG | Oakland Unified School District/Alameda County, CA GO, AG |
| &nbsp;&nbsp;&nbsp; 5.00% 08/01/35  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1115271 |
| Oakland Unified School District/Alameda County, CA GO | Oakland Unified School District/Alameda County, CA GO | Oakland Unified School District/Alameda County, CA GO |
| &nbsp;&nbsp;&nbsp; 5.00% 08/01/37  | &nbsp;&nbsp; 910000 | &nbsp;&nbsp; 929083 |
| Sacramento Municipal Utility District, CA Revenue | Sacramento Municipal Utility District, CA Revenue | Sacramento Municipal Utility District, CA Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 08/15/48  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1054047 |
| San Diego County Regional Airport Authority, CA Revenue | San Diego County Regional Airport Authority, CA Revenue | San Diego County Regional Airport Authority, CA Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/33  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1108903 |
| San Diego Unified School District, CA GO | San Diego Unified School District, CA GO | San Diego Unified School District, CA GO |
| &nbsp;&nbsp;&nbsp; 4.00% 07/01/53  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 918545 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San Francisco <br> International Airport, CA Revenue | &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San Francisco <br> International Airport, CA Revenue | &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San Francisco <br> International Airport, CA Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 05/01/33 - 05/01/36  | &nbsp;&nbsp; 2195000 | &nbsp;&nbsp; 2348557 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Public Utilities Commission <br> Wastewater Revenue, CA Revenue | &nbsp;&nbsp;&nbsp; San Francisco City & County Public Utilities Commission <br> Wastewater Revenue, CA Revenue | &nbsp;&nbsp;&nbsp; San Francisco City & County Public Utilities Commission <br> Wastewater Revenue, CA Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 10/01/34  | &nbsp;&nbsp; 1495000 | &nbsp;&nbsp; 1499016 |
| Santa Cruz City High School District, CA GO | Santa Cruz City High School District, CA GO | Santa Cruz City High School District, CA GO |
| &nbsp;&nbsp;&nbsp; 4.00% 08/01/40  | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1201069 |
| Southern California Public Power Authority, CA Revenue | Southern California Public Power Authority, CA Revenue | Southern California Public Power Authority, CA Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 09/01/30  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 520788 |
| State of California, CA GO | State of California, CA GO | State of California, CA GO |
| &nbsp;&nbsp;&nbsp; 4.00% 09/01/47  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1936268 |
| &nbsp;&nbsp;&nbsp; 4.75% 12/01/42  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1050410 |
| &nbsp;&nbsp;&nbsp; 5.00% 03/01/27 - 08/01/30  | &nbsp;&nbsp; 7285000 | &nbsp;&nbsp; 7465677 |
| University of California, CA Revenue | University of California, CA Revenue | University of California, CA Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 05/15/46  | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 1742552 |
| &nbsp;&nbsp;&nbsp; 5.00% 05/15/46  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2088230 |
|  |  | &nbsp;&nbsp; 40368182 |
| Colorado - 3.2%  | Colorado - 3.2%  | Colorado - 3.2%  |
| &nbsp;&nbsp;&nbsp; Adams & Arapahoe Counties Joint School District 28J Aurora, <br> CO GO, State Aid Withholding | &nbsp;&nbsp;&nbsp; Adams & Arapahoe Counties Joint School District 28J Aurora, <br> CO GO, State Aid Withholding | &nbsp;&nbsp;&nbsp; Adams & Arapahoe Counties Joint School District 28J Aurora, <br> CO GO, State Aid Withholding |
| &nbsp;&nbsp;&nbsp; 5.00% 12/01/32  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2031819 |
| &nbsp;&nbsp;&nbsp; Adams & Arapahoe Counties Joint School District 28J Aurora, <br> CO COP, BAM | &nbsp;&nbsp;&nbsp; Adams & Arapahoe Counties Joint School District 28J Aurora, <br> CO COP, BAM | &nbsp;&nbsp;&nbsp; Adams & Arapahoe Counties Joint School District 28J Aurora, <br> CO COP, BAM |
| &nbsp;&nbsp;&nbsp; 5.50% 12/01/54  | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1160834 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Fair**<br> **Value**<br>|
| &nbsp;&nbsp;&nbsp; Board of Governors of Colorado State University System, CO <br> Revenue | &nbsp;&nbsp;&nbsp; Board of Governors of Colorado State University System, CO <br> Revenue | &nbsp;&nbsp;&nbsp; Board of Governors of Colorado State University System, CO <br> Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 03/01/43  | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $972822 |
| &nbsp;&nbsp;&nbsp; Board of Water Commissioners City & County of Denver, CO <br> Revenue | &nbsp;&nbsp;&nbsp; Board of Water Commissioners City & County of Denver, CO <br> Revenue | &nbsp;&nbsp;&nbsp; Board of Water Commissioners City & County of Denver, CO <br> Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 09/15/47  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2022928 |
| Cherokee Metropolitan District, CO Revenue, BAM | Cherokee Metropolitan District, CO Revenue, BAM | Cherokee Metropolitan District, CO Revenue, BAM |
| &nbsp;&nbsp;&nbsp; 4.00% 08/01/45  | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp; 2556018 |
| City & County of Denver Airport System Revenue, CO Revenue | City & County of Denver Airport System Revenue, CO Revenue | City & County of Denver Airport System Revenue, CO Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 11/15/41  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1046054 |
| &nbsp;&nbsp;&nbsp; City & County of Denver Pledged Excise Tax Revenue, CO <br> Revenue | &nbsp;&nbsp;&nbsp; City & County of Denver Pledged Excise Tax Revenue, CO <br> Revenue | &nbsp;&nbsp;&nbsp; City & County of Denver Pledged Excise Tax Revenue, CO <br> Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 08/01/46  | &nbsp;&nbsp; 2485000 | &nbsp;&nbsp; 2322919 |
| City of Colorado Springs Utilities System Revenue, CO Revenue | City of Colorado Springs Utilities System Revenue, CO Revenue | City of Colorado Springs Utilities System Revenue, CO Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 11/15/42  | &nbsp;&nbsp; 1665000 | &nbsp;&nbsp; 1699120 |
| Colorado Health Facilities Authority, CO Revenue | Colorado Health Facilities Authority, CO Revenue | Colorado Health Facilities Authority, CO Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 08/01/38 - 05/15/52  | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3274880 |
| &nbsp;&nbsp;&nbsp; 5.00% 05/15/34 - 05/15/35  | &nbsp;&nbsp; 5400000 | &nbsp;&nbsp; 6039126 |
| E-470 Public Highway Authority, CO Revenue | E-470 Public Highway Authority, CO Revenue | E-470 Public Highway Authority, CO Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 09/01/36  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1063347 |
| State of Colorado, CO COP | State of Colorado, CO COP | State of Colorado, CO COP |
| &nbsp;&nbsp;&nbsp; 5.00% 06/15/36  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1133826 |
|  |  | &nbsp;&nbsp; 25323693 |
| Connecticut - 1.9%  | Connecticut - 1.9%  | Connecticut - 1.9%  |
| City of New Haven, CT GO, AG | City of New Haven, CT GO, AG | City of New Haven, CT GO, AG |
| &nbsp;&nbsp;&nbsp; 5.00% 08/01/33  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1115705 |
| &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, CT <br> Revenue | &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, CT <br> Revenue | &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, CT <br> Revenue |
| &nbsp;&nbsp;&nbsp; 2.95% 07/01/49  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1506221 |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/33  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1136724 |
| &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, CT <br> Revenue, AG | &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, CT <br> Revenue, AG | &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, CT <br> Revenue, AG |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/43  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1076685 |
| State of Connecticut Special Tax Revenue, CT Revenue | State of Connecticut Special Tax Revenue, CT Revenue | State of Connecticut Special Tax Revenue, CT Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 05/01/36 - 11/01/38  | &nbsp;&nbsp; 2670000 | &nbsp;&nbsp; 2716897 |
| &nbsp;&nbsp;&nbsp; 5.00% 01/01/33 - 07/01/36  | &nbsp;&nbsp; 2090000 | &nbsp;&nbsp; 2252302 |
| State of Connecticut, CT GO, AG | State of Connecticut, CT GO, AG | State of Connecticut, CT GO, AG |
| &nbsp;&nbsp;&nbsp; 4.00% 04/15/38  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2016618 |
| State of Connecticut, CT GO | State of Connecticut, CT GO | State of Connecticut, CT GO |
| &nbsp;&nbsp;&nbsp; 5.00% 09/15/26 - 03/15/30  | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3616865 |
|  |  | &nbsp;&nbsp; 15438017 |
| Delaware - 0.7%  | Delaware - 0.7%  | Delaware - 0.7%  |
| Delaware State Health Facilities Authority, DE Revenue | Delaware State Health Facilities Authority, DE Revenue | Delaware State Health Facilities Authority, DE Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 10/01/46  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1047049 |
| Delaware Transportation Authority, DE Revenue | Delaware Transportation Authority, DE Revenue | Delaware Transportation Authority, DE Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 06/01/55  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 999947 |
| State of Delaware, DE GO | State of Delaware, DE GO | State of Delaware, DE GO |
| &nbsp;&nbsp;&nbsp; 3.50% 03/01/33  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2000218 |
| &nbsp;&nbsp;&nbsp; 5.00% 05/01/38  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1656854 |
|  |  | &nbsp;&nbsp; 5704068 |
| District of Columbia - 2.9%  | District of Columbia - 2.9%  | District of Columbia - 2.9%  |
| District of Columbia Income Tax Revenue, DC Revenue | District of Columbia Income Tax Revenue, DC Revenue | District of Columbia Income Tax Revenue, DC Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 03/01/39 - 05/01/45  | &nbsp;&nbsp; 10575000 | &nbsp;&nbsp; 10293758 |
| District of Columbia Water & Sewer Authority, DC Revenue | District of Columbia Water & Sewer Authority, DC Revenue | District of Columbia Water & Sewer Authority, DC Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 10/01/38  | &nbsp;&nbsp; 2185000 | &nbsp;&nbsp; 2186186 |
| District of Columbia, DC GO | District of Columbia, DC GO | District of Columbia, DC GO |
| &nbsp;&nbsp;&nbsp; 4.00% 06/01/35  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1002338 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue, DC <br> Revenue | &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue, DC <br> Revenue | &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue, DC <br> Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 10/01/30 - 10/01/33  | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4362497 |
| Washington Metropolitan Area Transit Authority, DC Revenue | Washington Metropolitan Area Transit Authority, DC Revenue | Washington Metropolitan Area Transit Authority, DC Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/42  | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5074608 |
|  |  | &nbsp;&nbsp; 22919387 |
| Florida - 8.6%  | Florida - 8.6%  | Florida - 8.6%  |
| Central Florida Tourism Oversight District, FL GO | Central Florida Tourism Oversight District, FL GO | Central Florida Tourism Oversight District, FL GO |
| &nbsp;&nbsp;&nbsp; 5.00% 06/01/40  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1082479 |
| City of Cocoa Water & Sewer Revenue, FL Revenue | City of Cocoa Water & Sewer Revenue, FL Revenue | City of Cocoa Water & Sewer Revenue, FL Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 10/01/36  | &nbsp;&nbsp; 1225000 | &nbsp;&nbsp; 1280379 |
| City of Fort Lauderdale Water & Sewer Revenue, FL Revenue | City of Fort Lauderdale Water & Sewer Revenue, FL Revenue | City of Fort Lauderdale Water & Sewer Revenue, FL Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 09/01/41  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 972901 |
| &nbsp;&nbsp;&nbsp; 5.50% 09/01/53  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1599512 |
| City of Fort Lauderdale, FL Revenue | City of Fort Lauderdale, FL Revenue | City of Fort Lauderdale, FL Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/52  | &nbsp;&nbsp; 2235000 | &nbsp;&nbsp; 2315127 |

---

See Notes to Schedule of Investments.

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

Elfun Tax-Exempt Income Fund 1

------

**Elfun Tax-Exempt Income Fund**

Schedule of Investments (Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Fair**<br> **Value**<br>|
| City of Miami, FL Revenue | City of Miami, FL Revenue | City of Miami, FL Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 01/01/44  | &nbsp;&nbsp; $500000 | &nbsp;&nbsp; $533100 |
| City of St. Petersburg Public Utility Revenue, FL Revenue | City of St. Petersburg Public Utility Revenue, FL Revenue | City of St. Petersburg Public Utility Revenue, FL Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 10/01/52  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1026089 |
| City of Tallahassee Energy System Revenue, FL Revenue | City of Tallahassee Energy System Revenue, FL Revenue | City of Tallahassee Energy System Revenue, FL Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 10/01/36  | &nbsp;&nbsp; 555000 | &nbsp;&nbsp; 629153 |
| &nbsp;&nbsp;&nbsp; City of Tampa Water & Wastewater System Revenue, FL <br> Revenue | &nbsp;&nbsp;&nbsp; City of Tampa Water & Wastewater System Revenue, FL <br> Revenue | &nbsp;&nbsp;&nbsp; City of Tampa Water & Wastewater System Revenue, FL <br> Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 10/01/54  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1529380 |
| &nbsp;&nbsp;&nbsp; 5.25% 10/01/57  | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp; 7279992 |
| &nbsp;&nbsp;&nbsp; City of Winter Garden Water & Wastewater Revenue, FL <br> Revenue | &nbsp;&nbsp;&nbsp; City of Winter Garden Water & Wastewater Revenue, FL <br> Revenue | &nbsp;&nbsp;&nbsp; City of Winter Garden Water & Wastewater Revenue, FL <br> Revenue |
| &nbsp;&nbsp;&nbsp; 5.25% 08/01/54  | &nbsp;&nbsp; 5045000 | &nbsp;&nbsp; 5229909 |
| County of Hillsborough, FL GO | County of Hillsborough, FL GO | County of Hillsborough, FL GO |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/53  | &nbsp;&nbsp; 2825000 | &nbsp;&nbsp; 2896025 |
| County of Miami-Dade Aviation Revenue, FL Revenue | County of Miami-Dade Aviation Revenue, FL Revenue | County of Miami-Dade Aviation Revenue, FL Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 10/01/39  | &nbsp;&nbsp; 1675000 | &nbsp;&nbsp; 1642182 |
| County of Miami-Dade Seaport Department, FL Revenue, AG | County of Miami-Dade Seaport Department, FL Revenue, AG | County of Miami-Dade Seaport Department, FL Revenue, AG |
| &nbsp;&nbsp;&nbsp; 4.00% 10/01/40  | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2948955 |
| County of Miami-Dade Transit System, FL Revenue | County of Miami-Dade Transit System, FL Revenue | County of Miami-Dade Transit System, FL Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 07/01/45  | &nbsp;&nbsp; 1290000 | &nbsp;&nbsp; 1234615 |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/52  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2024855 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Water & Sewer System Revenue, FL <br> Revenue | &nbsp;&nbsp;&nbsp; County of Miami-Dade Water & Sewer System Revenue, FL <br> Revenue | &nbsp;&nbsp;&nbsp; County of Miami-Dade Water & Sewer System Revenue, FL <br> Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 10/01/38 - 10/01/44  | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp; 4484504 |
| &nbsp;&nbsp;&nbsp; 5.00% 10/01/36  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1110391 |
| Florida Development Finance Corp., FL Revenue, AG | Florida Development Finance Corp., FL Revenue, AG | Florida Development Finance Corp., FL Revenue, AG |
| &nbsp;&nbsp;&nbsp; 5.25% 07/01/47  | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2453080 |
| Florida Municipal Power Agency, FL Revenue | Florida Municipal Power Agency, FL Revenue | Florida Municipal Power Agency, FL Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 10/01/30  | &nbsp;&nbsp; 1085000 | &nbsp;&nbsp; 1100531 |
| &nbsp;&nbsp;&nbsp; Florida State Board of Governors University of North Florida <br> Dormitory Revenue, FL Revenue, BAM | &nbsp;&nbsp;&nbsp; Florida State Board of Governors University of North Florida <br> Dormitory Revenue, FL Revenue, BAM | &nbsp;&nbsp;&nbsp; Florida State Board of Governors University of North Florida <br> Dormitory Revenue, FL Revenue, BAM |
| &nbsp;&nbsp;&nbsp; 5.00% 11/01/39  | &nbsp;&nbsp; 2560000 | &nbsp;&nbsp; 2765027 |
| JEA Electric System Revenue, FL Revenue | JEA Electric System Revenue, FL Revenue | JEA Electric System Revenue, FL Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 10/01/36  | &nbsp;&nbsp; 1515000 | &nbsp;&nbsp; 1700770 |
| JEA Water & Sewer System Revenue, FL Revenue | JEA Water & Sewer System Revenue, FL Revenue | JEA Water & Sewer System Revenue, FL Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 10/01/39  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 480929 |
| &nbsp;&nbsp;&nbsp; 5.25% 10/01/49  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2117183 |
| Miami-Dade County Educational Facilities Authority, FL Revenue | Miami-Dade County Educational Facilities Authority, FL Revenue | Miami-Dade County Educational Facilities Authority, FL Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 04/01/53  | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2499824 |
| School Board of Miami-Dade County, FL GO, BAM | School Board of Miami-Dade County, FL GO, BAM | School Board of Miami-Dade County, FL GO, BAM |
| &nbsp;&nbsp;&nbsp; 5.00% 03/15/47  | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5172918 |
| School District of Broward County, FL COP | School District of Broward County, FL COP | School District of Broward County, FL COP |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/33  | &nbsp;&nbsp; 2005000 | &nbsp;&nbsp; 2142140 |
| State of Florida Department of Transportation, FL Revenue | State of Florida Department of Transportation, FL Revenue | State of Florida Department of Transportation, FL Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 07/01/41  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1008546 |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/38  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1092435 |
| State of Florida, FL GO | State of Florida, FL GO | State of Florida, FL GO |
| &nbsp;&nbsp;&nbsp; 4.00% 07/01/51  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1835093 |
| Sumter County School Board, FL COP, AG | Sumter County School Board, FL COP, AG | Sumter County School Board, FL COP, AG |
| &nbsp;&nbsp;&nbsp; 5.00% 01/01/35  | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 589408 |
| Tampa Bay Water, FL Revenue | Tampa Bay Water, FL Revenue | Tampa Bay Water, FL Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 10/01/32  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1123188 |
| &nbsp;&nbsp;&nbsp; West Palm Beach Community Redevelopment Agency, FL Tax <br> Allocation Revenue, AG | &nbsp;&nbsp;&nbsp; West Palm Beach Community Redevelopment Agency, FL Tax <br> Allocation Revenue, AG | &nbsp;&nbsp;&nbsp; West Palm Beach Community Redevelopment Agency, FL Tax <br> Allocation Revenue, AG |
| &nbsp;&nbsp;&nbsp; 5.00% 03/01/33  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1052980 |
| Wildwood Utility Dependent District, FL Revenue, AG | Wildwood Utility Dependent District, FL Revenue, AG | Wildwood Utility Dependent District, FL Revenue, AG |
| &nbsp;&nbsp;&nbsp; 5.25% 10/01/38  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1092774 |
|  |  | &nbsp;&nbsp; 68046374 |
| Georgia - 2.7%  | Georgia - 2.7%  | Georgia - 2.7%  |
| Augusta Water & Sewer Revenue, GA Revenue, BAM | Augusta Water & Sewer Revenue, GA Revenue, BAM | Augusta Water & Sewer Revenue, GA Revenue, BAM |
| &nbsp;&nbsp;&nbsp; 5.00% 10/01/36  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1677460 |
| City of Atlanta Airport Passenger Facility Charge, GA Revenue | City of Atlanta Airport Passenger Facility Charge, GA Revenue | City of Atlanta Airport Passenger Facility Charge, GA Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 07/01/37 - 07/01/38  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1948428 |
| City of Atlanta Department of Aviation, GA Revenue | City of Atlanta Department of Aviation, GA Revenue | City of Atlanta Department of Aviation, GA Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/30  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1076647 |
| City of Atlanta Water & Wastewater Revenue, GA Revenue, AG | City of Atlanta Water & Wastewater Revenue, GA Revenue, AG | City of Atlanta Water & Wastewater Revenue, GA Revenue, AG |
| &nbsp;&nbsp;&nbsp; 5.75% 11/01/30  | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3390701 |
| City of Griffin Public Utility Revenue, GA Revenue, BAM | City of Griffin Public Utility Revenue, GA Revenue, BAM | City of Griffin Public Utility Revenue, GA Revenue, BAM |
| &nbsp;&nbsp;&nbsp; 5.00% 01/01/56  | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5106999 |
| County of Fulton, GA GO | County of Fulton, GA GO | County of Fulton, GA GO |
| &nbsp;&nbsp;&nbsp; 4.00% 07/01/40  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 982945 |
| Development Authority for Fulton County, GA Revenue | Development Authority for Fulton County, GA Revenue | Development Authority for Fulton County, GA Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 06/01/37 (a) | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 388149 |
| Georgia Ports Authority, GA Revenue | Georgia Ports Authority, GA Revenue | Georgia Ports Authority, GA Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 07/01/51  | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 4631442 |
| Municipal Electric Authority of Georgia, GA Revenue | Municipal Electric Authority of Georgia, GA Revenue | Municipal Electric Authority of Georgia, GA Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/40  | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp; 1208221 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Fair**<br> **Value**<br>|
| Municipal Electric Authority of Georgia, GA Revenue, AG | Municipal Electric Authority of Georgia, GA Revenue, AG | Municipal Electric Authority of Georgia, GA Revenue, AG |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/42  | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $1058813 |
|  |  | &nbsp;&nbsp; 21469805 |
| Hawaii - 0.0%\*  | Hawaii - 0.0%\*  | Hawaii - 0.0%\*  |
| City & County of Honolulu, HI GO | City & County of Honolulu, HI GO | City & County of Honolulu, HI GO |
| &nbsp;&nbsp;&nbsp; 5.00% 09/01/30  | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 100116 |
| Illinois - 6.8%  | Illinois - 6.8%  | Illinois - 6.8%  |
| Chicago O'Hare International Airport, IL Revenue | Chicago O'Hare International Airport, IL Revenue | Chicago O'Hare International Airport, IL Revenue |
| &nbsp;&nbsp;&nbsp; 4.38% 01/01/53  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1341186 |
| &nbsp;&nbsp;&nbsp; 5.00% 01/01/35 - 01/01/48  | &nbsp;&nbsp; 12715000 | &nbsp;&nbsp; 13048397 |
| Chicago Park District, IL GO, BAM | Chicago Park District, IL GO, BAM | Chicago Park District, IL GO, BAM |
| &nbsp;&nbsp;&nbsp; 4.00% 01/01/41  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 960399 |
| Chicago Park District, IL GO | Chicago Park District, IL GO | Chicago Park District, IL GO |
| &nbsp;&nbsp;&nbsp; 5.00% 01/01/35 - 01/01/46  | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2638528 |
| Chicago Transit Authority Sales Tax Receipts Fund, IL Revenue | Chicago Transit Authority Sales Tax Receipts Fund, IL Revenue | Chicago Transit Authority Sales Tax Receipts Fund, IL Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 12/01/49  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1726448 |
| &nbsp;&nbsp;&nbsp; City of Chicago Wastewater Transmission Revenue, IL Revenue, <br> BAM | &nbsp;&nbsp;&nbsp; City of Chicago Wastewater Transmission Revenue, IL Revenue, <br> BAM | &nbsp;&nbsp;&nbsp; City of Chicago Wastewater Transmission Revenue, IL Revenue, <br> BAM |
| &nbsp;&nbsp;&nbsp; 5.00% 01/01/38  | &nbsp;&nbsp; 1340000 | &nbsp;&nbsp; 1448920 |
| &nbsp;&nbsp;&nbsp; City of Chicago Wastewater Transmission Revenue, IL Revenue, <br> AG | &nbsp;&nbsp;&nbsp; City of Chicago Wastewater Transmission Revenue, IL Revenue, <br> AG | &nbsp;&nbsp;&nbsp; City of Chicago Wastewater Transmission Revenue, IL Revenue, <br> AG |
| &nbsp;&nbsp;&nbsp; 5.50% 01/01/62  | &nbsp;&nbsp; 5035000 | &nbsp;&nbsp; 5216250 |
| Illinois Finance Authority, IL Revenue | Illinois Finance Authority, IL Revenue | Illinois Finance Authority, IL Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 11/01/39  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 984209 |
| &nbsp;&nbsp;&nbsp; 5.00% 04/01/35 - 10/01/41  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2117457 |
| Illinois State Toll Highway Authority, IL Revenue | Illinois State Toll Highway Authority, IL Revenue | Illinois State Toll Highway Authority, IL Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 01/01/44  | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2856701 |
| &nbsp;&nbsp;&nbsp; 5.00% 01/01/37 - 01/01/46  | &nbsp;&nbsp; 6330000 | &nbsp;&nbsp; 6396749 |
| Lake County School District No. 112 North Shore, IL GO | Lake County School District No. 112 North Shore, IL GO | Lake County School District No. 112 North Shore, IL GO |
| &nbsp;&nbsp;&nbsp; 4.00% 12/01/38  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1008130 |
| Sales Tax Securitization Corp., IL Revenue | Sales Tax Securitization Corp., IL Revenue | Sales Tax Securitization Corp., IL Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 01/01/33  | &nbsp;&nbsp; 1525000 | &nbsp;&nbsp; 1675202 |
| Southwestern Illinois Development Authority, IL Revenue | Southwestern Illinois Development Authority, IL Revenue | Southwestern Illinois Development Authority, IL Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 04/15/31  | &nbsp;&nbsp; 2450000 | &nbsp;&nbsp; 2521817 |
| State of Illinois Sales Tax Revenue, IL Revenue | State of Illinois Sales Tax Revenue, IL Revenue | State of Illinois Sales Tax Revenue, IL Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 06/15/38  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1077847 |
| State of Illinois, IL GO | State of Illinois, IL GO | State of Illinois, IL GO |
| &nbsp;&nbsp;&nbsp; 5.00% 10/01/30 - 02/01/38  | &nbsp;&nbsp; 5810000 | &nbsp;&nbsp; 6211770 |
| &nbsp;&nbsp;&nbsp; 5.25% 03/01/37  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1070078 |
| &nbsp;&nbsp;&nbsp; 5.50% 05/01/30  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2119511 |
|  |  | &nbsp;&nbsp; 54419599 |
| Indiana - 1.0%  | Indiana - 1.0%  | Indiana - 1.0%  |
| City of Kokomo Sewage Works Revenue, IN Revenue, BAM | City of Kokomo Sewage Works Revenue, IN Revenue, BAM | City of Kokomo Sewage Works Revenue, IN Revenue, BAM |
| &nbsp;&nbsp;&nbsp; 5.00% 08/01/40  | &nbsp;&nbsp; 1320000 | &nbsp;&nbsp; 1424595 |
| Indianapolis Local Public Improvement Bond Bank, IN Revenue | Indianapolis Local Public Improvement Bond Bank, IN Revenue | Indianapolis Local Public Improvement Bond Bank, IN Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 02/01/44  | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3338026 |
| &nbsp;&nbsp;&nbsp; 5.00% 01/01/30 - 01/01/48  | &nbsp;&nbsp; 3245000 | &nbsp;&nbsp; 3411952 |
|  |  | &nbsp;&nbsp; 8174573 |
| Iowa - 0.5%  | Iowa - 0.5%  | Iowa - 0.5%  |
| &nbsp;&nbsp;&nbsp; Cedar Rapids Community School District Infrastructure Sales <br> Services & Use Tax, IA Revenue, AG | &nbsp;&nbsp;&nbsp; Cedar Rapids Community School District Infrastructure Sales <br> Services & Use Tax, IA Revenue, AG | &nbsp;&nbsp;&nbsp; Cedar Rapids Community School District Infrastructure Sales <br> Services & Use Tax, IA Revenue, AG |
| &nbsp;&nbsp;&nbsp; 4.00% 07/01/34  | &nbsp;&nbsp; 555000 | &nbsp;&nbsp; 572756 |
| City of Ames, IA GO | City of Ames, IA GO | City of Ames, IA GO |
| &nbsp;&nbsp;&nbsp; 5.00% 06/01/32  | &nbsp;&nbsp; 1090000 | &nbsp;&nbsp; 1193788 |
| Iowa Finance Authority, IA Revenue | Iowa Finance Authority, IA Revenue | Iowa Finance Authority, IA Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 08/01/36  | &nbsp;&nbsp; 2035000 | &nbsp;&nbsp; 2266696 |
|  |  | &nbsp;&nbsp; 4033240 |
| Kansas - 0.1%  | Kansas - 0.1%  | Kansas - 0.1%  |
| County of Finney, KS GO, BAM | County of Finney, KS GO, BAM | County of Finney, KS GO, BAM |
| &nbsp;&nbsp;&nbsp; 5.25% 10/01/46  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1075297 |
| Kentucky - 0.9%  | Kentucky - 0.9%  | Kentucky - 0.9%  |
| Kentucky State Property & Building Commission, KY Revenue | Kentucky State Property & Building Commission, KY Revenue | Kentucky State Property & Building Commission, KY Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 04/01/37  | &nbsp;&nbsp; 2525000 | &nbsp;&nbsp; 2560183 |
| &nbsp;&nbsp;&nbsp; Louisville & Jefferson County Metropolitan Sewer District, KY <br> Revenue | &nbsp;&nbsp;&nbsp; Louisville & Jefferson County Metropolitan Sewer District, KY <br> Revenue | &nbsp;&nbsp;&nbsp; Louisville & Jefferson County Metropolitan Sewer District, KY <br> Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 05/15/51  | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 539957 |
| Louisville Water Co., KY Revenue | Louisville Water Co., KY Revenue | Louisville Water Co., KY Revenue |
| &nbsp;&nbsp;&nbsp; 3.00% 11/15/34  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 945642 |
| Northern Kentucky University, KY Revenue, State Intercept | Northern Kentucky University, KY Revenue, State Intercept | Northern Kentucky University, KY Revenue, State Intercept |
| &nbsp;&nbsp;&nbsp; 5.00% 09/01/33  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2231743 |
| University of Kentucky, KY Revenue, State Intercept | University of Kentucky, KY Revenue, State Intercept | University of Kentucky, KY Revenue, State Intercept |
| &nbsp;&nbsp;&nbsp; 4.00% 04/01/41  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 994129 |
|  |  | &nbsp;&nbsp; 7271654 |

---

See Notes to Schedule of Investments.

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

2 Elfun Tax-Exempt Income Fund

------

**Elfun Tax-Exempt Income Fund**

Schedule of Investments (Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Fair**<br> **Value**<br>|
| Maine - 0.4%  | Maine - 0.4%  | Maine - 0.4%  |
| Maine Turnpike Authority, ME Revenue | Maine Turnpike Authority, ME Revenue | Maine Turnpike Authority, ME Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 07/01/45  | &nbsp;&nbsp; $2000000 | &nbsp;&nbsp; $1892427 |
| Regional School Unit No. 14, ME GO | Regional School Unit No. 14, ME GO | Regional School Unit No. 14, ME GO |
| &nbsp;&nbsp;&nbsp; 5.00% 11/01/31  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 554533 |
| Town of Bar Harbor, ME GO | Town of Bar Harbor, ME GO | Town of Bar Harbor, ME GO |
| &nbsp;&nbsp;&nbsp; 5.00% 09/01/38  | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 500234 |
|  |  | &nbsp;&nbsp; 2947194 |
| Maryland - 2.3%  | Maryland - 2.3%  | Maryland - 2.3%  |
| City of Baltimore, MD Revenue | City of Baltimore, MD Revenue | City of Baltimore, MD Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 07/01/44  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 952348 |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/33 - 07/01/35  | &nbsp;&nbsp; 2155000 | &nbsp;&nbsp; 2182012 |
| County of Baltimore, MD GO | County of Baltimore, MD GO | County of Baltimore, MD GO |
| &nbsp;&nbsp;&nbsp; 4.00% 03/01/41  | &nbsp;&nbsp; 1195000 | &nbsp;&nbsp; 1195986 |
| &nbsp;&nbsp;&nbsp; 5.00% 03/01/46 - 03/01/53  | &nbsp;&nbsp; 4765000 | &nbsp;&nbsp; 4959436 |
| County of Howard, MD GO | County of Howard, MD GO | County of Howard, MD GO |
| &nbsp;&nbsp;&nbsp; 5.00% 08/15/33  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1137938 |
| County of Prince George's, MD GO | County of Prince George's, MD GO | County of Prince George's, MD GO |
| &nbsp;&nbsp;&nbsp; 5.00% 07/15/33  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1047052 |
| State of Maryland, MD GO | State of Maryland, MD GO | State of Maryland, MD GO |
| &nbsp;&nbsp;&nbsp; 3.25% 03/15/32  | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2501501 |
| &nbsp;&nbsp;&nbsp; 5.00% 03/01/33  | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp; 2493984 |
| Washington Suburban Sanitary Commission, MD Revenue | Washington Suburban Sanitary Commission, MD Revenue | Washington Suburban Sanitary Commission, MD Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 06/01/47  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1922876 |
|  |  | &nbsp;&nbsp; 18393133 |
| Massachusetts - 5.9%  | Massachusetts - 5.9%  | Massachusetts - 5.9%  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Transportation Fund Revenue, <br> MA Revenue | &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Transportation Fund Revenue, <br> MA Revenue | &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Transportation Fund Revenue, <br> MA Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 06/01/50  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1829165 |
| &nbsp;&nbsp;&nbsp; 5.00% 06/01/55  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1033428 |
| Commonwealth of Massachusetts, MA GO | Commonwealth of Massachusetts, MA GO | Commonwealth of Massachusetts, MA GO |
| &nbsp;&nbsp;&nbsp; 5.00% 08/01/33 - 08/01/53  | &nbsp;&nbsp; 10990000 | &nbsp;&nbsp; 11453371 |
| Commonwealth of Massachusetts, MA Revenue, NATL | Commonwealth of Massachusetts, MA Revenue, NATL | Commonwealth of Massachusetts, MA Revenue, NATL |
| &nbsp;&nbsp;&nbsp; 5.50% 01/01/34  | &nbsp;&nbsp; 3950000 | &nbsp;&nbsp; 4514886 |
| &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority Assessment <br> Revenue, MA Revenue | &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority Assessment <br> Revenue, MA Revenue | &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority Assessment <br> Revenue, MA Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/52  | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5123709 |
| &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority Sales Tax Revenue, <br> MA Revenue | &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority Sales Tax Revenue, <br> MA Revenue | &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority Sales Tax Revenue, <br> MA Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 07/01/48  | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1155843 |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/43  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1628299 |
| &nbsp;&nbsp;&nbsp; 5.25% 07/01/53  | &nbsp;&nbsp; 1270000 | &nbsp;&nbsp; 1325670 |
| Massachusetts Development Finance Agency, MA Revenue | Massachusetts Development Finance Agency, MA Revenue | Massachusetts Development Finance Agency, MA Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 10/01/44 - 05/01/45  | &nbsp;&nbsp; 6285000 | &nbsp;&nbsp; 6006086 |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/43  | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp; 3331332 |
| &nbsp;&nbsp;&nbsp; Massachusetts State College Building Authority, MA Revenue, <br> State Intercept | &nbsp;&nbsp;&nbsp; Massachusetts State College Building Authority, MA Revenue, <br> State Intercept | &nbsp;&nbsp;&nbsp; Massachusetts State College Building Authority, MA Revenue, <br> State Intercept |
| &nbsp;&nbsp;&nbsp; 4.00% 05/01/39  | &nbsp;&nbsp; 1440000 | &nbsp;&nbsp; 1426273 |
| Massachusetts State College Building Authority, MA Revenue | Massachusetts State College Building Authority, MA Revenue | Massachusetts State College Building Authority, MA Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 05/01/40 - 05/01/43  | &nbsp;&nbsp; 3015000 | &nbsp;&nbsp; 2987549 |
| &nbsp;&nbsp;&nbsp; Northeast Metropolitan Regional Vocational School District, MA <br> GO | &nbsp;&nbsp;&nbsp; Northeast Metropolitan Regional Vocational School District, MA <br> GO | &nbsp;&nbsp;&nbsp; Northeast Metropolitan Regional Vocational School District, MA <br> GO |
| &nbsp;&nbsp;&nbsp; 4.00% 04/15/47  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1394710 |
| Town of Andover, MA GO | Town of Andover, MA GO | Town of Andover, MA GO |
| &nbsp;&nbsp;&nbsp; 4.00% 07/15/52  | &nbsp;&nbsp; 2605000 | &nbsp;&nbsp; 2397518 |
| Town of East Longmeadow, MA GO | Town of East Longmeadow, MA GO | Town of East Longmeadow, MA GO |
| &nbsp;&nbsp;&nbsp; 4.00% 11/01/49  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 921715 |
|  |  | &nbsp;&nbsp; 46529554 |
| Michigan - 1.4%  | Michigan - 1.4%  | Michigan - 1.4%  |
| Ann Arbor School District, MI GO | Ann Arbor School District, MI GO | Ann Arbor School District, MI GO |
| &nbsp;&nbsp;&nbsp; 5.00% 05/01/39  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1112748 |
| City of Kalamazoo, MI GO, BAM | City of Kalamazoo, MI GO, BAM | City of Kalamazoo, MI GO, BAM |
| &nbsp;&nbsp;&nbsp; 5.00% 10/01/36  | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp; 1120191 |
| &nbsp;&nbsp;&nbsp; Great Lakes Water Authority Sewage Disposal System Revenue, <br> MI Revenue | &nbsp;&nbsp;&nbsp; Great Lakes Water Authority Sewage Disposal System Revenue, <br> MI Revenue | &nbsp;&nbsp;&nbsp; Great Lakes Water Authority Sewage Disposal System Revenue, <br> MI Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/33 - 07/01/36  | &nbsp;&nbsp; 2850000 | &nbsp;&nbsp; 2986010 |
| &nbsp;&nbsp;&nbsp; Great Lakes Water Authority Water Supply System Revenue, MI <br> Revenue | &nbsp;&nbsp;&nbsp; Great Lakes Water Authority Water Supply System Revenue, MI <br> Revenue | &nbsp;&nbsp;&nbsp; Great Lakes Water Authority Water Supply System Revenue, MI <br> Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/35  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1116323 |
| Michigan Finance Authority, MI Revenue | Michigan Finance Authority, MI Revenue | Michigan Finance Authority, MI Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 11/01/31  | &nbsp;&nbsp; 1395000 | &nbsp;&nbsp; 1463626 |
| State of Michigan Trunk Line Revenue, MI Revenue | State of Michigan Trunk Line Revenue, MI Revenue | State of Michigan Trunk Line Revenue, MI Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 11/15/46  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1395958 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Fair**<br> **Value**<br>|
| University of Michigan, MI Revenue | University of Michigan, MI Revenue | University of Michigan, MI Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 04/01/48  | &nbsp;&nbsp; $1500000 | &nbsp;&nbsp; $1534059 |
|  |  | &nbsp;&nbsp; 10728915 |
| Minnesota - 2.5%  | Minnesota - 2.5%  | Minnesota - 2.5%  |
| City of Minneapolis, MN GO | City of Minneapolis, MN GO | City of Minneapolis, MN GO |
| &nbsp;&nbsp;&nbsp; 3.00% 12/01/34  | &nbsp;&nbsp; 1315000 | &nbsp;&nbsp; 1244295 |
| &nbsp;&nbsp;&nbsp; 4.00% 12/01/41  | &nbsp;&nbsp; 1125000 | &nbsp;&nbsp; 1136698 |
| City of Rochester, MN Revenue | City of Rochester, MN Revenue | City of Rochester, MN Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 11/15/48  | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 4701741 |
| City of St. Paul Water Revenue, MN Revenue | City of St. Paul Water Revenue, MN Revenue | City of St. Paul Water Revenue, MN Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 12/01/45  | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 3878739 |
| County of St. Louis, MN GO | County of St. Louis, MN GO | County of St. Louis, MN GO |
| &nbsp;&nbsp;&nbsp; 3.00% 12/01/31  | &nbsp;&nbsp; 1545000 | &nbsp;&nbsp; 1535910 |
| &nbsp;&nbsp;&nbsp; Dover & Eyota Independent School District No. 533, MN GO, <br> School District Credit Enhancement Program | &nbsp;&nbsp;&nbsp; Dover & Eyota Independent School District No. 533, MN GO, <br> School District Credit Enhancement Program | &nbsp;&nbsp;&nbsp; Dover & Eyota Independent School District No. 533, MN GO, <br> School District Credit Enhancement Program |
| &nbsp;&nbsp;&nbsp; 4.00% 02/01/40  | &nbsp;&nbsp; 1285000 | &nbsp;&nbsp; 1300333 |
| &nbsp;&nbsp;&nbsp; Maple River Independent School District No. 2135, MN GO, <br> School District Credit Enhancement Program | &nbsp;&nbsp;&nbsp; Maple River Independent School District No. 2135, MN GO, <br> School District Credit Enhancement Program | &nbsp;&nbsp;&nbsp; Maple River Independent School District No. 2135, MN GO, <br> School District Credit Enhancement Program |
| &nbsp;&nbsp;&nbsp; 5.00% 02/01/28  | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 783160 |
| &nbsp;&nbsp;&nbsp; Minneapolis-St. Paul Metropolitan Airports Commission, MN <br> Revenue | &nbsp;&nbsp;&nbsp; Minneapolis-St. Paul Metropolitan Airports Commission, MN <br> Revenue | &nbsp;&nbsp;&nbsp; Minneapolis-St. Paul Metropolitan Airports Commission, MN <br> Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 01/01/52  | &nbsp;&nbsp; 1920000 | &nbsp;&nbsp; 1948008 |
| &nbsp;&nbsp;&nbsp; State of Minnesota Department of Iron Range Resources & <br> Rehabilitation, MN Revenue | &nbsp;&nbsp;&nbsp; State of Minnesota Department of Iron Range Resources & <br> Rehabilitation, MN Revenue | &nbsp;&nbsp;&nbsp; State of Minnesota Department of Iron Range Resources & <br> Rehabilitation, MN Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 10/01/32  | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp; 1127967 |
| State of Minnesota, MN GO | State of Minnesota, MN GO | State of Minnesota, MN GO |
| &nbsp;&nbsp;&nbsp; 5.00% 08/01/37  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1093187 |
| &nbsp;&nbsp;&nbsp; Stillwater Independent School District No. 834, MN GO, School <br> District Credit Enhancement Program | &nbsp;&nbsp;&nbsp; Stillwater Independent School District No. 834, MN GO, School <br> District Credit Enhancement Program | &nbsp;&nbsp;&nbsp; Stillwater Independent School District No. 834, MN GO, School <br> District Credit Enhancement Program |
| &nbsp;&nbsp;&nbsp; 4.00% 02/01/41  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1006572 |
|  |  | &nbsp;&nbsp; 19756610 |
| Mississippi - 0.1%  | Mississippi - 0.1%  | Mississippi - 0.1%  |
| Mississippi Development Bank, MS Revenue | Mississippi Development Bank, MS Revenue | Mississippi Development Bank, MS Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 01/01/32  | &nbsp;&nbsp; 520000 | &nbsp;&nbsp; 575334 |
| Missouri - 0.9%  | Missouri - 0.9%  | Missouri - 0.9%  |
| City of St. Louis, MO GO | City of St. Louis, MO GO | City of St. Louis, MO GO |
| &nbsp;&nbsp;&nbsp; 5.00% 02/15/43  | &nbsp;&nbsp; 810000 | &nbsp;&nbsp; 853073 |
| &nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of Missouri, <br> MO Revenue | &nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of Missouri, <br> MO Revenue | &nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of Missouri, <br> MO Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 11/15/48  | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp; 1958764 |
| Kansas City Industrial Development Authority, MO Revenue | Kansas City Industrial Development Authority, MO Revenue | Kansas City Industrial Development Authority, MO Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 03/01/54  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1473541 |
| Missouri Joint Municipal Electric Utility Commission, MO Revenue | Missouri Joint Municipal Electric Utility Commission, MO Revenue | Missouri Joint Municipal Electric Utility Commission, MO Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 01/01/34 - 01/01/38  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1678887 |
| St. Louis County School District C-2 Parkway, MO GO | St. Louis County School District C-2 Parkway, MO GO | St. Louis County School District C-2 Parkway, MO GO |
| &nbsp;&nbsp;&nbsp; 4.00% 03/01/39  | &nbsp;&nbsp; 1395000 | &nbsp;&nbsp; 1412498 |
|  |  | &nbsp;&nbsp; 7376763 |
| Montana - 0.2%  | Montana - 0.2%  | Montana - 0.2%  |
| &nbsp;&nbsp;&nbsp; Yellowstone County K-12 School District No. 26 Lockwood, MT <br> GO | &nbsp;&nbsp;&nbsp; Yellowstone County K-12 School District No. 26 Lockwood, MT <br> GO | &nbsp;&nbsp;&nbsp; Yellowstone County K-12 School District No. 26 Lockwood, MT <br> GO |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/35  | &nbsp;&nbsp; 1570000 | &nbsp;&nbsp; 1632165 |
| Nebraska - 1.2%  | Nebraska - 1.2%  | Nebraska - 1.2%  |
| &nbsp;&nbsp;&nbsp; Omaha Public Power District Nebraska City Station Unit 2, NE <br> Revenue | &nbsp;&nbsp;&nbsp; Omaha Public Power District Nebraska City Station Unit 2, NE <br> Revenue | &nbsp;&nbsp;&nbsp; Omaha Public Power District Nebraska City Station Unit 2, NE <br> Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 02/01/37  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1133483 |
| Omaha Public Power District, NE Revenue | Omaha Public Power District, NE Revenue | Omaha Public Power District, NE Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 02/01/50 - 02/01/55  | &nbsp;&nbsp; 5360000 | &nbsp;&nbsp; 5514915 |
| &nbsp;&nbsp;&nbsp; 5.25% 02/01/53  | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3121992 |
|  |  | &nbsp;&nbsp; 9770390 |
| Nevada - 0.4%  | Nevada - 0.4%  | Nevada - 0.4%  |
| Clark County School District, NV GO, BAM | Clark County School District, NV GO, BAM | Clark County School District, NV GO, BAM |
| &nbsp;&nbsp;&nbsp; 5.00% 06/15/37  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1081361 |
| County of Clark, NV GO | County of Clark, NV GO | County of Clark, NV GO |
| &nbsp;&nbsp;&nbsp; 4.00% 06/01/37  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2023890 |
|  |  | &nbsp;&nbsp; 3105251 |
| New Hampshire - 0.1%  | New Hampshire - 0.1%  | New Hampshire - 0.1%  |
| New Hampshire Municipal Bond Bank, NH Revenue | New Hampshire Municipal Bond Bank, NH Revenue | New Hampshire Municipal Bond Bank, NH Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 08/15/43  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 990021 |
| New Jersey - 3.6%  | New Jersey - 3.6%  | New Jersey - 3.6%  |
| New Jersey Economic Development Authority, NJ Revenue | New Jersey Economic Development Authority, NJ Revenue | New Jersey Economic Development Authority, NJ Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 06/15/43  | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp; 4633192 |

---

See Notes to Schedule of Investments.

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

Elfun Tax-Exempt Income Fund 3

------

**Elfun Tax-Exempt Income Fund**

Schedule of Investments (Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Fair**<br> **Value**<br>|
| New Jersey Educational Facilities Authority, NJ Revenue | New Jersey Educational Facilities Authority, NJ Revenue | New Jersey Educational Facilities Authority, NJ Revenue |
| &nbsp;&nbsp;&nbsp; 5.50% 09/01/31 - 09/01/33  | &nbsp;&nbsp; $12000000 | &nbsp;&nbsp; $12111857 |
| New Jersey Transportation Trust Fund Authority, NJ Revenue | New Jersey Transportation Trust Fund Authority, NJ Revenue | New Jersey Transportation Trust Fund Authority, NJ Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 12/15/34 - 06/15/45  | &nbsp;&nbsp; 7430000 | &nbsp;&nbsp; 7845081 |
| New Jersey Turnpike Authority, NJ Revenue | New Jersey Turnpike Authority, NJ Revenue | New Jersey Turnpike Authority, NJ Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 01/01/29 - 01/01/36  | &nbsp;&nbsp; 3745000 | &nbsp;&nbsp; 3935810 |
|  |  | &nbsp;&nbsp; 28525940 |
| New Mexico - 0.3%  | New Mexico - 0.3%  | New Mexico - 0.3%  |
| County of Santa Fe, NM GO | County of Santa Fe, NM GO | County of Santa Fe, NM GO |
| &nbsp;&nbsp;&nbsp; 4.00% 07/01/34  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1032205 |
| State of New Mexico, NM GO | State of New Mexico, NM GO | State of New Mexico, NM GO |
| &nbsp;&nbsp;&nbsp; 5.00% 03/01/33  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1620412 |
|  |  | &nbsp;&nbsp; 2652617 |
| New York - 9.3%  | New York - 9.3%  | New York - 9.3%  |
| Battery Park City Authority, NY Revenue | Battery Park City Authority, NY Revenue | Battery Park City Authority, NY Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 11/01/50  | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2596897 |
| City of New York, NY GO | City of New York, NY GO | City of New York, NY GO |
| &nbsp;&nbsp;&nbsp; 4.00% 08/01/39  | &nbsp;&nbsp; 1155000 | &nbsp;&nbsp; 1149482 |
| &nbsp;&nbsp;&nbsp; 5.00% 08/01/27 - 10/01/37  | &nbsp;&nbsp; 5385000 | &nbsp;&nbsp; 5717971 |
| Empire State Development Corp., NY Revenue | Empire State Development Corp., NY Revenue | Empire State Development Corp., NY Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 03/15/44  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 955954 |
| &nbsp;&nbsp;&nbsp; 5.00% 03/15/57  | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3051976 |
| Hudson Yards Infrastructure Corp., NY Revenue | Hudson Yards Infrastructure Corp., NY Revenue | Hudson Yards Infrastructure Corp., NY Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 02/15/44  | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 5662433 |
| &nbsp;&nbsp;&nbsp; 5.00% 02/15/36 - 02/15/42  | &nbsp;&nbsp; 4635000 | &nbsp;&nbsp; 4702852 |
| Hudson Yards Infrastructure Corp., NY Revenue, AG | Hudson Yards Infrastructure Corp., NY Revenue, AG | Hudson Yards Infrastructure Corp., NY Revenue, AG |
| &nbsp;&nbsp;&nbsp; 4.00% 02/15/47  | &nbsp;&nbsp; 5830000 | &nbsp;&nbsp; 5315842 |
| Long Island Power Authority, NY Revenue | Long Island Power Authority, NY Revenue | Long Island Power Authority, NY Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 09/01/29 - 09/01/49  | &nbsp;&nbsp; 2300000 | &nbsp;&nbsp; 2467972 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority Dedicated Tax Fund, NY <br> Special Tax | &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority Dedicated Tax Fund, NY <br> Special Tax | &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority Dedicated Tax Fund, NY <br> Special Tax |
| &nbsp;&nbsp;&nbsp; 4.00% 11/15/46  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1385214 |
| Metropolitan Transportation Authority, NY Revenue | Metropolitan Transportation Authority, NY Revenue | Metropolitan Transportation Authority, NY Revenue |
| &nbsp;&nbsp;&nbsp; 5.25% 11/15/55  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1012861 |
| New York City Municipal Water Finance Authority, NY Revenue | New York City Municipal Water Finance Authority, NY Revenue | New York City Municipal Water Finance Authority, NY Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 06/15/41 - 06/15/45  | &nbsp;&nbsp; 4770000 | &nbsp;&nbsp; 4610839 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue, NY Revenue | &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue, NY Revenue | &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue, NY Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 11/01/29 - 11/01/47  | &nbsp;&nbsp; 9530000 | &nbsp;&nbsp; 10037473 |
| &nbsp;&nbsp;&nbsp; 5.50% 05/01/53  | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2640366 |
| New York Liberty Development Corp., NY Revenue | New York Liberty Development Corp., NY Revenue | New York Liberty Development Corp., NY Revenue |
| &nbsp;&nbsp;&nbsp; 5.25% 10/01/35  | &nbsp;&nbsp; 1230000 | &nbsp;&nbsp; 1397571 |
| New York Power Authority, NY Revenue, AG | New York Power Authority, NY Revenue, AG | New York Power Authority, NY Revenue, AG |
| &nbsp;&nbsp;&nbsp; 5.13% 11/15/58  | &nbsp;&nbsp; 2020000 | &nbsp;&nbsp; 2091147 |
| New York State Dormitory Authority, NY Revenue | New York State Dormitory Authority, NY Revenue | New York State Dormitory Authority, NY Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 02/15/47  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1788020 |
| &nbsp;&nbsp;&nbsp; 5.00% 03/15/38  | &nbsp;&nbsp; 1205000 | &nbsp;&nbsp; 1325441 |
| &nbsp;&nbsp;&nbsp; 5.50% 07/01/54  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2137871 |
| New York State Dormitory Authority, NY Revenue, AG | New York State Dormitory Authority, NY Revenue, AG | New York State Dormitory Authority, NY Revenue, AG |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/36  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 566014 |
| New York State Thruway Authority, NY Revenue | New York State Thruway Authority, NY Revenue | New York State Thruway Authority, NY Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 03/15/44  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1911905 |
| &nbsp;&nbsp;&nbsp; 5.00% 03/15/55  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1531857 |
| New York Transportation Development Corp., NY Revenue | New York Transportation Development Corp., NY Revenue | New York Transportation Development Corp., NY Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 12/01/37 - 06/30/60  | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp; 2622502 |
| &nbsp;&nbsp;&nbsp; 5.50% 06/30/39  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1054290 |
| Onondaga County Trust for Cultural Resources, NY Revenue | Onondaga County Trust for Cultural Resources, NY Revenue | Onondaga County Trust for Cultural Resources, NY Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 12/01/45  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1033637 |
| Port Authority of New York & New Jersey, NY Revenue | Port Authority of New York & New Jersey, NY Revenue | Port Authority of New York & New Jersey, NY Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 07/15/38  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1070699 |
| Troy Capital Resource Corp., NY Revenue | Troy Capital Resource Corp., NY Revenue | Troy Capital Resource Corp., NY Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 09/01/39  | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1454229 |
| Utility Debt Securitization Authority, NY Revenue | Utility Debt Securitization Authority, NY Revenue | Utility Debt Securitization Authority, NY Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 12/15/40 - 12/15/50  | &nbsp;&nbsp; 2185000 | &nbsp;&nbsp; 2355344 |
|  |  | &nbsp;&nbsp; 73648659 |
| North Carolina - 1.0%  | North Carolina - 1.0%  | North Carolina - 1.0%  |
| City of Durham, NC Revenue | City of Durham, NC Revenue | City of Durham, NC Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 04/01/37  | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3024272 |
| County of Union, NC GO | County of Union, NC GO | County of Union, NC GO |
| &nbsp;&nbsp;&nbsp; 5.00% 09/01/37  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1670033 |
| County of Wake, NC Revenue | County of Wake, NC Revenue | County of Wake, NC Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 05/01/31  | &nbsp;&nbsp; 520000 | &nbsp;&nbsp; 575738 |
| North Carolina Turnpike Authority, NC Revenue, AG | North Carolina Turnpike Authority, NC Revenue, AG | North Carolina Turnpike Authority, NC Revenue, AG |
| &nbsp;&nbsp;&nbsp; 5.00% 01/01/29  | &nbsp;&nbsp; 1190000 | &nbsp;&nbsp; 1207413 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Fair**<br> **Value**<br>|
| State of North Carolina, NC Revenue | State of North Carolina, NC Revenue | State of North Carolina, NC Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 03/01/31  | &nbsp;&nbsp; $1680000 | &nbsp;&nbsp; $1849707 |
|  |  | &nbsp;&nbsp; 8327163 |
| Ohio - 1.6%  | Ohio - 1.6%  | Ohio - 1.6%  |
| City of Columbus, OH GO | City of Columbus, OH GO | City of Columbus, OH GO |
| &nbsp;&nbsp;&nbsp; 5.00% 04/01/35  | &nbsp;&nbsp; 1020000 | &nbsp;&nbsp; 1075549 |
| Dublin City School District, OH GO | Dublin City School District, OH GO | Dublin City School District, OH GO |
| &nbsp;&nbsp;&nbsp; 4.00% 12/01/30  | &nbsp;&nbsp; 1010000 | &nbsp;&nbsp; 1041075 |
| Grandview Heights City School District, OH GO | Grandview Heights City School District, OH GO | Grandview Heights City School District, OH GO |
| &nbsp;&nbsp;&nbsp; 5.00% 12/01/50  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2057623 |
| Ohio Turnpike & Infrastructure Commission, OH Revenue | Ohio Turnpike & Infrastructure Commission, OH Revenue | Ohio Turnpike & Infrastructure Commission, OH Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 02/15/51  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1023378 |
| Ohio Water Development Authority, OH Revenue | Ohio Water Development Authority, OH Revenue | Ohio Water Development Authority, OH Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 12/01/40  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1094730 |
| Shaker Heights City School District, OH GO | Shaker Heights City School District, OH GO | Shaker Heights City School District, OH GO |
| &nbsp;&nbsp;&nbsp; 5.25% 12/15/59  | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp; 3022672 |
| State of Ohio, OH Revenue | State of Ohio, OH Revenue | State of Ohio, OH Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 01/15/40  | &nbsp;&nbsp; 1455000 | &nbsp;&nbsp; 1398926 |
| &nbsp;&nbsp;&nbsp; 5.00% 12/15/28  | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 763757 |
| State of Ohio, OH GO | State of Ohio, OH GO | State of Ohio, OH GO |
| &nbsp;&nbsp;&nbsp; 5.00% 03/01/45  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1075327 |
|  |  | &nbsp;&nbsp; 12553037 |
| Oklahoma - 2.4%  | Oklahoma - 2.4%  | Oklahoma - 2.4%  |
| City of Oklahoma City, OK GO | City of Oklahoma City, OK GO | City of Oklahoma City, OK GO |
| &nbsp;&nbsp;&nbsp; 5.00% 03/01/28 - 03/01/35  | &nbsp;&nbsp; 3975000 | &nbsp;&nbsp; 4230336 |
| Oklahoma Capitol Improvement Authority, OK Revenue | Oklahoma Capitol Improvement Authority, OK Revenue | Oklahoma Capitol Improvement Authority, OK Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/37 (a) | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1136029 |
| Oklahoma Turnpike Authority, OK Revenue | Oklahoma Turnpike Authority, OK Revenue | Oklahoma Turnpike Authority, OK Revenue |
| &nbsp;&nbsp;&nbsp; 5.50% 01/01/53  | &nbsp;&nbsp; 1370000 | &nbsp;&nbsp; 1440195 |
| Oklahoma Water Resources Board, OK Revenue | Oklahoma Water Resources Board, OK Revenue | Oklahoma Water Resources Board, OK Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 04/01/41  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 995009 |
| &nbsp;&nbsp;&nbsp; 5.00% 04/01/40 - 04/01/55  | &nbsp;&nbsp; 6495000 | &nbsp;&nbsp; 6638748 |
| University of Oklahoma, OK Revenue, BAM | University of Oklahoma, OK Revenue, BAM | University of Oklahoma, OK Revenue, BAM |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/49  | &nbsp;&nbsp; 2205000 | &nbsp;&nbsp; 2264283 |
| Washington County Rural Water District No. 3, OK Revenue | Washington County Rural Water District No. 3, OK Revenue | Washington County Rural Water District No. 3, OK Revenue |
| &nbsp;&nbsp;&nbsp; 3.00% 09/15/41  | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2591500 |
|  |  | &nbsp;&nbsp; 19296100 |
| Oregon - 0.8%  | Oregon - 0.8%  | Oregon - 0.8%  |
| City of Bend, OR GO | City of Bend, OR GO | City of Bend, OR GO |
| &nbsp;&nbsp;&nbsp; 5.00% 06/01/34  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1144825 |
| City of Eugene Water Utility System Revenue, OR Revenue | City of Eugene Water Utility System Revenue, OR Revenue | City of Eugene Water Utility System Revenue, OR Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 08/01/48  | &nbsp;&nbsp; 3300000 | &nbsp;&nbsp; 3419790 |
| State of Oregon Department of Transportation, OR Revenue | State of Oregon Department of Transportation, OR Revenue | State of Oregon Department of Transportation, OR Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 11/15/29  | &nbsp;&nbsp; 1040000 | &nbsp;&nbsp; 1069539 |
| &nbsp;&nbsp;&nbsp; Tri-County Metropolitan Transportation District of Oregon, OR <br> Revenue | &nbsp;&nbsp;&nbsp; Tri-County Metropolitan Transportation District of Oregon, OR <br> Revenue | &nbsp;&nbsp;&nbsp; Tri-County Metropolitan Transportation District of Oregon, OR <br> Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 10/01/30  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1040549 |
|  |  | &nbsp;&nbsp; 6674703 |
| Pennsylvania - 6.4%  | Pennsylvania - 6.4%  | Pennsylvania - 6.4%  |
| Allegheny County Sanitary Authority, PA Revenue | Allegheny County Sanitary Authority, PA Revenue | Allegheny County Sanitary Authority, PA Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 06/01/43  | &nbsp;&nbsp; 1245000 | &nbsp;&nbsp; 1272772 |
| Bucks County Water & Sewer Authority, PA Revenue, AG | Bucks County Water & Sewer Authority, PA Revenue, AG | Bucks County Water & Sewer Authority, PA Revenue, AG |
| &nbsp;&nbsp;&nbsp; 5.25% 12/01/47  | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp; 1781799 |
| &nbsp;&nbsp;&nbsp; Chester County Industrial Development Authority, PA Revenue, <br> BAM | &nbsp;&nbsp;&nbsp; Chester County Industrial Development Authority, PA Revenue, <br> BAM | &nbsp;&nbsp;&nbsp; Chester County Industrial Development Authority, PA Revenue, <br> BAM |
| &nbsp;&nbsp;&nbsp; 5.00% 08/01/32  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1085716 |
| City of Philadelphia Airport Revenue, PA Revenue | City of Philadelphia Airport Revenue, PA Revenue | City of Philadelphia Airport Revenue, PA Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 07/01/40  | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2885375 |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/28 - 07/01/31  | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp; 3099965 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Water & Wastewater Revenue, PA Revenue, <br> AG | &nbsp;&nbsp;&nbsp; City of Philadelphia Water & Wastewater Revenue, PA Revenue, <br> AG | &nbsp;&nbsp;&nbsp; City of Philadelphia Water & Wastewater Revenue, PA Revenue, <br> AG |
| &nbsp;&nbsp;&nbsp; 5.00% 09/01/35  | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 426880 |
| City of Philadelphia Water & Wastewater Revenue, PA Revenue | City of Philadelphia Water & Wastewater Revenue, PA Revenue | City of Philadelphia Water & Wastewater Revenue, PA Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 10/01/48  | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2534072 |
| City of Philadelphia, PA GO | City of Philadelphia, PA GO | City of Philadelphia, PA GO |
| &nbsp;&nbsp;&nbsp; 5.00% 08/01/33 - 05/01/35  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1643535 |
| City of Pittsburgh, PA GO | City of Pittsburgh, PA GO | City of Pittsburgh, PA GO |
| &nbsp;&nbsp;&nbsp; 5.00% 09/01/32  | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 813264 |
| Commonwealth of Pennsylvania, PA GO | Commonwealth of Pennsylvania, PA GO | Commonwealth of Pennsylvania, PA GO |
| &nbsp;&nbsp;&nbsp; 4.00% 09/15/34 - 09/01/43  | &nbsp;&nbsp; 3575000 | &nbsp;&nbsp; 3561612 |
| County of Delaware, PA GO | County of Delaware, PA GO | County of Delaware, PA GO |
| &nbsp;&nbsp;&nbsp; 5.00% 08/01/48  | &nbsp;&nbsp; 1010000 | &nbsp;&nbsp; 1037153 |

---

See Notes to Schedule of Investments.

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

4 Elfun Tax-Exempt Income Fund

------

**Elfun Tax-Exempt Income Fund**

Schedule of Investments (Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Fair**<br> **Value**<br>|
| &nbsp;&nbsp;&nbsp; Middletown Area School District, PA GO, AG, State Aid <br> Withholding | &nbsp;&nbsp;&nbsp; Middletown Area School District, PA GO, AG, State Aid <br> Withholding | &nbsp;&nbsp;&nbsp; Middletown Area School District, PA GO, AG, State Aid <br> Withholding |
| &nbsp;&nbsp;&nbsp; 4.00% 03/01/36  | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $1002812 |
| Muhlenberg School District, PA GO, State Aid Withholding | Muhlenberg School District, PA GO, State Aid Withholding | Muhlenberg School District, PA GO, State Aid Withholding |
| &nbsp;&nbsp;&nbsp; 5.00% 05/15/55  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1016617 |
| Pennsylvania Higher Educational Facilities Authority, PA Revenue | Pennsylvania Higher Educational Facilities Authority, PA Revenue | Pennsylvania Higher Educational Facilities Authority, PA Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 02/15/43 - 08/15/49  | &nbsp;&nbsp; 5060000 | &nbsp;&nbsp; 4721965 |
| &nbsp;&nbsp;&nbsp; 5.00% 05/01/41 - 08/15/49  | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 6084941 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, <br> PA Revenue | &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, <br> PA Revenue | &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, <br> PA Revenue |
| &nbsp;&nbsp;&nbsp; 5.25% 12/01/44  | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp; 7744815 |
| Pennsylvania Turnpike Commission, PA Revenue | Pennsylvania Turnpike Commission, PA Revenue | Pennsylvania Turnpike Commission, PA Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 12/01/32 - 12/01/49  | &nbsp;&nbsp; 3110000 | &nbsp;&nbsp; 3228874 |
| Philadelphia Gas Works Co., PA Revenue | Philadelphia Gas Works Co., PA Revenue | Philadelphia Gas Works Co., PA Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 08/01/33  | &nbsp;&nbsp; 3300000 | &nbsp;&nbsp; 3377600 |
| Scranton-Lackawanna Health & Welfare Authority, PA Revenue | Scranton-Lackawanna Health & Welfare Authority, PA Revenue | Scranton-Lackawanna Health & Welfare Authority, PA Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 11/01/37  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1095663 |
| Swarthmore Borough Authority, PA Revenue | Swarthmore Borough Authority, PA Revenue | Swarthmore Borough Authority, PA Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 09/15/50  | &nbsp;&nbsp; 1290000 | &nbsp;&nbsp; 1337669 |
| &nbsp;&nbsp;&nbsp; Temple University-of The Commonwealth System of Higher <br> Education, PA Revenue, AG | &nbsp;&nbsp;&nbsp; Temple University-of The Commonwealth System of Higher <br> Education, PA Revenue, AG | &nbsp;&nbsp;&nbsp; Temple University-of The Commonwealth System of Higher <br> Education, PA Revenue, AG |
| &nbsp;&nbsp;&nbsp; 5.00% 04/01/34  | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 158901 |
| William Penn School District, PA GO, State Aid Withholding | William Penn School District, PA GO, State Aid Withholding | William Penn School District, PA GO, State Aid Withholding |
| &nbsp;&nbsp;&nbsp; 5.00% 03/15/47 (a) | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1027806 |
|  |  | &nbsp;&nbsp; 50939806 |
| Rhode Island - 0.1%  | Rhode Island - 0.1%  | Rhode Island - 0.1%  |
| &nbsp;&nbsp;&nbsp; Rhode Island Health & Educational Building Corp., RI Revenue, <br> BAM | &nbsp;&nbsp;&nbsp; Rhode Island Health & Educational Building Corp., RI Revenue, <br> BAM | &nbsp;&nbsp;&nbsp; Rhode Island Health & Educational Building Corp., RI Revenue, <br> BAM |
| &nbsp;&nbsp;&nbsp; 5.00% 05/15/35  | &nbsp;&nbsp; 530000 | &nbsp;&nbsp; 597878 |
| South Carolina - 1.4%  | South Carolina - 1.4%  | South Carolina - 1.4%  |
| Beaufort County School District, SC GO | Beaufort County School District, SC GO | Beaufort County School District, SC GO |
| &nbsp;&nbsp;&nbsp; 4.00% 03/01/33  | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp; 2272086 |
| &nbsp;&nbsp;&nbsp; City of Columbia Waterworks & Sewer System Revenue, SC <br> Revenue | &nbsp;&nbsp;&nbsp; City of Columbia Waterworks & Sewer System Revenue, SC <br> Revenue | &nbsp;&nbsp;&nbsp; City of Columbia Waterworks & Sewer System Revenue, SC <br> Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 02/01/48  | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1135245 |
| &nbsp;&nbsp;&nbsp; City of Florence Combined Waterworks & Sewerage System <br> Revenue, SC Revenue | &nbsp;&nbsp;&nbsp; City of Florence Combined Waterworks & Sewerage System <br> Revenue, SC Revenue | &nbsp;&nbsp;&nbsp; City of Florence Combined Waterworks & Sewerage System <br> Revenue, SC Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 09/01/50  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1379245 |
| Clemson University, SC Revenue | Clemson University, SC Revenue | Clemson University, SC Revenue |
| &nbsp;&nbsp;&nbsp; 3.00% 05/01/33  | &nbsp;&nbsp; 1795000 | &nbsp;&nbsp; 1753046 |
| South Carolina Ports Authority, SC Revenue | South Carolina Ports Authority, SC Revenue | South Carolina Ports Authority, SC Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/33  | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 1877268 |
| Spartanburg County School District No. 4, SC GO | Spartanburg County School District No. 4, SC GO | Spartanburg County School District No. 4, SC GO |
| &nbsp;&nbsp;&nbsp; 5.00% 03/01/47  | &nbsp;&nbsp; 2745000 | &nbsp;&nbsp; 2833134 |
|  |  | &nbsp;&nbsp; 11250024 |
| South Dakota - 0.2%  | South Dakota - 0.2%  | South Dakota - 0.2%  |
| &nbsp;&nbsp;&nbsp; Lennox School District Lincoln Minnehaha & Turner Counties No. <br> 41-4, SD GO, State Aid Withholding | &nbsp;&nbsp;&nbsp; Lennox School District Lincoln Minnehaha & Turner Counties No. <br> 41-4, SD GO, State Aid Withholding | &nbsp;&nbsp;&nbsp; Lennox School District Lincoln Minnehaha & Turner Counties No. <br> 41-4, SD GO, State Aid Withholding |
| &nbsp;&nbsp;&nbsp; 5.00% 08/01/47  | &nbsp;&nbsp; 1190000 | &nbsp;&nbsp; 1241710 |
| Tennessee - 2.5%  | Tennessee - 2.5%  | Tennessee - 2.5%  |
| City of Knoxville Electric System Revenue, TN Revenue | City of Knoxville Electric System Revenue, TN Revenue | City of Knoxville Electric System Revenue, TN Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/43 - 07/01/53  | &nbsp;&nbsp; 3710000 | &nbsp;&nbsp; 3839800 |
| City of Knoxville Wastewater System Revenue, TN Revenue | City of Knoxville Wastewater System Revenue, TN Revenue | City of Knoxville Wastewater System Revenue, TN Revenue |
| &nbsp;&nbsp;&nbsp; 3.50% 04/01/38  | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2908061 |
| &nbsp;&nbsp;&nbsp; City of Memphis Memphis Light Gas & Water Division Electric <br> System Revenue, TN Revenue | &nbsp;&nbsp;&nbsp; City of Memphis Memphis Light Gas & Water Division Electric <br> System Revenue, TN Revenue | &nbsp;&nbsp;&nbsp; City of Memphis Memphis Light Gas & Water Division Electric <br> System Revenue, TN Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 12/01/28 - 12/01/35  | &nbsp;&nbsp; 1195000 | &nbsp;&nbsp; 1324595 |
| City of Memphis, TN GO | City of Memphis, TN GO | City of Memphis, TN GO |
| &nbsp;&nbsp;&nbsp; 4.00% 05/01/38  | &nbsp;&nbsp; 2345000 | &nbsp;&nbsp; 2352843 |
| County of Montgomery, TN GO | County of Montgomery, TN GO | County of Montgomery, TN GO |
| &nbsp;&nbsp;&nbsp; 4.00% 06/01/36  | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1274405 |
| County of Rutherford, TN GO | County of Rutherford, TN GO | County of Rutherford, TN GO |
| &nbsp;&nbsp;&nbsp; 3.00% 04/01/35  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2001980 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County <br> Electric Revenue, TN Revenue | &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County <br> Electric Revenue, TN Revenue | &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County <br> Electric Revenue, TN Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 05/15/28  | &nbsp;&nbsp; 890000 | &nbsp;&nbsp; 934638 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County, TN <br> GO | &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County, TN <br> GO | &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County, TN <br> GO |
| &nbsp;&nbsp;&nbsp; 5.00% 01/01/37 (a) | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1706332 |
| &nbsp;&nbsp;&nbsp; Tennessee State School Bond Authority, TN Revenue, State <br> Intercept | &nbsp;&nbsp;&nbsp; Tennessee State School Bond Authority, TN Revenue, State <br> Intercept | &nbsp;&nbsp;&nbsp; Tennessee State School Bond Authority, TN Revenue, State <br> Intercept |
| &nbsp;&nbsp;&nbsp; 5.00% 11/01/52  | &nbsp;&nbsp; 3280000 | &nbsp;&nbsp; 3368167 |
|  |  | &nbsp;&nbsp; 19710821 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Fair**<br> **Value**<br>|
| Texas - 9.2%  | Texas - 9.2%  | Texas - 9.2%  |
| &nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp., TX Revenue, <br> Permanent School Fund | &nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp., TX Revenue, <br> Permanent School Fund | &nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp., TX Revenue, <br> Permanent School Fund |
| &nbsp;&nbsp;&nbsp; 5.00% 02/15/35  | &nbsp;&nbsp; $1550000 | &nbsp;&nbsp; $1551121 |
| &nbsp;&nbsp;&nbsp; Arlington Independent School District, TX GO, Permanent School <br> Fund | &nbsp;&nbsp;&nbsp; Arlington Independent School District, TX GO, Permanent School <br> Fund | &nbsp;&nbsp;&nbsp; Arlington Independent School District, TX GO, Permanent School <br> Fund |
| &nbsp;&nbsp;&nbsp; 5.00% 02/15/38  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 555623 |
| &nbsp;&nbsp;&nbsp; Azle Independent School District, TX GO, Permanent School <br> Fund | &nbsp;&nbsp;&nbsp; Azle Independent School District, TX GO, Permanent School <br> Fund | &nbsp;&nbsp;&nbsp; Azle Independent School District, TX GO, Permanent School <br> Fund |
| &nbsp;&nbsp;&nbsp; 5.00% 02/15/32  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1111560 |
| &nbsp;&nbsp;&nbsp; Bishop Consolidated Independent School District, TX GO, <br> Permanent School Fund | &nbsp;&nbsp;&nbsp; Bishop Consolidated Independent School District, TX GO, <br> Permanent School Fund | &nbsp;&nbsp;&nbsp; Bishop Consolidated Independent School District, TX GO, <br> Permanent School Fund |
| &nbsp;&nbsp;&nbsp; 5.00% 08/15/39  | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 151283 |
| Board of Regents of the University of Texas System, TX Revenue | Board of Regents of the University of Texas System, TX Revenue | Board of Regents of the University of Texas System, TX Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 08/15/31  | &nbsp;&nbsp; 775000 | &nbsp;&nbsp; 859230 |
| Central Texas Turnpike System, TX Revenue | Central Texas Turnpike System, TX Revenue | Central Texas Turnpike System, TX Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 08/15/32 - 08/15/38  | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3860571 |
| City of Austin Airport System Revenue, TX Revenue | City of Austin Airport System Revenue, TX Revenue | City of Austin Airport System Revenue, TX Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 11/15/33  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1087202 |
| City of Austin Electric Utility Revenue, TX Revenue | City of Austin Electric Utility Revenue, TX Revenue | City of Austin Electric Utility Revenue, TX Revenue |
| &nbsp;&nbsp;&nbsp; 5.25% 11/15/53  | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2598251 |
| City of El Paso Water & Sewer Revenue, TX Revenue | City of El Paso Water & Sewer Revenue, TX Revenue | City of El Paso Water & Sewer Revenue, TX Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 03/01/34  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 560340 |
| City of Galveston Wharves & Terminal Revenue, TX Revenue | City of Galveston Wharves & Terminal Revenue, TX Revenue | City of Galveston Wharves & Terminal Revenue, TX Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 08/01/34  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1060837 |
| City of Garland Electric Utility System Revenue, TX Revenue, AG | City of Garland Electric Utility System Revenue, TX Revenue, AG | City of Garland Electric Utility System Revenue, TX Revenue, AG |
| &nbsp;&nbsp;&nbsp; 5.00% 03/01/44  | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1481446 |
| City of Houston Airport System Revenue, TX Revenue | City of Houston Airport System Revenue, TX Revenue | City of Houston Airport System Revenue, TX Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/28  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1566979 |
| City of Houston Combined Utility System Revenue, TX Revenue | City of Houston Combined Utility System Revenue, TX Revenue | City of Houston Combined Utility System Revenue, TX Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 11/15/35  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1121347 |
| City of Tyler Water & Sewer System Revenue, TX Revenue | City of Tyler Water & Sewer System Revenue, TX Revenue | City of Tyler Water & Sewer System Revenue, TX Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 09/01/30  | &nbsp;&nbsp; 1245000 | &nbsp;&nbsp; 1355908 |
| &nbsp;&nbsp;&nbsp; Conroe Independent School District, TX GO, Permanent School <br> Fund | &nbsp;&nbsp;&nbsp; Conroe Independent School District, TX GO, Permanent School <br> Fund | &nbsp;&nbsp;&nbsp; Conroe Independent School District, TX GO, Permanent School <br> Fund |
| &nbsp;&nbsp;&nbsp; 5.00% 02/15/31  | &nbsp;&nbsp; 515000 | &nbsp;&nbsp; 567202 |
| County of El Paso, TX GO | County of El Paso, TX GO | County of El Paso, TX GO |
| &nbsp;&nbsp;&nbsp; 5.00% 02/15/32  | &nbsp;&nbsp; 1025000 | &nbsp;&nbsp; 1051400 |
| County of Harris Toll Road Revenue, TX Revenue | County of Harris Toll Road Revenue, TX Revenue | County of Harris Toll Road Revenue, TX Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 08/15/35  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1682938 |
| Dallas Fort Worth International Airport, TX Revenue | Dallas Fort Worth International Airport, TX Revenue | Dallas Fort Worth International Airport, TX Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 11/01/27 - 11/01/40  | &nbsp;&nbsp; 4830000 | &nbsp;&nbsp; 5127268 |
| &nbsp;&nbsp;&nbsp; Dickinson Independent School District, TX GO, Permanent <br> School Fund | &nbsp;&nbsp;&nbsp; Dickinson Independent School District, TX GO, Permanent <br> School Fund | &nbsp;&nbsp;&nbsp; Dickinson Independent School District, TX GO, Permanent <br> School Fund |
| &nbsp;&nbsp;&nbsp; 4.00% 02/15/43  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 978169 |
| &nbsp;&nbsp;&nbsp; Forney Independent School District, TX GO, Permanent School <br> Fund | &nbsp;&nbsp;&nbsp; Forney Independent School District, TX GO, Permanent School <br> Fund | &nbsp;&nbsp;&nbsp; Forney Independent School District, TX GO, Permanent School <br> Fund |
| &nbsp;&nbsp;&nbsp; 5.00% 08/15/39  | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1290009 |
| &nbsp;&nbsp;&nbsp; Fort Bend Independent School District, TX GO, Permanent <br> School Fund | &nbsp;&nbsp;&nbsp; Fort Bend Independent School District, TX GO, Permanent <br> School Fund | &nbsp;&nbsp;&nbsp; Fort Bend Independent School District, TX GO, Permanent <br> School Fund |
| &nbsp;&nbsp;&nbsp; 4.00% 08/15/36  | &nbsp;&nbsp; 1095000 | &nbsp;&nbsp; 1099536 |
| &nbsp;&nbsp;&nbsp; Greenwood Independent School District, TX GO, Permanent <br> School Fund | &nbsp;&nbsp;&nbsp; Greenwood Independent School District, TX GO, Permanent <br> School Fund | &nbsp;&nbsp;&nbsp; Greenwood Independent School District, TX GO, Permanent <br> School Fund |
| &nbsp;&nbsp;&nbsp; 5.00% 02/15/49  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2044542 |
| &nbsp;&nbsp;&nbsp; Hays Consolidated Independent School District, TX GO, <br> Permanent School Fund | &nbsp;&nbsp;&nbsp; Hays Consolidated Independent School District, TX GO, <br> Permanent School Fund | &nbsp;&nbsp;&nbsp; Hays Consolidated Independent School District, TX GO, <br> Permanent School Fund |
| &nbsp;&nbsp;&nbsp; 5.00% 02/15/33  | &nbsp;&nbsp; 765000 | &nbsp;&nbsp; 858808 |
| &nbsp;&nbsp;&nbsp; Hutto Independent School District, TX GO, Permanent School <br> Fund | &nbsp;&nbsp;&nbsp; Hutto Independent School District, TX GO, Permanent School <br> Fund | &nbsp;&nbsp;&nbsp; Hutto Independent School District, TX GO, Permanent School <br> Fund |
| &nbsp;&nbsp;&nbsp; 5.00% 08/01/44  | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1698532 |
| &nbsp;&nbsp;&nbsp; Katy Independent School District, TX GO, Permanent School <br> Fund | &nbsp;&nbsp;&nbsp; Katy Independent School District, TX GO, Permanent School <br> Fund | &nbsp;&nbsp;&nbsp; Katy Independent School District, TX GO, Permanent School <br> Fund |
| &nbsp;&nbsp;&nbsp; 5.00% 02/15/43  | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 796897 |
| &nbsp;&nbsp;&nbsp; Lamar Consolidated Independent School District, TX GO, <br> Permanent School Fund | &nbsp;&nbsp;&nbsp; Lamar Consolidated Independent School District, TX GO, <br> Permanent School Fund | &nbsp;&nbsp;&nbsp; Lamar Consolidated Independent School District, TX GO, <br> Permanent School Fund |
| &nbsp;&nbsp;&nbsp; 4.00% 02/15/40  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1001652 |
| &nbsp;&nbsp;&nbsp; 5.00% 02/15/37 - 02/15/53  | &nbsp;&nbsp; 2710000 | &nbsp;&nbsp; 2894738 |
| Lower Colorado River Authority, TX Revenue | Lower Colorado River Authority, TX Revenue | Lower Colorado River Authority, TX Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 05/15/31 - 05/15/37  | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3142339 |
| Lower Colorado River Authority, TX Revenue, AG | Lower Colorado River Authority, TX Revenue, AG | Lower Colorado River Authority, TX Revenue, AG |
| &nbsp;&nbsp;&nbsp; 5.00% 05/15/38  | &nbsp;&nbsp; 2015000 | &nbsp;&nbsp; 2189020 |
| Lower Colorado River Authority, TX Revenue, BAM | Lower Colorado River Authority, TX Revenue, BAM | Lower Colorado River Authority, TX Revenue, BAM |
| &nbsp;&nbsp;&nbsp; 5.00% 05/15/55  | &nbsp;&nbsp; 2455000 | &nbsp;&nbsp; 2501397 |
| &nbsp;&nbsp;&nbsp; Mount Vernon Independent School District, TX GO, Permanent <br> School Fund | &nbsp;&nbsp;&nbsp; Mount Vernon Independent School District, TX GO, Permanent <br> School Fund | &nbsp;&nbsp;&nbsp; Mount Vernon Independent School District, TX GO, Permanent <br> School Fund |
| &nbsp;&nbsp;&nbsp; 5.00% 08/15/30  | &nbsp;&nbsp; 560000 | &nbsp;&nbsp; 611336 |
| North Texas Municipal Water District, TX Revenue | North Texas Municipal Water District, TX Revenue | North Texas Municipal Water District, TX Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 06/01/35  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1093805 |

---

See Notes to Schedule of Investments.

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

Elfun Tax-Exempt Income Fund 5

------

**Elfun Tax-Exempt Income Fund**

Schedule of Investments (Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Fair**<br> **Value**<br>|
| &nbsp;&nbsp;&nbsp; Northwest Independent School District, TX GO, Permanent <br> School Fund | &nbsp;&nbsp;&nbsp; Northwest Independent School District, TX GO, Permanent <br> School Fund | &nbsp;&nbsp;&nbsp; Northwest Independent School District, TX GO, Permanent <br> School Fund |
| &nbsp;&nbsp;&nbsp; 5.00% 02/15/55  | &nbsp;&nbsp; $3000000 | &nbsp;&nbsp; $3082657 |
| Port Authority of Houston of Harris County Texas, TX Revenue | Port Authority of Houston of Harris County Texas, TX Revenue | Port Authority of Houston of Harris County Texas, TX Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 10/01/51  | &nbsp;&nbsp; 1025000 | &nbsp;&nbsp; 1042627 |
| Red River Education Finance Corp., TX Revenue | Red River Education Finance Corp., TX Revenue | Red River Education Finance Corp., TX Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 03/15/35  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1131821 |
| San Antonio Water System, TX Revenue | San Antonio Water System, TX Revenue | San Antonio Water System, TX Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 05/15/34  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 567841 |
| &nbsp;&nbsp;&nbsp; Spring Independent School District, TX GO, Permanent School <br> Fund | &nbsp;&nbsp;&nbsp; Spring Independent School District, TX GO, Permanent School <br> Fund | &nbsp;&nbsp;&nbsp; Spring Independent School District, TX GO, Permanent School <br> Fund |
| &nbsp;&nbsp;&nbsp; 5.00% 08/15/36  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1128203 |
| State of Texas, TX GO | State of Texas, TX GO | State of Texas, TX GO |
| &nbsp;&nbsp;&nbsp; 4.00% 10/01/44  | &nbsp;&nbsp; 1985000 | &nbsp;&nbsp; 1921982 |
| Texas A&M University, TX Revenue | Texas A&M University, TX Revenue | Texas A&M University, TX Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 05/15/28 - 05/15/37  | &nbsp;&nbsp; 2530000 | &nbsp;&nbsp; 2780191 |
| Texas Water Development Board, TX Revenue | Texas Water Development Board, TX Revenue | Texas Water Development Board, TX Revenue |
| &nbsp;&nbsp;&nbsp; 4.75% 10/15/50  | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp; 2768788 |
| &nbsp;&nbsp;&nbsp; 5.00% 08/01/34 - 10/15/58  | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3701537 |
| &nbsp;&nbsp;&nbsp; 5.25% 10/15/51  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1567941 |
| &nbsp;&nbsp;&nbsp; Tomball Independent School District, TX GO, Permanent School <br> Fund | &nbsp;&nbsp;&nbsp; Tomball Independent School District, TX GO, Permanent School <br> Fund | &nbsp;&nbsp;&nbsp; Tomball Independent School District, TX GO, Permanent School <br> Fund |
| &nbsp;&nbsp;&nbsp; 4.00% 02/15/44  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 964297 |
| &nbsp;&nbsp;&nbsp; 5.00% 02/15/48  | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp; 1747529 |
| University of North Texas System, TX Revenue | University of North Texas System, TX Revenue | University of North Texas System, TX Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 04/15/36  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1034916 |
|  |  | &nbsp;&nbsp; 72991616 |
| Utah - 1.7%  | Utah - 1.7%  | Utah - 1.7%  |
| Central Valley Water Reclamation Facility, UT Revenue | Central Valley Water Reclamation Facility, UT Revenue | Central Valley Water Reclamation Facility, UT Revenue |
| &nbsp;&nbsp;&nbsp; 3.00% 03/01/30 - 03/01/35  | &nbsp;&nbsp; 2225000 | &nbsp;&nbsp; 2175355 |
| &nbsp;&nbsp;&nbsp; 4.00% 03/01/47  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 919146 |
| City of Salt Lake City Public Utilities Revenue, UT Revenue | City of Salt Lake City Public Utilities Revenue, UT Revenue | City of Salt Lake City Public Utilities Revenue, UT Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 02/01/45  | &nbsp;&nbsp; 1220000 | &nbsp;&nbsp; 1193571 |
| County of Utah, UT Revenue | County of Utah, UT Revenue | County of Utah, UT Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 05/15/47  | &nbsp;&nbsp; 1255000 | &nbsp;&nbsp; 1115181 |
| &nbsp;&nbsp;&nbsp; 5.00% 05/15/31  | &nbsp;&nbsp; 1125000 | &nbsp;&nbsp; 1174399 |
| Intermountain Power Agency, UT Revenue | Intermountain Power Agency, UT Revenue | Intermountain Power Agency, UT Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/37 - 07/01/40  | &nbsp;&nbsp; 3035000 | &nbsp;&nbsp; 3250537 |
| Ogden City Redevelopment Agency, UT Revenue | Ogden City Redevelopment Agency, UT Revenue | Ogden City Redevelopment Agency, UT Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 01/15/48 - 01/15/53  | &nbsp;&nbsp; 2925000 | &nbsp;&nbsp; 2991796 |
| Weber School District, UT GO, School Bond Guaranty | Weber School District, UT GO, School Bond Guaranty | Weber School District, UT GO, School Bond Guaranty |
| &nbsp;&nbsp;&nbsp; 4.00% 06/15/43  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 984737 |
|  |  | &nbsp;&nbsp; 13804722 |
| Virginia - 1.5%  | Virginia - 1.5%  | Virginia - 1.5%  |
| Chesapeake Bay Bridge & Tunnel District, VA Revenue | Chesapeake Bay Bridge & Tunnel District, VA Revenue | Chesapeake Bay Bridge & Tunnel District, VA Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/51  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1902951 |
| County of Fairfax Sewer Revenue, VA Revenue | County of Fairfax Sewer Revenue, VA Revenue | County of Fairfax Sewer Revenue, VA Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 07/15/54  | &nbsp;&nbsp; 3125000 | &nbsp;&nbsp; 3235913 |
| County of Fairfax, VA GO, State Aid Withholding | County of Fairfax, VA GO, State Aid Withholding | County of Fairfax, VA GO, State Aid Withholding |
| &nbsp;&nbsp;&nbsp; 4.00% 10/01/43  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1492926 |
| Fairfax County Water Authority, VA Revenue | Fairfax County Water Authority, VA Revenue | Fairfax County Water Authority, VA Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 04/01/43  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1005870 |
| &nbsp;&nbsp;&nbsp; Hampton Roads Transportation Accountability Commission, VA <br> Revenue | &nbsp;&nbsp;&nbsp; Hampton Roads Transportation Accountability Commission, VA <br> Revenue | &nbsp;&nbsp;&nbsp; Hampton Roads Transportation Accountability Commission, VA <br> Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/33  | &nbsp;&nbsp; 1375000 | &nbsp;&nbsp; 1494230 |
| Virginia College Building Authority, VA Revenue, State Intercept | Virginia College Building Authority, VA Revenue, State Intercept | Virginia College Building Authority, VA Revenue, State Intercept |
| &nbsp;&nbsp;&nbsp; 4.00% 09/01/35  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1014003 |
| Virginia Commonwealth Transportation Board, VA Revenue | Virginia Commonwealth Transportation Board, VA Revenue | Virginia Commonwealth Transportation Board, VA Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 05/15/44  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 974146 |
| Virginia Small Business Financing Authority, VA Revenue | Virginia Small Business Financing Authority, VA Revenue | Virginia Small Business Financing Authority, VA Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 12/31/52  | &nbsp;&nbsp; 905000 | &nbsp;&nbsp; 863672 |
|  |  | &nbsp;&nbsp; 11983711 |
| Washington - 4.2%  | Washington - 4.2%  | Washington - 4.2%  |
| City of Olympia, WA GO | City of Olympia, WA GO | City of Olympia, WA GO |
| &nbsp;&nbsp;&nbsp; 5.00% 12/01/52  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1023633 |
| City of Seattle Drainage & Wastewater Revenue, WA Revenue | City of Seattle Drainage & Wastewater Revenue, WA Revenue | City of Seattle Drainage & Wastewater Revenue, WA Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 09/01/41  | &nbsp;&nbsp; 1275000 | &nbsp;&nbsp; 1277492 |
| City of Seattle Municipal Light & Power Revenue, WA Revenue | City of Seattle Municipal Light & Power Revenue, WA Revenue | City of Seattle Municipal Light & Power Revenue, WA Revenue |
| &nbsp;&nbsp;&nbsp; 4.00% 01/01/39 - 09/01/40  | &nbsp;&nbsp; 4040000 | &nbsp;&nbsp; 4000139 |
| City of Tacoma Electric System Revenue, WA Revenue | City of Tacoma Electric System Revenue, WA Revenue | City of Tacoma Electric System Revenue, WA Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 01/01/36  | &nbsp;&nbsp; 535000 | &nbsp;&nbsp; 595191 |
| County of King Sewer Revenue, WA Revenue | County of King Sewer Revenue, WA Revenue | County of King Sewer Revenue, WA Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 01/01/53  | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2568368 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Fair**<br> **Value**<br>|
| &nbsp;&nbsp;&nbsp; Grant County Public Utility District No. 2 Electric Revenue, WA <br> Revenue | &nbsp;&nbsp;&nbsp; Grant County Public Utility District No. 2 Electric Revenue, WA <br> Revenue | &nbsp;&nbsp;&nbsp; Grant County Public Utility District No. 2 Electric Revenue, WA <br> Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 01/01/44  | &nbsp;&nbsp; $1345000 | &nbsp;&nbsp; $1412806 |
| &nbsp;&nbsp;&nbsp; King County School District No. 414 Lake Washington, WA GO, <br> School Bond Guaranty | &nbsp;&nbsp;&nbsp; King County School District No. 414 Lake Washington, WA GO, <br> School Bond Guaranty | &nbsp;&nbsp;&nbsp; King County School District No. 414 Lake Washington, WA GO, <br> School Bond Guaranty |
| &nbsp;&nbsp;&nbsp; 5.00% 12/01/36  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51897 |
| Port of Seattle, WA Revenue | Port of Seattle, WA Revenue | Port of Seattle, WA Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 08/01/28 - 08/01/36  | &nbsp;&nbsp; 4875000 | &nbsp;&nbsp; 5074592 |
| &nbsp;&nbsp;&nbsp; Snohomish County Public Utility District No. 1 Electric System <br> Revenue, WA Revenue | &nbsp;&nbsp;&nbsp; Snohomish County Public Utility District No. 1 Electric System <br> Revenue, WA Revenue | &nbsp;&nbsp;&nbsp; Snohomish County Public Utility District No. 1 Electric System <br> Revenue, WA Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 12/01/38  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1677958 |
| &nbsp;&nbsp;&nbsp; Spokane County School District No. 356 Central Valley, WA GO, <br> School Bond Guaranty | &nbsp;&nbsp;&nbsp; Spokane County School District No. 356 Central Valley, WA GO, <br> School Bond Guaranty | &nbsp;&nbsp;&nbsp; Spokane County School District No. 356 Central Valley, WA GO, <br> School Bond Guaranty |
| &nbsp;&nbsp;&nbsp; 4.00% 12/01/31  | &nbsp;&nbsp; 2605000 | &nbsp;&nbsp; 2647315 |
| State of Washington, WA GO | State of Washington, WA GO | State of Washington, WA GO |
| &nbsp;&nbsp;&nbsp; 5.00% 08/01/30 - 02/01/48  | &nbsp;&nbsp; 8695000 | &nbsp;&nbsp; 9235205 |
| Vancouver Library Capital Facilities Area, WA GO | Vancouver Library Capital Facilities Area, WA GO | Vancouver Library Capital Facilities Area, WA GO |
| &nbsp;&nbsp;&nbsp; 4.00% 12/01/27  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1009503 |
| Washington Health Care Facilities Authority, WA Revenue | Washington Health Care Facilities Authority, WA Revenue | Washington Health Care Facilities Authority, WA Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 08/01/35  | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 781791 |
| &nbsp;&nbsp;&nbsp; 5.50% 09/01/55  | &nbsp;&nbsp; 2105000 | &nbsp;&nbsp; 2196943 |
|  |  | &nbsp;&nbsp; 33552833 |
| Wisconsin - 0.8%  | Wisconsin - 0.8%  | Wisconsin - 0.8%  |
| County of Dane, WI GO | County of Dane, WI GO | County of Dane, WI GO |
| &nbsp;&nbsp;&nbsp; 5.00% 06/01/28  | &nbsp;&nbsp; 2340000 | &nbsp;&nbsp; 2443507 |
| Oshkosh Area School District, WI GO | Oshkosh Area School District, WI GO | Oshkosh Area School District, WI GO |
| &nbsp;&nbsp;&nbsp; 5.00% 03/01/36  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1085453 |
| State of Wisconsin, WI GO | State of Wisconsin, WI GO | State of Wisconsin, WI GO |
| &nbsp;&nbsp;&nbsp; 4.00% 05/01/40  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2010454 |
| University of Wisconsin Hospitals & Clinics, WI Revenue | University of Wisconsin Hospitals & Clinics, WI Revenue | University of Wisconsin Hospitals & Clinics, WI Revenue |
| &nbsp;&nbsp;&nbsp; 5.00% 04/01/31  | &nbsp;&nbsp; 850000 | &nbsp;&nbsp; 930677 |
|  |  | &nbsp;&nbsp; 6470091 |
| &nbsp;&nbsp;&nbsp; **Total Municipal Bonds and Notes** <br>(Cost $789,414,032) | &nbsp;&nbsp;&nbsp; **Total Municipal Bonds and Notes** <br>(Cost $789,414,032) | &nbsp;&nbsp; 785979254 |
| **Short-Term Investment - 0.7%**  | **Short-Term Investment - 0.7%**  | **Short-Term Investment - 0.7%**  |
| &nbsp;&nbsp;&nbsp; State Street Institutional <br> Treasury Plus Money Market <br> Fund - Premier Class 3.60% <br> (b)(c) <br>(Cost $5,684,215)<br>| &nbsp;&nbsp; 5684215 | &nbsp;&nbsp; 5684215 |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>(Cost $795,098,247) | &nbsp;&nbsp;&nbsp; **Total Investments** <br>(Cost $795,098,247) | &nbsp;&nbsp; 791663469 |
| **Other Assets and Liabilities, net - 0.5%** | **Other Assets and Liabilities, net - 0.5%** | &nbsp;&nbsp; 4205888 |
| **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $795869357 |

---

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund's future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund's summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.

---

| | |
|:---|:---|
| (a) | Settlement is on a delayed delivery or when-issued <br> basis with final maturity to be announced ("TBA") in the <br> future.<br>|
| (b) | Sponsored by SSGA Funds Management, Inc., the <br> Fund's investment adviser and administrator, and an <br> affiliate of State Street Bank & Trust Co., the Fund's <br> sub-administrator, custodian and accounting agent.<br>|
| (c) | Coupon amount represents effective yield. |
| † | Percentages are based on net assets as of March 31, <br> 2026.<br>|
| \* | Less than 0.05%. |

---

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

---

| |
|:---|
| **Abbreviations:** |
| AG - Assured Guaranty, Inc |
| BAM - Build America Mutual Assurance Company |

---

See Notes to Schedule of Investments.

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

6 Elfun Tax-Exempt Income Fund

------

**Elfun Tax-Exempt Income Fund**

Schedule of Investments (Continued)

March 31, 2026 (Unaudited)

The following table presents the Fund's investments measured at fair value on a recurring basis at March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds and Notes | $— | $785979254 | $— | $785979254 |
| &nbsp;&nbsp;&nbsp; Short-Term Investment | 5684215 |  |  | 5684215 |
| Total Investments in Securities | $5684215 | $785979254 | $— | $791663469 |

---

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

**Affiliate Table**<br>

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number** <br>**of Shares** <br>**Held at** <br>**12/31/25**<br>| **Value at** <br>**12/31/25**<br>| **Cost of** <br>**Purchases**<br>| **Proceeds** <br>**from** <br>**Shares** <br>**Sold**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Number of** <br>**Shares** <br>**Held at** <br>**3/31/26**<br>| **Value at** <br>**3/31/26**<br>| **Dividend** <br>**Income**<br>|
| &nbsp;&nbsp;&nbsp; State Street Institutional Treasury <br> Plus Money Market Fund - <br> Premier Class<br>| 3665430 | $3665430 | $39275090 | $37256305 | $— | $— | 5684215 | $5684215 | $41855 |

---

See Notes to Schedule of Investments.

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

Elfun Tax-Exempt Income Fund 7

------

**Elfun Tax-Exempt Income Fund**

Notes to Schedule of Investments

March 31, 2026 (Unaudited)

**Security Valuation** 

The Fund's investments are valued at fair value each day that the New York Stock Exchange ("NYSE") is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of the Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the "Committee") and approved by the Board of Trustees of the Trust (the "Board"). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for overseeing the determination of the fair value of investments.

Valuation techniques used to value the Fund's investments by major category are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fixed income assets are generally valued at the mean of the bid and ask prices for bank loans and inflation protected securities, and at the bid price for all other fixed income assets as provided by independent pricing services or brokers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day's published net asset value ("NAV") per share or unit.

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

The Fund values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

• Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 — Unobservable inputs for the asset or liability, including the Committee's assumptions used in determining the fair value of investments.

The value of the Fund's investments according to the fair value hierarchy as of March 31, 2026 is disclosed in the Fund's Schedule of Investments.

**Delayed Delivery and When-Issued Securities**

During the period ended March 31, 2026, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated.

The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to such purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic or other factors.

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** ELFUN TAX EXEMPT INCOME FUND

- **b. Investment Company Act file number:** 811-02735

- **c. CIK number of Registrant:** 0000215740

- **d. LEI of Registrant:** 54930051FSXB5CV41B97

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

  - **Street Address 1:** One Congress Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02114

  - **Telephone number:** 1-800-242-0134

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

- **a. Name of Series:** ELFUN TAX EXEMPT INCOME FUND

- **b. EDGAR series identifier (if any):** S000011830

- **c. LEI of Series:** 54930051FSXB5CV41B97

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $801556930.21

**Total Liabilities:** $7325477.86

**Net Assets:** $794231452.35

**Delayed Delivery Securities:** $4252524.00

**Cash Not Reported:** $0.27

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1940.45000000 | **1-Year:** -34067.35000000 | **5-Year:** -139952.24000000 | **10-Year:** -272967.87000000 | **30-Year:** -89932.47000000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000032332 | 0.64%                | 1.22%                | -2.07%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-139487.81              | $2209482.42                                |
| Month 2  | $-43885.04               | $7939955.65                                |
| Month 3  | $-1015678.84             | $-14546920.88                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Adams & Arapahoe Counties Joint School District 28J Aurora                     | ADAMS & ARAPAHOE CNTYS CO JT SCH DIST #28J AURORA            | CUSIP: 0054823C6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2031818.60   | 0.26%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Adams & Arapahoe Counties Joint School District 28J Aurora                     | ADAMS & ARAPAHOE CNTYS CO JT SCH DIST #28J AURORA COPS       | CUSIP: 005484DE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1160834.29   | 0.15%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Alabama Corrections Institution Finance Authority                              | ALABAMA ST CORRS INSTN FIN AUTH REVENUE                      | CUSIP: 010507CL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023945.60   | 0.13%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                            | ALLEGHENY CNTY PA SAN AUTH                                   | CUSIP: 017357E67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1272771.84   | 0.16%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Ames IA                                                                | AMES IA                                                      | CUSIP: 0308074C2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1193787.73   | 0.15%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Andover MA                                                             | ANDOVER MA                                                   | CUSIP: 034286HA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2605000 | PA      | $2397518.26   | 0.30%             | 2052-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ann Arbor School District                                                      | ANN ARBOR MI SCH DIST                                        | CUSIP: 035519ZG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1112747.70   | 0.14%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                        | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 041806FL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1551120.50   | 0.20%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Independent School District/TX                                       | ARLINGTON TX INDEP SCH DIST                                  | CUSIP: 041827BM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $555622.60    | 0.07%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                      | ATLANTA GA ARPT REVENUE                                      | CUSIP: 04780M2L2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076647.00   | 0.14%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Airport Passenger Facility Charge                           | ATLANTA GA ARPT PASSENGER FAC CHARGE REVENUE                 | CUSIP: 04780TDL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979210.10    | 0.12%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Airport Passenger Facility Charge                           | ATLANTA GA ARPT PASSENGER FAC CHARGE REVENUE                 | CUSIP: 04780TDM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $969218.10    | 0.12%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                  | ATLANTA GA WTR & WSTWTR REVENUE                              | CUSIP: 047870FC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3390701.40   | 0.43%             | 2030-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Augusta GA Water & Sewer Revenue                                               | AUGUSTA GA WTR & SWR REVENUE                                 | CUSIP: 051249LV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1677460.20   | 0.21%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                       | AUSTIN TX ARPT SYS REVENUE                                   | CUSIP: 052398HJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1087202.20   | 0.14%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Electric Utility Revenue                                     | AUSTIN TX ELEC UTILITY SYS REVENUE                           | CUSIP: 052414VT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2598250.75   | 0.33%             | 2053-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Azle Independent School District                                               | AZLE TX INDEP SCH DIST                                       | CUSIP: 054789ZK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1111559.50   | 0.14%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                         | BALTIMORE CNTY MD                                            | CUSIP: 05914FU24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1195985.52   | 0.15%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                         | BALTIMORE CNTY MD                                            | CUSIP: 05914GDE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2105291.40   | 0.27%             | 2046-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                         | BALTIMORE CNTY MD                                            | CUSIP: 05914GDM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2765000 | PA      | $2854145.26   | 0.36%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                           | BALTIMORE MD PROJ REVENUE                                    | CUSIP: 05922KH36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $952348.10    | 0.12%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                           | BALTIMORE MD PROJ REVENUE                                    | CUSIP: 05922KYP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013430.70   | 0.13%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                           | BALTIMORE MD REVENUE                                         | CUSIP: 059231E89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1168581.18   | 0.15%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Bar Harbor ME                                                          | BAR HARBOR ME                                                | CUSIP: 066878NF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $500234.31    | 0.06%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Battery Park City Authority                                                    | BATTERY PARK CITY NY AUTH                                    | CUSIP: 07133AKP6<br>LEI: 549300RF3SFDOWRHVM56 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2596896.75   | 0.33%             | 2050-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                        | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                    | CUSIP: 072024YW6<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1154742.91   | 0.15%             | 2054-04-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Beaufort County School District/SC                                             | BEAUFORT CNTY SC SCH DIST                                    | CUSIP: 073900R38<br>LEI: 549300B1H1V9F55UPU08 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2272085.64   | 0.29%             | 2033-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Bend OR                                                                | BEND OR                                                      | CUSIP: 081617XQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1144824.50   | 0.14%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bentonville AR Sales & Use Tax Revenue                                 | BENTONVILLE AR SALES & USE TAX                               | CUSIP: 083422EL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $536683.90    | 0.07%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bishop Consolidated Independent School District                                | BISHOP TX CONSOL INDEP SCH DIST                              | CUSIP: 091482GT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $151282.59    | 0.02%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                           | BROWARD CNTY FL SCH BRD COPS                                 | CUSIP: 115065C51<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |   2005000 | PA      | $2142139.79   | 0.27%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Water and Sewer Authority                                         | BUCKS CNTY PA WTR & SWR AUTH SWR SYS REVENUE                 | CUSIP: 118683JZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1781799.41   | 0.22%             | 2047-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of California                                                            | CALIFORNIA ST                                                | CUSIP: 13063C4S6<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2015850.80   | 0.25%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                            | CALIFORNIA ST                                                | CUSIP: 13063CX21<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2180000 | PA      | $2202267.83   | 0.28%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                            | CALIFORNIA ST                                                | CUSIP: 13063DZ27<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050410.30   | 0.13%             | 2042-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| State of California                                                            | CALIFORNIA ST                                                | CUSIP: 13063ECD6<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1936267.80   | 0.24%             | 2047-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                            | CALIFORNIA ST                                                | CUSIP: 13063ECH7<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2105000 | PA      | $2223798.83   | 0.28%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                            | CALIFORNIA ST                                                | CUSIP: 13063EMH6<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023759.10   | 0.13%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cedar Rapids Community School District Infrastructure Sales Services & Use Tax | CEDAR RAPIDS IA CMNTY SCH DIST INFRASTRUCTURE SALES SVC      | CUSIP: 150539BW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $572756.45    | 0.07%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Tourism Oversight District                                     | CENTRL FLORIDA TOURISM OVERSIGHT DIST                        | CUSIP: 153480AR9<br>LEI: 549300DLSKH6SZ96KV94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082478.70   | 0.14%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Valley Water Reclamation Facility                                      | CNTRL VLY WTR RECLAMATION FAC UT SWR REVENUE                 | CUSIP: 155796AJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1148555.34   | 0.14%             | 2030-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Central Valley Water Reclamation Facility                                      | CNTRL VLY WTR RECLAMATION FAC UT SWR REVENUE                 | CUSIP: 155796AP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1026799.96   | 0.13%             | 2035-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Central Valley Water Reclamation Facility                                      | CNTRL VLY WTR RECLAMATION FAC UT SWR REVENUE                 | CUSIP: 155796BS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $919145.70    | 0.12%             | 2047-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cherokee Metropolitan District/CO                                              | CHEROKEE CO MET DIST WTR & WSTWTR ENTERPRISE REVENUE         | CUSIP: 16415TBY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2556018.45   | 0.32%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chesapeake Bay Bridge & Tunnel District                                        | CHESAPEAKE BAY VA BRIDGE & TUNNEL DIST REVENUE               | CUSIP: 16514PAE9<br>LEI: 549300JGWE66ZSSOYN09 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1902950.80   | 0.24%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                                | CHESTER CNTY PA INDL DEV AUTHSTUDENT HSG REVENUE             | CUSIP: 16559PBF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1085716.40   | 0.14%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                           | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167591CG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032802.00   | 0.13%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                           | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 1675932L5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509146.30    | 0.06%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                           | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 1675935D0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3060997.50   | 0.39%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                           | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 1675936R8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1374464.38   | 0.17%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                           | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593L26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024415.90   | 0.13%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                           | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593L75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1341185.85   | 0.17%             | 2053-01-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                           | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593M58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6046570.80   | 0.76%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                          | CHICAGO IL PARK DIST                                         | CUSIP: 1676153Y7<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052680.50   | 0.13%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                          | CHICAGO IL PARK DIST                                         | CUSIP: 1676154P5<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |    500000 | PA      | $552833.00    | 0.07%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                          | CHICAGO IL PARK DIST                                         | CUSIP: 1676155J8<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033013.70   | 0.13%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                          | CHICAGO IL PARK DIST                                         | CUSIP: 167615YV9<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $960399.10    | 0.12%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Wastewater Transmission Revenue                             | CHICAGO IL WSTWTR TRANSMISSION REVENUE                       | CUSIP: 167727C61<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   5035000 | PA      | $5216249.93   | 0.66%             | 2062-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Wastewater Transmission Revenue                             | CHICAGO IL WSTWTR TRANSMISSION REVENUE                       | CUSIP: 167727J23<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1448920.16   | 0.18%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Sales Tax Receipts Fund                              | CHICAGO IL TRANSIT AUTH SALES TAX RECPTS REVENUE             | CUSIP: 16772PDL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1726448.20   | 0.22%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                             | CLARK CNTY NV                                                | CUSIP: 180848F73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2023889.40   | 0.25%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                   | CLARK CNTY NV SCH DIST                                       | CUSIP: 1810592U9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081361.40   | 0.14%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clemson University                                                             | CLEMSON SC UNIV HGR EDU REVENUE                              | CUSIP: 185633BN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1795000 | PA      | $1753046.18   | 0.22%             | 2033-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Cocoa FL Water & Sewer Revenue                                         | COCOA FL WTR & SWR REVENUE                                   | CUSIP: 191783GF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1280379.43   | 0.16%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                           | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FJY1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1958991.80   | 0.25%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                           | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FVJ0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1315887.75   | 0.17%             | 2052-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                           | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FXV1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4509146.80   | 0.57%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                           | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FYB4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1529979.36   | 0.19%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                           | COLORADO SPRINGS CO UTILITIES REVENUE                        | CUSIP: 196632A29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1699120.18   | 0.21%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Governors of Colorado State University System                         | COLORADO ST BRD OF GOVERNORS UNIV ENTERPRISE SYS REVENUE     | CUSIP: 196707ZV8<br>LEI: 549300MAE3RAIIEIQV71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $972822.30    | 0.12%             | 2043-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                              | COLORADO ST COPS                                             | CUSIP: 196711WH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1133825.50   | 0.14%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbia SC Waterworks & Sewer System Revenue                          | COLUMBIA SC WTRWKS & SWR SYS                                 | CUSIP: 198504N40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1135244.55   | 0.14%             | 2048-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                            | COLUMBUS OH                                                  | CUSIP: 199492YT0<br>LEI: 254900NS3ODS0FZ3AM48 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1075549.30   | 0.14%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                           | CONNECTICUT ST                                               | CUSIP: 20772KRR2<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2528300.50   | 0.32%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                           | CONNECTICUT ST                                               | CUSIP: 20772KRY7<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2016618.20   | 0.25%             | 2038-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                           | CONNECTICUT ST                                               | CUSIP: 20772KZW2<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088564.40   | 0.14%             | 2030-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                       | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758H48<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011407.10   | 0.13%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                       | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758P72<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1216443.05   | 0.15%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                       | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758XM0<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035858.80   | 0.13%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                       | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758ZZ9<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1705490.17   | 0.21%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                    | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE              | CUSIP: 20775DN40<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076685.10   | 0.14%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                    | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE              | CUSIP: 20775DXK3<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1506220.65   | 0.19%             | 2049-07-01      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                    | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE              | CUSIP: 20775DZJ4<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1136723.90   | 0.14%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Conroe Independent School District                                             | CONROE TX INDEP SCH DIST                                     | CUSIP: 2084184W0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $567202.20    | 0.07%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                        | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE              | CUSIP: 23503CCM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1739098.23   | 0.22%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                        | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE              | CUSIP: 23503CEC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1254742.80   | 0.16%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                        | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE              | CUSIP: 23503CFQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2133427.00   | 0.27%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Dane WI                                                              | DANE CNTY WI                                                 | CUSIP: 236092NS7<br>LEI: 5493000I57K3U1SCHU17 | Long             | DBT              | MUN               | US        |   2340000 | PA      | $2443507.33   | 0.31%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Delaware PA                                                          | DELAWARE CNTY PA                                             | CUSIP: 246001A68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1037153.14   | 0.13%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Delaware                                                              | DELAWARE ST                                                  | CUSIP: 246381GF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000217.60   | 0.25%             | 2033-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| State of Delaware                                                              | DELAWARE ST                                                  | CUSIP: 246381SR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1656853.80   | 0.21%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Health Facilities Authority                                     | DELAWARE ST HLTH FACS AUTH REVENUE                           | CUSIP: 246388VR0<br>LEI: 549300RXU7M05ZYSJG42 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047049.30   | 0.13%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware Transportation Authority                                              | DELAWARE ST TRANSPRTN AUTH US 301 PROJ REVENUE               | CUSIP: 246430AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999947.30    | 0.13%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Water Commissioners City & County of Denver/The                       | DENVER CITY & CNTY CO BRD OF WTR COMMISSIONERS WTR REVENUE   | CUSIP: 24916PGB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2022928.40   | 0.25%             | 2047-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Pledged Excise Tax Revenue                          | DENVER CO CITY & CNTY DEDICATED TAX REVENUE                  | CUSIP: 24917DAU7<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   2485000 | PA      | $2322918.61   | 0.29%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                              | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182QT6<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046054.10   | 0.13%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dickinson Independent School District                                          | DICKINSON TX INDEP SCH DIST                                  | CUSIP: 253363C60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $978168.90    | 0.12%             | 2043-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                           | DIST OF COLUMBIA                                             | CUSIP: 25476FRS9<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002337.40   | 0.13%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                        | DIST OF COLUMBIA INCOME TAX SECURED REVENUE                  | CUSIP: 25477GPK5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5016879.50   | 0.63%             | 2039-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                        | DIST OF COLUMBIA INCOME TAX SECURED REVENUE                  | CUSIP: 25477GPN9<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   4075000 | PA      | $3868550.31   | 0.49%             | 2044-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                        | DIST OF COLUMBIA INCOME TAX SECURED REVENUE                  | CUSIP: 25477GTF2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1408328.25   | 0.18%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                                   | DIST OF COLUMBIA WTR & SWR AUTH PUBLIC UTILITY REVENUE       | CUSIP: 254845MQ0<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |   2185000 | PA      | $2186186.24   | 0.28%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dover & Eyota Independent School District No 533                               | DOVER & EYOTA MN INDEP SCH DIST #533                         | CUSIP: 260093JN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1300332.75   | 0.16%             | 2040-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dublin City School District                                                    | DUBLIN OH CITY SCH DIST                                      | CUSIP: 26371GTQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1041074.97   | 0.13%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC                                                              | DURHAM NC LTD OBLIG REVENUE                                  | CUSIP: 26678PFH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3024272.10   | 0.38%             | 2037-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| E-470 Public Highway Authority                                                 | E-470 CO PUBLIC HIGHWAY AUTH                                 | CUSIP: 26822LMT8<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063347.10   | 0.13%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Water System Revenue                       | EAST BAY CA MUNI UTILITY DIST WTR SYS REVENUE                | CUSIP: 271014T44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5235511.50   | 0.66%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of East Longmeadow MA                                                     | EAST LONGMEADOW MA                                           | CUSIP: 273533US6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $921714.60    | 0.12%             | 2049-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of El Paso TX                                                           | EL PASO CNTY TX                                              | CUSIP: 283497U52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1051399.70   | 0.13%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of El Paso TX Water & Sewer Revenue                                       | EL PASO TX WTR & SWR REVENUE                                 | CUSIP: 283822ZH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $560339.95    | 0.07%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Eugene OR Water Utility System Revenue                                 | EUGENE OR WTR REVENUE                                        | CUSIP: 298245MM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3419790.00   | 0.43%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA                                                           | FAIRFAX CNTY VA                                              | CUSIP: 30382ANW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1492925.70   | 0.19%             | 2043-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA Sewer Revenue                                             | FAIRFAX CNTY VA SWR REVENUE                                  | CUSIP: 303867NJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3125000 | PA      | $3235912.50   | 0.41%             | 2054-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Water Authority                                                 | FAIRFAX CNTY VA WTR AUTH WTR REVENUE                         | CUSIP: 303891M77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005870.40   | 0.13%             | 2043-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Finney KS                                                            | FINNEY CNTY KS                                               | CUSIP: 318035MQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075296.70   | 0.14%             | 2046-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Florence SC Combined Waterworks & Sewerage System Revenue              | FLORENCE SC WTR & SWR REVENUE                                | CUSIP: 340333PL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1379245.50   | 0.17%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                               | FLORIDA ST DEV FIN CORP                                      | CUSIP: 340618DW4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2453080.25   | 0.31%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                               | FLORIDA ST                                                   | CUSIP: 34115PEE1<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1835093.40   | 0.23%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida State Board of Governors University of North Florida Dormitory Revenue | FL ST BRD GOVERNORS UNIV OF NORTH FL DORM REV                | CUSIP: 34157XAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2560000 | PA      | $2765027.33   | 0.35%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                  | FLORIDA ST DEPT OF TRANSN SEAPORT INVESTMENT PROGRAM REVENUE | CUSIP: 34161BBW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1092434.80   | 0.14%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                  | FLORIDA ST DEPT OF TRANSN SEAPORT INVESTMENT PROGRAM REVENUE | CUSIP: 34161BBZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008546.10   | 0.13%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                 | FLORIDA ST MUNI PWR AGY                                      | CUSIP: 342816Q40<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1100530.91   | 0.14%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Forney Independent School District                                             | FORNEY TX INDEP SCH DIST                                     | CUSIP: 346425JS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1290009.00   | 0.16%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Bend Independent School District                                          | FORT BEND TX INDEP SCH DIST                                  | CUSIP: 346843NJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1099536.37   | 0.14%             | 2036-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Lauderdale FL                                                     | FORT LAUDERDALE FL SPL OBLG                                  | CUSIP: 347622EE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2235000 | PA      | $2315127.21   | 0.29%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Lauderdale FL Water & Sewer Revenue                               | FORT LAUDERDALE FL WTR & SWR REVENUE                         | CUSIP: 347658XN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $972901.40    | 0.12%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Lauderdale FL Water & Sewer Revenue                               | FORT LAUDERDALE FL WTR & SWR REVENUE                         | CUSIP: 347658ZY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1599511.65   | 0.20%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Fulton GA                                                            | FULTON CNTY GA                                               | CUSIP: 360046U79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $982945.10    | 0.12%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                        | FULTON CNTY GA DEV AUTH REVENUE                              | CUSIP: 36005FNS0<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |    350000 | PA      | $388148.50    | 0.05%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Galveston TX Wharves & Terminal Revenue                                | GALVESTON TX WHARVES & TERMINAL REVENUE                      | CUSIP: 364568JE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060837.20   | 0.13%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Garland TX Electric Utility System Revenue                             | GARLAND TX ELEC UTILITY SYS REVENUE                          | CUSIP: 366133UE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1481446.12   | 0.19%             | 2044-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Ports Authority                                                        | GEORGIA ST PORTS AUTH                                        | CUSIP: 373586GU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4631441.50   | 0.58%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grandview Heights City School District                                         | GRANDVIEW HEIGHTS OH CITY SCH DIST                           | CUSIP: 386694FK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2057622.80   | 0.26%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grant County Public Utility District No 2 Electric Revenue                     | GRANT CNTY WA PUBLIC UTILITY DIST #2 ELEC REVENUE            | CUSIP: 387874ZU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1412806.02   | 0.18%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Sewage Disposal System Revenue                     | GREAT LAKES MI WTR AUTH SEWAGE DISPOSAL SYS REVENUE          | CUSIP: 39081HAS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1857794.42   | 0.23%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Sewage Disposal System Revenue                     | GREAT LAKES MI WTR AUTH SEWAGE DISPOSAL SYS REVENUE          | CUSIP: 39081HFR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1128215.90   | 0.14%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue                        | GREAT LAKES MI WTR AUTH WTR SPLY SYS REVENUE                 | CUSIP: 39081JHB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1116323.00   | 0.14%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenwood Independent School District                                          | GREENWOOD TX INDEP SCH DIST                                  | CUSIP: 397370KH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2044541.80   | 0.26%             | 2049-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Griffin GA Public Utility Revenue                                      | GRIFFIN GA COMB PUBLIC UTILITY REVENUE                       | CUSIP: 398192EU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5106999.00   | 0.64%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Transportation Accountability Commission                         | HAMPTON ROADS VA TRANSPRTN ACCOUNTABILITY COMMISSION         | CUSIP: 409328AG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1494229.41   | 0.19%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                          | HARRIS CNTY TX TOLL ROAD REVENUE                             | CUSIP: 41423PDN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1682938.35   | 0.21%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hays Consolidated Independent School District                                  | HAYS TX CONSOL INDEP SCH DIST                                | CUSIP: 421111AH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $858808.13    | 0.11%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hillsborough FL                                                      | HILLSBOROUGH CNTY FL                                         | CUSIP: 432290QE7<br>LEI: 549300L0R7XNYJEJGF23 | Long             | DBT              | MUN               | US        |   2825000 | PA      | $2896025.30   | 0.36%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                   | HONOLULU CITY & CNTY HI                                      | CUSIP: 438687FD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $100115.98    | 0.01%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                      | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349CD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1566979.05   | 0.20%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                             | HOUSTON TX UTILITY SYS REVENUE                               | CUSIP: 44244CT31<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1121347.30   | 0.14%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                            | HOWARD CNTY MD                                               | CUSIP: 44256QAH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1137938.20   | 0.14%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp                                               | HUDSON YARDS INFRASTRUCTURE CORP NY 2ND INDENTURE REVENUE    | CUSIP: 44420RAY6<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2539738.75   | 0.32%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp                                               | HUDSON YARDS INFRASTRUCTURE CORP NY 2ND INDENTURE REVENUE    | CUSIP: 44420RBA7<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1151961.21   | 0.15%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp                                               | HUDSON YARDS INFRASTRUCTURE CORP NY 2ND INDENTURE REVENUE    | CUSIP: 44420RBE9<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011151.50   | 0.13%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp                                               | HUDSON YARDS INFRASTRUCTURE CORP NY 2ND INDENTURE REVENUE    | CUSIP: 44420RBF6<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4216207.05   | 0.53%             | 2044-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp                                               | HUDSON YARDS INFRASTRUCTURE CORP NY 2ND INDENTURE REVENUE    | CUSIP: 44420RBH2<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   5830000 | PA      | $5315842.39   | 0.67%             | 2047-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp                                               | HUDSON YARDS INFRASTRUCTURE CORP NY 2ND INDENTURE REVENUE    | CUSIP: 44420RCF5<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1446225.60   | 0.18%             | 2044-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hutto Independent School District                                              | HUTTO TX INDEP SCH DIST                                      | CUSIP: 4484925P9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1698532.48   | 0.21%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                     | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45203H8V7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003424.60   | 0.13%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                     | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204E4M7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984209.20    | 0.12%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                     | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FXA8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1114032.20   | 0.14%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                              | ILLINOIS ST                                                  | CUSIP: 4521523E9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2075768.80   | 0.26%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                              | ILLINOIS ST                                                  | CUSIP: 4521526K2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2119511.40   | 0.27%             | 2030-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                              | ILLINOIS ST                                                  | CUSIP: 452153CY3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070077.90   | 0.13%             | 2037-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                              | ILLINOIS ST                                                  | CUSIP: 452153EA3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078259.20   | 0.14%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                              | ILLINOIS ST                                                  | CUSIP: 452153JS9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093290.90   | 0.14%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                              | ILLINOIS ST                                                  | CUSIP: 452153KS7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1145642.17   | 0.14%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                              | ILLINOIS ST                                                  | CUSIP: 452153KX6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    765000 | PA      | $818809.41    | 0.10%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                            | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227UP4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077847.00   | 0.14%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                          | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252KR9<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002536.40   | 0.25%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                          | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252KS7<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   2285000 | PA      | $2284806.46   | 0.29%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                          | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252NQ8<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2856700.50   | 0.36%             | 2044-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                          | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252PX1<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   2045000 | PA      | $2109406.25   | 0.27%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                | INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK                  | CUSIP: 45528UZG9<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3338025.60   | 0.42%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                | INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK                  | CUSIP: 45528VAU3<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019831.90   | 0.13%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                | INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK                  | CUSIP: 45528VBB4<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   2245000 | PA      | $2392120.46   | 0.30%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                     | INTERMOUNTAIN PWR AGY UT PWR SPLY REVENUE                    | CUSIP: 45884AB28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2035000 | PA      | $2175784.56   | 0.27%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                     | INTERMOUNTAIN PWR AGY UT PWR SPLY REVENUE                    | CUSIP: 45884AK85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074751.40   | 0.14%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                         | IOWA ST FIN AUTH REVENUE                                     | CUSIP: 46247SEV2<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   2035000 | PA      | $2266695.54   | 0.29%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Water & Sewer System Revenue                                               | JEA FL WTR & SWR REVENUE                                     | CUSIP: 46613P3W4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $480929.20    | 0.06%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                    | JEA FL ELEC SYS REVENUE                                      | CUSIP: 46613SSN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1700769.60   | 0.21%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Water & Sewer System Revenue                                               | JEA FL WTR & SWR REVENUE                                     | CUSIP: 46615SFN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2117183.00   | 0.27%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                           | JEFFERSON CNTY AL SWR REVENUE WARRANTS                       | CUSIP: 472682ZS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1232123.30   | 0.16%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Kalamazoo MI                                                           | KALAMAZOO MI                                                 | CUSIP: 483207CG9<br>LEI: 549300HLUQ75FKMC2544 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1120190.64   | 0.14%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                   | KANSAS CITY MO INDL DEV AUTH ARPT SPL OBLIG                  | CUSIP: 48504NBE8<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1473541.05   | 0.19%             | 2054-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Katy Independent School District                                               | KATY TX INDEP SCH DIST                                       | CUSIP: 486063U81<br>LEI: 254900H9QSKVP2HWVL72 | Long             | DBT              | MUN               | US        |    750000 | PA      | $796896.53    | 0.10%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                  | KENTUCKY ST PROPERTY & BLDGS COMMISSION REVENUES             | CUSIP: 49151FTM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2560182.59   | 0.32%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No 414 Lake Washington                             | KING CNTY WA SCH DIST #414 LAKE WASHINGTON                   | CUSIP: 495260K91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51896.99     | 0.01%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                                | KING CNTY WA SWR REVENUE                                     | CUSIP: 495290JB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2568367.75   | 0.32%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Knoxville TN Electric System Revenue                                   | KNOXVILLE TN ELEC REVENUE                                    | CUSIP: 4997463H6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2040844.80   | 0.26%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Knoxville TN Electric System Revenue                                   | KNOXVILLE TN ELEC REVENUE                                    | CUSIP: 4997464B8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1798955.23   | 0.23%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Knoxville TN Wastewater System Revenue                                 | KNOXVILLE TN WSTWTR SYS REVENUE                              | CUSIP: 499815QY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2908060.80   | 0.37%             | 2038-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| City of Kokomo IN Sewage Works Revenue                                         | KOKOMO IN SEWAGE WKS REVENUE                                 | CUSIP: 500422QL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1424595.48   | 0.18%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 112 North Shore                                 | LAKE CNTY IL SCH DIST #112 N SHORE                           | CUSIP: 509076CN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008129.50   | 0.13%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lamar Consolidated Independent School District                                 | LAMAR TX CONSOL INDEP SCH DIST                               | CUSIP: 513174K92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1223240.52   | 0.15%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lamar Consolidated Independent School District                                 | LAMAR TX CONSOL INDEP SCH DIST                               | CUSIP: 513174L91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019777.00   | 0.13%             | 2053-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lamar Consolidated Independent School District                                 | LAMAR TX CONSOL INDEP SCH DIST                               | CUSIP: 513174P22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $651719.68    | 0.08%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lamar Consolidated Independent School District                                 | LAMAR TX CONSOL INDEP SCH DIST                               | CUSIP: 513174YG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001652.20   | 0.13%             | 2040-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lennox School District Lincoln Minnehaha & Turner Counties No 41-4             | LENNOX SD SCH DIST #41-4 LINCOLN MINNEHAHA & TURNER CNTYS    | CUSIP: 526114NV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1241710.26   | 0.16%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp                                              | LIBERTY DEV CORP NY REVENUE                                  | CUSIP: 531127AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1397570.65   | 0.18%             | 2035-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Wastewater System Revenue                               | LOS ANGELES CA WSTWTR SYS REVENUE                            | CUSIP: 53945CJY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5086812.50   | 0.64%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                    | LONG ISLAND NY PWR AUTH ELEC SYS REVENUE                     | CUSIP: 542691JX9<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035943.50   | 0.13%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                    | LONG ISLAND NY PWR AUTH ELEC SYS REVENUE                     | CUSIP: 542691KK5<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    300000 | PA      | $324337.86    | 0.04%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                    | LONG ISLAND NY PWR AUTH ELEC SYS REVENUE                     | CUSIP: 542691KV1<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1107691.40   | 0.14%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                        | LOS ANGELES CA DEPT OF WTR & PWR REVENUE                     | CUSIP: 544532DF8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    280000 | PA      | $295162.67    | 0.04%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville and Jefferson County Metropolitan Sewer District                    | LOUISVILLE & JEFFERSON CNTY KY MET SWR DIST SWR & DRAIN SYS  | CUSIP: 5465892D3<br>LEI: 5493004O4I11L8BK0A22 | Long             | DBT              | MUN               | US        |    525000 | PA      | $539956.78    | 0.07%             | 2051-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville Water Co                                                            | LOUISVILLE & JEFFERSON CNTY KY METRO GOVT BRD OF WTR WKS     | CUSIP: 54659REK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $945642.10    | 0.12%             | 2034-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                 | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE   | CUSIP: 54811BG62<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   2015000 | PA      | $2189019.63   | 0.28%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                 | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE   | CUSIP: 54811BR86<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   2455000 | PA      | $2501396.55   | 0.31%             | 2055-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                 | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE   | CUSIP: 54811BSW2<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1522453.20   | 0.19%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                 | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE   | CUSIP: 54811BVP3<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072907.40   | 0.14%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                 | LOWER COLORADO RIVER TX AUTH REVENUE                         | CUSIP: 54811GQ78<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    500000 | PA      | $546979.15    | 0.07%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Turnpike Authority                                                       | MAINE ST TURNPIKE AUTH                                       | CUSIP: 560551QY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1892426.60   | 0.24%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maple River Independent School District No 2135/MN                             | MAPLE RIVER MN INDEP SCH DIST#2135                           | CUSIP: 565323BX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $783159.98    | 0.10%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Unified School District No 80 Chandler                         | MARICOPA CNTY AZ UNIF SCH DIST #80 CHANDLER                  | CUSIP: 567389WJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2890000 | PA      | $2924004.61   | 0.37%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Union High School District No 216 Agua Fria                    | MARICOPA CNTY AZ UN HIGH SCH DIST #216 AGUA FRIA             | CUSIP: 567541SP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1372463.04   | 0.17%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                              | MARYLAND ST                                                  | CUSIP: 574193NP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2501500.75   | 0.31%             | 2032-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                              | MARYLAND ST                                                  | CUSIP: 574193TL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $158496.98    | 0.02%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                              | MARYLAND ST                                                  | CUSIP: 574193UC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2493983.54   | 0.31%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Assessment Revenue                  | MASSACHUSETTS BAY MA TRANSPRTN AUTH REVENUE                  | CUSIP: 575577NZ0<br>LEI: 549300D2U0XBUXGX8P68 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5123709.00   | 0.65%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                   | MASSACHUSETTS ST BAY TRANSPRTN AUTH SALES TAX REVENUE        | CUSIP: 575579Q75<br>LEI: 549300D2U0XBUXGX8P68 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1155842.50   | 0.15%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                   | MASSACHUSETTS ST BAY TRANSPRTN AUTH SALES TAX REVENUE        | CUSIP: 575579R25<br>LEI: 549300D2U0XBUXGX8P68 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1325670.32   | 0.17%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                   | MASSACHUSETTS ST BAY TRANSPRTN AUTH SALES TAX REVENUE        | CUSIP: 575579V38<br>LEI: 549300D2U0XBUXGX8P68 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1628298.60   | 0.21%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                  | MASSACHUSETTS ST                                             | CUSIP: 57582RD52<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2490000 | PA      | $2584720.35   | 0.33%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                  | MASSACHUSETTS ST                                             | CUSIP: 57582RS31<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2556914.25   | 0.32%             | 2051-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                  | MASSACHUSETTS ST                                             | CUSIP: 57582RY26<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2077804.60   | 0.26%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                  | MASSACHUSETTS ST                                             | CUSIP: 57582TAQ5<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028609.60   | 0.13%             | 2053-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                  | MASSACHUSETTS ST                                             | CUSIP: 57582TEP3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1139024.40   | 0.14%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                  | MASSACHUSETTS ST                                             | CUSIP: 57582TFJ6<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2066297.60   | 0.26%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts State College Building Authority                                 | MASSACHUSETTS ST CLG BLDG AUTH REVENUE                       | CUSIP: 575831DR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1426273.34   | 0.18%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts State College Building Authority                                 | MASSACHUSETTS ST CLG BLDG AUTH PROJ REVENUE                  | CUSIP: 5758326L9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1024055.83   | 0.13%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts State College Building Authority                                 | MASSACHUSETTS ST CLG BLDG AUTH PROJ REVENUE                  | CUSIP: 5758326P0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1963493.20   | 0.25%             | 2043-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                       | MASSACHUSETTS ST DEV FIN AGY SPL OBLG                        | CUSIP: 57584FEC0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3846317.20   | 0.48%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                       | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584Y2D0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2285000 | PA      | $2159768.98   | 0.27%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                       | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57585BRQ3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3331331.61   | 0.42%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                  | MASSACHUSETTS ST SPL OBLG DEDICATED TAX REVENUE              | CUSIP: 576002BP3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   3950000 | PA      | $4514885.95   | 0.57%             | 2034-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Transportation Fund Revenue                      | MASSACHUSETTS ST TRANSPRTN FUND REVENUE                      | CUSIP: 57604THK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1829165.40   | 0.23%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Transportation Fund Revenue                      | MASSACHUSETTS ST TRANSPRTN FUND REVENUE                      | CUSIP: 57604TMC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033428.20   | 0.13%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN                                                             | MEMPHIS TN                                                   | CUSIP: 586145W91<br>LEI: 254900N4APYJWTAF5J46 | Long             | DBT              | MUN               | US        |   2345000 | PA      | $2352842.62   | 0.30%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN Memphis Light Gas & Water Division Electric System Revenue  | MEMPHIS TN ELEC SYS REVENUE                                  | CUSIP: 586158SA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $573278.74    | 0.07%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN Memphis Light Gas & Water Division Electric System Revenue  | MEMPHIS TN LIGHT GAS & WTR DIVISION ELEC SYS REVENUUE        | CUSIP: 586187AK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $751316.18    | 0.09%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                         | MESA AZ UTILITY SYS REVENUE                                  | CUSIP: 5905452Y4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $625724.96    | 0.08%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Atlanta Rapid Transit Authority                                   | MET ATLANTA GA RAPID TRANSIT AUTH SALES TAX REVENUE          | CUSIP: 591745B86<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |    205000 | PA      | $217563.51    | 0.03%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN Electric Revenue     | MET GOVT NASHVILLE & DAVIDSONCNTY TN ELEC REVENUE            | CUSIP: 592030S50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $924136.84    | 0.12%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                      | MET GOVT NASHVILLE & DAVIDSON CNTY TN                        | CUSIP: 592112ZE9<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1706331.75   | 0.21%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority Dedicated Tax Fund                       | MET TRANSPRTN AUTH NY DEDICATED TAX FUND                     | CUSIP: 59260XCD8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1385213.85   | 0.17%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                          | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AG50<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012860.70   | 0.13%             | 2055-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                    | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647LN9<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2156487.80   | 0.27%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                    | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647MR9<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2206009.20   | 0.28%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                       | MIAMI-DADE CNTY FL AVIATION REVENUE                          | CUSIP: 59333P5X2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1642182.40   | 0.21%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County/The                                          | MIAMI-DADE CNTY FL SCH DIST                                  | CUSIP: 59333RLL6<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5172918.00   | 0.65%             | 2047-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                           | MIAMI-DADE CNTY FL WTR & SWR REVENUE                         | CUSIP: 59334DKM5<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3512555.20   | 0.44%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                           | MIAMI-DADE CNTY FL WTR & SWR REVENUE                         | CUSIP: 59334DMP6<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $971948.70    | 0.12%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                           | MIAMI-DADE CNTY FL WTR & SWR REVENUE                         | CUSIP: 59334DPH1<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1110391.10   | 0.14%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Transit System                                         | MIAMI-DADE CNTY FL TRANSIT SALES SURTAX REVENUE              | CUSIP: 59334PGQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1234614.62   | 0.16%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Transit System                                         | MIAMI-DADE CNTY FL TRANSIT SALES SURTAX REVENUE              | CUSIP: 59334PKZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2024855.20   | 0.25%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade Seaport Department                                        | MIAMI-DADE CNTY FL SEAPORT REVENUE                           | CUSIP: 59335KDD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2948954.70   | 0.37%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Miami FL                                                               | MIAMI FL                                                     | CUSIP: 59338CBU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $533099.50    | 0.07%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                     | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TSD6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1463625.49   | 0.18%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Michigan Trunk Line Revenue                                           | MICHIGAN ST TRUNK LINE                                       | CUSIP: 5946953A4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1395958.20   | 0.18%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Middletown Area School District                                                | MIDDLETOWN PA SCH DIST                                       | CUSIP: 597212QU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002812.40   | 0.13%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                         | MINNEAPOLIS MN                                               | CUSIP: 60375BHB5<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1244295.21   | 0.16%             | 2034-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                         | MINNEAPOLIS MN                                               | CUSIP: 60375BMQ6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1136697.75   | 0.14%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission                           | MINNEAPOLIS-SAINT PAUL MN MET ARPTS COMMISSION ARPT REVENUE  | CUSIP: 603827N36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1920000 | PA      | $1948008.00   | 0.25%             | 2052-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                             | MINNESOTA ST                                                 | CUSIP: 60412AYH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093186.60   | 0.14%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota Department of Iron Range Resources & Rehabilitation         | MINNESOTA ST DEPT IRON RANGE RESOURCES & REHABILITATION REVE | CUSIP: 60414HAF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1127967.47   | 0.14%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                   | MISSISSIPPI DEV BK SPL OBLIG                                 | CUSIP: 60534XWU6<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    520000 | PA      | $575333.93    | 0.07%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                           | MISSOURI JT MUNI ELEC UTILITY COMMISSION PWR PROJ REVENUE    | CUSIP: 606092MB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1123929.90   | 0.14%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                           | MISSOURI JT MUNI ELEC UTILITY COMMISSION PWR PROJ REVENUE    | CUSIP: 606092RE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $554957.20    | 0.07%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri             | MISSOURI ST HLTH & EDUCTNL FACS AUTH HLTH FACS REVENUE       | CUSIP: 60637AMW9<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $1958763.84   | 0.25%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery TN                                                        | MONTGOMERY CNTY TN                                           | CUSIP: 61366ALQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1274405.38   | 0.16%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mount Vernon Independent School District                                       | MOUNT VERNON TX INDEP SCH DIST                               | CUSIP: 623742FT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $611336.26    | 0.08%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Muhlenberg School District                                                     | MUHLENBERG PA SCH DIST                                       | CUSIP: 624805SQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016616.70   | 0.13%             | 2055-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                        | MUNI ELEC AUTH OF GA                                         | CUSIP: 62620HEH1<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1208221.25   | 0.15%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                        | MUNI ELEC AUTH OF GA                                         | CUSIP: 62620HHK1<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058813.40   | 0.13%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Municipal Bond Bank                                              | NEW HAMPSHIRE ST MUNI BOND BANK                              | CUSIP: 64465QRP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990021.10    | 0.12%             | 2043-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New Haven CT                                                           | NEW HAVEN CT                                                 | CUSIP: 645021DR4<br>LEI: 549300U4OHEAZ124LQ06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1115704.70   | 0.14%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                      | NEW JERSEY ST ECON DEV AUTH                                  | CUSIP: 64578EMG9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4633191.45   | 0.58%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                    | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 646066F21<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4039182.80   | 0.51%             | 2031-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                    | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 646066F47<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8072674.40   | 1.02%             | 2033-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                 | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461364F5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047199.90   | 0.13%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                 | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136Y54<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2250859.50   | 0.28%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                  | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 6461396P5<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1265389.24   | 0.16%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                  | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 6461397E9<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039002.90   | 0.13%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                 | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CBD9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1285263.08   | 0.16%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                 | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CEB0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084623.20   | 0.14%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                 | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CEN4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1119431.80   | 0.14%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                 | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CHP6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057703.40   | 0.13%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                  | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646140FE8<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063371.60   | 0.13%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                  | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646140JT1<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $568046.45    | 0.07%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Mexico                                                            | NEW MEXICO ST                                                | CUSIP: 647293TH2<br>LEI: 549300H4YLM23QKOGK29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1620411.45   | 0.20%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                            | NEW YORK NY                                                  | CUSIP: 64966MHZ5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1885000 | PA      | $1899171.43   | 0.24%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                            | NEW YORK NY                                                  | CUSIP: 64966MS91<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053592.20   | 0.13%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                            | NEW YORK NY                                                  | CUSIP: 64966QQB9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1149482.22   | 0.14%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                            | NEW YORK NY                                                  | CUSIP: 64966SLN4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1658073.75   | 0.21%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                            | NEW YORK NY                                                  | CUSIP: 64966SQZ2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1107134.00   | 0.14%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue        | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971WM64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001359.60   | 0.13%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue        | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971XRT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2135000 | PA      | $2317245.52   | 0.29%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue        | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971XU71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1754118.46   | 0.22%             | 2047-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GWJ9<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2461841.25   | 0.31%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GZP2<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2270000 | PA      | $2148998.10   | 0.27%             | 2045-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GZR8<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   5360000 | PA      | $4725596.30   | 0.59%             | 2052-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue        | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JBP2<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1108849.00   | 0.14%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue        | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JCF3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2640366.25   | 0.33%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue        | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JPQ5<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2680000 | PA      | $2776372.26   | 0.35%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue        | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JPW2<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079528.30   | 0.14%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                             | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64985SHT3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $566014.40    | 0.07%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                                                  | NEW YORK ST URBAN DEV CORP SALES TAX REVENUE                 | CUSIP: 64985TCR0<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $955954.00    | 0.12%             | 2044-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                             | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990F6H2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1325440.96   | 0.17%             | 2038-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                             | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FPV0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1788019.80   | 0.23%             | 2047-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                             | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 65000BW38<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2137870.80   | 0.27%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Power Authority                                                       | NEW YORK ST PWR AUTH GREEN TRANSMISSION PROJ REVENUE         | CUSIP: 65000XBV1<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |   2020000 | PA      | $2091146.62   | 0.26%             | 2058-11-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                               | NEW YORK ST THRUWAY AUTH PERSONAL INCOME TAX REVENUE         | CUSIP: 650028C27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1531857.30   | 0.19%             | 2055-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                               | NEW YORK ST THRUWAY AUTH PERSONAL INCOME TAX REVENUE         | CUSIP: 650028YW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1911904.80   | 0.24%             | 2044-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                                                  | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 650036JM9<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3051976.50   | 0.38%             | 2057-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                       | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116ES1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $735832.79    | 0.09%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                       | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116GR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054289.90   | 0.13%             | 2039-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                       | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116HS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1886669.20   | 0.24%             | 2060-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                        | NORTH CAROLINA ST GRANT ANTICIPATION REVENUE                 | CUSIP: 658268ER4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1849706.71   | 0.23%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                              | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RBH1<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1207413.27   | 0.15%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District                                           | N TX MUNI WTR DIST REGL WSTWTR SYS CONTRACT REVENUE          | CUSIP: 66283AJH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093805.40   | 0.14%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeast Metropolitan Regional Vocational School District                     | NORTHEAST MET REGL VOCATIONAL TECH SCD DIST MA               | CUSIP: 664262BA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1394710.20   | 0.18%             | 2047-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northern California Transmission Agency                                        | NTHRN CA TRANSMISSION AGY REVENUE                            | CUSIP: 664848BX5<br>LEI: 549300Q5SNIPZIW57C52 | Long             | DBT              | MUN               | US        |   3610000 | PA      | $3617536.60   | 0.46%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Kentucky University                                                   | NTHRN KY UNIV GEN RECPTS                                     | CUSIP: 665304KC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2231743.20   | 0.28%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northwest Independent School District                                          | NORTHWEST TX INDEP SCH DIST                                  | CUSIP: 667826HF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3082656.90   | 0.39%             | 2055-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakland Unified School District/Alameda County                                 | OAKLAND CA UNIF SCH DIST ALAMEDA CNTY                        | CUSIP: 672325F28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $929082.79    | 0.12%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakland Unified School District/Alameda County                                 | OAKLAND CA UNIF SCH DIST ALAMEDA CNTY                        | CUSIP: 672325S40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1115270.80   | 0.14%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ogden City Redevelopment Agency                                                | OGDEN CITY UT REDEV AGY SALES TAX & TAX INCR REVENUE         | CUSIP: 67629TAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028910.50   | 0.13%             | 2048-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ogden City Redevelopment Agency                                                | OGDEN CITY UT REDEV AGY SALES TAX & TAX INCR REVENUE         | CUSIP: 67629TAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1962885.35   | 0.25%             | 2053-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                  | OHIO ST                                                      | CUSIP: 677523SX1<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075327.30   | 0.14%             | 2045-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                  | OHIO ST HOSP REVENUE                                         | CUSIP: 67756CFU7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1398925.90   | 0.18%             | 2040-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                  | OHIO ST MAJOR NEW STATE INFRASTRUCTURE PROJ REVENUE          | CUSIP: 677581GK0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    760000 | PA      | $763756.53    | 0.10%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Turnpike & Infrastructure Commission                                      | OHIO ST TURNPIKE COMMISSION                                  | CUSIP: 67760HNK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023378.00   | 0.13%             | 2051-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                               | OHIO ST WTR DEV AUTH REVENUE                                 | CUSIP: 67765QPJ9<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094730.40   | 0.14%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Capitol Improvement Authority                                         | OKLAHOMA ST CAPITOL IMPT AUTH ST HIGHWAY CAP IMPT REVENUE    | CUSIP: 678514EZ9<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1136028.80   | 0.14%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oklahoma City OK                                                       | OKLAHOMA CITY OK                                             | CUSIP: 6785192K4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2975000 | PA      | $3114005.98   | 0.39%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oklahoma City OK                                                       | OKLAHOMA CITY OK                                             | CUSIP: 6785192S7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1116330.40   | 0.14%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                    | OKLAHOMA ST TURNPIKE AUTH                                    | CUSIP: 679111D27<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1440194.69   | 0.18%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                 | OKLAHOMA ST WTR RESOURCE BRD REVOLVING FUND REVENUE          | CUSIP: 67919PUF8<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995009.50    | 0.13%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                 | OKLAHOMA ST WTR RESOURCE BRD REVOLVING FUND REVENUE          | CUSIP: 67919PUY7<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |    100000 | PA      | $109001.69    | 0.01%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                 | OKLAHOMA ST WTR RESOURCE BRD REVOLVING FUND REVENUE          | CUSIP: 67919PWZ2<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |   6395000 | PA      | $6529745.85   | 0.82%             | 2055-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Olympia WA                                                             | OLYMPIA WA                                                   | CUSIP: 681504QM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023633.10   | 0.13%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                    | OMAHA NE PUBLIC PWR DIST ELEC REVENUE                        | CUSIP: 682001JV5<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3121992.00   | 0.39%             | 2053-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                    | OMAHA NE PUBLIC PWR DIST ELEC REVENUE                        | CUSIP: 682001NJ7<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1539415.65   | 0.19%             | 2054-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                    | OMAHA NE PUBLIC PWR DIST ELEC REVENUE                        | CUSIP: 682001QE5<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1555489.20   | 0.20%             | 2050-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                    | OMAHA NE PUBLIC PWR DIST ELEC REVENUE                        | CUSIP: 682001QF2<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   2360000 | PA      | $2420010.55   | 0.30%             | 2055-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District Nebraska City Station Unit 2                       | OMAHA NE PUBLIC PWR DIST SEPARATE ELEC REVENUE               | CUSIP: 682004FV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1133482.90   | 0.14%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Onondaga County Trust for Cultural Resources                                   | ONONDAGA CNTY NY TRUST CULTURAL RESOURCE REVENUE             | CUSIP: 68276FDQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033637.00   | 0.13%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon Department of Transportation                                   | OREGON ST DEPT OF TRANSPRTN HIGHWAY USER TAX REVENUE         | CUSIP: 68607DTE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1069539.02   | 0.13%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oshkosh Area School District/WI                                                | OSHKOSH WI AREA SCH DIST                                     | CUSIP: 687908KN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1085452.90   | 0.14%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                   | PENNSYLVANIA ST                                              | CUSIP: 70914P2S0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1981452.00   | 0.25%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                   | PENNSYLVANIA ST                                              | CUSIP: 70914PF23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1580160.17   | 0.20%             | 2034-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                           | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917S3Z4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1204743.00   | 0.15%             | 2043-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                           | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917S6Y4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1753996.60   | 0.22%             | 2049-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                           | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917S6Z1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5083664.00   | 0.64%             | 2049-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                           | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917SV67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001276.50   | 0.13%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                           | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917TUP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1763225.26   | 0.22%             | 2043-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                     | PENNSYLVANIA ST TURNPIKE COMMISSION OIL FRANCHISE TAX REVENU | CUSIP: 709221VE2<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7744815.00   | 0.98%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                               | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224R84<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1191320.15   | 0.15%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                               | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224S91<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2037554.20   | 0.26%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                        | PHILADELPHIA PA                                              | CUSIP: 717813A33<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    500000 | PA      | $564856.30    | 0.07%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                        | PHILADELPHIA PA                                              | CUSIP: 717813YW3<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078678.90   | 0.14%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                        | PHILADELPHIA PA ARPT REVENUE                                 | CUSIP: 717817VE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2885374.80   | 0.36%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                        | PHILADELPHIA PA ARPT REVENUE                                 | CUSIP: 717817WG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044652.70   | 0.13%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                        | PHILADELPHIA PA ARPT REVENUE                                 | CUSIP: 717817XM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2055311.51   | 0.26%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                      | PHILADELPHIA PA GAS WKS REVENUE                              | CUSIP: 71783MAT2<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3377600.16   | 0.43%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                             | PHILADELPHIA PA WTR & WSTWTR REVENUE                         | CUSIP: 7178933L3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $426880.39    | 0.05%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                             | PHILADELPHIA PA WTR & WSTWTR REVENUE                         | CUSIP: 717893H95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2534071.75   | 0.32%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                         | PHOENIX AZ CIVIC IMPT CORP ARPT REVENUE                      | CUSIP: 71883MPZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $919119.40    | 0.12%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Pittsburgh PA                                                          | PITTSBURGH PA                                                | CUSIP: 725209PT1<br>LEI: 549300EZQQVTL1QEIU17 | Long             | DBT              | MUN               | US        |    760000 | PA      | $813264.30    | 0.10%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                        | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358XHY1<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070698.80   | 0.13%             | 2038-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of Houston of Harris County Texas                               | PORT HOUSTON TX AUTH                                         | CUSIP: 734262FY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1042626.82   | 0.13%             | 2051-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                             | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 735389D54<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2034586.60   | 0.26%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                             | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 735389U22<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1569246.75   | 0.20%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                             | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 735389V21<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1470757.89   | 0.19%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                   | PRINCE GEORGES CNTY MD                                       | CUSIP: 7417014W3<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047051.70   | 0.13%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Red River Education Finance Corp                                               | RED RIVER TX EDU FIN CORP EDU REVENUE                        | CUSIP: 756872LJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1131820.70   | 0.14%             | 2035-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional School Unit No 14                                                     | REGIONAL SCH UNIT #14 ME                                     | CUSIP: 75915PAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $554532.65    | 0.07%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp                              | RHODE ISLAND HLTH & EDUCTNL BLDG CORP PUBLIC SCHS REVENUE    | CUSIP: 76219MFL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $597877.79    | 0.08%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                                           | ROCHESTER MN HLTH CARE FACS REVENUE                          | CUSIP: 771902HF3<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4701740.50   | 0.59%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Rutherford TN                                                        | RUTHERFORD CNTY TN                                           | CUSIP: 783244GJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001980.00   | 0.25%             | 2035-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Sacramento Municipal Utility District                                          | SACRAMENTO CA MUNI UTILITY DIST ELEC REVENUE                 | CUSIP: 786005H84<br>LEI: E3GSVR6ZOU1MX2V7HF33 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054047.10   | 0.13%             | 2048-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of St Louis MN                                                          | SAINT LOUIS CNTY MN                                          | CUSIP: 791230VB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1535910.46   | 0.19%             | 2031-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| St Louis County School District C-2 Parkway                                    | SAINT LOUIS CNTY MO PARKWAY #C-2 SCH DIST                    | CUSIP: 791319MC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1412498.46   | 0.18%             | 2039-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of St Louis MO                                                            | SAINT LOUIS MO                                               | CUSIP: 791621WJ0<br>LEI: 5493004O38W8EYGEZ656 | Long             | DBT              | MUN               | US        |    810000 | PA      | $853072.80    | 0.11%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Paul MN Water Revenue                                               | SAINT PAUL MN WTR REVENUE                                    | CUSIP: 793073JF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3878739.20   | 0.49%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of St Petersburg FL Public Utility Revenue                                | SAINT PETERSBURG FL PUBLIC UTILITIES REVENUE                 | CUSIP: 793323C87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026088.70   | 0.13%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp                                                  | SALES TAX SECURITIZATION CORP IL                             | CUSIP: 79467BFF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1675202.13   | 0.21%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Public Utilities Revenue                             | SALT LAKE CITY UT PUBLIC UTILS REVENUE                       | CUSIP: 795604BS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1193571.38   | 0.15%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                   | SALT RIVER AZ PROJ AGRIC IMPT& PWR DIST ELEC SYS REVENUE     | CUSIP: 79574CFL2<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   4730000 | PA      | $4925432.72   | 0.62%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                       | SAN ANTONIO TX WTR REVENUE                                   | CUSIP: 79642GSP8<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |    500000 | PA      | $567841.45    | 0.07%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District/CA                                           | SAN DIEGO CA UNIF SCH DIST                                   | CUSIP: 797356JP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $918545.10    | 0.12%             | 2053-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                    | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GQY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1108902.90   | 0.14%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport   | SAN FRANCISCO CA CITY &CNTY ARPTS COMMN INTL ARPT REV        | CUSIP: 79766DRU5<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1242184.81   | 0.16%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport   | SAN FRANCISCO CA CITY &CNTY ARPTS COMMN INTL ARPT REV        | CUSIP: 79766DVM8<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1106371.90   | 0.14%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Wastewater Revenue     | SAN FRANCISCO CITY & CNTY CA PUBLIC UTILS COMMISSION WSTWTR  | CUSIP: 79768HCU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1499016.32   | 0.19%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Cruz City High School District                                           | SANTA CRUZ CITY CA HIGH SCH DIST                             | CUSIP: 801733JZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1201069.32   | 0.15%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Santa Fe NM                                                          | SANTA FE CNTY NM                                             | CUSIP: 801889SF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032205.40   | 0.13%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Scranton-Lackawanna Health and Welfare Authority                               | SCRANTON-LACKAWANNA PA HLTH & WELFARE AUTH                   | CUSIP: 810694S34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1095663.30   | 0.14%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Drainage & Wastewater Revenue                               | SEATTLE WA DRAIN & WSTWTR REVENUE                            | CUSIP: 812631QC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1277492.24   | 0.16%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                             | SEATTLE WA MUNI LIGHT & PWR REVENUE                          | CUSIP: 812643LD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1043798.94   | 0.13%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                             | SEATTLE WA MUNI LIGHT & PWR REVENUE                          | CUSIP: 812643RS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1480109.85   | 0.19%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                             | SEATTLE WA MUNI LIGHT & PWR REVENUE                          | CUSIP: 812643WF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1476230.45   | 0.19%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Shaker Heights City School District                                            | SHAKER HEIGHTS OH CITY SCH DIST                              | CUSIP: 819071SN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2900000 | PA      | $3022671.45   | 0.38%             | 2059-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Snohomish County Public Utility District No 1 Electric System Revenue          | SNOHOMISH CNTY WA PUBLIC UTILITY DIST #1 ELEC REVENUE        | CUSIP: 833102E28<br>LEI: 549300LU0VT11TQC1877 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1677957.75   | 0.21%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Ports Authority                                                 | SOUTH CAROLINA ST PORTS AUTH PORTS REVENUE                   | CUSIP: 837123JZ2<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1877268.42   | 0.24%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                     | STHRN CA PUBLIC PWR AUTH REVENUE                             | CUSIP: 84247PNC1<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    500000 | PA      | $520788.55    | 0.07%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southwestern Illinois Development Authority                                    | S WSTRN IL DEV AUTH REV                                      | CUSIP: 84552YRA1<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2521817.34   | 0.32%             | 2031-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Spartanburg County School District No 4/SC                                     | SPARTANBURG CNTY SC SCH DIST #4                              | CUSIP: 847031CU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2745000 | PA      | $2833133.72   | 0.36%             | 2047-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spokane County School District No 356 Central Valley                           | SPOKANE CNTY WA SCH DIST #356 CENTRAL VLY                    | CUSIP: 848797QG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2605000 | PA      | $2647315.36   | 0.33%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Spring Independent School District                                             | SPRING TX INDEP SCH DIST                                     | CUSIP: 850001BX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1128203.00   | 0.14%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors                                                   | State Street Institutional Treasury Plus Money Market Fund   | CUSIP: 857492854<br>LEI: 549300PNASLVKQG64331 | Long             | STIV             | RF                | US        |    418387 | NS      | $418387.43    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors                                                   | State Street Institutional Treasury Plus Money Market Fund   | CUSIP: 857492854<br>LEI: 549300PNASLVKQG64331 | Long             | STIV             | RF                | US        |   5265828 | NS      | $5265827.84   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Stillwater Independent School District No 834                                  | STILLWATER MN INDEP SCH DIST #834                            | CUSIP: 860758TB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006572.30   | 0.13%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sumter County School Board                                                     | SUMTER CNTY FL SCH BRD                                       | CUSIP: 866536CY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $589407.79    | 0.07%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Swarthmore Borough Authority                                                   | SWARTHMORE BORO PA AUTH                                      | CUSIP: 870000QS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1337669.11   | 0.17%             | 2050-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tacoma WA Electric System Revenue                                      | TACOMA WA ELEC SYS REVENUE                                   | CUSIP: 873519QU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $595191.19    | 0.07%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tallahassee FL Energy System Revenue                                   | TALLAHASSEE FL ENERGY SYS REVENUE                            | CUSIP: 874476ML5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $629153.05    | 0.08%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tampa Bay Water                                                                | TAMPA BAY WTR FL UTILITY SYS REVENUE                         | CUSIP: 875128JZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1123187.70   | 0.14%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL Water & Wastewater System Revenue                             | TAMPA FL WTR & WSTWTR SYS REVENUE                            | CUSIP: 875291AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1529380.50   | 0.19%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL Water & Wastewater System Revenue                             | TAMPA FL WTR & WSTWTR SYS REVENUE                            | CUSIP: 875291BP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7279992.30   | 0.92%             | 2057-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Temple University-of The Commonwealth System of Higher Education               | TEMPLE UNIV PA OF THE CMWLTH SYS OF HGR EDU UNIV REVENUE     | CUSIP: 880178CS5<br>LEI: 549300SCHVPNNFRR3L71 | Long             | DBT              | MUN               | US        |    140000 | PA      | $158900.83    | 0.02%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee State School Bond Authority                                          | TENNESSEE ST SCH BOND AUTH                                   | CUSIP: 880558QP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3280000 | PA      | $3368166.73   | 0.42%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas A&M University                                                           | TEXAS ST A & M UNIV REVENUES                                 | CUSIP: 88213ASK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $535600.93    | 0.07%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas A&M University                                                           | TEXAS ST A & M UNIV REVENUES                                 | CUSIP: 88213ATR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2020000 | PA      | $2244590.06   | 0.28%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                 | TEXAS ST                                                     | CUSIP: 882723TA7<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   1985000 | PA      | $1921982.01   | 0.24%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                  | TEXAS ST TRANSPRTN COMMISSION CENTRAL TX TURNPIKE SYS REVENU | CUSIP: 88283KBV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1095467.90   | 0.14%             | 2038-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                  | TEXAS ST TRANSPRTN COMMISSION CENTRAL TX TURNPIKE SYS REVENU | CUSIP: 88283KBX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2765103.00   | 0.35%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                  | TEXAS ST WTR DEV BRD                                         | CUSIP: 8828546Y3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093261.20   | 0.14%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                  | TEXAS WTR DEV BRD ST WTR IMPLEMENTATION REVENUE FUND         | CUSIP: 88285ADT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1567941.00   | 0.20%             | 2051-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                  | TEXAS WTR DEV BRD ST WTR IMPLEMENTATION REVENUE FUND         | CUSIP: 88285ADU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2041039.20   | 0.26%             | 2058-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                  | TEXAS WTR DEV BRD REVENUE                                    | CUSIP: 88285AJQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $567237.20    | 0.07%             | 2036-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                  | TEXAS WTR DEV BRD REVENUE                                    | CUSIP: 88285AKC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2768788.28   | 0.35%             | 2050-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Tomball Independent School District                                            | TOMBALL TX INDEP SCH DIST                                    | CUSIP: 889855V25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1747529.11   | 0.22%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tomball Independent School District                                            | TOMBALL TX INDEP SCH DIST                                    | CUSIP: 889855Z21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $964296.80    | 0.12%             | 2044-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tri-County Metropolitan Transportation District of Oregon                      | TRI-CNTY MET TRANSPRTN DIST OR REVENUE                       | CUSIP: 89546RPR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040549.40   | 0.13%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Troy Capital Resource Corp                                                     | TROY NY CAPITAL RESOURCE CORP REVENUE                        | CUSIP: 897579BX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1454229.28   | 0.18%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tyler TX Water & Sewer System Revenue                                  | TYLER TX WTR & SWR SYS REVENUE                               | CUSIP: 902354QL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1355907.96   | 0.17%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Union NC                                                             | UNION CNTY NC                                                | CUSIP: 9063954T2<br>LEI: 5493007ESG9QHLUW6165 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1670033.25   | 0.21%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                         | UNIV OF ARKANSAS AR UNIV REVENUE                             | CUSIP: 914073DV0<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2048990.60   | 0.26%             | 2052-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                       | UNIV OF CALIFORNIA CA REVENUES                               | CUSIP: 91412HJF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1742552.28   | 0.22%             | 2046-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                       | UNIV OF CALIFORNIA CA REVENUES                               | CUSIP: 91412HKT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2088229.60   | 0.26%             | 2046-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Kentucky                                                         | UNIV OF KENTUCKY KY GEN RECPTS                               | CUSIP: 914378RK2<br>LEI: 549300CXE3YQ1HXYCQ71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994128.90    | 0.13%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Michigan                                                         | UNIV OF MICHIGAN MI                                          | CUSIP: 914455SB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1534059.45   | 0.19%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Texas System                                               | UNIV OF N TEXAS UNIV REVENUE                                 | CUSIP: 914729TQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034916.30   | 0.13%             | 2036-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                             | UNIV OF TEXAS TX UNIV REVENUES                               | CUSIP: 91514AMX0<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |    710000 | PA      | $787166.00    | 0.10%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Wisconsin Hospitals & Clinics                                    | UNIV HOSPS & CLINICS AUTH WI                                 | CUSIP: 915260FC2<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |    850000 | PA      | $930676.82    | 0.12%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Utah UT                                                              | UTAH CNTY UT HOSP REVENUE                                    | CUSIP: 917393BN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1115181.20   | 0.14%             | 2047-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Utah UT                                                              | UTAH CNTY UT HOSP REVENUE                                    | CUSIP: 917393CK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1174399.31   | 0.15%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                          | UTILITY DEBT SECURITIZATION AUTH NY                          | CUSIP: 91802RGX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1314521.80   | 0.17%             | 2040-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                          | UTILITY DEBT SECURITIZATION AUTH NY                          | CUSIP: 91802RHG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040821.60   | 0.13%             | 2050-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vancouver Library Capital Facilities Area                                      | VANCOUVER WA LIBRARY CAPITAL FACS AREA                       | CUSIP: 921586CA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009502.70   | 0.13%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                            | VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE PUBLIC HGR ED | CUSIP: 92778WGQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014003.30   | 0.13%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                     | VIRGINIA ST CMWLTH TRANSPRTN BRD TRANSPRTN REVENUE           | CUSIP: 927793U23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $974146.20    | 0.12%             | 2044-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                    | VIRGINIA SMALL BUSINESS FING AUTH PRIV ACTIVITY REVENUE SR   | CUSIP: 928097AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    905000 | PA      | $863672.27    | 0.11%             | 2052-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                              | WAKE CNTY NC LIMITED OBLIG                                   | CUSIP: 930876HZ3<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |    520000 | PA      | $575737.97    | 0.07%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington County Rural Water District No 3                                    | WASHINGTON CNTY OK RURAL WTR DIST #3                         | CUSIP: 938203AX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2591499.90   | 0.33%             | 2041-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                 | WASHINGTON DC MET AREA TRANSIT AUTH GROSS REVENUE            | CUSIP: 938782FT1<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5074608.00   | 0.64%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                            | WASHINGTON ST                                                | CUSIP: 93974D2J6<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1488611.84   | 0.19%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                            | WASHINGTON ST                                                | CUSIP: 93974D5H7<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    840000 | PA      | $863054.64    | 0.11%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                            | WASHINGTON ST                                                | CUSIP: 93974EXW1<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $2016349.14   | 0.25%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                            | WASHINGTON ST                                                | CUSIP: 93974FAX1<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1095325.90   | 0.14%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                            | WASHINGTON ST                                                | CUSIP: 93974FBN2<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1145168.40   | 0.14%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                            | WASHINGTON ST                                                | CUSIP: 93974FFJ7<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2626695.25   | 0.33%             | 2048-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                    | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HF75<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   2105000 | PA      | $2196943.24   | 0.28%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                    | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HVN2<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    750000 | PA      | $781791.38    | 0.10%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Suburban Sanitary Commission                                        | WASHINGTON SUBURBAN SAN DIST MD                              | CUSIP: 940158DN5<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1922876.40   | 0.24%             | 2047-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Weber School District                                                          | WEBER UT SCH DIST                                            | CUSIP: 94766PMR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984736.90    | 0.12%             | 2043-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Palm Beach Community Redevelopment Agency                                 | W PALM BEACH FL CMNTY REDEV AGY                              | CUSIP: 955070DN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052979.50   | 0.13%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wildwood Utility Dependent District                                            | WILDWOOD UTILITY DEPENDENT DIST FL UTILITY REVENUE           | CUSIP: 968214BU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1092773.70   | 0.14%             | 2038-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| William Penn School District                                                   | WILLIAM PENN PA SCH DIST                                     | CUSIP: 969255QY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027805.70   | 0.13%             | 2047-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Winter Garden FL Water & Wastewater Revenue                            | WINTER GARDEN FL WTR & WSTWTR REVENUE                        | CUSIP: 975784AW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5045000 | PA      | $5229908.84   | 0.66%             | 2054-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                             | WISCONSIN ST                                                 | CUSIP: 97705MVH5<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2010454.40   | 0.25%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Yellowstone County K-12 School District No 26 Lockwood                         | YELLOWSTONE CNTY MT SCH DIST #26                             | CUSIP: 985794DF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1632164.94   | 0.21%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** ELFUN TAX EXEMPT INCOME FUND

**Signature:** Arthur Jensen

**Name of Signer:** Arthur Jensen

**Title:** Deputy Treasurer