# EDGAR Filing Document

**Accession Number:** 0000746601
**File Stem:** 0001752724-23-038762
**Filing Date:** 2023-2
**Character Count:** 306120
**Document Hash:** 7ab99d505d7a94a719e7a55577be5da9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-038762.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-038762

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SIT MUTUAL FUNDS II INC
- **CENTRAL INDEX KEY:** 0000746601
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04033
- **FILM NUMBER:** 23664776

**BUSINESS ADDRESS:**
- **STREET 1:** 3300 IDS CTR, 80 S. 8TH STREET
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402
- **BUSINESS PHONE:** 612-332-3223

**MAIL ADDRESS:**
- **STREET 1:** 3300 IDS CTR, 80 S. 8TH STREET
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SIT NEW BEGINNING TAX FREE INCOME FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SIT NEW BEGINNING YIELD FUND INC
- **DATE OF NAME CHANGE:** 19880929

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEW BEGINNING YIELD FUND INC
- **DATE OF NAME CHANGE:** 19870907

## Series and Classes Contracts Data

### Sit Tax-Free Income Fund (Series ID: S000003467)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000009601 | Sit Tax-Free Income Fund - Class S | SNTIX           |
| C000229508 | Sit Tax-Free Income Fund - Class Y | SNTYX           |

## Nport-Ex

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Tax-Free Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  **Municipal Bonds - 88.1%** |  |  |  |  |
|  **Alabama - 0.3%** |  |  |  |  |
|  Mobile Co. Limited Obligation Warrants Rev. (Gomesa Proj.) <sup>4</sup>  | 500000 | 4.00 | 11/1/45 | 369520 |
|  Stadium Trace Village Improvement District Rev. | 485000 | 3.63 | 3/1/36 | 378557 |
|  |  |  |  | 748077 |
|  **Alaska - 0.2%** |  |  |  |  |
|  AK Industrial Dev. & Export Auth. Rev. (Boys & Girls Home) <sup>2, 5,15</sup> | 250000 | 5.50 | N/A | 650 |
|  AK Industrial Dev. & Export Auth. Rev. (GTR Fairbanks Community Hospital Foundation) | 250000 | 5.00 | 4/1/33 | 250127 |
|  AK Industrial Dev. & Export Auth. Rev. (Tanana Chiefs Conference Proj.) | 300000 | 4.00 | 10/1/49 | 268056 |
|  |  |  |  | 518833 |
|  **Arizona - 0.9%** |  |  |  |  |
|  AZ Industrial Dev. Auth. Rev. (Legacy Cares, Inc. Proj.) <sup>4</sup>  | 750000 | 6.75 | 7/1/30 | 525000 |
|  AZ Industrial Dev. Auth. Rev. (Legacy Cares, Inc. Proj.) <sup>4</sup>  | 100000 | 5.50 | 7/1/31 | 70000 |
|  AZ Industrial Dev. Auth. Rev. (Legacy Cares, Inc. Proj.) <sup>4</sup>  | 750000 | 7.75 | 7/1/50 | 525000 |
|  AZ Industrial Dev. Auth. Rev. (Legacy Cares, Inc. Proj.) <sup>4</sup>  | 200000 | 6.00 | 7/1/51 | 140000 |
|  Pima Co. Industrial Dev. Auth. Rev. (LA Posada at Pusch Ridge Proj.) <sup>4</sup>  | 350000 | 6.25 | 11/15/35 | 356933 |
|  Pima Co. Industrial Dev. Auth. Rev. (LA Posada at Pusch Ridge Proj.) <sup>4</sup>  | 350000 | 7.00 | 11/15/57 | 356692 |
|  Tempe Industrial Dev. Auth. Rev. (Mirabella at ASU Proj.) <sup>4</sup>  | 340000 | 4.70 | 10/1/24 | 330096 |
|  |  |  |  | 2303721 |
|  **Arkansas - 0.2%** |  |  |  |  |
|  Mountain Home City Sales & Use Tax Rev. | 490000 | 2.00 | 9/1/38 | 355652 |
|  **California - 4.2%** |  |  |  |  |
|  CA G.O. | 500000 | 5.50 | 12/1/52 | 534945 |
|  CA Health Facs. Financing Auth. Rev. (On Lok Senior Health Services) | 500000 | 5.00 | 8/1/50 | 511980 |
|  CA Municipal Finance Auth. Rev. (Caritas Proj.) | 250000 | 4.00 | 8/15/56 | 206187 |
|  CA Public Finance Auth. Rev. (Enso Village Proj.) <sup>4</sup>  | 350000 | 3.13 | 5/15/29 | 305169 |
|  CA Public Finance Auth. Rev. (Green Bond-Enso Village Proj.) <sup>4</sup>  | 500000 | 5.00 | 11/15/46 | 420805 |
|  CA Public Finance Auth. Rev. (Green Bond-Enso Village Proj.) <sup>4</sup>  | 250000 | 5.00 | 11/15/56 | 201770 |
|  Colton Joint Unified School District G.O. (AGM Insured) <sup>6</sup>  | 1000000 | 5.80 | 8/1/35 | 1111110 |
|  Encinitas Union School District G.O. Capital Appreciation <sup>6</sup>  | 500000 | 6.75 | 8/1/35 | 636260 |
|  Imperial Community College District G.O. Capital Appreciation (AGM Insured) <sup>6</sup>  | 250000 | 6.75 | 8/1/40 | 274883 |
|  Los Alamitos Unified School District Capital Appreciation C.O.P. <sup>6</sup>  | 1100000 | 6.00 | 8/1/34 | 1152217 |
|  Martinez Unified School District G.O. <sup>6</sup>  | 250000 | 6.13 | 8/1/35 | 263180 |
|  Orange Co. Community Facs. District No. 2017-1 Special Assessment (Village of Esencia) | 500000 | 4.00 | 8/15/45 | 426105 |
|  Redondo Beach School District G.O. <sup>6</sup>  | 600000 | 6.38 | 8/1/34 | 677844 |
|  Sacramento Co. Water Financing Auth. Rev. (NATL-RE FGIC Insured) <sup>1</sup>  | 500000 | 3.76 | 6/1/39 | 435980 |
|  San Jose Financing Auth. Rev. (Civic Center Garage Proj.) <sup>9</sup>  | 400000 | 5.00 | 6/1/39 | 403848 |
|  Sulphur Springs Union School Dist. C.O.P. (AGM Insured) <sup>6</sup>  | 65000 | 6.50 | 12/1/37 | 71153 |
|  Sulphur Springs Union School Dist. C.O.P. (AGM Insured) <sup>6</sup>  | 180000 | 6.50 | 12/1/37 | 198491 |
|  Sulphur Springs Union School Dist. C.O.P. (AGM Insured) <sup>6</sup>  | 205000 | 6.50 | 12/1/37 | 226968 |
|  Tracy Joint Unified School District G.O. Capital Appreciation <sup>6</sup>  | 600000 | 7.00 | 8/1/41 | 570666 |
|  Upland Unified School District G.O. Capital Appreciation <sup>6</sup>  | 1000000 | 7.00 | 8/1/41 | 1104120 |
|  Val Verde Unified School District G.O. Capital Appreciation (AGM Insured) <sup>6</sup>  | 500000 | 6.13 | 8/1/34 | 602860 |
|  |  |  |  | 10336541 |
|  **Colorado - 4.0%** |  |  |  |  |
|  Baseline Metropolitan District No. 1 G.O. | 280000 | 5.00 | 12/1/51 | 233744 |

---

DECEMBER 31, 2022<sub>1</sub>

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  Brighton Crossing Metropolitan District No. 6 G.O. | 515000 | 5.00 | 12/1/40 | 459122 |
|  Buffalo Highlands Metropolitan District G.O. | 350000 | 5.25 | 12/1/38 | 333067 |
|  Chambers Highpoint Metropolitan District No. 2 G.O. | 515000 | 5.00 | 12/1/41 | 457449 |
|  CO Educational & Cultural Facs. Auth. Rev. (CO Springs Charter Academy Proj.) | 250000 | 5.60 | 7/1/34 | 250400 |
|  CO Health Facs. Auth. Rev. (Aberdeen Ridge) | 400000 | 3.50 | 5/15/30 | 352960 |
|  CO Health Facs. Auth. Rev. (Aberdeen Ridge) | 415000 | 5.00 | 5/15/44 | 338669 |
|  CO Health Facs. Auth. Rev. (Aberdeen Ridge) | 850000 | 5.00 | 5/15/58 | 636242 |
|  CO Health Facs. Auth. Rev. (Covenant Retirement Community) | 650000 | 5.00 | 12/1/48 | 640465 |
|  Colliers Hill Metro District No. 2 G.O. | 600000 | 6.00 | 12/15/47 | 493836 |
|  Crossroads Metropolitan District No. 1 G.O. | 500000 | 6.50 | 12/1/51 | 464190 |
|  Denver City & County Housing Auth. Rev. (Sustainability Bonds - Thrive Proj.) | 500000 | 2.05 | 2/1/39 | 354130 |
|  Green Valley Ranch East Metropolitan District No. 6 G.O. | 1000000 | 5.88 | 12/1/50 | 930570 |
|  Haskins Station Metropolitan District G.O. | 500000 | 5.00 | 12/1/49 | 427475 |
|  Raindance Metropolitan District No. 2 G.O. | 330000 | 5.00 | 12/1/39 | 307019 |
|  Reunion Metropolitan District Rev. | 588723 | 3.63 | 12/1/44 | 420371 |
|  Rudolph Farms Metropolitan District No. 6 G.O. | 500000 | 6.50 | 6/1/52 | 472520 |
|  Sagebrush Farm Metropolitan District No. 1 G.O. | 750000 | 6.38 | 12/1/42 | 744510 |
|  Sky Ranch Community Auth. Board Rev. | 500000 | 5.75 | 12/1/52 | 453825 |
|  Thompson Crossing Metropolitan District No. 4 G.O. | 500000 | 5.00 | 12/1/49 | 432790 |
|  Tree Farm Metropolitan District G.O. <sup>4</sup>  | 500000 | 4.50 | 12/1/41 | 432125 |
|  Windler Public Improvement Auth. Rev. | 500000 | 4.00 | 12/1/41 | 366355 |
|  |  |  |  | 10001834 |
|  **Connecticut - 0.7%** |  |  |  |  |
|  CT Health & Educational Facs. Auth. Rev. <sup>4</sup>  | 250000 | 3.25 | 1/1/27 | 250007 |
|  CT Health & Educational Facs. Auth. Rev. <sup>4</sup>  | 250000 | 5.00 | 1/1/55 | 224380 |
|  CT Hsg. Finance Auth. Rev. | 100000 | 3.88 | 11/15/35 | 98025 |
|  CT Hsg. Finance Auth. Rev. | 865000 | 2.55 | 6/15/46 | 627272 |
|  Stamford Hsg. Auth. Rev. (Dogwoods Proj.) <sup>4</sup>  | 350000 | 11.00 | 12/1/27 | 351974 |
|  Steel Point Infrastructure Improvement District Rev. (Steelpointe Harbor Proj.) <sup>4</sup>  | 350000 | 4.00 | 4/1/51 | 258248 |
|  |  |  |  | 1809906 |
|  **District of Columbia - 0.7%** |  |  |  |  |
|  District of Columbia Hsg. Finance Agency Rev. (FHA Insured) | 1500000 | 2.50 | 3/1/42 | 1069230 |
|  District of Columbia Hsg. Finance Agency Rev. (Multi-Family Dev. Program) | 600000 | 4.05 | 9/1/43 | 582132 |
|  |  |  |  | 1651362 |
|  **Florida - 14.5%** |  |  |  |  |
|  Artisan Lakes East Community Dev. District Special Assessment | 450000 | 4.00 | 5/1/51 | 340259 |
|  Blackburn Creek Community Dev. District Special Assessment (Grand Palm Proj.) | 150000 | 6.25 | 5/1/35 | 154321 |
|  Capital Trust Agency Rev. (River City Educational Services, Inc. Proj.) | 500000 | 5.38 | 2/1/35 | 510790 |
|  Capital Trust Agency Rev. (River City Educational Services, Inc. Proj.) | 300000 | 5.63 | 2/1/45 | 306531 |
|  Capital Trust Agency Rev. (Tallahassee Tapestry) <sup>2,</sup> <sup>4, 5</sup> | 550000 | 6.75 | 12/1/35 | 148500 |
|  Capital Trust Agency Rev. (Tapestry Walden Senior Hsg. Proj.) <sup>2,</sup> <sup>4, 5</sup> | 250000 | 6.75 | 7/1/37 | 57500 |
|  Capital Trust Agency Rev. (Tuscan Gardens Senior Living Center) <sup>2,</sup> <sup>5</sup> | 250000 | 7.00 | 4/1/35 | 190500 |
|  Celebration Pointe Community Dev. District Special Assessment Rev. | 240000 | 5.00 | 5/1/32 | 239275 |
|  CFM Community Dev. District Special Assessment | 500000 | 4.00 | 5/1/51 | 378065 |
|  Cobblestone Community Dev. District Special Assessment <sup>4</sup>  | 630000 | 4.20 | 5/1/42 | 531266 |
|  Collier Co. Industrial Dev. Auth. Rev. (Arlington of Naples Proj.) <sup>2,</sup> <sup>4, 5</sup> | 250000 | 7.25 | 5/15/26 | 145000 |

---

**2**

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair<br>Value ($)** |
|  Collier Co. Industrial Dev. Auth. Rev. (Arlington of Naples Proj.) <sup>2,</sup> <sup>4,5</sup> | 750000 | 8.13 | 5/15/44 | 435000 |
|  Elevation Pointe Community Dev. District Special Assessment | 500000 | 4.40 | 5/1/32 | 472470 |
|  Entrada Community Dev. District Special Assessment Rev. <sup>4</sup>  | 400000 | 4.00 | 5/1/52 | 300348 |
|  Escambia Co. Housing Finance Auth. Rev. (Multi-County Program) | 395000 | 3.75 | 10/1/49 | 384785 |
|  FL Dev. Finance Corp. Rev. (Discovery High School Proj.) <sup>4</sup>  | 500000 | 5.00 | 6/1/40 | 451920 |
|  FL Dev. Finance Corp. Rev. (Green Bond-Brightline Proj.) <sup>4</sup>  | 650000 | 7.38 | 1/1/49 | 566949 |
|  FL Dev. Finance Corp. Rev. (Green Bond-Brightline Proj.) <sup>1,</sup> <sup>4</sup> | 500000 | 7.25 | 7/1/57 | 498510 |
|  FL Dev. Finance Corp. Rev. (Jensen Dunes Proj.) <sup>4</sup>  | 500000 | 5.00 | 11/15/30 | 455785 |
|  FL Dev. Finance Corp. Rev. (Mayflower Retirement Community) <sup>4</sup>  | 330000 | 2.38 | 6/1/27 | 293802 |
|  FL Dev. Finance Corp. Rev. (The Glenride on Palmer Ranch Proj.) | 650000 | 5.00 | 6/1/51 | 518687 |
|  FL Hsg. Finance Corp. (GNMA/FNMA/FHLMC Collateralized) | 319000 | 4.20 | 1/1/45 | 308846 |
|  FL Hsg. Finance Corp. (GNMA/FNMA/FHLMC Collateralized) | 790000 | 5.05 | 7/1/47 | 823370 |
|  FL Hsg. Finance Corp. (GNMA/FNMA/FHLMC Collateralized) | 255000 | 3.30 | 7/1/49 | 243543 |
|  FL Hsg. Finance Corp. (GNMA/FNMA/FHLMC Collateralized) | 735000 | 2.75 | 7/1/50 | 596930 |
|  FL Hsg. Finance Corp. (GNMA/FNMA/FHLMC Collateralized) | 1405000 | 2.30 | 1/1/52 | 932274 |
|  FL Hsg. Finance Corp. (GNMA/FNMA/FHLMC Collateralized) | 500000 | 4.55 | 7/1/52 | 480060 |
|  FRERC Community Dev. District Special Assessment | 1000000 | 5.38 | 11/1/40 | 940390 |
|  Gramercy Farms Community Dev. District Special Assessment <sup>6</sup>  | 260000 | 3.24 | 5/1/39 | 135200 |
|  Grande Pines Community Dev. District Special Assessment | 635000 | 4.00 | 5/1/51 | 480143 |
|  Harbor Bay Community Dev. District Special Assessment | 280000 | 4.10 | 5/1/48 | 220842 |
|  Heritage Harbour North Community Dev. District Special Assessment | 200000 | 5.00 | 5/1/34 | 200054 |
|  Hyde Park Community Dev. District No. 1 Special Assessment | 500000 | 4.00 | 5/1/52 | 375350 |
|  Lake Co. Retirement Project. Rev. (Lakeside at Waterman Village Proj.) | 500000 | 5.75 | 8/15/50 | 430515 |
|  Lakes of Sarasota Community Dev. District Special Assessment | 300000 | 3.88 | 5/1/31 | 273153 |
|  Lakes of Sarasota Community Dev. District Special Assessment | 500000 | 4.13 | 5/1/31 | 460515 |
|  Lakes of Sarasota Community Dev. District Special Assessment | 265000 | 4.10 | 5/1/51 | 203933 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. | 100000 | 4.25 | 5/1/25 | 99387 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Azario Proj.) | 520000 | 3.75 | 5/1/40 | 410634 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Azario Proj.) | 580000 | 4.00 | 5/1/40 | 487768 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Country Club East Proj.) | 100000 | 6.70 | 5/1/33 | 100476 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood National) | 300000 | 5.25 | 5/1/37 | 300435 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood Ranch) | 400000 | 5.00 | 5/1/36 | 397168 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood Ranch) | 430000 | 3.00 | 5/1/41 | 306728 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lorraine Lakes Proj.) <sup>4</sup>  | 500000 | 3.63 | 5/1/40 | 391515 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (NE Sector Proj.) | 300000 | 5.00 | 5/1/38 | 292467 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (NE Sector Proj.) | 550000 | 5.30 | 5/1/39 | 547008 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (NE Sector Proj.) <sup>4</sup>  | 485000 | 3.75 | 5/1/40 | 386438 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Sweetwater Proj.) | 490000 | 3.10 | 5/1/41 | 346709 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Webb Proj.) <sup>4</sup>  | 320000 | 5.00 | 5/1/37 | 314221 |
|  Lakewood Ranch Stewardship District Special Assessment (Lake Club Phase 4 Proj.) | 300000 | 4.50 | 5/1/49 | 252216 |
|  Laurel Road Community Dev. District Special Assessment | 700000 | 3.13 | 5/1/31 | 601104 |
|  LT Ranch Community Dev. District Special Assessment | 500000 | 4.00 | 5/1/40 | 418335 |
|  LT Ranch Community Dev. District Special Assessment | 300000 | 5.90 | 5/1/53 | 296214 |
|  Marshall Creek Community Dev. District Cap. Improvement Special Assessment Rev. | 250000 | 5.00 | 5/1/32 | 248965 |
|  Meadow View at Twin Creeks Community Dev. District Special Assessment | 225000 | 3.75 | 5/1/52 | 159107 |
|  Meadow View at Twin Creeks Community Dev. District Special Assessment | 245000 | 4.00 | 5/1/52 | 183875 |

---

DECEMBER 31, 2022<sub>3</sub>

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  New River Community Dev. District Cap. Improvement Special Assessment Rev. <sup>2,</sup> <sup>5,15</sup> | 230000 | 5.00 | N/A | 2 |
|  North River Ranch Community Dev. District Cap. Improvement Special Assessment Rev. | 550000 | 4.20 | 5/1/35 | 497574 |
|  Northern Palm Beach Co. Improvement District Special Assessment | 500000 | 5.00 | 8/1/29 | 504065 |
|  Northern Palm Beach Co. Improvement District Special Assessment | 250000 | 5.00 | 8/1/37 | 245173 |
|  Orange Co. Health Facs. Auth. Rev. (Presbyterian Retirement Community Proj.) | 550000 | 5.00 | 8/1/34 | 558723 |
|  Orange Co. Health Facs. Auth. Rev. (Presbyterian Retirement Community Proj.) | 500000 | 5.00 | 8/1/35 | 511580 |
|  Orange Co. Hsg. Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 220000 | 4.00 | 9/1/48 | 220275 |
|  Orlando Tourist Dev. Rev. (Senior Lien Tourist Dev.) (AGM Insured) | 250000 | 5.00 | 11/1/38 | 267315 |
|  Palm Beach Co. Health Facs. Auth. Rev. (ACTS Retirement-Life Community, Inc.) | 500000 | 5.00 | 11/15/32 | 503280 |
|  Palm Beach Co. Health Facs. Auth. Rev. (Green Cay Life Plan Village Proj.) <sup>4</sup>  | 500000 | 11.50 | 7/1/27 | 484455 |
|  Palm Beach Co. Health Facs. Auth. Rev. (Lifespace Communities, Inc.) | 500000 | 4.00 | 5/15/53 | 332810 |
|  Palm Beach Co. Health Facs. Auth. Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton) | 500000 | 4.00 | 6/1/41 | 388505 |
|  Palm Coast Park Community Dev. District Special Assessment | 500000 | 4.00 | 5/1/52 | 375515 |
|  Parker Road Community Dev. District Special Assessment | 500000 | 4.10 | 5/1/50 | 387645 |
|  Parkview at Long Lake Ranch Community Dev. District Special Assessment | 270000 | 4.00 | 5/1/51 | 204155 |
|  Pinellas Co. Industrial Dev. Auth. Rev. | 500000 | 5.00 | 7/1/39 | 478650 |
|  Pompano Beach Rev. (John Knox Village Proj.) | 1000000 | 5.00 | 9/1/44 | 956590 |
|  River Landing Community Dev. District Special Assessment | 415000 | 4.25 | 11/1/35 | 368034 |
|  Rolling Hills Community Dev. District Special Assessment | 250000 | 3.65 | 5/1/32 | 220110 |
|  Sandridge Community Dev. District Special Assessment | 500000 | 3.88 | 5/1/41 | 401540 |
|  Sawyers Landing Community Dev. District Special Assessment Rev. | 590000 | 3.25 | 5/1/26 | 562152 |
|  Sawyers Landing Community Dev. District Special Assessment Rev. | 500000 | 4.13 | 5/1/41 | 420025 |
|  Sawyers Landing Community Dev. District Special Assessment Rev. | 1250000 | 4.25 | 5/1/53 | 980750 |
|  Southern Groves Community Dev. District No. 5 Special Assessment | 500000 | 4.00 | 5/1/30 | 471725 |
|  Southern Groves Community Dev. District No. 5 Special Assessment | 285000 | 4.00 | 5/1/48 | 220274 |
|  St. Johns Co. Industrial Dev. Auth. Rev. (Presbyterian Retirement Communities Obligated Group Proj.) | 1000000 | 4.00 | 8/1/55 | 866740 |
|  Sunbridge Stewardship District Special Assessment (Weslyn Park Proj.) | 350000 | 5.20 | 5/1/42 | 328461 |
|  Tolomato Community Dev. District Special Assessment <sup>2,</sup> <sup>5</sup> | 120000 | 6.61 | 5/1/40 | 1 |
|  Tolomato Community Dev. District Special Assessment <sup>6</sup>  | 110000 | 7.00 | 5/1/40 | 97383 |
|  Tradition Community Dev. District No. 9 Special Assessment | 645000 | 4.00 | 5/1/52 | 484079 |
|  Trout Creek Community Dev. District Special Assessment | 300000 | 5.38 | 5/1/38 | 298452 |
|  Trout Creek Community Dev. District Special Assessment | 250000 | 4.00 | 5/1/40 | 209210 |
|  University Park Recreation District Special Assessment (BAM Insured) | 750000 | 3.50 | 5/1/50 | 619688 |
|  Viera Stewardship District Special Assessment | 250000 | 4.00 | 5/1/53 | 186875 |
|  Waterset South Community Dev. District Special Assessment | 500000 | 5.90 | 5/1/42 | 500660 |
|  Windward at Lakewood Ranch Community Dev. District Special Assessment | 450000 | 4.25 | 5/1/52 | 353628 |
|  Wiregrass Community Dev. District Special Assessment | 240000 | 5.38 | 5/1/35 | 241678 |
|  Zephyr Ridge Community Dev. District Special Assessment <sup>2,</sup> <sup>5,15</sup> | 450000 | 5.25 | N/A | 189000 |
|  |  |  |  | 35962928 |
|  **Georgia - 2.3%** |  |  |  |  |
|  Burke Co. Dev. Auth. Rev. (Georgia Transmission Corp. Vogtle Proj.) <sup>14</sup>  | 740000 | 2.75 | 1/1/52 | 481511 |
|  Clarke Co. Hospital Auth. Rev. (Piedmont Healthcare) | 350000 | 5.00 | 7/1/46 | 352782 |
|  Cobb Co. Dev. Auth. Rev. (Presbyterian Village Proj.) <sup>4</sup>  | 650000 | 5.00 | 12/1/39 | 564044 |
|  Fulton Co. Dev. Auth. Rev. (Woodruff Arts Center) | 500000 | 5.00 | 3/15/44 | 525565 |
|  GA Housing & Finance Authority Rev. | 595000 | 3.85 | 12/1/41 | 569367 |
|  GA Housing & Finance Authority Rev. | 900000 | 3.50 | 12/1/46 | 769014 |

---

**4**

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  GA Housing & Finance Authority Rev. | 490000 | 4.00 | 12/1/48 | 478196 |
|  GA Tax Allocation (Beltline Proj.) | 500000 | 5.00 | 1/1/30 | 500650 |
|  Gainesville & Hall Co. Dev. Auth. Rev. (Lanier Christian Academy, inc. Proj.) <sup>4</sup>  | 640000 | 6.25 | 9/1/44 | 576954 |
|  Gainesville Hospital Auth. Rev. (Northeast Georgia Health System, Inc. Proj.) | 500000 | 5.00 | 2/15/37 | 523575 |
|  Glynn-Brunswick Memorial Hospital Auth. Rev. (Southeast Georgia Health System Proj.) | 350000 | 5.00 | 8/1/47 | 350350 |
|  |  |  |  | 5692008 |
|  **Idaho - 0.5%** |  |  |  |  |
|  ID Health Facs. Authority Rev. (Terraces Boise Proj.) | 100000 | 8.00 | 10/1/28 | 92289 |
|  ID Health Facs. Authority Rev. (Terraces Boise Proj.) | 290000 | 3.80 | 10/1/31 | 245497 |
|  ID Health Facs. Authority Rev. (Terraces Boise Proj.) | 250000 | 4.00 | 10/1/33 | 205780 |
|  ID Health Facs. Authority Rev. (Terraces Boise Proj.) | 500000 | 4.50 | 10/1/50 | 357835 |
|  Spring Valley Community Infrastructure District. No. 1 Special Assessment <sup>4</sup>  | 500000 | 3.75 | 9/1/51 | 357915 |
|  |  |  |  | 1259316 |
|  **Illinois - 4.6%** |  |  |  |  |
|  Bolingbrook Special Tax (AGM Insured) | 998000 | 4.00 | 3/1/30 | 1014217 |
|  Burbank Educational Facs. Rev. (Intercultural Montessori Language School) <sup>4</sup>  | 500000 | 6.00 | 9/1/35 | 497760 |
|  Bureau Co. Township High School Dist. No. 502 G.O. (BAM Insured) | 500000 | 6.25 | 12/1/33 | 515065 |
|  Chicago Midway Airport Rev. (Second Lien) | 500000 | 5.25 | 1/1/35 | 500445 |
|  Chicago O'Hare International Airport Rev. (Senior Lien) (AGM Insured) | 500000 | 5.50 | 1/1/53 | 524550 |
|  IL Fin. Auth. Rev. (Admiral Lake Proj.) | 670000 | 5.13 | 5/15/38 | 479640 |
|  IL Fin. Auth. Rev. (Christian Homes, Inc.) | 500000 | 5.00 | 5/15/36 | 448500 |
|  IL Fin. Auth. Rev. (Edward Elmhurst Healthcare) | 1000000 | 5.00 | 1/1/44 | 1091460 |
|  IL Fin. Auth. Rev. (Lifespace Communities) | 500000 | 5.00 | 5/15/35 | 459620 |
|  IL Fin. Auth. Rev. (Lifespace Communities) | 1000000 | 5.00 | 5/15/45 | 852560 |
|  IL Fin. Auth. Rev. (Plymouth Place, Inc.) | 500000 | 6.00 | 11/15/27 | 501235 |
|  IL Fin. Auth. Rev. (Rogers Park Montessori School Proj.) | 100000 | 5.00 | 2/1/24 | 100070 |
|  IL Fin. Auth. Rev. (Westminster Village) | 500000 | 5.25 | 5/1/38 | 442535 |
|  IL Fin. Auth. Sports Facs. Rev. (North Shore Ice Arena Proj.) | 1000000 | 6.25 | 12/1/38 | 647010 |
|  IL G.O. | 250000 | 5.50 | 7/1/33 | 250885 |
|  IL Housing Dev. Auth. Rev. | 500000 | 5.38 | 12/1/28 | 512465 |
|  IL Housing Dev. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 190000 | 4.00 | 10/1/48 | 190152 |
|  IL Rev. | 500000 | 5.00 | 6/15/33 | 517560 |
|  IL Sports Facilities Auth. Rev. (State Tax Supported) (AGM Insured) | 1000000 | 5.25 | 6/15/31 | 1021720 |
|  Malta Tax Allocation Rev. <sup>2,</sup> <sup>5</sup> | 1921000 | 5.75 | 12/30/25 | 480250 |
|  Southwestern IL Dev. Auth. Tax Allocation Ref. (Local Govt. Program) <sup>2,15</sup>  | 325000 | 7.00 | N/A | 48750 |
|  Upper Illinois River Valley Dev. Auth. Rev. (Cambridge Lakes Learning Center) <sup>4</sup>  | 250000 | 5.25 | 12/1/37 | 231680 |
|  |  |  |  | 11328129 |
|  **Indiana - 1.1%** |  |  |  |  |
|  IN Finance Auth. Rev. (BHI Senior Living) | 500000 | 4.00 | 11/15/41 | 408020 |
|  IN Finance Auth. Rev. (BHI Senior Living) | 775000 | 5.88 | 11/15/41 | 791903 |
|  IN Finance Auth. Rev. (BHI Senior Living) | 170000 | 5.25 | 11/15/46 | 163504 |
|  IN Finance Auth. Rev. (Greencroft Obligated Group) | 350000 | 6.50 | 11/15/33 | 357882 |
|  IN Housing & Community Dev. Auth. Rev. (Hammond Assisted Living Proj.) | 500000 | 5.75 | 1/1/36 | 436795 |
|  Merrillville Industry Economic Dev. Rev. (Belvedere Housing Proj.) | 300000 | 5.75 | 4/1/36 | 261603 |
|  Richmond Hospital Auth. Rev. (Reid Hospital & Health Care) | 350000 | 5.00 | 1/1/35 | 356580 |
|  |  |  |  | 2776287 |

---

DECEMBER 31, 2022<sub>5</sub>

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair<br>Value ($)** |
|  **Iowa - 1.2%** |  |  |  |  |
|  IA Fin. Auth. Rev. (Lifespace Communities, Inc.) | 650000 | 5.00 | 5/15/36 | 590226 |
|  IA Fin. Auth. Rev. (Lifespace Communities, Inc.) | 565000 | 5.00 | 5/15/47 | 471029 |
|  IA Fin. Auth. Rev. (Lifespace Communities, Inc.) | 750000 | 5.00 | 5/15/48 | 621510 |
|  IA Fin. Auth. Rev. (Lifespace Communities, Inc.) | 500000 | 4.00 | 5/15/53 | 332810 |
|  IA Fin. Auth. Rev. (Lifespace Communities, Inc.) | 530000 | 4.00 | 5/15/55 | 345693 |
|  IA Higher Education Loan Auth. Rev. (Simpson College Proj.) | 500000 | 5.00 | 11/1/30 | 486710 |
|  |  |  |  | 2847978 |
|  **Kansas - 0.2%** |  |  |  |  |
|  Wyandotte County Unified Government (Village East Proj.) <sup>4</sup>  | 500000 | 5.25 | 9/1/35 | 471765 |
|  **Louisiana - 2.0%** |  |  |  |  |
|  Denham Springs/Livingston Hsg. & Mtg. Finance Auth. Rev. (GNMA/FHLMC Collateralized) | 7997 | 5.00 | 11/1/40 | 7874 |
|  LA Hsg. Corp. Rev. (Home Ownership Prog.) (GNMA/FHLMC Collateralized) | 750000 | 2.55 | 12/1/46 | 519900 |
|  LA Hsg. Fin. Agy. Single Family Mtg. Rev. (Home Ownership Prog.) (GNMA/FHLMC Collateralized) | 390000 | 2.50 | 12/1/45 | 319874 |
|  LA Local Government Environmental Facilities & Community Development Auth. | 400000 | 5.25 | 11/15/25 | 395688 |
|  LA Local Government Environmental Facilities & Community Development Auth. | 500000 | 6.00 | 11/15/30 | 500735 |
|  LA Local Government Environmental Facilities & Community Development Auth. Rev. <sup>4</sup>  | 300000 | 5.65 | 11/1/37 | 300267 |
|  LA Local Government Environmental Facilities & Community Development Auth. Rev. <sup>4</sup>  | 500000 | 5.00 | 7/1/39 | 416795 |
|  LA Local Government Environmental Facilities & Community Development Auth. Rev. <sup>4</sup>  | 300000 | 5.50 | 11/1/39 | 292584 |
|  LA Local Government Environmental Facilities & Community Development Auth. Rev. <sup>4</sup>  | 410000 | 4.00 | 11/1/44 | 314634 |
|  LA Local Government Environmental Facilities & Community Development Auth. Rev. <sup>4</sup>  | 495000 | 4.40 | 11/1/44 | 403964 |
|  LA Local Government Environmental Facilities & Community Development Auth. Rev. <sup>4</sup>  | 715000 | 4.00 | 11/1/46 | 522601 |
|  LA Public Facs. Auth. Rev. (Franciscan Missionaries Health System Proj.) | 300000 | 5.00 | 7/1/35 | 308385 |
|  LA Public Facs. Auth. Rev. (Tulane Univ. Proj.) (NATL-RE Insured) <sup>1</sup>  | 520000 | 3.79 | 2/15/36 | 511540 |
|  |  |  |  | 4814841 |
|  **Maine - 0.1%** |  |  |  |  |
|  ME State Hsg. Auth. Rev. | 310000 | 3.85 | 11/15/40 | 299959 |
|  **Maryland - 0.4%** |  |  |  |  |
|  MD Community Dev. Administration Rev. | 500000 | 2.55 | 9/1/44 | 355570 |
|  MD Community Dev. Administration Rev. | 350000 | 4.20 | 7/1/46 | 332441 |
|  Montgomery Co. Housing Opportunities Commission Rev. | 245000 | 4.00 | 7/1/38 | 233536 |
|  |  |  |  | 921547 |
|  **Massachusetts - 3.0%** |  |  |  |  |
|  MA Dev. Finance Agy. Rev. (Atrius Health Issue) | 1375000 | 4.00 | 6/1/49 | 1482099 |
|  MA Dev. Finance Agy. Rev. (FNMA Collateralized) | 1500000 | 2.30 | 1/1/42 | 1123230 |
|  MA Dev. Finance Agy. Rev. (Newbridge on the Charles, Inc.) <sup>4</sup>  | 300000 | 5.00 | 10/1/47 | 304017 |
|  MA Dev. Finance Agy. Rev. (Orchard Cove, Inc.) | 400000 | 5.00 | 10/1/49 | 384016 |
|  MA Education Finance Auth. Education Rev. | 90000 | 3.63 | 7/1/34 | 87047 |
|  MA Education Finance Auth. Education Rev. | 185000 | 2.63 | 7/1/36 | 175071 |
|  MA Education Finance Auth. Education Rev. | 875000 | 3.75 | 7/1/48 | 713755 |
|  MA Education Finance Auth. Education Rev. | 1000000 | 3.00 | 7/1/51 | 656970 |
|  MA Housing Finance Agy. Rev. | 250000 | 4.75 | 6/1/35 | 250185 |
|  MA Housing Finance Agy. Rev. | 500000 | 4.00 | 12/1/38 | 489655 |
|  MA Housing Finance Agy. Rev. | 500000 | 3.75 | 12/1/40 | 459085 |
|  MA Housing Finance Agy. Rev. | 900000 | 3.85 | 12/1/47 | 785484 |

---

**6**

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair<br>Value ($)** |
|  Northbridge Municipal Purpose Loan G.O. (AGM Insured) | 500000 | 4.00 | 6/15/25 | 500310 |
|  |  |  |  | 7410924 |
|  **Michigan - 3.7%** |  |  |  |  |
|  City of Allen Park G.O. (BAM Insured) | 300000 | 3.25 | 5/1/34 | 298560 |
|  City of Kalamazoo Economic Dev. Corp. Rev. (Revel Creek Proj.) | 500000 | 5.00 | 5/15/43 | 428005 |
|  MI Finance Auth. Rev. (Holly Academy Proj.) | 400000 | 3.00 | 12/1/31 | 328560 |
|  MI Finance Auth. Rev. (Madison Academy Proj.) | 255000 | 4.25 | 12/1/39 | 195990 |
|  MI Hsg. Dev. Auth. Rev. | 600000 | 5.20 | 12/1/40 | 625344 |
|  MI Hsg. Dev. Auth. Rev. | 300000 | 3.75 | 10/1/42 | 266745 |
|  MI Hsg. Dev. Auth. Rev. | 500000 | 3.35 | 10/1/49 | 387845 |
|  MI Hsg. Dev. Auth. Rev. | 295000 | 3.15 | 6/1/50 | 272784 |
|  MI Hsg. Dev. Auth. Rev. | 2000000 | 2.75 | 6/1/51 | 1394940 |
|  MI Hsg. Dev. Auth. Rev. | 3500000 | 2.50 | 6/1/52 | 2257115 |
|  MI Hsg. Dev. Auth. Rev. | 1750000 | 3.50 | 10/1/54 | 1356460 |
|  MI Public Educational Facs. Auth. Rev. (Chandler Park Academy) | 205000 | 6.35 | 11/1/28 | 205133 |
|  MI Strategic Fund. Rev. (United Methodist Retirement Facs.) | 415000 | 5.00 | 11/15/49 | 372645 |
|  Muskegon Heights Water Supply Rev. (NATL Insured) | 165000 | 4.15 | 11/1/23 | 165422 |
|  Muskegon Heights Water Supply Rev. (NATL Insured) | 135000 | 4.20 | 11/1/24 | 135397 |
|  Taylor Brownfield Redevelopment Authority (NATL Insured) | 250000 | 5.00 | 5/1/32 | 256293 |
|  Universal Academy Michigan Public School Rev. | 350000 | 4.00 | 12/1/40 | 299593 |
|  |  |  |  | 9246831 |
|  **Minnesota - 0.1%** |  |  |  |  |
|  Apple Valley Rev. (Senior Living, LLC Proj.) | 475000 | 5.00 | 1/1/47 | 276901 |
|  **Mississippi - 0.9%** |  |  |  |  |
|  MS Development Bank Rev. (Green Bond-Hancock County) <sup>4</sup>  | 1000000 | 4.55 | 11/1/39 | 873590 |
|  MS Development Bank Rev. (Jackson Co. Gomesa Proj.) <sup>4</sup>  | 500000 | 3.63 | 11/1/36 | 398345 |
|  MS Home Corp. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | 1000000 | 2.55 | 6/1/42 | 773360 |
|  MS Home Corp. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | 150000 | 4.00 | 12/1/43 | 149991 |
|  |  |  |  | 2195286 |
|  **Missouri - 1.1%** |  |  |  |  |
|  Joplin Industrial Dev. Auth. Rev. (32nd Street Place Community Improvement Dist. Proj.) | 215000 | 3.50 | 11/1/40 | 179166 |
|  Kansas City Industrial Dev. Auth. Rev. (United Methodist Retirement Home, Inc.) <sup>2,</sup> <sup>5</sup> | 118010 | 2.00 | 11/15/46 | 5572 |
|  Kansas City Industrial Dev. Auth. Rev. (United Methodist Retirement Home, Inc.) | 264421 | 5.00 | 11/15/46 | 197840 |
|  MO Health & Education Facs. Auth. Rev. (Lutheran Senior Services) | 775000 | 4.00 | 2/1/42 | 625278 |
|  MO Health & Education Facs. Auth. Rev. (Lutheran Senior Services) | 1000000 | 4.00 | 2/1/48 | 770170 |
|  MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized) | 290000 | 3.35 | 11/1/49 | 254196 |
|  MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized) | 435000 | 2.50 | 5/1/50 | 315375 |
|  MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized) | 355000 | 2.40 | 11/1/51 | 262810 |
|  |  |  |  | 2610407 |
|  **Montana - 0.4%** |  |  |  |  |
|  MT Board of Housing Single Family Rev. | 460000 | 2.40 | 12/1/45 | 327018 |
|  MT Board of Housing Single Family Rev. | 500000 | 4.55 | 6/1/52 | 480065 |
|  MT Board of Housing Single Family Rev. (BRD Insured) | 235000 | 4.00 | 6/1/45 | 228942 |
|  |  |  |  | 1036025 |
|  **Nebraska - 0.0%** |  |  |  |  |
|  Mead Village Tax Allocation Rev. (E3 Biofuels - Mead LLC Proj.) <sup>2,</sup> <sup>5,15</sup> | 410000 | 5.13 | N/A | 17015 |

---

DECEMBER 31, 2022<sub>7</sub>

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  Nebraska Investment Fin. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 80000 | 3.05 | 9/1/42 | 75974 |
|  |  |  |  | 92989 |
|  **Nevada - 1.1%** |  |  |  |  |
|  City of Las Vegas Special Improvement District No. 815 | 500000 | 5.00 | 12/1/49 | 467750 |
|  City of North Las Vegas (Special Northern Beltway Commercial Area) <sup>4</sup>  | 340000 | 5.00 | 12/1/37 | 340371 |
|  NV Hsg. Division Rev. (GNMA/FNMA/FHLMC Collateralized) | 750000 | 2.60 | 4/1/46 | 541530 |
|  NV Hsg. Division Rev. (GNMA/FNMA/FHLMC Collateralized) | 450000 | 3.35 | 10/1/49 | 435829 |
|  NV Hsg. Division Rev. (GNMA/FNMA/FHLMC Collateralized) | 490000 | 3.40 | 10/1/49 | 468264 |
|  NV Hsg. Division Rev. (GNMA/FNMA/FHLMC Collateralized) | 495000 | 2.45 | 10/1/51 | 355316 |
|  |  |  |  | 2609060 |
|  **New Hampshire - 0.2%** |  |  |  |  |
|  NH Hsg. Finance Auth. Rev. | 500000 | 6.00 | 7/1/53 | 545280 |
|  **New Jersey - 3.4%** |  |  |  |  |
|  NJ Economic Dev. Auth. Rev. <sup>9</sup>  | 500000 | 4.00 | 6/15/50 | 420530 |
|  NJ Economic Dev. Auth. Rev. (North Star Academy Charter School Newark) | 250000 | 5.00 | 7/15/47 | 250957 |
|  NJ Economic Dev. Auth. Rev. (State Government Buildings Proj.) <sup>9</sup>  | 500000 | 5.00 | 6/15/42 | 508945 |
|  NJ Higher Education Student Assistance Auth. Rev. | 1055000 | 3.50 | 12/1/39 | 1015659 |
|  NJ Higher Education Student Assistance Auth. Rev. | 1000000 | 4.25 | 12/1/50 | 891770 |
|  NJ Hsg. & Mtg. Finance Agy. Single Family Mtg. Rev. | 770000 | 3.75 | 10/1/35 | 729998 |
|  NJ Hsg. & Mtg. Finance Agy. Single Family Mtg. Rev. | 2000000 | 4.50 | 10/1/42 | 1958640 |
|  NJ Hsg. & Mtg. Finance Agy. Single Family Mtg. Rev. | 735000 | 2.30 | 10/1/46 | 513971 |
|  NJ Hsg. & Mtg. Finance Agy. Single Family Mtg. Rev. | 360000 | 4.50 | 10/1/48 | 365494 |
|  NJ Hsg. & Mtg. Finance Agy. Single Family Mtg. Rev. | 435000 | 4.00 | 4/1/49 | 385928 |
|  NJ Hsg. & Mtg. Finance Agy. Single Family Mtg. Rev. | 815000 | 2.45 | 10/1/50 | 585692 |
|  NJ Transportation Trust Fund Auth. Rev. <sup>9</sup>  | 500000 | 5.25 | 6/15/43 | 519415 |
|  Tobacco Settlement Financing Corp. Rev. | 300000 | 5.00 | 6/1/46 | 286446 |
|  |  |  |  | 8433445 |
|  **New Mexico - 2.2%** |  |  |  |  |
|  Las Vegas NM Gross Receipts Tax Rev. | 410000 | 4.00 | 6/1/28 | 410213 |
|  NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | 290000 | 3.85 | 7/1/43 | 280537 |
|  NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | 490000 | 3.85 | 7/1/43 | 471777 |
|  NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | 360000 | 2.70 | 9/1/47 | 262566 |
|  NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | 990000 | 3.95 | 9/1/47 | 872438 |
|  NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | 500000 | 4.00 | 7/1/48 | 464870 |
|  NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | 705000 | 3.35 | 7/1/49 | 584389 |
|  NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | 300000 | 4.00 | 7/1/49 | 289461 |
|  NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | 445000 | 3.00 | 7/1/50 | 350958 |
|  NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | 495000 | 2.35 | 7/1/51 | 334971 |
|  NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | 600000 | 2.63 | 7/1/51 | 417534 |
|  NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | 985000 | 2.80 | 9/1/52 | 692800 |
|  |  |  |  | 5432514 |
|  **New York - 5.2%** |  |  |  |  |
|  Brookhaven Local Dev. Corp. Rev. (Jefferson's Ferry Proj.) | 675000 | 4.00 | 11/1/45 | 557219 |
|  Hempstead Town Local Development Corp. Rev. (Hofstra University Proj.) | 350000 | 4.00 | 7/1/33 | 351379 |
|  New York City Housing Development Corp. Multifamily Mtg. Rev. | 300000 | 4.05 | 11/1/41 | 281814 |
|  New York City Housing Development Corp. Multifamily Mtg. Rev. | 300000 | 3.85 | 11/1/42 | 266940 |

---

**8**

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair<br>Value ($)** |
|  New York City Housing Development Corp. Multifamily Mtg. Rev. | 500000 | 2.63 | 8/1/45 | 343580 |
|  New York City Housing Development Corp. Multifamily Mtg. Rev. | 500000 | 3.95 | 11/1/49 | 422450 |
|  New York City Housing Development Corp. Multifamily Mtg. Rev. | 500000 | 2.80 | 2/1/50 | 333225 |
|  New York City Housing Development Corp. Multifamily Mtg. Rev. | 1000000 | 2.60 | 11/1/56 | 593020 |
|  New York City Housing Development Corp. Multifamily Mtg. Rev. | 1000000 | 2.80 | 11/1/60 | 609830 |
|  New York City Municipal Water Finance Authority | 750000 | 5.00 | 6/15/38 | 753990 |
|  New York Transportation Dev. Corp. Rev. (Laguardia Airport Proj.) | 750000 | 4.00 | 10/1/30 | 724238 |
|  NY Monroe Co. Industrial Development Corp. Rev. (St. Ann's Community Proj.) | 660000 | 4.00 | 1/1/30 | 588647 |
|  NY Mortgage Agency Rev. | 905000 | 3.80 | 10/1/48 | 840854 |
|  NY State Dormitory Auth. Rev. Ref. (N. Shore-Long Island Jewish Obligation) | 300000 | 5.00 | 5/1/33 | 309102 |
|  NY State Housing Finance Agency Rev. | 500000 | 2.85 | 11/1/51 | 340405 |
|  NY State Housing Finance Agency Rev. (Affordable Hsg. Proj.) | 590000 | 3.75 | 11/1/37 | 550281 |
|  NY State Mortgage Agency Rev. | 580000 | 2.20 | 4/1/36 | 440319 |
|  NY State Mortgage Agency Rev. | 1000000 | 2.45 | 10/1/45 | 680150 |
|  NY State Mortgage Agency Rev. | 980000 | 2.50 | 10/1/46 | 668066 |
|  NY State Mortgage Agency Rev. | 1490000 | 3.30 | 10/1/47 | 1182226 |
|  NY State Mortgage Agency Rev. | 1625000 | 2.55 | 4/1/50 | 1059354 |
|  Westchester Co. Local Dev. Corp. Rev. (Purchase Senior Learning Community Inc. Proj.) <sup>4</sup>  | 350000 | 3.60 | 7/1/29 | 307191 |
|  Westchester Co. Local Dev. Corp. Rev. (Purchase Senior Learning Community Inc. Proj.) <sup>4</sup>  | 350000 | 5.00 | 7/1/46 | 280073 |
|  Western Regional Off-Track Betting Corp. Rev. <sup>4</sup>  | 500000 | 4.13 | 12/1/41 | 360945 |
|  |  |  |  | 12845298 |
|  **North Carolina - 1.5%** |  |  |  |  |
|  Mecklenburg Co. Rev. (Little Rock Apts) | 495000 | 5.38 | 1/1/36 | 495886 |
|  NC Education Assistance Auth. Senior Bond-Student Loan Rev. | 185000 | 3.13 | 6/1/39 | 170537 |
|  NC Housing Finance Agency Rev. | 65000 | 3.95 | 1/1/41 | 63755 |
|  NC Housing Finance Agency Rev. | 515000 | 4.00 | 7/1/47 | 514846 |
|  NC Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized) | 1000000 | 3.60 | 1/1/46 | 846410 |
|  NC Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized) | 95000 | 4.00 | 1/1/48 | 95000 |
|  NC Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized) | 695000 | 3.63 | 7/1/49 | 577239 |
|  NC Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized) | 500000 | 6.00 | 7/1/53 | 545305 |
|  NC Medical Care Comm. Rev. (Salemtowne Proj.) | 400000 | 5.00 | 10/1/38 | 369552 |
|  |  |  |  | 3678530 |
|  **North Dakota - 0.7%** |  |  |  |  |
|  ND Housing Finance Agency Rev. | 175000 | 3.85 | 1/1/42 | 172550 |
|  ND Housing Finance Agency Rev. | 500000 | 3.65 | 7/1/42 | 438650 |
|  ND Housing Finance Agency Rev. | 925000 | 2.50 | 7/1/44 | 697579 |
|  ND Housing Finance Agency Rev. | 500000 | 4.00 | 1/1/53 | 500795 |
|  |  |  |  | 1809574 |
|  **Ohio - 3.8%** |  |  |  |  |
|  Cleveland-Cuyahoga County Port Auth. Rev. (Cleveland Museum of Natural History Proj.) | 500000 | 4.00 | 7/1/46 | 442080 |
|  Cleveland-Cuyahoga County Port Auth. Tax Allocation (Flats East Bank Proj.) <sup>4</sup>  | 500000 | 4.50 | 12/1/55 | 390010 |
|  Columbus-Franklin Co. Finance Auth. Rev. (Beulah Park Phase 1 Proj.) | 820000 | 4.00 | 5/15/49 | 762608 |
|  Franklin Co. Health Care Facs. Rev. (Ohio Living Communities) | 1000000 | 4.00 | 7/1/45 | 817810 |
|  Lake Co. Port & Economic Dev. Auth. Rev. (Tapestry Wickliffe Proj.) <sup>2,</sup> <sup>4, 5</sup> | 250000 | 6.50 | 12/1/37 | 62500 |
|  Lucas Metro Hsg. Auth. | 500000 | 5.00 | 11/1/36 | 512525 |
|  OH Housing Finance Agency Rev. | 1820000 | 2.45 | 9/1/51 | 1294020 |

---

DECEMBER 31, 2022<sub>9</sub>

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  OH Housing Finance Agency Rev. (GNMA/FNMA Collateralized) | 200000 | 4.05 | 3/1/37 | 194490 |
|  OH Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized) | 255000 | 3.35 | 9/1/39 | 246613 |
|  OH Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized) | 1990000 | 2.85 | 9/1/46 | 1433437 |
|  OH Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized) | 500000 | 4.55 | 9/1/47 | 490940 |
|  OH Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized) | 1500000 | 5.10 | 9/1/47 | 1553835 |
|  OH Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized) | 330000 | 4.00 | 9/1/48 | 323324 |
|  OH Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized) | 305000 | 4.00 | 3/1/49 | 293011 |
|  OH Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized) | 980000 | 2.75 | 9/1/51 | 688303 |
|  |  |  |  | 9505506 |
|  **Oregon - 1.3%** |  |  |  |  |
|  Clackamas Co. Hsg. Auth. Rev. (Easton Ridge Apts. Proj.) | 350000 | 3.50 | 9/1/33 | 345607 |
|  OR Hsg. & Community Services Dept. Rev. (Single Family Mtg. Program) | 130000 | 3.80 | 7/1/34 | 127013 |
|  OR Hsg. & Community Services Dept. Rev. (Single Family Mtg. Program) | 220000 | 4.00 | 7/1/38 | 213763 |
|  OR Hsg. & Community Services Dept. Rev. (Single Family Mtg. Program) | 500000 | 3.70 | 1/1/42 | 450420 |
|  OR Hsg. & Community Services Dept. Rev. (Single Family Mtg. Program) | 500000 | 2.35 | 1/1/44 | 361175 |
|  OR Hsg. & Community Services Dept. Rev. (Single Family Mtg. Program) | 1000000 | 2.38 | 1/1/45 | 714300 |
|  OR Hsg. & Community Services Dept. Rev. (Single Family Mtg. Program) | 280000 | 3.75 | 7/1/48 | 271656 |
|  Polk Co. Hospital Fac. Auth. Rev. (Dallas Retirement Village Proj.) | 500000 | 5.13 | 7/1/55 | 405750 |
|  Yamhill County Hospital Auth. Rev. (Friendsview) | 350000 | 5.00 | 11/15/56 | 262560 |
|  |  |  |  | 3152244 |
|  **Pennsylvania - 1.9%** |  |  |  |  |
|  Butler Co. General Authority Rev. (School District Proj.) (AGM G.O. of District) <sup>1</sup>  | 465000 | 3.89 | 10/1/34 | 431748 |
|  Chester Co. Health & Education Fac. Auth. Rev. (The Devereux Foundation) | 475000 | 3.00 | 11/1/30 | 445521 |
|  PA Higher Educational Assistance Agy. Rev. | 440000 | 2.63 | 6/1/42 | 368544 |
|  PA Higher Educational Facs. Auth. Rev. (La Salle University) | 280000 | 5.00 | 5/1/42 | 235757 |
|  PA Hsg. Finance Agy. Rev. | 500000 | 3.00 | 10/1/46 | 364710 |
|  PA Hsg. Finance Agy. Rev. | 90000 | 4.00 | 10/1/46 | 89938 |
|  PA Hsg. Finance Agy. Rev. | 1000000 | 2.55 | 10/1/51 | 641080 |
|  PA Turnpike Commission Rev. Capital Appreciation <sup>6</sup>  | 1250000 | 5.00 | 12/1/38 | 1305175 |
|  Philadelphia Industrial Dev. Auth. Rev. (Charter School Proj.) | 350000 | 5.63 | 8/1/36 | 352174 |
|  West Cornwall Township Municipal Auth. Rev. (Lebanon Valley Brethren Home Proj.) | 525000 | 4.00 | 11/15/46 | 430075 |
|  |  |  |  | 4664722 |
|  **Rhode Island - 0.4%** |  |  |  |  |
|  RI Hsg. & Mortgage Finance Corp. Rev. | 500000 | 2.80 | 4/1/45 | 380160 |
|  RI Student Loan Auth. Rev. | 595000 | 3.63 | 12/1/37 | 565928 |
|  |  |  |  | 946088 |
|  **South Carolina - 1.1%** |  |  |  |  |
|  Berkeley Co. Nexton Improvement District Special Assessment | 350000 | 4.25 | 11/1/40 | 292596 |
|  SC Jobs-Economic Dev. Auth. Rev. (Bishop Gadsden Episcopal Retirement Community) | 500000 | 4.00 | 4/1/54 | 346795 |
|  SC Jobs-Economic Dev. Auth. Rev. (Kiawah Life Plan Village, Inc. Proj.) <sup>4</sup>  | 500000 | 8.75 | 7/1/25 | 520035 |
|  SC Public Service Auth. Rev. | 250000 | 5.00 | 12/1/38 | 250935 |
|  SC Public Service Auth. Rev. (Santee Cooper) | 500000 | 5.75 | 12/1/43 | 512480 |
|  SC State Hsg. Finance & Dev. Auth. Rev. | 460000 | 3.05 | 7/1/45 | 364624 |
|  SC State Hsg. Finance & Dev. Auth. Rev. | 500000 | 4.40 | 7/1/52 | 474335 |
|  |  |  |  | 2761800 |

---

**10**

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  **South Dakota - 0.5%** |  |  |  |  |
|  SD Health & Educational Facs. Auth. Rev. (Westhills Village Retirement Community) | 500000 | 5.00 | 9/1/40 | 510925 |
|  SD Housing Dev. Auth. Rev. | 1000000 | 2.50 | 11/1/42 | 769250 |
|  |  |  |  | 1280175 |
|  **Tennessee - 3.2%** |  |  |  |  |
|  Franklin Health & Education Facs. Board Rev. (Provision Cares Proton Therapy Center) <sup>2,</sup> <sup>4, 5</sup> | 500000 | 6.50 | 6/1/27 | 135000 |
|  Metropolitan Govt. Nashville & Davidson County Health & Edu. Facs. Board Rev. (Blakford at Green Hills) | 895000 | 4.00 | 11/1/45 | 710737 |
|  Nashville Metropolitan Dev. & Hsg. Agency Tax Allocation <sup>4</sup>  | 300000 | 5.13 | 6/1/36 | 301884 |
|  Shelby Co. Health, Education & Hsg. Facs. Rev. (CME Memphis Apts. Proj.) <sup>2,</sup> <sup>5,15</sup> | 1850000 | 5.35 | N/A | 19 |
|  Shelby Co. Health, Education & Hsg. Facs. Rev. (CME Memphis Apts. Proj.) <sup>2,</sup> <sup>5</sup> | 7875000 | 5.55 | 1/1/29 | 79 |
|  Shelby Co. Health, Education & Hsg. Facs. Rev. (CME Memphis Apts. Proj.) <sup>2,</sup> <sup>5</sup> | 1630000 | 6.00 | 1/1/29 | 16 |
|  Shelby Co. Health, Education & Hsg. Facs. Rev. (The Farms at Bailey Station Proj.) | 650000 | 5.50 | 10/1/39 | 591598 |
|  TN Hsg. Dev. Agency Rev. | 415000 | 2.55 | 7/1/46 | 282046 |
|  TN Hsg. Dev. Agency Rev. | 730000 | 5.05 | 7/1/48 | 746279 |
|  TN Hsg. Dev. Agency. Rev. | 225000 | 3.60 | 1/1/31 | 225011 |
|  TN Hsg. Dev. Agency. Rev. | 115000 | 4.00 | 7/1/39 | 114288 |
|  TN Hsg. Dev. Agency. Rev. | 250000 | 3.85 | 7/1/42 | 243583 |
|  TN Hsg. Dev. Agency. Rev. | 225000 | 3.90 | 7/1/42 | 215129 |
|  TN Hsg. Dev. Agency. Rev. | 570000 | 4.00 | 7/1/44 | 558275 |
|  TN Hsg. Dev. Agency. Rev. | 860000 | 2.55 | 1/1/45 | 630389 |
|  TN Hsg. Dev. Agency. Rev. | 1500000 | 2.38 | 7/1/46 | 1066815 |
|  TN Hsg. Dev. Agency. Rev. | 615000 | 3.95 | 1/1/49 | 588721 |
|  TN Hsg. Dev. Agency. Rev. | 865000 | 4.05 | 1/1/49 | 837484 |
|  TN Hsg. Dev. Agency. Rev. | 1000000 | 2.50 | 7/1/51 | 719410 |
|  |  |  |  | 7966763 |
|  **Texas - 6.1%** |  |  |  |  |
|  Arlington Higher Education Finance Corp., Education Rev. (Pineywoods Community Academy) | 750000 | 2.38 | 8/15/51 | 472530 |
|  Brazos Higher Education Auth., Inc. Rev. (Subordinate Student Loan) | 1000000 | 3.00 | 4/1/40 | 758530 |
|  Dallas/Fort Worth International Airport Rev. (JT Improvement) | 500000 | 5.25 | 11/1/37 | 506325 |
|  Danbury Higher Education Auth. Education Rev. (Golden Rule Schools) | 650000 | 5.13 | 8/15/49 | 647926 |
|  Edinburg Economic Dev. Corp. Rev. | 225000 | 3.00 | 8/15/31 | 189016 |
|  Edinburg Economic Dev. Corp. Rev. | 500000 | 3.25 | 8/15/41 | 370415 |
|  Harris Co. Cultural Education Facs. Finance Corp. Rev. (Brazos Presbyterian Homes, Inc. Proj.) | 500000 | 5.00 | 1/1/37 | 452225 |
|  New Hope Cultural Education Fac. Corp. Rev. (Cardinal Bay) | 260000 | 4.00 | 7/1/23 | 143000 |
|  New Hope Cultural Education Fac. Corp. Rev. (Cardinal Bay) | 460000 | 4.00 | 7/1/26 | 253000 |
|  New Hope Cultural Education Facs. Corp. Rev. (Beta Academy) <sup>4</sup>  | 425000 | 5.00 | 8/15/39 | 400698 |
|  New Hope Cultural Education Facs. Corp. Rev. (Presbyterian Village North Proj.) | 500000 | 5.00 | 10/1/34 | 451200 |
|  New Hope Cultural Education Facs. Finance Corp. Rev. (Buckingham Senior Living Community, Inc.) <sup>1</sup>  | 509630 | 2.00 | 11/15/61 | 233105 |
|  New Hope Cultural Education Facs. Finance Corp. Rev. (Cityscape Schools, Inc.) <sup>4</sup>  | 670000 | 5.00 | 8/15/51 | 609794 |
|  New Hope Cultural Education Facs. Finance Corp. Rev. (Presbyterian Village North Proj.) | 350000 | 5.25 | 10/1/49 | 292509 |
|  New Hope Cultural Education Facs. Finance Corp. Rev. (Wesleyan Homes, Inc. Proj.) | 750000 | 5.00 | 1/1/55 | 548190 |
|  New Hope Cultural Education Facs. Finance Corp. Rev. (Westminster Proj.) | 500000 | 4.00 | 11/1/49 | 379380 |
|  New Hope Cultural Education Facs. Finance Corp. Rev. (Windhaven Proj.) | 500000 | 5.50 | 10/1/27 | 491175 |
|  New Hope Cultural Education Facs. Finance Corp. Rev. (Windhaven Proj.) | 500000 | 6.50 | 10/1/33 | 490490 |
|  North Central Texas Health Facility Development Corp. (CC Young Memorial Home) <sup>5</sup>  | 204000 | 5.38 | 2/15/25 | 122400 |
|  Red River Health Facs. Dev. Corp. Rev. (MRC Crossings Proj.) | 250000 | 7.50 | 11/15/34 | 270513 |

---

DECEMBER 31, 2022<sub>11</sub>

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair<br>Value ($)** |
|  San Antonio Education Facs. Corp. Rev. (Hallmark University Proj.) | 290000 | 5.00 | 10/1/41 | 246857 |
|  Sugar Land Dev. Corp. Rev. (BAM Insured) | 500000 | 5.00 | 2/15/33 | 500765 |
|  Tarrant Co. Cultural Education Facs. Finance Corp. Rev. (Buckner Retirement Service) | 500000 | 5.00 | 11/15/37 | 512290 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 310000 | 4.13 | 9/1/38 | 305198 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 925000 | 3.63 | 9/1/44 | 859815 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 500000 | 3.00 | 9/1/45 | 381125 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 985000 | 2.50 | 7/1/51 | 662964 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 1750000 | 3.13 | 1/1/52 | 1290537 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 500000 | 3.00 | 3/1/50 | 362915 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 750000 | 5.25 | 9/1/52 | 776730 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 500000 | 5.50 | 9/1/52 | 534685 |
|  TX Grand Parkway Transportation Corp. Rev. <sup>6</sup>  | 500000 | 6.00 | 10/1/35 | 536825 |
|  |  |  |  | 15053127 |
|  **Utah - 1.0%** |  |  |  |  |
|  Black Desert Public Infrastructure District G.O. <sup>4</sup>  | 500000 | 4.00 | 3/1/51 | 371195 |
|  Military Installation Dev. Auth. Rev. | 400000 | 4.00 | 6/1/41 | 314496 |
|  Military Installation Dev. Auth. Rev. | 1000000 | 4.00 | 6/1/52 | 718750 |
|  UT Charter School Finance Auth. Rev. (Mountain Sunrise Academy) <sup>4</sup>  | 515000 | 3.50 | 12/15/31 | 426843 |
|  UT Hospital Auth. Rev. (IHC Health Services, Inc.) | 500000 | 5.00 | 5/15/45 | 508215 |
|  UT Hsg. Corp. Single Family Mtg. Rev. | 15000 | 5.75 | 1/1/33 | 15020 |
|  UT Hsg. Corp. Single Family Mtg. Rev. | 25000 | 4.60 | 7/1/34 | 25014 |
|  UT Hsg. Corp. Single Family Mtg. Rev. (FHA Insured) | 185000 | 4.00 | 1/1/36 | 183222 |
|  |  |  |  | 2562755 |
|  **Vermont - 0.2%** |  |  |  |  |
|  Vermont Economic Dev. Auth. Mtg. Rev. (Wake Robin Corporation Proj.) | 500000 | 4.00 | 5/1/45 | 363125 |
|  **Virginia - 0.2%** |  |  |  |  |
|  VA Hsg. Dev. Auth. Rev. (Rental Hsg. Proj.) | 500000 | 5.35 | 10/1/43 | 501515 |
|  **Washington - 2.2%** |  |  |  |  |
|  Kalispel Tribe of Indians Rev. <sup>4</sup>  | 300000 | 5.25 | 1/1/38 | 313194 |
|  King Co. Hsg. Auth. Rev. | 1000000 | 3.00 | 11/1/39 | 809250 |
|  King Co. Hsg. Auth. Rev. (Bellevue Manor and Abbey Ridge) | 750000 | 3.00 | 8/1/40 | 589732 |
|  Pike Place Market Preservation Dev. Auth. Rev. | 500000 | 5.00 | 12/1/40 | 511840 |
|  Seattle Hsg. Auth. Rev. (Lam Bow Apartments Proj.) | 500000 | 2.38 | 6/1/41 | 358735 |
|  Snohomish Co. Hsg. Auth. Rev. | 500000 | 4.00 | 4/1/44 | 462300 |
|  Vancouver Hsg. Auth. Rev. (Anthem Park & Columbia Hsg. Proj.) | 1000000 | 3.00 | 6/1/38 | 846610 |
|  WA Hsg. Fin. Commission Multi Family Mtg. Rev. (Bayview Manor Homes) <sup>4</sup>  | 1000000 | 5.00 | 7/1/36 | 883830 |
|  WA Hsg. Fin. Commission Multi Family Mtg. Rev. (Horizon House Proj.) <sup>4</sup>  | 500000 | 5.00 | 1/1/38 | 498950 |
|  WA Hsg. Fin. Commission Multi Family Mtg. Rev. (Wesley Homes Lea Hill Proj.) <sup>4</sup>  | 300000 | 5.00 | 7/1/36 | 272259 |
|  |  |  |  | 5546700 |
|  **West Virginia - 0.6%** |  |  |  |  |
|  WV Hsg. Dev. Fund Rev. | 1005000 | 2.75 | 11/1/45 | 783679 |
|  WV Hsg. Dev. Fund Rev. | 945000 | 2.50 | 11/1/51 | 660848 |
|  |  |  |  | 1444527 |
|  **Wisconsin - 4.0%** |  |  |  |  |
|  Public Finance Auth. Rev. (Grand Hyatt San Antonio Hotel Acquisition Proj.) | 500000 | 5.00 | 2/1/52 | 461580 |
|  Public Finance Auth. Rev. (Grand Hyatt San Antonio Hotel Acquisition Proj.) <sup>4</sup>  | 500000 | 6.00 | 2/1/62 | 469740 |

---

**12**

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  Public Finance Auth. Rev. (Presbyterian Villages of Michigan) <sup>4</sup>  | 895000 | 4.75 | 11/15/53 | 668511 |
|  WI Health & Education Facs. Auth. Rev. (PHW Oconomowoc, Inc. Proj.) | 500000 | 5.13 | 10/1/48 | 426145 |
|  WI Health & Education Facs. Auth. Rev. (St. John's Communities, Inc. Proj.) | 500000 | 5.00 | 9/15/45 | 506735 |
|  WI Health & Educational Facs. Auth. Rev. (Benevolent Corp. Cedar Community) | 300000 | 5.00 | 6/1/37 | 277863 |
|  WI Health & Educational Facs. Auth. Rev. (Benevolent Corp. Cedar Community) | 500000 | 5.00 | 6/1/41 | 448815 |
|  WI Health & Educational Facs. Auth. Rev. (Hope Christian Schools) | 560000 | 3.00 | 12/1/31 | 479892 |
|  WI Health & Educational Facs. Auth. Rev. (St. Camillus Health System, Inc.) | 745000 | 5.00 | 11/1/27 | 722598 |
|  WI Health & Educational Facs. Auth. Rev. (St. Camillus Health System, Inc.) | 350000 | 5.00 | 11/1/46 | 288257 |
|  WI Housing & Economic Dev. Auth. Rev. | 250000 | 3.88 | 11/1/35 | 251123 |
|  WI Housing & Economic Dev. Auth. Rev. | 1500000 | 4.15 | 5/1/55 | 1385895 |
|  WI Public Finance Auth. Rev. (Carmelite System, Inc.) | 500000 | 5.00 | 1/1/45 | 480650 |
|  WI Public Finance Auth. Rev. (Coral Academy of Science Reno) <sup>4</sup>  | 335000 | 5.38 | 6/1/37 | 324699 |
|  WI Public Finance Auth. Rev. (Coral Academy of Science Reno) <sup>4</sup>  | 700000 | 5.00 | 6/1/39 | 640500 |
|  WI Public Finance Auth. Rev. (Delray Beach Radiation Therapy) <sup>2,</sup> <sup>4, 5</sup> | 750000 | 6.25 | 11/1/28 | 450000 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 16520 | 9.00 | 1/1/46 | 370 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 16287 | 9.00 | 1/1/47 | 340 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 447 | 12.00 | 1/1/47 | 9 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 16171 | 9.00 | 1/1/48 | 322 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 390 | 12.00 | 1/1/48 | 8 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 16055 | 9.00 | 1/1/49 | 304 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 384 | 11.00 | 1/1/49 | 7 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 15822 | 9.00 | 1/1/50 | 279 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 372 | 11.00 | 1/1/50 | 7 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 17334 | 9.00 | 1/1/51 | 292 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 365 | 11.00 | 1/1/51 | 6 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>1,</sup> <sup>2, 4, 5</sup> | 446246 | 3.75 | 7/1/51 | 205951 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 17218 | 9.00 | 1/1/52 | 271 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 475 | 10.00 | 1/1/52 | 7 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 16985 | 9.00 | 1/1/53 | 254 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 469 | 10.00 | 1/1/53 | 7 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 16869 | 9.00 | 1/1/54 | 239 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 453 | 10.00 | 1/1/54 | 6 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 444 | 9.00 | 1/1/55 | 6 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 16636 | 9.00 | 1/1/55 | 224 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 16404 | 9.00 | 1/1/56 | 211 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 434 | 9.00 | 1/1/56 | 6 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 5</sup> | 23656 | 5.50 | 7/1/56 | 13302 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 16287 | 9.00 | 1/1/57 | 198 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 481 | 9.00 | 1/1/57 | 6 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 16055 | 9.00 | 1/1/58 | 186 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 469 | 9.00 | 1/1/58 | 5 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 15938 | 9.00 | 1/1/59 | 176 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 456 | 9.00 | 1/1/59 | 5 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 447 | 8.00 | 1/1/60 | 5 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 15822 | 9.00 | 1/1/60 | 165 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 440 | 8.00 | 1/1/61 | 4 |

---

DECEMBER 31, 2022<sub>13</sub>

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 15589 | 9.00 | 1/1/61 | 154 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 428 | 8.00 | 1/1/62 | 4 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 15473 | 9.00 | 1/1/62 | 145 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 419 | 8.00 | 1/1/63 | 4 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 15240 | 9.00 | 1/1/63 | 136 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 409 | 8.00 | 1/1/64 | 3 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 15124 | 9.00 | 1/1/64 | 129 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 403 | 7.00 | 1/1/65 | 3 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 15008 | 9.00 | 1/1/65 | 120 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 434 | 7.00 | 1/1/66 | 3 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 14775 | 9.00 | 1/1/66 | 110 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 5235 | 5.00 | 1/1/67 | 35 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4, 6</sup> | 192429 | 9.00 | 1/1/67 | 1301 |
|  WI Public Finance Auth. Rev. (MD Proton Treatment Center) <sup>4</sup>  | 500000 | 6.13 | 1/1/33 | 307500 |
|  WI Public Finance Auth. Rev. (MN College of Osteopathic Medicine) <sup>2,</sup> <sup>4, 5</sup> | 7608 | 5.50 | 12/1/48 | 2358 |
|  WI Public Finance Auth. Rev. (North Carolina Leadership Academy) <sup>4</sup>  | 410000 | 5.00 | 6/15/39 | 382932 |
|  WI Public Finance Auth. Rev. (Roseman University Health Sciences) | 135000 | 5.00 | 4/1/25 | 135302 |
|  WI Public Finance Auth. Rev. (Searstone CCRC Project) <sup>4</sup>  | 750000 | 3.00 | 6/1/28 | 659738 |
|  |  |  |  | 9996158 |
|  **Wyoming - 0.0%** |  |  |  |  |
|  WY Community Dev. Auth. Rev. | 65000 | 4.05 | 12/1/38 | 64046 |
|  **Total Municipal Bonds<br>(Cost: $270,024,316)** |  |  |  | 218132999 |
|  | **Quantity** |  |  |  |
|  **Investment Companies - 4.2%** |  |  |  |  |
|  BlackRock Municipal Income Fund, Inc. (MUI) | 52666 |  |  | 596706 |
|  BlackRock MuniHoldings Fund, Inc. (MHD) | 51519 |  |  | 625441 |
|  BlackRock MuniHoldings Quality Fund II, Inc. (MUE) | 45777 |  |  | 455481 |
|  BlackRock MuniYield Quality Fund III, Inc. (MYI) | 48671 |  |  | 545602 |
|  BNY Mellon Strategic Municipal Bond Fund, Inc. (DSM) | 12028 |  |  | 69522 |
|  DWS Municipal Income Trust (KTF) | 93236 |  |  | 802762 |
|  DWS Strategic Municipal Income Trust (KSM) | 29351 |  |  | 239798 |
|  Invesco Advantage Municipal Income Trust II (VKI) | 62289 |  |  | 535062 |
|  Invesco Municipal Opportunity Trust (VMO) | 62240 |  |  | 616798 |
|  Invesco Municipal Trust (VKQ) | 76872 |  |  | 761033 |
|  Invesco Pennsylvania Value Municipal Income Trust (VPV) | 31500 |  |  | 308700 |
|  Invesco Quality Municipal Income Trust (IQI) | 91114 |  |  | 858294 |
|  Invesco Trust for Investment Grade Municipals (VGM) | 66447 |  |  | 667792 |
|  Nuveen AMT-Free Municipal Credit Income Fund (NVG) | 17623 |  |  | 213943 |
|  Nuveen AMT-Free Quality Municipal Income Fund (NEA) | 163972 |  |  | 1864362 |

---

**14**

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Tax-Free Income Fund (Continued)** 

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair**<br> **Value ($)** |
|  Nuveen Quality Municipal Income Fund (NAD) | 101846 | 1201783 |
|  **Total Investment Companies<br>(cost: $12,991,957)** |  | 10363079 |
|  **Total Investments in Securities - 92.3%<br>(cost: $283,016,273)** |  | 228496078 |
|  **Other Assets and Liabilities, net - 7.7%** |  | 19065820 |
|  **Net Assets - 100.0%** |  | $247561898 |

---

<u> </u>

<sup>1</sup> Variable rate security. Rate disclosed is as of December 31, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. 

<sup>2</sup> Security considered illiquid by the Investment Adviser. The total value of such securities as of December 31, 2022 was $2,593,037 and represented 1.0% of net assets. 

<sup>4</sup> 144A Restricted Security. The total value of such securities as of December 31, 2022 was $27,711,920 and represented 11.2% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors. 

<sup>5</sup> The issuer is in default of interest or principal payments, or other debt covenants. Income is not being accrued. The total value of such securities as of December 31, 2022 was $2,660,615 and represented 1.1% of net assets. 

<sup>6</sup> Zero coupon or convertible capital appreciation bond, for which the rate disclosed is either the effective yield on purchase date or the coupon rate to be paid upon conversion to coupon paying.

<sup>9</sup> Municipal Lease Security. The total value of such securities as of December 31, 2022 was $1,852,738 and represented 0.7% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors. 

<sup>14</sup> Step Coupon: A bond that pays a coupon rate that increases on a specified date(s). Rate disclosed is as of December 31, 2022.

<sup>15</sup> Securities with a "N/A" maturity date have passed their stated maturity date and have pending restructuring arrangements.

Numeric footnotes not disclosed are not applicable to this Schedule of Investments.

Short futures contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type** | **Contracts** | **Expiration<br>Date** | **Notional<br>Amount ($)** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation) ($)** |
|  Short Futures: <sup>10</sup>  |  |  |  |  |
|  U.S. Treasury Long Bond | 77 | March 2023 | (9651469) | 139812 |
|  U.S. Treasury 2-Year | 134 | March 2023 | (27480469) | (29390) |
|  U.S. Treasury 5-Year | 247 | March 2023 | (26658633) | 45221 |
|  U.S. Treasury 10-Year | 412 | March 2023 | (46266315) | 319052 |
|  |  |  |  | 474695 |

---

<sup>10</sup> The amount of $5,000,000 in cash was segregated with the broker to cover margin requirements for derivative transactions as of December 31, 2022. 

---

| | |
|:---|:---|
| DECEMBER 31, 2022 | **15** |

---

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Tax-Free Income Fund (Continued)** 

A summary of the levels for the Fund's investments as of December 31, 2022 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
|  | **Level 1**<br>Quoted<br>Prices ($) | **Level 2**<br>Other significant<br>observable inputs ($) | **Level 3**<br>Significant<br>unobservable inputs ($) |<br>Total ($) |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 218132999 |  | 218132999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 10363079 |  |  | 10363079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 504085 |  |  | 504085 |
|  Total: | 10867164 | 218132999 |  | 229000163 |
|  Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (29390) |  |  | (29390) |

---

There were no transfers into or out of level 3 during the reporting period.

For additional information about significant policies, including valuation of investments, refer to the Fund's most recent annual report.

**16**

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** SIT MUTUAL FUNDS II INC

- **b. Investment Company Act file number:** 811-04033

- **c. CIK number of Registrant:** 0000746601

- **d. LEI of Registrant:** 2549002D9C8PNDJXIE31

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

  - **Street Address 1:** 80 S. Eighth Street

  - **City:** Minneapolis

  - **State:** MN

  - **Foreign country:** US

  - **Zip / Postal Code:** 55402

  - **Telephone number:** 612-332-3223

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

- **a. Name of Series:** Sit Tax-Free Income Fund

- **b. EDGAR series identifier (if any):** S000003467

- **c. LEI of Series:** 254900TQWRCNLFBZX811

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

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $248652088.88

**Total Liabilities:** $1091798.32

**Net Assets:** $247560290.56

**Cash Not Reported:** $17128483.86

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 223.35149000 | **1-Year:** 2726.45943000 | **5-Year:** 20127.79900000 | **10-Year:** 162301.52590000 | **30-Year:** 31766.05726000

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

- **3-Month:** 1.07503000 | **1-Year:** 119.63779000 | **5-Year:** 603.35377000 | **10-Year:** 2957.16121000 | **30-Year:** 163.88323000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000229508 | -1.04%               | 4.09%                | 0.08%                |
| Class ID C000009601 | -1.06%               | 4.07%                | 0.06%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $10653.34                | $-5012628.76                               |
| Month 2  | $-430992.34              | $12089855.48                               |
| Month 3  | $-290318.77              | $-999633.33                                |

**Designated Index Information**

- **Index Name:** Designated Reference Portfolio

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAL4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       384 | PA      | $7.26         | 0.00%             | 2049-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCA6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     16287 | PA      | $340.40       | 0.00%             | 2047-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                     | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KAJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100476.00    | 0.04%             | 2033-05-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCM0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     16055 | PA      | $185.76       | 0.00%             | 2058-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                      | Illinois Finance Authority                                                       | CUSIP: 45204ER59<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $442535.00    | 0.18%             | 2038-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL REVENUE                      | Capital Trust Agency Inc                                                         | CUSIP: 14052WCW5<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    250000 | PA      | $57500.00     | 0.02%             | 2037-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PALM COAST PARK FL CDD SPL ASS                    | Palm Coast Park Community Development District                                   | CUSIP: 69661TAJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $375515.00    | 0.15%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N CENTRL TEXAS ST HLTH FAC DEV                    | North Central Texas Health Facility Development Corp                             | CUSIP: 658546UP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    204000 | PA      | $122400.00    | 0.05%             | 2025-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NORTH DAKOTA ST HSG FIN AGY                       | North Dakota Housing Finance Agency                                              | CUSIP: 658909ZQ2<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |    925000 | PA      | $697579.50    | 0.28%             | 2044-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY PARK RECREATION DIS                    | University Park Recreation District                                              | CUSIP: 914793BF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $619687.50    | 0.25%             | 2050-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LUCAS MET HSG AUTH OH COPS                        | Lucas Metropolitan Housing Authority                                             | CUSIP: 549345AK2<br>LEI: 549300KTFII2A2KQK775 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512525.00    | 0.21%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL CHRT SCHR                    | Capital Trust Agency Inc                                                         | CUSIP: 140539AB3<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    500000 | PA      | $510790.00    | 0.21%             | 2035-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| JOPLIN MO INDL DEV AUTH SALES                     | Joplin Industrial Development Authority                                          | CUSIP: 48068CAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $179165.95    | 0.07%             | 2040-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SAWYERS LANDING CDD FL SPL ASS                    | Sawyers Landing Community Development District                                   | CUSIP: 805517AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $980750.00    | 0.40%             | 2053-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU                    | Idaho Health Facilities Authority                                                | CUSIP: 451295B24<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    100000 | PA      | $92289.00     | 0.04%             | 2028-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HSG FIN AUTHS                    | New Hampshire Housing Finance Authority                                          | CUSIP: 64469DM32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $545280.00    | 0.22%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SALES TAX REVENUE                     | State of Illinois Sales Tax Revenue                                              | CUSIP: 452227PG0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $517560.00    | 0.21%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKE CNTY OH PORT & ECON DEV A                    | Lake County Port & Economic Development Authority                                | CUSIP: 50944TAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $62500.00     | 0.03%             | 2037-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAX8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       447 | PA      | $4.65         | 0.00%             | 2060-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MARSHALL CREEK FL CDD SPL ASSM                    | Marshall Creek Community Development District                                    | CUSIP: 57231NAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $248965.00    | 0.10%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA                    | Harris County Cultural Education Facilities Finance Corp                         | CUSIP: 414009LD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $452225.00    | 0.18%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN GROVE CMNTY DEV DIST                     | Southern Groves Community Development District No 5                              | CUSIP: 843021AM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $220273.65    | 0.09%             | 2048-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKES OF SARASOTA CDD FL IMPT                     | Lakes of Sarasota Community Development District                                 | CUSIP: 51206YAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $203933.40    | 0.08%             | 2051-05-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| SUGAR LAND TX DEV CORP SALES T                    | Sugar Land Development Corp                                                      | CUSIP: 864858DG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500765.00    | 0.20%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KALISPEL TRIBE OF INDIANS PRIO                    | Kalispel Tribe of Indians                                                        | CUSIP: 48340PAS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $313194.00    | 0.13%             | 2038-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN                    | Tennessee Housing Development Agency                                             | CUSIP: 880461XE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $837484.35    | 0.34%             | 2049-01-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| BERKELEY CNTY SC ASSMNT REVENU                    | County of Berkeley SC                                                            | CUSIP: 084220AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $292596.50    | 0.12%             | 2040-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCP3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     15822 | PA      | $164.71       | 0.00%             | 2060-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HARBOR BAY FL CDD CAPITAL IMPT                    | Harbor Bay Community Development District                                        | CUSIP: 411466AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $220841.60    | 0.09%             | 2048-05-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| LAKES OF SARASOTA CDD FL IMPT                     | Lakes of Sarasota Community Development District                                 | CUSIP: 51206YAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $273153.00    | 0.11%             | 2031-05-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY                      | Massachusetts Housing Finance Agency                                             | CUSIP: 57586N4C2<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $489655.00    | 0.20%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH LTD OBLIG                    | Michigan Finance Authority                                                       | CUSIP: 594479GT8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    255000 | PA      | $195990.45    | 0.08%             | 2039-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN                    | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542QBK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $609793.80    | 0.25%             | 2051-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACKBURN CREEK CMNTY DEV DIST                    | Blackburn Creek Community Development District                                   | CUSIP: 09228KAB8<br>LEI: 5493006SPPQ601PCBO77 | Long             | DBT              | MUN               | US        |    150000 | PA      | $154321.50    | 0.06%             | 2035-05-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ INDL DEV AUTH SEN                    | Industrial Development Authority of the County of Pima/The                       | CUSIP: 72178AAJ1<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    350000 | PA      | $356692.00    | 0.14%             | 2057-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WATERSET SOUTH CDD FL SPL ASSM                    | Waterset South Community Development District                                    | CUSIP: 94186HAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500660.00    | 0.20%             | 2042-05-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| RIVER LANDING CDD FL CAP IMPT                     | River Landing Community Development District                                     | CUSIP: 76828JAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $368034.45    | 0.15%             | 2035-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| OREGON ST HSG & CMNTY SVCS DEP                    | State of Oregon Housing & Community Services Department                          | CUSIP: 686087T31<br>LEI: 549300N3PYWYJ0Z8N757 | Long             | DBT              | MUN               | US        |    500000 | PA      | $450420.00    | 0.18%             | 2042-01-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST HOME CORP SF MT                    | Mississippi Home Corp                                                            | CUSIP: 60535QPL8<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |    150000 | PA      | $149991.00    | 0.06%             | 2043-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QBB5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       409 | PA      | $3.48         | 0.00%             | 2064-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MECKLENBURG CNTY NC MF HSG REV                    | County of Mecklenburg NC                                                         | CUSIP: 58400RAD6<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |    495000 | PA      | $495886.05    | 0.20%             | 2036-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST EDUCTNL FING                     | Massachusetts Educational Financing Authority                                    | CUSIP: 57563RRP6<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    185000 | PA      | $175071.05    | 0.07%             | 2036-07-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HSG & MTGE FIN A                    | New Jersey Housing & Mortgage Finance Agency                                     | CUSIP: 64613AGC0<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1958640.00   | 0.79%             | 2042-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN                     | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UFM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $379380.00    | 0.15%             | 2049-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MILITARY INSTALLATION DEV AUTH                    | Military Installation Development Authority                                      | CUSIP: 599772AF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $718750.00    | 0.29%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                    | Chicago O'Hare International Airport                                             | CUSIP: 167593X98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $524550.00    | 0.21%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH SPORTS FA                    | Illinois Finance Authority                                                       | CUSIP: 45202UAS3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $647010.00    | 0.26%             | 2038-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ENCINITAS CA UNION SCH DIST                       | Encinitas Union School District/CA                                               | CUSIP: 292533EJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $636260.00    | 0.26%             | 2035-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BUTLER CNTY PA GEN AUTH REVENU                    | Butler County General Authority                                                  | CUSIP: 123574AG0<br>LEI: 549300TSJ3NDU9FG0667 | Long             | DBT              | MUN               | US        |    465000 | PA      | $431747.85    | 0.17%             | 2034-10-01      | Variable      | 3.21%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QBA7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       419 | PA      | $3.73         | 0.00%             | 2063-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                     | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KFD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $306727.60    | 0.12%             | 2041-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST HSG CORP SF MTGE                     | Louisiana Housing Corp                                                           | CUSIP: 54627DHU8<br>LEI: 549300VL35TBE7RSJH61 | Long             | DBT              | MUN               | US        |    750000 | PA      | $519900.00    | 0.21%             | 2046-12-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN                    | Florida Development Finance Corp                                                 | CUSIP: 34061UFK9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $451920.00    | 0.18%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                    | Palm Beach County Health Facilities Authority                                    | CUSIP: 69650MAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503280.00    | 0.20%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY RSDL MTGE                     | Ohio Housing Finance Agency                                                      | CUSIP: 67756QT80<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   1990000 | PA      | $1433436.80   | 0.58%             | 2046-09-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| MONTANA ST BRD OF HSG SF MTGE                     | Montana Board of Housing                                                         | CUSIP: 61212WRR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $480065.00    | 0.19%             | 2052-06-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA HSG FIN A                    | District of Columbia Housing Finance Agency                                      | CUSIP: 254768RS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $582132.00    | 0.24%             | 2043-09-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| OREGON ST HSG & CMNTY SVCS DEP                    | State of Oregon Housing & Community Services Department                          | CUSIP: 686087B55<br>LEI: 549300N3PYWYJ0Z8N757 | Long             | DBT              | MUN               | US        |    130000 | PA      | $127012.60    | 0.05%             | 2034-07-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST EDUCTNL FING                     | Massachusetts Educational Financing Authority                                    | CUSIP: 57563RSK6<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $656970.00    | 0.27%             | 2051-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| STEEL POINT INFRASTRUCTURE IMP                    | Steel Point Infrastructure Improvement District                                  | CUSIP: 85814YAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $258247.50    | 0.10%             | 2051-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                    | Palm Beach County Health Facilities Authority                                    | CUSIP: 696507US9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $332810.00    | 0.13%             | 2053-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN                    | Tennessee Housing Development Agency                                             | CUSIP: 8804616T0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $282046.45    | 0.11%             | 2046-07-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| BRAZOS TX HGR EDU AUTH STUDENT                    | Brazos Higher Education Authority Inc                                            | CUSIP: 10623ABV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $758530.00    | 0.31%             | 2040-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Invesco Advantage Municipal Income Trust II       | Invesco Advantage Municipal Income Trust II                                      | CUSIP: 46132E103<br>LEI: DA89O2CSN0WUDR74HM71 | Long             | EC               | RF                | US        |     62289 | NS      | $535062.51    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MASSACHUSETTS ST EDUCTNL FING                     | Massachusetts Educational Financing Authority                                    | CUSIP: 57563RRQ4<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    875000 | PA      | $713755.00    | 0.29%             | 2048-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                    | Massachusetts Development Finance Agency                                         | CUSIP: 57584X4N8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    300000 | PA      | $304017.00    | 0.12%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STAMFORD CT HSG AUTH                              | Stamford Housing Authority                                                       | CUSIP: 852640AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $351974.00    | 0.14%             | 2027-12-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| FLORIDA ST HSG FIN CORP REVENU                    | Florida Housing Finance Corp                                                     | CUSIP: 34074MUK5<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |    735000 | PA      | $596930.25    | 0.24%             | 2050-07-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| MARTINEZ CA UNIF SCH DIST                         | Martinez Unified School District                                                 | CUSIP: 573428HM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $263180.00    | 0.11%             | 2035-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BlackRock MuniHoldings Fund Inc                   | BlackRock MuniHoldings Fund Inc                                                  | CUSIP: 09253N104<br>LEI: MZBVMGS24JR92TGE6Z32 | Long             | EC               | RF                | US        |     51519 | NS      | $625440.66    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE                    | Public Finance Authority                                                         | CUSIP: 74442EEF3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    410000 | PA      | $382931.80    | 0.15%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST HSG & CMNTY SVCS DEP                    | State of Oregon Housing & Community Services Department                          | CUSIP: 686087NA1<br>LEI: 549300N3PYWYJ0Z8N757 | Long             | DBT              | MUN               | US        |    220000 | PA      | $213763.00    | 0.09%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| S WSTRN IL DEV AUTH                               | Southwestern Illinois Development Authority                                      | CUSIP: 84552YHD6<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |    325000 | PA      | $48750.00     | 0.02%             | 2022-10-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Nuveen AMT-Free Municipal Credit Income Fund      | Nuveen AMT-Free Municipal Credit Income Fund                                     | CUSIP: 67071L106<br>LEI: 549300LBMO1C0IG71T03 | Long             | EC               | RF                | US        |     17623 | NS      | $213943.22    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAC4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    446246 | PA      | $205951.26    | 0.08%             | 2051-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH REVENUE                          | Iowa Finance Authority                                                           | CUSIP: 46247SBN3<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    500000 | PA      | $332810.00    | 0.13%             | 2053-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                    | Colorado Health Facilities Authority                                             | CUSIP: 19648FTK0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    400000 | PA      | $352960.00    | 0.14%             | 2030-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| POMPANO BEACH FL REVENUE                          | City of Pompano Beach FL                                                         | CUSIP: 732203AU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $956590.00    | 0.39%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH LTD OBLIG                    | Michigan Finance Authority                                                       | CUSIP: 594479GW1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    400000 | PA      | $328560.00    | 0.13%             | 2031-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WINDWARD AT LAKEWOOD RANCH CDD                    | Windward at Lakewood Ranch Community Development District                        | CUSIP: 97382EAK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $353628.00    | 0.14%             | 2052-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NORTH DAKOTA ST HSG FIN AGY                       | North Dakota Housing Finance Agency                                              | CUSIP: 658909QV1<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |    175000 | PA      | $172550.00    | 0.07%             | 2042-01-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QBC3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       403 | PA      | $3.23         | 0.00%             | 2065-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SENIOR                    | Florida Development Finance Corp                                                 | CUSIP: 34061WBV5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $455785.00    | 0.18%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU                    | Idaho Health Facilities Authority                                                | CUSIP: 451295A66<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    250000 | PA      | $205780.00    | 0.08%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL REVENUE                      | Capital Trust Agency Inc                                                         | CUSIP: 14052WCB1<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    250000 | PA      | $190500.00    | 0.08%             | 2035-04-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HSG & ECON DEV AU                    | Wisconsin Housing & Economic Development Authority Housing Revenue               | CUSIP: 976904L83<br>LEI: 549300AT0SEG8YQT2K79 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1385895.00   | 0.56%             | 2055-05-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                     | New York City Housing Development Corp                                           | CUSIP: 64966WFD4<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    500000 | PA      | $343580.00    | 0.14%             | 2045-08-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI                    | Washington State Housing Finance Commission                                      | CUSIP: 939783VV5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    500000 | PA      | $498950.00    | 0.20%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST HSG CORP SF MTGE REVEN                    | Utah Housing Corp                                                                | CUSIP: 9174366X0<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |    185000 | PA      | $183222.15    | 0.07%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SHELBY CNTY TN HLTH EDUCTNL &                     | Shelby County Health Educational & Housing Facilities Board                      | CUSIP: 821697SX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7875000 | PA      | $78.75        | 0.00%             | 2029-01-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| REUNION MET DIST CO SPL REVENU                    | Reunion Metropolitan District                                                    | CUSIP: 76133UAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    588723 | PA      | $420371.46    | 0.17%             | 2044-12-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| COLUMBUS-FRANKLIN CNTY OH FIN                     | Columbus-Franklin County Finance Authority                                       | CUSIP: 199097FC5<br>LEI: 549300NX3ODQN2ETOO82 | Long             | DBT              | MUN               | US        |    820000 | PA      | $762608.20    | 0.31%             | 2049-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH SF MT                    | Michigan State Housing Development Authority                                     | CUSIP: 594654LQ6<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1394940.00   | 0.56%             | 2051-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTGE AGY HOMEOWNER                    | State of New York Mortgage Agency                                                | CUSIP: 64988YHX8<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |    980000 | PA      | $668066.00    | 0.27%             | 2046-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MTGE FIN AUTH                       | New Mexico Mortgage Finance Authority                                            | CUSIP: 647201BB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $471776.90    | 0.19%             | 2043-07-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A                    | South Carolina Public Service Authority                                          | CUSIP: 837151HY8<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512480.00    | 0.21%             | 2043-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCF5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     17218 | PA      | $270.67       | 0.00%             | 2052-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST HSG FIN AGY                     | North Carolina Housing Finance Agency                                            | CUSIP: 658207TZ8<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    515000 | PA      | $514845.50    | 0.21%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH REVENUE                          | Iowa Finance Authority                                                           | CUSIP: 46246K4T6<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    750000 | PA      | $621510.00    | 0.25%             | 2048-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLLIER CNTY FLA INDL DEV AUTH                    | Collier County Industrial Development Authority                                  | CUSIP: 194638AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $435000.00    | 0.18%             | 2044-05-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY NY INDL DEV CORP R                    | Monroe County Industrial Development Corp/NY                                     | CUSIP: 61075TUF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $588647.40    | 0.24%             | 2030-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CO                    | Development Authority of Burke County/The                                        | CUSIP: 121342NL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $481510.60    | 0.19%             | 2052-01-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| UTAH CNTY UT HOSP REVENUE                         | County of Utah UT                                                                | CUSIP: 917393AX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508215.00    | 0.21%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA HSG FIN A                    | District of Columbia Housing Finance Agency                                      | CUSIP: 254768UX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1069230.00   | 0.43%             | 2042-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HSG FIN CORP REVENU                    | Florida Housing Finance Corp                                                     | CUSIP: 34074MXV8<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   1405000 | PA      | $932273.70    | 0.38%             | 2052-01-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| KING CNTY WA HSG AUTH                             | King County Housing Authority                                                    | CUSIP: 494762PA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $589732.50    | 0.24%             | 2040-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| EDINBURG TX ECON DEV CORP SALE                    | Edinburg Economic Development Corp                                               | CUSIP: 28078PBB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $370415.00    | 0.15%             | 2041-08-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                     | Philadelphia Authority for Industrial Development                                | CUSIP: 71781XCA9<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    350000 | PA      | $352173.50    | 0.14%             | 2036-08-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HSG & MTGE FIN A                    | New Jersey Housing & Mortgage Finance Agency                                     | CUSIP: 64613ABS0<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    435000 | PA      | $385927.65    | 0.16%             | 2049-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FRERC CDD FL                                      | FRERC Community Development District                                             | CUSIP: 30293SAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $940390.00    | 0.38%             | 2040-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                    | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JDQ3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    560000 | PA      | $479892.00    | 0.19%             | 2031-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VERMONT ST ECON DEV AUTH MTGER                    | Vermont Economic Development Authority                                           | CUSIP: 92415TCB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $363125.00    | 0.15%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH MF HS                    | Illinois Housing Development Authority                                           | CUSIP: 45203LBD4<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512465.00    | 0.21%             | 2028-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH REVENUE                          | Iowa Finance Authority                                                           | CUSIP: 46246K3R1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    650000 | PA      | $590226.00    | 0.24%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN PALM BEACH CNTY FL IMPT                     | Northern Palm Beach County Improvement District                                  | CUSIP: 665588QN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504065.00    | 0.20%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCL2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     16287 | PA      | $198.21       | 0.00%             | 2057-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SUNBRIDGE STEWARDSHIP DIST FL                     | Sunbridge Stewardship District                                                   | CUSIP: 86709HAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $328461.00    | 0.13%             | 2042-05-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| HASKINS STATION CO MET DIST                       | Haskins Station Metropolitan District                                            | CUSIP: 418291AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $427475.00    | 0.17%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                     | New York City Housing Development Corp                                           | CUSIP: 64972ETV1<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $609830.00    | 0.25%             | 2060-11-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CUYAHOGA CNTY OH POR                    | Cleveland-Cuyahoga County Port Authority                                         | CUSIP: 18610PBQ0<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    500000 | PA      | $442080.00    | 0.18%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF                    | Pennsylvania Housing Finance Agency                                              | CUSIP: 7087964R5<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |     90000 | PA      | $89937.90     | 0.04%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE                    | Public Finance Authority                                                         | CUSIP: 744396HR6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    335000 | PA      | $324698.75    | 0.13%             | 2037-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MIDWAY ARPT REVENUE                    | Chicago Midway International Airport                                             | CUSIP: 167562NE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500445.00    | 0.20%             | 2035-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WYOMING ST CMNTY DEV AUTH HSG                     | Wyoming Community Development Authority                                          | CUSIP: 98322QEY9<br>LEI: 549300UQ62NB8FGTHW65 | Long             | DBT              | MUN               | US        |     65000 | PA      | $64046.45     | 0.03%             | 2038-12-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL IMPT DIST #81                    | City of Las Vegas NV Special Improvement District No 815                         | CUSIP: 51778VAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $467750.00    | 0.19%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARTISAN LAKES EAST CDD FL CAPI                    | Artisan Lakes East Community Development District                                | CUSIP: 04316FAH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $340258.50    | 0.14%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH                     | Orange County Health Facilities Authority                                        | CUSIP: 68450LCY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $558723.00    | 0.23%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENTRADA CMNTY DEV DIST FL CAPI                    | Entrada Community Development District                                           | CUSIP: 29384HAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $300348.00    | 0.12%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FIN AUTH SEN                    | California Public Finance Authority                                              | CUSIP: 13057GAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $201770.00    | 0.08%             | 2056-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN                    | Tennessee Housing Development Agency                                             | CUSIP: 8804615R5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1066815.00   | 0.43%             | 2046-07-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| CFM FL CDD REVENUE                                | CFM Community Development District                                               | CUSIP: 15721RAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $378065.00    | 0.15%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAZ3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       428 | PA      | $4.00         | 0.00%             | 2062-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DENHAM SPRINGS-LIVINGSTON LA H                    | Denham Springs-Livingston Housing & Mortgage Finance Authority                   | CUSIP: 248297BU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      7997 | PA      | $7874.25      | 0.00%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI                    | Washington State Housing Finance Commission                                      | CUSIP: 939783TB2<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $883830.00    | 0.36%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                     | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KCK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $252216.00    | 0.10%             | 2049-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UTAH ST HSG CORP SF MTGE REVEN                    | Utah Housing Corp                                                                | CUSIP: 9174362B2<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15020.25     | 0.01%             | 2033-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SHELBY CNTY TN HLTH EDUCTNL &                     | Shelby County Health Educational & Housing Facilities Board                      | CUSIP: 821697TD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $18.50        | 0.00%             | 2019-01-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN                    | Tennessee Housing Development Agency                                             | CUSIP: 880461YL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $558275.10    | 0.23%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BASELINE MET DIST #1 CO SPL RE                    | Baseline Metropolitan District No 1                                              | CUSIP: 069826AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $233744.00    | 0.09%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN                    | Tennessee Housing Development Agency                                             | CUSIP: 880461NK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $114288.15    | 0.05%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                       | State of Illinois                                                                | CUSIP: 452152TB7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250885.00    | 0.10%             | 2033-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MTGE FIN AUTH                       | New Mexico Mortgage Finance Authority                                            | CUSIP: 647201RK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $262566.00    | 0.11%             | 2047-09-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| PIKE PLACE MARKET WA PRESERVAT                    | Pike Place Market Preservation & Development Authority                           | CUSIP: 721296EQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511840.00    | 0.21%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                    | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712DH25<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    500000 | PA      | $448815.00    | 0.18%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.       | CBOT 2 Year US Treasury Note                                                     | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -134 | NC      | $-29391.02    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| SULPHUR SPRINGS CA UNION SCH D                    | Sulphur Springs Union School District                                            | CUSIP: 865485EZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $71152.90     | 0.03%             | 2037-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                      | Illinois Finance Authority                                                       | CUSIP: 45203H6Y3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $448500.00    | 0.18%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                        | Public Finance Authority                                                         | CUSIP: 74442PLN3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      7608 | PA      | $2358.41      | 0.00%             | 2048-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MUSKEGON HEIGHTS MI WTR SYS RE                    | City of Muskegon Heights MI Water Supply System Revenue                          | CUSIP: 627763FB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $165422.40    | 0.07%             | 2023-11-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                    | Massachusetts Development Finance Agency                                         | CUSIP: 57584YSK6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1482098.75   | 0.60%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SNOHOMISH CNTY WA HSG AUTH                        | Snohomish County Housing Authority                                               | CUSIP: 83309AFW6<br>LEI: 549300FESB68D2IR7250 | Long             | DBT              | MUN               | US        |    500000 | PA      | $462300.00    | 0.19%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COBB CNTY GA DEV AUTH REVENUE                     | Development Authority of Cobb County/The                                         | CUSIP: 190806ES4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $564044.00    | 0.23%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRADITION CDD #9 FL SPL ASSMNT                    | Tradition Community Development District No 9                                    | CUSIP: 89269NAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $484078.95    | 0.20%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST HSG FIN AGY                     | North Carolina Housing Finance Agency                                            | CUSIP: 658207VC6<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |     95000 | PA      | $95000.00     | 0.04%             | 2048-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN                    | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542QBE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $400698.50    | 0.16%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MTGE FIN AUTH                       | New Mexico Mortgage Finance Authority                                            | CUSIP: 6472007T5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $280537.30    | 0.11%             | 2043-07-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                     | New York City Housing Development Corp                                           | CUSIP: 64972EDD8<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    500000 | PA      | $422450.00    | 0.17%             | 2049-11-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HSG FIN CORP REVENU                    | Florida Housing Finance Corp                                                     | CUSIP: 34074MTK7<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |    255000 | PA      | $243542.85    | 0.10%             | 2049-07-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HSG DEV FUND                     | West Virginia Housing Development Fund                                           | CUSIP: 95662NBC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1005000 | PA      | $783678.90    | 0.32%             | 2045-11-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAU4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       481 | PA      | $5.85         | 0.00%             | 2057-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TAYLOR MI BROWNFIELD REDEV AUT                    | Taylor Brownfield Redevelopment Authority                                        | CUSIP: 876849CM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256292.50    | 0.10%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA HLTH & EDU FAC                    | Chester County Health and Education Facilities Authority                         | CUSIP: 165579FW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $445521.50    | 0.18%             | 2030-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY H                    | Massachusetts Housing Finance Agency                                             | CUSIP: 57587APB8<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $459085.00    | 0.19%             | 2040-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BUREAU CNTY TWP IL HIGH SCH DI                    | Bureau County Township High School District No 502                               | CUSIP: 121133CH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515065.00    | 0.21%             | 2033-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH                       | New Jersey Economic Development Authority                                        | CUSIP: 64578EKA4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $508945.00    | 0.21%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HSG & FIN AUTH REVE                    | Georgia Housing & Finance Authority                                              | CUSIP: 373539K87<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |    595000 | PA      | $569367.40    | 0.23%             | 2041-12-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH RENTA                    | Michigan State Housing Development Authority                                     | CUSIP: 59465M6M2<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    500000 | PA      | $387845.00    | 0.16%             | 2049-10-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY M                    | Massachusetts Housing Finance Agency                                             | CUSIP: 57586YDD6<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250185.00    | 0.10%             | 2035-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     16055 | PA      | $303.60       | 0.00%             | 2049-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MTGE FIN AUTH                       | New Mexico Mortgage Finance Authority                                            | CUSIP: 647201ES7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $289461.00    | 0.12%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSONC                    | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | CUSIP: 592041YU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $710737.40    | 0.29%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE                    | South Carolina Jobs-Economic Development Authority                               | CUSIP: 837031YZ0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $346795.00    | 0.14%             | 2054-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                    | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638RKB2<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512290.00    | 0.21%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HSG FIN CORP REVENU                    | Florida Housing Finance Corp                                                     | CUSIP: 34074MA50<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |    500000 | PA      | $480060.00    | 0.19%             | 2052-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN                     | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UES9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $451200.00    | 0.18%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN HOME AR SALES & USE T                    | City of Mountain Home AR Sales & Use Tax Revenue                                 | CUSIP: 624076AM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $355651.80    | 0.14%             | 2038-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NORTHBRIDGE MA                                    | Town of Northbridge MA                                                           | CUSIP: 663804GJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500310.00    | 0.20%             | 2025-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEMPE AZ INDL DEV AUTH REVENUE                    | Tempe Industrial Development Authority                                           | CUSIP: 87972MBB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $330095.80    | 0.13%             | 2024-10-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| TROUT CREEK CDD FL CAPITAL IMP                    | Trout Creek Community Development District                                       | CUSIP: 897188AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $298452.00    | 0.12%             | 2038-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY REVENU                    | New York State Housing Finance Agency                                            | CUSIP: 64986UQU4<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    590000 | PA      | $550281.20    | 0.22%             | 2037-11-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NORTH LAS VEGAS NV LOCAL IMPT                     | City of North Las Vegas NV                                                       | CUSIP: 66041HGK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $340370.60    | 0.14%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH                     | Orange County Health Facilities Authority                                        | CUSIP: 68450LDT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511580.00    | 0.21%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAS9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       444 | PA      | $5.98         | 0.00%             | 2055-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LAKES OF SARASOTA CDD FL IMPT                     | Lakes of Sarasota Community Development District                                 | CUSIP: 51206YAK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $460515.00    | 0.19%             | 2031-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE                       | Indiana Finance Authority                                                        | CUSIP: 45506DKB0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    775000 | PA      | $791902.75    | 0.32%             | 2041-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                     | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KEZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $346709.30    | 0.14%             | 2041-05-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| COBBLESTONE CDD FL SPL ASSMNT                     | Cobblestone Community Development District                                       | CUSIP: 19088PAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $531266.40    | 0.21%             | 2042-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HSG FIN CORP REVENU                    | Florida Housing Finance Corp                                                     | CUSIP: 34074MSH5<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |    319000 | PA      | $308846.23    | 0.12%             | 2045-01-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                     | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461364X6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $519415.00    | 0.21%             | 2043-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SPORTS FACS AUTH                      | Illinois Sports Facilities Authority/The                                         | CUSIP: 452143FD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021720.00   | 0.41%             | 2031-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DWS Strategic Municipal Income Trust              | DWS Strategic Municipal Income Trust                                             | CUSIP: 23342Q101<br>LEI: HW9ZECORLBPA6LHYL567 | Long             | EC               | RF                | US        |     29351 | NS      | $239797.67    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DE                    | Maryland Community Development Administration                                    | CUSIP: 57419RH32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $332440.50    | 0.13%             | 2046-07-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| SAGEBRUSH FARM MET DIST #1 CO                     | Sagebrush Farm Metropolitan District No 1                                        | CUSIP: 78669HAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $744510.00    | 0.30%             | 2042-12-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HSG DEV COMMISSION                    | Missouri Housing Development Commission                                          | CUSIP: 60637BVD9<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |    290000 | PA      | $254196.60    | 0.10%             | 2049-11-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF                    | Pennsylvania Housing Finance Agency                                              | CUSIP: 70879QNV1<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $641080.00    | 0.26%             | 2051-10-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM                    | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 54628CER9<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300267.00    | 0.12%             | 2037-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| NEW RIVER FL CDD CAPITAL IMPT                     | New River Community Development District                                         | CUSIP: 648466AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $2.30         | 0.00%             | 2013-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTGE AGY HOMEOWNER                    | State of New York Mortgage Agency                                                | CUSIP: 64988YEQ6<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1059353.75   | 0.43%             | 2050-04-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTGE AGY HOMEOWNER                    | State of New York Mortgage Agency                                                | CUSIP: 64988YKJ5<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |    580000 | PA      | $440318.60    | 0.18%             | 2036-04-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| VANCOUVER WA HSG AUTH                             | Vancouver Housing Authority                                                      | CUSIP: 921626NU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $846610.00    | 0.34%             | 2038-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL                     | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20775DHK1<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250007.50    | 0.10%             | 2027-01-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST HSG FIN AGY                     | North Carolina Housing Finance Agency                                            | CUSIP: 658207T88<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    500000 | PA      | $545305.00    | 0.22%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ALASKA ST INDL DEV & EXPORT AU                    | Alaska Industrial Development & Export Authority                                 | CUSIP: 011903EW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250127.50    | 0.10%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCH1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     16869 | PA      | $238.87       | 0.00%             | 2054-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH EDUCTNL F                    | Illinois Finance Authority                                                       | CUSIP: 452029AB7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100070.00    | 0.04%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAY6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       440 | PA      | $4.33         | 0.00%             | 2061-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL REVENUE                      | Capital Trust Agency Inc                                                         | CUSIP: 14052WCG0<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    550000 | PA      | $148500.00    | 0.06%             | 2035-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                    | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712DG83<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    300000 | PA      | $277863.00    | 0.11%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY RSDL MTGE                     | Ohio Housing Finance Agency                                                      | CUSIP: 67756QXN2<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    330000 | PA      | $323324.10    | 0.13%             | 2048-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                     | State of California                                                              | CUSIP: 13063DZ43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $534945.00    | 0.22%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTHERN GROVE CMNTY DEV DIST                     | Southern Groves Community Development District No 5                              | CUSIP: 843021AF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $471725.00    | 0.19%             | 2030-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA TAX ALLOCATION                         | City of Atlanta GA                                                               | CUSIP: 047849ET7<br>LEI: 549300GHLQ0J51NUBM84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500650.00    | 0.20%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAQ3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       469 | PA      | $7.03         | 0.00%             | 2053-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCU2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     15008 | PA      | $120.36       | 0.00%             | 2065-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SAWYERS LANDING CDD FL SPL ASS                    | Sawyers Landing Community Development District                                   | CUSIP: 805517AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $420025.00    | 0.17%             | 2041-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST EDU ASSISTAN                    | North Carolina State Education Assistance Authority                              | CUSIP: 658262GP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $170536.70    | 0.07%             | 2039-06-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN                    | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542PBQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $143000.00    | 0.06%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HSG & MTGE FIN A                    | New Jersey Housing & Mortgage Finance Agency                                     | CUSIP: 64613AAC6<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    360000 | PA      | $365493.60    | 0.15%             | 2048-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT                    | Utah Charter School Finance Authority                                            | CUSIP: 91754TN25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $426842.30    | 0.17%             | 2031-12-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Nuveen Quality Municipal Income Fund              | Nuveen Quality Municipal Income Fund                                             | CUSIP: 67066V101<br>LEI: 549300RDIO25ZNWCOA97 | Long             | EC               | RF                | US        |    101846 | NS      | $1201782.80   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAT7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       434 | PA      | $5.59         | 0.00%             | 2056-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GREEN VALLEY RANCH EAST MET DI                    | Green Valley Ranch East Metropolitan District No 6                               | CUSIP: 39356MAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $930570.00    | 0.38%             | 2050-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP SURFACE T                    | Florida Development Finance Corp                                                 | CUSIP: 34061YAH3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    650000 | PA      | $566949.50    | 0.23%             | 2049-01-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                    | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712D3X2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    745000 | PA      | $722597.85    | 0.29%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH S                    | Kansas City Industrial Development Authority                                     | CUSIP: 48504LAD5<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    264421 | PA      | $197839.61    | 0.08%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTAN                    | New Jersey Higher Education Student Assistance Authority                         | CUSIP: 646080UX7<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1015659.05   | 0.41%             | 2039-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SHELBY CNTY TN HLTH EDUCTNL &                     | Shelby County Health Educational & Housing Facilities Board                      | CUSIP: 82170KAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $591597.50    | 0.24%             | 2039-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NM GROSS RECPTS TAX                     | City of Las Vegas NM Gross Receipts Tax Revenue                                  | CUSIP: 51778TCA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $410213.20    | 0.17%             | 2028-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MALTA IL TAX INCR REVENUE                         | Village of Malta IL Tax Increment Revenue                                        | CUSIP: 561353AR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1921000 | PA      | $480250.00    | 0.19%             | 2025-12-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE                       | Indiana Finance Authority                                                        | CUSIP: 45506EBU6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    500000 | PA      | $408020.00    | 0.16%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR HSG AUTH MF                     | Clackamas County Housing Authority/OR                                            | CUSIP: 179032AY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $345607.50    | 0.14%             | 2033-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCR9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     15473 | PA      | $144.67       | 0.00%             | 2062-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST HSG & CMNTY SVCS DEP                    | State of Oregon Housing & Community Services Department                          | CUSIP: 686087Q42<br>LEI: 549300N3PYWYJ0Z8N757 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $714300.00    | 0.29%             | 2045-01-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH ECON                     | Arizona Industrial Development Authority                                         | CUSIP: 040523AK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $70000.00     | 0.03%             | 2031-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTH                     | Louisiana Public Facilities Authority                                            | CUSIP: 546395R48<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    300000 | PA      | $308385.00    | 0.12%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARKER ROAD FL CDD CAPITAL IMP                    | Parker Road Community Development District                                       | CUSIP: 701123AF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $387645.00    | 0.16%             | 2050-05-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                    | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60635H3D9<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $770170.00    | 0.31%             | 2048-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SULPHUR SPRINGS CA UNION SCH D                    | Sulphur Springs Union School District                                            | CUSIP: 865485EW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $226967.80    | 0.09%             | 2037-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                    | New York Transportation Development Corp                                         | CUSIP: 650116CX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $724237.50    | 0.29%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN JOSE CA FING AUTH LEASE RE                    | San Jose Financing Authority                                                     | CUSIP: 798153MW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $403848.00    | 0.16%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HOTEL REVEN                    | Public Finance Authority                                                         | CUSIP: 74447DAC1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $461580.00    | 0.19%             | 2052-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL                    | Colorado Educational & Cultural Facilities Authority                             | CUSIP: 19645RKD2<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250400.00    | 0.10%             | 2034-07-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| MONTANA ST BRD OF HSG SF MTGE                     | Montana Board of Housing                                                         | CUSIP: 61212WLR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $327018.60    | 0.13%             | 2045-12-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N                    | Tobacco Settlement Financing Corp                                                | CUSIP: 888808HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $286446.00    | 0.12%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HSG DEV COMMISSION                    | Missouri Housing Development Commission                                          | CUSIP: 60637BE97<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |    355000 | PA      | $262810.05    | 0.11%             | 2051-11-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                    | New Jersey Economic Development Authority                                        | CUSIP: 64577XCU8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $420530.00    | 0.17%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOLOMATO FL CDD                                   | Tolomato Community Development District                                          | CUSIP: 889560BF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $97383.00     | 0.04%             | 2040-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY M                    | Massachusetts Development Finance Agency                                         | CUSIP: 57583XCP5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1123230.00   | 0.45%             | 2042-01-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH REVEN                    | Illinois Housing Development Authority                                           | CUSIP: 45201YR33<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    190000 | PA      | $190152.00    | 0.08%             | 2048-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCJ7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     16636 | PA      | $223.92       | 0.00%             | 2055-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST DEV BANK SPL OB                    | Mississippi Development Bank                                                     | CUSIP: 60534WP69<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $873590.00    | 0.35%             | 2039-11-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTH                     | Louisiana Public Facilities Authority                                            | CUSIP: 546398ST6<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    520000 | PA      | $511539.60    | 0.21%             | 2036-02-15      | Variable      | 3.79%                 | No            |                  2 | On Loan: No      |
| KALAMAZOO MI ECON DEV CORP                        | Kalamazoo Economic Development Corp                                              | CUSIP: 483228DX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $428005.00    | 0.17%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH DAKOTA ST HSG FIN AGY                       | North Dakota Housing Finance Agency                                              | CUSIP: 658909M37<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500795.00    | 0.20%             | 2053-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A                    | Texas Department of Housing & Community Affairs                                  | CUSIP: 882750QP0<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |    985000 | PA      | $662964.10    | 0.27%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PINELLAS CNTY FL INDL DEV AUTH                    | Pinellas County Industrial Development Authority                                 | CUSIP: 72316VAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $478650.00    | 0.19%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST HSG & CMNTY SVCS DEP                    | State of Oregon Housing & Community Services Department                          | CUSIP: 686087L96<br>LEI: 549300N3PYWYJ0Z8N757 | Long             | DBT              | MUN               | US        |    500000 | PA      | $361175.00    | 0.15%             | 2044-01-01      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| GAINESVILLE & HALL CNTY GA DEV                    | Gainesville & Hall County Development Authority                                  | CUSIP: 36274PAF4<br>LEI: 549300L0GMYXTK7H5359 | Long             | DBT              | MUN               | US        |    640000 | PA      | $576953.60    | 0.23%             | 2044-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FRANKLIN TN HLTH & EDUCTNL FAC                    | Franklin Health & Educational Facilities Board                                   | CUSIP: 354732AF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $135000.00    | 0.05%             | 2027-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST HSG CORP SF MTGE                     | Louisiana Housing Corp                                                           | CUSIP: 54627DFJ5<br>LEI: 549300VL35TBE7RSJH61 | Long             | DBT              | MUN               | US        |    390000 | PA      | $319874.10    | 0.13%             | 2045-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAM2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       372 | PA      | $6.57         | 0.00%             | 2050-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HSG & ECON DEV AU                    | Wisconsin Housing & Economic Development Authority Housing Revenue               | CUSIP: 976904YZ9<br>LEI: 549300AT0SEG8YQT2K79 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251122.50    | 0.10%             | 2035-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MO                    | California Municipal Finance Authority                                           | CUSIP: 13049SES9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $206187.50    | 0.08%             | 2056-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HSG DEV AUTH                      | South Dakota Housing Development Authority                                       | CUSIP: 83756CS63<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $769250.00    | 0.31%             | 2042-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST HSG FIN AGY                     | North Carolina Housing Finance Agency                                            | CUSIP: 658207Q57<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $846410.00    | 0.34%             | 2046-01-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST HSG FIN AGY                     | North Carolina Housing Finance Agency                                            | CUSIP: 658207TY1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |     65000 | PA      | $63755.25     | 0.03%             | 2041-01-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                    | Palm Beach County Health Facilities Authority                                    | CUSIP: 696507VK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $388505.00    | 0.16%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY AL LTD OBLG                           | County of Mobile AL                                                              | CUSIP: 607341AG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $369520.00    | 0.15%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BNY Mellon Strategic Municipal Bond Fund Inc      | BNY Mellon Strategic Municipal Bond Fund Inc                                     | CUSIP: 09662E109<br>LEI: 54930044KK4C1VDJ7M52 | Long             | EC               | RF                | US        |     12028 | NS      | $69521.84     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A                    | Texas Department of Housing & Community Affairs                                  | CUSIP: 882750RT1<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1290537.50   | 0.52%             | 2052-01-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| CELEBRATION POINTE CMNTY DEV D                    | Celebration Pointe Community Development District No 1                           | CUSIP: 15102HAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $239275.20    | 0.10%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY H                    | Massachusetts Housing Finance Agency                                             | CUSIP: 57587AXG8<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    900000 | PA      | $785484.00    | 0.32%             | 2047-12-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| WINDLER PUB IMPT AUTH CO LTD T                    | Windler Public Improvement Authority                                             | CUSIP: 973405AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $366355.00    | 0.15%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FULTON CNTY GA DEV AUTH REVENU                    | Development Authority for Fulton County                                          | CUSIP: 36005FBW4<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |    500000 | PA      | $525565.00    | 0.21%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.       | CBOT 10 Year US Treasury Note                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -412 | NC      | $319052.80    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| WYANDOTTE CNTY KS KANSAS CITY                     | Wyandotte County-Kansas City Unified Government                                  | CUSIP: 98267VDJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $471765.00    | 0.19%             | 2035-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DE                    | Maryland Community Development Administration                                    | CUSIP: 57419TVK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $355570.00    | 0.14%             | 2044-09-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| NEVADA ST HSG DIV SF MTGE REVE                    | Nevada Housing Division                                                          | CUSIP: 641279PP3<br>LEI: 549300RE377OK3CTT852 | Long             | DBT              | MUN               | US        |    495000 | PA      | $355315.95    | 0.14%             | 2051-10-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HSG & MTGE FIN A                    | New Jersey Housing & Mortgage Finance Agency                                     | CUSIP: 64613ACW0<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    815000 | PA      | $585691.60    | 0.24%             | 2050-10-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Nuveen AMT-Free Quality Municipal Income Fund     | Nuveen AMT-Free Quality Municipal Income Fund                                    | CUSIP: 670657105<br>LEI: 549300OTYQOOXS64NI63 | Long             | EC               | RF                | US        |    163972 | NS      | $1864361.64   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU                    | Idaho Health Facilities Authority                                                | CUSIP: 451295A58<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    290000 | PA      | $245496.60    | 0.10%             | 2031-10-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A                    | Texas Department of Housing & Community Affairs                                  | CUSIP: 88275FSF7<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |    500000 | PA      | $362915.00    | 0.15%             | 2050-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCS7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     15240 | PA      | $135.79       | 0.00%             | 2063-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BLACK DESERT PUB INFRASTRUCTUR                    | Black Desert Public Infrastructure District                                      | CUSIP: 09204PAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $371195.00    | 0.15%             | 2051-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GRAND PARKWAY TRANSPRTN CORP T                    | Grand Parkway Transportation Corp                                                | CUSIP: 38611TAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $536825.00    | 0.22%             | 2035-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VIERA STEWARDSHIP DIST FL SPL                     | Viera Stewardship District                                                       | CUSIP: 92670TAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $186875.00    | 0.08%             | 2053-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A                    | Texas Department of Housing & Community Affairs                                  | CUSIP: 88275FPZ6<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |    310000 | PA      | $305198.10    | 0.12%             | 2038-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| GAINESVILLE & HALL CNTY GA HOS                    | Gainesville & Hall County Hospital Authority                                     | CUSIP: 362762MK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523575.00    | 0.21%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HGR EDU ASSISTANC                    | Pennsylvania Higher Education Assistance Agency                                  | CUSIP: 70878CAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $368544.00    | 0.15%             | 2042-06-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                    | Palm Beach County Health Facilities Authority                                    | CUSIP: 696507VM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $484455.00    | 0.20%             | 2027-07-01      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCG3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     16985 | PA      | $254.44       | 0.00%             | 2053-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST EDUCTNL FING                     | Massachusetts Educational Financing Authority                                    | CUSIP: 57563RPZ6<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |     90000 | PA      | $87047.10     | 0.04%             | 2034-07-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| UTAH ST HSG CORP SF MTGE REVEN                    | Utah Housing Corp                                                                | CUSIP: 917436W37<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25014.25     | 0.01%             | 2034-07-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| ALLEN PARK MI                                     | City of Allen Park MI                                                            | CUSIP: 018015RM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $298560.00    | 0.12%             | 2034-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| HEMPSTEAD TOWN NY LOCAL DEV CO                    | Hempstead Town Local Development Corp                                            | CUSIP: 424682EB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $351379.00    | 0.14%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                     | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KAV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $397168.00    | 0.16%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY RSDL MTGE                     | Ohio Housing Finance Agency                                                      | CUSIP: 67756QX44<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $490940.00    | 0.20%             | 2047-09-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP                           | Florida Development Finance Corp                                                 | CUSIP: 340618DF1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $498510.00    | 0.20%             | 2057-07-01      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                     | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KBA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300435.00    | 0.12%             | 2037-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STADIUM TRACE VLG IMPT DIST DE                    | Stadium Trace Village Improvement District/The                                   | CUSIP: 852351AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $378557.05    | 0.15%             | 2036-03-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CUYAHOGA CNTY OH POR                    | Cleveland-Cuyahoga County Port Authority                                         | CUSIP: 18611HAA3<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    500000 | PA      | $390010.00    | 0.16%             | 2055-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GRANDE PINES CDD FL SPL ASSMNT                    | Grande Pines Community Development District                                      | CUSIP: 38656NAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $480142.55    | 0.19%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAR1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       453 | PA      | $6.41         | 0.00%             | 2054-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                    | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712DR73<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    500000 | PA      | $426145.00    | 0.17%             | 2048-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                     | New York City Housing Development Corp                                           | CUSIP: 64972CG72<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    300000 | PA      | $266940.00    | 0.11%             | 2042-11-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                      | Illinois Finance Authority                                                       | CUSIP: 45203HV41<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $459620.00    | 0.19%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                     | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KED6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $410633.60    | 0.17%             | 2040-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                      | Illinois Finance Authority                                                       | CUSIP: 45204FSR7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501235.00    | 0.20%             | 2027-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN                    | Tennessee Housing Development Agency                                             | CUSIP: 880461AR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225011.25    | 0.09%             | 2031-01-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| ZEPHYR RIDGE FL CDD CAPITAL IM                    | Zephyr Ridge Community Development District                                      | CUSIP: 98944CAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $189000.00    | 0.08%             | 2013-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SHELBY CNTY TN HLTH EDUCTNL &                     | Shelby County Health Educational & Housing Facilities Board                      | CUSIP: 821697SY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1630000 | PA      | $16.30        | 0.00%             | 2029-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN                     | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UEV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $292509.00    | 0.12%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH RENTA                    | Michigan State Housing Development Authority                                     | CUSIP: 59465M3J2<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    300000 | PA      | $266745.00    | 0.11%             | 2042-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                    | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712D4C7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    350000 | PA      | $288256.50    | 0.12%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SENIOR                    | Florida Development Finance Corp                                                 | CUSIP: 34061WBP8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    330000 | PA      | $293802.30    | 0.12%             | 2027-06-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE                    | Public Finance Authority                                                         | CUSIP: 744396FF4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    700000 | PA      | $640500.00    | 0.26%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA ST INDL DEV & EXPORT AU                    | Alaska Industrial Development & Export Authority                                 | CUSIP: 01170MAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $650.00       | 0.00%             | 2012-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN                     | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UFA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $548190.00    | 0.22%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| POLK CNTY OR HOSP FAC AUTH REV                    | Polk County Hospital Facility Authority                                          | CUSIP: 731347AF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $405750.00    | 0.16%             | 2055-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NEVADA ST HSG DIV SF MTGE REVE                    | Nevada Housing Division                                                          | CUSIP: 641279PX6<br>LEI: 549300RE377OK3CTT852 | Long             | DBT              | MUN               | US        |    750000 | PA      | $541530.00    | 0.22%             | 2046-04-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                     | New York City Housing Development Corp                                           | CUSIP: 64966WED5<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    500000 | PA      | $333225.00    | 0.13%             | 2050-02-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| TROUT CREEK CDD FL CAPITAL IMP                    | Trout Creek Community Development District                                       | CUSIP: 897188AK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $209210.00    | 0.08%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KING CNTY WA HSG AUTH                             | King County Housing Authority                                                    | CUSIP: 494759QQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $809250.00    | 0.33%             | 2039-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SULPHUR SPRINGS CA UNION SCH D                    | Sulphur Springs Union School District                                            | CUSIP: 865485EY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $198491.40    | 0.08%             | 2037-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                     | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KBS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $547008.00    | 0.22%             | 2039-05-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAN0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       365 | PA      | $6.14         | 0.00%             | 2051-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH REVENUE                          | Iowa Finance Authority                                                           | CUSIP: 46246K6Y3<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    530000 | PA      | $345692.50    | 0.14%             | 2055-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ALAMITOS CA UNIF SCH DIST                     | Los Alamitos Unified School District                                             | CUSIP: 544204DP2<br>LEI: 549300YJXGV6HPEZKU12 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1152217.00   | 0.47%             | 2034-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH SF MT                    | Michigan State Housing Development Authority                                     | CUSIP: 594654GC3<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    295000 | PA      | $272783.55    | 0.11%             | 2050-06-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| CHAMBERS HIGHPOINT MET DIST #2                    | Chambers Highpoint Metropolitan District No 2                                    | CUSIP: 157817AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $457448.75    | 0.18%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                    | Colorado Health Facilities Authority                                             | CUSIP: 19648FTJ3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    850000 | PA      | $636242.00    | 0.26%             | 2058-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH RIVER RANCH CDD FL CAPIT                    | North River Ranch Community Development District                                 | CUSIP: 662008AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $497574.00    | 0.20%             | 2035-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| WIREGRASS FL CDD CAPITAL IMPTR                    | Wiregrass Community Development District                                         | CUSIP: 97654RAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $241677.60    | 0.10%             | 2035-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST HSG FIN & DE                    | South Carolina State Housing Finance & Development Authority                     | CUSIP: 83712DZ25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $474335.00    | 0.19%             | 2052-07-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Invesco Municipal Opportunity Trust               | Invesco Municipal Opportunity Trust                                              | CUSIP: 46132C107<br>LEI: WERC5RXCUSU16MOTZ848 | Long             | EC               | RF                | US        |     62240 | NS      | $616798.40    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SKY RANCH CMNTY AUTH BRD CO                       | Sky Ranch Community Authority Board                                              | CUSIP: 83086SAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $453825.00    | 0.18%             | 2052-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU                    | Idaho Health Facilities Authority                                                | CUSIP: 451295A82<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    500000 | PA      | $357835.00    | 0.14%             | 2050-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY CA CMNTY FACS DIST                    | Orange County Community Facilities District                                      | CUSIP: 68423PYT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $426105.00    | 0.17%             | 2045-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF                    | Pennsylvania Housing Finance Agency                                              | CUSIP: 70879QEY5<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $364710.00    | 0.15%             | 2046-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MTGE FIN AUTH                       | New Mexico Mortgage Finance Authority                                            | CUSIP: 647201KN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $350958.15    | 0.14%             | 2050-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SPRING VLY CMNTY INFRASTRUCTUR                    | Spring Valley Community Infrastructure District No 1                             | CUSIP: 850072AA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $357915.00    | 0.14%             | 2051-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY RSDL MTGE                     | Ohio Housing Finance Agency                                                      | CUSIP: 67756Q2F3<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1553835.00   | 0.63%             | 2047-09-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HSG & MTGE FIN                    | Rhode Island Housing & Mortgage Finance Corp                                     | CUSIP: 76221TMK2<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |    500000 | PA      | $380160.00    | 0.15%             | 2045-04-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                      | Illinois Finance Authority                                                       | CUSIP: 45204EM96<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091460.00   | 0.44%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MERRILLVILLE IN ECON DEV REVEN                    | Town of Merrillville IN                                                          | CUSIP: 590250AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $261603.00    | 0.11%             | 2036-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ORLANDO FL TOURIST DEV TAX REV                    | City of Orlando FL Tourist Development Tax Revenue                               | CUSIP: 686499CD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $267315.00    | 0.11%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX EDU FACS CORP R                    | San Antonio Education Facilities Corp                                            | CUSIP: 796247DX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $246856.70    | 0.10%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAJ9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       447 | PA      | $9.34         | 0.00%             | 2047-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ROLLING HILLS FL CDD CAPITAL I                    | Rolling Hills Community Development District                                     | CUSIP: 775658BA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $220110.00    | 0.09%             | 2032-05-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HOTEL REVEN                    | Public Finance Authority                                                         | CUSIP: 74447DAG2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $469740.00    | 0.19%             | 2062-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                     | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KBN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $292467.00    | 0.12%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TREE FARM MET DIST CO                             | Tree Farm Metropolitan District                                                  | CUSIP: 894676AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $432125.00    | 0.17%             | 2041-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FIN AUTH SEN                    | California Public Finance Authority                                              | CUSIP: 13057GAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $420805.00    | 0.17%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CROSSROADS MET DIST #1 CO                         | Crossroads Metropolitan District No 1                                            | CUSIP: 22766BAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $464190.00    | 0.19%             | 2051-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                    | New Jersey Economic Development Authority                                        | CUSIP: 64577BN26<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250957.50    | 0.10%             | 2047-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| THOMPSON CROSSING MET DIST #4                     | Thompson Crossing Metropolitan District No 4                                     | CUSIP: 88477EAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $432790.00    | 0.17%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEBRASKA ST INVESTMENT FIN AUT                    | Nebraska Investment Finance Authority                                            | CUSIP: 63968MUT4<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |     80000 | PA      | $75973.60     | 0.03%             | 2042-09-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN                    | Tennessee Housing Development Agency                                             | CUSIP: 880461VY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $588721.05    | 0.24%             | 2049-01-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                      | Illinois Finance Authority                                                       | CUSIP: 45204EC22<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    670000 | PA      | $479639.60    | 0.19%             | 2038-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                    | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60635H3C1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    775000 | PA      | $625277.75    | 0.25%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE                       | Indiana Finance Authority                                                        | CUSIP: 45506DKT1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    350000 | PA      | $357882.00    | 0.14%             | 2033-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SEATTLE WA HSG AUTH                               | Seattle Housing Authority                                                        | CUSIP: 812636MX3<br>LEI: 5493003LM6XXXMFX5M88 | Long             | DBT              | MUN               | US        |    500000 | PA      | $358735.00    | 0.14%             | 2041-06-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A                    | Texas Department of Housing & Community Affairs                                  | CUSIP: 88275FSE0<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |    500000 | PA      | $381125.00    | 0.15%             | 2045-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A                    | Texas Department of Housing & Community Affairs                                  | CUSIP: 88275FRB7<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |    925000 | PA      | $859815.25    | 0.35%             | 2044-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH RENTA                    | Michigan State Housing Development Authority                                     | CUSIP: 59465M6N0<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1356460.00   | 0.55%             | 2054-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HSG & MTGE FIN A                    | New Jersey Housing & Mortgage Finance Agency                                     | CUSIP: 64613AEZ1<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    735000 | PA      | $513970.80    | 0.21%             | 2046-10-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MTGE FIN AUTH                       | New Mexico Mortgage Finance Authority                                            | CUSIP: 647201RL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $692799.75    | 0.28%             | 2052-09-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HSG DEV FUND                     | West Virginia Housing Development Fund                                           | CUSIP: 95662NDR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $660847.95    | 0.27%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MUSKEGON HEIGHTS MI WTR SYS RE                    | City of Muskegon Heights MI Water Supply System Revenue                          | CUSIP: 627763FC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $135396.90    | 0.05%             | 2024-11-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST HSG DEV AUTH                          | Virginia Housing Development Authority                                           | CUSIP: 92812Q8A8<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501515.00    | 0.20%             | 2043-10-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| GLYNN-BRUNSWICK GA MEMORIAL HO                    | Glynn-Brunswick Memorial Hospital Authority                                      | CUSIP: 380037GS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $350350.00    | 0.14%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN                    | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542PBT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $253000.00    | 0.10%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLLIERS HILL MET DIST #2 CO                      | Colliers Hill Metropolitan District No 2                                         | CUSIP: 194689AS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $493836.00    | 0.20%             | 2047-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM                    | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 54628CUF7<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    715000 | PA      | $522600.65    | 0.21%             | 2046-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCV0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     14775 | PA      | $110.07       | 0.00%             | 2066-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                    | Colorado Health Facilities Authority                                             | CUSIP: 19648FTG9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    415000 | PA      | $338669.05    | 0.14%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     15822 | PA      | $279.26       | 0.00%             | 2050-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LAKE CNTY FLA RETMNT FAC REVEN                    | County of Lake FL                                                                | CUSIP: 50826FAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $430515.00    | 0.17%             | 2050-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RED RIVER TX HLTH FACS DEV COR                    | Red River Health Facilities Development Corp                                     | CUSIP: 75687DAU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $270512.50    | 0.11%             | 2034-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCQ1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     15589 | PA      | $153.55       | 0.00%             | 2061-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HSG & FIN AUTH REVE                    | Georgia Housing & Finance Authority                                              | CUSIP: 3735394V4<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |    900000 | PA      | $769014.00    | 0.31%             | 2046-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DANBURY TX HGR EDU AUTH INC ED                    | Danbury Higher Education Authority Inc                                           | CUSIP: 236035EH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $647926.50    | 0.26%             | 2049-08-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI                    | Washington State Housing Finance Commission                                      | CUSIP: 939783TQ9<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    300000 | PA      | $272259.00    | 0.11%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                    | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712DL61<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506735.00    | 0.20%             | 2045-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MTGE FIN AUTH                       | New Mexico Mortgage Finance Authority                                            | CUSIP: 647201PC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $334971.45    | 0.14%             | 2051-07-01      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| COLTON CA JT UNIF SCH DIST                        | Colton Joint Unified School District                                             | CUSIP: 197036JC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1111110.00   | 0.45%             | 2035-08-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAP5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       475 | PA      | $7.47         | 0.00%             | 2052-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UPLAND CA UNIF SCH DIST                           | Upland Unified School District                                                   | CUSIP: 91537PEX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1104120.00   | 0.45%             | 2041-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A                    | Texas Department of Housing & Community Affairs                                  | CUSIP: 88275FUT4<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |    500000 | PA      | $534685.00    | 0.22%             | 2052-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCB4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     16171 | PA      | $322.29       | 0.00%             | 2048-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TX INTERNATI                    | Dallas Fort Worth International Airport                                          | CUSIP: 235036T67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506325.00    | 0.20%             | 2037-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST STUDENT LOAN A                    | Rhode Island Student Loan Authority                                              | CUSIP: 762315RJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $565928.30    | 0.23%             | 2037-12-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MTGE FIN AUTH                       | New Mexico Mortgage Finance Authority                                            | CUSIP: 647201HB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $584388.60    | 0.24%             | 2049-07-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MTGE FIN AUTH                       | New Mexico Mortgage Finance Authority                                            | CUSIP: 647201CG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $464870.00    | 0.19%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CNTY CA WTR FING AU                    | Sacramento County Water Financing Authority                                      | CUSIP: 78615RCV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $435980.00    | 0.18%             | 2039-06-01      | Variable      | 3.76%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH SF MT                    | Michigan State Housing Development Authority                                     | CUSIP: 594654NW1<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2257115.00   | 0.91%             | 2052-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD                    | Michigan Strategic Fund                                                          | CUSIP: 594698RD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $372645.10    | 0.15%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST HGR EDU LOAN AUTH                         | Iowa Higher Education Loan Authority                                             | CUSIP: 4624607Q3<br>LEI: 549300DWVTM3KRNR0M36 | Long             | DBT              | MUN               | US        |    500000 | PA      | $486710.00    | 0.20%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARKE CNTY GA HOSP AUTH                          | Clarke County Hospital Authority                                                 | CUSIP: 181685JM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $352782.50    | 0.14%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                     | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KCW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $487768.40    | 0.20%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN                    | Tennessee Housing Development Agency                                             | CUSIP: 8804615S3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $719410.00    | 0.29%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HSG FIN AUTH                       | Orange County Housing Finance Authority                                          | CUSIP: 684907UE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $220275.00    | 0.09%             | 2048-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY OH HLTH CARE FAC                    | County of Franklin OH                                                            | CUSIP: 353180KW1<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $817810.00    | 0.33%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST HOME CORP SF MT                    | Mississippi Home Corp                                                            | CUSIP: 60535QZN3<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $773360.00    | 0.31%             | 2042-06-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| MEADOW VIEW AT TWIN CREEKS CDD                    | Meadow View at Twin Creeks Community Development District                        | CUSIP: 583188AZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $159106.50    | 0.06%             | 2052-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                        | Public Finance Authority                                                         | CUSIP: 74442PTS4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $659737.50    | 0.27%             | 2028-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BlackRock MuniYield Quality Fund III Inc          | BlackRock MuniYield Quality Fund III Inc                                         | CUSIP: 09254E103<br>LEI: UB5J2GS6Q51M6A2L8886 | Long             | EC               | RF                | US        |     48671 | NS      | $545601.91    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| LT RANCH CDD FL CAPITAL IMPT R                    | LT Ranch Community Development District                                          | CUSIP: 54912EAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $418335.00    | 0.17%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEVADA ST HSG DIV SF MTGE REVE                    | Nevada Housing Division                                                          | CUSIP: 641279MU5<br>LEI: 549300RE377OK3CTT852 | Long             | DBT              | MUN               | US        |    490000 | PA      | $468263.60    | 0.19%             | 2049-10-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN                    | Tennessee Housing Development Agency                                             | CUSIP: 88046KCF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $746279.00    | 0.30%             | 2048-07-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BROOKHAVEN NY LOCAL DEV CORP R                    | Brookhaven Local Development Corp                                                | CUSIP: 113168BK3<br>LEI: 549300384JET720NAQ98 | Long             | DBT              | MUN               | US        |    675000 | PA      | $557219.25    | 0.23%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM                    | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 546282H80<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    400000 | PA      | $395688.00    | 0.16%             | 2025-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HSG FIN CORP REVENU                    | Florida Housing Finance Corp                                                     | CUSIP: 34074MD73<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |    790000 | PA      | $823369.60    | 0.33%             | 2047-07-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM                    | North Carolina Medical Care Commission                                           | CUSIP: 65820YPM2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    400000 | PA      | $369552.00    | 0.15%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN                    | Tennessee Housing Development Agency                                             | CUSIP: 880461TJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $215129.25    | 0.09%             | 2042-07-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY RSDL MTGE                     | Ohio Housing Finance Agency                                                      | CUSIP: 67756QYR2<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    305000 | PA      | $293010.45    | 0.12%             | 2049-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FIN AUTH SEN                    | California Public Finance Authority                                              | CUSIP: 13057GAE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $305168.50    | 0.12%             | 2029-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV                    | City of Apple Valley MN                                                          | CUSIP: 03789YDH6<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    475000 | PA      | $276901.25    | 0.11%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTANA ST BRD OF HSG                             | Montana Board of Housing                                                         | CUSIP: 61213TBC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $228941.70    | 0.09%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY RSDL MTGE                     | Ohio Housing Finance Agency                                                      | CUSIP: 67756QUW5<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    200000 | PA      | $194490.00    | 0.08%             | 2037-03-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                      | Illinois Finance Authority                                                       | CUSIP: 45203HV66<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $852560.00    | 0.34%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UPPER IL RIVER VLY DEV AUTH                       | Upper Illinois River Valley Development Authority                                | CUSIP: 91588XAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $231680.00    | 0.09%             | 2037-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDIANA ST HSG & CMNTY DEV AUT                    | Indiana Housing & Community Development Authority                                | CUSIP: 45506CAM9<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |    500000 | PA      | $436795.00    | 0.18%             | 2036-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BUFFALO HIGHLANDS MET DIST                        | Buffalo Highlands Metropolitan District                                          | CUSIP: 119541AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $333067.00    | 0.13%             | 2038-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH REVENUE                          | Iowa Finance Authority                                                           | CUSIP: 46246K3P5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    565000 | PA      | $471029.20    | 0.19%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RUDOLPH FARMS MET DIST #6 CO R                    | Rudolph Farms Metropolitan District No 6                                         | CUSIP: 78128QAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $472520.00    | 0.19%             | 2052-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HGR EDUCTNL FA                    | Pennsylvania Higher Educational Facilities Authority                             | CUSIP: 70917R7G4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $235757.20    | 0.10%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCN8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     15938 | PA      | $175.96       | 0.00%             | 2059-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Invesco Municipal Trust                           | Invesco Municipal Trust                                                          | CUSIP: 46131J103<br>LEI: GKS5Y4B1VKHV66WSPK53 | Long             | EC               | RF                | US        |     76872 | NS      | $761032.80    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPERIAL CA CMNTY CLG DIST                        | Imperial Community College District                                              | CUSIP: 452641EV1<br>LEI: 549300VO268A8SG7J029 | Long             | DBT              | MUN               | US        |    250000 | PA      | $274882.50    | 0.11%             | 2040-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SANDRIDGE CMNTY DEV DIST FL SP                    | Sandridge Community Development District                                         | CUSIP: 80007LAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $401540.00    | 0.16%             | 2041-05-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY AFFORD                    | New York State Housing Finance Agency                                            | CUSIP: 64987JPV7<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    500000 | PA      | $340405.00    | 0.14%             | 2051-11-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES                    | New York State Dormitory Authority                                               | CUSIP: 64990BNF6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    300000 | PA      | $309102.00    | 0.12%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DWS Municipal Income Trust                        | DWS Municipal Income Trust                                                       | CUSIP: 233368109<br>LEI: TEL2CK71Z3LE1OCHIB43 | Long             | EC               | RF                | US        |     93236 | NS      | $802761.96    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAA8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     23656 | PA      | $13301.77     | 0.01%             | 2056-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BURBANK IL EDUCTNL FACS REVENU                    | City of Burbank IL                                                               | CUSIP: 12083CAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $497760.00    | 0.20%             | 2035-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HYDE PARK CDD #1 FL SPL ASSMNT                    | Hyde Park Community Development District No 1                                    | CUSIP: 448642AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $375350.00    | 0.15%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BRIGHTON CROSSING MET DIST #6                     | Brighton Crossing Metropolitan District No 6                                     | CUSIP: 10933PAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $459122.50    | 0.19%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH ECON                     | Arizona Industrial Development Authority                                         | CUSIP: 040523AL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $140000.00    | 0.06%             | 2051-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                     | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KEM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $386438.30    | 0.16%             | 2040-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Invesco Quality Municipal Income Trust            | Invesco Quality Municipal Income Trust                                           | CUSIP: 46133G107<br>LEI: WLEGDSEH0E242WVNUY02 | Long             | EC               | RF                | US        |     91114 | NS      | $858293.88    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| OREGON ST HSG & CMNTY SVCS DEP                    | State of Oregon Housing & Community Services Department                          | CUSIP: 686087WK9<br>LEI: 549300N3PYWYJ0Z8N757 | Long             | DBT              | MUN               | US        |    280000 | PA      | $271656.00    | 0.11%             | 2048-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MAINE ST HSG AUTH MTGE PURCHAS                    | Maine State Housing Authority                                                    | CUSIP: 56052FDE2<br>LEI: 549300SO05LH6D240016 | Long             | DBT              | MUN               | US        |    310000 | PA      | $299959.10    | 0.12%             | 2040-11-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| ALASKA ST INDL DEV & EXPORT AU                    | Alaska Industrial Development & Export Authority                                 | CUSIP: 011903GL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $268056.00    | 0.11%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTGE AGY HOMEOWNER                    | State of New York Mortgage Agency                                                | CUSIP: 64988YEP8<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $680150.00    | 0.27%             | 2045-10-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| NASHVILLE MET DEV & HSG AGY TN                    | Nashville Metropolitan Development & Housing Agency                              | CUSIP: 591874AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $301884.00    | 0.12%             | 2036-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FINC                    | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UFR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    509630 | PA      | $233104.76    | 0.09%             | 2061-11-15      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                    | Colorado Health Facilities Authority                                             | CUSIP: 19648FGT5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    650000 | PA      | $640464.50    | 0.26%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO CITY & CNTY MF HSG R                    | Denver City & County Housing Authority                                           | CUSIP: 24917QAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $354130.00    | 0.14%             | 2039-02-01      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL                     | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20775DHJ4<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    250000 | PA      | $224380.00    | 0.09%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BlackRock Municipal Income Fund Inc               | BlackRock Municipal Income Fund Inc                                              | CUSIP: 09253X102<br>LEI: W7IEW9KTXVCYG8ZQQV11 | Long             | EC               | RF                | US        |     52666 | NS      | $596705.78    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM                    | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 54628CHX3<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    500000 | PA      | $416795.00    | 0.17%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH DAKOTA ST HSG FIN AGY                       | North Dakota Housing Finance Agency                                              | CUSIP: 658909L95<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $438650.00    | 0.18%             | 2042-07-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HLTH & EDUCTNL                    | South Dakota Health & Educational Facilities Authority                           | CUSIP: 83755VB37<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |    500000 | PA      | $510925.00    | 0.21%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HSG DEV COMMISSION                    | Missouri Housing Development Commission                                          | CUSIP: 60637BZC7<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |    435000 | PA      | $315375.00    | 0.13%             | 2050-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QBD1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       434 | PA      | $3.23         | 0.00%             | 2066-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COLLIER CNTY FLA INDL DEV AUTH                    | Collier County Industrial Development Authority                                  | CUSIP: 194638AG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $145000.00    | 0.06%             | 2026-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                        | Public Finance Authority                                                         | CUSIP: 74442PJT3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $307500.00    | 0.12%             | 2033-01-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST HSG FIN AGY                     | North Carolina Housing Finance Agency                                            | CUSIP: 658207XJ9<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    695000 | PA      | $577239.20    | 0.23%             | 2049-07-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MTGE FIN AUTH                       | New Mexico Mortgage Finance Authority                                            | CUSIP: 647201QF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $417534.00    | 0.17%             | 2051-07-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HSG & FIN AUTH REVE                    | Georgia Housing & Finance Authority                                              | CUSIP: 37353PBM0<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |    490000 | PA      | $478195.90    | 0.19%             | 2048-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAK6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       390 | PA      | $7.77         | 0.00%             | 2048-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QDS6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     16520 | PA      | $370.21       | 0.00%             | 2046-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MTGE FIN AUTH                       | New Mexico Mortgage Finance Authority                                            | CUSIP: 647201SR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $872437.50    | 0.35%             | 2047-09-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| NTHRN PALM BEACH CNTY FL IMPT                     | Northern Palm Beach County Improvement District                                  | CUSIP: 665588SC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $245172.50    | 0.10%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTERN REGL OFF-TRACK BETTING                    | Western Regional Off-Track Betting Corp                                          | CUSIP: 959321AB6<br>LEI: 549300OJK9LIIXQUYY95 | Long             | DBT              | MUN               | US        |    500000 | PA      | $360945.00    | 0.15%             | 2041-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCE8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     17334 | PA      | $291.56       | 0.00%             | 2051-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY RSDL MTGE                     | Ohio Housing Finance Agency                                                      | CUSIP: 67756QQ67<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    980000 | PA      | $688303.00    | 0.28%             | 2051-09-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| VAL VERDE CA UNIF SCH DIST                        | Val Verde Unified School District                                                | CUSIP: 91882RBM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $602860.00    | 0.24%             | 2034-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A                    | South Carolina Public Service Authority                                          | CUSIP: 837151G60<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250935.00    | 0.10%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A                    | Texas Department of Housing & Community Affairs                                  | CUSIP: 88275FVV8<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |    750000 | PA      | $776730.00    | 0.31%             | 2052-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Invesco Trust for Investment Grade Municipals     | Invesco Trust for Investment Grade Municipals                                    | CUSIP: 46131M106<br>LEI: V0VF67S6NRLBDK357F71 | Long             | EC               | RF                | US        |     66447 | NS      | $667792.35    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK ST MTGE AGY HOMEOWNER                    | State of New York Mortgage Agency                                                | CUSIP: 6498834X0<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |    905000 | PA      | $840853.60    | 0.34%             | 2048-10-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAV2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       469 | PA      | $5.43         | 0.00%             | 2058-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A                    | California Health Facilities Financing Authority                                 | CUSIP: 13032UYJ1<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511980.00    | 0.21%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTGE AGY HOMEOWNER                    | State of New York Mortgage Agency                                                | CUSIP: 64988YQG5<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1182225.60   | 0.48%             | 2047-10-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCT5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     15124 | PA      | $128.86       | 0.00%             | 2064-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ INDL DEV AUTH SEN                    | Industrial Development Authority of the County of Pima/The                       | CUSIP: 72178AAF9<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    350000 | PA      | $356933.50    | 0.14%             | 2035-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY RSDL MTGE                     | Ohio Housing Finance Agency                                                      | CUSIP: 67756QTS6<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    255000 | PA      | $246613.05    | 0.10%             | 2039-09-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| BlackRock MuniHoldings Quality Fund II Inc        | BlackRock MuniHoldings Quality Fund II Inc                                       | CUSIP: 09254C107<br>LEI: V04K6JK5YHD4O5SHSC34 | Long             | EC               | RF                | US        |     45777 | NS      | $455481.15    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| MILITARY INSTALLATION DEV AUTH                    | Military Installation Development Authority                                      | CUSIP: 599772AE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $314496.00    | 0.13%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY MD HSG OPPORTU                    | Montgomery County Housing Opportunities Commission                               | CUSIP: 6133492P3<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |    245000 | PA      | $233536.45    | 0.09%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM                    | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 54628CJC7<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    410000 | PA      | $314634.00    | 0.13%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EDINBURG TX ECON DEV CORP SALE                    | Edinburg Economic Development Corp                                               | CUSIP: 28078PAZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $189015.75    | 0.08%             | 2031-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL ACADEMY MI PUBLIC SC                    | Universal Academy                                                                | CUSIP: 913359AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $299593.00    | 0.12%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTAN                    | New Jersey Higher Education Student Assistance Authority                         | CUSIP: 646080VG3<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $891770.00    | 0.36%             | 2050-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| REDONDO BEACH CA UNIF SCH DIST                    | Redondo Beach Unified School District                                            | CUSIP: 757710HW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $677844.00    | 0.27%             | 2034-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                     | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KBE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $314220.80    | 0.13%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.       | CBOT 5 Year US Treasury Note                                                     | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -247 | NC      | $45220.76     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                        | Public Finance Authority                                                         | CUSIP: 74442PAS4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    135000 | PA      | $135302.40    | 0.05%             | 2025-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH ECON                     | Arizona Industrial Development Authority                                         | CUSIP: 040523AF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $525000.00    | 0.21%             | 2050-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST PUBLIC EDUCTNL FAC                    | Michigan Public Educational Facilities Authority                                 | CUSIP: 594569CV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $205133.25    | 0.08%             | 2028-11-01      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| RICHMOND IN HOSP AUTH REVENUE                     | Richmond Hospital Authority                                                      | CUSIP: 764791BA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $356580.00    | 0.14%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAE0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      5235 | PA      | $35.39        | 0.00%             | 2067-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI DEV BK SPL OBLIG                      | Mississippi Development Bank                                                     | CUSIP: 60534XKC9<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $398345.00    | 0.16%             | 2036-11-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| YAMHILL CNTY OR HOSP AUTH                         | Yamhill County Hospital Authority                                                | CUSIP: 98464UAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $262559.50    | 0.11%             | 2056-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Invesco Pennsylvania Value Municipal Income Trust | Invesco Pennsylvania Value Municipal Income Trust                                | CUSIP: 46132K109<br>LEI: 549300S5KHBL3XISY922 | Long             | EC               | RF                | US        |     31500 | NS      | $308700.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCK4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     16404 | PA      | $211.12       | 0.00%             | 2056-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN                    | Tennessee Housing Development Agency                                             | CUSIP: 880461X29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $630388.60    | 0.25%             | 2045-01-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY NY LOCAL DEV                     | Westchester County Local Development Corp                                        | CUSIP: 95737TEW2<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    350000 | PA      | $307191.50    | 0.12%             | 2029-07-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                        | Public Finance Authority                                                         | CUSIP: 74442PDC6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $450000.00    | 0.18%             | 2028-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH ST                    | Connecticut Housing Finance Authority                                            | CUSIP: 20775PAN5<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    865000 | PA      | $627272.05    | 0.25%             | 2046-06-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM                    | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 54628CES7<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    300000 | PA      | $292584.00    | 0.12%             | 2039-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM                    | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 54628CJB9<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    495000 | PA      | $403964.55    | 0.16%             | 2044-11-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| MEADOW VIEW AT TWIN CREEKS CDD                    | Meadow View at Twin Creeks Community Development District                        | CUSIP: 583188BD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $183874.95    | 0.07%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                        | Public Finance Authority                                                         | CUSIP: 74442PQV0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $480650.00    | 0.19%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH ECON                     | Arizona Industrial Development Authority                                         | CUSIP: 040523AH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $525000.00    | 0.21%             | 2030-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAG5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    192429 | PA      | $1300.82      | 0.00%             | 2067-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GRAMERCY FARMS FL CDD SPL ASSM                    | Gramercy Farms Community Development District                                    | CUSIP: 384873AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $135200.00    | 0.05%             | 2039-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BOLINGBROOK IL SPL SVC AREA SP                    | Village of Bolingbrook IL                                                        | CUSIP: 09755VBE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    998000 | PA      | $1014217.50   | 0.41%             | 2030-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHNS CNTY FL INDL DEV A                    | St Johns County Industrial Development Authority                                 | CUSIP: 790417AR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $866740.00    | 0.35%             | 2055-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                     | New York City Housing Development Corp                                           | CUSIP: 64972CA29<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    300000 | PA      | $281814.00    | 0.11%             | 2041-11-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| RAINDANCE MET DIST NO 2 CO                        | Raindance Metropolitan District No 2                                             | CUSIP: 75087FAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $307018.80    | 0.12%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HERITAGE HARBOUR FL N CDD SPLA                    | Heritage Harbour North Community Development District                            | CUSIP: 42727LAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200054.00    | 0.08%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOLOMATO FL CDD                                   | Tolomato Community Development District                                          | CUSIP: 889560BG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $1.20         | 0.00%             | 2040-05-01      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH S                    | Kansas City Industrial Development Authority                                     | CUSIP: 48504LAE3<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    118010 | PA      | $5572.43      | 0.00%             | 2046-11-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ELEVATION POINTE CMNTY DEV DIS                    | Elevation Pointe Community Development District                                  | CUSIP: 28624AAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $472470.00    | 0.19%             | 2032-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST HSG FIN & DE                    | South Carolina State Housing Finance & Development Authority                     | CUSIP: 83712DK62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $364623.60    | 0.15%             | 2045-07-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| W CORNWALL TWP PA MUNI AUTH                       | West Cornwall Township Municipal Authority                                       | CUSIP: 95235TAT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $430074.75    | 0.17%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                     | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KEH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $391515.00    | 0.16%             | 2040-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ESCAMBIA CNTY FL HSG FIN AUTH                     | Escambia County Housing Finance Authority                                        | CUSIP: 296122VU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $384785.30    | 0.16%             | 2049-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY RSDL MTGE                     | Ohio Housing Finance Agency                                                      | CUSIP: 67756QL88<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1294020.00   | 0.52%             | 2051-09-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY NY LOCAL DEV                     | Westchester County Local Development Corp                                        | CUSIP: 95737TET9<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    350000 | PA      | $280073.50    | 0.11%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARKVIEW AT LONG LAKE RANCH CD                    | Parkview at Long Lake Ranch Community Development District                       | CUSIP: 70149AAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $204155.10    | 0.08%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                    | Massachusetts Development Finance Agency                                         | CUSIP: 57584YRG6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    400000 | PA      | $384016.00    | 0.16%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAWYERS LANDING CDD FL SPL ASS                    | Sawyers Landing Community Development District                                   | CUSIP: 805517AA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $562152.00    | 0.23%             | 2026-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| LAUREL ROAD CDD FL CAPITAL IMP                    | Laurel Road Community Development District                                       | CUSIP: 51888TAE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $601104.00    | 0.24%             | 2031-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN                     | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UGJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $491175.00    | 0.20%             | 2027-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL CHRT SCHR                    | Capital Trust Agency Inc                                                         | CUSIP: 140539AC1<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    300000 | PA      | $306531.00    | 0.12%             | 2045-02-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN                     | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UGE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $490490.00    | 0.20%             | 2033-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE                       | Indiana Finance Authority                                                        | CUSIP: 45506DA88<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    170000 | PA      | $163504.30    | 0.07%             | 2046-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                     | New York City Housing Development Corp                                           | CUSIP: 64972EYX1<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $593020.00    | 0.24%             | 2056-11-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| TRACY CA JT UNIF SCH DIST                         | Tracy Unified School District                                                    | CUSIP: 892392DX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $570666.00    | 0.23%             | 2041-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECON DEV A                    | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704EAB0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $520035.00    | 0.21%             | 2025-07-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                     | New York City Municipal Water Finance Authority                                  | CUSIP: 64972GBZ6<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    750000 | PA      | $753990.00    | 0.30%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HSG & MTGE FIN A                    | New Jersey Housing & Mortgage Finance Agency                                     | CUSIP: 64613AAB8<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    770000 | PA      | $729998.50    | 0.29%             | 2035-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                     | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KAR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99387.00     | 0.04%             | 2025-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                    | Pennsylvania Turnpike Commission                                                 | CUSIP: 7092235T4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1305175.00   | 0.53%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH HS                    | Connecticut Housing Finance Authority                                            | CUSIP: 20775CQA5<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    100000 | PA      | $98025.00     | 0.04%             | 2035-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                        | Public Finance Authority                                                         | CUSIP: 74442PQJ7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    895000 | PA      | $668511.30    | 0.27%             | 2053-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEVADA ST HSG DIV SF MTGE REVE                    | Nevada Housing Division                                                          | CUSIP: 641279NV2<br>LEI: 549300RE377OK3CTT852 | Long             | DBT              | MUN               | US        |    450000 | PA      | $435829.50    | 0.18%             | 2049-10-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN                    | Tennessee Housing Development Agency                                             | CUSIP: 880461US5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $243582.50    | 0.10%             | 2042-07-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SENIOR                    | Florida Development Finance Corp                                                 | CUSIP: 34061WAY0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    650000 | PA      | $518687.00    | 0.21%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM                    | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 546282H56<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500735.00    | 0.20%             | 2030-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                     | Arlington Higher Education Finance Corp                                          | CUSIP: 0418064T4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $472530.00    | 0.19%             | 2051-08-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.       | CBOT US Long Bond                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -77 | NC      | $139811.98    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MEAD NE TAX INCR REVENUE                          | Village of Mead NE                                                               | CUSIP: 582877AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $17015.00     | 0.01%             | 2012-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| LT RANCH CDD FL CAPITAL IMPT R                    | LT Ranch Community Development District                                          | CUSIP: 54912EAH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $296214.00    | 0.12%             | 2053-05-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH SF MT                    | Michigan State Housing Development Authority                                     | CUSIP: 594654SF3<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    600000 | PA      | $625344.00    | 0.25%             | 2040-12-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAW0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       456 | PA      | $5.03         | 0.00%             | 2059-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** SIT MUTUAL FUNDS II INC

**Signature:** Paul Rasmussen

**Name of Signer:** Paul Rasmussen

**Title:** VP, Treasurer & Chief Compliance Officer