# EDGAR Filing Document

**Accession Number:** 0000879569
**File Stem:** 0000879569-25-000008
**Filing Date:** 2025-8
**Character Count:** 177026
**Document Hash:** c89bcd78b4c46e11f41dc1edc6303c1d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000879569-25-000008.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0000879569-25-000008

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250822

**DATE AS OF CHANGE**: 20250822

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes Fixed Income Securities, Inc.
- **CENTRAL INDEX KEY:** 0000879569

**ORGANIZATION NAME:**
- **EIN:** 251668690
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06447
- **FILM NUMBER:** 251242887

**BUSINESS ADDRESS:**
- **STREET 1:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086-7561
- **BUSINESS PHONE:** 8003417400

**MAIL ADDRESS:**
- **STREET 1:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086-7561

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED FIXED INCOME SECURITIES INC
- **DATE OF NAME CHANGE:** 20200616

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED HERMES FIXED INCOME SECURITIES INC
- **DATE OF NAME CHANGE:** 20200615

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED FIXED INCOME SECURITIES INC
- **DATE OF NAME CHANGE:** 20000810

## Series and Classes Contracts Data

### Federated Hermes Municipal Ultrashort Fund (Series ID: S000009738)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000026755 | Class A Shares       | FMUUX           |
| C000026756 | Institutional Shares | FMUSX           |
| C000212354 | Class R6 Shares      | FMULX           |

## Nport-Ex

Federated Hermes Municipal Ultrashort Fund

Portfolio of Investments

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—73.9% |  |
|  | **Alabama—5.4%** |  |
| $5000000 | Black Belt Energy Gas District, AL, Gas Prepay Revenue Bonds Project No. 4 (Series 2019A-1), (Morgan Stanley GTD), <br> 4.000%, Mandatory Tender 12/1/2025<br>| &nbsp;&nbsp; $5004357 |
| &nbsp;&nbsp; 1000000 | Black Belt Energy Gas District, AL, Gas Revenue Bonds (Series 2022B-1), (Goldman Sachs Group, Inc. GTD), 4.000%, <br> Mandatory Tender 10/1/2027<br>| &nbsp;&nbsp; 1003452 |
| &nbsp;&nbsp; 25500000<br><sup>1</sup> <br>| Black Belt Energy Gas District, AL, Gas Revenue Bonds Project No. 7 (Series 2021C-2) FRNs, (Goldman Sachs Group, Inc. <br> GTD), 2.270% (SIFMA 7-day +0.350%), Mandatory Tender 12/1/2026<br>| &nbsp;&nbsp; 25169107 |
| &nbsp;&nbsp; 1250000 | Jefferson County, AL (Jefferson County, AL Sewer System), Sewer Revenue Warrants (Series 2024), 5.000%, 10/1/2025 | &nbsp;&nbsp; 1255241 |
| &nbsp;&nbsp; 1750000 | Jefferson County, AL (Jefferson County, AL Sewer System), Sewer Revenue Warrants (Series 2024), 5.000%, 10/1/2026 | &nbsp;&nbsp; 1792647 |
| &nbsp;&nbsp; 1250000 | Jefferson County, AL (Jefferson County, AL Sewer System), Sewer Revenue Warrants (Series 2024), 5.000%, 10/1/2027 | &nbsp;&nbsp; 1304113 |
| &nbsp;&nbsp; 4000000 | Mobile, AL IDB (Alabama Power Co.), Pollution Control Revenue Bonds (Series 2007A), 3.375%, Mandatory <br> Tender 6/26/2029<br>| &nbsp;&nbsp; 4017794 |
| &nbsp;&nbsp; 25000000 | Mobile, AL IDB (Alabama Power Co.), Pollution Control Revenue Bonds (Series 2007B), 3.920%, Mandatory <br> Tender 6/2/2026<br>| &nbsp;&nbsp; 25076055 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64622766 |
|  | **Arizona—1.8%** |  |
| &nbsp;&nbsp; 630000<br><sup>1</sup> <br>| Arizona Health Facilities Authority (Banner Health), (Series 2015B) FRNs, (United States Treasury PRF 11/4/2025@100), <br> 2.170% (SIFMA 7-day +0.250%), 1/1/2046<br>| &nbsp;&nbsp; 629224 |
| &nbsp;&nbsp; 90000<br><sup>1</sup> <br>| Arizona Health Facilities Authority (Banner Health), (Series 2015B) FRNs, (United States Treasury PRF 11/4/2025@100), <br> 2.170% (SIFMA 7-day +0.250%), 1/1/2046<br>| &nbsp;&nbsp; 89782 |
| &nbsp;&nbsp; 3780000<br><sup>1</sup> <br>| Arizona Health Facilities Authority (Banner Health), (Series 2015B) FRNs, 2.170% (SIFMA 7-day +0.250%), Mandatory <br> Tender 11/4/2026<br>| &nbsp;&nbsp; 3746408 |
| &nbsp;&nbsp; 1000000 | Arizona State IDA (TWG Glendale LP), Unity at West Glendale Multifamily Housing Revenue Bonds (Series 2024), (United <br> States Treasury GTD), 5.000%, Mandatory Tender 9/1/2026<br>| &nbsp;&nbsp; 1014622 |
| &nbsp;&nbsp; 2500000 | Chandler, AZ IDA (Intel Corp.), Industrial Development Revenue Bonds (Series 2019), 4.000%, Mandatory Tender 6/1/2029 | &nbsp;&nbsp; 2494086 |
| &nbsp;&nbsp; 1000000 | Coconino County, AZ Pollution Control Corp. (Nevada Power Co.), Pollution Control Refunding Revenue Bonds <br> (Series 2017B), 3.750%, Mandatory Tender 3/31/2026<br>| &nbsp;&nbsp; 999360 |
| &nbsp;&nbsp; 8000000 | Maricopa County, AZ, IDA (Banner Health), Revenue Bonds (Series 2023A-1), 5.000%, Mandatory Tender 5/15/2026 | &nbsp;&nbsp; 8113264 |
| &nbsp;&nbsp; 1000000 | Phoenix, AZ IDA (Memorial Towers (TC2) Senior Housing LP), Multifamily Housing Revenue Bonds (Series 2024A), <br> 3.350%, 12/1/2027<br>| &nbsp;&nbsp; 1004946 |
| &nbsp;&nbsp; 3500000 | Phoenix, AZ IDA (Republic Services, Inc.), (Series 2013), 4.100%, Mandatory Tender 8/1/2025 | &nbsp;&nbsp; 3500648 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21592340 |
|  | **Arkansas—0.3%** |  |
| &nbsp;&nbsp; 3500000 | Arkansas Development Finance Authority (APP Fair Oaks Partners, LLLP), Collateralized Multifamily Housing Bonds <br> (Series 2023), (United States Treasury GTD), 3.550%, Mandatory Tender 6/1/2027<br>| &nbsp;&nbsp; 3523837 |
|  | **California—7.4%** |  |
| &nbsp;&nbsp; 9000000<br><sup>1</sup> <br>| Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (Series 2021C) FRNs, 2.370% (SIFMA 7-day <br> +0.450%), Mandatory Tender 4/1/2026<br>| &nbsp;&nbsp; 8931181 |
| &nbsp;&nbsp; 7000000<br><sup>1</sup> <br>| Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2021D) <br> FRNs, 2.220% (SIFMA 7-day +0.300%), Mandatory Tender 4/1/2027<br>| &nbsp;&nbsp; 6837936 |
| &nbsp;&nbsp; 6750000<br><sup>1</sup> <br>| California Infrastructure & Economic Development Bank (Los Angeles County Museum of Art), Refunding Revenue Bonds <br> (Series 2021B) FRNs, 2.620% (SIFMA 7-day +0.700%), Mandatory Tender 6/1/2026<br>| &nbsp;&nbsp; 6715977 |
| &nbsp;&nbsp; 11500000 | California Municipal Finance Authority (Republic Services, Inc.), (Series 2021A), 3.750%, Mandatory Tender 10/1/2025 | &nbsp;&nbsp; 11495570 |
| &nbsp;&nbsp; 20000000 | California Municipal Finance Authority (Republic Services, Inc.), (Series 2021-B), 4.150%, Mandatory Tender 7/15/2025 | &nbsp;&nbsp; 20001794 |
| &nbsp;&nbsp; 12000000 | California Municipal Finance Authority (Waste Management, Inc.), (Series 2020B), (Waste Management Holdings, Inc. <br> GTD), 3.850%, Mandatory Tender 6/1/2026<br>| &nbsp;&nbsp; 12016156 |
| &nbsp;&nbsp; 13200000<br><sup>2</sup> <br>| California Municipal Finance Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2017A), <br> (Waste Management Holdings, Inc. GTD), 4.100%, Mandatory Tender 12/1/2025<br>| &nbsp;&nbsp; 13200942 |
| &nbsp;&nbsp; 1000000 | Los Angeles, CA Department of Airports, Subordinate Refunding Revenue Bonds (Series 2025F), 5.000%, 5/15/2028 | &nbsp;&nbsp; 1047523 |
| &nbsp;&nbsp; 9300000 | San Diego, CA Housing Authority (Bernardo Family Housing, LP), SkyLINE Multifamily Housing Revenue Bonds <br> (Series 2023B), (United States Treasury GTD), 5.000%, Mandatory Tender 11/1/2026<br>| &nbsp;&nbsp; 9479922 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89727001 |

---

**1**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Colorado—1.4%** |  |
| $3100000 | Colorado Housing and Finance Authority (OPG Eagle Point Partners, LLC), Multifamily Housing Revenue Bonds <br> (Series 2024), (United States Treasury GTD), 3.500%, Mandatory Tender 11/1/2026<br>| &nbsp;&nbsp; $3104568 |
| &nbsp;&nbsp; 4715000<br><sup>1</sup> <br>| Colorado School of Mines Board of Trustees (Colorado School of Mines, CO), Institutional Enterprise Revenue Refunding <br> Bonds (Series 2022D) FRNs, 2.790% (SIFMA 7-day +0.870%), 12/1/2025<br>| &nbsp;&nbsp; 4714826 |
| &nbsp;&nbsp; 6000000<br><sup>1</sup> <br>| Colorado State Health Facilities Authority (Intermountain Healthcare Obligated Group), Revenue Bonds (Series 2022D) <br> FRNs, 2.470% (SIFMA 7-day +0.550%), Mandatory Tender 8/17/2026<br>| &nbsp;&nbsp; 5953117 |
| &nbsp;&nbsp; 2500000<br><sup>1</sup> <br>| E-470 Public Highway Authority, CO, Senior Revenue SOFR Index Term Rate Bonds (Series 2024B) FRNs, 3.691% (SOFR x <br> 0.67 +0.750%), Mandatory Tender 9/1/2026<br>| &nbsp;&nbsp; 2485375 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16257886 |
|  | **Connecticut—0.4%** |  |
| &nbsp;&nbsp; 3000000 | Connecticut State Health & Educational Facilities (Yale University), Revenue Bonds (Series 2017C-2), 2.800%, Mandatory <br> Tender 2/3/2026<br>| &nbsp;&nbsp; 2983128 |
| &nbsp;&nbsp; 2000000 | Stamford, CT Housing Authority (Mozaic Concierge Living), Entrance Fee Principal Redemption Bonds (Series 2025D), <br> 4.250%, 10/1/2030<br>| &nbsp;&nbsp; 2012963 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4996091 |
|  | **District of Columbia—0.7%** |  |
| &nbsp;&nbsp; 1005000 | Metropolitan Washington, DC Airports Authority, Airport System Revenue and Refunding Bonds (Series 2017A), <br> 5.000%, 10/1/2026<br>| &nbsp;&nbsp; 1029447 |
| &nbsp;&nbsp; 4705000 | Metropolitan Washington, DC Airports Authority, Airport System Revenue and Refunding Bonds (Series 2021A), <br> 5.000%, 10/1/2026<br>| &nbsp;&nbsp; 4819451 |
| &nbsp;&nbsp; 550000 | Metropolitan Washington, DC Airports Authority, Airport System Revenue and Refunding Bonds (Series 2025A), <br> 5.000%, 10/1/2027<br>| &nbsp;&nbsp; 570773 |
| &nbsp;&nbsp; 1165000 | Metropolitan Washington, DC Airports Authority, Airport System Revenue and Refunding Bonds (Series 2025A), <br> 5.000%, 10/1/2028<br>| &nbsp;&nbsp; 1226112 |
| &nbsp;&nbsp; 1275000 | Metropolitan Washington, DC Airports Authority, Airport System Revenue and Refunding Bonds (Series 2025A), <br> 5.000%, 10/1/2029<br>| &nbsp;&nbsp; 1357978 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9003761 |
|  | **Florida—1.5%** |  |
| &nbsp;&nbsp; 3500000 | Broward County, FL HFA (St. Joseph Manor II, LLLP), Multifamily Housing Revenue Bonds (Series 2023), (United States <br> Treasury COL), 3.500%, Mandatory Tender 4/1/2026<br>| &nbsp;&nbsp; 3500027 |
| &nbsp;&nbsp; 4000000 | Lee County, FL HFA (Amaryllis Park Place III, LLC), Multifamily Housing Revenue Bonds (Series 2025), 4.000%, Mandatory <br> Tender 11/1/2027<br>| &nbsp;&nbsp; 4032284 |
| &nbsp;&nbsp; 2500000 | Lee County, FL HFA (Aria Landings), Multifamily Housing Revenue Bonds (Series 2023), (United States Treasury GTD), <br> 3.550%, Mandatory Tender 8/1/2025<br>| &nbsp;&nbsp; 2500067 |
| &nbsp;&nbsp; 2850000 | Lee County, FL HFA (MHP Lee I, LLC), Ekos on Evans Multifamily Housing Revenue Bonds (Series 2025), 3.500%, <br> Mandatory Tender 12/1/2027<br>| &nbsp;&nbsp; 2859599 |
| &nbsp;&nbsp; 4000000 | Miami-Dade County, FL IDA (Waste Management, Inc.), (Series 2011), 4.250%, Mandatory Tender 11/3/2025 | &nbsp;&nbsp; 3999406 |
| &nbsp;&nbsp; 900000 | Venice, FL (Village on the Isle), Village on The Isle Project TEMPS-50 Retirement Community Revenue Improvement Bonds <br> (Series 2024B-3), 4.250%, 1/1/2030<br>| &nbsp;&nbsp; 901227 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17792610 |
|  | **Georgia—3.5%** |  |
| &nbsp;&nbsp; 5750000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project Pollution Control Revenue Bonds (Fifth <br> Series 1994), 3.700%, Mandatory Tender 6/13/2028<br>| &nbsp;&nbsp; 5820102 |
| &nbsp;&nbsp; 3000000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project Pollution Control Revenue Bonds (First <br> Series 1996), 3.875%, Mandatory Tender 3/6/2026<br>| &nbsp;&nbsp; 3010672 |
| &nbsp;&nbsp; 5650000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project Pollution Control Revenue Bonds (First <br> Series 2012), 2.875%, Mandatory Tender 8/19/2025<br>| &nbsp;&nbsp; 5642012 |
| &nbsp;&nbsp; 3000000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project Pollution Control Revenue Bonds (First <br> Series 2013), 3.375%, Mandatory Tender 3/12/2027<br>| &nbsp;&nbsp; 2992723 |
| &nbsp;&nbsp; 5000000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project Pollution Control Revenue Bonds (Second <br> Series 2008), 3.375%, Mandatory Tender 3/12/2027<br>| &nbsp;&nbsp; 4991137 |
| &nbsp;&nbsp; 2250000 | Columbus, GA Housing Authority (HACG RAD II, LP), Multifamily Housing Revenue Bonds (Series 2025), (United States <br> Treasury GTD), 3.300%, Mandatory Tender 11/1/2027<br>| &nbsp;&nbsp; 2257050 |
| &nbsp;&nbsp; 6495000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021A), (Royal Bank of Canada GTD), 4.000%, <br> Mandatory Tender 9/1/2027<br>| &nbsp;&nbsp; 6556059 |
| &nbsp;&nbsp; 1000000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2022A), (Citigroup, Inc. GTD), 4.000%, 12/1/2025 | &nbsp;&nbsp; 1001708 |
| &nbsp;&nbsp; 350000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2024B), (Royal Bank of Canada GTD), <br> 5.000%, 3/1/2026<br>| &nbsp;&nbsp; 353343 |

---

**2**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Georgia—continued** |  |
| $400000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2024B), (Royal Bank of Canada GTD), <br> 5.000%, 3/1/2027<br>| &nbsp;&nbsp; $410706 |
| &nbsp;&nbsp; 700000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2024B), (Royal Bank of Canada GTD), <br> 5.000%, 3/1/2028<br>| &nbsp;&nbsp; 729673 |
| &nbsp;&nbsp; 265000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2024B), (Royal Bank of Canada GTD), <br> 5.000%, 9/1/2026<br>| &nbsp;&nbsp; 269875 |
| &nbsp;&nbsp; 425000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2024B), (Royal Bank of Canada GTD), <br> 5.000%, 9/1/2027<br>| &nbsp;&nbsp; 439877 |
| &nbsp;&nbsp; 2500000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2024D-1), (Toronto Dominion Bank GTD), 5.000%, <br> Mandatory Tender 4/1/2031<br>| &nbsp;&nbsp; 2650855 |
| &nbsp;&nbsp; 3500000 | Monroe County, GA Development Authority (Georgia Power Co.), Scherer Project Pollution Control Revenue Bonds (First <br> Series 2013), 3.875%, Mandatory Tender 3/6/2026<br>| &nbsp;&nbsp; 3511278 |
| &nbsp;&nbsp; 1750000 | Monroe County, GA Development Authority (Georgia Power Co.), Scherer Project Pollution Control Revenue Bonds <br> (Second Series 2009), 3.875%, Mandatory Tender 3/6/2026<br>| &nbsp;&nbsp; 1753881 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42390951 |
|  | **Illinois—2.6%** |  |
| &nbsp;&nbsp; 1500000 | Chicago, IL Multifamily Housing Revenue (New City Redevelopment, LP), Multifamily Housing Revenue Bonds <br> (Series 2024), (United States Treasury GTD), 3.500%, Mandatory Tender 8/1/2026<br>| &nbsp;&nbsp; 1506007 |
| &nbsp;&nbsp; 3500000 | Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2022C), <br> 5.000%, 1/1/2026<br>| &nbsp;&nbsp; 3530216 |
| &nbsp;&nbsp; 2000000 | Illinois Housing Development Authority (6900 Crandon LIHTC, LLC), Multifamily Housing Revenue Bonds (Series 2023), <br> (United States Treasury GTD), 5.000%, Mandatory Tender 2/1/2026<br>| &nbsp;&nbsp; 2019483 |
| &nbsp;&nbsp; 2170000 | Illinois Housing Development Authority (South Shore HHDC LIHTC, LLC), Multifamily Housing Revenue Bonds <br> (Series 2023), (United States Treasury GTD), 5.000%, Mandatory Tender 2/1/2026<br>| &nbsp;&nbsp; 2191139 |
| &nbsp;&nbsp; 3000000 | Illinois State Sales Tax Revenue, Junior Obligation Sales Tax Revenue Bonds (Series 2025), 5.000%, 6/15/2027 | &nbsp;&nbsp; 3112481 |
| &nbsp;&nbsp; 3000000 | Illinois State Solid Waste Development Authority (Waste Management, Inc.), (Series 2019), 4.250%, Mandatory <br> Tender 11/3/2025<br>| &nbsp;&nbsp; 2999555 |
| &nbsp;&nbsp; 3000000 | Illinois State, UT GO Bonds (Series 2023D), 5.000%, 7/1/2025 | &nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp; 3500000 | Illinois State, UT GO Bonds (Series 2023D), 5.000%, 7/1/2026 | &nbsp;&nbsp; 3563048 |
| &nbsp;&nbsp; 5000000 | Illinois State, UT GO Bonds (Series 2023D), 5.000%, 7/1/2027 | &nbsp;&nbsp; 5176817 |
| &nbsp;&nbsp; 1000000 | Illinois State, UT GO Bonds (Series 2024B), 5.000%, 5/1/2026 | &nbsp;&nbsp; 1015007 |
| &nbsp;&nbsp; 1000000 | Illinois State, UT GO Bonds (Series 2024B), 5.000%, 5/1/2027 | &nbsp;&nbsp; 1032481 |
| &nbsp;&nbsp; 2000000 | Illinois State, UT GO Bonds (Series 2024B), 5.000%, 5/1/2028 | &nbsp;&nbsp; 2094641 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31240875 |
|  | **Indiana—1.9%** |  |
| &nbsp;&nbsp; 2000000 | Indiana Finance Authority (Indiana University Health Obligated Group), Revenue Bonds (Series 2025D-1), 5.000%, <br> Mandatory Tender 10/1/2029<br>| &nbsp;&nbsp; 2133289 |
| &nbsp;&nbsp; 5895000<br><sup>1</sup> <br>| Indiana State Finance Authority (Deaconess Health System), Revenue Bonds (Series 2021B) FRNs, 2.220% (SIFMA 7-day <br> +0.300%), Mandatory Tender 3/1/2027<br>| &nbsp;&nbsp; 5840730 |
| &nbsp;&nbsp; 7000000 | Indiana State Finance Authority (Republic Services, Inc.), (Series 2010A), 3.950%, Mandatory Tender 9/2/2025 | &nbsp;&nbsp; 7001666 |
| &nbsp;&nbsp; 3000000 | Indianapolis, IN Local Public Improvement Bond Bank (Indianapolis, IN Airport Authority), Revenue Bonds (Series 2025B-2), <br> 5.000%, 1/1/2028<br>| &nbsp;&nbsp; 3124980 |
| &nbsp;&nbsp; 1000000 | Indianapolis, IN Local Public Improvement Bond Bank (Indianapolis, IN Airport Authority), Revenue Bonds (Series 2025B-2), <br> 5.000%, 1/1/2029<br>| &nbsp;&nbsp; 1055874 |
| &nbsp;&nbsp; 4000000 | Rockport, IN (Indiana Michigan Power Co.), Pollution Control Revenue Refunding Bonds (Series 2025A), 3.700%, <br> Mandatory Tender 6/1/2029<br>| &nbsp;&nbsp; 3990725 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23147264 |
|  | **Iowa—0.3%** |  |
| &nbsp;&nbsp; 3500000<br><sup>1</sup> <br>| Iowa Finance Authority (Lifespace Communities, Inc.), Revenue Bonds (Series 2021B) FRNs, 3.630% (SOFR x 0.70 <br> +0.550%), Mandatory Tender 5/15/2026<br>| &nbsp;&nbsp; 3395931 |
|  | **Kentucky—1.7%** |  |
| &nbsp;&nbsp; 7795000 | Kentucky Housing Corp. (Beecher IV, LLC), Multifamily Housing Revenue Bonds (Series 2023), (United States Treasury <br> COL), 5.000%, Mandatory Tender 9/1/2026<br>| &nbsp;&nbsp; 7890829 |
| &nbsp;&nbsp; 600000 | Kentucky Public Energy Authority, Gas Supply Revenue Refunding Bonds (Series 2025A), (Morgan Stanley GTD), <br> 5.000%, 12/1/2026<br>| &nbsp;&nbsp; 614040 |
| &nbsp;&nbsp; 750000 | Kentucky Public Energy Authority, Gas Supply Revenue Refunding Bonds (Series 2025A), (Morgan Stanley GTD), <br> 5.000%, 12/1/2027<br>| &nbsp;&nbsp; 778525 |

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**3**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Kentucky—continued** |  |
| $1000000 | Kentucky Public Energy Authority, Gas Supply Revenue Refunding Bonds (Series 2025A), (Morgan Stanley GTD), <br> 5.000%, 12/1/2028<br>| &nbsp;&nbsp; $1050540 |
| &nbsp;&nbsp; 250000 | Kentucky Public Energy Authority, Gas Supply Revenue Refunding Bonds (Series 2025A), (Morgan Stanley GTD), <br> 5.000%, 6/1/2026<br>| &nbsp;&nbsp; 253641 |
| &nbsp;&nbsp; 320000 | Kentucky Public Energy Authority, Gas Supply Revenue Refunding Bonds (Series 2025A), (Morgan Stanley GTD), <br> 5.000%, 6/1/2027<br>| &nbsp;&nbsp; 329762 |
| &nbsp;&nbsp; 450000 | Kentucky Public Energy Authority, Gas Supply Revenue Refunding Bonds (Series 2025A), (Morgan Stanley GTD), <br> 5.000%, 6/1/2028<br>| &nbsp;&nbsp; 469933 |
| &nbsp;&nbsp; 725000 | Kentucky Public Energy Authority, Gas Supply Revenue Refunding Bonds (Series 2025A1), (Morgan Stanley GTD), <br> 5.000%, 12/1/2025<br>| &nbsp;&nbsp; 729266 |
| &nbsp;&nbsp; 3250000 | Rural Water Financing Agency, KY, Public Projects Construction Notes (Series 2023A), 3.900%, 11/1/2025 | &nbsp;&nbsp; 3251345 |
| &nbsp;&nbsp; 5000000 | Rural Water Financing Agency, KY, Public Projects Construction Notes (Series 2024A), 3.700%, 5/1/2027 | &nbsp;&nbsp; 5008343 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20376224 |
|  | **Louisiana—1.5%** |  |
| &nbsp;&nbsp; 2600000 | Louisiana State Housing Corporation (Benoit Townhomes, LLC), Multifamily Housing Revenue Bonds (Series 2024), (United <br> States Treasury GTD), 3.750%, Mandatory Tender 8/1/2026<br>| &nbsp;&nbsp; 2617280 |
| &nbsp;&nbsp; 8000000 | Louisiana State Offshore Terminal Authority (Loop LLC), Deepwater Port Revenue Bonds (Series 2007B-1B), 4.200%, <br> Mandatory Tender 10/1/2025<br>| &nbsp;&nbsp; 8005758 |
| &nbsp;&nbsp; 2500000 | Louisiana State Offshore Terminal Authority (Loop LLC), Deepwater Port Revenue Bonds (Series 2007B-2A), 4.200%, <br> Mandatory Tender 10/1/2026<br>| &nbsp;&nbsp; 2513963 |
| &nbsp;&nbsp; 5500000 | St. John the Baptist Parish, LA (Marathon Oil Corp.), Revenue Refunding Bonds (Series 2019 A-1), 4.050%, Mandatory <br> Tender 7/1/2026<br>| &nbsp;&nbsp; 5529552 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18666553 |
|  | **Massachusetts—0.3%** |  |
| &nbsp;&nbsp; 3250000<br><sup>1</sup> <br>| Massachusetts Development Finance Agency (Mass General Brigham), Revenue Bonds (Series 2019T-1) FRNs, 2.520% <br> (SIFMA 7-day +0.600%), Mandatory Tender 1/29/2026<br>| &nbsp;&nbsp; 3247802 |
|  | **Michigan—0.3%** |  |
| &nbsp;&nbsp; 3125000<br><sup>1</sup> <br>| Michigan State Finance Authority (Beaumont Health Spectrum Health System), Hospital Revenue Refunding Bonds <br> (Series 2022C) FRNs, 2.670% (SIFMA 7-day +0.750%), Mandatory Tender 4/15/2027<br>| &nbsp;&nbsp; 3113837 |
|  | **Minnesota—0.2%** |  |
| &nbsp;&nbsp; 2600000 | Woodbury, MN Housing and Redevelopment Authority (Woodbury AH II, LLLP), Multifamily Housing and Revenue Bonds <br> (Series 2025), (United States Treasury GTD), 3.200%, Mandatory Tender 2/1/2028<br>| &nbsp;&nbsp; 2600015 |
|  | **Missouri—1.4%** |  |
| &nbsp;&nbsp; 6300000 | Kansas City, MO Planned Industrial Expansion Authority (The Depot on Old Santa Fe, LP), The Depot on Old Santa Fe <br> Apartments Multifamily Housing Revenue Bonds (Series 2023), (United States Treasury GTD), 5.000%, Mandatory <br> Tender 7/1/2027<br>| &nbsp;&nbsp; 6477557 |
| &nbsp;&nbsp; 10000000 | Missouri State Public Utilities Commission, Interim Construction Notes (Series 2024), 4.000%, 5/1/2026 | &nbsp;&nbsp; 10041291 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16518848 |
|  | **Nevada—0.6%** |  |
| &nbsp;&nbsp; 2000000 | Clark County, NV (Nevada Power Co.), Pollution Control Refunding Revenue Bonds (Series 2017), 3.750%, Mandatory <br> Tender 3/1/2026<br>| &nbsp;&nbsp; 1998721 |
| &nbsp;&nbsp; 2800000 | Director of the State of Nevada Department of Business and Industry (Republic Services, Inc.), Solid Waste Disposal <br> Revenue Bonds (Series 2001), 3.950%, Mandatory Tender 12/1/2025<br>| &nbsp;&nbsp; 2800558 |
| &nbsp;&nbsp; 1000000 | Washoe County, NV (Sierra Pacific Power Co.), Gas and Water Facilities Refunding Revenue Bonds (Series 2016B), 3.625%, <br> Mandatory Tender 10/1/2029<br>| &nbsp;&nbsp; 1000113 |
| &nbsp;&nbsp; 1000000 | Washoe County, NV (Sierra Pacific Power Co.), Water Facilities Refunding Revenue Bonds (Series 2016G), 3.625%, <br> Mandatory Tender 10/1/2029<br>| &nbsp;&nbsp; 1000113 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6799505 |
|  | **New Hampshire—0.2%** |  |
| &nbsp;&nbsp; 2500000 | New Hampshire Health and Education Facilities Authority (Dartmouth College, NH), Revenue Bonds (Series 2015D), <br> 3.300%, Mandatory Tender 8/3/2027<br>| &nbsp;&nbsp; 2506839 |
|  | **New Jersey—4.2%** |  |
| &nbsp;&nbsp; 5000000 | Beach Haven, NJ BANs, 5.000%, 4/30/2026 | &nbsp;&nbsp; 5067363 |
| &nbsp;&nbsp; 20000000 | Belleville Township, NJ BANs, 5.000%, 7/8/2025 | &nbsp;&nbsp; 20004900 |
| &nbsp;&nbsp; 4000000 | Camden County, NJ Improvement Authority (Northgate Preservation Urban Renewal, LLC), Multifamily Housing Revenue <br> Bonds (Series 2023), (United States Treasury GTD), 5.000%, Mandatory Tender 3/1/2026<br>| &nbsp;&nbsp; 4045138 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **New Jersey—continued** |  |
| $4001800 | Dunellen, NJ BANs, 4.000%, 1/15/2026 | &nbsp;&nbsp; $4007926 |
| &nbsp;&nbsp; 3100000 | New Jersey EDA (New Jersey-American Water Co., Inc.), Water Facilities Refunding Revenue Bonds (Series 2020E), <br> 0.850%, 12/1/2025<br>| &nbsp;&nbsp; 3045679 |
| &nbsp;&nbsp; 6000000 | New Jersey Higher Education Assistance Authority, Senior Student Loan Revenue Bonds (Series 2025-2), (United States <br> Treasury GTD), 5.000%, Mandatory Tender 6/2/2026<br>| &nbsp;&nbsp; 6076903 |
| &nbsp;&nbsp; 2665000 | New Jersey Housing & Mortgage Finance Agency (Hamilton Square Urban Renewal LLC), Multifamily Conduit Revenue <br> Bonds (Series 2023B), (United States Treasury GTD), 4.080%, Mandatory Tender 12/1/2025<br>| &nbsp;&nbsp; 2672871 |
| &nbsp;&nbsp; 3170000 | New Jersey Housing & Mortgage Finance Agency (New Irvine Turner Apartments Urban Renewal, LLC), Multifamily <br> Conduit Revenue Bonds (Series 2024C), (United States Treasury GTD), 3.670%, 2/1/2026<br>| &nbsp;&nbsp; 3177289 |
| &nbsp;&nbsp; 2000000 | Ridgefield Park, NJ BANs, 3.800%, 4/2/2026 | &nbsp;&nbsp; 1999315 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50097384 |
|  | **New Mexico—1.1%** |  |
| &nbsp;&nbsp; 4000000 | Farmington, NM (Public Service Co., NM), Pollution Control Revenue Refunding Bonds San Juan Project (Series 2010C), <br> 3.875%, Mandatory Tender 6/1/2029<br>| &nbsp;&nbsp; 4055751 |
| &nbsp;&nbsp; 3000000 | New Mexico Mortgage Finance Authority (JLG NM ABQ 2023, LLLP), Mountain View I & II Apartments Project Multifamily <br> Housing Revenue Bonds (Series 2023), (United States Treasury GTD), 5.000%, Mandatory Tender 9/1/2025<br>| &nbsp;&nbsp; 3011407 |
| &nbsp;&nbsp; 2000000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Bonds (Series 2025), (Royal Bank of Canada <br> GTD), 5.000%, Mandatory Tender 11/1/2030<br>| &nbsp;&nbsp; 2119715 |
| &nbsp;&nbsp; 4000000 | New Mexico State Hospital Equipment Loan Council (Presbyterian Healthcare Services), Hospital System Revenue Bonds <br> (Series 2019B), 5.000%, Mandatory Tender 8/1/2025<br>| &nbsp;&nbsp; 4005241 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13192114 |
|  | **New York—5.2%** |  |
| &nbsp;&nbsp; 8728000 | Binghamton, NY BANs, 4.125%, 4/10/2026 | &nbsp;&nbsp; 8797840 |
| &nbsp;&nbsp; 5000000 | Bolivar-Richburg, NY Central School District BANs, 3.750%, 6/25/2026 | &nbsp;&nbsp; 5011494 |
| &nbsp;&nbsp; 5000000 | Cassadaga Valley, NY Central School District BANs, 3.750%, 7/31/2025 | &nbsp;&nbsp; 5001663 |
| &nbsp;&nbsp; 3500000 | Farmington, NY BANs, 4.250%, 7/30/2025 | &nbsp;&nbsp; 3501535 |
| &nbsp;&nbsp; 5000000 | Fulton, NY City School District BANs, 4.000%, 7/17/2025 | &nbsp;&nbsp; 5001450 |
| &nbsp;&nbsp; 5000000 | Lowville, NY Central School District BANs, 4.000%, 6/26/2026 | &nbsp;&nbsp; 5025144 |
| &nbsp;&nbsp; 2000000 | Monroe County, NY IDA (Andrews Terrace Community Partners, LP), Multifamily Housing Revenue Bonds (Series 2023B-2), <br> (United States Treasury GTD), 5.000%, Mandatory Tender 7/1/2027<br>| &nbsp;&nbsp; 2076566 |
| &nbsp;&nbsp; 7500000 | New York City Housing Development Corp., Multifamily Housing Revenue Bonds (Series 2024B-2), 3.700%, Mandatory <br> Tender 7/3/2028<br>| &nbsp;&nbsp; 7602826 |
| &nbsp;&nbsp; 2250000 | New York City, NY, UT GO Bonds (Fiscal 2023 Series C), 5.000%, 8/1/2025 | &nbsp;&nbsp; 2253630 |
| &nbsp;&nbsp; 2975000 | Oakfield-Alabama, NY Central School District BANs, 3.750%, 7/8/2026 | &nbsp;&nbsp; 2984009 |
| &nbsp;&nbsp; 3500000 | Sherrill, NY City School District RANs, 3.750%, 6/18/2026 | &nbsp;&nbsp; 3509757 |
| &nbsp;&nbsp; 10000000 | Warsaw, NY Central School District BANs, 3.750%, 6/25/2026 | &nbsp;&nbsp; 10042091 |
| &nbsp;&nbsp; 2000000 | Watertown, NY Enlarged City School District RANs, 4.000%, 10/10/2025 | &nbsp;&nbsp; 2000399 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62808404 |
|  | **North Carolina—1.4%** |  |
| &nbsp;&nbsp; 2950000 | Asheville, NC Housing Authority (Vanderbilt TC2 Senior Housing LP), Multifamily Housing Revenue Bonds (Series 2023), <br> (United States Treasury COL), 5.000%, Mandatory Tender 11/1/2025<br>| &nbsp;&nbsp; 2967978 |
| &nbsp;&nbsp; 4000000 | Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health (previously Carolinas HealthCare) System), Variable Rate <br> Health Care Revenue Bonds (Series 2018E), 0.800%, Mandatory Tender 10/31/2025<br>| &nbsp;&nbsp; 3959153 |
| &nbsp;&nbsp; 10000000 | Cumberland County, NC Industrial Facilities & Pollution Control Financing Authority (Project Aero), (Series 2024), (United <br> States Treasury COL), 3.750%, Mandatory Tender 11/1/2025<br>| &nbsp;&nbsp; 10003861 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16930992 |
|  | **Ohio—3.4%** |  |
| &nbsp;&nbsp; 4350000 | Cuyahoga, OH Metropolitan Housing Authority (Wade Park Apartments), Multifamily Housing Revenue Bonds <br> (Series 2022), (United States Treasury GTD), 4.750%, Mandatory Tender 12/1/2025<br>| &nbsp;&nbsp; 4373346 |
| &nbsp;&nbsp; 4000000 | Cuyahoga, OH Metropolitan Housing Authority (Wade Park Apartments), Multifamily Housing Revenue Bonds <br> (Series 2025), (United States Treasury GTD), 3.750%, Mandatory Tender 6/1/2026<br>| &nbsp;&nbsp; 4012532 |
| &nbsp;&nbsp; 3000000 | Cuyahoga, OH Metropolitan Housing Authority (Woodhill Station East, LLC), Multifamily Housing Revenue Bonds <br> (Series 2024), (United States Treasury GTD), 3.450%, Mandatory Tender 2/1/2027<br>| &nbsp;&nbsp; 3017078 |
| &nbsp;&nbsp; 6100000 | Glenwillow Village, OH BANs, 4.625%, 7/10/2025 | &nbsp;&nbsp; 6101451 |
| &nbsp;&nbsp; 3000000 | Lancaster, OH Port Authority, Gas Supply Revenue Refunding Bonds (Series 2024A), (Royal Bank of Canada GTD), 5.000%, <br> Mandatory Tender 8/1/2030<br>| &nbsp;&nbsp; 3171977 |

---

**5**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Ohio—continued** |  |
| $2000000 | Logan County, OH BANs, (Ohio State GTD), 4.500%, 8/6/2025 | &nbsp;&nbsp; $2001792 |
| &nbsp;&nbsp; 3700000 | Ohio HFA (Beechwood RAD, LLC), Multifamily Housing Revenue Bonds (Series 2025), (United States Treasury GTD), <br> 3.370%, Mandatory Tender 3/1/2027<br>| &nbsp;&nbsp; 3716524 |
| &nbsp;&nbsp; 2735000 | Ohio HFA (Cedar Redevelopment Phase IV LLC), Multifamily Housing Revenue Bonds (Series 2024), (United States Treasury <br> GTD), 3.600%, Mandatory Tender 6/1/2027<br>| &nbsp;&nbsp; 2707142 |
| &nbsp;&nbsp; 2917000 | Ohio HFA (Riverview San Marco, LLC), Multifamily Housing Revenue Bonds (Series 2023), (United States Treasury COL), <br> 5.000%, Mandatory Tender 8/1/2025<br>| &nbsp;&nbsp; 2920572 |
| &nbsp;&nbsp; 3700000 | Ohio HFA (Terrace Gardens Owner, LP), Multifamily Housing Revenue Bonds (Series 2024A), 4.000%, Mandatory <br> Tender 12/1/2026<br>| &nbsp;&nbsp; 3746161 |
| &nbsp;&nbsp; 2665000 | Ohio HFA (Thornwood Commons Homes, LLC), Multifamily Housing Revenue Bonds (Series 2023), (United States Treasury <br> COL), 5.000%, Mandatory Tender 12/1/2025<br>| &nbsp;&nbsp; 2682696 |
| &nbsp;&nbsp; 2500000 | Ohio State Hospital Revenue (Cleveland Clinic), Hospital Revenue Bonds (Series 2019C), 2.750%, Mandatory <br> Tender 5/1/2028<br>| &nbsp;&nbsp; 2466528 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40917799 |
|  | **Oklahoma—0.3%** |  |
| &nbsp;&nbsp; 2000000 | Oklahoma HFA (Lakeshore Pointe, LLC), Collateralized Revenue Bonds (Series 2024), (United States Treasury GTD), <br> 3.350%, Mandatory Tender 12/1/2026<br>| &nbsp;&nbsp; 2007074 |
| &nbsp;&nbsp; 1250000 | Oklahoma HFA (Towne Square Apartments, LP), Trinity Trails Project Collateralized Revenue Bonds (Series 2025), (United <br> States Treasury GTD), 3.200%, Mandatory Tender 4/1/2028<br>| &nbsp;&nbsp; 1247276 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3254350 |
|  | **Pennsylvania—3.3%** |  |
| &nbsp;&nbsp; 5500000<br><sup>1</sup> <br>| Allegheny County, PA Higher Education Building Authority (Carnegie Mellon University), Revenue Bonds (Series 2022A) <br> FRNs, 3.363% (SOFR x 0.70 +0.290%), Mandatory Tender 8/1/2027<br>| &nbsp;&nbsp; 5473503 |
| &nbsp;&nbsp; 15000000<br><sup>1</sup> <br>| Delaware Valley, PA Regional Finance Authority, Local Government Revenue Bonds (Series 2022C) FRNs, 3.431% (SOFR x <br> 0.67 +0.490%), Mandatory Tender 3/1/2027<br>| &nbsp;&nbsp; 14958817 |
| &nbsp;&nbsp; 4000000 | Pennsylvania Economic Development Financing Authority (Republic Services, Inc.), (Series 2019 B-2), 4.200%, Mandatory <br> Tender 7/15/2025<br>| &nbsp;&nbsp; 4000435 |
| &nbsp;&nbsp; 15000000 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds <br> (Series 2019A), 4.250%, Mandatory Tender 8/1/2025<br>| &nbsp;&nbsp; 15003004 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39435759 |
|  | **South Carolina—0.3%** |  |
| &nbsp;&nbsp; 4000000 | South Carolina State Public Service Authority (Santee Cooper), Revenue and Refunding Bonds (Series 2025B), <br> 5.000%, 12/1/2026<br>| &nbsp;&nbsp; 4119328 |
|  | **Tennessee—3.4%** |  |
| &nbsp;&nbsp; 2000000 | Chattanooga, TN Health, Educational & Housing Facility Board (DGA Shallowford, LC), Collateralized Multifamily Housing <br> Bonds (Series 2023), (United States Treasury GTD), 3.800%, Mandatory Tender 12/1/2026<br>| &nbsp;&nbsp; 2019451 |
| &nbsp;&nbsp; 2000000 | Chattanooga, TN Health, Educational & Housing Facility Board (Espero Chattanooga LP), Multifamily Housing Bonds <br> (Series 2023), 3.000%, Mandatory Tender 11/1/2027<br>| &nbsp;&nbsp; 1991933 |
| &nbsp;&nbsp; 2500000 | Chattanooga, TN Health, Educational & Housing Facility Board (One Westside Phase 1B, LP), Multifamily Housing Revenue <br> Bonds (Series 2024), (United States Treasury GTD), 3.600%, Mandatory Tender 6/1/2028<br>| &nbsp;&nbsp; 2518080 |
| &nbsp;&nbsp; 4250000 | Dickson, TN Health and Educational Facilities Board (BTT Development IV, LP and Housing Associates, LP), Multifamily <br> Housing Bonds (Series 2024), (United States Treasury GTD), 3.000%, Mandatory Tender 4/1/2027<br>| &nbsp;&nbsp; 4246733 |
| &nbsp;&nbsp; 1500000 | Franklin, TN Health and Educational Facilities Board (APP Harpeth Partners, LLLP), Multifamily Housing Bonds <br> (Series 2025), (United States Treasury GTD), 3.600%, Mandatory Tender 5/1/2027<br>| &nbsp;&nbsp; 1514374 |
| &nbsp;&nbsp; 3000000 | Johnson City, TN Health & Education Facilities Board (Roan Hill, LP), Tapestry at Roan Hill Collateralized Multifamily <br> Housing Bonds (Series 2023), (United States Treasury GTD), 3.600%, Mandatory Tender 12/1/2026<br>| &nbsp;&nbsp; 3020926 |
| &nbsp;&nbsp; 5000000 | Knoxville, TN Community Development Corp. (DGA Grosvenor Square LP), Collateralized Multifamily Housing Bonds <br> (Series 2022), (United States Treasury GTD), 4.000%, Mandatory Tender 6/1/2026<br>| &nbsp;&nbsp; 5018312 |
| &nbsp;&nbsp; 3250000 | Knoxville, TN Community Development Corp. (DGA Hardin Valley LP), Multifamily Housing Bonds (Series 2024), (United <br> States Treasury GTD), 3.500%, Mandatory Tender 12/1/2027<br>| &nbsp;&nbsp; 3272807 |
| &nbsp;&nbsp; 1750000 | Knoxville, TN Community Development Corp. (DGA Holston LP), Willow Place Collateralized Multifamily Housing Bonds <br> (Series 2022), (United States Treasury GTD), 3.750%, Mandatory Tender 6/1/2026<br>| &nbsp;&nbsp; 1759102 |
| &nbsp;&nbsp; 700000 | Knoxville, TN Community Development Corp. (DGA Holston LP), Willow Place Collateralized Multifamily Housing Bonds <br> (Series 2022), (United States Treasury GTD), 3.750%, Mandatory Tender 6/1/2026<br>| &nbsp;&nbsp; 703641 |
| &nbsp;&nbsp; 4500000 | Memphis, TN Health, Educational and Housing Facility Board (APP Greenbriar Partners, LLLP), Collateralized Multifamily <br> Housing Bonds (Series 2023), (United States Treasury GTD), 3.550%, Mandatory Tender 6/1/2027<br>| &nbsp;&nbsp; 4541509 |
| &nbsp;&nbsp; 3000000 | Metropolitan Government of Nashville & Davidson County, TN Health & Educational Facilities Board (301 Ben Allen LP), <br> Multifamily Housing Revenue Bonds (Series 2022B), (United States Treasury COL), 3.850%, Mandatory Tender 2/1/2026<br>| &nbsp;&nbsp; 3005507 |

---

**6**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Tennessee—continued** |  |
| $1800000 | Metropolitan Nashville, TN Airport Authority, Subordinate Airport Revenue Bonds (Series 2019B), 5.000%, 7/1/2028 | &nbsp;&nbsp; $1882225 |
| &nbsp;&nbsp; 5000000 | Tennergy Corp., TN Gas Revenue, Gas Supply Revenue Bonds (Series 2024A), (Royal Bank of Canada GTD), 5.000%, <br> Mandatory Tender 12/1/2029<br>| &nbsp;&nbsp; 5258306 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40752906 |
|  | **Texas—11.1%** |  |
| &nbsp;&nbsp; 1500000 | Boerne, TX ISD, UT GO School Building Bonds (Series 2024), (Texas Permanent School Fund Guarantee Program GTD), <br> 4.000%, Mandatory Tender 2/1/2028<br>| &nbsp;&nbsp; 1535528 |
| &nbsp;&nbsp; 6250000 | Capital Area, TX Housing Finance Corp. (Katy Elgin, LP), Multifamily Housing Revenue Bonds (Series 2024), 3.125%, <br> Mandatory Tender 9/1/2027<br>| &nbsp;&nbsp; 6275512 |
| &nbsp;&nbsp; 4250000 | Eagle Mountain-Saginaw, TX ISD, UT GO Bonds (Series 2011), (Texas Permanent School Fund Guarantee Program GTD), <br> 4.000%, Mandatory Tender 8/1/2027<br>| &nbsp;&nbsp; 4334211 |
| &nbsp;&nbsp; 20000000 | Ector County, TX ISD, UT GO School Building Bonds (Series 2024B), (Texas Permanent School Fund Guarantee Program <br> GTD), 4.000%, Mandatory Tender 8/15/2027<br>| &nbsp;&nbsp; 20411120 |
| &nbsp;&nbsp; 5500000 | Fort Bend, TX ISD, UT GO Refunding Bonds (Series 2025B), (Texas Permanent School Fund Guarantee Program GTD), <br> 3.800%, Mandatory Tender 8/1/2028<br>| &nbsp;&nbsp; 5582135 |
| &nbsp;&nbsp; 12000000 | Fort Bend, TX ISD, UT GO School Building and Refunding Bonds (Series 2024B), (Texas Permanent School Fund Guarantee <br> Program GTD), 4.000%, Mandatory Tender 8/1/2027<br>| &nbsp;&nbsp; 12222191 |
| &nbsp;&nbsp; 3770000 | Fort Bend, TX ISD, Variable Rate UT School Building and Refunding Bonds (Series 2020B), (Texas Permanent School Fund <br> Guarantee Program GTD)/(United States Treasury PRF), 0.875%, Mandatory Tender 8/1/2025<br>| &nbsp;&nbsp; 3763148 |
| &nbsp;&nbsp; 2750000<br><sup>1</sup> <br>| Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Bonds <br> (Series 2022C) FRNs, 2.770% (SIFMA 7-day +0.850%), Mandatory Tender 12/1/2026<br>| &nbsp;&nbsp; 2751200 |
| &nbsp;&nbsp; 6000000 | Housing Options, Inc. (Dallas, TX Housing Authority) (The Culbreath, LP), Multifamily Housing Revenue Bonds <br> (Series 2025), (United States Treasury GTD), 3.750%, Mandatory Tender 11/1/2028<br>| &nbsp;&nbsp; 6054569 |
| &nbsp;&nbsp; 3700000 | Houston, TX Housing Finance Corp. (Cordova Apartments, LP), Multifamily Housing Revenue Bonds (Series 2024), (United <br> States Treasury GTD), 3.650%, Mandatory Tender 2/1/2028<br>| &nbsp;&nbsp; 3721359 |
| &nbsp;&nbsp; 1000000 | Houston, TX, Public Improvement and Refunding Bonds (Series 2023), 5.000%, 3/1/2026 | &nbsp;&nbsp; 1015411 |
| &nbsp;&nbsp; 925000 | Houston, TX, Public Improvement and Refunding Bonds (Series 2023), 5.000%, 3/1/2028 | &nbsp;&nbsp; 978003 |
| &nbsp;&nbsp; 5000000 | Mesquite, TX Housing Finance Corp. (Palladium Bruton Road, Ltd.), Multifamily Housing Revenue Bonds (Series 2024), <br> (United States Treasury GTD), 3.350%, Mandatory Tender 8/1/2027<br>| &nbsp;&nbsp; 5002340 |
| &nbsp;&nbsp; 7250000 | New Caney, TX ISD, UT GO School Building Bonds (Series 2018), (Texas Permanent School Fund Guarantee Program GTD), <br> 4.000%, Mandatory Tender 8/15/2027<br>| &nbsp;&nbsp; 7396032 |
| &nbsp;&nbsp; 5325000 | North East, TX ISD, UT GO Refunding Bonds (Series 2024), (Texas Permanent School Fund Guarantee Program GTD), <br> 3.750%, Mandatory Tender 8/1/2027<br>| &nbsp;&nbsp; 5385604 |
| &nbsp;&nbsp; 7500000 | North Texas Tollway Authority, First Tier Revenue Refunding Bonds (Series 2023A), 5.000%, 1/1/2026 | &nbsp;&nbsp; 7586188 |
| &nbsp;&nbsp; 6500000 | Northside, TX ISD, UT GO School Building and Refunding Bonds (Series 2024B), (Texas Permanent School Fund Guarantee <br> Program GTD), 3.450%, Mandatory Tender 8/1/2027<br>| &nbsp;&nbsp; 6523956 |
| &nbsp;&nbsp; 6500000 | Northside, TX ISD, UT GO School Building Bonds (Series 2020), (Texas Permanent School Fund Guarantee Program GTD), <br> 3.550%, Mandatory Tender 6/1/2028<br>| &nbsp;&nbsp; 6551119 |
| &nbsp;&nbsp; 3370000<br><sup>1</sup> <br>| San Antonio, TX Electric & Gas System, Junior Lien Revenue Refunding Bonds (Series 2022) FRNs, 2.790% (SIFMA 7-day <br> +0.870%), Mandatory Tender 12/1/2025<br>| &nbsp;&nbsp; 3368684 |
| &nbsp;&nbsp; 4500000 | San Antonio, TX Housing Finance Corp. (Palladium San Antonio, Ltd.), Multifamily Housing Revenue Bonds (Series 2024), <br> 3.450%, Mandatory Tender 7/1/2027<br>| &nbsp;&nbsp; 4527428 |
| &nbsp;&nbsp; 2500000 | Texas A & M University System Board of Regents, Revenue Financing System Bonds (Series 2024A), 5.000%, 5/15/2026 | &nbsp;&nbsp; 2547844 |
| &nbsp;&nbsp; 2500000 | Texas Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue Refunding Bonds (Series 2021), (Macquarie Group <br> Ltd. GTD), 5.000%, 12/15/2026<br>| &nbsp;&nbsp; 2550212 |
| &nbsp;&nbsp; 2126000 | Texas State Affordable Housing Corp. (Eden Court Senior Housing LP), (Series 2023), (United States Treasury GTD), <br> 5.000%, Mandatory Tender 4/1/2026<br>| &nbsp;&nbsp; 2132384 |
| &nbsp;&nbsp; 3750000 | Texas State Department of Housing & Community Affairs (Palladium Old FM 471 W, Ltd.), Multifamily Housing Revenue <br> Bonds (Series 2024), 3.050%, Mandatory Tender 9/1/2027<br>| &nbsp;&nbsp; 3751624 |
| &nbsp;&nbsp; 4000000 | Texas State Transportation Commission (Central Texas Turnpike System), First Tier Revenue Refunding Bonds <br> (Series 2024B), 5.000%, Mandatory Tender 8/15/2030<br>| &nbsp;&nbsp; 4208505 |
| &nbsp;&nbsp; 4009000 | The Texas Home Collaborative (1518 Apartments Ltd.), Multifamily Housing Revenue Bonds (Series 2023), 5.000%, <br> Mandatory Tender 10/1/2026<br>| &nbsp;&nbsp; 4039522 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 134215829 |
|  | **Virginia—1.8%** |  |
| &nbsp;&nbsp; 1175000 | Harrisonburg, VA Redevelopment & Housing Authority (John Early Apartments), Multifamily Housing Revenue Bonds <br> (Series 2023), (United States Treasury GTD), 4.000%, Mandatory Tender 12/1/2025<br>| &nbsp;&nbsp; 1177697 |

---

**7**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Virginia—continued** |  |
| $1650000 | Harrisonburg, VA Redevelopment & Housing Authority (Wesley Apartments), Multifamily Housing Revenue Bonds <br> (Series 2023), (United States Treasury GTD), 4.000%, Mandatory Tender 12/1/2026<br>| &nbsp;&nbsp; $1670585 |
| &nbsp;&nbsp; 5500000 | Norfolk, VA Redevelopment and Housing Authority (Standard Braywood Manor Venture LP), Multifamily Housing Revenue <br> Bonds (Series 2023), (United States Treasury COL), 5.000%, Mandatory Tender 5/1/2026<br>| &nbsp;&nbsp; 5580289 |
| &nbsp;&nbsp; 2000000 | Virginia Beach, VA Development Authority (Westminster-Canterbury on Chesapeake Bay), Residential Care Facility <br> Revenue Bonds TEMPS-50 (Series 2023B-3), 5.375%, 9/1/2029<br>| &nbsp;&nbsp; 2019238 |
| &nbsp;&nbsp; 5000000 | Wise County, VA IDA (Virginia Electric & Power Co.), Solid Waste and Sewage Disposal Revenue Bonds (Series 2009A), <br> 0.750%, Mandatory Tender 9/2/2025<br>| &nbsp;&nbsp; 4964402 |
| &nbsp;&nbsp; 6250000 | Wise County, VA IDA (Virginia Electric & Power Co.), Solid Waste and Sewage Disposal Revenue Bonds (Series 2010A), <br> 3.800%, Mandatory Tender 5/28/2027<br>| &nbsp;&nbsp; 6338005 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21750216 |
|  | **Washington—1.9%** |  |
| &nbsp;&nbsp; 4000000 | King County, WA Housing Authority, Affordable Housing Revenue Bonds Kirkland Heights Project (Series 2023A-1), <br> 5.000%, 1/1/2028<br>| &nbsp;&nbsp; 4036376 |
| &nbsp;&nbsp; 5000000<br><sup>1</sup> <br>| King County, WA Sewer System, Junior Lien Revenue Bonds (Series 2021A) FRNs, 2.150% (SIFMA 7-day +0.230%), <br> Mandatory Tender 1/1/2027<br>| &nbsp;&nbsp; 4937362 |
| &nbsp;&nbsp; 9250000<br><sup>1</sup> <br>| Seattle, WA (Seattle, WA Municipal Light & Power), Refunding Revenue Bonds (Series 2021B) FRNs, 2.170% (SIFMA 7-day <br> +0.250%), Mandatory Tender 11/1/2026<br>| &nbsp;&nbsp; 9147016 |
| &nbsp;&nbsp; 4801000 | Washington State Housing Finance Commission (Ardea TWG, LLLP), Ardea at Totem Lake Apartments Multifamily Housing <br> Revenue Bonds (Series 2023), (United States Treasury GTD), 5.000%, Mandatory Tender 2/1/2027<br>| &nbsp;&nbsp; 4882715 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23003469 |
|  | **West Virginia—1.5%** |  |
| &nbsp;&nbsp; 4200000 | West Virginia EDA (Appalachian Power Co.), Solid Waste Disposal Facilities Revenue Bonds (Series 2009A), 3.700%, <br> Mandatory Tender 6/1/2028<br>| &nbsp;&nbsp; 4228620 |
| &nbsp;&nbsp; 8750000 | West Virginia EDA (Appalachian Power Co.), Solid Waste Disposal Facilities Revenue Refunding Bonds (Series 2015A), <br> 3.375%, Mandatory Tender 6/15/2028<br>| &nbsp;&nbsp; 8730915 |
| &nbsp;&nbsp; 5500000 | West Virginia EDA Solid Waste Disposal Facilities (Appalachian Power Co.), Revenue Bonds (Series 2011A), 1.000%, <br> Mandatory Tender 9/1/2025<br>| &nbsp;&nbsp; 5467230 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18426765 |
|  | **Wisconsin—1.6%** |  |
| &nbsp;&nbsp; 7500000 | Public Finance Authority (Duke Energy Progress LLC), Pollution Control Revenue Refunding Bonds (Series 2022A-1), <br> 3.300%, Mandatory Tender 10/1/2026<br>| &nbsp;&nbsp; 7444910 |
| &nbsp;&nbsp; 4500000 | Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health), Revenue Bonds (Series 2018B-2), 5.000%, <br> Mandatory Tender 6/24/2026<br>| &nbsp;&nbsp; 4570412 |
| &nbsp;&nbsp; 7500000<br><sup>2</sup> <br>| Wisconsin Health & Educational Facilities Authority (Forensic Science and Protective Medicine Collaboration, Inc.), <br> Revenue Bonds (Series 2024), 5.000%, 8/1/2027<br>| &nbsp;&nbsp; 7613000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19628322 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MUNICIPAL BONDS <br>(IDENTIFIED COST $889,017,320)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 890054573 |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—26.8% |  |
|  | **Alabama—0.6%** |  |
| &nbsp;&nbsp; 150000 | Walker County, AL Economic and IDA (Alabama Power Co.), (Second Series 2023) Daily VRDNs, 4.050%, 7/1/2025 | &nbsp;&nbsp; 150000 |
| &nbsp;&nbsp; 6400000 | Wilsonville, AL IDB (Alabama Power Co.), (Series 2008) Daily VRDNs, 4.050%, 7/1/2025 | &nbsp;&nbsp; 6400000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6550000 |
|  | **Arizona—0.2%** |  |
| &nbsp;&nbsp; 2260000 | Arizona State IDA (Marana Leased Housing Associates I, LLP), (Series 2023-XF3174) Weekly VRDNs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 2.200%, 7/3/2025<br>| &nbsp;&nbsp; 2260000 |
|  | **California—2.9%** |  |
| &nbsp;&nbsp; 24900000 | Nuveen California AMT-Free Quality Municipal Income Fund, (Series A) MuniFund Preferred Shares Weekly VRDPs, <br> 2.370%, 7/1/2025<br>| &nbsp;&nbsp; 24900000 |
| &nbsp;&nbsp; 10000000 | Nuveen California Quality Municipal Income Fund, RIB Floater Trust (Series 2022-FR-RI-005) (Series 2 Preferred Shares) <br> VRENs, (Barclays Bank plc LIQ)/(Barclays Bank plc LOC), 2.270%, 7/3/2025<br>| &nbsp;&nbsp; 10000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34900000 |
|  | **District Of Columbia—0.4%** |  |
| &nbsp;&nbsp; 5000000 | District of Columbia HFA (Southern Avenue Owner LLC), SPEARs 3a-7 (Series DBE-8178) Daily VRDNs, (Deutsche Bank AG <br> LIQ)/(Deutsche Bank AG LOC), 4.250%, 7/1/2025<br>| &nbsp;&nbsp; 5000000 |

---

**8**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Florida—0.1%** |  |
| $1700000 | Miami-Dade County, FL HFA (Cordoba FL TC, LP), Mizuho 3a-7 (2021-MIZ9072) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho <br> Bank Ltd. LIQ), 2.200%, 7/3/2025<br>| &nbsp;&nbsp; $1700000 |
|  | **Georgia—0.5%** |  |
| &nbsp;&nbsp; 350000 | Appling County, GA Development Authority (Georgia Power Co.), (First Series 2011) Daily VRDNs, 4.050%, 7/1/2025 | &nbsp;&nbsp; 350000 |
| &nbsp;&nbsp; 1900000 | Bartow County, GA Development Authority (Georgia Power Co.), (First Series 2022) Daily VRDNs, 4.000%, 7/1/2025 | &nbsp;&nbsp; 1900000 |
| &nbsp;&nbsp; 1100000 | Bartow County, GA Development Authority (Georgia Power Co.), (Second Series 2022) Daily VRDNs, 3.700%, 7/1/2025 | &nbsp;&nbsp; 1100000 |
| &nbsp;&nbsp; 2430000 | Burke County, GA Development Authority (Georgia Power Co.), (1st Series 2009) Daily VRDNs, 3.950%, 7/1/2025 | &nbsp;&nbsp; 2430000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5780000 |
|  | **Illinois—1.1%** |  |
| &nbsp;&nbsp; 13655000 | Chicago, IL O'Hare International Airport, (Series 2023-XF1457) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 4.400%, 7/1/2025<br>| &nbsp;&nbsp; 13655000 |
|  | **Indiana—1.5%** |  |
| &nbsp;&nbsp; 18000000 | Indiana State Finance Authority Environmental (ArcelorMittal SA), (Series 2006) Weekly VRDNs, (Banco Bilbao Vizcaya <br> Argentaria SA LOC), 2.050%, 7/2/2025<br>| &nbsp;&nbsp; 18000000 |
|  | **Kentucky—0.8%** |  |
| &nbsp;&nbsp; 5700000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2020B-1) Daily VRDNs, 4.650%, 7/1/2025 | &nbsp;&nbsp; 5700000 |
| &nbsp;&nbsp; 3795000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021A-1) Daily VRDNs, 4.650%, 7/1/2025 | &nbsp;&nbsp; 3795000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9495000 |
|  | **Multi State—5.7%** |  |
| &nbsp;&nbsp; 22000000 | Invesco Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 4.400%, 7/1/2025<br>| &nbsp;&nbsp; 22000000 |
| &nbsp;&nbsp; 8500000 | Invesco Value Municipal Income Trust, PUTTERs 3a-7 (VMTP 5027) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 4.400%, 7/1/2025<br>| &nbsp;&nbsp; 8500000 |
| &nbsp;&nbsp; 15000000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series B) MuniFund Preferred Shares Weekly VRDPs, 2.370%, 7/1/2025 | &nbsp;&nbsp; 15000000 |
| &nbsp;&nbsp; 13800000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series C) MuniFund Preferred Shares Weekly VRDPs, 2.370%, 7/1/2025 | &nbsp;&nbsp; 13800000 |
| &nbsp;&nbsp; 6200000 | Nuveen AMT-Free Quality Municipal Income Fund, (Series D) MuniFund Preferred Shares Weekly VRDPs, 2.370%, 7/1/2025 | &nbsp;&nbsp; 6200000 |
| &nbsp;&nbsp; 3400000 | PIMCO Flexible Municipal Income Fund, PUTTERs 3a-7 (Series 5046) MuniFund Term Preferred Shares Daily VRDNs, <br> (JPMorgan Chase Bank, N.A. LIQ), 4.400%, 7/1/2025<br>| &nbsp;&nbsp; 3400000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68900000 |
|  | **New York—7.9%** |  |
| &nbsp;&nbsp; 13865000 | Hempstead (town), NY IDA (Atria Tanglewood), SPEARs 3a-7 (Series DBE-8137) Weekly VRDNs, (Deutsche Bank AG <br> LIQ)/(Deutsche Bank AG LOC), 2.570%, 7/3/2025<br>| &nbsp;&nbsp; 13865000 |
| &nbsp;&nbsp; 12500000 | Islip, NY IDA (FCD Bayshore LLC), SPEARs 3a-7 (Series DBE-8136) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank <br> AG LOC), 2.570%, 7/3/2025<br>| &nbsp;&nbsp; 12500000 |
| &nbsp;&nbsp; 5025000 | New York City, NY Municipal Water Finance Authority, (Series 2022D) Weekly VRENs, 3.900%, 7/1/2025 | &nbsp;&nbsp; 5025000 |
| &nbsp;&nbsp; 1400000 | New York City, NY Municipal Water Finance Authority, (Series 2025 EE-1) Daily VRDNs, (Bank of New York Mellon, N.A. <br> LIQ), 3.999%, 7/1/2025<br>| &nbsp;&nbsp; 1400000 |
| &nbsp;&nbsp; 1100000 | New York City, NY Transitional Finance Authority, (Subseries A-2) Daily VRDNs, (UBS AG LIQ), 3.950%, 7/1/2025 | &nbsp;&nbsp; 1100000 |
| &nbsp;&nbsp; 900000 | New York City, NY, Fiscal 2013 (Subseries A-3) Daily VRDNs, (Mizuho Bank Ltd. LOC), 4.000%, 7/1/2025 | &nbsp;&nbsp; 900000 |
| &nbsp;&nbsp; 10000000 | New York State HFA (42nd and 10th Street Associates LLC), 3a-7 High Grade Trust (Series 2022-007) VRENs, (Barclays Bank <br> plc LIQ)/(Barclays Bank plc LOC), 2.370%, 7/3/2025<br>| &nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp; 22200000 | Triborough Bridge & Tunnel Authority, NY (Central Business District Tolling Program), MS 3a-7(Series 2025-MS0041) <br> Weekly VRDNs, (Morgan Stanley GTD)/(Morgan Stanley LIQ), 2.320%, 7/3/2025<br>| &nbsp;&nbsp; 22200000 |
| &nbsp;&nbsp; 28250000 | Westchester County, NY IDA (Ardsley Housing Associates LLC), SPEARs 3a-7 (Series DBE-8138) Weekly VRDNs, (Deutsche <br> Bank AG LIQ)/(Deutsche Bank AG LOC), 2.570%, 7/3/2025<br>| &nbsp;&nbsp; 28250000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95240000 |
|  | **Ohio—1.7%** |  |
| &nbsp;&nbsp; 7900000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), (Series 2015-A) VRENs, 2.200%, 7/1/2025 | &nbsp;&nbsp; 7900000 |
| &nbsp;&nbsp; 8500000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), (Series B) VRENs, 2.200%, 7/1/2025 | &nbsp;&nbsp; 8500000 |
| &nbsp;&nbsp; 4000000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), (Series C) VRENs, 2.200%, 7/1/2025 | &nbsp;&nbsp; 4000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20400000 |
|  | **Oklahoma—0.7%** |  |
| &nbsp;&nbsp; 8050000 | Oklahoma Development Finance Authority (INTEGRIS Obligated Group), R-Float (Series 2020B) Weekly VRENs, <br> 2.560%, 7/1/2025<br>| &nbsp;&nbsp; 8050000 |

---

**9**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Pennsylvania—0.5%** |  |
| $6410000 | Central Bradford, PA Progress Authority (Guthrie Healthcare System, PA), R-Float (Series 2021D) Weekly VRENs, <br> 2.560%, 7/3/2025<br>| &nbsp;&nbsp; $6410000 |
|  | **Texas—2.2%** |  |
| &nbsp;&nbsp; 5000000 | Harris County, TX Cultural Education Facilities Finance Corp. (Baylor College of Medicine), R-Float (Series 2024B) Weekly <br> VRENs, 2.420%, 7/3/2025<br>| &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp; 14500000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2002) Weekly VRDNs, <br> 2.150%, 7/2/2025<br>| &nbsp;&nbsp; 14500000 |
| &nbsp;&nbsp; 7500000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010E) Weekly VRDNs, <br> 2.050%, 7/2/2025<br>| &nbsp;&nbsp; 7500000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM MUNICIPALS <br>(IDENTIFIED COST $323,340,000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 323340000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—100.7% <br>(IDENTIFIED COST $1,212,357,320)<br>| &nbsp;&nbsp; 1213394573 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—(0.7%)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8591727) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS—100% | &nbsp;&nbsp; $1204802846 |

---

Securities that are subject to the federal alternative minimum tax (AMT) represent 25.6% of the Fund's portfolio as calculated based upon total market value.

---

| | |
|:---|:---|
| 1 | *Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are* <br> *not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do* <br> *not indicate a reference rate and spread in their description above.*<br>|
| 2 | *Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under* <br> *the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At June 30, 2025, these restricted securities amounted to $20,813,942,* <br> *which represented 1.7% of net assets.*<br>|
| 3 | *Assets, other than investments in securities, less liabilities.* |

---

Additional information on restricted securities held at June 30, 2025, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Date**<br>| **Cost** | **Value** |
| California Municipal Finance Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds <br> (Series 2017A), (Waste Management Holdings, Inc. GTD), 4.100%, Mandatory Tender 12/1/2025<br>| &nbsp;&nbsp; 12/2/2024 | &nbsp;&nbsp; $13200000 | &nbsp;&nbsp; $13200942 |
| Wisconsin Health & Educational Facilities Authority (Forensic Science and Protective Medicine Collaboration, <br> Inc.), Revenue Bonds (Series 2024), 5.000%, 8/1/2027<br>| &nbsp;&nbsp; 2/22/2024 | &nbsp;&nbsp; $7581745 | &nbsp;&nbsp; $7613000 |

---

Note: The categories of investments are shown as a percentage of net assets at June 30, 2025.

**Investment Valuation** 

In calculating its net asset value (NAV), the Fund generally values investments as follows:

■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by Federated Investment Management Company (the "Adviser").

■ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and ask quotations.

■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Adviser.

■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.

■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.

If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser's valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser's valuation committee ("Valuation Committee"), is deemed not representative of the fair value of such security, the Fund uses

**10**

------

the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

**Fair Valuation Procedures** 

Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Fund's Board of Directors (the "Directors") has designated the Adviser as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Directors' oversight and certain reporting and other requirements intended to provide the Directors the information needed to oversee the Adviser's fair value determinations.

The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Directors periodically review the fair valuations made by the Valuation Committee. The Directors have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a "bid" evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a "mid" evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

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

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

**11**

------

As of June 30, 2025, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

---

| | |
|:---|:---|
| The following acronym(s) are used throughout this portfolio: | The following acronym(s) are used throughout this portfolio: |
| AMT | —Alternative Minimum Tax |
| BANs | —Bond Anticipation Notes |
| COL | —Collateralized |
| EDA | —Economic Development Authority |
| FRNs | —Floating Rate Notes |
| GO | —General Obligation |
| GTD | —Guaranteed |
| HFA | —Housing Finance Authority |
| IDA | —Industrial Development Authority |
| IDB | —Industrial Development Bond |
| ISD | —Independent School District |
| LIQ | —Liquidity Agreement |
| LLP | —Limited Liability Partnership |
| LOC | —Letter of Credit |
| LP | —Limited Partnership |
| PRF | —Pre-refunded |
| PUTTERs | —Puttable Tax-Exempt Receipts |
| RANs | —Revenue Anticipation Notes |
| SIFMA | —Securities Industry and Financial Markets Association |
| SOFR | —Secured Overnight Financing Rate |
| SPEARs | —Short Puttable Exempt Adjustable Receipts |
| TEMPS | —Tax Exempt Mandatory Paydown Securities |
| UT | —Unlimited Tax |
| VMTP | —Variable Municipal Term Preferred |
| VRDNs | —Variable Rate Demand Notes |
| VRDPs | —Variable Rate Demand Preferreds |
| VRENs | —Variable Rate Extendible Notes |

---

**12**

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Federated Hermes Fixed Income Securities, Inc.

- **b. Investment Company Act file number:** 811-06447

- **c. CIK number of Registrant:** 0000879569

- **d. LEI of Registrant:** 254900OYMR6KVQBBZ575

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

  - **Street Address 1:** Federated Hermes Funds

  - **City:** Warrendale

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 15086-7561

  - **Telephone number:** 8003417400

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

- **a. Name of Series:** Federated Hermes Municipal Ultrashort Fund

- **b. EDGAR series identifier (if any):** S000009738

- **c. LEI of Series:** 6ZXTUV90KY21QB935D74

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1223960395.16

**Total Liabilities:** $19157549.30

**Net Assets:** $1204802845.86

**Delayed Delivery Securities:** $13265337.05

**Cash Not Reported:** $45897.95

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -7093.960032000000 | **1-Year:** -57027.326464200000 | **5-Year:** -43207.561087300000 | **10-Year:** -69405.511100800000 | **30-Year:** -97138.792175300000

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

- **3-Month:** -777.662980700000 | **1-Year:** -8308.510276300000 | **5-Year:** -1467.989328000000 | **10-Year:** -3078.708015400000 | **30-Year:** -3256.645977000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000026755 | 0.07%                | 0.34%                | 0.44%                |
| Class ID C000026756 | 0.08%                | 0.36%                | 0.45%                |
| Class ID C000212354 | 0.08%                | 0.36%                | 0.35%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.02                    | $-2396886.50                               |
| Month 2  | $-0.04                   | $1429897.63                                |
| Month 3  | $-0.02                   | $1927635.02                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LEE CNTY FL HSG FIN AUTH MF HS                               | Lee County Housing Finance Authority                                             | CUSIP: 52349HBG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4032284.40   | 0.33%             | 2044-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| BINGHAMTON NY                                                | City of Binghamton NY                                                            | CUSIP: 0904912J9<br>LEI: 5493006D246GNK3OOC75 | Long             | DBT              | MUN               | US        |   8728000 | PA      | $8797840.58   | 0.73%             | 2026-04-10      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                  | State of Illinois                                                                | CUSIP: 452153JJ9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032480.70   | 0.09%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ECON DEV REVENUE                         | Indiana Finance Authority                                                        | CUSIP: 45505RBN4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7001665.30   | 0.58%             | 2028-05-01      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| WILSONVILLE AL INDL DEV BRD SOL WST DISP REVENUE             | Wilsonville Industrial Development Board                                         | CUSIP: 97247RAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6400000 | PA      | $6400000.00   | 0.53%             | 2030-12-01      | Floating      | 4.05%                 | No            |                  2 | On Loan: No      |
| TEXAS HOME COLLABORATIVE                                     | Texas Home Collaborative                                                         | CUSIP: 88248CAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4009000 | PA      | $4039521.72   | 0.34%             | 2041-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST DEV FIN AUTH SOL WST DISP REVENUE                | Illinois Development Finance Authority                                           | CUSIP: 451889AT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2999554.50   | 0.25%             | 2044-11-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| COLUMBUS GA HSG AUTH                                         | Columbus County Housing Authority                                                | CUSIP: 199123CM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2257050.15   | 0.19%             | 2028-11-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA OH MET HSG AUTH MF HS                               | Cuyahoga Metropolitan Housing Authority                                          | CUSIP: 23239TAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3017078.10   | 0.25%             | 2028-02-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HGR EDU BLDG                               | Allegheny County Higher Education Building Authority                             | CUSIP: 01729EKZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5473502.65   | 0.45%             | 2033-02-01      | Variable      | 3.34%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH                               | Kentucky Public Energy Authority                                                 | CUSIP: 74440DFD1<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    725000 | PA      | $729265.90    | 0.06%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CO                               | Development Authority of Burke County/The                                        | CUSIP: 121342QE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3010672.50   | 0.25%             | 2032-10-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV  | Pennsylvania Economic Development Financing Authority                            | CUSIP: 708692BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15003004.50  | 1.25%             | 2038-08-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| KNOXVILLE TN CMNTY DEV CORP MF                               | Knoxville's Community Development Corp                                           | CUSIP: 499743CX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3272806.88   | 0.27%             | 2029-12-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | California Municipal Finance Authority                                           | CUSIP: 13048RAK3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20001794.00  | 1.66%             | 2051-07-01      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BK SPEARS/LIFERS TR  VAR STS                        | Deutsche Bank Spears/Lifers Trust                                                | CUSIP: 25156SDW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13865000 | PA      | $13865000.00  | 1.15%             | 2045-10-01      | Floating      | 2.57%                 | Yes           |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH                                | Parish of St John the Baptist LA                                                 | CUSIP: 79020FAW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5529551.50   | 0.46%             | 2037-06-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY MF HSG REV                               | Ohio Housing Finance Agency                                                      | CUSIP: 676900WD1<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   2917000 | PA      | $2920571.57   | 0.24%             | 2026-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MOBILE AL INDL DEV BRD POLL CO                               | Industrial Development Board of the City of Mobile Alabama                       | CUSIP: 607167DV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25000000 | PA      | $25076055.00  | 2.08%             | 2034-06-01      | Variable      | 3.92%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON                                | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | CUSIP: 592113CD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3005506.80   | 0.25%             | 2048-02-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH SOL WST REVENUE                     | Industrial Development Authority of the City of Phoenix Arizona/The              | CUSIP: 71884RAA0<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3500647.50   | 0.29%             | 2035-12-01      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL HSG FIN AUTH MF HS                               | Lee County Housing Finance Authority                                             | CUSIP: 52349HBH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2859599.09   | 0.24%             | 2042-12-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                                | County of Jefferson AL Sewer Revenue                                             | CUSIP: 472682YU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1255241.50   | 0.10%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                               | Main Street Natural Gas Inc                                                      | CUSIP: 56035DGY2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    400000 | PA      | $410705.76    | 0.03%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHSIDE TX INDEP SCH DIST                                  | Northside Independent School District                                            | CUSIP: 66702RR79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6551119.25   | 0.54%             | 2050-06-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| CASSADAGA VLY NY CENTRL SCH DI                               | Cassadaga Valley Central School District                                         | CUSIP: 148159EV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5001663.00   | 0.42%             | 2025-07-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                               | Main Street Natural Gas Inc                                                      | CUSIP: 56035DDS8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001707.80   | 0.08%             | 2025-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH                               | Kentucky Public Energy Authority                                                 | CUSIP: 74440DFE9<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253641.48    | 0.02%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | California Municipal Finance Authority                                           | CUSIP: 13048RAN7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12016155.60  | 1.00%             | 2041-11-01      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| NORTHSIDE TX INDEP SCH DIST                                  | Northside Independent School District                                            | CUSIP: 66702RK92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6523955.75   | 0.54%             | 2054-08-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| SEATTLE WA MUNI LIGHT & PWR RE                               | City of Seattle WA Municipal Light & Power Revenue                               | CUSIP: 812643WU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9250000 | PA      | $9147016.05   | 0.76%             | 2045-05-01      | Variable      | 2.17%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                                  | City of New York NY                                                              | CUSIP: 64966QL99<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2253630.15   | 0.19%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MTGE FIN AUTH MF                               | New Mexico Mortgage Finance Authority                                            | CUSIP: 64719HEN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3011407.20   | 0.25%             | 2042-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| FORT BEND TX INDEP SCH DIST                                  | Fort Bend Independent School District                                            | CUSIP: 346843WS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5582135.35   | 0.46%             | 2055-08-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A                               | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647NL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1357978.28   | 0.11%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHERRILL NY CITY SCH DIST                                    | Sherrill City School District                                                    | CUSIP: 824263KX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3509757.30   | 0.29%             | 2026-06-18      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIST                              | Port of Port Arthur Navigation District                                          | CUSIP: 735220AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7500000.00   | 0.62%             | 2040-11-01      | Floating      | 2.05%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HSG FIN AUTH MF HS                               | Colorado Housing and Finance Authority                                           | CUSIP: 19647PDN0<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3104567.85   | 0.26%             | 2043-11-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIS                               | Port of Port Arthur Navigation District                                          | CUSIP: 735220AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14500000 | PA      | $14500000.00  | 1.20%             | 2027-12-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX HSG FIN CORP MF HSG                               | Houston Housing Finance Corp                                                     | CUSIP: 442396EN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3721358.62   | 0.31%             | 2048-02-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| ROCKPORT IN POLL CONTROL REVEN                               | City of Rockport IN                                                              | CUSIP: 773835BY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3990725.20   | 0.33%             | 2047-06-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST PUBLIC UTILITIES C                               | Missouri Public Utilities Commission                                             | CUSIP: 606374AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10041291.00  | 0.83%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                               | Main Street Natural Gas Inc                                                      | CUSIP: 56035DHZ8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2650855.00   | 0.22%             | 2054-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                               | Main Street Natural Gas Inc                                                      | CUSIP: 56035DGX4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    265000 | PA      | $269874.78    | 0.02%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NUVEEN CA AMT-FREE QUALITY MUNI INCOME FUND                  | Nuveen California AMT-Free Quality Municipal Income Fund                         | CUSIP: 670651868<br>LEI: 5493005SR7RRUAG9VK19 | Long             | DBT              | MUN               | US        |  24900000 | PA      | $24900000.00  | 2.07%             | 2047-10-01      | Floating      | 2.37%                 | Yes           |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                                | Black Belt Energy Gas District                                                   | CUSIP: 09182TAN7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  25500000 | PA      | $25169106.90  | 2.09%             | 2052-10-01      | Variable      | 2.27%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | New York City Municipal Water Finance Authority                                  | CUSIP: 64972GQ49<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400000.00   | 0.12%             | 2055-06-15      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST A & M UNIV REVENUES                                 | Texas A&M University                                                             | CUSIP: 88213ATE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2547844.25   | 0.21%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DUNELLEN NJ                                                  | Borough of Dunellen NJ                                                           | CUSIP: 265417BM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4001800 | PA      | $4007925.56   | 0.33%             | 2026-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST SCH OF MINES INSTN                               | Colorado School of Mines                                                         | CUSIP: 19658QGG6<br>LEI: 549300TQMFMDZTM5HY46 | Long             | DBT              | MUN               | US        |   4715000 | PA      | $4714826.49   | 0.39%             | 2025-12-01      | Variable      | 2.79%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH                               | West Virginia Economic Development Authority                                     | CUSIP: 95648VBW8<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4228620.06   | 0.35%             | 2042-12-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND                | Nuveen AMT-Free Quality Municipal Income Fund                                    | CUSIP: 670657774<br>LEI: 549300OTYQOOXS64NI63 | Long             | DBT              | MUN               | US        |   6200000 | PA      | $6200000.00   | 0.51%             | 2029-03-01      | Floating      | 2.37%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION                                | Central Texas Turnpike System                                                    | CUSIP: 88283KBQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4208504.80   | 0.35%             | 2042-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH                               | West Virginia Economic Development Authority                                     | CUSIP: 95648VBG3<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5467229.90   | 0.45%             | 2041-01-01      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI                               | Washington State Housing Finance Commission                                      | CUSIP: 93978PPU5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   4801000 | PA      | $4882715.42   | 0.41%             | 2043-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NUVEEN AMT FREE MUNI CREDIT IN                               | Nuveen AMT-Free Municipal Credit Income Fund                                     | CUSIP: 67071L825<br>LEI: 549300LBMO1C0IG71T03 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15000000.00  | 1.25%             | 2029-03-01      | Variable      | 2.37%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH MF HS                               | Arizona Industrial Development Authority                                         | CUSIP: 04062PCA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014621.80   | 0.08%             | 2045-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | California Municipal Finance Authority                                           | CUSIP: 13048RAF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |  13200000 | PA      | $13200942.48  | 1.10%             | 2044-12-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| KNOXVILLE TN CMNTY DEV CORP MF                               | Knoxville's Community Development Corp                                           | CUSIP: 499743CS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1759102.45   | 0.15%             | 2027-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A                               | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647JV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4705000 | PA      | $4819451.01   | 0.40%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                                         | State of Ohio                                                                    | CUSIP: 67756CFG8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8500000.00   | 0.71%             | 2049-01-15      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                               | Main Street Natural Gas Inc                                                      | CUSIP: 56035DHA3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    700000 | PA      | $729672.93    | 0.06%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST                                            | Rib Floater Trust Various States                                                 | CUSIP: 76252PSF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.83%             | 2041-11-01      | Floating      | 2.37%                 | Yes           |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY MF HSG REV                               | Ohio Housing Finance Agency                                                      | CUSIP: 676900XC2<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3746160.83   | 0.31%             | 2027-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Woodbury Housing & Redevelopment Authority                   | WOODBURY HSNG & REDEV                                                            | CUSIP: 97914AAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2600014.82   | 0.22%             | 2046-02-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| DELAWARE VLY PA REGL FIN AUTH                                | Delaware Valley Regional Finance Authority                                       | CUSIP: 246579LL8<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $14958817.50  | 1.24%             | 2057-03-01      | Variable      | 3.41%                 | No            |                  2 | On Loan: No      |
| WASHOE CNTY NV WTR FAC REVENUE                               | County of Washoe NV                                                              | CUSIP: 940865BJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000112.80   | 0.08%             | 2036-03-01      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| GLENWILLOW VLG OH                                            | Village of Glenwillow OH                                                         | CUSIP: 379180DB5<br>LEI: 54930082MO41VOGE8P27 | Long             | DBT              | MUN               | US        |   6100000 | PA      | $6101451.19   | 0.51%             | 2025-07-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| WISE CNTY VA INDL DEV AUTH SOL                               | Wise County Industrial Development Authority                                     | CUSIP: 977228AF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6250000 | PA      | $6338005.00   | 0.53%             | 2040-11-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| FARMINGTON NM POLL CONTROL REV                               | City of Farmington NM                                                            | CUSIP: 311450GE4<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4055750.80   | 0.34%             | 2040-06-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH                               | Kentucky Public Energy Authority                                                 | CUSIP: 74440DFG4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    320000 | PA      | $329761.82    | 0.03%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HLTH & EDU FA                               | New Hampshire Health and Education Facilities Authority Act                      | CUSIP: 64461XKA2<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2506839.00   | 0.21%             | 2038-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST OFFSHORE TERMINAL                               | Louisiana Offshore Terminal Authority                                            | CUSIP: 546510FV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8005758.40   | 0.66%             | 2037-10-01      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| FORT BEND TX INDEP SCH DIST                                  | Fort Bend Independent School District                                            | CUSIP: 346843RY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3770000 | PA      | $3763148.40   | 0.31%             | 2050-08-01      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| E-470 CO PUBLIC HIGHWAY AUTH                                 | E-470 Public Highway Authority                                                   | CUSIP: 26822LMX9<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2485375.00   | 0.21%             | 2039-09-01      | Variable      | 3.67%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA HSG AUTH MF HSG R                               | San Diego Housing Authority Inc                                                  | CUSIP: 79728FLH2<br>LEI: 549300X9H1ODNOOT1Q87 | Long             | DBT              | MUN               | US        |   9300000 | PA      | $9479921.52   | 0.79%             | 2057-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HSG & MTGE FIN A                               | New Jersey Housing & Mortgage Finance Agency                                     | CUSIP: 646127FM7<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   3170000 | PA      | $3177289.42   | 0.26%             | 2026-02-01      | Fixed         | 3.67%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                               | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JHF3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7612999.50   | 0.63%             | 2027-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A                               | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647NK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1226111.94   | 0.10%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                               | Main Street Natural Gas Inc                                                      | CUSIP: 56035DGW6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    350000 | PA      | $353342.96    | 0.03%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI POLL CONTRO                               | Pactiv Evergreen Group Issuer Inc/Pactiv Evergreen Group Issuer LLC              | CUSIP: 74447HAB4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7444910.25   | 0.62%             | 2046-10-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| RURAL WTR FING AGY KY PUBLIC P                               | Rural Water Financing Agency                                                     | CUSIP: 781741AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3251344.53   | 0.27%             | 2025-11-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY MF HSG REV                               | Ohio Housing Finance Agency                                                      | CUSIP: 676900XK4<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3716524.20   | 0.31%             | 2028-03-01      | Variable      | 3.37%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH HLTHS                               | Oklahoma Development Finance Authority                                           | CUSIP: 67884XCU9<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   8050000 | PA      | $8050000.00   | 0.67%             | 2031-08-15      | Variable      | 2.56%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BK SPEARS/LIFERS TR  VAR STS                        | Deutsche Bank Spears/Lifers Trust                                                | CUSIP: 25156SDT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12500000 | PA      | $12500000.00  | 1.04%             | 2029-12-01      | Floating      | 2.57%                 | Yes           |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES      | Tender Option Bond Trust Receipts/Certificates                                   | CUSIP: 88035E5E9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13655000 | PA      | $13655000.00  | 1.13%             | 2027-07-01      | Floating      | 4.40%                 | Yes           |                  2 | On Loan: No      |
| OKLAHOMA HSG FIN AGY COLLATERA                               | Oklahoma Housing Finance Agency                                                  | CUSIP: 67886UAS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1247275.75   | 0.10%             | 2042-10-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| CENTRL BRADFORD PROGRESS AUTHP                               | Central Bradford Progress Authority                                              | CUSIP: 152691BE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6410000 | PA      | $6410000.00   | 0.53%             | 2041-12-01      | Variable      | 2.56%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION&                               | Texas Municipal Gas Acquisition & Supply Corp III                                | CUSIP: 88256HBB3<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2550211.75   | 0.21%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BARTOW CNTY GA DEV AUTH SOLID WASTE DISP FAC REVENUE         | Bartow County Development Authority                                              | CUSIP: 06964KAB2<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1900000.00   | 0.16%             | 2062-11-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY NY INDL DEV AGY MF                               | Monroe County Industrial Development Corp                                        | CUSIP: 61075NAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2076565.80   | 0.17%             | 2028-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LOGAN CNTY OH                                                | County of Logan OH                                                               | CUSIP: 540822KH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001792.00   | 0.17%             | 2025-08-06      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BK SPEARS/LIFERS TR                                 | Deutsche Bank Spears/Lifers Trust                                                | CUSIP: 25156SJZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.42%             | 2030-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| EAGLE MOUNTAIN & SAGINAW TX IN                               | Eagle Mountain & Saginaw Independent School District                             | CUSIP: 269696SH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4334210.78   | 0.36%             | 2050-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &                               | California Infrastructure & Economic Development Bank                            | CUSIP: 13034AN48<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   6750000 | PA      | $6715977.30   | 0.56%             | 2050-12-01      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH MF HS                               | Illinois Housing Development Authority                                           | CUSIP: 45203LEM1<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   2170000 | PA      | $2191139.49   | 0.18%             | 2027-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MF HSG REVENUE                                    | City of Chicago IL                                                               | CUSIP: 167570TV2<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1506006.90   | 0.13%             | 2027-08-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SALES TAX REVENUE                                | State of Illinois Sales Tax Revenue                                              | CUSIP: 452227UX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3112481.40   | 0.26%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VENICE FL                                                    | City of Venice FL                                                                | CUSIP: 922687AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $901226.70    | 0.07%             | 2030-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TN HLTH EDUCTNL &H                               | Chattanooga Health Educational & Housing Facility Board                          | CUSIP: 162404DR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2019451.00   | 0.17%             | 2029-12-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY GA DEV AUTH POLL C                               | Development Authority of Monroe County/The                                       | CUSIP: 610530FW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3511278.05   | 0.29%             | 2043-04-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CO                               | Development Authority of Burke County/The                                        | CUSIP: 121342QM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5750000 | PA      | $5820101.70   | 0.48%             | 2032-10-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| HARRISONBURG VA REDEV & HSG AU                               | Harrisonburg Redevelopment & Housing Authority                                   | CUSIP: 415690NX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1177696.51   | 0.10%             | 2027-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                                         | State of Ohio                                                                    | CUSIP: 67756CFH6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4000000.00   | 0.33%             | 2051-01-15      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| HSG OPTIONS INC TX MF REVENUE                                | Housing Options Inc/TX                                                           | CUSIP: 44183TAM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6054569.40   | 0.50%             | 2045-11-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER/RESIDUAL TRUST                                | Mizuho Floater/Residual Trust                                                    | CUSIP: 60700HJC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700000.00   | 0.14%             | 2034-05-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HLTH SYS R                               | Indiana Finance Authority                                                        | CUSIP: 45470YGD7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2133289.20   | 0.18%             | 2064-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST HOSP EQUIPMENT L                               | New Mexico Hospital Equipment Loan Council                                       | CUSIP: 647370JT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4005240.80   | 0.33%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| OAKFIELD-ALABAMA NY CENTRL SCH DIST                          | Oakfield-Alabama Central School District                                         | CUSIP: 672138HL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2975000 | PA      | $2984008.60   | 0.25%             | 2026-07-08      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| RIDGEFIELD PARK NJ                                           | Village of Ridgefield Park NJ                                                    | CUSIP: 765871ES3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999315.00   | 0.17%             | 2026-04-02      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| DIRECTOR OF THE ST OF NEVADA D                               | State of Nevada Department of Business & Industry                                | CUSIP: 25459JAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2800558.32   | 0.23%             | 2026-12-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE-MECKLENBURG NC HOSPA                               | Charlotte-Mecklenburg Hospital Authority/The                                     | CUSIP: 160853VG9<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3959152.80   | 0.33%             | 2048-01-15      | Variable      | 0.80%                 | No            |                  2 | On Loan: No      |
| FRANKLIN TN HLTH & EDUCTNL FAC                               | FRANKLIN HLTH & 3.6 11/29                                                        | CUSIP: 354737AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1514374.35   | 0.13%             | 2029-11-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| FORT BEND TX INDEP SCH DIST                                  | Fort Bend Independent School District                                            | CUSIP: 346843VT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12222190.80  | 1.01%             | 2054-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH REVENUE                                     | Iowa Finance Authority                                                           | CUSIP: 46247SBP8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3395931.00   | 0.28%             | 2056-05-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| MEADE CNTY KY INDL BLDG REVENU                               | County of Meade KY                                                               | CUSIP: 583022AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3795000.00   | 0.31%             | 2061-08-01      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| FULTON NY CITY SCH DIST                                      | Fulton City School District                                                      | CUSIP: 360676KB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5001450.00   | 0.42%             | 2025-07-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH WT                               | New Jersey Economic Development Authority                                        | CUSIP: 645780FS1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3045679.32   | 0.25%             | 2025-12-01      | Fixed         | 0.85%                 | No            |                  2 | On Loan: No      |
| CAPITAL AREA HSG FIN CORP TX                                 | Capital Area Housing Finance Corp                                                | CUSIP: 139726CZ4<br>LEI: 549300XICE1XLI0VXV87 | Long             | DBT              | MUN               | US        |   6250000 | PA      | $6275511.88   | 0.52%             | 2029-09-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| WISE CNTY VA INDL DEV AUTH SOL                               | Wise County Industrial Development Authority                                     | CUSIP: 977228AE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4964402.00   | 0.41%             | 2040-10-01      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| LOWVILLE NY CENTRL SCH DIST                                  | Lowville Academy Central School District                                         | CUSIP: 548837DL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5025144.50   | 0.42%             | 2026-06-26      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEI                               | Tender Option Bond Trust Receipts/Certificates                                   | CUSIP: 88035GT24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2260000 | PA      | $2260000.00   | 0.19%             | 2026-03-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE                                    | North Texas Tollway Authority                                                    | CUSIP: 66285WM60<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7586187.75   | 0.63%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | California Municipal Finance Authority                                           | CUSIP: 13048RAJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |  11500000 | PA      | $11495570.20  | 0.95%             | 2041-07-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                  | State of Illinois                                                                | CUSIP: 452153GB9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3563047.60   | 0.30%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                                | New York City Transitional Finance Authority Future Tax Secured Revenue          | CUSIP: 64971XY28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100000.00   | 0.09%             | 2052-08-01      | Variable      | 2.60%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX                                                   | City of Houston TX                                                               | CUSIP: 442332CP5<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015410.60   | 0.08%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNERGY CORP TN GAS REVENUE                                 | Tennergy Corp/TN                                                                 | CUSIP: 880397CJ1<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5258306.00   | 0.44%             | 2054-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ENVRNMNTL                                | Indiana Finance Authority                                                        | CUSIP: 455054AD8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |  18000000 | PA      | $18000000.00  | 1.49%             | 2030-08-01      | Variable      | 2.05%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CO                               | Development Authority of Burke County/The                                        | CUSIP: 121342QD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5650000 | PA      | $5642012.03   | 0.47%             | 2049-12-01      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE PUTTERS/DRIVERS TRUST VARIOUS STATES         | JPMorgan Chase Putters/Drivers Trust                                             | CUSIP: 46640KYX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22000000 | PA      | $22000000.00  | 1.83%             | 2027-06-01      | Floating      | 4.40%                 | Yes           |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I                               | Indianapolis Local Public Improvement Bond Bank                                  | CUSIP: 45528VFT1<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3124980.00   | 0.26%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                                         | State of Ohio                                                                    | CUSIP: 67756CFW3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2466528.25   | 0.20%             | 2052-01-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CONTROL REVENUE                  | Development Authority of Burke County/The                                        | CUSIP: 121342MW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2430000 | PA      | $2430000.00   | 0.20%             | 2049-07-01      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL HSG FIN AUTH M                               | Broward County Housing Finance Authority                                         | CUSIP: 115027QZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3500026.60   | 0.29%             | 2041-04-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST HLTH FACS AUTH                                    | Arizona Health Facilities Authority                                              | CUSIP: 040507QT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3780000 | PA      | $3746408.27   | 0.31%             | 2046-01-01      | Variable      | 2.17%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE PUTTERS/DRIVERS TRUST VARIOUS STATES         | JPMorgan Chase Putters/Drivers Trust                                             | CUSIP: 46640KB94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3400000.00   | 0.28%             | 2025-07-28      | Floating      | 4.40%                 | Yes           |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A                               | South Carolina Public Service Authority                                          | CUSIP: 8371515X3<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4119328.00   | 0.34%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                               | Massachusetts Development Finance Agency                                         | CUSIP: 57584YPF0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3247801.70   | 0.27%             | 2049-07-01      | Variable      | 2.52%                 | No            |                  2 | On Loan: No      |
| ARKANSAS ST DEV FIN AUTH MF HS                               | Arkansas Development Finance Authority                                           | CUSIP: 041080JT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3523836.75   | 0.29%             | 2027-12-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| COCONINO CNTY AZ POLL CONTROLC                               | Coconino County Pollution Control Corp                                           | CUSIP: 191855BM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999360.30    | 0.08%             | 2039-03-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                                | New York City Housing Development Corp                                           | CUSIP: 64972KDQ5<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7602825.75   | 0.63%             | 2064-05-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TN HLTH EDUCTNL &H                               | Chattanooga Health Educational & Housing Facility Board                          | CUSIP: 162404DT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2518080.00   | 0.21%             | 2048-06-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                               | Chicago O'Hare International Airport                                             | CUSIP: 167593Z21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3530215.85   | 0.29%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOERNE TX INDEP SCH DIST                                     | Boerne Independent School District                                               | CUSIP: 097067NQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1535528.40   | 0.13%             | 2054-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| APPLING CNTY GA DEV AUTH                                     | Development Authority of Appling County                                          | CUSIP: 038315EV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $350000.00    | 0.03%             | 2041-09-01      | Floating      | 4.05%                 | No            |                  2 | On Loan: No      |
| ECTOR CNTY TX INDEP SCH DIST                                 | Ector County Independent School District                                         | CUSIP: 279263SF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20411120.00  | 1.69%             | 2049-08-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH MF HS                               | Illinois Housing Development Authority                                           | CUSIP: 45203LEL3<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2019483.40   | 0.17%             | 2027-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST HSG CORP MF REVENU                               | Kentucky Housing Corp                                                            | CUSIP: 49131CAA0<br>LEI: 549300NTBUU903EKQ287 | Long             | DBT              | MUN               | US        |   7795000 | PA      | $7890829.39   | 0.65%             | 2043-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BK SPEARS/LIFERS TR  VAR STS                        | Deutsche Bank Spears/Lifers Trust                                                | CUSIP: 25156SEB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  28250000 | PA      | $28250000.00  | 2.34%             | 2044-11-01      | Floating      | 2.57%                 | Yes           |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                                | New York City Municipal Water Finance Authority                                  | CUSIP: 64972GZW7<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   5025000 | PA      | $5025000.00   | 0.42%             | 2033-06-15      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| BOLIVAR-RICHBURG NY CENTRL SCH DIST                          | Bolivar-Richburg Central School District                                         | CUSIP: 097649FL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5011494.00   | 0.42%             | 2026-06-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST HLTH FACS AUTH                                    | Arizona Health Facilities Authority                                              | CUSIP: 040507QS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $89782.34     | 0.01%             | 2046-01-01      | Variable      | 2.17%                 | No            |                  2 | On Loan: No      |
| NEW CANEY TX INDEP SCH DIST                                  | New Caney Independent School District                                            | CUSIP: 643154LB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7250000 | PA      | $7396031.68   | 0.61%             | 2050-02-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                               | Maricopa County Industrial Development Authority                                 | CUSIP: 56682HDU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8113264.00   | 0.67%             | 2053-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A                               | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647NJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $570772.46    | 0.05%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA OH MET HSG AUTH MF HS                               | Cuyahoga Metropolitan Housing Authority                                          | CUSIP: 23239TAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4350000 | PA      | $4373346.45   | 0.36%             | 2027-12-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                               | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JGV9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4570412.40   | 0.38%             | 2054-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH EAST TX INDEP SCH DIST                                 | North East Independent School District/TX                                        | CUSIP: 659155QL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5325000 | PA      | $5385604.36   | 0.45%             | 2049-08-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CO                               | Development Authority of Burke County/The                                        | CUSIP: 121342QK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4991137.00   | 0.41%             | 2048-11-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| BEACH HAVEN NJ                                               | Borough of Beach Haven NJ                                                        | CUSIP: 073347EL6<br>LEI: 549300Y82Z4LXPF4YX04 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5067363.50   | 0.42%             | 2026-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA HSG FIN AGY COLLATERALIZED REVENUE BONDS            | OKLAHOMA HSG FIN AG 3.35                                                         | CUSIP: 67886UAR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007074.40   | 0.17%             | 2027-12-01      | Floating      | 3.35%                 | No            |                  2 | On Loan: No      |
| MESQUITE TX HSG FIN CORP                                     | Mesquite Housing Finance Corp/The                                                | CUSIP: 590746AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5002340.00   | 0.42%             | 2029-08-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| WARSAW NY CENTRL SCH DIST                                    | Warsaw Central School District/NY                                                | CUSIP: 936466EN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10042091.00  | 0.83%             | 2026-06-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BARTOW CNTY GA DEV AUTH SOLIDWASTE DISP FAC REVENUE          | Bartow County Development Authority                                              | CUSIP: 06964KAA4<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100000.00   | 0.09%             | 2062-11-01      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| MOBILE AL INDL DEV BRD POLL CO                               | Industrial Development Board of the City of Mobile Alabama                       | CUSIP: 607167EA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4017794.40   | 0.33%             | 2034-06-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| KING CNTY WA HSG AUTH AFFORDAB                               | King County Housing Authority                                                    | CUSIP: 49477AAA6<br>LEI: 549300TZU8KSWALVD392 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4036376.00   | 0.34%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH                               | West Virginia Economic Development Authority                                     | CUSIP: 95648VBS7<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   8750000 | PA      | $8730915.38   | 0.72%             | 2040-03-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I                               | Indianapolis Local Public Improvement Bond Bank                                  | CUSIP: 45528VFU8<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055874.10   | 0.09%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST                                            | Rib Floater Trust Various States                                                 | CUSIP: 76252PSA8<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  10000000 | PA      | $10000000.00  | 0.83%             | 2040-12-01      | Variable      | 2.32%                 | No            |                  2 | On Loan: No      |
| VIRGINIA BEACH VA DEV AUTH RSD                               | Virginia Beach Development Authority                                             | CUSIP: 92774NBF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2019237.80   | 0.17%             | 2029-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MUNI ENERGY ACQU                               | New Mexico Municipal Energy Acquisition Authority                                | CUSIP: 647207BL2<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2119714.80   | 0.18%             | 2054-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                                | Black Belt Energy Gas District                                                   | CUSIP: 09182TBC0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003452.10   | 0.08%             | 2053-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA                               | Harris County Cultural Education Facilities Finance Corp                         | CUSIP: 414009RU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2751200.38   | 0.23%             | 2049-07-01      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| HARRISONBURG VA REDEV & HSG AU                               | Harrisonburg Redevelopment & Housing Authority                                   | CUSIP: 415690NW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1670585.24   | 0.14%             | 2028-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE PUTTERS/DRIVERS TRUST VARIOUS STATES         | JPMorgan Chase Putters/Drivers Trust                                             | CUSIP: 46640KYR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8500000.00   | 0.71%             | 2027-03-20      | Floating      | 4.40%                 | Yes           |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA                               | Harris County Cultural Education Facilities Finance Corp                         | CUSIP: 414008CX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.42%             | 2046-11-15      | Variable      | 2.42%                 | No            |                  2 | On Loan: No      |
| ASHEVILLE NC HSG AUTH                                        | Asheville Housing Authority                                                      | CUSIP: 044034CQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2950000 | PA      | $2967978.19   | 0.25%             | 2026-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                  | State of Illinois                                                                | CUSIP: 452153JK6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2094640.80   | 0.17%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA OH MET HSG AUTH MF HS                               | Cuyahoga Metropolitan Housing Authority                                          | CUSIP: 23239TAG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4012531.60   | 0.33%             | 2027-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| FARMINGTON NY                                                | Town of Farmington NY                                                            | CUSIP: 311459EB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3501534.75   | 0.29%             | 2025-07-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BAY AREA CA TOLL AUTH TOLL BRI                               | Bay Area Toll Authority                                                          | CUSIP: 072024XT4<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6837936.00   | 0.57%             | 2056-04-01      | Variable      | 2.22%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HSG & MTGE FIN A                               | New Jersey Housing & Mortgage Finance Agency                                     | CUSIP: 646127FL9<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   2665000 | PA      | $2672870.54   | 0.22%             | 2026-12-01      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY MF HSG REV                               | Ohio Housing Finance Agency                                                      | CUSIP: 676900WC3<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   2665000 | PA      | $2682696.13   | 0.22%             | 2026-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEI                               | Tender Option Bond Trust Receipts/Certificates                                   | CUSIP: 88035PHF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22200000 | PA      | $22200000.00  | 1.84%             | 2026-05-01      | Variable      | 2.32%                 | No            |                  2 | On Loan: No      |
| NUVEEN AMT FREE MUNI CREDIT IN                               | Nuveen AMT-Free Municipal Credit Income Fund                                     | CUSIP: 67071L791<br>LEI: 549300LBMO1C0IG71T03 | Long             | DBT              | MUN               | US        |  13800000 | PA      | $13800000.00  | 1.15%             | 2031-12-01      | Variable      | 2.37%                 | No            |                  2 | On Loan: No      |
| RURAL WTR FING AGY KY PUBLIC P                               | Rural Water Financing Agency                                                     | CUSIP: 781741AV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5008343.50   | 0.42%             | 2027-05-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY MF HSG REV                               | Ohio Housing Finance Agency                                                      | CUSIP: 676900XE8<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   2735000 | PA      | $2707142.38   | 0.22%             | 2045-06-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX                                                   | City of Houston TX                                                               | CUSIP: 442332CR1<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |    925000 | PA      | $978003.43    | 0.08%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH                               | Kentucky Public Energy Authority                                                 | CUSIP: 74440DFF6<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    600000 | PA      | $614039.88    | 0.05%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                                | County of Jefferson AL Sewer Revenue                                             | CUSIP: 472682YV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1792646.80   | 0.15%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STAMFORD CT HSG AUTH                                         | Stamford Housing Authority                                                       | CUSIP: 852640AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2012963.20   | 0.17%             | 2030-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                                         | State of Ohio                                                                    | CUSIP: 67756CCH9<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   7900000 | PA      | $7900000.00   | 0.66%             | 2045-01-15      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                               | Main Street Natural Gas Inc                                                      | CUSIP: 56035DGZ9<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    425000 | PA      | $439877.55    | 0.04%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WATERTOWN NY ENLARGED CITY SCH                               | Watertown Enlarged City School District                                          | CUSIP: 942116AV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000398.80   | 0.17%             | 2025-10-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                                | County of Jefferson AL Sewer Revenue                                             | CUSIP: 472682YW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1304112.63   | 0.11%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DICKSON TN HLTH EDUCTNL & HSG                                | Dickson Health & Educational Facilities Board/TN                                 | CUSIP: 253514AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4246732.60   | 0.35%             | 2028-04-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| BAY AREA CA TOLL AUTH TOLL BRI                               | Bay Area Toll Authority                                                          | CUSIP: 072024XA5<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $8931180.60   | 0.74%             | 2056-04-01      | Variable      | 2.37%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A                               | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647EC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1029447.03   | 0.09%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL HSG FIN AUTH MF HS                               | Lee County Housing Finance Authority                                             | CUSIP: 52349HBC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500066.75   | 0.21%             | 2027-08-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                                 | Michigan Finance Authority                                                       | CUSIP: 59447T3W1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   3125000 | PA      | $3113836.88   | 0.26%             | 2047-04-15      | Variable      | 2.67%                 | No            |                  2 | On Loan: No      |
| TEXAS ST AFFORDABLE HSG CORP M                               | Texas State Affordable Housing Corp                                              | CUSIP: 88271FFQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2126000 | PA      | $2132384.17   | 0.18%             | 2043-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV POLL CONTROL REV                               | County of Clark NV                                                               | CUSIP: 181008BE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1998720.60   | 0.17%             | 2036-01-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE                                  | Indiana Finance Authority                                                        | CUSIP: 45506EDH3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   5895000 | PA      | $5840730.04   | 0.48%             | 2039-03-01      | Variable      | 2.22%                 | No            |                  2 | On Loan: No      |
| WALKER CNTY AL ECON & INDL DEV                               | Walker County Economic & Industrial Development Authority                        | CUSIP: 931542AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 0.01%             | 2063-08-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                                  | City of New York NY                                                              | CUSIP: 64966J5Y8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    900000 | PA      | $900000.00    | 0.07%             | 2040-10-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| JOHNSON CITY TN HLTH & EDUCTNL                               | Johnson City Health & Educational Facilities Board                               | CUSIP: 47827TAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3020925.60   | 0.25%             | 2027-12-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE   | New Jersey Higher Education Student Assistance Authority                         | CUSIP: 646080YZ8<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6076902.60   | 0.50%             | 2056-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST OFFSHORE TERMINAL                               | Louisiana Offshore Terminal Authority                                            | CUSIP: 546510FW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2513963.25   | 0.21%             | 2037-10-01      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| KNOXVILLE TN CMNTY DEV CORP MF                               | Knoxville's Community Development Corp                                           | CUSIP: 499743CT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $703640.98    | 0.06%             | 2027-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| WASHOE CNTY NV GAS & WTR FACS                                | County of Washoe NV                                                              | CUSIP: 940797AN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000112.80   | 0.08%             | 2036-03-01      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL                               | Chandler Industrial Development Authority                                        | CUSIP: 158862CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2494085.75   | 0.21%             | 2049-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                               | City of Los Angeles Department of Airports                                       | CUSIP: 5444457L7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047523.30   | 0.09%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                  | State of Illinois                                                                | CUSIP: 452153GA1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.25%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST HSG CORP MF HSG R                               | Louisiana Housing Corp                                                           | CUSIP: 54627CBW2<br>LEI: 549300VL35TBE7RSJH61 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2617279.86   | 0.22%             | 2027-08-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP                               | Metropolitan Nashville Airport Authority/The                                     | CUSIP: 592190NT5<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1882225.26   | 0.16%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX HSG TRUST PUBLI                               | San Antonio Housing Trust Public Facility Corp                                   | CUSIP: 79626VAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4527427.95   | 0.38%             | 2029-07-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH                               | Kentucky Public Energy Authority                                                 | CUSIP: 74440DFH2<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    750000 | PA      | $778524.98    | 0.06%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST HLTH FACS AUTH                                    | Arizona Health Facilities Authority                                              | CUSIP: 040507QQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $629224.22    | 0.05%             | 2046-01-01      | Variable      | 2.17%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALG                               | Black Belt Energy Gas District                                                   | CUSIP: 09182RAR2<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5004357.00   | 0.42%             | 2049-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER OH PORT AUTH GAS REV                               | Lancaster Port Authority                                                         | CUSIP: 514401BN7<br>LEI: 5493007EGWLFDZJFF129 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3171976.80   | 0.26%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CAMDEN CNTY NJ IMPT AUTH MF RE                               | Camden County Improvement Authority/The                                          | CUSIP: 13281RAF0<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4045138.40   | 0.34%             | 2027-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY NC INDL FACS & POLL CONTROL FING AUTH SOL WS | Cumberland County Industrial Facilities & Pollution Control Financing Authority  | CUSIP: 230589AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10003861.00  | 0.83%             | 2027-12-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TN HLTH EDUCTNL &H                               | Chattanooga Health Educational & Housing Facility Board                          | CUSIP: 162404DS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1991933.20   | 0.17%             | 2043-12-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| MEMPHIS TN HLTH EDUCTNL & HSG                                | Health Educational and Housing Facility Board of the City of Memphis/the         | CUSIP: 586169GE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4541509.35   | 0.38%             | 2027-12-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A                               | Texas Department of Housing & Community Affairs                                  | CUSIP: 88275AEU0<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3751623.75   | 0.31%             | 2029-09-01      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CO                               | Development Authority of Burke County/The                                        | CUSIP: 121342QL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2992722.90   | 0.25%             | 2053-11-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO PLANNED INDL EX                               | Kansas City Planned Industrial Expansion Authority                               | CUSIP: 48507MAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6300000 | PA      | $6477556.68   | 0.54%             | 2045-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| KNOXVILLE TN CMNTY DEV CORP MF                               | Knoxville's Community Development Corp                                           | CUSIP: 499743CQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5018311.50   | 0.42%             | 2027-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY GA DEV AUTH POLL C                               | Development Authority of Monroe County/The                                       | CUSIP: 610530FY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1753881.33   | 0.15%             | 2048-10-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| BELLEVILLE TWP NJ                                            | Township of Belleville NJ                                                        | CUSIP: 079098GH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20004900.00  | 1.66%             | 2025-07-08      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                  | State of Illinois                                                                | CUSIP: 452153JH3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015007.00   | 0.08%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH                               | Kentucky Public Energy Authority                                                 | CUSIP: 74440DFK5<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050539.80   | 0.09%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL INDL DEV AU                               | Miami-Dade County Industrial Development Authority                               | CUSIP: 59333GAL2<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3999406.00   | 0.33%             | 2041-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC & GAS REVE                               | City of San Antonio TX Electric & Gas Systems Revenue                            | CUSIP: 79625GFV0<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   3370000 | PA      | $3368684.02   | 0.28%             | 2048-02-01      | Variable      | 2.79%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                               | Colorado Health Facilities Authority                                             | CUSIP: 19648FVM3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5953116.60   | 0.49%             | 2061-05-15      | Variable      | 2.47%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH                               | Kentucky Public Energy Authority                                                 | CUSIP: 74440DFJ8<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    450000 | PA      | $469933.16    | 0.04%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL                                | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20775DUY6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2983128.00   | 0.25%             | 2057-07-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| KING CNTY WA SWR REVENUE                                     | County of King WA Sewer Revenue                                                  | CUSIP: 495290EF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4937361.50   | 0.41%             | 2040-01-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| MEADE CNTY KY INDL BLDG REVENUE                              | County of Meade KY                                                               | CUSIP: 583022AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5700000 | PA      | $5700000.00   | 0.47%             | 2060-07-01      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH MF HS                               | Industrial Development Authority of the City of Phoenix Arizona/The              | CUSIP: 718903RU3<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004945.60   | 0.08%             | 2027-12-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                               | Main Street Natural Gas Inc                                                      | CUSIP: 56035DDH2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   6495000 | PA      | $6556058.85   | 0.54%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                  | State of Illinois                                                                | CUSIP: 452153GC7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5176817.50   | 0.43%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                                | Pennsylvania Economic Development Financing Authority                            | CUSIP: 708692BV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4000434.80   | 0.33%             | 2049-04-01      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| NORFOLK VA REDEV & HSG AUTH MF                               | Norfolk Redevelopment & Housing Authority                                        | CUSIP: 655904BX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5580289.00   | 0.46%             | 2043-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-22

**Name of Applicant:** Federated Hermes Fixed Income Securities, Inc.

**Signature:** Stephen Van Meter

**Name of Signer:** Federated Hermes Fixed Income Securities, Inc.

**Title:** Chief Compliance Officer