# EDGAR Filing Document

**Accession Number:** 0000035373
**File Stem:** 0000035402-26-003326
**Filing Date:** 2026-5
**Character Count:** 207817
**Document Hash:** 1283ee64f3f9c55c244007840969d8ad
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035402-26-003326.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0000035402-26-003326

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260526

**DATE AS OF CHANGE**: 20260526

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY MUNICIPAL TRUST
- **CENTRAL INDEX KEY:** 0000035373

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02628
- **FILM NUMBER:** 261017435

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MUNICIPAL BOND FUND/MA/
- **DATE OF NAME CHANGE:** 19860327

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY MUNICIPAL BOND FUND INC
- **DATE OF NAME CHANGE:** 19850503

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY MUNICIPAL BOND FUND LTD
- **DATE OF NAME CHANGE:** 19770201

## Series and Classes Contracts Data

### Fidelity Flex Conservative Income Municipal Bond Fund (Series ID: S000059246)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000194468 | Fidelity Flex Conservative Income Municipal Bond Fund | FUEMX           |

## Nport-Ex

**Quarterly Holdings Report**

**for**

**Fidelity Flex® Funds**

**Fidelity Flex® Conservative Income Municipal Bond Fund**

**March 31, 2026**

XCB-NPRT1-0526

1.9884861.108 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 92.0%** | &nbsp;&nbsp;**Municipal Securities - 92.0%** | &nbsp;&nbsp;**Municipal Securities - 92.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 4.6%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) 3.78% tender 6/1/2034 (c) | 200000 | 200369 |
| Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) Series 2008, 2.75% tender 7/15/2034 (c) | 150000 | 148665 |
| TOTAL ELECTRIC UTILITIES |  | 349034 |
| General Obligations - 2.4% |  |  |
| Black Belt Energy Gas District 5% 5/1/2028 (BP PLC Guaranteed)  | 75000 | 77129 |
| Black Belt Energy Gas District 5% 7/1/2029 (Goldman Sachs Group Inc/The Guaranteed)  | 240000 | 249719 |
| Black Belt Energy Gas District 5.25% tender 2/1/2053 (Morgan Stanley Guaranteed) (c) | 940000 | 986128 |
| Black Belt Energy Gas District Series 2021 B, 4% tender 10/1/2052 (Goldman Sachs Group Inc/The Guaranteed) (c) | 2300000 | 2313786 |
| Black Belt Energy Gas District Series 2022 E, 5% 6/1/2026 (Canadian Imperial Bank of Commerce/New York NY Guaranteed)  | 125000 | 125401 |
| Black Belt Energy Gas District Series 2023 D 1, 5.5% tender 6/1/2049 (Goldman Sachs Group Inc/The Guaranteed) (c) | 210000 | 220799 |
| Black Belt Energy Gas District Series 2023C, 5.5% 6/1/2027 (Goldman Sachs Group Inc/The Guaranteed)  | 80000 | 81904 |
| Black Belt Energy Gas District Series 2025 D, 5% 2/1/2029 (Pacific Life Insurance Co Guaranteed)  | 350000 | 363942 |
| Southeast Energy Authority A Cooperative District 5% 1/1/2027 (Athene Annuity and Life Co Guaranteed)  | 700000 | 704303 |
| Southeast Energy Authority A Cooperative District Series 2025E, 5% 10/1/2027 (JPMorgan Securities LLC Guaranteed)  | 1000000 | 1026515 |
| TOTAL GENERAL OBLIGATIONS |  | 6149626 |
| Health Care - 0.1% |  |  |
| Health Care Auth For Bapt Hlth Ala Series 2013B, 3.8% 11/1/2042 VRDN (c) | 300000 | 300000 |
| Industrial Development - 0.4% |  |  |
| Decatur AL Indl Dev Brd Exempt (Nucor Corp Proj.) 2.78% 8/1/2036 VRDN (b)(c) | 1000000 | 1000000 |
| Synthetics - 1.6% |  |  |
| Black Belt Energy Gas Dist Ala Gas Supply Rev Participating VRDN Series 2023 XM1110, 2.72% 12/1/2053 (Liquidity Facility Royal Bank of Canada NY) (c)(e) | 700000 | 700000 |
| Black Belt Energy Gas District Participating VRDN 2.67% 2/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (c)(e) | 300000 | 300000 |
| Black Belt Energy Gas District Participating VRDN 2.72% 2/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (c)(e) | 1000000 | 1000000 |
| Southeast Energy Auth Commodity Supply Rev Ala Participating VRDN 2.72% 1/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (c)(e) | 1600000 | 1600000 |
| Southeast Energy Auth Commodity Supply Rev Ala Participating VRDN Series 2022 XM1062, 2.72% 1/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (c)(e) | 500000 | 500000 |
| TOTAL SYNTHETICS |  | 4100000 |
| Water & Sewer - 0.0% |  |  |
| Jefferson Cnty AL Swr Rev 5% 10/1/2026  | 55000 | 55620 |
| Jefferson Cnty AL Swr Rev 5% 10/1/2027  | 50000 | 51596 |
| TOTAL WATER & SEWER |  | 107216 |
| TOTAL ALABAMA |  | 12005876 |
| Alaska - 0.4%  |  |  |
| General Obligations - 0.1% |  |  |
| Alaska St Gen. Oblig. Series 2025 A, 5% 8/1/2026  | 120000 | 121000 |
| Alaska St Gen. Oblig. Series 2025 A, 5% 8/1/2028  | 95000 | 100229 |
| TOTAL GENERAL OBLIGATIONS |  | 221229 |
| Synthetics - 0.3% |  |  |
| Municipality of Anchorage AK Participating VRDN Series 2025 XF3381, 2.57% 2/1/2050 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(e) | 700000 | 700000 |
| TOTAL ALASKA |  | 921229 |
| Arizona - 3.4%  |  |  |
| Electric Utilities - 0.4% |  |  |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 2.62% 5/1/2029 VRDN (c) | 600000 | 600000 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 2.62% 5/1/2029 VRDN (c) | 400000 | 400000 |
| TOTAL ELECTRIC UTILITIES |  | 1000000 |
| General Obligations - 0.7% |  |  |
| Buckeye Ariz Un High Sch Dist No 201 5% 7/1/2026 (Assured Guaranty Inc Insured)  | 875000 | 880089 |
| Buckeye Ariz Un High Sch Dist No 201 5% 7/1/2027 (Assured Guaranty Inc Insured)  | 550000 | 565775 |
| Buckeye Ariz Un High Sch Dist No 201 5% 7/1/2028 (Assured Guaranty Inc Insured)  | 375000 | 393853 |
| TOTAL GENERAL OBLIGATIONS |  | 1839717 |
| Health Care - 0.3% |  |  |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024 D, 5% 12/1/2026  | 455000 | 462134 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024 D, 5% 12/1/2027  | 365000 | 379002 |
| TOTAL HEALTH CARE |  | 841136 |
| Housing - 0.6% |  |  |
| Arizona St Indl Dev Auth Multifamily Hsg Rev 2.76% tender 7/1/2047 (c) | 600000 | 596753 |
| Pima Cnty AZ Ida Multifamily 2.71% tender 10/1/2059 (c) | 870000 | 862382 |
| TOTAL HOUSING |  | 1459135 |
| Industrial Development - 0.3% |  |  |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) 5% tender 9/1/2052 (b)(c) | 835000 | 848293 |
| Resource Recovery - 0.2% |  |  |
| Phoenix Ariz Indl Dev Auth Solid Waste Disp Rev (Republic Services Inc Proj.) 3% tender 12/1/2035 (b)(c) | 600000 | 599941 |
| Synthetics - 0.8% |  |  |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2023 MIZ9157, 2.65% 12/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d)(e) | 200000 | 200000 |
| Arizona Indl Dev Auth Participating VRDN Series 2023 XF3174, 2.7% 11/1/2041 (Liquidity Facility Mizuho Capital Markets LLC) (c)(e) | 2000000 | 2000000 |
| TOTAL SYNTHETICS |  | 2200000 |
| Transportation - 0.1% |  |  |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2023, 5% 7/1/2026 (b) | 185000 | 185972 |
| TOTAL ARIZONA |  | 8974194 |
| Arkansas - 0.0%  |  |  |
| Industrial Development - 0.0% |  |  |
| Blytheville AR Indl Dev Rev (Nucor Corp Proj.) 2.78% 6/1/2028 VRDN (b)(c) | 100000 | 100000 |
| California - 8.0%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern Ca Pub Pwr Auth Proj.) Series 2025 2, 5% tender 7/1/2053 (c) | 335000 | 351553 |
| General Obligations - 0.3% |  |  |
| California Community Choice Financing Authority Series 2025B, 5% 11/1/2028 (Pacific Life Insurance Co Guaranteed)  | 350000 | 364813 |
| California Community Choice Financing Authority Series 2025C, 5% 10/1/2028 (American General Life Insurance Co Guaranteed)  | 435000 | 449723 |
| TOTAL GENERAL OBLIGATIONS |  | 814536 |
| Resource Recovery - 2.4% |  |  |
| California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2021 B, 3.25% tender 7/1/2051 (b)(c) | 350000 | 350011 |
| California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2021A, 3.45% tender 7/1/2041 (b)(c) | 1300000 | 1300000 |
| California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2026A, 2.8% tender 3/1/2056 (b)(c) | 400000 | 399721 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2017 A, 3.45% tender 12/1/2044 (b)(c) | 1300000 | 1300124 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2020B, 3.85% tender 11/1/2041 (b)(c) | 800000 | 799984 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2022A, 3.45% tender 10/1/2041 (b)(c) | 1100000 | 1099518 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2024B, 3.375% tender 9/1/2050 (b)(c) | 300000 | 297913 |
| California Pcf Solid Wst Disp (Republic Services Inc Proj.) Series 2017 A 1, 3.25% tender 11/1/2042 (b)(c)(f) | 500000 | 499962 |
| California Pcf Solid Wst Disp (Republic Services Inc Proj.) Series 2023, 2.875% tender 7/1/2043 (b)(c)(f) | 300000 | 299598 |
| TOTAL RESOURCE RECOVERY |  | 6346831 |
| Synthetics - 4.2% |  |  |
| California Community Choice Financing Authority Participating VRDN Series 2022 XF3007, 2.72% 5/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (c)(e) | 2005000 | 2005000 |
| California Community Choice Financing Authority Participating VRDN Series 2026 XL0727, 2.67% 4/1/2056 (Liquidity Facility Morgan Stanley Bank NA) (c)(e) | 700000 | 700000 |
| California Hsg Fin Agy Ltd Oblig Participating VRDN Series 2023 XF3127, 2.7% 6/1/2030 (Liquidity Facility Mizuho Capital Markets LLC) (c)(e) | 200000 | 200000 |
| California Statewide Cmntys Dev Auth Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9232, 2.7% 10/8/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d)(e) | 800000 | 800000 |
| California Statewide Cmntys Dev Auth Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9233, 2.7% 12/1/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d)(e) | 2100000 | 2100000 |
| Chula Vista California Multifamily Hsg Rev Participating VRDN Series 2025 BAML6065, 3.05% 5/15/2036 (Liquidity Facility Bank of America, N.A.) (b)(c)(e) | 2600000 | 2600001 |
| San Francisco City & County Multi Fam Hsg Rev Participating VRDN 2.6% 12/1/2052 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d)(e) | 2200000 | 2200000 |
| TOTAL SYNTHETICS |  | 10605001 |
| Transportation - 1.0% |  |  |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2026 (b) | 1595000 | 1599520 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2026 (b) | 810000 | 812295 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2026 (b) | 200000 | 200567 |
| Los Angeles CA Dept Arpts Rev Series 2023 A, 5% 5/15/2026 (b) | 55000 | 55156 |
| TOTAL TRANSPORTATION |  | 2667538 |
| TOTAL CALIFORNIA |  | 20785459 |
| Colorado - 4.2%  |  |  |
| Housing - 0.2% |  |  |
| Colorado Hsg & Fin Auth Multifamily Hsg Rev Series 2024, 3.5% tender 11/1/2043 (c) | 400000 | 400192 |
| Maiker Hsg Partners Colo Multifamily Hsg Rev Series 2023, 4.5% tender 5/1/2042 (c) | 200000 | 201205 |
| TOTAL HOUSING |  | 601397 |
| Special Tax - 0.1% |  |  |
| Park Creek Met Dist Colo Ltd Ppty Tax Supported Rev Series 2025, 5% 12/1/2026 (Assured Guaranty Inc Insured)  | 200000 | 202884 |
| Synthetics - 3.8% |  |  |
| Colorado Health Facilities Authority Participating VRDN 2.57% 11/1/2042 (Liquidity Facility JP Morgan Chase Bank NA) (c)(e) | 8115000 | 8115000 |
| Colorado Health Facilities Authority Participating VRDN 2.57% 11/1/2052 (Liquidity Facility JP Morgan Chase Bank NA) (c)(e) | 780000 | 780000 |
| Denver CO City & Cnty Arpt Participating VRDN Series 2018 XM0715, 2.72% 12/1/2043 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(e) | 1100000 | 1100000 |
| TOTAL SYNTHETICS |  | 9995000 |
| Transportation - 0.1% |  |  |
| Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2027 (b) | 275000 | 283955 |
| TOTAL COLORADO |  | 11083236 |
| Connecticut - 0.1%  |  |  |
| General Obligations - 0.1% |  |  |
| West Haven CT Gen. Oblig. BAN 4.25% 6/24/2026  | 300000 | 300757 |
| District Of Columbia - 1.2%  |  |  |
| General Obligations - 1.1% |  |  |
| District Columbia Gen. Oblig. 2.6% 6/1/2051 VRDN (c) | 2700000 | 2700000 |
| Housing - 0.1% |  |  |
| District Columbia Hsg Fin Mult Series 2024, 3.65% tender 7/1/2028 (c) | 340000 | 342932 |
| Water & Sewer - 0.0% |  |  |
| District Columbia Wtr & Swr Auth Pub Util Rev Series 2022E, 3% tender 10/1/2057 (c) | 120000 | 119764 |
| TOTAL DISTRICT OF COLUMBIA |  | 3162696 |
| District Of Columbia,Virginia - 0.4%  |  |  |
| Transportation - 0.4% |  |  |
| Metropolitan Wash DC Arpts Ath Series 2023 A, 5% 10/1/2028 (b) | 315000 | 330494 |
| Metropolitan Wash DC Arpts Ath Series 2024A, 5% 10/1/2026 (b) | 235000 | 237709 |
| Metropolitan Wash DC Arpts Ath Series 2024A, 5% 10/1/2027 (b) | 535000 | 551726 |
| TOTAL DISTRICT OF COLUMBIA,VIRGINIA |  | 1119929 |
| Florida - 6.2%  |  |  |
| Health Care - 0.7% |  |  |
| Lee County Industrial Development Authority/FL (Lee Mem Health Sys Fl Hosp Rev Proj.) 3.03% 4/1/2049 VRDN (c) | 1525000 | 1525000 |
| Orange Cnty FL Health Facs Auth Rev (Advent Health Proj.) 5% tender 11/15/2052 (c) | 190000 | 192643 |
| TOTAL HEALTH CARE |  | 1717643 |
| Housing - 0.5% |  |  |
| Broward Cty FL Hsg Aut Hsg Rev 3.15% tender 3/1/2028 (c) | 390000 | 390405 |
| Fla Hsg Fin Corp Multifamily Mtg Rev (Culmer Apts Proj.) Series 2023 C, 3.08% tender 12/1/2026 (c) | 800000 | 800021 |
| Florida Hsg Fin Corp Mltfmy Rv Series 2024 E, 3.8% tender 6/1/2042 (c) | 185000 | 185081 |
| TOTAL HOUSING |  | 1375507 |
| Resource Recovery - 0.8% |  |  |
| Florida Dev Fin Corp Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2025A, 3.4% tender 9/1/2050 (b)(c) | 210000 | 210023 |
| Miami-Dade Cnty FL Ida Sld Waste Disp Rev (Waste Management Inc Del Proj.) Series 2011, 3.45% tender 11/1/2041 (b)(c) | 900000 | 900737 |
| Miami-Dade Cnty FL Ida Sld Waste Disp Rev (Waste Management Inc Del Proj.) Series 2018 B, 4% tender 11/1/2048 (b)(c) | 1000000 | 1000673 |
| TOTAL RESOURCE RECOVERY |  | 2111433 |
| Special Tax - 1.2% |  |  |
| Florida Ins Assistance Interlocal Agy Fla Ins Assmt Rev Series 2023 A2, 3.16% 9/1/2032 (Liquidity Facility Florida St) VRDN (c) | 3120000 | 3120000 |
| Synthetics - 2.7% |  |  |
| Florida Dev Fin Corp Rev Participating VRDN 3.15% 7/1/2053 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) | 1400000 | 1400000 |
| Florida Dev Fin Corp Rev Participating VRDN Series 2024 XF1704, 2.62% 7/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(e) | 2500000 | 2500000 |
| Greater Orlando Aviation Auth Participating VRDN 2.83% 10/1/2036 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 525000 | 525000 |
| Miami Dade Cnty FL Hfa Mfm Rev Participating VRDN Series 2026 XG0636, 3.05% 1/1/2065 (Liquidity Facility Barclays Bank PLC) (c)(e) | 500000 | 500000 |
| Miami Dade County Hsg Multi Fam Hsg Rev Participating VRDN Series 2022 MIZ9087, 2.65% 11/1/2061 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d)(e) | 200000 | 200000 |
| Miami-Dade Cnty Fla Aviat Rev Participating VRDN Series 2025 CF7044, 2.57% 10/1/2040 (Liquidity Facility Citibank NA) (b)(c)(e) | 1500000 | 1500000 |
| Orange Cnty FL Health Facs Auth Rev Participating VRDN Series 2025 XF8076, 2.52% 10/1/2052 (Liquidity Facility JP Morgan Chase Bank NA) (c)(e) | 500000 | 500000 |
| TOTAL SYNTHETICS |  | 7125000 |
| Transportation - 0.3% |  |  |
| Greater Orlando Aviation Auth Series 2024, 5% 10/1/2028 (b) | 450000 | 471580 |
| Palm Beach Cnty FL Arpt Sys Series 2024 B, 5% 10/1/2027 (b) | 345000 | 355324 |
| TOTAL TRANSPORTATION |  | 826904 |
| TOTAL FLORIDA |  | 16276487 |
| Georgia - 2.2%  |  |  |
| Electric Utilities - 0.3% |  |  |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series 2008 SECOND, 3.375% tender 11/1/2048 (c) | 85000 | 85267 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIFTH 1994, 3.7% tender 10/1/2032 (c) | 155000 | 157254 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FOURTH 1995, 3.8% tender 10/1/2032 (c) | 200000 | 200205 |
| Georgia Mun Elec Auth Pwr Rev Series A, 5% 1/1/2028  | 280000 | 281624 |
| TOTAL ELECTRIC UTILITIES |  | 724350 |
| General Obligations - 1.1% |  |  |
| Main Street Natural Gas Inc 4% tender 5/1/2052 (Citigroup Inc Guaranteed) (c) | 515000 | 520179 |
| Main Street Natural Gas Inc Series 2022B, 5% 6/1/2026 (Citigroup Inc Guaranteed)  | 1900000 | 1904810 |
| Main Street Natural Gas Inc Series 2022B, 5% tender 12/1/2052 (Citigroup Inc Guaranteed) (c) | 245000 | 255622 |
| Main Street Natural Gas Inc Series 2023D, 5% 12/1/2026 (Citigroup Inc Guaranteed)  | 75000 | 75777 |
| TOTAL GENERAL OBLIGATIONS |  | 2756388 |
| Housing - 0.4% |  |  |
| Atlanta GA Urban Resdtl Fin Auth Mf Hsg Rev Series 2025, 3.15% tender 12/1/2029 (c) | 1048000 | 1049548 |
| Synthetics - 0.0% |  |  |
| Buford Hsg Auth Multi Fam Participating VRDN Series 2023 XF3118, 2.7% 3/1/2041 (Liquidity Facility Mizuho Capital Markets LLC) (c)(e) | 200000 | 200000 |
| Transportation - 0.4% |  |  |
| Atlanta GA Arpt Rev Series 2025B B 1, 5% 7/1/2027 (b) | 1005000 | 1030186 |
| TOTAL GEORGIA |  | 5760472 |
| Hawaii - 0.3%  |  |  |
| Housing - 0.1% |  |  |
| Honolulu HI City & Cnty Mfr Series 2023, 5% tender 6/1/2027 (c) | 370000 | 371337 |
| Synthetics - 0.2% |  |  |
| Hawaii St Arpts Sys Rev Participating VRDN 2.62% 7/1/2048 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(e) | 500000 | 500000 |
| TOTAL HAWAII |  | 871337 |
| Illinois - 1.8%  |  |  |
| General Obligations - 0.5% |  |  |
| Illinois St Gen. Oblig. 5% 2/1/2027  | 1100000 | 1119817 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2026  | 85000 | 86075 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2027  | 125000 | 127911 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2028  | 85000 | 88605 |
| TOTAL GENERAL OBLIGATIONS |  | 1422408 |
| Synthetics - 0.6% |  |  |
| Chicago IL O'Hare Intl Arpt Rev Participating VRDN 2.57% 1/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 300000 | 300000 |
| Chicago IL O'Hare Intl Arpt Rev Participating VRDN Series 2023 XF1457, 2.95% 1/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 120000 | 120000 |
| Chicago IL O'Hare Intl Arpt Rev Participating VRDN Series 2025 XF8113, 2.87% 1/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 300000 | 300000 |
| IL Fin Auth Rev Plymouth Place Participating VRDN Series 2025 002, 2.72% 5/15/2056 (Liquidity Facility Barclays Bank PLC) (c)(e) | 720000 | 720000 |
| TOTAL SYNTHETICS |  | 1440000 |
| Transportation - 0.7% |  |  |
| Chicago IL Midway Arpt Rev Series 2025 A, 5% 1/1/2028 (b) | 850000 | 879438 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024C, 5% 1/1/2028 (b) | 910000 | 943727 |
| TOTAL TRANSPORTATION |  | 1823165 |
| TOTAL ILLINOIS |  | 4685573 |
| Indiana - 0.4%  |  |  |
| Industrial Development - 0.1% |  |  |
| Whiting Ind Environmental Facs (Bp Products North America Inc Proj.) Series 2019A, 5% tender 12/1/2044 (BP PLC Guaranteed) (b)(c) | 370000 | 371290 |
| Resource Recovery - 0.2% |  |  |
| Indiana St Fin Auth Economic Dev Rev (Republic Services Inc Proj.) Series 2010A, 2.9% tender 5/1/2028 (b)(c) | 150000 | 149980 |
| Indiana St Fin Auth Economic Dev Rev (Republic Services Inc Proj.) Series 2012, 2.9% tender 5/1/2028 (b)(c) | 400000 | 399946 |
| TOTAL RESOURCE RECOVERY |  | 549926 |
| Transportation - 0.1% |  |  |
| Indianapolis Local Public Improvement Bond Bank (Indianapolis IN Arpt Auth Rev Proj.) Series 2023I 2, 5% 1/1/2027 (b) | 130000 | 131985 |
| TOTAL INDIANA |  | 1053201 |
| Iowa - 0.8%  |  |  |
| Electric Utilities - 0.8% |  |  |
| Iowa Fin Auth Sld Disp Wst Rev (Midamerican Energy Co Proj.) 2.53% 7/1/2038 VRDN (b)(c) | 1970000 | 1970000 |
| Kansas - 0.3%  |  |  |
| Housing - 0.3% |  |  |
| Kansas St Dev Fin Auth Multifamily Hsg Rev (Seasons Proj.) Series 2025F, 2.95% tender 9/1/2059 (c) | 690000 | 688434 |
| Kentucky - 5.4%  |  |  |
| Education - 4.0% |  |  |
| Kentucky Higher Ed Student Ln Corp Student Ln Rev (Federal Family Education Loan Program Proj.) Series 2023 1A 1, 2.61% 6/1/2043, LOC Bank of America NA VRDN (b)(c) | 10320000 | 10320000 |
| Electric Utilities - 0.3% |  |  |
| Trimble Cnty KY Environmental Facs Rev (Kentucky Utilities Co Proj.) 4.7% tender 6/1/2054 (b)(c) | 800000 | 804770 |
| General Obligations - 0.2% |  |  |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2025A, 5% 12/1/2026 (Morgan Stanley Guaranteed)  | 295000 | 298565 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 4/1/2026  | 330000 | 330000 |
| TOTAL GENERAL OBLIGATIONS |  | 628565 |
| Industrial Development - 0.4% |  |  |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2020 A 1, 3.35% 7/1/2060 VRDN (b)(c) | 1100000 | 1100000 |
| Synthetics - 0.5% |  |  |
| Bowling Green KY Indl Bldg Rev Participating VRDN Series 2026 MS0090, 2.6% 12/1/2027 (Liquidity Facility Morgan Stanley Bank NA) (c)(e) | 1200000 | 1200000 |
| TOTAL KENTUCKY |  | 14053335 |
| Louisiana - 4.1%  |  |  |
| Housing - 0.1% |  |  |
| Louisiana Housing Corp Series 2024B, 3.75% tender 2/1/2028 (c) | 370000 | 372433 |
| Industrial Development - 3.6% |  |  |
| St James Parish LA Rev (Nucor Corp Proj.) 2.6% 11/1/2040 VRDN (c) | 400000 | 400000 |
| St James Parish LA Rev (Nucor Corp Proj.) 2.72% 11/1/2040 VRDN (c) | 9095000 | 9095000 |
| TOTAL INDUSTRIAL DEVELOPMENT |  | 9495000 |
| Transportation - 0.4% |  |  |
| New Orleans LA Aviation Board 5% 1/1/2027 (b) | 315000 | 319788 |
| New Orleans LA Aviation Board 5% 1/1/2028 (b) | 595000 | 615606 |
| TOTAL TRANSPORTATION |  | 935394 |
| TOTAL LOUISIANA |  | 10802827 |
| Maryland - 0.5%  |  |  |
| Synthetics - 0.5% |  |  |
| Baltimore County Gen. Oblig. Participating VRDN 2.77% 1/1/2050 (Liquidity Facility Barclays Bank PLC) (c)(e) | 200000 | 200000 |
| Integrace Obligated Group Participating VRDN Series 2022 024, 2.77% 11/15/2049 (Liquidity Facility Barclays Bank PLC) (c)(e) | 400000 | 400000 |
| Maryland St Econ Dev Corp Participating VRDN Series 2024 XF3222, 2.65% 4/1/2054 (Liquidity Facility Mizuho Capital Markets LLC) (c)(e) | 300000 | 300000 |
| Riderwood Vlg Inc Participating VRDN Series 2022 029, 2.77% 1/1/2045 (Liquidity Facility Barclays Bank PLC) (c)(e) | 400000 | 400000 |
| TOTAL MARYLAND |  | 1300000 |
| Massachusetts - 0.9%  |  |  |
| General Obligations - 0.9% |  |  |
| Bondsville Mass Fire & Wtr Dist Gen. Oblig. BAN 4.875% 11/20/2026  | 300000 | 303279 |
| Brockton MA Gen. Oblig. BAN 5% 10/8/2026  | 800000 | 809657 |
| Holyoke MA Gen. Oblig. BAN 4% 10/23/2026  | 800000 | 805932 |
| Hudson MA Gen. Oblig. BAN 5% 6/11/2026  | 370000 | 370876 |
| TOTAL MASSACHUSETTS |  | 2289744 |
| Michigan - 2.9%  |  |  |
| Education - 0.2% |  |  |
| Wayne St Univ MI Univ Revs Series 2024A, 5% 11/15/2026 (Build America Mutual Assurance Co Insured)  | 500000 | 507388 |
| Electric Utilities - 0.3% |  |  |
| Michigan St Strategic Fd Ltd Oblig Rev (Consumers Energy Co Proj.) Series 2019, 3.35% tender 10/1/2049 (b)(c) | 730000 | 728678 |
| General Obligations - 0.1% |  |  |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2026  | 160000 | 160235 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2027  | 165000 | 168045 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2028  | 90000 | 93077 |
| TOTAL GENERAL OBLIGATIONS |  | 421357 |
| Health Care - 0.4% |  |  |
| Michigan Fin Auth Rev (Corewell Health Proj.) 5% 4/15/2026  | 265000 | 265230 |
| Michigan State Hospital Finance Authority (Bronson Methodist Hsp, MI Proj.) 5% 11/15/2029  | 850000 | 905568 |
| TOTAL HEALTH CARE |  | 1170798 |
| Housing - 1.3% |  |  |
| Michigan State Housing Development Authority (Clark Road Family Limited Dividend Housing Association Lp Proj.) Series 2023, 2.67% tender 12/1/2042 (c)(g) | 1565000 | 1564767 |
| Michigan State Housing Development Authority (Clark Road Family Limited Dividend Housing Association Lp Proj.) Series 2023, 2.67% tender 12/1/2042 (c)(g) | 1415000 | 1414835 |
| Michigan State Housing Development Authority Series 2025, 2.7% tender 10/1/2043 (c) | 310000 | 306281 |
| TOTAL HOUSING |  | 3285883 |
| Transportation - 0.6% |  |  |
| Wayne Cnty MI Arpt Auth Rev Series 2025G, 5% 12/1/2026 (b) | 1430000 | 1449278 |
| TOTAL MICHIGAN |  | 7563382 |
| Minnesota - 0.1%  |  |  |
| Synthetics - 0.1% |  |  |
| Saint Paul Hsg & Redev Auth Rev Participating VRDN Series 2023 MIZ9145, 2.65% 6/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d)(e) | 300000 | 300000 |
| Mississippi - 0.2%  |  |  |
| Education - 0.2% |  |  |
| Jackson St Univ Edl Bldg Corp MS Rev Series 2021 A, 0.8% 3/1/2028 (Build America Mutual Assurance Co Insured) (c) | 445000 | 426404 |
| Missouri - 0.3%  |  |  |
| Housing - 0.1% |  |  |
| Kansas City MO Planned Indl Expansion Auth Multifamily Hsg Rev Series 2023, 5% tender 7/1/2045 (c) | 150000 | 152233 |
| Industrial Development - 0.1% |  |  |
| Missouri Development Finance Board (Procter & Gamble Co/The Proj.) 5.2% 3/15/2029 (b) | 275000 | 289864 |
| Synthetics - 0.1% |  |  |
| Kansas City MO Indl Dev Auth Arpt Spl Oblig Participating VRDN 2.95% 3/1/2057 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 100000 | 100000 |
| St Louis County Ind Dev Auth Multi Fam Hsg Rev Participating VRDN 2.65% 10/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d)(e) | 200000 | 200000 |
| TOTAL SYNTHETICS |  | 300000 |
| TOTAL MISSOURI |  | 742097 |
| Montana - 0.3%  |  |  |
| Housing - 0.3% |  |  |
| Montana St Brd Hsg Multifamilyhsg Rev Series 2024, 3.32% tender 7/1/2046 (c) | 660000 | 662856 |
| Nebraska - 0.5%  |  |  |
| Industrial Development - 0.0% |  |  |
| Stanton Cnty NE Indl Dev Rev (Nucor Corp Proj.) 2.78% 6/1/2028 VRDN (b)(c) | 100000 | 100000 |
| Synthetics - 0.5% |  |  |
| Omaha NE Arpt Auth Arpt Rev Participating VRDN 2.62% 12/15/2049 (Liquidity Facility Bank of America, N.A.) (b)(c)(e) | 1300000 | 1300000 |
| TOTAL NEBRASKA |  | 1400000 |
| Nevada - 0.5%  |  |  |
| Housing - 0.1% |  |  |
| Nevada Hsg Div Series 2024, 5% tender 7/1/2028 (c) | 260000 | 266386 |
| Resource Recovery - 0.4% |  |  |
| Nevada Dpt Bus & Ind Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2001, 3.45% tender 12/1/2026 (b)(c)(f) | 1100000 | 1100550 |
| TOTAL NEVADA |  | 1366936 |
| New Hampshire - 1.1%  |  |  |
| Housing - 0.1% |  |  |
| New Hampshire St Hsg Fin Auth Multi-Family Hsg (NH Mhsg Rev 2017 Proj.) 3.8% 7/1/2026  | 170000 | 170100 |
| New Hampshire St Hsg Fin Auth Multi-Family Hsg (NH Mhsg Rev 2017 Proj.) Series 2023 4, 3.625% 4/1/2026  | 35000 | 35000 |
| New Hampshire St Hsg Fin Auth Multi-Family Hsg (NH Mhsg Rev 2017 Proj.) Series 2023 4, 3.7% 1/1/2027  | 115000 | 115225 |
| TOTAL HOUSING |  | 320325 |
| Resource Recovery - 0.8% |  |  |
| National Fin Auth NH Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2019 A 2, 4.25% tender 7/1/2027 (b)(c) | 1400000 | 1410569 |
| National Fin Auth NH Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2019 A 3, 4% tender 7/1/2033 (b)(c) | 600000 | 600265 |
| TOTAL RESOURCE RECOVERY |  | 2010834 |
| Synthetics - 0.2% |  |  |
| Tender Opt Bd Tr Rcpts / Ctfs Var Sts Series 2024 MS0023, 2.72% tender 12/15/2030 (Liquidity Facility Morgan Stanley Bank NA) (c)(d)(e) | 500000 | 500000 |
| TOTAL NEW HAMPSHIRE |  | 2831159 |
| New Jersey - 1.5%  |  |  |
| Education - 0.2% |  |  |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 A, 5% 12/1/2027 (b) | 150000 | 154662 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 B, 5% 12/1/2027 (b) | 415000 | 427899 |
| TOTAL EDUCATION |  | 582561 |
| General Obligations - 1.1% |  |  |
| Belleville NJ Tan Gen. Oblig. BAN 4% 7/7/2026  | 2100000 | 2105446 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2019 GGG, 5.25% 9/1/2026 (f) | 180000 | 182010 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2024 SSS, 5% 6/15/2026  | 240000 | 241197 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2026  | 80000 | 80887 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2027  | 75000 | 77604 |
| TOTAL GENERAL OBLIGATIONS |  | 2687144 |
| Housing - 0.2% |  |  |
| NJ Hsg & Mtg Fin Agy Multi Fam Rev (NJ Multi-Family 12/16/04 Proj.) Series 2024 D 2, 2.85% 11/1/2026  | 555000 | 555327 |
| TOTAL NEW JERSEY |  | 3825032 |
| New Jersey,New York - 0.2%  |  |  |
| Transportation - 0.2% |  |  |
| Port Auth NY & NJ Series 242, 5% 12/1/2026 (b) | 565000 | 572804 |
| New Mexico - 0.4%  |  |  |
| Housing - 0.3% |  |  |
| Santa Fe Cnty N Mex Multifamily Rev Series 2024, 3.29% tender 12/10/2049 (c) | 755000 | 757050 |
| Synthetics - 0.1% |  |  |
| New Mexico St Hosp Equip Ln Co Participating VRDN 2.77% 7/1/2042 (Liquidity Facility Barclays Bank PLC) (c)(e) | 195000 | 195000 |
| TOTAL NEW MEXICO |  | 952050 |
| New York - 5.8%  |  |  |
| Electric Utilities - 0.2% |  |  |
| Long Island Pwr Auth NY Elec Series 2025B, 3% tender 9/1/2055 (c) | 510000 | 510306 |
| General Obligations - 2.9% |  |  |
| Binghamton NY BAN 4% 4/10/2026  | 2300000 | 2300595 |
| East Syracuse-Minoa NY Cent SD BAN Series 2025, 4% 6/25/2026  | 800000 | 802103 |
| Farmington NY Gen. Oblig. BAN Series 2025, 4% 7/29/2026  | 900000 | 901307 |
| Ithaca City New York Gen. Oblig. BAN 4.5% 7/17/2026  | 395727 | 397156 |
| New Hartford NY Cent Sch Dist BAN Series 2025, 4% 6/25/2026  | 500000 | 501566 |
| Ogdensburg NY Enlrg Cty Sch Ds BAN Series 2025, 4% 7/22/2026  | 600000 | 602330 |
| Sullivan West Cent Sch Dist NY BAN Series 2025, 4% 6/25/2026  | 1000000 | 1002355 |
| Town of Dryden NY Gen. Oblig. BAN Series 2026, 4% 1/19/2027  | 900000 | 908510 |
| TOTAL GENERAL OBLIGATIONS |  | 7415922 |
| Housing - 0.4% |  |  |
| Monroe Cnty NY Indl Dev Agy Multi-Family Hsg Rev 5% tender 7/1/2028 (c) | 90000 | 92211 |
| New York St Hsg Fin Agy Series 2023 E 2, 3.8% tender 11/1/2063 (c) | 115000 | 115046 |
| New York St Hsg Fin Agy Series 2024 A, 3.375% tender 11/1/2063 (c) | 925000 | 925152 |
| TOTAL HOUSING |  | 1132409 |
| Synthetics - 2.2% |  |  |
| Liberty NY Dev Corp Rev Participating VRDN 2.77% 10/1/2035 (Liquidity Facility Morgan Stanley Bank NA) (c)(e) | 300000 | 300000 |
| Metropolitan Transn Auth NY Rv Participating VRDN 2.67% 11/15/2043 (Liquidity Facility JP Morgan Chase Bank NA) (c)(e) | 2300000 | 2300000 |
| Metropolitan Transn Auth NY Rv Participating VRDN Series 2022 XF1321, 2.67% 11/15/2055 (Liquidity Facility JP Morgan Chase Bank NA) (c)(e) | 225000 | 225000 |
| New York St Hsg Fin Agy Participating VRDN Series 2022 003, 2.77% 11/1/2041 (Liquidity Facility Barclays Bank PLC) (c)(e) | 400000 | 400000 |
| New York St Hsg Fin Agy Participating VRDN Series 2022 007, 2.87% 11/1/2041 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) | 2600000 | 2600000 |
| TOTAL SYNTHETICS |  | 5825000 |
| Transportation - 0.1% |  |  |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2026 (b) | 330000 | 333811 |
| TOTAL NEW YORK |  | 15217448 |
| North Carolina - 0.6%  |  |  |
| Escrowed/Pre-Refunded - 0.2% |  |  |
| Cumberland Cnty NC Series 2024, 3.125% tender 12/1/2027 (b)(c) | 500000 | 500052 |
| Housing - 0.2% |  |  |
| Inlivian NC Multifamily Rev 3.625% tender 11/1/2058 (c) | 600000 | 605023 |
| Transportation - 0.2% |  |  |
| Charlotte NC Arpt Rev Series 2023B, 5% 7/1/2027 (b) | 550000 | 563783 |
| TOTAL NORTH CAROLINA |  | 1668858 |
| North Dakota - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Grand Forks ND Health Care Sys Rev (Altru Health System Proj.) 5% 12/1/2026  | 210000 | 212067 |
| Ohio - 1.8%  |  |  |
| Education - 0.0% |  |  |
| Ohio St Higher Ed Fac Comm (Case Western Reserve Univ, Oh Proj.) 1.625% tender 12/1/2034 (c) | 70000 | 69121 |
| Electric Utilities - 0.6% |  |  |
| American Mun Pwr Rev Series 2023A, 5% 2/15/2027  | 475000 | 483877 |
| Ohio St Air Quality Dev Auth (American Electric Power Co Inc Proj.) Series 2014C, 3.65% 12/1/2027 (b) | 525000 | 527400 |
| Ohio St Air Quality Dev Auth (American Electric Power Co Inc Proj.) Series 2014D, 3.2% 5/1/2026 (Escrowed to Maturity)  | 480000 | 480244 |
| TOTAL ELECTRIC UTILITIES |  | 1491521 |
| Health Care - 0.6% |  |  |
| Ohio St Hosp Rev (Cleveland Clinic Foundation Proj.) Series 2019 C, 2.75% tender 1/1/2052 (c) | 455000 | 452499 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, Oh Proj.) Series 2015B, 2.96% 1/15/2045 VRDN (c) | 1100000 | 1100000 |
| TOTAL HEALTH CARE |  | 1552499 |
| Housing - 0.5% |  |  |
| Columbus-Franklin Cnty Ohio Fin Auth Multifamily Hsg Rev Series 2023, 5% tender 7/1/2045 (c) | 130000 | 131233 |
| Columbus-Franklin Cnty Ohio Fin Auth Multifamily Hsg Rev Series 2025, 3.19% tender 6/1/2044 (c) | 1213000 | 1216841 |
| TOTAL HOUSING |  | 1348074 |
| Water & Sewer - 0.1% |  |  |
| Hamilton Cnty OH Swr Sys Rev Series 2024 B, 5% 12/1/2026  | 95000 | 96534 |
| Hamilton Cnty OH Swr Sys Rev Series 2024 B, 5% 12/1/2027  | 60000 | 62371 |
| TOTAL WATER & SEWER |  | 158905 |
| TOTAL OHIO |  | 4620120 |
| Oklahoma - 0.7%  |  |  |
| General Obligations - 0.5% |  |  |
| Oklahoma Cnty Indep Sch Dist 89 Oklahoma City 3% 7/1/2026  | 700000 | 700683 |
| Oklahoma St Inds Auth Edl Facs Lease Rev (Oklahoma Cnty Indep Sch Dist 89 Oklahoma City Proj.) Series 2024, 5% 4/1/2026  | 525000 | 525000 |
| TOTAL GENERAL OBLIGATIONS |  | 1225683 |
| Health Care - 0.2% |  |  |
| OK Dev Fin Auth Health Sys Rev (Integris Baptist Medical Ctr Proj.) Series 2020B, 3.06% 8/15/2031 VRDN (c) | 575000 | 575000 |
| Synthetics - 0.0% |  |  |
| Steele Duncan Plaza LLC Participating VRDN Series 2022 MIZ9103, 2.65% 8/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d)(e) | 114268 | 114268 |
| TOTAL OKLAHOMA |  | 1914951 |
| Pennsylvania - 5.5%  |  |  |
| General Obligations - 0.6% |  |  |
| Pennsylvania St 5% 9/1/2026  | 780000 | 788072 |
| Pennsylvania St Series 2019, 5% 7/15/2026  | 200000 | 201426 |
| Philadelphia PA Gen. Oblig. Series 2025 C, 5% 8/1/2027  | 545000 | 561783 |
| TOTAL GENERAL OBLIGATIONS |  | 1551281 |
| Health Care - 1.2% |  |  |
| Geisinger Auth PA Hlth Sys Rev (Kaiser Permanente Hlth System Proj.) Series 2020 B, 5% tender 4/1/2043 (c) | 410000 | 413619 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2018 D, 3.23% 9/1/2050 VRDN (c) | 800000 | 800000 |
| Pennsylvania Econ Dev Fing Auth UPMC Rev (UPMC Proj.) Series 2023 A 2, 5% 5/15/2026  | 500000 | 501249 |
| Philadelphia PA Auth For Indl Dev Revs (Thomas Jefferson Univ-Abiington Proj.) Series 2017 B, 3.23% 9/1/2050 VRDN (c) | 1450000 | 1450000 |
| TOTAL HEALTH CARE |  | 3164868 |
| Resource Recovery - 2.6% |  |  |
| Pennsylvania Econ Dev Sld Wst (Republic Services Inc Proj.) Series 2014, 3.35% tender 6/1/2044 (b)(c) | 2000000 | 2000000 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) 4.25% tender 7/1/2041 (b)(c) | 600000 | 605338 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2019 A, 3.875% tender 8/1/2038 (b)(c) | 1100000 | 1101496 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2021A 2, 4.6% tender 10/1/2046 (b)(c) | 2000000 | 2005962 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2021A, 4% tender 6/1/2041 (b)(c) | 1000000 | 1000465 |
| TOTAL RESOURCE RECOVERY |  | 6713261 |
| Synthetics - 0.1% |  |  |
| Pennsylvania Turnpike Commission Participating VRDN Series 5096, 2.57% 6/1/2047 (Liquidity Facility JP Morgan Securities LLC) (c)(e) | 500000 | 500000 |
| Transportation - 1.0% |  |  |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 A, 5% 1/1/2027 (b) | 2000000 | 2031744 |
| Philadelphia PA Airport Rev Series 2025B, 5% 7/1/2028 (b) | 435000 | 454424 |
| TOTAL TRANSPORTATION |  | 2486168 |
| TOTAL PENNSYLVANIA |  | 14415578 |
| Rhode Island - 0.1%  |  |  |
| Education - 0.1% |  |  |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Providence College Proj.) Series 2023, 5% 11/1/2026  | 350000 | 354446 |
| South Carolina - 0.4%  |  |  |
| Electric Utilities - 0.1% |  |  |
| South Carolina St Svc Auth Rev 5% 12/1/2026  | 130000 | 132090 |
| South Carolina St Svc Auth Rev 5% 12/1/2028  | 190000 | 201110 |
| TOTAL ELECTRIC UTILITIES |  | 333200 |
| Industrial Development - 0.2% |  |  |
| Berkeley Cnty SC Indl Dev Rev (Nucor Corp Proj.) 2.78% 4/1/2030 VRDN (b)(c) | 300000 | 300000 |
| Berkeley Cnty SC Indl Dev Rev (Nucor Corp Proj.) 2.78% 9/1/2028 VRDN (b)(c) | 100000 | 100000 |
| TOTAL INDUSTRIAL DEVELOPMENT |  | 400000 |
| Synthetics - 0.1% |  |  |
| South Carolina Conway Hosp Participating VRDN Series 2022 019, 2.77% 7/1/2047 (Liquidity Facility Barclays Bank PLC) (c)(e) | 300000 | 300000 |
| TOTAL SOUTH CAROLINA |  | 1033200 |
| Tennessee - 2.3%  |  |  |
| Health Care - 0.7% |  |  |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev (Commonspirit Health Proj.) 2.63% 5/1/2039 VRDN (c) | 1800000 | 1800000 |
| Housing - 0.9% |  |  |
| Chattanooga Tenn Health Edl & Hsg Fac Brd Multifamily Hsg 3.6% tender 6/1/2048 (c) | 910000 | 917184 |
| Chattanooga Tenn Health Edl & Hsg Fac Brd Multifamily Hsg Series 2025, 2.95% tender 5/1/2044 (c) | 310000 | 308700 |
| Kingsport Tenn Indl Dev Brd Collateralized Multifamily Hsg Rev Series 2025, 2.95% tender 9/1/2029 (c) | 690000 | 687299 |
| Knoxville Cnty Tenn Health Edl& Hsg Fac Brd Multifamily Hsgrev Series 2024, 3.1% tender 9/1/2029 (c) | 335000 | 335253 |
| TOTAL HOUSING |  | 2248436 |
| Resource Recovery - 0.0% |  |  |
| Lewisburg Tenn Indl Dev Brd So Lid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2012, 3% tender 7/2/2035 (b)(c) | 100000 | 99981 |
| Synthetics - 0.1% |  |  |
| Metropolitan Govt Nashville & Davidson County Hlth & Edl Facs Participating VRDN Series 2024 MIZ9163, 2.65% 12/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d)(e) | 200000 | 200000 |
| Transportation - 0.6% |  |  |
| Metro Nashville Arpt Auth Rev Series 2026 D, 5% 7/1/2027 (b) | 570000 | 584284 |
| Metro Nashville Arpt Auth Rev Series 2026 D, 5% 7/1/2028 (b) | 400000 | 417861 |
| Metro Nashville Arpt Auth Rev Series 2026 D, 5% 7/1/2029 (b) | 625000 | 662668 |
| TOTAL TRANSPORTATION |  | 1664813 |
| TOTAL TENNESSEE |  | 6013230 |
| Texas - 15.6%  |  |  |
| Education - 0.4% |  |  |
| Texas A&M Univ Revs Series 2016 E, 4% 5/15/2027  | 1000000 | 1001662 |
| Electric Utilities - 0.9% |  |  |
| San Antonio TX Elec & Gas Rev Series 2025A, 3.08% tender 2/1/2055 (c) | 805000 | 803554 |
| San Antonio TX Elec & Gas Rev Series 2026A, 2.9% tender 2/1/2055 (c) | 375000 | 373003 |
| San Antonio TX Elec & Gas Rev Series 2026A, 3% tender 2/1/2055 (c) | 1090000 | 1080369 |
| TOTAL ELECTRIC UTILITIES |  | 2256926 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev 5% tender 11/15/2052 (c) | 225000 | 225275 |
| General Obligations - 4.0% |  |  |
| Argyle TX Indpt Sch Dist Series 2025 B 1, 4% tender 8/15/2057 (Permanent Sch Fund of Texas Guaranteed) (c) | 390000 | 395921 |
| Argyle TX Indpt Sch Dist Series 2025 B 2, 4% tender 8/15/2057 (Permanent Sch Fund of Texas Guaranteed) (c) | 600000 | 616705 |
| Boerne TX Isd Series 2023, 3.125% tender 2/1/2053 (Permanent Sch Fund of Texas Guaranteed) (c) | 770000 | 771015 |
| Boerne TX Isd Series 2024, 4% tender 2/1/2054 (Permanent Sch Fund of Texas Guaranteed) (c) | 175000 | 178177 |
| Dallas TX Gen. Oblig. Series 2024A, 5% 2/15/2027  | 1000000 | 1021399 |
| Dallas TX ISD Series 2026B, 5% tender 2/15/2056 (Permanent Sch Fund of Texas Guaranteed) (c) | 335000 | 358155 |
| Denton Independent School District Series B1, 4% tender 8/15/2055 (Permanent Sch Fund of Texas Guaranteed) (c) | 1120000 | 1151182 |
| Humble TX Indpt Sch Dist Series 2025, 5% 2/15/2029 (Permanent Sch Fund of Texas Guaranteed)  | 1760000 | 1873100 |
| Hutto TX Indpt Sch Dist Series 2015, 4% tender 2/1/2055 (Permanent Sch Fund of Texas Guaranteed) (c) | 370000 | 380153 |
| Navarro Tex Indpt Sch Dist Series 2025, 4% tender 2/15/2062 (Permanent Sch Fund of Texas Guaranteed) (c) | 445000 | 455036 |
| North East Indpt Sch Dist TX Series 2024, 3.75% tender 8/1/2049 (Permanent Sch Fund of Texas Guaranteed) (c) | 225000 | 227155 |
| Northside TX Indpt Sch Dist Series 2023 B, 3% tender 8/1/2053 (Permanent Sch Fund of Texas Guaranteed) (c) | 1600000 | 1600142 |
| Northside TX Indpt Sch Dist Series 2024B, 3.45% tender 8/1/2054 (Permanent Sch Fund of Texas Guaranteed) (c) | 630000 | 634147 |
| Prosper Tex Indpt Sch Dist Series 2019 B, 4% tender 2/15/2050 (Permanent Sch Fund of Texas Guaranteed) (c) | 110000 | 110538 |
| Texarkana Tex Indpt Sch Dist Series 2024, 4% tender 2/15/2053 (Permanent Sch Fund of Texas Guaranteed) (c) | 445000 | 447028 |
| Texas Mun Gas Acquisition & Supply Corp IV Gas Supply Rev Series 2023B, 5.25% 1/1/2027 (BP PLC Guaranteed)  | 230000 | 233078 |
| TOTAL GENERAL OBLIGATIONS |  | 10452931 |
| Housing - 1.1% |  |  |
| Bexar Mgmt & Dev Corp Tex Multifamily Hsg Rev Series 2024, 3.02% tender 5/10/2045 (c) | 1005000 | 1005316 |
| Capital Area Hsg Fin Corp Tex Multi Family Hsg Rev Series 2024, 3.125% tender 9/1/2029 (c) | 385000 | 386167 |
| Houston Tex Fin Corp Multifamilty Hsg Rev 5% tender 8/1/2041 (c) | 110000 | 110497 |
| Houston Tex Fin Corp Multifamilty Hsg Rev Series 2024, 3.65% tender 2/1/2048 (c) | 445000 | 448211 |
| Legacy Denton Public Facility Corp 2.96% tender 4/1/2043 (c)(g) | 250000 | 249872 |
| San Antonio Tex Hsg Tr Pub Fac Multifamily Hsg Rev Series 2024, 3.45% tender 7/1/2029 (c) | 510000 | 512968 |
| Texas St Affordable Hsg Corp Multifamily Hsg Rev Series 2023, 3.625% tender 1/1/2045 (c) | 130000 | 130651 |
| TOTAL HOUSING |  | 2843682 |
| Industrial Development - 5.3% |  |  |
| Port Arthur TX Navigation Dist Env Fac Rev (Motiva Enterprises Llc Proj.) 3.21% 11/1/2040 VRDN (c) | 1800000 | 1800000 |
| Port Arthur TX Navigation Dist Env Fac Rev (Motiva Enterprises Llc Proj.) 3.26% 12/1/2027 VRDN (b)(c) | 12000000 | 12000000 |
| TOTAL INDUSTRIAL DEVELOPMENT |  | 13800000 |
| Resource Recovery - 0.7% |  |  |
| Mission TX Economic Dev Corp Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2020A, 3% tender 5/1/2050 (b)(c) | 200000 | 199980 |
| Mission TX Economic Dev Corp Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2023A, 4.25% tender 6/1/2048 (b)(c) | 300000 | 302426 |
| Mission TX Economic Dev Corp Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2025 A, 2.875% tender 6/1/2055 (b)(c) | 1300000 | 1299299 |
| TOTAL RESOURCE RECOVERY |  | 1801705 |
| Special Tax - 0.4% |  |  |
| Fort Worth Tex Spl Tax Rev (Will Rogers Memorial Ctr Proj.) Series 2025, 5% 3/1/2029  | 900000 | 951309 |
| Synthetics - 0.8% |  |  |
| Dallas Fort Worth International Airport Participating VRDN Series 2025 XL0705, 2.57% 11/1/2050 (Liquidity Facility Bank of America, N.A.) (b)(c)(e) | 600000 | 600000 |
| El Paso TX Hsg Fin Auth Participating VRDN Series 2022 MIZ9104, 2.65% 8/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d)(e) | 100000 | 100000 |
| Texas Affordable Hsg Corp Multi Fam Hsg Rev Participating VRDN 2.65% 10/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d)(e) | 1300000 | 1300000 |
| TOTAL SYNTHETICS |  | 2000000 |
| Transportation - 1.6% |  |  |
| Dallas Fort Worth International Airport Series 2025 A 1, 5% 11/1/2027 (b) | 3745000 | 3862936 |
| Galveston TX Wharves & Terminal Revenue Series 2023, 5.25% 8/1/2026 (b) | 235000 | 236269 |
| TOTAL TRANSPORTATION |  | 4099205 |
| Water & Sewer - 0.4% |  |  |
| San Antonio TX Wtr Rev Series 2013 F, 1% tender 5/1/2043 (c) | 1000000 | 987300 |
| TOTAL TEXAS |  | 40419995 |
| Utah - 0.9%  |  |  |
| Health Care - 0.0% |  |  |
| Utah Cnty Utah Hosp Rev (Ihc Health Services Inc Proj.) Series 2020B 2, 5% tender 5/15/2060 (c) | 160000 | 161077 |
| Housing - 0.1% |  |  |
| UT Hsg Corp Multifamily Rev Series 2024, 3.7% tender 8/1/2043 (c) | 235000 | 235705 |
| Industrial Development - 0.0% |  |  |
| Box Elder Cnty Utah Pollution Ctl Rev (Nucor Corp Proj.) 3.1% 4/1/2028 VRDN (c) | 100000 | 100000 |
| Synthetics - 0.6% |  |  |
| Salt Lake City UT Arpt Rev Participating VRDN Series 2023 XM1147, 2.54% 7/1/2043 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 1500000 | 1500001 |
| Transportation - 0.2% |  |  |
| Salt Lake City UT Arpt Rev Series 2023A, 5% 7/1/2027 (b) | 60000 | 61503 |
| Salt Lake City UT Arpt Rev Series 2025A, 5% 7/1/2027 (b) | 340000 | 348521 |
| TOTAL TRANSPORTATION |  | 410024 |
| TOTAL UTAH |  | 2406807 |
| Virginia - 1.2%  |  |  |
| Electric Utilities - 0.3% |  |  |
| Chesapeake VA Economic Dev Auth Pollution Ctl Rev (Virginia Electric And Power Co Proj.) Series 2008A, 3.65% tender 2/1/2032 (c) | 200000 | 202428 |
| Halifax Cnty VA Indl Dev Auth Pollution Ctl Rev (Virginia Electric And Power Co Proj.) 3.8% tender 12/1/2041 (c) | 135000 | 136540 |
| Wise Cnty VA Indl Dev Auth Solid Waste & Sew Disp Rev (Virginia Electric And Power Co Proj.) Series 2010A, 3.8% tender 11/1/2040 (c) | 200000 | 202282 |
| York Cnty VA Economic Dev Auth Pollutn Ctl Rev (Virginia Electric And Power Co Proj.) Series 2009A, 3.65% tender 5/1/2033 (c) | 215000 | 217610 |
| TOTAL ELECTRIC UTILITIES |  | 758860 |
| Synthetics - 0.9% |  |  |
| Lynchburg Economic Development Authority Participating VRDN Series 2018 XL0075, 2.67% 1/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (c)(e) | 2000000 | 2000000 |
| Nat'l Sr Campuses Participating VRDN Series 2022 028, 2.77% 1/1/2045 (Liquidity Facility Barclays Bank PLC) (c)(e) | 400000 | 400000 |
| TOTAL SYNTHETICS |  | 2400000 |
| TOTAL VIRGINIA |  | 3158860 |
| Washington - 2.1%  |  |  |
| Health Care - 0.4% |  |  |
| Washington St Health Care Facs Auth Rev (Multicare Health System, WA Proj.) 5% 8/15/2026  | 1355000 | 1365131 |
| Housing - 1.0% |  |  |
| King Cnty Wash Hsg Auth Hsg Rev (King Cnty WA Mhsg Rev 2019 Proj.) Series 2025, 5% 1/1/2029  | 450000 | 468548 |
| Seattle Wash Hsg Auth Rev Series 2023, 5% 6/1/2027  | 80000 | 80631 |
| Washington St Hsg Fin Commn Multifamily Hsg Rev Series 2023, 5% tender 12/1/2043 (c) | 135000 | 135422 |
| Washington St Hsg Fin Commn Multifamily Hsg Rev Series 2025, 2.7% tender 4/1/2044 (c) | 1825000 | 1808581 |
| TOTAL HOUSING |  | 2493182 |
| Transportation - 0.7% |  |  |
| Port Seattle WA Rev Series 2018A, 5% 5/1/2027 (b) | 250000 | 255673 |
| Port Seattle WA Rev Series 2022B, 5% 8/1/2026 (b) | 95000 | 95670 |
| Port Seattle WA Rev Series 2025 B, 5% 10/1/2028 (b) | 1290000 | 1353452 |
| TOTAL TRANSPORTATION |  | 1704795 |
| TOTAL WASHINGTON |  | 5563108 |
| West Virginia - 0.5%  |  |  |
| Health Care - 0.1% |  |  |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2018 E, 3.04% 6/1/2033 VRDN (c) | 300000 | 300000 |
| Industrial Development - 0.4% |  |  |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Appalachian Power Co Proj.) Series 2011A, 3.3% tender 1/1/2041 (b)(c) | 405000 | 406573 |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Nucor Steel West Virginia Llc Proj.) Series 2025A 1, 2.78% 11/1/2065 (Nucor Corp Guaranteed) VRDN (b)(c) | 500000 | 500000 |
| TOTAL INDUSTRIAL DEVELOPMENT |  | 906573 |
| TOTAL WEST VIRGINIA |  | 1206573 |
| Wisconsin - 1.2%  |  |  |
| Escrowed/Pre-Refunded - 0.3% |  |  |
| Wisconsin Health & Educational Facilities Authority Series 2016 A, 4% 11/15/2046 (Pre-refunded to 5/15/2026 at 100)  | 885000 | 886626 |
| General Obligations - 0.3% |  |  |
| Milwaukee WI Gen. Oblig. 2% 3/1/2027  | 190000 | 188174 |
| PMA Levy & Aid Anticipation Notes Program TRAN (Wauwatosa Wis Sch Dist Proj.) 5% 9/24/2026  | 500000 | 505090 |
| TOTAL GENERAL OBLIGATIONS |  | 693264 |
| Health Care - 0.5% |  |  |
| Wisconsin St Health & Edl Facs Auth Rev (Advocate Health Care Network Proj.) 5% tender 8/15/2054 (c) | 330000 | 331607 |
| Wisconsin St Health & Edl Facs Auth Rev (Mercy Alliance Inc Proj.) Series 2025A, 5% 6/1/2028  | 215000 | 224054 |
| Wisconsin St Health & Edl Facs Auth Rev (Sanford Health, SD Proj.) Series 2024 A, 5% 2/15/2028  | 525000 | 543909 |
| TOTAL HEALTH CARE |  | 1099570 |
| Housing - 0.0% |  |  |
| Wisconsin Hsg & Eda Hsg Rev (Wi Mhsg Rev 2007 Proj.) Series 2023 E, 3.875% tender 11/1/2054 (c) | 45000 | 45022 |
| Industrial Development - 0.1% |  |  |
| Wisconsin St Health & Edl Facs Auth Rev (WI Forensic Science Proj Proj.) Series 2024, 5% 8/1/2027 (f) | 340000 | 341381 |
| Resource Recovery - 0.0% |  |  |
| Public Fin Auth Wis Sld Waste (Waste Management Inc Del Proj.) Series A 3, 3% tender 9/1/2027 (b)(c) | 100000 | 99981 |
| TOTAL WISCONSIN |  | 3165844 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $240,014,495) |  | <br> **240218591** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 8.7%** | &nbsp;&nbsp;**Money Market Funds - 8.7%** | &nbsp;&nbsp;**Money Market Funds - 8.7%** | &nbsp;&nbsp;**Money Market Funds - 8.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Municipal Cash Central Fund (h)(i)<br>(Cost $22,861,628)<br>| 2.60 | 22857057 | **22861628** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.7%**<br> (Cost $262,876,123)<br>| <br>**263080219** |
| **NET OTHER ASSETS (LIABILITIES) - (0.7)%**  | **(1947291)** |
| **NET ASSETS - 100.0%** | **261132928** |

---

**Security Type Abbreviations**

BAN - BOND ANTICIPATION NOTE <br> TRAN - TAX AND REVENUE ANTICIPATION NOTE <br> VRDN - VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $8,214,268 or 3.1% of net assets.

(e) Provides evidence of ownership in one or more underlying municipal bonds. Coupon rates are determined by re-marketing agents based on current market conditions.

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,423,501 or 0.9% of net assets.

(g) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(h) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Central Fund.

(i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2023 MIZ9157, 2.65% 12/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) | 12/21/2023 | 200000 |
| California Statewide Cmntys Dev Auth Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9232, 2.7% 10/8/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 10/9/2025 | 800000 |
| California Statewide Cmntys Dev Auth Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9233, 2.7% 12/1/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 10/9/2025 | 2100000 |
| El Paso TX Hsg Fin Auth Participating VRDN Series 2022 MIZ9104, 2.65% 8/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) | 8/5/2022 | 100000 |
| Metropolitan Govt Nashville & Davidson County Hlth & Edl Facs Participating VRDN Series 2024 MIZ9163, 2.65% 12/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) | 1/18/2024 | 200000 |
| Miami Dade County Hsg Multi Fam Hsg Rev Participating VRDN Series 2022 MIZ9087, 2.65% 11/1/2061 (Liquidity Facility Mizuho Capital Markets LLC) | 1/27/2022 | 200000 |
| Saint Paul Hsg & Redev Auth Rev Participating VRDN Series 2023 MIZ9145, 2.65% 6/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) | 9/26/2024 | 299999 |
| San Francisco City & County Multi Fam Hsg Rev Participating VRDN 2.6% 12/1/2052 (Liquidity Facility Mizuho Capital Markets LLC) | 12/19/2022 - 1/30/2023 | 2200000 |
| St Louis County Ind Dev Auth Multi Fam Hsg Rev Participating VRDN 2.65% 10/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) | 11/17/2023 | 200000 |
| Steele Duncan Plaza LLC Participating VRDN Series 2022 MIZ9103, 2.65% 8/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) | 8/11/2022 | 114268 |
| Tender Opt Bd Tr Rcpts / Ctfs Var Sts Series 2024 MS0023, 2.72% tender 12/15/2030 (Liquidity Facility Morgan Stanley Bank NA) | 4/16/2024 | 500000 |
| Texas Affordable Hsg Corp Multi Fam Hsg Rev Participating VRDN 2.65% 10/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) | 1/27/2023 | 1300000 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Municipal Cash Central Fund | 9413101 | 25074551 | 11626024 | 79569 | - | - | 22861628 | 22857057 | 0.6% |
| Total | 9413101 | 25074551 | 11626024 | 79569 | - | - | 22861628 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.

**Investment Valuation**

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - Unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Municipal Securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

*The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.*

*Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.*

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Fidelity Municipal Trust

- **b. Investment Company Act file number:** 811-02628

- **c. CIK number of Registrant:** 0000035373

- **d. LEI of Registrant:** MC33ZH3HL1S8YN987650

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

  - **Street Address 1:** 245 Summer Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02210

  - **Telephone number:** 1-800-FIDELITY

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

- **a. Name of Series:** Fidelity Flex Conservative Income Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000059246

- **c. LEI of Series:** 54930075HJRZVG5XWY95

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $265230131.33

**Total Liabilities:** $3849802.80

**Net Assets:** $261380328.53

**Delayed Delivery Securities:** $2980000.00

**Cash Not Reported:** $1000.37

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2325.82434750 | **1-Year:** 8423.88668440 | **5-Year:** 4282.92619840 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 279.30314233 | **1-Year:** 109.87569779 | **5-Year:** 97.29476062 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194468 | 0.42%                | 0.32%                | -0.06%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $36.58                   | $351984.22                                 |
| Month 2  | $14734.22                | $174231.70                                 |
| Month 3  | $34337.64                | $-689512.25                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BERKELEY CNTY SC INDL DEV REV                                                     | SC NUCOR 95 V7@                                                              | CUSIP: 084185DB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.04%             | 2028-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| BERKELEY CNTY SC INDL DEV REV                                                     | SC NUCOR 97 V7@                                                              | CUSIP: 084185DD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.11%             | 2030-04-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| BLYTHEVILLE AR INDL DEV REV                                                       | AR NUCOR 98 V7@                                                              | CUSIP: 096490BV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.04%             | 2028-06-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| BOX ELDER CNTY UTAH POLLUTION CTL REV                                             | BOX ELDER CNTY UTAH POLLUTION CTL REV VAR-REF-NUCOR CORP PROJ                | CUSIP: 103160AE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.04%             | 2028-04-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| CHATANOOGA TN HEALTH ED and HSG FAC BRD REV                                       | CHTNOOGA TN COMNSPIRIT HLTH V7                                               | CUSIP: 162410CB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1800000.00   | 0.69%             | 2039-05-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| DECATUR AL INDL DEV BRD EXEMPT                                                    | AL NUCOR 03A V7@                                                             | CUSIP: 242846AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.38%             | 2036-08-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| Fidelity Revere Street Trust                                                      | Fidelity Municipal Cash Central Fund                                         | CUSIP: 31635A204<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |  22857057 | NS      | $22861628.27  | 8.75%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTH CARE AUTH FOR BAPT HLTH ALA                                                | HLTH BAPTIST AL 2013B V7                                                     | CUSIP: 42219UBR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.11%             | 2042-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ECONOMIC DEV REV                                              | IN FIN ECON VAR MT@                                                          | CUSIP: 45505RBN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $149979.78    | 0.06%             | 2028-05-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ECONOMIC DEV REV                                              | IN FIN ECON REP SERV 2012 MT@                                                | CUSIP: 45505RBT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $399946.08    | 0.15%             | 2028-05-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| IOWA FIN AUTH SLD DISP WST REV                                                    | IA MIDAMERICAN - BRK 08A V7@                                                 | CUSIP: 46245EAW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1970000 | PA      | $1970000.00   | 0.75%             | 2038-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| LEWISBURG TENN INDL DEV BRD SO LID WASTE DISP REV                                 | LEWSBRG TN (WSTE MGT) MT@                                                    | CUSIP: 528236AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99980.80     | 0.04%             | 2035-07-02      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| LIBERTY NY DEV CORP REV                                                           | LIBERTY NY DEV 2015-XM0106 LIQ MORGAN STANLEY                                | CUSIP: 531127AM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.11%             | 2035-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST DEV FIN BRD SOLID WASTE DISP REV                                      | MISSOURI ST DEV FIN BRD SOLID WASTE DISP REV PROCTER and GAMBLE PAPER PRODS@ | CUSIP: 60636LAA7<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |    275000 | PA      | $289864.41    | 0.11%             | 2029-03-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MOBILE AL IDB POLLUTN CTL REV                                                     | MOBILE AL IDB 3.78% MT                                                       | CUSIP: 607167DW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200368.76    | 0.08%             | 2034-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MOBILE AL IDB POLLUTN CTL REV                                                     | MOBILE AL IDB 2.75% 7/15/2034 MT                                             | CUSIP: 607167DX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $148665.00    | 0.06%             | 2034-07-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                     | PA EDFA SW 2.15% MT@                                                         | CUSIP: 708692BF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $605337.60    | 0.23%             | 2041-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                     | PA EDFA SW 3.65% MT@                                                         | CUSIP: 708692BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.77%             | 2044-06-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| PHOENIX ARIZ INDL DEV AUTH SOLID WASTE DISP REV                                   | PHX IDA SW 3.85% 12/1/2035 @                                                 | CUSIP: 71884RAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $599940.54    | 0.23%             | 2035-12-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| PORT PORT ARTHUR TX NAV DIST E                                                    | PORT ARTHUR NAV DIST TX ENVIR VAR-REF-MOTIVA ENTERPRISES PJ ***AMT***        | CUSIP: 735220AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12000000.00  | 4.59%             | 2027-12-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| PORT PORT ARTHUR TX NAV DIST E                                                    | PRT ARTHR TX MTVA10E Q=SELF V7                                               | CUSIP: 735220AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1800000.00   | 0.69%             | 2040-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| ST JAMES PARISH LA REV                                                            | LA NUCOR 10A1 V7                                                             | CUSIP: 790103AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9095000 | PA      | $9095000.00   | 3.48%             | 2040-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| ST JAMES PARISH LA REV                                                            | LA NUCOR 10B1 V7                                                             | CUSIP: 790103AH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.15%             | 2040-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| STANTON CNTY NE INDL DEV REV                                                      | NE NUCOR 98 V7@                                                              | CUSIP: 854743AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.04%             | 2028-06-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| GEORGIA MUN ELEC AUTH PWR REV                                                     | GA MEAG 5% 1/1/2028                                                          | CUSIP: 626207Q49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $281623.75    | 0.11%             | 2028-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TEXAS A and M UNIVERSITY REVS                                                     | TX A and M UNIV 4% 5/15/2027                                                 | CUSIP: 88213AGU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001662.10   | 0.38%             | 2027-05-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                       | IL ST 5% 2/1/27                                                              | CUSIP: 452152G88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1119816.94   | 0.43%             | 2027-02-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                       | IL ST 5% 11/1/2026                                                           | CUSIP: 452152Q61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $86075.88     | 0.03%             | 2026-11-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV                                      | CA ST MFA SW 2% 12/1/2044 AMT                                                | CUSIP: 13048RAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300122.85   | 0.50%             | 2044-12-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REV                                                                  | OH UNIV HOSP HLTH SVCS 15B V7                                                | CUSIP: 67756CCG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100000.00   | 0.42%             | 2045-01-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL DEV REVS                                            | PA THO JFFRSN U 17B RFLOAT7                                                  | CUSIP: 71781XCR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1450000.00   | 0.55%             | 2050-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS SLD WASTE                                                     | PFA WI SD WSTE 1.53% SER A-3 MT@                                             | CUSIP: 74445MAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99980.80     | 0.04%             | 2027-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA HIGHER ED and HEALTH AUTH REV                                  | PA THO JFFRSN U 18D RFLOAT V7                                                | CUSIP: 613603ZL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.31%             | 2050-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| PORT SEATTLE WA REV                                                               | PORT SEATTLE 5% 5/1/2027 @                                                   | CUSIP: 735389C63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255673.08    | 0.10%             | 2027-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | LYNCHBURG VA EDA CENTRA HLTH 2018-XL0075-NUV Q=JPMC BK D7                    | CUSIP: 88034MXT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.77%             | 2055-01-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH HOSP REV                                           | WV UNIV HLTH 18E RFLOAT V7                                                   | CUSIP: 956622P32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.11%             | 2033-06-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| DENVER CO CITY and CNTY ARPT                                                      | DENVER CO ARPT 5% 12/1/2027 @                                                | CUSIP: 249182LA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $283955.46    | 0.11%             | 2027-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PCF SOLID WST DISP                                                     | CAL PCR SWDR 4% MT @                                                         | CUSIP: 130536RC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499961.95    | 0.19%             | 2042-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| DIRECTOR ST NV DPT BUS and IND SOLID WASTE DISP REV                               | NV SLD WST 3.95% @ MT                                                        | CUSIP: 25459JAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100549.78   | 0.42%             | 2026-12-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | DENVER CO ARPT 2018-XM0715-MST Q=MO D7                                       | CUSIP: 88034NE34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100000.00   | 0.42%             | 2043-12-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST                                                                   | PA ST 5% 7/15/2026                                                           | CUSIP: 70914PP97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201426.48    | 0.08%             | 2026-07-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH N H SOLID WASTE DISP REV                                        | NATIONAL FN AT 4.25% MT@                                                     | CUSIP: 63608RAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1410569.30   | 0.54%             | 2027-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH N H SOLID WASTE DISP REV                                        | NATIONAL FN AT 2.15% MT@                                                     | CUSIP: 63608RAF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600265.02    | 0.23%             | 2033-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| WHITING IND ENVIRONMENTAL FACS                                                    | WHITING IN ENV 5% MT@                                                        | CUSIP: 96634RAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $371289.82    | 0.14%             | 2044-12-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                     | PA EDFA SW 1.75% 8/1/2038 MT @                                               | CUSIP: 708692BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1101496.00   | 0.42%             | 2038-08-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CO FL IDA SLD WASTE DISP REV                                           | MIAMI-DADE SLW 2.125% 11/1/2041 @                                            | CUSIP: 59333GAL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $900737.01    | 0.34%             | 2041-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| OHIO ST HIGHER EDL FAC COMMN                                                      | OH HI ED COM 1.625% MT                                                       | CUSIP: 67756DVP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $69120.60     | 0.03%             | 2034-12-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECONIMC DEV CORP SOLID WASTE DISP REV                                  | MISSION TX EDC 5/1/50 MT@                                                    | CUSIP: 605155BQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $199980.18    | 0.08%             | 2050-05-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| GEISINGER AUTH PA HLTH SYS REV                                                    | GEISINGER PA 5% 4/1/2043 MT                                                  | CUSIP: 368497JX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $413618.74    | 0.16%             | 2043-04-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| UTAH CNTY UTAH HOSP REV                                                           | UT CNTY UT HOSP 5% MT                                                        | CUSIP: 917393DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $161077.44    | 0.06%             | 2060-05-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MEADE CNTY KY INDL BLDG REV                                                       | KY NUCOR 20A1 V1@                                                            | CUSIP: 583022AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100000.00   | 0.42%             | 2060-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| OK DEV FIN AUTH HEALTH SYS REV                                                    | OK INTEGRIS HLTH 20B V7                                                      | CUSIP: 67884XCU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $575000.00    | 0.22%             | 2031-08-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH and EDL FACS AUTH REV                                         | WISCONSIN ST HT 4% 11/15/2046                                                | CUSIP: 97712D7E0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    885000 | PA      | $886625.66    | 0.34%             | 2046-11-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOM DEV AUTH REV                                                    | NJ EDA REV 5.25% 9/1/26                                                      | CUSIP: 64577B6K5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $182010.22    | 0.07%             | 2026-09-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                     | PA EDFA SW SIFMA+40 MT @                                                     | CUSIP: 708692BT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000465.10   | 0.38%             | 2041-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV                                      | CA SOLID WASTE REPUBLIC SEVICES 21B MT@                                      | CUSIP: 13048RAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $350011.03    | 0.13%             | 2051-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV                                      | CA SOLID WASTE REPUBLIC SEVICES 21A MT@                                      | CUSIP: 13048RAJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300000.00   | 0.50%             | 2041-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CO FL IDA SLD WASTE DISP REV                                           | MIAMI-DADE SLW 4.50% 11/1/2048 MT @                                          | CUSIP: 59333GAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000673.00   | 0.38%             | 2048-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA ARPT ATH REV                                                    | ALLEG PA ARPT 5% 1/1/2027 @                                                  | CUSIP: 01728LER9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2031744.40   | 0.78%             | 2027-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                            | MAIN STR NAT GA 4% MT                                                        | CUSIP: 56035DCZ3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    515000 | PA      | $520178.63    | 0.20%             | 2052-05-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| GRAND FORKS ND HEALTH CARE SYS REV                                                | GRD FORKS ND HL 5% 12/1/2026                                                 | CUSIP: 38546WCX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $212067.20    | 0.08%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                        | BLACK BELT ENE 4% 10/1/2052                                                  | CUSIP: 09182TAF4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2313785.74   | 0.89%             | 2052-10-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX WTR REV                                                            | SAN ANTONIO WTR 1% MT                                                        | CUSIP: 79642GNB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987299.80    | 0.38%             | 2043-05-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | MIAMI-DADE CNTY FL MFH SUPERIOR MANOR APTS 2022-MIZ9087 MZ/MZ D35            | CUSIP: 60700HKP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.08%             | 2061-11-01      | Variable      | 0.03%                 | Yes           |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT ARPTS REV                                                     | LA CA AIRPT 5% 5/15/2026 @                                                   | CUSIP: 544445XP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200566.76    | 0.08%             | 2026-05-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DISTRICT COLUMBIA WTR and SWR AU                                                  | DC W and S 3% MT                                                             | CUSIP: 254845TJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $119764.55    | 0.05%             | 2057-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP                                          | NY TRANS CORP 5% 12/1/2026 @                                                 | CUSIP: 650116FA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $333811.53    | 0.13%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN AUTH RE                                                              | MICHIGAN FIN AU 5% 4/15/2026                                                 | CUSIP: 59447T3F8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $265230.02    | 0.10%             | 2026-04-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | NY MTA TRANSP 2022-XF1321-LA Q=JPMC BK D7                                    | CUSIP: 88035AUM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225000.00    | 0.09%             | 2055-11-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | HI ST ARPT 2022-XG0386-MST Q=MO D7@                                          | CUSIP: 88035DAU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.19%             | 2048-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                        | BLACK BELT ENE 5% 6/1/2026                                                   | CUSIP: 09182TBH9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125400.96    | 0.05%             | 2026-06-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | NY MTA TRANS 2022-XF1355-NUV Q=JPMC BK D7                                    | CUSIP: 88035DDN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2300000.00   | 0.88%             | 2043-11-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CA CMNTY CHOICE FIN AUTH 2022-XF3007-NUV Q=MO D7                             | CUSIP: 88035DDL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2005000 | PA      | $2005000.00   | 0.77%             | 2053-05-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                            | MAIN STR NAT GA 5% 6/1/2026                                                  | CUSIP: 56035DEA6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1904810.04   | 0.73%             | 2026-06-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                            | MAIN STR NAT GA 5% 12/1/2052 MT                                              | CUSIP: 56035DEE8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    245000 | PA      | $255621.98    | 0.10%             | 2052-12-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | NY HSG 42ND and 10TH BC22-003 BC/BC DR42                                     | CUSIP: 76252PRU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.15%             | 2041-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | NYS HFA 42ND and 10TH BC22-007 L=BC/BC DR42@                                 | CUSIP: 76252PSF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2600000.00   | 0.99%             | 2041-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| PORT SEATTLE WA REV                                                               | PORT SEATTLE 5% 8/1/2026                                                     | CUSIP: 735389T81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95670.34     | 0.04%             | 2026-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | EL PASO TX HSG FIN 2022-MIZ9104 MZ/MZ D35                                    | CUSIP: 60700HNE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.04%             | 2062-08-01      | Variable      | 0.03%                 | Yes           |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | OK MFH DUNCAN PL 2022-MIZ9103 MZ/MZ D35                                      | CUSIP: 60700HNB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    114268 | PA      | $114268.00    | 0.04%             | 2062-08-01      | Variable      | 0.03%                 | Yes           |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | SC CONWAY HOSP BC22-019 BC/BC DR42                                           | CUSIP: 76252PTY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.11%             | 2047-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ POLLUTION CTL                                                    | MARICOPA AZ PUB SVC 09E V7                                                   | CUSIP: 566854ET8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.15%             | 2029-05-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ POLLUTION CTL                                                    | MARICOPA AZ PUB SVC 09D V7                                                   | CUSIP: 566854ES0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600000.00    | 0.23%             | 2029-05-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | VA NATL SENIOR CAMPUS BC22-028 BC/BC DR42                                    | CUSIP: 76252PVB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.15%             | 2045-01-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | MD HLTH INTEGRACE BC22-024 BC/BC DR42                                        | CUSIP: 76252PUP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.15%             | 2049-11-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | MD RIDERWOOD VLG BC22-029 BC/BC DR42                                         | CUSIP: 76252PVG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.15%             | 2045-01-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV                                      | CALIFORNIA MUN 4.125% MT                                                     | CUSIP: 13048RAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1099518.42   | 0.42%             | 2041-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CO ST COMMONSPIRIT HLTH 2022-XM1059-ALL Q=JPMC BK D7                         | CUSIP: 88035DT54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8115000 | PA      | $8115000.00   | 3.10%             | 2042-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | COLORADO HEALTH(COMMONSPIRIT HE) 2022-XM1061-ALL Q=JPMC BANK DR7             | CUSIP: 88035DU37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $780000.00    | 0.30%             | 2052-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | AL SE ENERGY G=MO 2022-XG0410-NUV Q=MO D7                                    | CUSIP: 88035DL94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1600000.00   | 0.61%             | 2053-01-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HEALTH FACS AUTH REV                                               | ORANGE CNTY FL 0% 11/15/2052                                                 | CUSIP: 68450LGT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $192643.00    | 0.07%             | 2052-11-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | NM HAVERLAND CARTER BC22-034 BC/BC D42                                       | CUSIP: 76252PWP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $195000.00    | 0.07%             | 2042-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | BALTIMORE MD OAK CREST VLG BC22-032 BC/BC D42                                | CUSIP: 76252PVZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.08%             | 2050-01-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL ED FACS FIN CORP HOSP REV                                | TARRANT EFFC HO 5% MT                                                        | CUSIP: 87638QSF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225274.66    | 0.09%             | 2052-11-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                        | BLACK BELT ENE(MO) 5.25% 6/1/29MT 53                                         | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    940000 | PA      | $986127.59    | 0.38%             | 2053-02-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEVE AUTH IDR                                                    | CHANDLER AZ IDR(INTEL) 5% 9/1/27MT@                                          | CUSIP: 158862CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $848293.03    | 0.32%             | 2052-09-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | SAN FRANCISCO CA CITY and CNTY MF HSG 2022-MIZ9115 MZ/MZ D35                 | CUSIP: 60700HPG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2200000.00   | 0.84%             | 2052-12-01      | Variable      | 0.03%                 | Yes           |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CHICAGO IL OHARE ARPT 2022-XM1078-MST AGM/JPMC BK D7@                        | CUSIP: 88035ENZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.11%             | 2053-01-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | BLACK BELT AL ENERGY 2022-ZL0396-BLK Q=MO D7                                 | CUSIP: 88035EQD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.11%             | 2053-02-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | BLACK BELT AL ENERGY 2022-XF3073-NUV Q=MO D7                                 | CUSIP: 88035EPR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.38%             | 2053-02-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | FL GT ORLANDO ARPT 2022-XM1093-ALL Q=JPMC BK D1@                             | CUSIP: 88035EZM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $525000.00    | 0.20%             | 2036-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH and EDL FACSAUTH REV                                          | WISCONSIN ST H 5% MT                                                         | CUSIP: 97712JGW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $331607.20    | 0.13%             | 2054-08-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | TX ST MF HSG ROERS BOERNE 2023-MIZ9124 MZ/MZ D35                             | CUSIP: 60700HQD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300000.00   | 0.50%             | 2062-10-01      | Variable      | 0.03%                 | Yes           |                  2 | On Loan: No      |
| OKLAHOMA CO OK IDS 89 OKLA CTY                                                    | OKLAHOMA CTY OK 3% 7/1/2026                                                  | CUSIP: 678841LL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700682.92    | 0.27%             | 2026-07-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT ARPTS REV                                                     | LA CA AIRPT 5% 5/15/2026 @                                                   | CUSIP: 544445W54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55155.86     | 0.02%             | 2026-05-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEV FINGAUTH UPMC REV                                       | PENNSYLVANIA EC 5% 5/15/2026                                                 | CUSIP: 70870JET1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501248.90    | 0.19%             | 2026-05-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | KANSAS CITY MO ARPT 2023-XM1108-MST AGM/JPMC BK D1@                          | CUSIP: 88035FZG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.04%             | 2057-03-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REV                                                                  | OHIO ST HOSP RE 2.75% 1/1/2052 MT                                            | CUSIP: 67756CFW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $452498.77    | 0.17%             | 2052-01-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND HEALTH and EDL BLDG CORP HIGHER ED FAC REV                           | RI HLTH and EDL 5% 11/1/2026                                                 | CUSIP: 762197J85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $354446.37    | 0.14%             | 2026-11-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NORTHSIDE TX INDPT SCH DIST                                                       | NTHSIDE TX ISD 3% MT                                                         | CUSIP: 66702RH54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1600141.44   | 0.61%             | 2053-08-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH REV                                                  | NEW JERSEY ECN 5% 6/15/2026                                                  | CUSIP: 64577XET9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $241196.38    | 0.09%             | 2026-06-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BOERNE TX ISD                                                                     | BOERNE TX ISD 0% 2/1/2053                                                    | CUSIP: 097067NL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $771015.09    | 0.29%             | 2053-02-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | BLACK BELT AL ENERGY GAS DIST 2023-XM1110-ALL G=RC Q=RC D7                   | CUSIP: 88035FC24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700000.00    | 0.27%             | 2053-12-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | AL SE ENERGY G=MO 2022-XM1062-ALL Q=MO D7                                    | CUSIP: 88035DX26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.19%             | 2053-01-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CVC IMP CRP APR REV                                                    | PHX CVC APT REV 5% 7/1/2026 @                                                | CUSIP: 71883MQJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $185972.45    | 0.07%             | 2026-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CHESAPEAKE VA ECONOMIC DEV AUTH POLLUTION CTL REV                                 | CHESAPEAKE VA E 3.65% MT                                                     | CUSIP: 16532YAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202427.50    | 0.08%             | 2032-02-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| YORK CNTY VA ECONOMIC DEV AUTH POLLUTN CTL REV                                    | YORK VA EDA 3.65% MT                                                         | CUSIP: 98659AAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $217609.56    | 0.08%             | 2033-05-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| HONOLULU HI CITY and CNTY MFR                                                     | HONOLULU HI MFR 5% 12/1/2026 MT                                              | CUSIP: 438697BQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $371337.07    | 0.14%             | 2027-06-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH PCR                                                        | BURKE GA PCR 3.8% 10/1/2032 MT                                               | CUSIP: 121342QJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200205.18    | 0.08%             | 2032-10-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | BUFORD GA MF HSG AUTH 2023-XF3118-AMR MZ/MZ D7                               | CUSIP: 88035FN48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.08%             | 2041-03-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECONIMC DEV CORP SOLID WASTE DISP REV                                  | MISSION TX EDC 4.25% 6/1/2048 MT @                                           | CUSIP: 605155BU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302426.19    | 0.12%             | 2048-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASH DC ARPTS ATH                                                    | MTRO WA DC ARPT 5% 10/1/2028 @                                               | CUSIP: 592647LL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $330493.94    | 0.13%             | 2028-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| FLA HSG FIN CORP MULTIFAMILY MTG REV                                              | FL MHSG 5% MT                                                                | CUSIP: 34074HGY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800020.24    | 0.31%             | 2026-12-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | SAINT PAUL MN MF HSG PLATO APTS 2023-MIZ9145 MZ/MZ D35                       | CUSIP: 60700HSW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.11%             | 2063-06-01      | Variable      | 0.03%                 | Yes           |                  2 | On Loan: No      |
| CALIFORNIA PCF SOLID WST DISP                                                     | CAL PCR SWDR 4.25% 7/1/2043 MT @                                             | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $299598.36    | 0.11%             | 2043-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| FLORIDA INS ASSISTANCE INTERLOCAL AGY FLA INS ASSMT REV                           | FL INSURANCE 2023 A2 Q=FL V7                                                 | CUSIP: 34074EAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3120000 | PA      | $3120000.00   | 1.19%             | 2032-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX FIN CORP MFHR                                                         | HOUSTON TX MF 5% 8/1/2041                                                    | CUSIP: 442396EL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110497.50    | 0.04%             | 2041-08-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| PROSPER TEX INDPT SCH DIST                                                        | PROSPER TX ISD 4% 2/15/2050 MT                                               | CUSIP: 7436002V9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110538.02    | 0.04%             | 2050-02-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REV                                                        | SLT LAKE U 5% 7/1/2027 @                                                     | CUSIP: 795576LJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $61503.62     | 0.02%             | 2027-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CA MF HSG FIN AGY 2023-XF3127-AMR MZ/MZ D7                                   | CUSIP: 88035F4X5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.08%             | 2030-06-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                        | BLACK BELT ENE 5.5% 6/1/2049 MT                                              | CUSIP: 09182TCR6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    210000 | PA      | $220799.21    | 0.08%             | 2049-06-01      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                            | MAIN STR NAT GA 5% 12/1/2026                                                 | CUSIP: 56035DFN7<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75777.43     | 0.03%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PORT AUTH NY and NJ                                                               | PORT NY NJ 5% 12/1/2026 @                                                    | CUSIP: 73358XJU7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    565000 | PA      | $572804.46    | 0.22%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC ARPT REV                                                             | CHARLOTTE NC AP 5% 7/1/2027 @                                                | CUSIP: 161036VS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $563783.17    | 0.22%             | 2027-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                     | PA EDFA SW 4.6% 10/1/2046 MT @                                               | CUSIP: 708692BZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005962.20   | 0.77%             | 2046-10-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| SEATTLE WASH HSG AUTH REV                                                         | SEATTLE WA HSG 5% 6/1/2027                                                   | CUSIP: 812636PA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80631.23     | 0.03%             | 2027-06-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| GALVESTON TX WHARVES and TERMINAL REVENUE                                         | GALVESTON TX ST 5.25% 8/1/2026 @                                             | CUSIP: 364568HW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $236269.73    | 0.09%             | 2026-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MAIKER HSG PARTNERS COLO MULTIFAMILY HSG REV                                      | MAIKER HSG PART 4.5% MT                                                      | CUSIP: 56031AAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201205.46    | 0.08%             | 2042-05-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | SLT LAKE UT ARPT 2023-XM1147-MST Q=JP D7@                                    | CUSIP: 88035GR59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.57%             | 2043-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | AZ MFH SAFFORD PRJ 2023-XF3174-AMR MZ/MZ D7                                  | CUSIP: 88035GT24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.77%             | 2041-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV                                      | CA ST MFA SW 3.85% MT @                                                      | CUSIP: 13048RAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $799984.32    | 0.31%             | 2041-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | SAINT LOUIS MO IDA HAWKINS VILLAGE APTS 2023-MIZ9153 MZ/MZ D35               | CUSIP: 60700HTX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.08%             | 2063-10-01      | Variable      | 0.03%                 | Yes           |                  2 | On Loan: No      |
| TEXAS MUN GAS ACQUISITION and SUPPLY CORP IV GAS SUPPLY REV                       | TEXAS GAS IV 5.25% 1/1/2027                                                  | CUSIP: 88256PAK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $233077.58    | 0.09%             | 2027-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                        | BLACK BELT ENE 5.50% 6/1/2027                                                | CUSIP: 09182TCV7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |     80000 | PA      | $81903.90     | 0.03%             | 2027-06-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| TRIMBLE CNTY KY ENVIRONMENTAL FACS REV                                            | TRIMBLE CNTY KY 0% 6/1/2054 @                                                | CUSIP: 896221AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $804769.68    | 0.31%             | 2054-06-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HSG FIN AUTH MULTI-FAMILY HSG                                    | NEW HAMPSHIRE 3.80% 7/1/2026                                                 | CUSIP: 64469MQL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170099.11    | 0.07%             | 2026-07-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUN PWR REV                                                              | AMERICAN MUN OH 5% 2/15/2027                                                 | CUSIP: 02765URN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $483877.37    | 0.19%             | 2027-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HSG and EDA HSG REV                                                     | WI HSG EDA 3.875% MT                                                         | CUSIP: 9769044P4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45022.82     | 0.02%             | 2054-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMN MULTIFAMILY HSG REV                                   | WA HFC MF 5% MT                                                              | CUSIP: 93978PPU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $135422.10    | 0.05%             | 2043-12-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY                                                           | NYS HFA 3.8% MT                                                              | CUSIP: 64987JP54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115045.80    | 0.04%             | 2063-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TEXAS ST AFFORDABLE HSG CORP MULTIFAMILY HSG REV                                  | TX AHC MF 3.625% MT                                                          | CUSIP: 88271FFR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130651.39    | 0.05%             | 2045-01-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HSG FIN AUTH MULTI-FAMILY HSG                                    | NEW HAMPSHIRE 3.625% 4/1/2026                                                | CUSIP: 64469MRK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.01%             | 2026-04-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HSG FIN AUTH MULTI-FAMILY HSG                                    | NEW HAMPSHIRE 3.70% 1/1/2027                                                 | CUSIP: 64469MRL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115225.49    | 0.04%             | 2027-01-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST                                                                   | PA ST 5% 9/1/2026                                                            | CUSIP: 70914P2V3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $788071.75    | 0.30%             | 2026-09-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IND LOC PUB IMPTBD BK                                                | INDIANAPOLIS BK 5% 1/1/2027 @                                                | CUSIP: 45528VAY5<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    130000 | PA      | $131985.61    | 0.05%             | 2027-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MILWAUKEE WI                                                                      | MILWAUKEE 2% 3/1/2027                                                        | CUSIP: 602366VT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $188174.63    | 0.07%             | 2027-03-01      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO PLANNED INDL EXPANSION AUTH MULTIFAMILY HSG REV                    | KANSAS CITY MSR 5% MT                                                        | CUSIP: 48507MAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152232.71    | 0.06%             | 2045-07-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY N Y INDL DEV AGY MULTI-FAMILY HSG REV                                 | MONRO NY 61075N 5% 7/1/2028                                                  | CUSIP: 61075NAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $92210.74     | 0.04%             | 2028-07-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| COLUMBUS-FRANKLIN CNTY OHIO FIN AUTH MULTIFAMILY HSG REV                          | COLUMBUS HSG RE 5% 7/1/2045 MT                                               | CUSIP: 19910XAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $131233.36    | 0.05%             | 2045-07-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | AZ IDA MF HSG ROERS FLAGSTAFF 2023-MIZ9157 MZ/MZ D35                         | CUSIP: 60700HUK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.08%             | 2063-12-01      | Variable      | 0.03%                 | Yes           |                  2 | On Loan: No      |
| KENTUCKY HIGHER ED STUDENT LN CORP STUDENT LN REV                                 | KY STUD LN 23-1A1 L=BA V7@                                                   | CUSIP: 49130NGN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10320000 | PA      | $10320000.00  | 3.95%             | 2043-06-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REV                                                         | JEFF AL W+S 5% 10/1/2026                                                     | CUSIP: 472682YV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55620.08     | 0.02%             | 2026-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REV                                                         | JEFF AL W+S 5% 10/1/2027                                                     | CUSIP: 472682YW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51595.87     | 0.02%             | 2027-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DALLAS TX                                                                         | DALLAS TX 5% 2/15/2027                                                       | CUSIP: 235219WA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021399.00   | 0.39%             | 2027-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | NASHVILLE and DAVIDSON TN HLTH and EDUC EWING HGTS 2024-MIZ9163 MZ/MZ D35    | CUSIP: 60700HVD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.08%             | 2062-12-01      | Variable      | 0.03%                 | Yes           |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY                                                           | NYS_HFA 3.375% MT                                                            | CUSIP: 64987JQ38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $925151.98    | 0.35%             | 2063-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH and EDL FACSAUTH REV                                          | WISCONSIN ST H 5% 8/1/2027                                                   | CUSIP: 97712JHF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $341380.60    | 0.13%             | 2027-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH PCR                                                        | BURKE GA PCR MT 11/1/2048                                                    | CUSIP: 121342QK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85266.99     | 0.03%             | 2048-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG and FIN AUTH MULTIFAMILY HSG REV                                     | CO HSG and FIN 3.5% 11/1/2043                                                | CUSIP: 19647PDN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400191.08    | 0.15%             | 2043-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| NORTHSIDE TX INDPT SCH DIST                                                       | NTHSIDE TX ISD 3.45% G=PSF 8/1/2054 MT                                       | CUSIP: 66702RK92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $634147.29    | 0.24%             | 2054-08-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY ARIZ INDL DEV AUTH HOSP REV                                         | MARICOPA C 5% 12/1/2026                                                      | CUSIP: 56678PBS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $462133.49    | 0.18%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY ARIZ INDL DEV AUTH HOSP REV                                         | MARICOPA C 5% 12/1/2027                                                      | CUSIP: 56678PBT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $379002.31    | 0.15%             | 2027-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | NH NATL FIN AUTH UNIV HOSP HOME CARE 2024-MS0023 MO DT                       | CUSIP: 88035HM37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.19%             | 2030-12-15      | Variable      | 0.03%                 | Yes           |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | MD MF HSG WOODINGTON GARDENS 2024-XF3222-AMR MZ/MZ D7                        | CUSIP: 88035HK96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.11%             | 2054-04-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| NJ HLTH CARE FACS FING AUTH DEPT HUMAN SVCS LEASE                                 | NJ HLTH CARE FA 5% 9/15/2026                                                 | CUSIP: 64579XEB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80887.35     | 0.03%             | 2026-09-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NJ HLTH CARE FACS FING AUTH DEPT HUMAN SVCS LEASE                                 | NJ HLTH CARE FA 5% 9/15/2027                                                 | CUSIP: 64579XEN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77604.07     | 0.03%             | 2027-09-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HIGHER ED STUDENT ASSISTANCE AUTH NJ STUDENT LN REV                               | NJ STUD LOAN 5% 12/1/2027@                                                   | CUSIP: 646080XU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $427898.82    | 0.16%             | 2027-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HIGHER ED STUDENT ASSISTANCE AUTH NJ STUDENT LN REV                               | NJ STUD LOAN 5% 12/1/2027 @                                                  | CUSIP: 646080XM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $154662.23    | 0.06%             | 2027-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | BRIGHTLINE FL PASSENGER RAIL 2024-XF1704-NUV E-AGM(RC)/RC D7@                | CUSIP: 88035HZ25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 0.96%             | 2053-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | BRIGHTLINE FL PASSENGER RAIL 2024-XG0577-NUV E-AGM(BC)/BC D1@                | CUSIP: 88035HZ74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400000.00   | 0.54%             | 2053-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH SWR SYS REV                                                      | HAMILTON OH SWR 5% 12/1/2026                                                 | CUSIP: 407288H36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $96533.79     | 0.04%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH SWR SYS REV                                                      | HAMILTON OH SWR 5% 12/1/2027                                                 | CUSIP: 407288H44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $62371.63     | 0.02%             | 2027-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BOERNE TX ISD                                                                     | BOERNE TX ISD 4% MT                                                          | CUSIP: 097067NQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $178177.27    | 0.07%             | 2054-02-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                       | IL ST 5% 5/1/2027                                                            | CUSIP: 452153JJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $127910.63    | 0.05%             | 2027-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                       | IL ST 5% 5/1/2028                                                            | CUSIP: 452153JK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $88604.76     | 0.03%             | 2028-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HALIFAX CNTY VA INDL DEV AUTH POLLUTION CTL REV VRDO IAM COML PAPER 3/A2 SER 1992 | HALIFAX CNTY VA 3.8% MT                                                      | CUSIP: 40579PAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $136540.66    | 0.05%             | 2041-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| WISE CNTY VA INDL DEV AUTH SOLID WASTE and SEW DISP REV                           | WISE VA IDA SW 3.8% MT                                                       | CUSIP: 977228AF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202282.46    | 0.08%             | 2040-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH PCR                                                        | BURKE GA PCR 3.7% MT                                                         | CUSIP: 121342QM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $157254.03    | 0.06%             | 2032-10-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| NORTH EAST INDPT SCH DIST TX                                                      | NE TX ISD 3.75% 8/1/2049 MT                                                  | CUSIP: 659155QL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $227154.98    | 0.09%             | 2049-08-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASH DC ARPTS ATH                                                    | MTRO WA DC ARPT 5% 10/1/2026 @                                               | CUSIP: 592647MJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $237709.20    | 0.09%             | 2026-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| FLORIDA HSG FIN CORP MLTFMY RV                                                    | FL HFC MF 3.8% 6/1/2042 MT                                                   | CUSIP: 34073JVE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $185081.29    | 0.07%             | 2042-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASH DC ARPTS ATH                                                    | MTRO WA DC ARPT 5% 10/1/2027 @                                               | CUSIP: 592647MK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $551726.24    | 0.21%             | 2027-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST INDS AUTH EDL FACSLEASE REV                                           | OKLAHOMA ST IND 5% 4/1/2026                                                  | CUSIP: 67910FAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $525000.00    | 0.20%             | 2026-04-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| LOUISIANA HOUSING CORP                                                            | RIDGE COMMONS COLLAT SOFT PUTS 3.75% MT                                      | CUSIP: 54627CBV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $372433.45    | 0.14%             | 2028-02-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| DISTRICT COLUMBIA HSG FIN MULT                                                    | DC HSG MF 3.65% MT                                                           | CUSIP: 25477PQA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $342931.58    | 0.13%             | 2028-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX FIN CORP MFHR                                                         | HOUSTON TX MF 3.65% MT                                                       | CUSIP: 442396EN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $448210.94    | 0.17%             | 2048-02-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| UT HSG CORP MULTIFAMILY REV                                                       | UT HSG MF 3.7% MT                                                            | CUSIP: 917434DF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $235705.05    | 0.09%             | 2043-08-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH and EDL FACSAUTH REV                                          | WISCONSIN ST H 5% 2/15/2028                                                  | CUSIP: 97712JKE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $543908.03    | 0.21%             | 2028-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TEX HSG TR PUB FACCORP MULTIFAMILY HSG REV                            | SAN ANTONI TXS 3.45% MT                                                      | CUSIP: 79626VAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $512968.00    | 0.20%             | 2029-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                                                        | DETROIT MI 5% 5/1/2026                                                       | CUSIP: 2510936G0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160235.46    | 0.06%             | 2026-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                                                        | DETROIT MI 5% 5/1/2027                                                       | CUSIP: 2510936H8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $168045.11    | 0.06%             | 2027-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                                                        | DETROIT MI 5% 5/1/2028                                                       | CUSIP: 2510936J4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $93077.73     | 0.04%             | 2028-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CHICAGO OHARE 2023 XF1457 D1 @                                               | CUSIP: 88035E5E9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120000.00    | 0.05%             | 2055-01-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| ALASKA ST                                                                         | AK ST 5% 8/1/2026                                                            | CUSIP: 0117706B5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $121000.24    | 0.05%             | 2026-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ALASKA ST                                                                         | AK ST 5% 8/1/2028                                                            | CUSIP: 0117706D1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $100228.60    | 0.04%             | 2028-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BROWARD CTY FL HSG AUT HSG REV                                                    | BROWARD HSG 3.15% MT                                                         | CUSIP: 115027RE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $390405.17    | 0.15%             | 2028-03-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| WAYNE ST UNIV MI UNIV REVS                                                        | WAYNE ST U MI 5% 11/15/2026                                                  | CUSIP: 946303H31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507387.65    | 0.19%             | 2026-11-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CAPITAL AREA HSG FIN CORP TEX MULTI FAMILY HSG REV                                | CAP AREA HFC TX 3.125% MT                                                    | CUSIP: 139726CZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $386167.44    | 0.15%             | 2029-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| KNOXVILLE CNTY TENN HEALTH EDL and HSG FAC BRD MULTIFAMILY HSGREV                 | KNOXV TN 3.1% MT                                                             | CUSIP: 499652AT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $335253.49    | 0.13%             | 2029-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                                                      | OH AIR QUAL 3.65% 12/1/2027 @                                                | CUSIP: 677525XB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $527399.88    | 0.20%             | 2027-12-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                                                      | OH AIR QUAL 3.20% 5/1/2026                                                   | CUSIP: 677525WY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $480243.65    | 0.18%             | 2026-05-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FD LTD OBLIG REV                                            | MI STRAT FND 3.35% MT@                                                       | CUSIP: 594698TK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $728678.26    | 0.28%             | 2049-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL ARPT SYS                                                       | PALM BCH ARPT 5% 10/1/2027 @                                                 | CUSIP: 696499FB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $355324.19    | 0.14%             | 2027-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BEXAR MGMT and DEV CORP TEX MULTIFAMILY HSG REV                                   | BEXAR MGMT and DE 3.02% MT                                                   | CUSIP: 08857CAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1005315.07   | 0.38%             | 2045-05-10      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL OHARE INTL ARPT REV                                                    | CHICAGO OHARE 5% 1/1/2028 @                                                  | CUSIP: 1675935L2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $943726.97    | 0.36%             | 2028-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA AVIATION BOARD                                                     | N ORLEANS AVIAT 5% 1/1/2027@                                                 | CUSIP: 64763HLY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $319787.72    | 0.12%             | 2027-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA AVIATION BOARD                                                     | N ORLEANS AVIAT 5% 1/1/2028@                                                 | CUSIP: 64763HLZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $615606.28    | 0.24%             | 2028-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TEXARKANA TEX INDPT SCH DIST                                                      | TEXAR TX 4% 2/15/2053 MT                                                     | CUSIP: 881847VM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $447027.51    | 0.17%             | 2053-02-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| LEE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY/FL                                    | LEE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY/FL V7                            | CUSIP: 52350LAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1525000.00   | 0.58%             | 2049-04-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TENN HEALTH EDL and HSG FAC BRD MULTIFAMILY HSG                       | CHATT TN HEHA 3.6% MT                                                        | CUSIP: 162404DT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $917182.90    | 0.35%             | 2048-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| NEVADA HSG DIV                                                                    | NV MHSG 5% MT                                                                | CUSIP: 641272HR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $266386.59    | 0.10%             | 2028-07-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | OMAHA NE ARPT 2024-XG0593-MST E-AGC/Q=BA D7@                                 | CUSIP: 88035JY22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300000.00   | 0.50%             | 2049-12-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| GREATER ORLANDO AVIATION AUTH                                                     | GT ORLANDO ARPT 5% 10/1/2028 @                                               | CUSIP: 392275EQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $471579.89    | 0.18%             | 2028-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SANTA FE CNTY N MEX MULTIFAMILY REV                                               | SANTA NM 3.29% 12/10/2049 MT                                                 | CUSIP: 80189NAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $757049.98    | 0.29%             | 2049-12-10      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MONTANA ST BRD HSG MULTIFAMILYHSG REV                                             | MONTANA ST BRD HSG 3.32% MT                                                  | CUSIP: 61212VAU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $662856.08    | 0.25%             | 2046-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CA MFH TERESINA APTS BAML25-6045 BA/BA D1@                                   | CUSIP: 88035MAS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2600000.00   | 0.99%             | 2036-05-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A COOPERATIVE DISTRICT                                 | SOUTHEAST EN AL 5% 1/1/2027                                                  | CUSIP: 84136HBE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $704303.95    | 0.27%             | 2027-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| KENTUCKY INC KY PUB ENERGY AUTH GAS SUPPLY REV                                    | KENTUCKY INC KY 5% 12/1/2026                                                 | CUSIP: 74440DFF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $298565.64    | 0.11%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST SVC AUTH REV                                                    | SC PUB SVC 5% 12/1/2026                                                      | CUSIP: 8371515X3<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    130000 | PA      | $132090.19    | 0.05%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST SVC AUTH REV                                                    | SC PUB SVC 5% 12/1/2028                                                      | CUSIP: 8371515Z8<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    190000 | PA      | $201109.43    | 0.08%             | 2028-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BUCKEYE ARIZ UN HIGH SCH DIST NO 201                                              | BUCKEYE AZ SD 5% 7/1/2026                                                    | CUSIP: 118106KK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $880088.30    | 0.34%             | 2026-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BUCKEYE ARIZ UN HIGH SCH DIST NO 201                                              | BUCKEYE AZ SD 5% 7/1/2027                                                    | CUSIP: 118106KL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $565775.38    | 0.22%             | 2027-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BUCKEYE ARIZ UN HIGH SCH DIST NO 201                                              | BUCKEYE AZ SD 5% 7/1/2028                                                    | CUSIP: 118106KM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $393853.24    | 0.15%             | 2028-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HUMBLE TX INDPT SCH DIST                                                          | HUMBLE TX ISD 0% 2/15/2029                                                   | CUSIP: 445047NJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1873100.06   | 0.72%             | 2029-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PTY and BLDGS COMMN                                                   | KY ST PROP 132A 4/1/26                                                       | CUSIP: 49151F4M9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $330000.00    | 0.13%             | 2026-04-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BINGHAMTON NY                                                                     | BINGHAMTON CITY NY 4/10/26 BAN                                               | CUSIP: 0904912K6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2300594.78   | 0.88%             | 2026-04-10      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT ARPTS REV                                                     | LA CA AIRPT 5% 5/15/2026 @                                                   | CUSIP: 5444452F5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1599519.91   | 0.61%             | 2026-05-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT ARPTS REV                                                     | LA CA AIRPT 5% 5/15/2026 @                                                   | CUSIP: 5444453E7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $812295.38    | 0.31%             | 2026-05-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| INLIVIAN N C MULTIFAMILY REV                                                      | INLIVIAN N C MU 11/1/2058 MT                                                 | CUSIP: 45753CAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $605023.02    | 0.23%             | 2058-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | ANCHORAGE AK PORT REV 2025-XF3381-INV E-AGC/Q=WF D7@                         | CUSIP: 88035PJP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700000.00    | 0.27%             | 2050-02-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | IL PLYMOUTH PLACE BC25-002 BC/BC D35                                         | CUSIP: 76252PG45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $720000.00    | 0.28%             | 2056-05-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECONIMC DEV CORP SOLID WASTE DISP REV                                  | MISSION TX EDC 3.95% MT@                                                     | CUSIP: 605155BX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1299298.65   | 0.50%             | 2055-06-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| FORT WORTH TEX SPL TAX REV                                                        | FORT WRTH TEX 5% 3/1/2029                                                    | CUSIP: 349507DE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $951308.73    | 0.36%             | 2029-03-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV                           | CALIFORNIA CMY 5% 11/1/2028                                                  | CUSIP: 13013JFY7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    350000 | PA      | $364813.33    | 0.14%             | 2028-11-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                                                   | PHILA PA 5% 8/1/2027                                                         | CUSIP: 717813C23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $561782.62    | 0.21%             | 2027-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SULLIVAN WEST CENT SCH DIST NY                                                    | SULLIVAN WEST NY CSD 6/25/26 BAN                                             | CUSIP: 865353DG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002354.50   | 0.38%             | 2026-06-25      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| EAST SYRACUSE-MINOA NY CENT SD                                                    | E SYRACUSE MINOA NY CSD 6/25/26 BAN                                          | CUSIP: 275443EX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $802102.96    | 0.31%             | 2026-06-25      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BELLEVILLE NJ TAN                                                                 | BELLEVILLE TWP ESSEX CNTY NJ 7/7/26 BAN                                      | CUSIP: 079098GJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2105445.51   | 0.81%             | 2026-07-07      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| DENTON TEXAS ISD                                                                  | DENTON TX ISD 4% MT                                                          | CUSIP: 249002NM4<br>LEI: 5493005I9W678SUI0Z07 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1151182.48   | 0.44%             | 2055-08-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| ITHACA CITY NEW YORK                                                              | ITHACA CITY NY 7/17/26 BAN                                                   | CUSIP: 465650U80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395727 | PA      | $397156.21    | 0.15%             | 2026-07-17      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIF PUB PWR AUTH SOUTHN TRANSMISSION SYS RENEWALPROJ REV               | SOUTHERN CFA 5% MT                                                           | CUSIP: 842469DL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $351553.29    | 0.13%             | 2053-07-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| JACKSON ST UNIV EDL BLDG CORP MS REV                                              | JACKSON ST UNIV .80% 3/1/2028                                                | CUSIP: 468714FF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $426403.76    | 0.16%             | 2028-03-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| HUTTO TX INDPT SCH DIST                                                           | HUTTO TX ISD 4% MT                                                           | CUSIP: 4484926N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $380152.62    | 0.15%             | 2055-02-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| FARMINGTON N Y                                                                    | FARMINGTON TWN NY 7/29/26 BAN                                                | CUSIP: 311459ED9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $901307.07    | 0.34%             | 2026-07-29      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| KING CNTY WASH HSG AUTH HSG RE                                                    | KING CNTY WA MF 5% 1/1/2029                                                  | CUSIP: 494759SL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $468548.10    | 0.18%             | 2029-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REV                                                        | SLT LAKE U 5% 7/1/2027@                                                      | CUSIP: 795576MF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $348520.50    | 0.13%             | 2027-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NAVARRO TEX INDPT SCH DIST                                                        | NAVARRO ISD 4% 2/15/28 MT                                                    | CUSIP: 639285SW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $455036.26    | 0.17%             | 2062-02-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| KANSAS ST DEV FIN AUTH MULTIFAMILY HSG REV                                        | KS ST DEV FIN A 2.95% 9/1/2059 MT                                            | CUSIP: 48542TBN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $688434.18    | 0.26%             | 2059-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| ARGYLE TX INDPT SCH DIST                                                          | ARGYLE TX ISD 4% G=PSF 8/15/2057 MT                                          | CUSIP: 040319X26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $395921.33    | 0.15%             | 2057-08-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| ARGYLE TX INDPT SCH DIST                                                          | ARGYLE TX ISD 4% MT                                                          | CUSIP: 040319X34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $616704.90    | 0.24%             | 2057-08-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | MIAMI-DADE CNTY FL AVIATION 2025-CF7044 E-AG/BH Q=CI D7@                     | CUSIP: 88035RGV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.57%             | 2040-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| PORT SEATTLE WA REV                                                               | PORT SEATTLE 5% 10/1/2028 @                                                  | CUSIP: 7353893K2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1353451.36   | 0.52%             | 2028-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NJ ST HSG and MTG FIN AGY MFR                                                     | NJ ST HMFA MF1 2.85% 11/1/2026                                               | CUSIP: 6461087L8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $555327.01    | 0.21%             | 2026-11-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND PWR AUTH NY ELEC                                                      | LIPA NY 9/1/2055 MT                                                          | CUSIP: 542691LD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $510306.10    | 0.20%             | 2055-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ECONOMIC DEV AUTH SOLD WASTE DISP FACS REV                          | WV EDA SLD WAST 3.3% MT @                                                    | CUSIP: 95648VBY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $406573.22    | 0.16%             | 2041-01-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AIRPORT REV                                                       | PHIL PA AIRPORT 5% 7/1/2028@                                                 | CUSIP: 717817YH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $454423.92    | 0.17%             | 2028-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HEALTH CARE FACS AUTH REV                                           | WA ST HLTH CAR 5% 8/15/2026                                                  | CUSIP: 93978HB46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1365131.20   | 0.52%             | 2026-08-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HUDSON MA                                                                         | HUDSON TWN MA 6/11/26 BAN                                                    | CUSIP: 443852XA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $370875.98    | 0.14%             | 2026-06-11      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| J P MORGAN CHASE PUTTERS / DRIVERS TR VAR STS                                     | PA TPK PUTTER-5096 Q=JPS D7                                                  | CUSIP: 46640KU85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.19%             | 2047-06-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT REV                                                               | ATLANTA GA ARPT 5% 7/1/2027 @                                                | CUSIP: 04780M2H1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1030185.60   | 0.39%             | 2027-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DALLAS FORT WORTH TX INTL ARPT                                                    | DFW ARPT 5% 11/1/2027 @                                                      | CUSIP: 23503CFN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3745000 | PA      | $3862935.67   | 1.48%             | 2027-11-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMN MULTIFAMILY HSG REV                                   | WA HFC MF 2.7% 4/1/2044 MT                                                   | CUSIP: 93978PPY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1808580.66   | 0.69%             | 2044-04-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                        | BLACK BELT ENE 5% 2/1/2029                                                   | CUSIP: 09182TFD4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    350000 | PA      | $363941.97    | 0.14%             | 2029-02-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV                           | CALIFORNIA CMY 5% 10/1/2028                                                  | CUSIP: 13013JGS9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    435000 | PA      | $449722.88    | 0.17%             | 2028-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV                                      | CA ST MFA SW 3.375% 9/1/2050 @                                               | CUSIP: 13048RAS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $297913.38    | 0.11%             | 2050-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP SOLID WASTE DISP REV                                         | FLORIDA DEV FIN 3.40% 9/1/2050 @                                             | CUSIP: 34061XAH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $210022.76    | 0.08%             | 2050-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY                                      | UNASSGND LC 567 2.7% MT                                                      | CUSIP: 59465FAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $306280.96    | 0.12%             | 2043-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | ORANGE CNTY FL ORLANDO HLTH 2025-XF8076-PUT Q=JP D7                          | CUSIP: 88035RF82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.19%             | 2052-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH MULTIFAMILY HSG REV                                      | ARIZONA ST INDL 2.76% MT                                                     | CUSIP: 04062PDH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $596752.68    | 0.23%             | 2047-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ IDA MULTIFAMILY                                                      | PIMA CO AZ MF 0% 10/1/2059 MT                                                | CUSIP: 721779LM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $862382.45    | 0.33%             | 2059-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                        | BLACK BELT ENE 5% 5/1/2028                                                   | CUSIP: 09182TFU6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |     75000 | PA      | $77128.85     | 0.03%             | 2028-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PARK CREEK MET DIST COLO LTD PPTY TAX SUPPORTED REV                               | PARK CREEK ME 5% 12/1/2026                                                   | CUSIP: 700385BN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202883.72    | 0.08%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BROCKTON MA                                                                       | BROCKTON CITY MA 10/8/26 BAN                                                 | CUSIP: 111746MC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $809656.96    | 0.31%             | 2026-10-08      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | TX DFW ARPT 2025-XL0705-MFS Q=BA D7@                                         | CUSIP: 88035RQ80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600000.00    | 0.23%             | 2050-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| KINGSPORT TENN INDL DEV BRD COLLATERALIZED MULTIFAMILY HSG REV                    | KINGSPORT TE 2.95% MT                                                        | CUSIP: 496451AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $687299.27    | 0.26%             | 2029-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| PMA LEVY and AID ANTIC NTS PROGRAM WIS                                            | WI PMA LEVY and AID 25B 9/24/26 TRAN                                         | CUSIP: 730146DQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505089.50    | 0.19%             | 2026-09-24      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | CA MFH FOUNTAIN PK 2025-MIZ9233 MZ/MZ D35@                                   | CUSIP: 60700HP29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2100000.00   | 0.80%             | 2027-12-01      | Variable      | 0.03%                 | Yes           |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | CA MFH BELMONT STA 2025-MIZ9232 MZ/MZ D35@                                   | CUSIP: 60700HN70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.31%             | 2028-10-08      | Variable      | 0.03%                 | Yes           |                  2 | On Loan: No      |
| CHATTANOOGA TENN HEALTH EDL and HSG FAC BRD MULTIFAMILY HSG                       | CHATT TN HEHA 2.950% 5/1/2044 MT                                             | CUSIP: 162404DU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $308700.33    | 0.12%             | 2044-05-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| HOLYOKE MA                                                                        | HOLYOKE MA 4% 10/23/2026                                                     | CUSIP: 436705GY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $805932.24    | 0.31%             | 2026-10-23      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MIDWAY ARPT REV                                                        | CHICAGO MIDWAY 5% 1/1/2028@                                                  | CUSIP: 167562UM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $879437.54    | 0.34%             | 2028-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WAYNE CNTY MICH ARPT AUTH REV                                                     | WAYNE CO MI AAR 5% 12/1/2026 @                                               | CUSIP: 9445142Q0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1449277.54   | 0.55%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY NC                                                                | CUMBERLAND CNTY NC PRJ AERO PRE MT@                                          | CUSIP: 230589AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500051.50    | 0.19%             | 2027-12-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC and GAS REV                                                   | SAN ANTONIO E and G 3.08% MT                                                 | CUSIP: 79625GNE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $803553.74    | 0.31%             | 2055-02-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| BONDSVILLE MASS FIRE and WTR DIST                                                 | BONDS MA 098010 4.875% 11/20/2026                                            | CUSIP: 098010AF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $303279.30    | 0.12%             | 2026-11-20      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A COOPERATIVE DISTRICT                                 | SOUTHEAST EN AL 5% 10/1/2027                                                 | CUSIP: 84136HCQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026514.60   | 0.39%             | 2027-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| COLUMBUS-FRANKLIN CNTY OHIO FIN AUTH MULTIFAMILY HSG REV                          | COLUMBUS HSG RE 3.19% 6/1/2044 MT                                            | CUSIP: 19910XAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1213000 | PA      | $1216840.96   | 0.47%             | 2044-06-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| OGDENSBURG NY ENLRG CTY SCH DS                                                    | OGDENSBURG NY ENLRG CSD 7/22/26 BAN                                          | CUSIP: 676490GC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $602330.28    | 0.23%             | 2026-07-22      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA URBAN RESDTL FIN AUTH MF HSG REV                                       | ATLANTA GA MFAM 3.15% MT                                                     | CUSIP: 04785VCF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1048000 | PA      | $1049548.00   | 0.40%             | 2029-12-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| NEW HARTFORD NY CENT SCH DIST                                                     | NEW HARTFORD NY CSD 6/25/26 BAN                                              | CUSIP: 644894QB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501565.90    | 0.19%             | 2026-06-25      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ECONOMIC DEV AUTH SOLD WASTE DISP FACS REV                          | WV NUCOR 25A-1 V7@                                                           | CUSIP: 95648VBZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.19%             | 2065-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CHICAGO IL O'HARE ARPT 2025-XF8113-PUT Q=JP D1@                              | CUSIP: 88035TEX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.11%             | 2055-01-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH and EDL FACSAUTH REV                                          | WISCONSIN ST H 5% 6/1/2028                                                   | CUSIP: 97712JPT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $224054.30    | 0.09%             | 2028-06-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DRYDEN TOWN N Y                                                                   | DRYDEN TWN NY 1/19/27 BAN                                                    | CUSIP: 26252BAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $908510.04    | 0.35%             | 2027-01-19      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | KY WKU STUDENT LIFE 2026-MS0090 MO/MO D7                                     | CUSIP: 88035TKP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200000.00   | 0.46%             | 2027-12-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| METRO NASHVLL ARPT TN                                                             | MET NASH AIR TN 5% 7/1/2027 @                                                | CUSIP: 592190TT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $584284.37    | 0.22%             | 2027-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| METRO NASHVLL ARPT TN                                                             | MET NASH AIR TN 5% 7/1/2028 @                                                | CUSIP: 592190TU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $417861.08    | 0.16%             | 2028-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| METRO NASHVLL ARPT TN                                                             | MET NASH AIR TN 5% 7/1/2029 @                                                | CUSIP: 592190TV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $662667.75    | 0.25%             | 2029-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC and GAS REV                                                   | CPS SOFT PUTS 7% STEP UP RATE A 672,455 3% 12/1/29                           | CUSIP: 79625GNT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1080368.76   | 0.41%             | 2055-02-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC and GAS REV                                                   | CPS SOFT PUTS 7% STEP UP RATE A 672,455 2.9% 12/1/27                         | CUSIP: 79625GNS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $373003.43    | 0.14%             | 2055-02-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CA COMNTY CHOICE 2026-XL0727-NUV Q=MO D7 - for cash- URGENT                  | CUSIP: 88035TNX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700000.00    | 0.27%             | 2056-04-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| DALLAS TX ISD                                                                     | DALLAS TX ISD 5% MT                                                          | CUSIP: 235308Y23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $358154.73    | 0.14%             | 2056-02-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HOSP FIN AUTH RE                                                      | MICHIGAN ST HO 5% 11/15/2029                                                 | CUSIP: 59465HYA8<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |    850000 | PA      | $905567.48    | 0.35%             | 2029-11-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | FL SOUTHPOINTE VISTA II 2026-XG0636-NPI BC/BC D1                             | CUSIP: 88035TTP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.19%             | 2065-01-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                        | BLACK BELT ENE 5% 7/1/2029                                                   | CUSIP: 09182THE0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    240000 | PA      | $249719.40    | 0.10%             | 2029-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DISTRICT COLUMBIA                                                                 | WASH DC GO 26C V1                                                            | CUSIP: 25476FJ74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2700000.00   | 1.03%             | 2051-06-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV                                      | CA ST MFA SW 2.80% MT @                                                      | CUSIP: 13048RAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $399720.92    | 0.15%             | 2056-03-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY                                      | MI MFH CLARK RD FAM APTS 23 MT                                               | CUSIP: 59465FAP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1564766.82   | 0.60%             | 2042-12-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY                                      | MI HSG DEV CORP 2.67% 12/1/2042 MT                                           | CUSIP: 59465FAN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1414835.29   | 0.54%             | 2042-12-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| WEST HAVEN CT                                                                     | W HAVEN CT 4.25% 6/24/2026                                                   | CUSIP: 9531402Q2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300757.32    | 0.12%             | 2026-06-24      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| LEGACY DENTON PUB FAC CORP TEXMULTIFAMILY HSG REV                                 | LEGACY DENTON 2.96% MT                                                       | CUSIP: 52474GAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $249871.83    | 0.10%             | 2043-04-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Laura M. Del Prato

**Signature:** Laura M. Del Prato

**Name of Signer:** Laura M. Del Prato

**Title:** President and Treasurer