# EDGAR Filing Document

**Accession Number:** 0000771951
**File Stem:** 0002071691-25-001599
**Filing Date:** 2025-9
**Character Count:** 236242
**Document Hash:** 2de365b8a94df3cc768f3276b26bf2fd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-001599.hdr.sgml**: 20250923

**ACCESSION NUMBER**: 0002071691-25-001599

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250923

**DATE AS OF CHANGE**: 20250923

**PERIOD START**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM TAX FREE INCOME TRUST
- **CENTRAL INDEX KEY:** 0000771951

**ORGANIZATION NAME:**
- **EIN:** 046483374
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04345
- **FILM NUMBER:** 251333191

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6172921000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM TAX FREE INCOME TRUST /MA/
- **DATE OF NAME CHANGE:** 19920902

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM TAX FREE INCOME TRUST
- **DATE OF NAME CHANGE:** 19920101

## Series and Classes Contracts Data

### Putnam Tax-Free High Yield Fund (Series ID: S000003861)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010821 | Class C Shares  |  |
| C000010822 | Class A Shares  | PTHAX           |
| C000060536 | CLASS Y         |  |
| C000202841 | Class R6 Shares |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Putnam Tax Free Income Trust

- **b. Investment Company Act file number:** 811-04345

- **c. CIK number of Registrant:** 0000771951

- **d. LEI of Registrant:** 54930021N9BODYLQGR89

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

  - **Street Address 1:** 100 Federal Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 617-292-1000

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

- **a. Name of Series:** Putnam Tax-Free High Yield Fund

- **b. EDGAR series identifier (if any):** S000003861

- **c. LEI of Series:** GHIM2ZY9C5VFZ759VN46

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

- **a. Date of fiscal year-end:** 2025-07-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $670587071.15

**Total Liabilities:** $46156090.26

**Net Assets:** $624430980.89

**Delayed Delivery Securities:** $19462601.20

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 987.68000000 | **1-Year:** 10097.33000000 | **5-Year:** 46119.48000000 | **10-Year:** 148372.02000000 | **30-Year:** 91159.02000000

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

- **3-Month:** 1068.33000000 | **1-Year:** 8452.96000000 | **5-Year:** 37283.35000000 | **10-Year:** 121265.04000000 | **30-Year:** 75114.09000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000202841 | -0.50%               | 0.68%                | -0.94%               |
| Class ID C000010822 | -0.44%               | 0.57%                | -0.88%               |
| Class ID C000010821 | -0.59%               | 0.60%                | -1.03%               |
| Class ID C000060536 | -0.41%               | 0.58%                | -0.85%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-891573.28              | $-5414387.59                               |
| Month 2  | $-87309.10               | $1899577.32                                |
| Month 3  | $144794.28               | $-8825759.65                               |

**Designated Index Information**

- **Index Name:** BTMNTR Index

- **Index Identifier:** BM10506

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| California Community Housing Agency                                                   | California Community Housing Agency, Series 2021 A-1                                                     | CUSIP: 13013FAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3275000 | PA      | $2599913.12   | 0.42%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                   | Wisconsin Health & Educational Facilities Authority, Series 2022                                         | CUSIP: 97712JCJ0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    970000 | PA      | $953053.42    | 0.15%             | 2031-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Millsboro DE                                                                  | Town of Millsboro, Series 2018                                                                           | CUSIP: 601266AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1492000 | PA      | $1448813.61   | 0.23%             | 2038-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)                 | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2015 A                     | CUSIP: 71885FDN4<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500333.75   | 0.24%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Plaza at Noah's Ark Community Improvement District                                    | Plaza at Noah's Ark Community Improvement District, Series 2021                                          | CUSIP: 72813LAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $431505.55    | 0.07%             | 2035-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Detroit Downtown Development Authority                                                | Detroit Downtown Development Authority, Series 2024                                                      | CUSIP: 251135HU6<br>LEI: 549300WO3NSMP6FECO66 | Long             | DBT              | MUN               | US        |   2780000 | PA      | $2762103.75   | 0.44%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Ham Lake MN                                                                   | City of Ham Lake, Series 2016 A                                                                          | CUSIP: 406511AN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1491524.55   | 0.24%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                                 | CSCDA Community Improvement Authority, Series 2021 A-2                                                   | CUSIP: 126292AW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $3595232.85   | 0.58%             | 2057-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2020 A                                                                  | CUSIP: 74439YDS7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $822358.90    | 0.13%             | 2055-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northridge Community Development District                                             | Northridge Community Development District, Series 2025                                                   | CUSIP: 66668PAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $267517.69    | 0.04%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                    | South Carolina Jobs-Economic Development Authority, Series 2020 A                                        | CUSIP: 837031ZL0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $948290.53    | 0.15%             | 2054-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Lakeshore East Special Assessment Area                             | City of Chicago, Series 2022                                                                             | CUSIP: 167686AJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    228000 | PA      | $221883.81    | 0.04%             | 2027-12-01      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| Cumberland County Municipal Authority                                                 | Cumberland County Municipal Authority, Series 2019                                                       | CUSIP: 230614PN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $860227.20    | 0.14%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tomball TX                                                                    | City of Tomball, Series 2025                                                                             | CUSIP: 889858AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $454223.48    | 0.07%             | 2053-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Uptown Development Authority                                                          | Uptown Development Authority, Series 2021                                                                | CUSIP: 916856HT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $445566.83    | 0.07%             | 2040-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                     | Florida Development Finance Corp., Series 2022 A                                                         | CUSIP: 34061QBU0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3158928.50   | 0.51%             | 2052-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                    | South Carolina Jobs-Economic Development Authority, Series 2021 A                                        | CUSIP: 83704MBT2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $838471.90    | 0.13%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 812                             | City of Las Vegas, Series 2015                                                                           | CUSIP: 517784AS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $621499.59    | 0.10%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority, Series 2017 A                                                      | CUSIP: 19648FBW3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008489.00   | 0.16%             | 2037-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                    | Health & Educational Facilities Authority of the State of Missouri, Series 2023 B                        | CUSIP: 60636AWS8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2514874.25   | 0.40%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Uptown Development Authority                                                          | Uptown Development Authority, Series 2021                                                                | CUSIP: 916856HR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $584302.43    | 0.09%             | 2038-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp., Series 2020                                                   | CUSIP: 650116CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1967905.00   | 0.32%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                                   | Lakewood Ranch Stewardship District, Series 2024                                                         | CUSIP: 51265KFT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $508003.99    | 0.08%             | 2054-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Tolomato Community Development District                                               | Tolomato Community Development District, Series 2024                                                     | CUSIP: 889560FB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $324813.06    | 0.05%             | 2054-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2024                                                                    | CUSIP: 744396KG6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $865116.10    | 0.14%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority, Series 2021                                                                  | CUSIP: 594479GQ4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $724791.30    | 0.12%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cherry Hill Community Development Authority                                           | Cherry Hill Community Development Authority, Series 2015                                                 | CUSIP: 164631AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500487.45    | 0.08%             | 2035-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                     | Philadelphia Authority for Industrial Development, Series 2017, Class III                                | CUSIP: 717908AL1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2065423.80   | 0.33%             | 2047-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                                    | City of Detroit, Series 2018                                                                             | CUSIP: 2510933Q1<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1424047.24   | 0.23%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                    | South Carolina Jobs-Economic Development Authority, Series 2024                                          | CUSIP: 83704HAL1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    750000 | PA      | $731850.08    | 0.12%             | 2044-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                               | Puerto Rico Sales Tax Financing Corp., Series A-2                                                        | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     17000 | PA      | $14611.15     | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                    | New York Liberty Development Corp., Series 2021 A                                                        | CUSIP: 649519DW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6025000 | PA      | $4038085.14   | 0.65%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| K-Bar Ranch III Community Development District                                        | K-Bar Ranch III Community Development District, Series 2025                                              | CUSIP: 48243VAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $261234.64    | 0.04%             | 2055-05-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2024-1, Class B-1                                                       | CUSIP: 74448FAA9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2375000 | PA      | $2408361.63   | 0.39%             | 2036-04-28      | Fixed         | 6.81%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                               | Puerto Rico Sales Tax Financing Corp., Series A-1                                                        | CUSIP: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    141000 | PA      | $112494.34    | 0.02%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                           | Ohio Higher Educational Facility Commission, Series 2022                                                 | CUSIP: 67756DJ98<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1446185.58   | 0.23%             | 2052-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                                    | City of Detroit, Series 2021 A                                                                           | CUSIP: 2510935B2<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1011835.44   | 0.16%             | 2040-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                | North Carolina Medical Care Commission, Series 2016                                                      | CUSIP: 65820YMR4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1590747.78   | 0.25%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| James City County Economic Development Authority                                      | James City County Economic Development Authority, Series 2021 A                                          | CUSIP: 47029WED5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1644859.13   | 0.26%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                   | Maryland Economic Development Corp., Series 2020                                                         | CUSIP: 57422FAF3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $992957.38    | 0.16%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Brunswick MD                                                                  | City of Brunswick, Series 2019                                                                           | CUSIP: 117250AE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    998000 | PA      | $1002110.56   | 0.16%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2024                                                                    | CUSIP: 74443DKZ3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1775997.80   | 0.28%             | 2064-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| James City County Economic Development Authority                                      | James City County Economic Development Authority, Series 2024 A                                          | CUSIP: 47029WEG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044397.10   | 0.17%             | 2058-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No. 13                                         | Village Community Development District No. 13, Series 2021                                               | CUSIP: 92708HAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $984052.36    | 0.16%             | 2052-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Bella Collina Community Development District                                          | Bella Collina Community Development District, Series 2024                                                | CUSIP: 07819AAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $637683.80    | 0.10%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                              | Arlington Higher Education Finance Corp., Series 2021 A                                                  | CUSIP: 041806L73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $653728.46    | 0.10%             | 2046-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Forest Lake MN                                                                | City of Forest Lake, Series 2019 A                                                                       | CUSIP: 345856AU2<br>LEI: 549300YEG0ZNW83BJB14 | Long             | DBT              | MUN               | US        |    615000 | PA      | $590537.08    | 0.09%             | 2043-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Suffolk Tobacco Asset Securitization Corp.                                            | Suffolk Tobacco Asset Securitization Corp., Series 2021 A-2                                              | CUSIP: 864809CA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1393622.09   | 0.22%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Village Metropolitan District (The)                                                   | Village Metropolitan District (The), Series 2020                                                         | CUSIP: 92708CAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $989527.50    | 0.16%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Venice FL                                                                     | City of Venice, Series 2024 A                                                                            | CUSIP: 922687AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $579633.00    | 0.09%             | 2060-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                   | U.S. Treasury Ultra Bonds                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -113 | NC      | $-231369.68   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Miami-Dade County Industrial Development Authority                                    | Miami-Dade County Industrial Development Authority, Series 2014                                          | CUSIP: 59333ECQ4<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |   2195000 | PA      | $2195036.00   | 0.35%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                           | Washington State Housing Finance Commission, Series 2021 A                                               | CUSIP: 93978LGF7<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2235000 | PA      | $1872076.01   | 0.30%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Long Beach Bond Finance Authority                                                     | Long Beach Bond Finance Authority, Series 2007 A                                                         | CUSIP: 54241AAZ6<br>LEI: 549300BKBZ5U7OZH3S21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2193302.60   | 0.35%             | 2037-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                | Iowa Finance Authority, Series 2024 A                                                                    | CUSIP: 46247SFV1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3188114.65   | 0.51%             | 2059-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Plaza at Noah's Ark Community Improvement District                                    | Plaza at Noah's Ark Community Improvement District, Series 2021                                          | CUSIP: 72813LAM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $687522.72    | 0.11%             | 2030-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                              | Massachusetts Development Finance Agency, Series 2021                                                    | CUSIP: 57584YN21<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    750000 | PA      | $575376.45    | 0.09%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                              | Arlington Higher Education Finance Corp., Series 2022                                                    | CUSIP: 041807CE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2346985.92   | 0.38%             | 2062-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Yavapai (The)                       | Industrial Development Authority of the County of Yavapai (The), Series 2012                             | CUSIP: 98521VAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1195122.73   | 0.19%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Santa Fe NM                                                                   | City of Santa Fe, Series 2019 A                                                                          | CUSIP: 802170AQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1053527.40   | 0.17%             | 2049-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Cobb County (The)                                            | Development Authority of Cobb County (The), Series C                                                     | CUSIP: 190778JV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1147940.24   | 0.18%             | 2038-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                    | Health & Educational Facilities Authority of the State of Missouri, Series 2023 A                        | CUSIP: 60636AWD1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   3965000 | PA      | $2950515.10   | 0.47%             | 2043-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority, Series 2017                                                                  | CUSIP: 594479DD6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    600000 | PA      | $532829.10    | 0.09%             | 2047-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                  | District of Columbia, Series 2019                                                                        | CUSIP: 25483VWD2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $804520.20    | 0.13%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority, Series 2017 C                                                                | CUSIP: 45204EYZ5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    200000 | PA      | $201905.72    | 0.03%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Horace ND                                                                     | City of Horace, Series 2024 C                                                                            | CUSIP: 440365JP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1399534.65   | 0.22%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                              | Arlington Higher Education Finance Corp., Series 2024                                                    | CUSIP: 041807JU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $548191.38    | 0.09%             | 2049-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                  | New Hope Cultural Education Facilities Finance Corp., Series 2016 A                                      | CUSIP: 64542UCZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $542543.12    | 0.09%             | 2046-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| K-Bar Ranch III Community Development District                                        | K-Bar Ranch III Community Development District, Series 2025                                              | CUSIP: 48243VAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $236280.37    | 0.04%             | 2045-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                              | New Hampshire Business Finance Authority, Series 2020 A                                                  | CUSIP: 63607YAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1266783.99   | 0.20%             | 2040-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SkyRidge Pegasus Infrastructure Financing District                                    | SkyRidge Pegasus Infrastructure Financing District, Series 2024                                          | CUSIP: 83089AAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $655719.68    | 0.11%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CCP Metropolitan District No. 3                                                       | CCP Metropolitan District No. 3, Series 2024                                                             | CUSIP: 12520DAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1091954.41   | 0.17%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                                  | Chicago Midway International Airport, Series 2023 A                                                      | CUSIP: 167562SG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2084688.00   | 0.33%             | 2048-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Northridge Community Development District                                             | Northridge Community Development District, Series 2025                                                   | CUSIP: 66668PAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $268557.30    | 0.04%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Terra Lago Community Development District                                             | Terra Lago Community Development District, Series 2025                                                   | CUSIP: 88104DAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $240822.78    | 0.04%             | 2045-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| St Johns County Industrial Development Authority                                      | St. Johns County Industrial Development Authority, Series 2021 A                                         | CUSIP: 79041LAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $603686.63    | 0.10%             | 2041-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                                     | California Housing Finance Agency, Series 2021-1, Class A                                                | CUSIP: 13033DAE5<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |    130602 | PA      | $121933.35    | 0.02%             | 2035-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2024                                                                    | CUSIP: 74441XHS1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1697205.54   | 0.27%             | 2039-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                           | Washington State Housing Finance Commission, Series 2016                                                 | CUSIP: 939783TQ9<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    575000 | PA      | $535226.10    | 0.09%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                  | District of Columbia, Series 2019                                                                        | CUSIP: 25483VWC4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    250000 | PA      | $211187.50    | 0.03%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| East Waller County Management District                                                | East Waller County Management District, Series 2025                                                      | CUSIP: 275737AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $114833.56    | 0.02%             | 2035-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                  | New Hope Cultural Education Facilities Finance Corp., Series 2021                                        | CUSIP: 64542UFN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1118162.72   | 0.18%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                                  | MIDA Mountain Village Public Infrastructure District, Series 2020 A                                      | CUSIP: 59561TAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1847301.60   | 0.30%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cedar Crossings Community Development District                                        | Cedar Crossings Community Development District, Series 2025                                              | CUSIP: 15018WAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $338215.82    | 0.05%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2023 A                                                                  | CUSIP: 74439YEU1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1865370.60   | 0.30%             | 2063-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Du Page County Special Service Area No. 31                                            | Du Page County Special Service Area No. 31, Series 2006                                                  | CUSIP: 26350TAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    596000 | PA      | $586583.74    | 0.09%             | 2036-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                               | Puerto Rico Sales Tax Financing Corp., Series A-1                                                        | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    109000 | PA      | $94966.04     | 0.02%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                           | Washington State Housing Finance Commission, Series 2023                                                 | CUSIP: 93978LGP5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2621865.25   | 0.42%             | 2053-07-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority                                            | Metropolitan Washington Airports Authority                                                               | CUSIP: 592643DJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1935000 | PA      | $1566500.15   | 0.25%             | 2053-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                            | Tarrant County Cultural Education Facilities Finance Corp., Series 2017                                  | CUSIP: 87638RKB2<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1622703.29   | 0.26%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                             | New Jersey Economic Development Authority, Series 2012 A                                                 | CUSIP: 64577QAF8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983477.10    | 0.16%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority, Series 2025                                                        | CUSIP: 19648FZP2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    650000 | PA      | $612631.05    | 0.10%             | 2059-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Woodland Crossing Community Development District                                      | Woodland Crossing Community Development District, Series 2025                                            | CUSIP: 979583AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $113045.26    | 0.02%             | 2045-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                                 | Capital Projects Finance Authority, Series 2024 A-1                                                      | CUSIP: 140427CR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1128595.00   | 0.18%             | 2058-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                             | New Jersey Economic Development Authority, Series 2003                                                   | CUSIP: 64578CBU4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001981.20   | 0.32%             | 2033-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                              | Massachusetts Development Finance Agency, Series 2007                                                    | CUSIP: 57585AAB6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2035000 | PA      | $20.35        | 0.00%             | 2028-10-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Southeastern Ohio Port Authority                                                      | Southeastern Ohio Port Authority, Series 2015                                                            | CUSIP: 841895AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $203600.45    | 0.03%             | 2043-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2019 B                                                                  | CUSIP: 74439YCV1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1800445.70   | 0.29%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp., Series 2023                                                   | CUSIP: 650116GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4471378.12   | 0.72%             | 2054-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                | North Carolina Medical Care Commission, Series 2019 A                                                    | CUSIP: 65820YQK5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2970000 | PA      | $2743524.14   | 0.44%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima (The)                          | Industrial Development Authority of the County of Pima (The), Series 2022 A                              | CUSIP: 72178AAJ1<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1704465.84   | 0.27%             | 2057-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| E-470 Public Highway Authority                                                        | E-470 Public Highway Authority, Series 2010 A                                                            | CUSIP: 26822LLT9<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $466344.10    | 0.07%             | 2041-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| River Landing Community Development District                                          | River Landing Community Development District, Series 2025                                                | CUSIP: 76828JAM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $521064.54    | 0.08%             | 2055-05-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority, Series 2024 B                                                                | CUSIP: 45204FYV1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $900865.20    | 0.14%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority, Series 2024 B                                                                | CUSIP: 45204FYU3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    750000 | PA      | $691344.15    | 0.11%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                        | Metropolitan Nashville Airport Authority (The), Series 2022 B                                            | CUSIP: 592190QW5<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    875000 | PA      | $913806.95    | 0.15%             | 2041-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                            | Utah Infrastructure Agency, Series 2024                                                                  | CUSIP: 917467DC3<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504902.85    | 0.08%             | 2048-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)                 | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2016 A                     | CUSIP: 71885FEB9<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    750000 | PA      | $691485.45    | 0.11%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                               | Port Authority of New York & New Jersey                                                                  | CUSIP: 73358W4C5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   4485000 | PA      | $4359213.24   | 0.70%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)                 | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2016 A                     | CUSIP: 71885FEA1<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1750418.08   | 0.28%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa Municipal Airport Trust Trustees/OK                                             | Tulsa Municipal Airport Trust Trustees, Series 2025                                                      | CUSIP: 899661EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $121543.50    | 0.02%             | 2035-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp., Series 2018                                                   | CUSIP: 650116CQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4405000 | PA      | $4096700.22   | 0.66%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gardens at Hammock Beach Community Development District                               | Gardens at Hammock Beach Community Development District, Series 2024-1                                   | CUSIP: 36549DAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $294088.47    | 0.05%             | 2044-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                            | Utah Infrastructure Agency, Series 2022                                                                  | CUSIP: 917467CG5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061000.00   | 0.17%             | 2032-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                                   | Lakewood Ranch Stewardship District, Series 2020                                                         | CUSIP: 51265KEN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $391959.45    | 0.06%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima (The)                          | Industrial Development Authority of the County of Pima (The), Series 2022 A                              | CUSIP: 72178AAG7<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045858.20   | 0.17%             | 2042-11-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Grays Harbor County Public Hospital District No. 1                                    | Grays Harbor County Public Hospital District No. 1, Series 2023                                          | CUSIP: 389526AJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5374478.50   | 0.86%             | 2053-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                | California Municipal Finance Authority, Series 2024                                                      | CUSIP: 130497AY6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1134285.68   | 0.18%             | 2064-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CMFA Special Finance Agency VII                                                       | CMFA Special Finance Agency VII, Series 2021 A-1                                                         | CUSIP: 12574UAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1300572.00   | 0.21%             | 2056-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Sarasota County Health Facilities Authority                                           | Sarasota County Health Facilities Authority, Series 2016                                                 | CUSIP: 80329UAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1295779.22   | 0.21%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Monongalia WV                                                               | County of Monongalia, Series 2023 A                                                                      | CUSIP: 61022DAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $450622.70    | 0.07%             | 2043-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                      | Maricopa County Industrial Development Authority, Series 2024                                            | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3821712.98   | 0.61%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2023-1, Class A                                                         | CUSIP: 74448GAA7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2842700 | PA      | $2828116.34   | 0.45%             | 2062-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| West Port East Community Development District                                         | West Port East Community Development District, Series 2025                                               | CUSIP: 95549KAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $539426.53    | 0.09%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| St Johns County Industrial Development Authority                                      | St. Johns County Industrial Development Authority, Series 2021 A                                         | CUSIP: 79041LAQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $525720.45    | 0.08%             | 2050-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Seminole County Industrial Development Authority                                      | Seminole County Industrial Development Authority, Series 2021 A                                          | CUSIP: 816686AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $618979.39    | 0.10%             | 2051-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No. 13                                         | Village Community Development District No. 13, Series 2020                                               | CUSIP: 92708HAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3820000 | PA      | $2752174.39   | 0.44%             | 2051-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Water Resources Authority                                               | Massachusetts Water Resources Authority, Series 2008 A                                                   | CUSIP: 576051BY1<br>LEI: 549300GBS2G3YGHOYO19 | Long             | STIV             | MUN               | US        |    890000 | PA      | $890000.00    | 0.14%             | 2037-08-01      | Variable      | 2.40%                 | No            |                  2 | On Loan: No      |
| City of North Las Vegas NV                                                            | City of North Las Vegas, Series 2019                                                                     | CUSIP: 66041HGX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $576788.76    | 0.09%             | 2039-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                 | Louisiana Public Facilities Authority, Series 2024                                                       | CUSIP: 546399SZ0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1117555.56   | 0.18%             | 2064-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Bella Collina Community Development District                                          | Bella Collina Community Development District, Series 2024                                                | CUSIP: 07819AAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $849136.84    | 0.14%             | 2055-05-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| City of Ramsey MN                                                                     | City of Ramsey, Series 2022 A                                                                            | CUSIP: 751814AA2<br>LEI: 549300PYUDKBK3S78343 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1315830.02   | 0.21%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Magnolia Green Community Development Authority                                  | Lower Magnolia Green Community Development Authority, Series 2015                                        | CUSIP: 548207AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $777740.40    | 0.12%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                       | Kentucky Economic Development Finance Authority, Series 2016 A                                           | CUSIP: 49126PFF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1807566.80   | 0.29%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Housing & Redevelopment Authority of The City of St Paul Minnesota                    | Housing & Redevelopment Authority of the City of St. Paul Minnesota, Series 2020 A                       | CUSIP: 852297DB3<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2398664.95   | 0.38%             | 2055-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2024 A                                                                  | CUSIP: 74442ELU2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    690000 | PA      | $615889.45    | 0.10%             | 2044-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                              | U.S. Treasury Bills                                                                                      | CUSIP: 912797QP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    300000 | PA      | $296600.00    | 0.05%             | 2025-11-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No. 15                                         | Village Community Development District No. 15, Series 2023                                               | CUSIP: 92708KAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $995688.54    | 0.16%             | 2038-05-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| City of Aubrey TX                                                                     | City of Aubrey, Series 2025                                                                              | CUSIP: 050197BX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $239522.76    | 0.04%             | 2055-12-31      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Hastings Campus Housing Finance Authority                                             | Hastings Campus Housing Finance Authority, Series 2020 A                                                 | CUSIP: 418338AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2087520.25   | 0.33%             | 2061-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Authority | Louisiana Local Government Environmental Facilities & Community Development Authority, Series 2024       | CUSIP: 54628C2Z4<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    765000 | PA      | $690723.01    | 0.11%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Waller County Management District                                                | East Waller County Management District, Series 2025                                                      | CUSIP: 275737AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $256860.19    | 0.04%             | 2045-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Pilot Point TX                                                                | City of Pilot Point, Series 2025                                                                         | CUSIP: 721614AY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    113000 | PA      | $113588.24    | 0.02%             | 2055-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| GIR East Community Development District                                               | GIR East Community Development District, Series 2025                                                     | CUSIP: 37611TAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1211178.26   | 0.19%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                               | Puerto Rico Sales Tax Financing Corp., Series A-1                                                        | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     59000 | PA      | $55801.29     | 0.01%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                                 | Capital Projects Finance Authority, Series 2024 A-1                                                      | CUSIP: 140427CQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $453966.35    | 0.07%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                           | Ohio Higher Educational Facility Commission, Series 2022                                                 | CUSIP: 67756DE36<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3206088.93   | 0.51%             | 2052-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                              | Arlington Higher Education Finance Corp., Series 2024                                                    | CUSIP: 041807JW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $879006.20    | 0.14%             | 2059-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Town of Bridgeville DE                                                                | Town of Bridgeville, Series 2024                                                                         | CUSIP: 108588AP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1503399.57   | 0.24%             | 2053-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima (The)                          | Industrial Development Authority of the County of Pima (The), Series 2022 A                              | CUSIP: 72178AAF9<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1110819.16   | 0.18%             | 2035-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                   | Wisconsin Health & Educational Facilities Authority, Series 2024                                         | CUSIP: 97712JJX2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    700000 | PA      | $699089.51    | 0.11%             | 2059-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL                                                               | County of Palm Beach, Series 2019 A                                                                      | CUSIP: 696547GJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $485972.55    | 0.08%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                             | Indiana Finance Authority, Series 2023 A                                                                 | CUSIP: 45471FAG6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1089139.93   | 0.17%             | 2058-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Gas Worx Community Development District                                               | Gas Worx Community Development District, Series 2025                                                     | CUSIP: 367200AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100462.05    | 0.02%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pilot Point TX                                                                | City of Pilot Point, Series 2025                                                                         | CUSIP: 721614AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101407.68    | 0.02%             | 2035-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority, Series 2016                                                        | CUSIP: 19648FAY0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005913.00   | 0.32%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                                   | Lakewood Ranch Stewardship District, Series 2016                                                         | CUSIP: 51265KAV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $733193.53    | 0.12%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                | California Municipal Finance Authority, Series 2024                                                      | CUSIP: 130497AX8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    600000 | PA      | $616065.06    | 0.10%             | 2054-06-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                                | Lancaster County Hospital Authority, Series 2019 A                                                       | CUSIP: 51404PAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4705000 | PA      | $3865304.30   | 0.62%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                                 | CSCDA Community Improvement Authority, Series 2021 A-2                                                   | CUSIP: 126292BG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $2200739.52   | 0.35%             | 2057-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Suffolk Regional Off-Track Betting Co.                                                | Suffolk Regional Off-Track Betting Co., Series 2024                                                      | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2730000 | PA      | $2777833.15   | 0.44%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| STC Metropolitan District No. 2                                                       | STC Metropolitan District No. 2, Series 2025 A-2                                                         | CUSIP: 85780TBD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504148.85    | 0.08%             | 2055-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Baldwin County Industrial Development Authority                                       | Baldwin County Industrial Development Authority, Series 2025 A                                           | CUSIP: 05786PAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1248371.50   | 0.20%             | 2055-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Lakeshore East Special Assessment Area                             | City of Chicago, Series 2022                                                                             | CUSIP: 167686AM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $310620.31    | 0.05%             | 2030-12-01      | Fixed         | 3.29%                 | No            |                  2 | On Loan: No      |
| MIDA Cormont Public Infrastructure District                                           | MIDA Cormont Public Infrastructure District, Series 2025 A-2                                             | CUSIP: 59561JAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $610637.40    | 0.10%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                              | New Hampshire Business Finance Authority, Series 2024-2, Class A                                         | CUSIP: 63607WAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3771032 | PA      | $3436178.73   | 0.55%             | 2039-08-20      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                                 | CSCDA Community Improvement Authority, Series 2021 B                                                     | CUSIP: 126292AX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1068931.35   | 0.17%             | 2057-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                            | Utah Infrastructure Agency, Series 2019                                                                  | CUSIP: 917467BM3<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1288492.05   | 0.21%             | 2042-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd      | Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Series 2019   | CUSIP: 592029AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $801319.52    | 0.13%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southlands Metropolitan District No. 1                                                | Southlands Metropolitan District No. 1, Series 2017 A-1                                                  | CUSIP: 84454RAX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1596208.21   | 0.26%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                           | Connecticut State Health & Educational Facilities Authority, Series 2016 A                               | CUSIP: 20774YJ32<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $902445.70    | 0.14%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                | California Municipal Finance Authority, Series 2025-1, Class B                                           | CUSIP: 13050WAC5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $595421.30    | 0.10%             | 2049-06-20      | Variable      | 3.54%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                          | New York City Transitional Finance Authority                                                             | CUSIP: 64972JWL8<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |  12500000 | PA      | $13185591.25  | 2.11%             | 2050-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                                                 | County of Hamilton, Series 2017 A                                                                        | CUSIP: 40727RCA4<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    785000 | PA      | $704364.96    | 0.11%             | 2052-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2018                                                                    | CUSIP: 74442PJR7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3425000 | PA      | $3213313.08   | 0.51%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                 | Pennsylvania Economic Development Financing Authority, Series 2022                                       | CUSIP: 70868YAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2562378.25   | 0.41%             | 2061-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Manor TX                                                                      | City of Manor, Series 2025                                                                               | CUSIP: 564099AV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    364000 | PA      | $362897.52    | 0.06%             | 2055-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Kings Creek I Community Development District                                          | Kings Creek I Community Development District, Series 2025                                                | CUSIP: 495879AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97770.69     | 0.02%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 816                             | City of Las Vegas, Series 2021                                                                           | CUSIP: 51779AAQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $922937.92    | 0.15%             | 2051-06-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority, Series 2017 A                                                                | CUSIP: 45203KAP0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5007884.75   | 0.80%             | 2047-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                  | New Hope Cultural Education Facilities Finance Corp., Series 2016 A                                      | CUSIP: 64542UDA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $186008.13    | 0.03%             | 2052-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                   | Maryland Economic Development Corp., Series 2022 A                                                       | CUSIP: 57420VSP9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   5025000 | PA      | $5225204.04   | 0.84%             | 2058-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                          | County of Prince George's, Series 2018                                                                   | CUSIP: 74172RBP1<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |    300000 | PA      | $297978.63    | 0.05%             | 2039-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                     | Philadelphia Authority for Industrial Development, Series 2017                                           | CUSIP: 71781XGT4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1819956 | PA      | $909978.11    | 0.15%             | 2045-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                            | Utah Infrastructure Agency, Series 2024                                                                  | CUSIP: 917467DA7<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    405000 | PA      | $420824.24    | 0.07%             | 2039-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Middleton Community Development District A                                            | Middleton Community Development District A, Series 2022                                                  | CUSIP: 596681AE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1383744.20   | 0.22%             | 2053-05-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                            | Stamford Housing Authority, Series 2025 A                                                                | CUSIP: 852640AJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $184320.62    | 0.03%             | 2045-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                             | City of Houston Airport System, Series 2021 A                                                            | CUSIP: 442349FZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3222828.75   | 0.52%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                  | District of Columbia, Series 2017 A                                                                      | CUSIP: 25483VSG0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   3170000 | PA      | $2738712.94   | 0.44%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2020                                                                    | CUSIP: 74442PZR9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     95000 | PA      | $103858.43    | 0.02%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                           | Washington State Housing Finance Commission, Series 2023-1, Class A                                      | CUSIP: 93978T4M8<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   5115860 | PA      | $4636463.56   | 0.74%             | 2037-04-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                          | Michigan State Housing Development Authority, Series 2021 A                                              | CUSIP: 59465PBA5<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1489799.00   | 0.24%             | 2059-10-01      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                                 | CSCDA Community Improvement Authority, Series 2021 A-2                                                   | CUSIP: 126292AF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $2407745.02   | 0.39%             | 2056-08-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                  | Puerto Rico Electric Power Authority, Series TT                                                          | CUSIP: 74526YDB8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |   7500000 | PA      | $3656250.00   | 0.59%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hickory Chase Community Authority                                                     | Hickory Chase Community Authority, Series 2019 A                                                         | CUSIP: 428861AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1289333.39   | 0.21%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                        | Metropolitan Nashville Airport Authority (The), Series 2022 B                                            | CUSIP: 592190QT2<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    875000 | PA      | $933968.35    | 0.15%             | 2038-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                                    | City of Detroit, Series B-1                                                                              | CUSIP: 251093S84<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   4549005 | PA      | $3542194.19   | 0.57%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                                 | Capital Projects Finance Authority, Series 2020 A-1                                                      | CUSIP: 140427BP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2081088.40   | 0.33%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                             | City of Houston Airport System, Series 2024 B                                                            | CUSIP: 442349HZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027657.00   | 0.16%             | 2039-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                    | South Carolina Jobs-Economic Development Authority, Series 2020 A                                        | CUSIP: 837031ZK2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    585000 | PA      | $546825.65    | 0.09%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                            | Capital Trust Agency, Inc., Series 2020 A                                                                | CUSIP: 14054CDF3<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $891628.80    | 0.14%             | 2055-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                  | District of Columbia, Series 2021 A                                                                      | CUSIP: 25483VYC2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    700000 | PA      | $581948.50    | 0.09%             | 2061-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Yavapai (The)                       | Industrial Development Authority of the County of Yavapai (The), Series 2015 A                           | CUSIP: 98521VAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $497697.95    | 0.08%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Local Government Finance Commission                                           | Florida Local Government Finance Commission, Series 2025 A                                               | CUSIP: 34077EAE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3001830.44   | 0.48%             | 2065-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                   | California Public Finance Authority, Series 2021 A                                                       | CUSIP: 13057GAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $724107.38    | 0.12%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Gunter TX                                                                     | City of Gunter, Series 2025                                                                              | CUSIP: 40314PAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    771000 | PA      | $721543.67    | 0.12%             | 2045-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| East Waller County Management District                                                | East Waller County Management District, Series 2025                                                      | CUSIP: 275737AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $301165.57    | 0.05%             | 2055-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2019 A                                                                  | CUSIP: 74442EEH9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    455000 | PA      | $390643.34    | 0.06%             | 2054-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2024                                                                    | CUSIP: 744396KH4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1064296.13   | 0.17%             | 2060-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                                 | Capital Projects Finance Authority, Series 2024 B                                                        | CUSIP: 140427CK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17800000 | PA      | $2426287.74   | 0.39%             | 2062-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                                  | Pennsylvania Higher Educational Facilities Authority, Series 2016 A                                      | CUSIP: 709181BZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999127.50    | 0.16%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Warm Springs Reservation Confederated Tribe                                           | Warm Springs Reservation Confederated Tribe, Series 2019 B                                               | CUSIP: 934312AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $383200.99    | 0.06%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cypress Bluff Community Development District                                          | Cypress Bluff Community Development District, Series 2025                                                | CUSIP: 23267AAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1402673.10   | 0.22%             | 2055-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                  | New Hope Cultural Education Facilities Finance Corp., Series 2016 A                                      | CUSIP: 64542UCY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $439328.25    | 0.07%             | 2036-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                         | Delaware State Economic Development Authority, Series 2016 A                                             | CUSIP: 246387RV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $698569.27    | 0.11%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financial Authority                             | Florida Higher Educational Facilities Financing Authority, Series 2019                                   | CUSIP: 34073TLP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1403112.60   | 0.22%             | 2049-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Skagit County Public Hospital District No. 1                                          | Skagit County Public Hospital District No. 1, Series 2016                                                | CUSIP: 830227EC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1997187.80   | 0.32%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Wharton TX                                                                    | City of Wharton, Series 2025                                                                             | CUSIP: 962423AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $148678.29    | 0.02%             | 2055-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2016 C                                                                  | CUSIP: 74443QAD4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    700000 | PA      | $698046.37    | 0.11%             | 2030-11-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                                       | Chester County Industrial Development Authority, Series 2017 A                                           | CUSIP: 165588DK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1134932.88   | 0.18%             | 2037-10-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| City & County of Denver                                                               | City & County of Denver                                                                                  | CUSIP: 249182TG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3175000 | PA      | $3448263.04   | 0.55%             | 2038-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                    | South Carolina Jobs-Economic Development Authority, Series 2018 A                                        | CUSIP: 83704MAL0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1805208.40   | 0.29%             | 2039-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| California Community Housing Agency                                                   | California Community Housing Agency, Series 2021 A-1                                                     | CUSIP: 13013FAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1274269.00   | 0.20%             | 2056-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                      | Maricopa County Industrial Development Authority, Series 2016                                            | CUSIP: 56681NAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502254.95   | 0.24%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                              | Arlington Higher Education Finance Corp., Series 2021 A                                                  | CUSIP: 041806L57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $298825.09    | 0.05%             | 2036-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                              | Arlington Higher Education Finance Corp., Series 2024                                                    | CUSIP: 041807JV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $934644.06    | 0.15%             | 2054-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2019                                                                    | CUSIP: 74445GAR3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $901425.00    | 0.14%             | 2053-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                    | City of Chicago, Series 2021 A                                                                           | CUSIP: 167486M55<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   3150000 | PA      | $2957506.34   | 0.47%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                                   | Port of Portland, Series 27 A                                                                            | CUSIP: 735240Y23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15710000 | PA      | $13029305.30  | 2.09%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Matagorda County Navigation District No. 1                                            | Matagorda County Navigation District No. 1, Series 2005 A                                                | CUSIP: 576528CY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3135629.10   | 0.50%             | 2030-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Town of Millsboro DE                                                                  | Town of Millsboro, Series 2018                                                                           | CUSIP: 601266AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1996000 | PA      | $1835175.89   | 0.29%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Berkeley SC                                                                 | County of Berkeley, Series 2019                                                                          | CUSIP: 084220AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $883635.50    | 0.14%             | 2040-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority, Series 2017 A                                                      | CUSIP: 19648FBX1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    250000 | PA      | $238775.15    | 0.04%             | 2047-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Oneida Indian Nation of New York                                                      | Oneida Indian Nation of New York, Series 2024 A                                                          | CUSIP: 682504AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2300534.55   | 0.37%             | 2040-09-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| County of Denton TX                                                                   | County of Denton, Series 2025                                                                            | CUSIP: 24880GAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300958.68    | 0.05%             | 2055-12-31      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                          | County of Prince George's, Series 2018                                                                   | CUSIP: 74172RBQ9<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1969769.60   | 0.32%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Authority | Louisiana Local Government Environmental Facilities & Community Development Authority, Series 2024       | CUSIP: 54628C3B6<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1002183.49   | 0.16%             | 2059-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Dallas Area Municipal Authority                                                       | Dallas Area Municipal Authority, Series 2019                                                             | CUSIP: 235171AR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3031299.36   | 0.49%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                    | New York Liberty Development Corp., Series 2022 A, Class 1                                               | CUSIP: 649519EY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5450000 | PA      | $4127645.79   | 0.66%             | 2043-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Gardens at Hammock Beach Community Development District                               | Gardens at Hammock Beach Community Development District, Series 2024-1                                   | CUSIP: 36549DAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $500662.16    | 0.08%             | 2054-05-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                | Iowa Finance Authority, Series 2023 B                                                                    | CUSIP: 46247SFF6<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1531404.28   | 0.25%             | 2053-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                 | Louisiana Public Facilities Authority, Series 2025 A                                                     | CUSIP: 546399UP9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1377088.40   | 0.22%             | 2055-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Nashville Metropolitan Development & Housing Agency                                   | Nashville Metropolitan Development & Housing Agency, Series 2018                                         | CUSIP: 591874AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1255503.75   | 0.20%             | 2036-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Hammock Oaks Community Development District                                           | Hammock Oaks Community Development District, Series 2025                                                 | CUSIP: 40834PAJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $190407.40    | 0.03%             | 2055-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                    | Tobacco Settlement Financing Corp., Series 2015 B                                                        | CUSIP: 888809BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2892341.10   | 0.46%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                              | Cleveland-Cuyahoga County Port Authority, Series 2018                                                    | CUSIP: 18610PAU2<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1066651.60   | 0.17%             | 2038-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cypress Creek Reserve Community Development District                                  | Cypress Creek Reserve Community Development District, Series 2025                                        | CUSIP: 23274FAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $148458.03    | 0.02%             | 2056-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                           | Washington State Housing Finance Commission, Series 2024-1, Class A                                      | CUSIP: 93978UAA4<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1243693 | PA      | $1144858.47   | 0.18%             | 2040-03-20      | Variable      | 4.22%                 | No            |                  2 | On Loan: No      |
| Sterling Ranch Community Authority Board                                              | Sterling Ranch Community Authority Board, Series 2024                                                    | CUSIP: 85950TAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    626000 | PA      | $617024.54    | 0.10%             | 2043-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Lowery Hills Community Development District                                           | Lowery Hills Community Development District, Series 2025                                                 | CUSIP: 548652AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $686306.68    | 0.11%             | 2045-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority, Series 2019                                                        | CUSIP: 19648FLZ5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    550000 | PA      | $492903.68    | 0.08%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                                 | CSCDA Community Improvement Authority, Series 2021 A-1                                                   | CUSIP: 126292AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1236308.53   | 0.20%             | 2041-08-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Palermo Community Development District                                                | Palermo Community Development District, Series 2025                                                      | CUSIP: 696280AF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $586025.34    | 0.09%             | 2055-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority, Series 2017                                                                  | CUSIP: 594479DC8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1070940.10   | 0.17%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Middleton Community Development District A                                            | Middleton Community Development District A, Series 2024                                                  | CUSIP: 596681AK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1437740.50   | 0.23%             | 2055-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Verano No. 4 Community Development District                                           | Verano No. 4 Community Development District, Series 2025                                                 | CUSIP: 92337SAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $372353.81    | 0.06%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                            | Capital Trust Agency, Inc., Series 2020 A                                                                | CUSIP: 14054CDE6<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    300000 | PA      | $291295.77    | 0.05%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kings Creek I Community Development District                                          | Kings Creek I Community Development District, Series 2025                                                | CUSIP: 495879AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $218580.91    | 0.04%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Lowry Crossing TX                                                             | City of Lowry Crossing, Series 2025                                                                      | CUSIP: 54877WAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1507000 | PA      | $1501998.27   | 0.24%             | 2055-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                              | Massachusetts Development Finance Agency, Series 2021                                                    | CUSIP: 57584YN39<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2615000 | PA      | $1921040.45   | 0.31%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Southern California                               | Tobacco Securitization Authority of Southern California, Series 2019 B-2, Class 2                        | CUSIP: 888804CU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14660000 | PA      | $2811666.32   | 0.45%             | 2054-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                   | Wisconsin Health & Educational Facilities Authority, Series 2021                                         | CUSIP: 97712JEE9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $959414.09    | 0.15%             | 2057-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                        | Buckeye Tobacco Settlement Financing Authority, Series 2020 A-2, Class 1                                 | CUSIP: 118217CW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4870000 | PA      | $3258909.52   | 0.52%             | 2048-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Township of Baytown MN                                                                | Township of Baytown, Series 2016 A                                                                       | CUSIP: 073225AW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $359586.20    | 0.06%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Monongalia WV                                                               | County of Monongalia, Series 2023 A                                                                      | CUSIP: 61022DAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $901520.05    | 0.14%             | 2053-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority, Series 2019 A-2                                                    | CUSIP: 19648FKS2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1714700.93   | 0.27%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                           | Washington State Housing Finance Commission, Series 2025 B                                               | CUSIP: 93978LJR8<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    625000 | PA      | $631787.13    | 0.10%             | 2064-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Governors Park South Community Development District                                   | Governors Park South Community Development District, Series 2025                                         | CUSIP: 383670AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $819954.89    | 0.13%             | 2055-05-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                              | Arizona Industrial Development Authority, Series 2017 G                                                  | CUSIP: 04052BEX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502552.55   | 0.24%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority, Series 2021                                                        | CUSIP: 19648FSV7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $835724.00    | 0.13%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                               | Puerto Rico Sales Tax Financing Corp., Series A-1                                                        | CUSIP: 74529JPU3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    116000 | PA      | $115994.17    | 0.02%             | 2034-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                    | City of Chicago, Series 2019 A                                                                           | CUSIP: 167486E21<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1876478.20   | 0.30%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                            | Utah Infrastructure Agency, Series 2024                                                                  | CUSIP: 917467CZ3<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    355000 | PA      | $379020.65    | 0.06%             | 2036-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Rampart Range Metropolitan District No. 5                                             | Rampart Range Metropolitan District No. 5, Series 2021                                                   | CUSIP: 75157WAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1554966.60   | 0.25%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                             | Harris County Cultural Education Facilities Finance Corp., Series 2016                                   | CUSIP: 414009LD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996509.40    | 0.16%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                              | U.S. Treasury Bills                                                                                      | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    350000 | PA      | $347441.76    | 0.06%             | 2025-10-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                             | New Jersey Economic Development Authority, Series 2000 B                                                 | CUSIP: 64578CBW0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001049.60   | 0.16%             | 2030-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                                   | Lakewood Ranch Stewardship District, Series 2024                                                         | CUSIP: 51265KFS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $470007.73    | 0.08%             | 2044-05-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Trails at Crowfoot Metropolitan District No. 3                                        | Trails at Crowfoot Metropolitan District No. 3, Series 2024 B                                            | CUSIP: 89286RAV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $690498.76    | 0.11%             | 2052-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                                  | Chicago Midway International Airport, Series 2023 C                                                      | CUSIP: 167562TJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2061303.20   | 0.33%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp., Series 2023                                                   | CUSIP: 650116GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2257484.02   | 0.36%             | 2040-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| City of Aubrey TX                                                                     | City of Aubrey, Series 2025                                                                              | CUSIP: 050197BW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $139357.32    | 0.02%             | 2045-12-31      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| City & County of Denver                                                               | City & County of Denver                                                                                  | CUSIP: 249182TF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2737916.25   | 0.44%             | 2037-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Landings Community Development District                                               | Landings Community Development District, Series 2024                                                     | CUSIP: 51502AAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $809444.38    | 0.13%             | 2055-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                              | Build NYC Resource Corp., Series 2021 A                                                                  | CUSIP: 12008ERS7<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $370755.65    | 0.06%             | 2051-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                                       | Chester County Industrial Development Authority, Series 2013 A                                           | CUSIP: 16559PAT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $1939401.64   | 0.31%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2025                                                                    | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1145769.96   | 0.18%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                        | Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Class 2                                 | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9650000 | PA      | $7849612.05   | 1.26%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pinellas County Industrial Development Authority                                      | Pinellas County Industrial Development Authority, Series 2019                                            | CUSIP: 72316VAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2770000 | PA      | $2658995.02   | 0.43%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                    | South Carolina Jobs-Economic Development Authority, Series 2021 A                                        | CUSIP: 83704MBV7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1530000 | PA      | $985159.35    | 0.16%             | 2056-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                                 | CSCDA Community Improvement Authority, Series 2021 A                                                     | CUSIP: 126292AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4805000 | PA      | $4076344.81   | 0.65%             | 2056-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Hutto TX                                                                      | City of Hutto, Series 2025                                                                               | CUSIP: 448529AX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $896321.89    | 0.14%             | 2060-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Point Phase 1 Public Infrastructure District No. 1                                    | Point Phase 1 Public Infrastructure District No. 1, Series 2025 A-1                                      | CUSIP: 73058EAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1054858.88   | 0.17%             | 2055-03-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| City of Ham Lake MN                                                                   | City of Ham Lake, Series 2016 A                                                                          | CUSIP: 406511AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $822501.60    | 0.13%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                           | Ohio Higher Educational Facility Commission, Series 2022                                                 | CUSIP: 67756DE28<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   3490000 | PA      | $3442997.38   | 0.55%             | 2042-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority, Series 2017 A                                                                | CUSIP: 45204EVA3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    650000 | PA      | $659876.69    | 0.11%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                    | New York Liberty Development Corp., Series 2014, Class 2                                                 | CUSIP: 649519DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1233506.50   | 0.20%             | 2040-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                                   | Lakewood Ranch Stewardship District, Series 2024                                                         | CUSIP: 51265KFR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $187732.82    | 0.03%             | 2031-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp., Series 2021                                                   | CUSIP: 650116EZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1057078.74   | 0.17%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Celina TX                                                                     | City of Celina, Series 2025                                                                              | CUSIP: 15114CKU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    358000 | PA      | $338772.97    | 0.05%             | 2045-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Ranches at Lake Mcleod Community Development District                                 | Ranches at Lake Mcleod Community Development District, Series 2025                                       | CUSIP: 752041AG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $555813.57    | 0.09%             | 2055-06-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Suffolk Economic Development Authority                                                | Suffolk Economic Development Authority, Series 2016                                                      | CUSIP: 86482NAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1494399.45   | 0.24%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                   | California Public Finance Authority, Series 2021 A                                                       | CUSIP: 13057GAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $840724.40    | 0.13%             | 2051-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Industrial Development Authority                                            | Lancaster Industrial Development Authority, Series 2019                                                  | CUSIP: 514349CX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $939293.21    | 0.15%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                               | Puerto Rico Sales Tax Financing Corp., Series A-2                                                        | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    240000 | PA      | $211889.02    | 0.03%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Woodland Crossing Community Development District                                      | Woodland Crossing Community Development District, Series 2025                                            | CUSIP: 979583AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $235464.05    | 0.04%             | 2056-05-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                                 | CSCDA Community Improvement Authority, Series 2021 A-2                                                   | CUSIP: 126292BB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $1773543.52   | 0.28%             | 2057-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                                | Clifton Higher Education Finance Corp., Series 2018 D                                                    | CUSIP: 187145JT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6007953.60   | 0.96%             | 2048-08-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| City of Pilot Point TX                                                                | City of Pilot Point, Series 2025                                                                         | CUSIP: 721614BG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $186058.37    | 0.03%             | 2055-09-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Hammock Oaks Community Development District                                           | Hammock Oaks Community Development District, Series 2025                                                 | CUSIP: 40834PAH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $144545.72    | 0.02%             | 2045-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                   | Wisconsin Health & Educational Facilities Authority, Series 2022                                         | CUSIP: 97712JCK7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    790000 | PA      | $731014.33    | 0.12%             | 2036-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority (The)                                             | Camden County Improvement Authority (The), Series 2022                                                   | CUSIP: 13281PAD9<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3057087.60   | 0.49%             | 2062-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd      | Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Series 2019   | CUSIP: 592029AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1670031.18   | 0.27%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                    | Health & Educational Facilities Authority of the State of Missouri, Series 2023 A                        | CUSIP: 60636AWA7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    930000 | PA      | $758347.20    | 0.12%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Washington OH                                                               | County of Washington, Series 2022                                                                        | CUSIP: 938154DX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $771771.45    | 0.12%             | 2052-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                      | New York State Thruway Authority                                                                         | CUSIP: 650028ZP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7300000 | PA      | $7311953.02   | 1.17%             | 2054-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sunset Parks Metropolitan District                                                    | Sunset Parks Metropolitan District, Series 2024 A                                                        | CUSIP: 86777VAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1286445.23   | 0.21%             | 2054-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                                     | California Housing Finance Agency, Series 2024 L                                                         | CUSIP: 13034DAG9<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2805886.33   | 0.45%             | 2027-12-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Gas Worx Community Development District                                               | Gas Worx Community Development District, Series 2025                                                     | CUSIP: 367200AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97884.37     | 0.02%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Texas Transportation Commission State Highway 249 System                              | Texas Transportation Commission State Highway 249 System, Series 2019 A                                  | CUSIP: 88283NAJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $765399.30    | 0.12%             | 2039-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                            | Utah Infrastructure Agency, Series 2024                                                                  | CUSIP: 917467DB5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    450000 | PA      | $460724.81    | 0.07%             | 2044-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2019 A                                                                  | CUSIP: 74442EEF3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    410000 | PA      | $386928.85    | 0.06%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lake FL                                                                     | County of Lake, Series 2020 A                                                                            | CUSIP: 50826FAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1570522.98   | 0.25%             | 2055-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                           | Washington State Housing Finance Commission, Series A                                                    | CUSIP: 939783TJ5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2234596.75   | 0.36%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                             | Orange County Health Facilities Authority, Series 2022                                                   | CUSIP: 68450LGQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7735000 | PA      | $6373715.03   | 1.02%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                | North Carolina Medical Care Commission, Series 2020 A                                                    | CUSIP: 65820YRS7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1291515.00   | 0.21%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                                   | Lakewood Ranch Stewardship District, Series 2024                                                         | CUSIP: 51265KFZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $715448.34    | 0.11%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                | California Municipal Finance Authority, Series 2024, Class I                                             | CUSIP: 13048VQ27<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1712477.66   | 0.27%             | 2039-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Sparks NV Special Improvement District No. 1                                  | City of Sparks, Series 2024                                                                              | CUSIP: 846561AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $462808.25    | 0.07%             | 2054-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| City of Crandall TX                                                                   | City of Crandall, Series 2025                                                                            | CUSIP: 224384AS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $861832.91    | 0.14%             | 2055-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                                 | CSCDA Community Improvement Authority, Series 2021 A-2                                                   | CUSIP: 126292AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5400000 | PA      | $3601500.30   | 0.58%             | 2056-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of St Louis Missouri (The)               | Industrial Development Authority of the City of St. Louis Missouri (The), Series 2017 A                  | CUSIP: 85236BAC6<br>LEI: 549300WTUL8KX1FOUZ40 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1373440.74   | 0.22%             | 2047-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Sky Dance Metropolitan District No. 2                                                 | Sky Dance Metropolitan District No. 2, Series 2024 A                                                     | CUSIP: 83086VAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $776451.26    | 0.12%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                               | Puerto Rico Sales Tax Financing Corp., Series A-1                                                        | CUSIP: 74529JQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     80000 | PA      | $74976.00     | 0.01%             | 2027-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                              | New Hampshire Business Finance Authority, Series 2020 A                                                  | CUSIP: 63607YAN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3495000 | PA      | $2755612.48   | 0.44%             | 2055-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Pilot Point TX                                                                | City of Pilot Point, Series 2025                                                                         | CUSIP: 721614BB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $176306.18    | 0.03%             | 2045-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Black Desert Public Infrastructure District                                           | Black Desert Public Infrastructure District, Series 2024                                                 | CUSIP: 09204TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2917239.00   | 0.47%             | 2053-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Prairie Center Metropolitan District No. 3                                            | Prairie Center Metropolitan District No. 3, Series 2024 A                                                | CUSIP: 739476AG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2149196.91   | 0.34%             | 2046-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Uptown Development Authority                                                          | Uptown Development Authority, Series 2021                                                                | CUSIP: 916856HQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $526028.49    | 0.08%             | 2037-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GIR East Community Development District                                               | GIR East Community Development District, Series 2025                                                     | CUSIP: 37611TAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $652684.90    | 0.10%             | 2045-05-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                              | New Hampshire Business Finance Authority, Series 2020 A                                                  | CUSIP: 63607YAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1343858.01   | 0.22%             | 2046-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL                                                                      | City of Tampa, Series 2020 A                                                                             | CUSIP: 875146BB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $667808.00    | 0.11%             | 2045-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Woodland Preserve Community Development District                                      | Woodland Preserve Community Development District, Series 2025                                            | CUSIP: 97966AAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $465420.05    | 0.07%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                               | Puerto Rico Sales Tax Financing Corp., Series A-1                                                        | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    159000 | PA      | $115267.50    | 0.02%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Collegiate Charter School of Lowell                                                   | Collegiate Charter School of Lowell, Series 2019                                                         | CUSIP: 547649AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2290000 | PA      | $2082579.82   | 0.33%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Louis County Industrial Development Authority                                      | St. Louis County Industrial Development Authority, Series 2018 A                                         | CUSIP: 791524CP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5489673.60   | 0.88%             | 2053-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No. 15                                         | Village Community Development District No. 15, Series 2024                                               | CUSIP: 92708KAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $714036.32    | 0.11%             | 2055-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                     | Philadelphia Authority for Industrial Development, Series 2017                                           | CUSIP: 71781XGR8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |     75000 | PA      | $79703.04     | 0.01%             | 2045-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Royse City TX                                                                 | City of Royse City, Series 2025                                                                          | CUSIP: 780870BZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    673000 | PA      | $664323.08    | 0.11%             | 2055-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                       | California County Tobacco Securitization Agency, Series 2020 B-2                                         | CUSIP: 13016NJB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7355000 | PA      | $1363371.34   | 0.22%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Kingston One Community Development District                                           | Kingston One Community Development District, Series 2025                                                 | CUSIP: 496631AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $783968.48    | 0.13%             | 2057-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                    | Health & Educational Facilities Authority of the State of Missouri, Series 2021 A                        | CUSIP: 60637ATN2<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2168985.75   | 0.35%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                                 | California Infrastructure & Economic Development Bank, Series 2025 A                                     | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1873558.89   | 0.30%             | 2065-01-01      | Variable      | 9.50%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                            | Stamford Housing Authority, Series 2025 A                                                                | CUSIP: 852640AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $160485.47    | 0.03%             | 2060-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                 | Pennsylvania Economic Development Financing Authority, Series 2009 C                                     | CUSIP: 708686ET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007078.30   | 0.16%             | 2037-12-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| CMFA Special Finance Agency I                                                         | CMFA Special Finance Agency I, Series 2021 A-2                                                           | CUSIP: 12574TAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2529822.75   | 0.41%             | 2056-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                    | City of Chicago, Series 2021 B                                                                           | CUSIP: 167486K65<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   7553000 | PA      | $6824257.10   | 1.09%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kalispel Tribe of Indians                                                             | Kalispel Tribe of Indians, Series 2018 A                                                                 | CUSIP: 48340PAR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $1010762.58   | 0.16%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico, Series 2022 A-1                                                             | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   5500000 | PA      | $5183468.40   | 0.83%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Sunnyvale CA                                                                  | City of Sunnyvale, Series 2001                                                                           | CUSIP: 867587AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3044930.52   | 0.49%             | 2032-08-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| County of Denton TX                                                                   | County of Denton, Series 2025                                                                            | CUSIP: 24880GAS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600948.18    | 0.10%             | 2055-12-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                 | Louisiana Public Facilities Authority, Series 2024                                                       | CUSIP: 546399SY3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2391289.44   | 0.38%             | 2059-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Medina TX                                                                   | County of Medina, Series 2024                                                                            | CUSIP: 584735AN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1371000 | PA      | $1232910.14   | 0.20%             | 2054-09-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                               | Puerto Rico Sales Tax Financing Corp., Series A-1                                                        | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2518000 | PA      | $783576.67    | 0.13%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2018                                                                    | CUSIP: 74444VAG5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1353042.45   | 0.22%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico, Series 2022 A-1                                                             | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   5700000 | PA      | $4971821.01   | 0.80%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hobe-St Lucie Conservancy District                                                    | Hobe-St. Lucie Conservancy District, Series 2024                                                         | CUSIP: 434043AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $977142.00    | 0.16%             | 2055-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Lakeshore East Special Assessment Area                             | City of Chicago, Series 2022                                                                             | CUSIP: 167686AL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $288750.57    | 0.05%             | 2029-12-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                               | Puerto Rico Sales Tax Financing Corp., Series A-2                                                        | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    600000 | PA      | $558474.54    | 0.09%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                             | New Jersey Economic Development Authority, Series 2017                                                   | CUSIP: 64577BM84<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021348.10   | 0.16%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                                        | Lee County Industrial Development Authority, Series 2024 C                                               | CUSIP: 52349EEV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $454651.65    | 0.07%             | 2054-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2020 A-1                                                                | CUSIP: 74442PPU3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3113088.82   | 0.50%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                            | Stamford Housing Authority, Series 2025 A                                                                | CUSIP: 852640AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $231508.39    | 0.04%             | 2055-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| City of Eagan MN                                                                      | City of Eagan, Series 2025 A                                                                             | CUSIP: 26940AAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $653881.20    | 0.10%             | 2065-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                                   | Lakewood Ranch Stewardship District, Series 2018                                                         | CUSIP: 51265KBS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1251104.00   | 0.20%             | 2039-05-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Village Metropolitan District (The)                                                   | Village Metropolitan District (The), Series 2020                                                         | CUSIP: 92708CAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1189346.50   | 0.19%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Davis Joint Unified School District                                                   | Davis Joint Unified School District, Series 2020                                                         | CUSIP: 238848EA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3140000 | PA      | $2693326.21   | 0.43%             | 2038-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Southlands Metropolitan District No. 1                                                | Southlands Metropolitan District No. 1, Series 2017 A-1                                                  | CUSIP: 84454RAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $489250.95    | 0.08%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                       | Minnesota Higher Education Facilities Authority, Series 2016 A                                           | CUSIP: 60416H2R4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $662731.60    | 0.11%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                  | District of Columbia, Series 2022 A                                                                      | CUSIP: 25483VZZ0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   3755000 | PA      | $4164662.99   | 0.67%             | 2034-08-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Solaeris Community Development District                                               | Solaeris Community Development District, Series 2025                                                     | CUSIP: 83409XAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $315959.97    | 0.05%             | 2056-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| City of Pilot Point TX                                                                | City of Pilot Point, Series 2025                                                                         | CUSIP: 721614BE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180900.58    | 0.03%             | 2055-09-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| City of Mustang Ridge TX                                                              | City of Mustang Ridge, Series 2025                                                                       | CUSIP: 62822EAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    789000 | PA      | $790521.74    | 0.13%             | 2055-09-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp.                                                            | Salt Verde Financial Corp., Series 2007-1                                                                | CUSIP: 79575EAR9<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1602333.00   | 0.26%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Governors Park South Community Development District                                   | Governors Park South Community Development District, Series 2025                                         | CUSIP: 383670AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $569080.08    | 0.09%             | 2045-05-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Wilkes-Barre Finance Authority                                                        | Wilkes-Barre Finance Authority, Series 2021                                                              | CUSIP: 968254CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $924026.16    | 0.15%             | 2042-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County-Kansas City Unified Government                                       | Wyandotte County-Kansas City Unified Government, Series 2018                                             | CUSIP: 982707AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $826752.33    | 0.13%             | 2040-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Texas Community Housing & Economic Development Corp.                                  | Texas Community Housing & Economic Development Corp., Series 2025 A-1                                    | CUSIP: 88231CAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1223525.19   | 0.20%             | 2065-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Cypress Creek Reserve Community Development District                                  | Cypress Creek Reserve Community Development District, Series 2025                                        | CUSIP: 23274FAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99378.92     | 0.02%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Lehigh County Industrial Development Authority                                        | Lehigh County Industrial Development Authority, Series 2021 A                                            | CUSIP: 52481MAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2385000 | PA      | $1745168.42   | 0.28%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                                  | Mida Mountain Village Public Infrastructure District, Series 2021                                        | CUSIP: 59561TAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1295572.53   | 0.21%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                         | Delaware State Economic Development Authority, Series 2016 A                                             | CUSIP: 246387RW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1625941.77   | 0.26%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sierra Vista Industrial Development Authority                                         | Sierra Vista Industrial Development Authority, Series 2024                                               | CUSIP: 82652UAY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $575917.09    | 0.09%             | 2064-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeKalb County Development Authority                                                   | DeKalb County Development Authority, Series 2024 A                                                       | CUSIP: 240463KE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $694283.52    | 0.11%             | 2063-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fox Branch Ranch Community Development District                                       | Fox Branch Ranch Community Development District, Series 2025                                             | CUSIP: 351322AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $453174.49    | 0.07%             | 2055-05-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                   | Wisconsin Health & Educational Facilities Authority, Series 2024 A                                       | CUSIP: 97712JJF1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1485919.65   | 0.24%             | 2059-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MIDA Mountain Village Public Infrastructure District                                  | MIDA Mountain Village Public Infrastructure District, Series 2024-2                                      | CUSIP: 59561UAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997103.70    | 0.16%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Uptown Development Authority                                                          | Uptown Development Authority, Series 2021                                                                | CUSIP: 916856HP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $541360.63    | 0.09%             | 2036-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                       | Kentucky Economic Development Finance Authority, Series 2017 A                                           | CUSIP: 49126KKE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $374185.73    | 0.06%             | 2041-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Kingston One Community Development District                                           | Kingston One Community Development District, Series 2025                                                 | CUSIP: 496631AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $344193.15    | 0.06%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Skagit County Public Hospital District No. 1                                          | Skagit County Public Hospital District No. 1, Series 2024                                                | CUSIP: 830227EP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2015508.80   | 0.32%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2021 A                                                                  | CUSIP: 74445QDW7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2476454.05   | 0.40%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue                   | Metropolitan Washington Airports Authority, Series 2009 B                                                | CUSIP: 592643BL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $470993.50    | 0.08%             | 2040-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| St Johns County Industrial Development Authority                                      | St. Johns County Industrial Development Authority, Series 2021 A                                         | CUSIP: 79041LAM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $352422.84    | 0.06%             | 2036-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                   | California Public Finance Authority, Series 2021 A                                                       | CUSIP: 13057GAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $433430.70    | 0.07%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                    | New York Liberty Development Corp., Series 2021 A                                                        | CUSIP: 649519DV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $1767638.25   | 0.28%             | 2046-11-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp., Series 2025                                                   | CUSIP: 650116JP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5654974.05   | 0.91%             | 2055-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                     | Florida Development Finance Corp., Series 2021 A                                                         | CUSIP: 34061UHZ4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1723936.73   | 0.28%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority, Series 2020 A                                                      | CUSIP: 19648FRW6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1343123.42   | 0.22%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Cobb County (The)                                            | Development Authority of Cobb County (The), Series C                                                     | CUSIP: 190778JU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1175597.84   | 0.19%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Warm Springs Reservation Confederated Tribe                                           | Warm Springs Reservation Confederated Tribe, Series 2019 B                                               | CUSIP: 934312AQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $721739.97    | 0.12%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tolomato Community Development District                                               | Tolomato Community Development District, Series 2024                                                     | CUSIP: 889560FA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $805830.43    | 0.13%             | 2044-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| City of Celina TX                                                                     | City of Celina, Series 2025                                                                              | CUSIP: 15114CKV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $590314.79    | 0.09%             | 2055-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District Nos 808 & 810                       | City of Las Vegas, Series 2014                                                                           | CUSIP: 51778DBJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $795282.23    | 0.13%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Windler Public Improvement Authority                                                  | Windler Public Improvement Authority, Series 2021 A-1                                                    | CUSIP: 973405AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $731236.00    | 0.12%             | 2051-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Raindance Metropolitan District No. 1 Non-Potable Water System Revenue                | Raindance Metropolitan District No. 1, Series 2020                                                       | CUSIP: 75087GAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1256854.09   | 0.20%             | 2050-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Clackamas County Hospital Facility Authority                                          | Clackamas County Hospital Facility Authority, Series 2020 A                                              | CUSIP: 179027YN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $889831.20    | 0.14%             | 2055-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                           | Ohio Higher Educational Facility Commission, Series 2018                                                 | CUSIP: 67756DRV0<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    750000 | PA      | $632159.93    | 0.10%             | 2048-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Raindance Metropolitan District No. 1 Non-Potable Water System Revenue                | Raindance Metropolitan District No. 1, Series 2020                                                       | CUSIP: 75087GAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    624000 | PA      | $585845.89    | 0.09%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                    | South Carolina Jobs-Economic Development Authority, Series 2024                                          | CUSIP: 83704HAM9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000464.90   | 0.16%             | 2054-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                  | District of Columbia, Series 2020                                                                        | CUSIP: 25483VXU3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2587286.90   | 0.41%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                            | Chicago Board of Education, Series 2017 H                                                                | CUSIP: 167505TJ5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4464978.96   | 0.72%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Lakeshore East Special Assessment Area                             | City of Chicago, Series 2022                                                                             | CUSIP: 167686AP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $257234.89    | 0.04%             | 2032-12-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                              | Cleveland-Cuyahoga County Port Authority, Series 2018                                                    | CUSIP: 18610PAV0<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    500000 | PA      | $498141.60    | 0.08%             | 2043-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Gas Worx Community Development District                                               | Gas Worx Community Development District, Series 2025                                                     | CUSIP: 367200AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $257529.28    | 0.04%             | 2057-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Alaska Industrial Development & Export Authority                                      | Alaska Industrial Development & Export Authority, Series 2019 A                                          | CUSIP: 011903GK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8750000 | PA      | $7538288.63   | 1.21%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2019 A                                                                  | CUSIP: 74442EEG1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $912631.93    | 0.15%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeKalb County Development Authority                                                   | DeKalb County Development Authority, Series 2024 A                                                       | CUSIP: 240463KD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $357232.08    | 0.06%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pilot Point TX                                                                | City of Pilot Point, Series 2025                                                                         | CUSIP: 721614BC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251487.18    | 0.04%             | 2055-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                            | Finance Authority of Maine, Series 2015                                                                  | CUSIP: 56042CAT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.16%             | 2035-08-01      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2021 A-1                                                                | CUSIP: 74439YDX6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $988572.06    | 0.16%             | 2061-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2024 A                                                                  | CUSIP: 74442ELT5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    700000 | PA      | $662685.80    | 0.11%             | 2039-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                    | New York Liberty Development Corp., Series 2022 A, Class 1                                               | CUSIP: 649519EZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $297673.36    | 0.05%             | 2050-09-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| City of Pilot Point TX                                                                | City of Pilot Point, Series 2025                                                                         | CUSIP: 721614AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100746.39    | 0.02%             | 2045-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Sarasota County Health Facilities Authority                                           | Sarasota County Health Facilities Authority, Series 2016                                                 | CUSIP: 80329UAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $757657.65    | 0.12%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas State Technical College                                                         | Texas State Technical College, Series 2022 A                                                             | CUSIP: 88276RFL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4286932.80   | 0.69%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2025                                                                    | CUSIP: 74448UAC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $783332.48    | 0.13%             | 2065-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                | Arkansas Development Finance Authority, Series 2024                                                      | CUSIP: 04109FCM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $836120.92    | 0.13%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL                                                               | County of Palm Beach, Series 2021 A                                                                      | CUSIP: 696547HN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $866193.29    | 0.14%             | 2057-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                           | Connecticut State Health & Educational Facilities Authority, Series F                                    | CUSIP: 20774YW29<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502138.25   | 0.24%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                                   | California School Finance Authority, Series 2021 A                                                       | CUSIP: 13058TPF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $353706.40    | 0.06%             | 2061-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Woodcreek Community Development District                                              | Woodcreek Community Development District, Series 2025                                                    | CUSIP: 97925TAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $454519.15    | 0.07%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd      | Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Series 2020 A | CUSIP: 592041YV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2105194.50   | 0.34%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Centerville OH                                                                | City of Centerville, Series 2017                                                                         | CUSIP: 152241AZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1721404.60   | 0.28%             | 2047-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                                            | Monroe County Industrial Development Corp., Series 2020 A                                                | CUSIP: 61075YAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $482555.23    | 0.08%             | 2059-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima (The)                          | Industrial Development Authority of the County of Pima (The), Series 2022 A                              | CUSIP: 72178AAH5<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    500000 | PA      | $514416.60    | 0.08%             | 2052-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Plaza Metropolitan District No. 1                                                     | Plaza Metropolitan District No. 1, Series 2013                                                           | CUSIP: 72818QAX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2934251.70   | 0.47%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2022 B                                                                  | CUSIP: 74447DAG2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2027513.00   | 0.32%             | 2062-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2015 A                                                                  | CUSIP: 74442PAV7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1468467.75   | 0.24%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                              | Arizona Industrial Development Authority, Series 2021 B                                                  | CUSIP: 04052BQV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1612662.60   | 0.26%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Authority for Colorado Energy                                                  | Public Authority for Colorado Energy, Series 2008                                                        | CUSIP: 744387AD3<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2331486.00   | 0.37%             | 2038-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                               | Capital Trust Authority, Series 2025 A                                                                   | CUSIP: 14054WBW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $359553.13    | 0.06%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL                                                                      | City of Tampa, Series 2020 A                                                                             | CUSIP: 875146AZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $438661.10    | 0.07%             | 2041-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Beaumont Housing Authority                                                            | Beaumont Housing Authority, Series 2025 A                                                                | CUSIP: 07451AAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1278259.38   | 0.20%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                            | Chicago Board of Education, Series 2017 A                                                                | CUSIP: 167505RM0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1541590.80   | 0.25%             | 2046-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico, Series 2022 A-1                                                             | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   2000000 | PA      | $1951585.40   | 0.31%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Denton TX                                                                   | County of Denton, Series 2025                                                                            | CUSIP: 24880GAR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300306.24    | 0.05%             | 2045-12-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Town of Providence Village TX                                                         | Town of Providence Village, Series 2025                                                                  | CUSIP: 743816AG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $848905.51    | 0.14%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                                | County of Frederick, Series 2017 A                                                                       | CUSIP: 355697CF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $476891.75    | 0.08%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Uptown Development Authority                                                          | Uptown Development Authority, Series 2021                                                                | CUSIP: 916856HS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $416240.44    | 0.07%             | 2039-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Peace Creek Village Community Development District                                    | Peace Creek Village Community Development District, Series 2025                                          | CUSIP: 70459CAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $673204.75    | 0.11%             | 2045-05-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| City of Westminster MD                                                                | City of Westminster, Series 2014 A                                                                       | CUSIP: 960735AQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $695259.79    | 0.11%             | 2034-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                            | Capital Trust Agency, Inc., Series 2020 B                                                                | CUSIP: 14052WDH7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $433345.20    | 0.07%             | 2060-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL                                                                      | City of Tampa, Series 2020 A                                                                             | CUSIP: 875146AY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $399873.32    | 0.06%             | 2040-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2025 A-1                                                                | CUSIP: 74441XJJ9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1183415.64   | 0.19%             | 2060-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                | North Carolina Medical Care Commission, Series 2021 C                                                    | CUSIP: 65821DYT2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2142232.00   | 0.34%             | 2042-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd      | Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Series 2019   | CUSIP: 592029AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $409892.84    | 0.07%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                                 | California Infrastructure & Economic Development Bank, Series 2021 B                                     | CUSIP: 13034AR28<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   7250000 | PA      | $501958.10    | 0.08%             | 2061-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                                    | City of Detroit, Series 2018                                                                             | CUSIP: 2510933R9<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    350000 | PA      | $354796.89    | 0.06%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                 | Louisiana Public Facilities Authority, Series 2025                                                       | CUSIP: 546399UY0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    325000 | PA      | $311239.05    | 0.05%             | 2059-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Canyons Metropolitan District No. 5                                                   | Canyons Metropolitan District No. 5, Series 2024 B                                                       | CUSIP: 139071AZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $691892.46    | 0.11%             | 2054-12-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Solaeris Community Development District                                               | Solaeris Community Development District, Series 2025                                                     | CUSIP: 83409XAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $172545.61    | 0.03%             | 2045-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| George L Smith II Congress Center Authority                                           | George L Smith II Congress Center Authority, Series 2021 B                                               | CUSIP: 37255MAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3970000 | PA      | $3507361.21   | 0.56%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Farms New Kent Community Development Authority                                        | Farms New Kent Community Development Authority, Series 2021 A                                            | CUSIP: 311551AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $641747.25    | 0.10%             | 2036-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd      | Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Series 2019   | CUSIP: 592029AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $617286.36    | 0.10%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-02

**Name of Applicant:** Putnam Tax Free Income Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer