# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002071691-26-004442
**Filing Date:** 2026-2
**Character Count:** 181804
**Document Hash:** dd746b9980033f366f1007532db86b62
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-004442.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0002071691-26-004442

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN FUNDS
- **CENTRAL INDEX KEY:** 0000916620

**ORGANIZATION NAME:**
- **EIN:** 391777365
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08236
- **FILM NUMBER:** 26676472

**BUSINESS ADDRESS:**
- **STREET 1:** NORTHERN FUNDS
- **STREET 2:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603
- **BUSINESS PHONE:** 800-595-9111

**MAIL ADDRESS:**
- **STREET 1:** NORTHERN FUNDS
- **STREET 2:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603

## Series and Classes Contracts Data

### Northern Trust Tax-Exempt Bond ETF (Series ID: S000093505)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000261793 | Northern Trust Tax-Exempt Bond ETF |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Northern Funds

- **b. Investment Company Act file number:** 811-08236

- **c. CIK number of Registrant:** 0000916620

- **d. LEI of Registrant:** 5493004ZY1PEJR3C0A81

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

  - **Street Address 1:** 50 South LaSalle Street

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

  - **Telephone number:** 800-595-9111

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

- **a. Name of Series:** Northern Trust Tax-Exempt Bond ETF

- **b. EDGAR series identifier (if any):** S000093505

- **c. LEI of Series:** 254900H10OQJQWTG5Q74

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-12-31

**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:** $25692607.70

**Total Liabilities:** $2975.60

**Net Assets:** $25689632.10

**Cash Not Reported:** $27389.06

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2.00000000 | **1-Year:** 427.00000000 | **5-Year:** 1346.00000000 | **10-Year:** 7633.00000000 | **30-Year:** 6309.00000000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000261793 | 1.12%                | 0.24%                | 0.41%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $114995.53                                 |
| Month 2  | $-749.28                 | $-3343.59                                  |
| Month 3  | $1562.92                 | $5892.17                                   |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alabama Public School and College Authority                                  | Alabama Public School and College Authority, Series 2020A                                    | CUSIP: 010609FN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $82245.75     | 0.32%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Alaska International Airports System                                | State of Alaska, Series 2025A                                                                | CUSIP: 011842VC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $45857.20     | 0.18%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Aldine Independent School District                                           | Aldine Independent School District, Series 2024B                                             | CUSIP: 014393C59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $54711.00     | 0.21%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Aldine Independent School District                                           | Aldine Independent School District, Series 2024A                                             | CUSIP: 014393ZZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $112593.00    | 0.44%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allegheny PA                                                       | County of Allegheny, Series C-75                                                             | CUSIP: 01728VSK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56050.50     | 0.22%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                          | Allegheny County Sanitary Authority, Series 2025                                             | CUSIP: 017357U85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $73233.30     | 0.29%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allen County Building Corp.                                                  | Allen County Building Corp., Series 2024                                                     | CUSIP: 01752EBC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $70436.60     | 0.27%             | 2041-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alvin Independent School District/TX                                         | Alvin Independent School District, Series 2019                                               | CUSIP: 022447P59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $90791.50     | 0.35%             | 2040-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Arizona Department of Transportation State Highway Fund Revenue              | Arizona Department of Transportation State Highway Fund, Series 2023                         | CUSIP: 040654YG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20254.60     | 0.08%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX                                                            | City of Austin, Series 2023                                                                  | CUSIP: 052397H82<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |     60000 | PA      | $63879.60     | 0.25%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX                                                            | City of Austin, Series 2024                                                                  | CUSIP: 052397S23<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |     45000 | PA      | $49735.35     | 0.19%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Independent School District                                           | Austin Independent School District, Series 2019                                              | CUSIP: 052430QF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $74181.80     | 0.29%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Independent School District                                           | Austin Independent School District, Series 2024                                              | CUSIP: 052430WW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53752.00     | 0.21%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                          | City of Austin, Series 2017                                                                  | CUSIP: 052477E77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $78355.50     | 0.31%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                          | City of Austin, Series 2017                                                                  | CUSIP: 052477M94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5211.65      | 0.02%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                          | City of Austin, Series 2017                                                                  | CUSIP: 052477N44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47055.60     | 0.18%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                          | City of Austin, Series 2022                                                                  | CUSIP: 052477PH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $117371.30    | 0.46%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                          | City of Austin, Series 2024                                                                  | CUSIP: 052477YS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36930.95     | 0.14%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bi-State Development Agency of the Missouri-Illinois Metropolitan District   | Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Series 2019      | CUSIP: 088632CD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30883.50     | 0.12%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                               | Black Belt Energy Gas District, Series 2023C                                                 | CUSIP: 09182TDB0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |     50000 | PA      | $54946.00     | 0.21%             | 2054-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                               | Black Belt Energy Gas District, Series 2025D                                                 | CUSIP: 09182TFT9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |     70000 | PA      | $75138.00     | 0.29%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                               | Black Belt Energy Gas District, Series 2025E                                                 | CUSIP: 09182TGC5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    100000 | PA      | $106940.00    | 0.42%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                         | School District of Broward County, Series 2020A                                              | CUSIP: 115065C44<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |     50000 | PA      | $54592.50     | 0.21%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Water & Sewer Utility Revenue                           | County of Broward, Series 2025                                                               | CUSIP: 115117NR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $69054.60     | 0.27%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | State of California                                                                          | CUSIP: 13063D3J5<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25157.25     | 0.10%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | California State Public Works Board, Series 2022A                                            | CUSIP: 13068XAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $45009.60     | 0.18%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | California State Public Works Board, Series 2023C                                            | CUSIP: 13068XHB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10437.10     | 0.04%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | California State Public Works Board, Series 2023D                                            | CUSIP: 13068XKP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $91800.00     | 0.36%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | California State Public Works Board, Series 2024A                                            | CUSIP: 13068XLE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $59167.35     | 0.23%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                  | California State University, Series 2024A                                                    | CUSIP: 13077DUQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $200871.00    | 0.78%             | 2046-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Canadian County Educational Facilities Authority                             | Canadian County Educational Facilities Authority, Series 2023A                               | CUSIP: 135521DE9<br>LEI: 549300HPRFS0Z66VHS30 | Long             | DBT              | MUN               | US        |     50000 | PA      | $57535.00     | 0.22%             | 2034-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                         | Central Florida Expressway Authority, Series 2018                                            | CUSIP: 153476EJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45804.60     | 0.18%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                         | Central Florida Expressway Authority, Series 2024 A                                          | CUSIP: 153476JG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $89483.75     | 0.35%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                         | Central Florida Expressway Authority, Series 2025A                                           | CUSIP: 153476KA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $73786.05     | 0.29%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Puget Sound Regional Transit Authority                               | Central Puget Sound Regional Transit Authority, Series 2021 S 1                              | CUSIP: 155048EE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55876.70     | 0.22%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Central Valley Energy Authority                                              | Central Valley Energy Authority, Series 2025                                                 | CUSIP: 15569DAA0<br>LEI: 254900G5IPQ9MA3FRJ55 | Long             | DBT              | MUN               | US        |     70000 | PA      | $76250.30     | 0.30%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chattanooga TN Electric Revenue                                      | City of Chattanooga, Series 2023                                                             | CUSIP: 162393GM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $58928.65     | 0.23%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                           | City of Chicago, Series 2024A                                                                | CUSIP: 167486S67<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75273.75     | 0.29%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                           | City of Chicago, Series 2024B                                                                | CUSIP: 167486T82<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31895.10     | 0.12%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                 | Chicago Board of Education, Series 2023                                                      | CUSIP: 167510AW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $143995.80    | 0.56%             | 2033-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                         | Chicago Midway International Airport, Series 2025 B                                          | CUSIP: 167562VS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $75211.50     | 0.29%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                         | Chicago O'Hare International Airport, Series 2022D                                           | CUSIP: 1675933E0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $74455.50     | 0.29%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                         | Chicago O'Hare International Airport, Series 2024B                                           | CUSIP: 1675935E8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77991.00     | 0.30%             | 2053-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                           | County of Clark, Series 2016B                                                                | CUSIP: 180848SA2<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     80000 | PA      | $81563.20     | 0.32%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                           | County of Clark, Series 2018B                                                                | CUSIP: 180848XY4<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     75000 | PA      | $80185.50     | 0.31%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                           | County of Clark, Series 2023                                                                 | CUSIP: 181000TQ3<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    185000 | PA      | $181775.45    | 0.71%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV Passenger Facility Charge Revenue                         | County of Clark, Series 2019E                                                                | CUSIP: 181006HS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53624.00     | 0.21%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                 | Clark County School District, Series 2024A                                                   | CUSIP: 1810594D5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $73466.90     | 0.29%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                 | Clark County School District, Series 2025A                                                   | CUSIP: 1810596D3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $68737.20     | 0.27%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                 | Clark County School District, Series 2020A                                                   | CUSIP: 181059N93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43424.00     | 0.17%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District No. 114 Evergreen                               | Clark County School District No. 114, Series 2019                                            | CUSIP: 181234P41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $81337.50     | 0.32%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Coast Community College District                                             | Coast Community College District, Series 2019F                                               | CUSIP: 190335JW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $28420.80     | 0.11%             | 2038-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                         | City of Colorado Springs, Series 2025 A                                                      | CUSIP: 1966328B2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $75308.80     | 0.29%             | 2050-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                            | State of Colorado, Series 2020A                                                              | CUSIP: 196711SD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38538.85     | 0.15%             | 2033-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                            | State of Colorado, Series 2021A                                                              | CUSIP: 196711TW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $33597.00     | 0.13%             | 2033-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                            | State of Colorado, Series 2022                                                               | CUSIP: 196711UZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $28752.25     | 0.11%             | 2041-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                     | State of Connecticut, Series 2024A2                                                          | CUSIP: 207758T94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $45706.40     | 0.18%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                     | State of Connecticut, Series 2024A2                                                          | CUSIP: 207758U76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $28506.75     | 0.11%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Conroe Independent School District                                           | Conroe Independent School District, Series 2024                                              | CUSIP: 2084183S0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $84018.75     | 0.33%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL Sales Tax Revenue                                          | County of Cook, Series 2022 A                                                                | CUSIP: 213248DD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $58435.30     | 0.23%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook Kane Lake & McHenry Counties Community College District No. 512         | Cook Kane Lake & McHenry Counties, Series 2020                                               | CUSIP: 216181GV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31024.80     | 0.12%             | 2031-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Corpus Christi TX Utility System Revenue                             | City of Corpus Christi, Series 2024                                                          | CUSIP: 2202452L7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56552.10     | 0.22%             | 2049-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crowley Independent School District                                          | Crowley Independent School District, Series 2023                                             | CUSIP: 228130KG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $62590.20     | 0.24%             | 2048-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                      | Dallas Fort Worth International Airport, Series 2025B                                        | CUSIP: 23503CFB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $65718.00     | 0.26%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                            | City of Dallas, Series 2017                                                                  | CUSIP: 235219MZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76975.50     | 0.30%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                            | City of Dallas, Series 2023A                                                                 | CUSIP: 235219VF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $77303.80     | 0.30%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                            | City of Dallas, Series 2024C                                                                 | CUSIP: 235219YK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77052.75     | 0.30%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                            | City of Dallas, Series 2024C                                                                 | CUSIP: 235219YS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $51995.70     | 0.20%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                    | Dallas Area Rapid Transit, Series 2007                                                       | CUSIP: 235241EX0<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |     50000 | PA      | $53750.00     | 0.21%             | 2028-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                           | Dallas Independent School District, Series 2024                                              | CUSIP: 235308N66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $62813.30     | 0.24%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                           | Dallas Independent School District, Series 2024                                              | CUSIP: 235308P31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $55221.50     | 0.21%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                           | Dallas Independent School District, Series 2024                                              | CUSIP: 235308P64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53602.50     | 0.21%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                           | Dallas Independent School District, Series 2019B                                             | CUSIP: 235308XY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $80744.25     | 0.31%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Davie FL                                                             | Town of Davie, Series 2018                                                                   | CUSIP: 23867PBU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50500.50     | 0.20%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware Transportation Authority                                            | Delaware Transportation Authority, Series 2020                                               | CUSIP: 246419BM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46885.05     | 0.18%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware Transportation Authority                                            | Delaware Transportation Authority, Series 2016                                               | CUSIP: 246428D29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30364.80     | 0.12%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware Transportation Authority                                            | Delaware Transportation Authority, Series 2020                                               | CUSIP: 246428J80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $88265.70     | 0.34%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware Valley Regional Finance Authority                                   | Delaware Valley Regional Finance Authority, Series 2002                                      | CUSIP: 246579GC4<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |     40000 | PA      | $46909.60     | 0.18%             | 2032-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Delaware Valley Regional Finance Authority                                   | Delaware Valley Regional Finance Authority, Series 2023A                                     | CUSIP: 246579LU8<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |     75000 | PA      | $79680.00     | 0.31%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Denton TX Utility System Revenue                                     | City of Denton, Series 2017                                                                  | CUSIP: 249015C22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $81744.00     | 0.32%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Denton TX Utility System Revenue                                     | City of Denton, Series 2017                                                                  | CUSIP: 249015C55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76545.00     | 0.30%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Desert Community College District                                            | Desert Community College District, Series 2024                                               | CUSIP: 250375NB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $152200.70    | 0.59%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                         | District of Columbia, Series 2024A                                                           | CUSIP: 25476FD88<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     65000 | PA      | $74925.50     | 0.29%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                         | District of Columbia, Series 2018B                                                           | CUSIP: 25476FWT1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     45000 | PA      | $47656.80     | 0.19%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                         | District of Columbia, Series 2021D                                                           | CUSIP: 25476FYP7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     65000 | PA      | $70537.35     | 0.27%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                         | District of Columbia, Series 2021D                                                           | CUSIP: 25476FYU6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46482.30     | 0.18%             | 2046-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                      | District of Columbia, Series 2019A                                                           | CUSIP: 25477GPG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $74893.00     | 0.29%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                      | District of Columbia, Series 2020C                                                           | CUSIP: 25477GSZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $48942.00     | 0.19%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                         | District of Columbia, Series 2020                                                            | CUSIP: 25483VWT7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    120000 | PA      | $130539.60    | 0.51%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuPage County School District No. 58 Downers Grove                           | DuPage County School District No. 58, Series 2022                                            | CUSIP: 263165JP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $72510.10     | 0.28%             | 2039-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Elk Grove Unified School District                                            | Elk Grove Unified School District, Series 2023                                               | CUSIP: 287281YW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45059.85     | 0.18%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                             | Energy Northwest, Series 2019A                                                               | CUSIP: 29270C2U8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31767.30     | 0.12%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                             | Energy Northwest, Series 2020A                                                               | CUSIP: 29270C3U7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53497.00     | 0.21%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                             | Energy Northwest, Series 2021 A                                                              | CUSIP: 29270C4K8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $80028.75     | 0.31%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                             | Energy Northwest, Series 2022-A                                                              | CUSIP: 29270C4V4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $77672.70     | 0.30%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                             | Energy Northwest, Series 2016A                                                               | CUSIP: 29270CQ73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $121483.20    | 0.47%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                      | Energy Southeast A Cooperative District, Series 2023A1                                       | CUSIP: 292723AK9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |     90000 | PA      | $98322.30     | 0.38%             | 2053-11-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Erie County Fiscal Stability Authority                                       | Erie County Fiscal Stability Authority, Series 2017D                                         | CUSIP: 29508RKW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $92566.80     | 0.36%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                             | State of Florida, Series 2017A                                                               | CUSIP: 3411502N9<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     55000 | PA      | $54618.85     | 0.21%             | 2035-07-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                             | State of Florida, Series 2020 A                                                              | CUSIP: 34153QSW7<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     45000 | PA      | $47725.65     | 0.19%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                             | State of Florida, Series 2022A                                                               | CUSIP: 34153QVV5<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     55000 | PA      | $62198.95     | 0.24%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                             | State of Florida, Series 2022C                                                               | CUSIP: 34153QWP7<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46598.85     | 0.18%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                | State of Florida Department of Transportation, Series 2021A                                  | CUSIP: 34160DAU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51793.50     | 0.20%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                | State of Florida Department of Transportation, Series 2018                                   | CUSIP: 34160KAP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47570.85     | 0.19%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue        | State of Florida, Series 2025D                                                               | CUSIP: 343137A54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $96428.00     | 0.38%             | 2055-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue        | State of Florida, Series 2019A                                                               | CUSIP: 343137EM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26529.00     | 0.10%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue        | State of Florida, Series 2019A                                                               | CUSIP: 343137EQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $74368.00     | 0.29%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue        | State of Florida, Series 2019A                                                               | CUSIP: 343137ER2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47716.65     | 0.19%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue        | State of Florida, Series 2925B                                                               | CUSIP: 343137XR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $78705.00     | 0.31%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Foothill-De Anza Community College District                                  | Foothill-De Anza Community College District, Series 2021A                                    | CUSIP: 345102NK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $43497.90     | 0.17%             | 2037-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Foothill-De Anza Community College District                                  | Foothill-De Anza Community College District, Series 2021A                                    | CUSIP: 345102NL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $47464.00     | 0.18%             | 2038-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Forney Independent School District                                           | Forney Independent School District, Series 2022B                                             | CUSIP: 346425HW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $60452.70     | 0.24%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Forney Independent School District                                           | Forney Independent School District, Series 2023                                              | CUSIP: 346425JX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $72874.20     | 0.28%             | 2048-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fort Bend TX                                                       | County of Fort Bend, Series 2023                                                             | CUSIP: 346766H50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105800.00    | 0.41%             | 2053-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX Water & Sewer System Revenue                           | City of Fort Worth, Series 2020A                                                             | CUSIP: 349515G91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46237.05     | 0.18%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fulton GA Water & Sewerage Revenue                                 | County of Fulton, Series 2025                                                                | CUSIP: 360066PZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $74982.05     | 0.29%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                             | State of Georgia, Series 2016C                                                               | CUSIP: 3733843N4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15187.95     | 0.06%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                             | State of Georgia, Series 2016E                                                               | CUSIP: 3733846V3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46029.60     | 0.18%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Ports Authority                                                      | Georgia Ports Authority, Series 2021                                                         | CUSIP: 373586GF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $55999.50     | 0.22%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Parkway Transportation Corp.                                           | Grand Parkway Transportation Corp., Series 2018 A                                            | CUSIP: 38611TBQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51207.50     | 0.20%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Green Lake Township Economic Development Corp.                               | Green Lake Township Economic Development Corp., Series 2004                                  | CUSIP: 393096AB8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    200000 | PA      | $200000.00    | 0.78%             | 2034-06-01      | Variable      | 2.55%                 | No            |                  2 | On Loan: No      |
| Gregory-Portland Independent School District/TX                              | Gregory-Portland Independent School District, Series 2023                                    | CUSIP: 397586SW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $49351.50     | 0.19%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                          | County of Harris                                                                             | CUSIP: 4140054F2<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |     70000 | PA      | $73081.40     | 0.28%             | 2054-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                    | Harris County Cultural Education Facilities Finance Corp., Series 2017                       | CUSIP: 41401PCK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $62651.40     | 0.24%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                    | Harris County Cultural Education Facilities Finance Corp., Series 2017                       | CUSIP: 41401PCL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $67845.70     | 0.26%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                        | County of Harris, Series 2022A                                                               | CUSIP: 41423PCH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15584.70     | 0.06%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                        | County of Harris, Series 2025A                                                               | CUSIP: 41423PFC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $72541.50     | 0.28%             | 2055-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                              | State of Hawaii, Series FG                                                                   | CUSIP: 419792LH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56025.75     | 0.22%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hays Consolidated Independent School District                                | Hays Consolidated Independent School District, Series 2023                                   | CUSIP: 4211107T8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32988.00     | 0.13%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Hempstead NY                                                         | Town of Hempstead, Series 2025A                                                              | CUSIP: 424672V67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $79004.25     | 0.31%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                 | City & County of Honolulu, Series 2021E                                                      | CUSIP: 438687TX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $61749.60     | 0.24%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                          | Idaho Housing & Finance Association, Series 2019A                                            | CUSIP: 45129WPM6<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |     50000 | PA      | $53720.50     | 0.21%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                          | Idaho Housing & Finance Association, Series 2019A                                            | CUSIP: 45129WPQ7<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |     75000 | PA      | $79824.00     | 0.31%             | 2036-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                   | Illinois Finance Authority, Series 2017                                                      | CUSIP: 45204EXW3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30750.00     | 0.12%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                            | State of Illinois, Series 2018 A                                                             | CUSIP: 4521522Q3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52445.00     | 0.20%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                            | State of Illinois, Series 2020B                                                              | CUSIP: 4521526Q9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    105000 | PA      | $106744.05    | 0.42%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                            | State of Illinois, Series 2017A                                                              | CUSIP: 452152T35<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     55000 | PA      | $56808.40     | 0.22%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                            | State of Illinois, Series 2021A                                                              | CUSIP: 452153AR0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     60000 | PA      | $64011.00     | 0.25%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                            | State of Illinois, Series MAY 2023 B                                                         | CUSIP: 452153FC8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     75000 | PA      | $81606.75     | 0.32%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                            | State of Illinois, Series MAY 2023 B                                                         | CUSIP: 452153FD6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     70000 | PA      | $75862.50     | 0.30%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                    | Indiana Finance Authority, Series 2016C                                                      | CUSIP: 45470RCU8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     85000 | PA      | $86807.95     | 0.34%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                    | Indiana Finance Authority, Series 2021-1                                                     | CUSIP: 45505MJJ6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     45000 | PA      | $47975.85     | 0.19%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                    | Indiana Finance Authority, Series 2021-1                                                     | CUSIP: 45505MJP2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     35000 | PA      | $39187.05     | 0.15%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                              | Indianapolis Local Public Improvement Bond Bank, Series 2019A                                | CUSIP: 45528UYY1<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    150000 | PA      | $159825.00    | 0.62%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Indianapolis Department of Public Utilities Water System Revenue     | City of Indianapolis, Series 2016B                                                           | CUSIP: 455412AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $66078.35     | 0.26%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                   | Intermountain Power Agency, Series 2022A                                                     | CUSIP: 45884AB77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42169.20     | 0.16%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                   | Intermountain Power Agency, Series 2023A                                                     | CUSIP: 45884AF40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43810.40     | 0.17%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                   | Intermountain Power Agency, Series 2023A                                                     | CUSIP: 45884AF73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $80280.75     | 0.31%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                       | Iowa Finance Authority, Series 2021A                                                         | CUSIP: 46247SAQ7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |     40000 | PA      | $44447.60     | 0.17%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Iowa                                                                | State of Iowa, Series 2019A                                                                  | CUSIP: 46257TEU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $59128.85     | 0.23%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                  | Jacksonville Electric Authority, Series 2020A3                                               | CUSIP: 46613SQH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $119442.40    | 0.46%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                      | City of Jacksonville, Series 2022A                                                           | CUSIP: 469487TD4<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |     60000 | PA      | $63898.80     | 0.25%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL                                                       | County of Jefferson, Series 2017                                                             | CUSIP: 472628QV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $66704.95     | 0.26%             | 2027-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Katy Independent School District                                             | Katy Independent School District, Series 2023                                                | CUSIP: 486063S43<br>LEI: 254900H9QSKVP2HWVL72 | Long             | DBT              | MUN               | US        |     75000 | PA      | $77806.50     | 0.30%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                | Kentucky State Property & Building Commission, Series B                                      | CUSIP: 49151FNM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51029.50     | 0.20%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Killeen Independent School District                                          | Killeen Independent School District, Series 2018                                             | CUSIP: 494152UP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47301.30     | 0.18%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County Public Hospital District No. 1                                   | King County Public Hospital District No. 1, Series 2016                                      | CUSIP: 494782KD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $137533.95    | 0.54%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 210 Federal Way                              | King County School District No. 210 Federal Way, Series 2018                                 | CUSIP: 494890B39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $67913.95     | 0.26%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 403 Renton                                   | King County School District No. 403, Series 2023                                             | CUSIP: 495080WJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $67397.40     | 0.26%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 405 Bellevue                                 | King County School District No. 405, Series 2016                                             | CUSIP: 495098YX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $61256.40     | 0.24%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 412 Shoreline                                | King County School District No. 412 Shoreline, Series 2018                                   | CUSIP: 495242M71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $74832.10     | 0.29%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                              | County of King, Series 2016B                                                                 | CUSIP: 4952894F4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40456.80     | 0.16%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                              | County of King, Series 2024A                                                                 | CUSIP: 495290FR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $89314.60     | 0.35%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lamar Consolidated Independent School District                               | Lamar Consolidated Independent School District, Series 2023A                                 | CUSIP: 513174L34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $138053.75    | 0.54%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lamar Consolidated Independent School District                               | Lamar Consolidated Independent School District, Series 2023A                                 | CUSIP: 513174L67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $85969.60     | 0.33%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                       | Lewisville Independent School District, Series 2020                                          | CUSIP: 52882PEK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37672.95     | 0.15%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                       | Lewisville Independent School District, Series 2024                                          | CUSIP: 52882PFP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $48051.00     | 0.19%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                       | Lewisville Independent School District, Series 2024                                          | CUSIP: 52882PGB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $71359.60     | 0.28%             | 2040-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                           | New York Liberty Development Corp., Series 2005                                              | CUSIP: 531127AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $29228.50     | 0.11%             | 2035-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lone Star College System                                                     | Lone Star College System, Series 2016                                                        | CUSIP: 542264GQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35089.60     | 0.14%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Beach Bond Finance Authority                                            | Long Beach Bond Finance Authority, Series 2007A                                              | CUSIP: 54241AAW3<br>LEI: 549300BKBZ5U7OZH3S21 | Long             | DBT              | MUN               | US        |     30000 | PA      | $33468.60     | 0.13%             | 2030-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Long Beach Bond Finance Authority                                            | Long Beach Bond Finance Authority, Series 2007A                                              | CUSIP: 54241AAX1<br>LEI: 549300BKBZ5U7OZH3S21 | Long             | DBT              | MUN               | US        |     40000 | PA      | $46036.00     | 0.18%             | 2032-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                  | Long Island Power Authority, Series 2020 A                                                   | CUSIP: 542691DJ6<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |     40000 | PA      | $43207.20     | 0.17%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                  | Long Island Power Authority, Series 2020A                                                    | CUSIP: 542691DK3<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    105000 | PA      | $106754.55    | 0.42%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                 | Los Angeles Department of Water & Power Water System, Series 2024 A                          | CUSIP: 544525U71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $83472.75     | 0.32%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                      | Los Angeles Department of Water & Power, Series 2023D                                        | CUSIP: 544532HS6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |     70000 | PA      | $75005.70     | 0.29%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Public Works Financing Authority                          | Los Angeles County Public Works Financing Authority, Series 2022G                            | CUSIP: 54473EXG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27987.50     | 0.11%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority                                | Loudoun County Economic Development Authority, Series 2020A                                  | CUSIP: 54589SFX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56258.40     | 0.22%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority                                | Loudoun County Economic Development Authority, Series 2022A                                  | CUSIP: 54601TAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $56029.20     | 0.22%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                        | Louisiana Public Facilities Authority, Series 2023A                                          | CUSIP: 546399QF6<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     45000 | PA      | $49807.80     | 0.19%             | 2036-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Stadium & Exposition District                                      | Louisiana Stadium & Exposition District, Series 2023A                                        | CUSIP: 546410CT6<br>LEI: 5493000QEHWDGVGH7J62 | Long             | DBT              | MUN               | US        |     65000 | PA      | $70386.55     | 0.27%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                           | State of Louisiana, Series 2019A                                                             | CUSIP: 54641CAH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26014.00     | 0.10%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                           | State of Louisiana, Series 2023                                                              | CUSIP: 54641CBL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $46116.80     | 0.18%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Alabama Gas District (The)                                             | Lower Alabama Gas District (The), Series 2025A                                               | CUSIP: 547804AQ7<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |     70000 | PA      | $73992.80     | 0.29%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                               | Lower Colorado River Authority, Series 2023A                                                 | CUSIP: 54811BH46<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     80000 | PA      | $83801.60     | 0.33%             | 2048-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                               | Lower Colorado River Authority, Series 2025                                                  | CUSIP: 54811BR86<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     55000 | PA      | $56591.15     | 0.22%             | 2055-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                               | Lower Colorado River Authority, Series 2021                                                  | CUSIP: 54811BWX5<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50797.00     | 0.20%             | 2051-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                               | Lower Colorado River Authority, Series 2024                                                  | CUSIP: 54811GN63<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     30000 | PA      | $34000.50     | 0.13%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                               | Lower Colorado River Authority, Series 2024                                                  | CUSIP: 54811GP38<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    100000 | PA      | $109154.00    | 0.42%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                | Main Street Natural Gas, Inc., Series 2024C                                                  | CUSIP: 56035DHT2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    130000 | PA      | $139245.60    | 0.54%             | 2054-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Special Health Care District                                 | Maricopa County Special Health Care District, Series 2018C                                   | CUSIP: 56756TAM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $63355.20     | 0.25%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                            | State of Maryland, Series 2017A                                                              | CUSIP: 574193PN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25994.50     | 0.10%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                            | State of Maryland, Series 2018-2                                                             | CUSIP: 574193QQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $83182.40     | 0.32%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                               | State of Maryland, Series 2025B                                                              | CUSIP: 574204X57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $80712.80     | 0.31%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                   | Maryland Stadium Authority, Series 2020A                                                     | CUSIP: 574296CR8<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |     60000 | PA      | $64328.40     | 0.25%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                | Commonwealth of Massachusetts, Series 2024B                                                  | CUSIP: 57582R8A7<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     55000 | PA      | $57016.85     | 0.22%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                | Commonwealth of Massachusetts, Series 2021D                                                  | CUSIP: 57582RR99<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    105000 | PA      | $108258.15    | 0.42%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                | Commonwealth of Massachusetts, Series 2019C                                                  | CUSIP: 57582RWR3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26386.25     | 0.10%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Mecklenburg NC                                                     | County of Mecklenburg, Series 2017A                                                          | CUSIP: 584002VT3<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |     70000 | PA      | $67473.00     | 0.26%             | 2037-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Mecklenburg NC                                                     | County of Mecklenburg, Series 2021                                                           | CUSIP: 584002XT1<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |     50000 | PA      | $54005.50     | 0.21%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN                                                           | City of Memphis, Series 2018                                                                 | CUSIP: 586145T53<br>LEI: 254900N4APYJWTAF5J46 | Long             | DBT              | MUN               | US        |    115000 | PA      | $113540.65    | 0.44%             | 2038-06-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN                                                           | City of Memphis, Series 2018                                                                 | CUSIP: 586145U51<br>LEI: 254900N4APYJWTAF5J46 | Long             | DBT              | MUN               | US        |     45000 | PA      | $42230.70     | 0.16%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Merrillville Multi School Building Corp.                                     | Merrillville Multi School Building Corp., Series 2022                                        | CUSIP: 590252QW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $44250.80     | 0.17%             | 2037-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Merrillville Multi School Building Corp.                                     | Merrillville Multi School Building Corp., Series 2022                                        | CUSIP: 590252QY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43634.40     | 0.17%             | 2039-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                       | City of Mesa, Series 2023                                                                    | CUSIP: 5905452P3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $83870.40     | 0.33%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                       | City of Mesa, Series 2017                                                                    | CUSIP: 590545YT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $73311.20     | 0.29%             | 2041-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Atlanta Rapid Transit Authority                                 | Metropolitan Atlanta Rapid Transit Authority, Series 2017C                                   | CUSIP: 5917453L6<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |    175000 | PA      | $162326.50    | 0.63%             | 2039-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Knoxville Airport Authority                                     | Metropolitan Knoxville Airport Authority, Series 2024A                                       | CUSIP: 592174AU0<br>LEI: 254900VWGT8D1GF6ZY16 | Long             | DBT              | MUN               | US        |     60000 | PA      | $62919.00     | 0.24%             | 2054-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority Dedicated Tax Fund                     | Metropolitan Transportation Authority Dedicated Tax Fund, Series 2024A                       | CUSIP: 59260XCE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $72973.60     | 0.28%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                      | County of Miami-Dade, Series 2016A                                                           | CUSIP: 59333FSU5<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50439.00     | 0.20%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                         | County of Miami-Dade, Series 2025 A                                                          | CUSIP: 59334DQN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $43817.85     | 0.17%             | 2051-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of Michigan                                                            | State of Michigan, Series 2016                                                               | CUSIP: 594612DJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25705.50     | 0.10%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                            | Michigan State Building Authority, Series 2016I                                              | CUSIP: 594615FK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $61164.00     | 0.24%             | 2029-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Middleton-Cross Plains Area School District/WI                               | Middleton-Cross Plains Area School District, Series 2019A                                    | CUSIP: 596697QV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50066.00     | 0.19%             | 2036-03-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                           | State of Minnesota, Series 2022D                                                             | CUSIP: 60412AA52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $45262.00     | 0.18%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                           | State of Minnesota, Series 2019A                                                             | CUSIP: 60412AQZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $92128.95     | 0.36%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                           | State of Minnesota, Series 2019A                                                             | CUSIP: 60412ARB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32332.20     | 0.13%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                           | State of Minnesota, Series 2020 A                                                            | CUSIP: 60412ATN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $49343.40     | 0.19%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                           | State of Minnesota, Series 2021A                                                             | CUSIP: 60412AWH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10654.80     | 0.04%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                           | State of Minnesota, Series 2021B                                                             | CUSIP: 60412AXC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $57332.00     | 0.22%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                           | State of Minnesota, Series 2022A                                                             | CUSIP: 60412AXX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41610.00     | 0.16%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                           | State of Minnesota                                                                           | CUSIP: 604140XN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $58142.50     | 0.23%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                         | State of Mississippi, Series 2021A                                                           | CUSIP: 605581NQ6<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |     65000 | PA      | $71455.15     | 0.28%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                         | State of Mississippi, Series 2021C                                                           | CUSIP: 605581PM3<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42258.40     | 0.16%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi Gaming Tax Revenue                                      | State of Mississippi, Series 2019A                                                           | CUSIP: 605638BH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47604.60     | 0.19%             | 2030-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Highway & Transportation Commission                                 | Missouri Highway & Transportation Commission, Series 2022A                                   | CUSIP: 60636WSZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31009.80     | 0.12%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                                   | Monroe County Industrial Development Corp., Series 2020A                                     | CUSIP: 61075TUV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $163607.40    | 0.64%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Multnomah County School District No. 1J Portland                             | Multnomah County School District No. 1J Portland, Series 2020B                               | CUSIP: 625517LP0<br>LEI: 5493002CTP8R8T4OPS64 | Long             | DBT              | MUN               | US        |     40000 | PA      | $39639.20     | 0.15%             | 2033-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Nassau County Interim Finance Authority                                      | Nassau County Interim Finance Authority, Series 2021A                                        | CUSIP: 631663QW4<br>LEI: 549300DP7LB76W78BR41 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37851.80     | 0.15%             | 2032-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                               | Nebraska Public Power District, Series 2016A                                                 | CUSIP: 63968AH32<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.12%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                               | Nebraska Public Power District, Series 2016B                                                 | CUSIP: 63968AJ97<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30046.50     | 0.12%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                  | New Hampshire Health and Education Facilities Authority, Series 2015                         | CUSIP: 6446142Y4<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100025.00    | 0.39%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                    | New Jersey Economic Development Authority, Series 2020A                                      | CUSIP: 64577XAW6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37660.70     | 0.15%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                    | New Jersey Economic Development Authority, Series 2020A                                      | CUSIP: 64577XAX4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32186.40     | 0.13%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                    | New Jersey Economic Development Authority, Series 2024SSS                                    | CUSIP: 64577XFA9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     65000 | PA      | $74275.50     | 0.29%             | 2038-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                  | New Jersey Educational Facilities Authority, Series 2021C                                    | CUSIP: 646067CG1<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |     40000 | PA      | $39808.80     | 0.15%             | 2034-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                               | New Jersey Transportation Trust Fund Authority, Series 2016A1                                | CUSIP: 6461362D2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100925.00    | 0.39%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                               | New Jersey Transportation Trust Fund Authority, Series 2018A                                 | CUSIP: 6461364D0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37117.50     | 0.14%             | 2032-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                               | New Jersey Transportation Trust Fund Authority, Series 2024A                                 | CUSIP: 64613CEM6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     65000 | PA      | $74963.20     | 0.29%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                          | City of New York, Series 2019E                                                               | CUSIP: 64966MR68<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     60000 | PA      | $59191.80     | 0.23%             | 2035-08-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                          | City of New York, Series 2021F1                                                              | CUSIP: 64966QVM9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     70000 | PA      | $75774.30     | 0.29%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                          | City of New York, Series 2024D                                                               | CUSIP: 64966SCM6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    135000 | PA      | $142132.05    | 0.55%             | 2047-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                          | City of New York, Series 2024D                                                               | CUSIP: 64966SCQ7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     55000 | PA      | $50209.50     | 0.20%             | 2050-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                          | City of New York, Series 2025F                                                               | CUSIP: 64966SKV7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37341.85     | 0.15%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Educational Construction Fund                                  | New York City Educational Construction Fund, Series 2021B                                    | CUSIP: 649670NU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76241.25     | 0.30%             | 2052-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue      | New York City Transitional Finance Authority, Series 2017E1                                  | CUSIP: 64971W4X5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50950.00     | 0.20%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue      | New York City Transitional Finance Authority Future Tax Secured, Series FISCAL 2023B SUB B-1 | CUSIP: 64971X2N7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $50459.85     | 0.20%             | 2037-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue      | New York City Transitional Finance Authority, Series 2022D1                                  | CUSIP: 64971XN95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $56413.50     | 0.22%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                              | New York City Municipal Water Finance Authority, Series 2013BB                               | CUSIP: 64972GBB9<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    110000 | PA      | $87179.40     | 0.34%             | 2047-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                              | New York City Municipal Water Finance Authority, Series 2018EE                               | CUSIP: 64972GQX5<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.12%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue            | New York City Transitional Finance Authority, Series 2020S1B                                 | CUSIP: 64972H3M2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $43144.65     | 0.17%             | 2044-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                 | New York City Transitional Finance Authority, Series 2024F1                                  | CUSIP: 64972JGV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $92825.10     | 0.36%             | 2049-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                 | New York City Transitional Finance Authority, Series 2024G1                                  | CUSIP: 64972JJB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $84229.60     | 0.33%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                 | New York City Transitional Finance Authority, Series 2024G1                                  | CUSIP: 64972JJF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $66731.60     | 0.26%             | 2052-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue      | New York City Transitional Finance Authority Future Tax Secured, Series FISCAL 2025C SUB C-1 | CUSIP: 64972JMA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $76319.60     | 0.30%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New York                                                            | State of New York, Series 2023A                                                              | CUSIP: 649791SG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $62931.55     | 0.24%             | 2037-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                | New York State Environmental Facilities Corp., Series 2024A                                  | CUSIP: 64986DNY7<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |     50000 | PA      | $57654.00     | 0.22%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                | New York State Environmental Facilities Corp., Series 2024A                                  | CUSIP: 64986DNZ4<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |     35000 | PA      | $40049.80     | 0.16%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                           | New York State Dormitory Authority, Series 2017A                                             | CUSIP: 64990AGQ2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30451.50     | 0.12%             | 2042-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                           | New York State Dormitory Authority, Series 2017A                                             | CUSIP: 64990AGR0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30403.80     | 0.12%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                           | New York State Dormitory Authority, Series 2018A                                             | CUSIP: 64990AHZ1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76646.25     | 0.30%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                           | New York State Dormitory Authority, Series 2016A                                             | CUSIP: 64990CJE2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     35000 | PA      | $34220.90     | 0.13%             | 2034-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                             | New York State Thruway Authority, Series 2025A                                               | CUSIP: 650028B36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $275427.75    | 1.07%             | 2049-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                               | Empire State Development Corp., Series 2017C                                                 | CUSIP: 6500357K8<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    275000 | PA      | $280447.75    | 1.09%             | 2042-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No. 1                                  | North Carolina Municipal Power Agency No. 1, Series 2015A                                    | CUSIP: 658203X33<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30090.60     | 0.12%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                      | State of North Carolina, Series 2019                                                         | CUSIP: 658268EE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $85514.40     | 0.33%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                      | State of North Carolina, Series 2021                                                         | CUSIP: 658268EU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52513.50     | 0.20%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                      | State of North Carolina, Series 2020B                                                        | CUSIP: 65829QEG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $39669.60     | 0.15%             | 2033-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                      | State of North Carolina, Series 2025A                                                        | CUSIP: 65829QFL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31001.70     | 0.12%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northwest Independent School District                                        | Northwest Independent School District, Series 2023                                           | CUSIP: 667826EC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $110253.00    | 0.43%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northwest Independent School District                                        | Northwest Independent School District, Series 2023                                           | CUSIP: 667826EK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77765.25     | 0.30%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                  | Ohio Higher Educational Facility Commission, Series 2016                                     | CUSIP: 67756DJW7<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |     75000 | PA      | $74001.75     | 0.29%             | 2035-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                | State of Ohio, Series 2018-1                                                                 | CUSIP: 677581GW4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35372.75     | 0.14%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Capitol Improvement Authority                                       | Oklahoma Capitol Improvement Authority, Series 2025A                                         | CUSIP: 678514EN6<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |     75000 | PA      | $79742.25     | 0.31%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                  | Oklahoma Turnpike Authority, Series 2020 A                                                   | CUSIP: 679111A87<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51239.00     | 0.20%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                  | Oklahoma Turnpike Authority, Series 2017C                                                    | CUSIP: 679111XT6<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76607.25     | 0.30%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                               | Oklahoma Water Resources Board, Series 2025A                                                 | CUSIP: 67919PWY5<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |     70000 | PA      | $74605.30     | 0.29%             | 2050-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Oregon Department of Transportation                                 | State of Oregon Department of Transportation, Series 2020A                                   | CUSIP: 68607DUU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53617.50     | 0.21%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Orlando FL                                                           | City of Orlando, Series 2025                                                                 | CUSIP: 686432BY0<br>LEI: G8GZFWRIKS3AFD6AWU52 | Long             | DBT              | MUN               | US        |     75000 | PA      | $81845.25     | 0.32%             | 2050-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                            | Palm Beach County School District                                                            | CUSIP: 696550G89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $87226.40     | 0.34%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                            | Palm Beach County School District, Series 2020A                                              | CUSIP: 696550G97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32618.10     | 0.13%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                            | Palm Beach County School District                                                            | CUSIP: 696550H39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $65826.60     | 0.26%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                 | Commonwealth of Pennsylvania, Series 2016                                                    | CUSIP: 70914PE24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $66134.90     | 0.26%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                             | Pennsylvania Turnpike Commission, Series 2017                                                | CUSIP: 709224A41<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52319.00     | 0.20%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                             | Pennsylvania Turnpike Commission, Series 2017                                                | CUSIP: 709224E39<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    110000 | PA      | $111384.90    | 0.43%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                             | Pennsylvania Turnpike Commission, Series 2016                                                | CUSIP: 709224RU5<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76680.00     | 0.30%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                             | Pennsylvania Turnpike Commission, Series 2021B                                               | CUSIP: 709225DQ6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27769.75     | 0.11%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                             | Pennsylvania Turnpike Commission, Series 2023A                                               | CUSIP: 709225JB3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     75000 | PA      | $78087.75     | 0.30%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                             | Pennsylvania Turnpike Commission, Series 2024                                                | CUSIP: 709225LE4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     50000 | PA      | $55739.00     | 0.22%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                   | Pennsylvania Turnpike Commission, Series 2022B                                               | CUSIP: 709230AX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46606.05     | 0.18%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pflugerville Independent School District                                     | Pflugerville Independent School District, Series 2023A                                       | CUSIP: 717096DP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $106668.10    | 0.42%             | 2044-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 3 Puyallup                                 | Pierce County School District No. 3 Puyallup, Series 2017                                    | CUSIP: 720390ZL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51679.50     | 0.20%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Polk County School District                                                  | Polk County School District, Series 2019                                                     | CUSIP: 731127DB9<br>LEI: 549300N07FMPTRZO0044 | Long             | DBT              | MUN               | US        |     40000 | PA      | $43159.20     | 0.17%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of Houston of Harris County Texas                             | Port Authority of Houston of Harris County Texas, Series 2020A2                              | CUSIP: 7342606E7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31284.00     | 0.12%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Portland OR Sewer System Revenue                                     | City of Portland, Series 2018A                                                               | CUSIP: 736742ZJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10053.60     | 0.04%             | 2030-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Prosper Independent School District                                          | Prosper Independent School District, Series 2024                                             | CUSIP: 7436003N6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $54748.00     | 0.21%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                             | Kentucky Public Energy Authority, Series 2024B                                               | CUSIP: 74440DFC3<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    130000 | PA      | $139846.20    | 0.54%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Rhode Island                                                        | State of Rhode Island, Series 2022A                                                          | CUSIP: 762223NV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75453.00     | 0.29%             | 2042-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp.                                                  | Rhode Island Commerce Corp., Series 2016B                                                    | CUSIP: 762232AP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80713.60     | 0.31%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp.                                                  | Rhode Island Commerce Corp., Series 2020A                                                    | CUSIP: 762232BU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $54433.50     | 0.21%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Royse City Independent School District/TX                                    | Royse City Independent School District, Series 2023                                          | CUSIP: 780869XX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $67692.30     | 0.26%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                               | Sales Tax Securitization Corp., Series 2024A                                                 | CUSIP: 79467BHQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38848.60     | 0.15%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                        | City of San Antonio, Series 2024 A                                                           | CUSIP: 79625GJH7<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |     50000 | PA      | $56864.50     | 0.22%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                     | San Antonio Water System, Series 2020A                                                       | CUSIP: 79642GHF2<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     50000 | PA      | $54931.00     | 0.21%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                     | San Antonio Water System, Series 2024B                                                       | CUSIP: 79642GRM6<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |    100000 | PA      | $106945.00    | 0.42%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                     | San Antonio Water System, Series 2024B                                                       | CUSIP: 79642GRQ7<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31635.90     | 0.12%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Transportation Commission                          | San Diego County Regional Transportation Commission, Series 2023A                            | CUSIP: 797400PQ5<br>LEI: W4FR340A6EQ2SSI17B56 | Long             | DBT              | MUN               | US        |     30000 | PA      | $35341.50     | 0.14%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | San Francisco City & County, Series 2023B                                                    | CUSIP: 79766DVG1<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |     45000 | PA      | $48946.05     | 0.19%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | San Francisco City & County, Series 2024B                                                    | CUSIP: 79766DXC8<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32577.60     | 0.13%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Francisco CA Public Utilities Commission Water Revenue           | City of San Francisco, Series 2025D                                                          | CUSIP: 79771FLJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $206836.50    | 0.81%             | 2051-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of San Francisco CA                                            | City & County of San Francisco, Series 2025B1                                                | CUSIP: 79773KNW0<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |     45000 | PA      | $48459.60     | 0.19%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Jose Redevelopment Agency Successor Agency                               | San Jose Redevelopment Agency Successor Agency, Series 2017A                                 | CUSIP: 798170AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77542.50     | 0.30%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA                                                           | City of Seattle, Series 2021A                                                                | CUSIP: 812627KD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26208.00     | 0.10%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seguin TX                                                            | City of Seguin                                                                               | CUSIP: 815832E48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $64518.60     | 0.25%             | 2059-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                      | South Carolina Public Service Authority, Series 2014C                                        | CUSIP: 837151KX6<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |     80000 | PA      | $73636.80     | 0.29%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Transportation Infrastructure Bank                            | South Carolina Transportation Infrastructure Bank, Series 2017A                              | CUSIP: 837152US4<br>LEI: 549300YI1NMCP4VLJN43 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20658.40     | 0.08%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Conservancy District                                            | South Dakota Conservancy District, Series 2025A                                              | CUSIP: 837545SW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $147072.80    | 0.57%             | 2055-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                            | Southeast Energy Authority A Cooperative District, Series 2024C                              | CUSIP: 84136HAH6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |     50000 | PA      | $54019.00     | 0.21%             | 2055-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                            | Southeast Energy Authority A Cooperative District, Series 2025A                              | CUSIP: 84136HBC6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |     75000 | PA      | $78144.75     | 0.30%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                            | Southeast Energy Authority A Cooperative District, Series 2025F                              | CUSIP: 84136JAE9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |     70000 | PA      | $76035.40     | 0.30%             | 2030-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                            | Southeast Energy Authority A Cooperative District, Series 2025F                              | CUSIP: 84136JAL3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |     70000 | PA      | $76961.50     | 0.30%             | 2055-11-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                           | Southeastern Pennsylvania Transportation Authority, Series 2022                              | CUSIP: 842039FL8<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |     75000 | PA      | $82551.00     | 0.32%             | 2040-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                   | Southern California Public Power Authority, Series 2024-1                                    | CUSIP: 842469CD8<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    115000 | PA      | $124151.70    | 0.48%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Springfield School District No. R-12                                         | Springfield School District No. R-12, Series 2019                                            | CUSIP: 851035UE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41525.20     | 0.16%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| St Louis Community College District                                          | St. Louis Community College District, Series 2024                                            | CUSIP: 85234LBE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $29795.10     | 0.12%             | 2042-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. III                           | Texas Municipal Gas Acquisition & Supply Corp. III, Series 2021                              | CUSIP: 88256HBE7<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |    130000 | PA      | $137815.60    | 0.54%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                               | State of Texas, Series 2025                                                                  | CUSIP: 882725DB7<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |     65000 | PA      | $73229.00     | 0.29%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas State University System                                                | Texas State University System, Series 2024                                                   | CUSIP: 88278PJ54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $48729.60     | 0.19%             | 2042-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Transportation Finance Corp.                                           | Texas Transportation Finance Corp., Series 2025A                                             | CUSIP: 88283PAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $74048.80     | 0.29%             | 2055-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Texas Transportation Finance Corp.                                           | Texas Transportation Finance Corp., Series 2025A                                             | CUSIP: 88283PAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $75703.60     | 0.29%             | 2055-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                | Texas Water Development Board, Series 2022                                                   | CUSIP: 8828547S5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $68289.60     | 0.27%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                | Texas Water Development Board, Series 2022                                                   | CUSIP: 8828547W6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $66634.20     | 0.26%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                | Texas Water Development Board, Series 2018A                                                  | CUSIP: 882854G97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $73982.30     | 0.29%             | 2029-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                | Texas Water Development Board, Series 2015A                                                  | CUSIP: 882854WY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65003.25     | 0.25%             | 2045-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                | Texas Water Development Board, Series 2017A                                                  | CUSIP: 882854ZV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51561.50     | 0.20%             | 2027-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                | Texas Water Development Board, Series 2025                                                   | CUSIP: 88285AKE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75465.75     | 0.29%             | 2056-10-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| County of Travis TX                                                          | County of Travis, Series 2016A                                                               | CUSIP: 89453PYF0<br>LEI: 549300HEC6MNL5465K30 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35134.40     | 0.14%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tri-County Metropolitan Transportation District of Oregon                    | Tri-County Metropolitan Transportation District of Oregon, Series 2018A                      | CUSIP: 89546RPP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10485.80     | 0.04%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                         | Triborough Bridge & Tunnel Authority, Series 2024 A SUB A-1                                  | CUSIP: 89602RLT0<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     75000 | PA      | $79441.50     | 0.31%             | 2051-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                       | University of Arkansas, Series 2021A                                                         | CUSIP: 914073BA8<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |     85000 | PA      | $88323.50     | 0.34%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | University of California, Series 2022BK                                                      | CUSIP: 91412HND1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $291642.40    | 1.14%             | 2052-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Houston                                                        | University of Houston, Series 2022A                                                          | CUSIP: 914302KK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $69323.15     | 0.27%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Texas System                                             | University of North Texas System, Series 2022                                                | CUSIP: 914729WH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50639.50     | 0.20%             | 2047-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                           | Board of Regents of the University of Texas System, Series 2019 B                            | CUSIP: 91514AJV8<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |    100000 | PA      | $111373.00    | 0.43%             | 2049-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Utah (The)                                                     | University of Utah (The), Series 2023 B                                                      | CUSIP: 9151833S4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $79678.50     | 0.31%             | 2048-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| University of Utah (The)                                                     | University of Utah (The), Series 2022A                                                       | CUSIP: 915183X85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $83222.40     | 0.32%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Washington                                                     | University of Washington, Series 2021A                                                       | CUSIP: 91523NVY9<br>LEI: T8YS5W0N70BYCTHPA429 | Long             | DBT              | MUN               | US        |     55000 | PA      | $57180.20     | 0.22%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Utah                                                                | State of Utah, Series 2020                                                                   | CUSIP: 917542WN8<br>LEI: 254900RWV9NSVUZONC07 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10629.10     | 0.04%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Utah                                                                | State of Utah, Series 2020B                                                                  | CUSIP: 917542XD9<br>LEI: 254900RWV9NSVUZONC07 | Long             | DBT              | MUN               | US        |     45000 | PA      | $48381.75     | 0.19%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                          | Virginia College Building Authority, Series 2021A                                            | CUSIP: 92778VKW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $121434.25    | 0.47%             | 2032-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                   | Virginia Commonwealth Transportation Board, Series 2019                                      | CUSIP: 927793K73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $61625.85     | 0.24%             | 2037-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                           | Virginia Public Building Authority, Series 2020A                                             | CUSIP: 9281725M3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $154035.00    | 0.60%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                            | County of Wake, Series 2021                                                                  | CUSIP: 930876FJ1<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |     45000 | PA      | $44103.60     | 0.17%             | 2036-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                               | Washington Metropolitan Area Transit Authority, Series 2017B                                 | CUSIP: 938782FG9<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46647.90     | 0.18%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                               | Washington Metropolitan Area Transit Authority, Series 2017B                                 | CUSIP: 938782FS3<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30738.30     | 0.12%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                               | Washington Metropolitan Area Transit Authority, Series 2018                                  | CUSIP: 938782GJ2<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |    105000 | PA      | $108036.60    | 0.42%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue             | Washington Metropolitan Area Transit Authority, Series 2020A                                 | CUSIP: 93878YAM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27212.25     | 0.11%             | 2034-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue             | Washington Metropolitan Area Transit Authority, Series 2020A                                 | CUSIP: 93878YAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26989.25     | 0.11%             | 2036-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue             | Washington Metropolitan Area Transit Authority, Series 2021A                                 | CUSIP: 93878YBH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $57658.70     | 0.22%             | 2034-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                          | State of Washington, Series 2018C                                                            | CUSIP: 93974D2K3<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     70000 | PA      | $73438.40     | 0.29%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                          | State of Washington, Series 2018 C                                                           | CUSIP: 93974D2N7<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     65000 | PA      | $67896.40     | 0.26%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                          | State of Washington, Series 2019A                                                            | CUSIP: 93974D4H8<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41221.60     | 0.16%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                          | State of Washington, Series 2017D                                                            | CUSIP: 93974DF29<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     70000 | PA      | $71823.50     | 0.28%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                          | State of Washington, Series 2016C                                                            | CUSIP: 93974DVA3<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45085.95     | 0.18%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                          | State of Washington, Series 2017A                                                            | CUSIP: 93974DXA1<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45577.35     | 0.18%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                          | State of Washington, Series 2017B                                                            | CUSIP: 93974DXV5<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55708.95     | 0.22%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                          | State of Washington, Series 2022A                                                            | CUSIP: 93974ESB3<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     60000 | PA      | $62347.20     | 0.24%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                          | State of Washington, Series 2024C                                                            | CUSIP: 93974EZ25<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26002.25     | 0.10%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Weld County School District No. 6 Greeley                                    | Weld County School District No. 6 Greeley, Series 2020                                       | CUSIP: 949289PT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $64064.40     | 0.25%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of West Virginia                                                       | State of West Virginia, Series 2018B                                                         | CUSIP: 956553B91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $151430.75    | 0.59%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of West Virginia                                                       | State of West Virginia, Series 2019A                                                         | CUSIP: 956553H20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10653.80     | 0.04%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westfield-Washington Multi-School Building Corp.                             | Westfield-Washington Multi-School Building Corp., Series 2024A                               | CUSIP: 96023PPA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $74071.40     | 0.29%             | 2036-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westmoreland County Municipal Authority                                      | Westmoreland County Municipal Authority, Series 2025 A                                       | CUSIP: 961017SY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $84033.75     | 0.33%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                           | State of Wisconsin, Series 2024 1                                                            | CUSIP: 97705MH99<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     70000 | PA      | $72347.10     | 0.28%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                           | State of Wisconsin, Series 2021-1                                                            | CUSIP: 97705MSK2<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25838.25     | 0.10%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                           | State of Wisconsin, Series 2020 B                                                            | CUSIP: 97705MTS4<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     55000 | PA      | $58207.60     | 0.23%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                           | State of Wisconsin, Series 2025B                                                             | CUSIP: 97705MU78<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     55000 | PA      | $63990.30     | 0.25%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                           | State of Wisconsin, Series 2023-1                                                            | CUSIP: 97705MXA8<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     60000 | PA      | $63499.20     | 0.25%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin Environmental Improvement Fund Revenue                    | State of Wisconsin, Series 2024A                                                             | CUSIP: 97709TEJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $51997.95     | 0.20%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                       | Wisconsin Department of Transportation, Series 2024-2                                        | CUSIP: 9771234Q8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $73414.25     | 0.29%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                       | Wisconsin Department of Transportation, Series 2024-2                                        | CUSIP: 9771234R6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $57361.50     | 0.22%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** Northern Funds

**Signature:** Randal Rein

**Name of Signer:** Randal Rein

**Title:** Treasurer and PFO