# EDGAR Filing Document

**Accession Number:** 0000763852
**File Stem:** 0002071691-25-004195
**Filing Date:** 2025-10
**Character Count:** 213246
**Document Hash:** 0d09551f359e294060863df9534507e1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-004195.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0002071691-25-004195

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMORGAN TRUST II
- **CENTRAL INDEX KEY:** 0000763852

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04236
- **FILM NUMBER:** 251429210

**BUSINESS ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172
- **BUSINESS PHONE:** 800-480-4111

**MAIL ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ONE GROUP MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 20000721

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ONE GROUP
- **DATE OF NAME CHANGE:** 19931105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HELMSMAN FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### JPMorgan Tax Free Bond Fund (Series ID: S000003500)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000009695 | Class C      | JTFCX           |
| C000009696 | Class I      | PRBIX           |
| C000009697 | Class A      | PMBAX           |
| C000205208 | Class R6     | RUNFX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** JPMorgan Trust II

- **b. Investment Company Act file number:** 811-04236

- **c. CIK number of Registrant:** 0000763852

- **d. LEI of Registrant:** 549300IMXLYKELY96B40

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

  - **Street Address 1:** 277 Park Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

  - **Telephone number:** 800-480-4111

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

- **a. Name of Series:** JPMorgan Tax Free Bond Fund

- **b. EDGAR series identifier (if any):** S000003500

- **c. LEI of Series:** C2FBU9YCW7ZC5833BZ12

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

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-08-31

**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:** $767219282.98

**Total Liabilities:** $4472286.49

**Net Assets:** $762746996.49

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1110.41410000 | **1-Year:** 17232.80856000 | **5-Year:** 78080.48964000 | **10-Year:** 221774.56745000 | **30-Year:** 126510.07438000

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

- **3-Month:** 122.49110000 | **1-Year:** 807.13692000 | **5-Year:** 6100.65589000 | **10-Year:** 9434.42559000 | **30-Year:** 70410.36502000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000009697 | 0.59%                | -0.74%               | 0.79%                |
| Class ID C000009696 | 0.61%                | -0.63%               | 0.81%                |
| Class ID C000205208 | 0.61%                | -0.62%               | 0.82%                |
| Class ID C000009695 | 0.56%                | -0.70%               | 0.75%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-327669.38              | $2264452.28                                |
| Month 2  | $-1948763.12             | $-5337767.28                               |
| Month 3  | $-1029587.48             | $4459349.10                                |

**Designated Index Information**

- **Index Name:** Municipal Bond

- **Index Identifier:** 730TRUSD0

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Mount Vernon Independent School District                                                       | Mount Vernon Independent School District, Unlimited Tax, Series 2023                                                                                 | CUSIP: 623742GH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3626057.75   | 0.48%             | 2048-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Gulf Coast University Financing Corp.                                                  | Florida Gulf Coast University Financing Corp., Housing Project, Series 2020A                                                                         | CUSIP: 34073XJJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $223133.67    | 0.03%             | 2037-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                                      | Metropolitan Government of Nashville and Davidson County, Series 2024C                                                                               | CUSIP: 592112XT8<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1430714.78   | 0.19%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grandview Heights City School District                                                         | Grandview Heights City School District                                                                                                               | CUSIP: 386694FJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028494.70   | 0.13%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis/St. Paul Housing Finance Board/MN                                                  | Minneapolis-St. Paul Housing Finance Board, Single Family Mortgage, City Living Home Programs, Series 2007A-2                                        | CUSIP: 603798AH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20019.41     | 0.00%             | 2041-03-01      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                       | Massachusetts Development Finance Agency, Lasell Village, Inc. Issue                                                                                 | CUSIP: 57585BJJ8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063842.30   | 0.14%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                                 | Lower Colorado River Authority, Series 2024                                                                                                          | CUSIP: 54811GN55<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1808979.10   | 0.24%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                           | Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series 2021A-1                                                                         | CUSIP: 89602HAA5<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $885150.50    | 0.12%             | 2046-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board | Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Blakeford at Green Hills, Series 2020A               | CUSIP: 592041YW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1111950.31   | 0.15%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                           | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels                                                                                      | CUSIP: 89602RMX0<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1656429.75   | 0.22%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jackson State University Educational Building Corp.                                            | Jackson State University Educational Building Corp., Series 2021A                                                                                    | CUSIP: 468714FG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $836494.80    | 0.11%             | 2034-03-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Selma Industrial Development Board                                                             | Selma Industrial Development Board, International Paper Co. Projects, Series 2019A                                                                   | CUSIP: 81647PAG8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $993778.80    | 0.13%             | 2033-11-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| Central Puget Sound Regional Transit Authority                                                 | Central Puget Sound Regional Transit Authority, Series 2021S-1                                                                                       | CUSIP: 155048EG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2005000 | PA      | $1780677.59   | 0.23%             | 2046-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maine Turnpike Authority                                                                       | Maine Turnpike Authority                                                                                                                             | CUSIP: 560551SE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1333974.68   | 0.17%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                                             | City of Detroit, Unlimited Tax, Series 2021A                                                                                                         | CUSIP: 2510935D8<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    350000 | PA      | $301704.69    | 0.04%             | 2042-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                            | City of New York, Fiscal Year 2025, Series 2025G, Subseries G-1                                                                                      | CUSIP: 64966SLR5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1915000 | PA      | $2152420.74   | 0.28%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Marshall Independent School District                                                           | Marshall Independent School District, Unlimited Tax, Series 2023                                                                                     | CUSIP: 572682TH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2292853.27   | 0.30%             | 2045-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                  | Main Street Natural Gas, Inc., Gas Supply, Series 2023E, Subseries E-1                                                                               | CUSIP: 56035DGB2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   6770000 | PA      | $7247433.26   | 0.95%             | 2031-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                                 | Indiana Municipal Power Agency, Power Supply System, Series 2025A                                                                                    | CUSIP: 454898YH4<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1504982.57   | 0.20%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                                          | Capital Projects Finance Authority, Student Housing, Program Unionwest Properties LLC Project, Series 2024A-1                                        | CUSIP: 140427CP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $923590.00    | 0.12%             | 2049-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                 | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2022BB                                                                | CUSIP: 64613CBG2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2387126.75   | 0.31%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                                | State of Oregon, Article XI-F Project, Series 2025F                                                                                                  | CUSIP: 68609URL1<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1141776.20   | 0.15%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                        | Knox County Health Educational and Housing Facility Board, University of Tennessee Project                                                           | CUSIP: 499526AT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025456.50   | 0.13%             | 2059-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Village of Bolingbrook IL                                                                      | Village of Bolingbrook, Series 2018A                                                                                                                 | CUSIP: 097552TM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036218.40   | 0.14%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                               | Minnesota Housing Finance Agency, Residential Housing Finance, Series C                                                                              | CUSIP: 60416SHX1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90095.75     | 0.01%             | 2045-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Santa Fe NM                                                                          | County of Santa Fe, Cresta Ranch Apartments, Series 2024                                                                                             | CUSIP: 80189NAD6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $2012205.40   | 0.26%             | 2049-12-10      | Variable      | 3.29%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                          | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 57-A                                                                         | CUSIP: 65820BBF2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2243624.60   | 0.29%             | 2056-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                                   | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025J, Subseries J-1                         | CUSIP: 64972JTU2<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3671124.80   | 0.48%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Round Rock Independent School District                                                         | Round Rock Independent School District, Series 2025B                                                                                                 | CUSIP: 779240RJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077705.60   | 0.14%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                                 | County of Allen, Hospital Facilities, Bon Secours Mercy Health, Inc., Series 2015A                                                                   | CUSIP: 01757LFF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1785965.20   | 0.23%             | 2045-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                  | Main Street Natural Gas, Inc., Gas Supply, Series 2024D                                                                                              | CUSIP: 56035DHZ8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3196488.90   | 0.42%             | 2054-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Midland Independent School District                                                            | Midland Independent School District, Unlimited Tax                                                                                                   | CUSIP: 5977833A5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3170000 | PA      | $3039645.16   | 0.40%             | 2040-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Local Government Finance Commission                                                    | Florida Local Government Finance Commission, Fleet Landing at Nocatee Project                                                                        | CUSIP: 34077UAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007744.40   | 0.26%             | 2055-11-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                          | Metropolitan Transportation Authority, Climate Bond, Series 2025A                                                                                    | CUSIP: 59261A5C7<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018997.40   | 0.13%             | 2045-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                                    | University of North Carolina, Hospital at Chapel Hill, Series A                                                                                      | CUSIP: 91471FAW5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   9000000 | PA      | $9000000.00   | 1.18%             | 2031-02-15      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                 | Black Belt Energy Gas District, Gas Project, Series 2024D                                                                                            | CUSIP: 09182TEN3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   7250000 | PA      | $7641889.33   | 1.00%             | 2055-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Seminole County Industrial Development Authority                                               | Seminole County Industrial Development Authority, Legacy Pointe at UCF Project                                                                       | CUSIP: 81669TAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1336183.65   | 0.18%             | 2054-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Atlanta Urban Residential Finance Authority                                                    | Atlanta Urban Residential Finance Authority, Multi-Family Housing North Block, Series 2025                                                           | CUSIP: 04785VBX1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1014765.20   | 0.13%             | 2029-02-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| City of Tallahassee FL Utility System Revenue                                                  | City of Tallahassee Utility System, Series 2024A                                                                                                     | CUSIP: 874461MD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1118525.10   | 0.15%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                     | Illinois Finance Authority, Mercy Health System                                                                                                      | CUSIP: 45204EBX5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    305000 | PA      | $295889.86    | 0.04%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Horry County School District/SC                                                                | Horry County School District, Series 2015A                                                                                                           | CUSIP: 440673G70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2085000 | PA      | $2086319.39   | 0.27%             | 2028-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                                          | City of Farmington, San Juan Project, Series 2010B                                                                                                   | CUSIP: 311450GD6<br>LEI: 5493000GWMTI2L4AZA61 | Long             | STIV             | MUN               | US        |   1550000 | PA      | $1580978.92   | 0.21%             | 2029-06-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                                             | City of Detroit, Unlimited Tax, Series 2021A                                                                                                         | CUSIP: 2510935C0<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    300000 | PA      | $265257.24    | 0.03%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp./TN                                                                              | Tennergy Corp., Gas Supply, Series 2021A                                                                                                             | CUSIP: 880397BW3<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |  10110000 | PA      | $10265182.43  | 1.35%             | 2028-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                            | Pennsylvania Housing Finance Agency, Single Family Mortgage                                                                                          | CUSIP: 70879QZ71<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1123311.20   | 0.15%             | 2055-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                           | District of Columbia, Rocketship Obligated Group, Series 2021A                                                                                       | CUSIP: 25483VYA6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1054375.88   | 0.14%             | 2041-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                               | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                                  | CUSIP: 20282EAK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $116972.87    | 0.02%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., John F. Kennedy International Airport New Terminal One Project                                            | CUSIP: 650116JM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001998.90   | 0.13%             | 2059-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                 | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Series A-1                                                            | CUSIP: 6461362B6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2670000 | PA      | $2722350.69   | 0.36%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                          | Louisiana Public Facilities Authority, I-10 Calcasieu River Bridge Public Private Partnership Project                                                | CUSIP: 546399TA4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3138379.30   | 0.41%             | 2066-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                     | Michigan Finance Authority, Henry Ford Health System                                                                                                 | CUSIP: 59447TMQ3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2075000 | PA      | $1719788.22   | 0.23%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                              | New York City Transitional Finance Authority Building Aid, Series 2026, S-1                                                                          | CUSIP: 64972LAM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2195307.40   | 0.29%             | 2037-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Wisconsin Hospitals & Clinics                                                    | University of Wisconsin Hospitals and Clinics, Series 2018C                                                                                          | CUSIP: 915260CN1<br>LEI: 549300O76DW14JGO7224 | Long             | STIV             | MUN               | US        |  13600000 | PA      | $13600000.00  | 1.78%             | 2048-04-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, New York University, Series 2025A                                                                                | CUSIP: 64985SGE7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011856.00   | 0.13%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                                         | Patriots Energy Group Financing Agency, Series 2023 Subseries B-1                                                                                    | CUSIP: 70342PAR5<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   2665000 | PA      | $2880532.41   | 0.38%             | 2054-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                             | Tobacco Settlement Financing Corp., Series 2018A                                                                                                     | CUSIP: 888808HN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $949127.20    | 0.12%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                                           | Chicago Midway International Airport, Senior Lien, Series 2023A                                                                                      | CUSIP: 167562SG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1738118.97   | 0.23%             | 2048-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                       | New Hampshire Business Finance Authority, University of Nevada Reno Project, Series 2023A                                                            | CUSIP: 63610FBM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $990737.20    | 0.13%             | 2053-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                                  | Central Texas Turnpike System, First Tier, Series 2024B                                                                                              | CUSIP: 88283KBQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077691.90   | 0.14%             | 2042-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Olmsted Falls City School District                                                             | Olmsted Falls City School District, Series 2017A                                                                                                     | CUSIP: 681233DW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $850824.20    | 0.11%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                          | Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges                                                                     | CUSIP: 70868YAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2825000 | PA      | $2694384.71   | 0.35%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                                   | West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Commercial Metal Co. Project                                          | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $983243.70    | 0.13%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| Virginia Port Authority                                                                        | Virginia Port Authority                                                                                                                              | CUSIP: 928077KZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1225563.72   | 0.16%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                                         | Wisconsin Department of Transportation, Series 2025-1                                                                                                | CUSIP: 9771235F1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1911383.20   | 0.25%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                 | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2024CC                                                                | CUSIP: 64613CGF9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2020219.80   | 0.26%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                          | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 55-C                                                                         | CUSIP: 65820BBB1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000168.20   | 0.13%             | 2056-07-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | U.S. Treasury Long Bond                                                                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        71 | NC      | $2098.76      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)                          | Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University Project, Series 2018A       | CUSIP: 71885DCX8<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    350000 | PA      | $358487.08    | 0.05%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                           | State of Connecticut, Series A                                                                                                                       | CUSIP: 20772J6Q0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $156014.73    | 0.02%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                                    | Shelby County Health Educational and Housing Facilities Board, Baptism Memorial Health Obligated Group, Series 2024B                                 | CUSIP: 821691AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1423988.56   | 0.19%             | 2029-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                                     | Intermountain Power Agency, Utah Power Supply, Series 2023A                                                                                          | CUSIP: 45884AF24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065292.90   | 0.14%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                              | State of Illinois, Series 2024B                                                                                                                      | CUSIP: 452153JH3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1523133.30   | 0.20%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                             | City of Chicago, Series 2025A                                                                                                                        | CUSIP: 167486U72<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018050.10   | 0.13%             | 2050-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| North Ridgeville City School District                                                          | North Ridgeville City School District, Series 2024                                                                                                   | CUSIP: 661870LX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1019904.44   | 0.13%             | 2061-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                        | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-1                                                                                          | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1000000 | PA      | $877073.20    | 0.11%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                        | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project, Series 2019B                                                            | CUSIP: 6262072T0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4773335.50   | 0.63%             | 2059-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Community College District                                                              | Austin Community College District, Unlimited Tax                                                                                                     | CUSIP: 052403KQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2176196.00   | 0.29%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                                      | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series 2021B-2                                                               | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17000000 | PA      | $1577584.70   | 0.21%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                                          | California Infrastructure and Economic Development Bank, California Academy of Science, Series 2024A                                                 | CUSIP: 13034A5B2<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5071671.00   | 0.66%             | 2029-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                               | Washington Metropolitan Area Transit Authority Dedicated, Second Lien, Series 2025A                                                                  | CUSIP: 93878YEB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2053629.20   | 0.27%             | 2055-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                      | New Jersey Economic Development Authority, Biomedical Research Facilities, Series 2016A                                                              | CUSIP: 64577BSF2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    240000 | PA      | $243919.82    | 0.03%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                                | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp., Series 2020A                                               | CUSIP: 13016NES9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $497669.78    | 0.07%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                                  | Kentucky State Property and Building Commission, Project No. 131, Series A                                                                           | CUSIP: 49151F4J6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1303875.98   | 0.17%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                              | Territory of Guam, Series 2025G                                                                                                                      | CUSIP: 40065NDD6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1000000 | PA      | $1070468.60   | 0.14%             | 2037-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                                      | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series 2021B                                                                 | CUSIP: 38122NB76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $868508.05    | 0.11%             | 2046-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                  | Main Street Natural Gas, Inc., Gas Supply, Series 2021C                                                                                              | CUSIP: 56035DCZ3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6593112.50   | 0.86%             | 2052-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority                                             | Montgomery County Industrial Development Authority, Constellation Energy Generation, Series 2023A                                                    | CUSIP: 61361TAA9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   5000000 | PA      | $5115921.50   | 0.67%             | 2028-04-03      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| Delaware River Port Authority                                                                  | Delaware River Port Authority                                                                                                                        | CUSIP: 246352JG4<br>LEI: 549300OBM31KJO8JR048 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1656386.70   | 0.22%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth               | Louisiana Local Government Environmental Facilities and Community Development Authority, City of Bossier City, Louisiana Project                     | CUSIP: 54628C4J8<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    800000 | PA      | $890006.08    | 0.12%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                                        | New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project, Series 2024, Class F                                        | CUSIP: 64966TGX6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1333917.13   | 0.17%             | 2031-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maricopa County Union High School District No. 216 Agua Fria                                   | Maricopa County Union High School District No. 216 Agua Fria, Project of 2023 and 2024                                                               | CUSIP: 567541SF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $526963.39    | 0.07%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - University of Texas System                                         | Permanent University Fund - University of Texas System, Series 2025A                                                                                 | CUSIP: 915130BZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1701157.20   | 0.22%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, CommonSpirit Health, Series 2019A-1                                                                            | CUSIP: 19648FKA1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2565000 | PA      | $2217651.29   | 0.29%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018                 | CUSIP: 650116CQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1400231.85   | 0.18%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                           | Colorado Educational and Cultural Facilities Authority, James Irwin Educational Foundation                                                           | CUSIP: 19645UNS9<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1786716.20   | 0.23%             | 2062-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, KSU Bixby Real Estate Foundation LLC Project, Series 2025B                                                                 | CUSIP: 74439YFZ9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $736994.85    | 0.10%             | 2055-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                               | Minnesota Housing Finance Agency, Residential Housing, Series 2024O                                                                                  | CUSIP: 60416UGU3<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    985000 | PA      | $1104288.43   | 0.14%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                                           | Chicago Midway International Airport, Senior Lien, Series 2023A                                                                                      | CUSIP: 167562SH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2195000 | PA      | $2232052.92   | 0.29%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Missouri State Environmental Improvement & Energy Resources Authority                          | Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water, Series 2015B                    | CUSIP: 60636UDC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2890000 | PA      | $2893319.74   | 0.38%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                       | New Hampshire Business Finance Authority, Series 2025-1, Class A-1                                                                                   | CUSIP: 63607WBD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1743720 | PA      | $1641033.71   | 0.22%             | 2041-01-20      | Variable      | 4.09%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                       | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC, Series 2021A                                                          | CUSIP: 04052FCT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2810000 | PA      | $2228555.08   | 0.29%             | 2051-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Astro Texas Land Projects                                                                                                  | CUSIP: 74442PL86<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1999101 | PA      | $1972024.55   | 0.26%             | 2036-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                                | California County Tobacco Securitization Agency, Series 2006A                                                                                        | CUSIP: 13016NCT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $644706.30    | 0.08%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                               | Energy Northwest, Project 1, Series 2025A                                                                                                            | CUSIP: 29270C7B5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1136227.90   | 0.15%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, Mount Sinai Obligated Group                                                                                      | CUSIP: 64985SMS9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2174103.90   | 0.29%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Presbyterian Villages of Michigan Obligated Group, Series 2020A                                                            | CUSIP: 74442PQJ7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2740000 | PA      | $1831502.04   | 0.24%             | 2053-11-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                 | Buckeye Tobacco Settlement Financing Authority, Series 2020A-2, Class 1                                                                              | CUSIP: 118217CL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3295000 | PA      | $3532377.40   | 0.46%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                            | County of Howard, Series 2025A                                                                                                                       | CUSIP: 44256P3X9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1714312.05   | 0.22%             | 2042-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                          | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 53-A                                                                         | CUSIP: 6582076L4<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1333055.57   | 0.17%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                | California Community Choice Financing Authority, Clean Energy Project, Series 2023B-1                                                                | CUSIP: 13013JCB0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2565000 | PA      | $2705770.02   | 0.35%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                                                | Chester County Industrial Development Authority, Longwood Gardens Project, Series 2021                                                               | CUSIP: 165588FH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1096884.50   | 0.14%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                        | Los Angeles Department of Water and Power, Power System, Series 2025A                                                                                | CUSIP: 544532PW8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   3445000 | PA      | $3447322.27   | 0.45%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                | California Community Choice Financing Authority, Clean Energy Project, Series 2024H                                                                  | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2174051.40   | 0.29%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                                          | City of San Antonio, Series 2024C                                                                                                                    | CUSIP: 79625GLA9<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049791.00   | 0.14%             | 2049-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                      | City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects, Series 2024B                                                   | CUSIP: 442349HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1938650.71   | 0.25%             | 2034-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Collin County Community College District                                                       | Collin County Community College District                                                                                                             | CUSIP: 194742GB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1836353.80   | 0.24%             | 2042-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                                                | State of Louisiana Gasoline and Fuels Tax, Second Lien, Series 2023A-1                                                                               | CUSIP: 546475VV3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10000000.00  | 1.31%             | 2043-05-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                                     | Intermountain Power Agency, Utah Power Supply, Series 2023A                                                                                          | CUSIP: 45884AE90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1213725.66   | 0.16%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                            | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2023-141A                                                                        | CUSIP: 70879QSZ7<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    860000 | PA      | $915808.58    | 0.12%             | 2053-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| St Vrain Lakes Metropolitan District No. 4                                                     | St Vrain Lakes Metropolitan District No. 4, Series 2024A                                                                                             | CUSIP: 85237KAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $677503.00    | 0.09%             | 2054-09-20      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Triad Educational Services, Inc.                                                                                           | CUSIP: 74442EKN9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1500095.93   | 0.20%             | 2052-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Middleton Community Development District A                                                     | Middleton Community Development District A, City of Wildwood, Florida Special Assessment, Series 2022                                                | CUSIP: 596681AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037075.30   | 0.14%             | 2042-05-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                               | California Health Facilities Financing Authority, Sutter Health, Series 2017A                                                                        | CUSIP: 13032UNX2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1685637.40   | 0.22%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dublin City School District                                                                    | Dublin City School District, Ohio School Facilities Unlimited Tax, Series 2024B                                                                      | CUSIP: 26371GYQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $178096.92    | 0.02%             | 2048-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, School Districts Financing Program, Series 2025A                                                                 | CUSIP: 64985SDH3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2200887.60   | 0.29%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                                             | Virginia Public Building Authority, Series 2015A                                                                                                     | CUSIP: 928172K38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5003520.50   | 0.66%             | 2031-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                             | Tobacco Settlement Financing Corp., Series 2018B                                                                                                     | CUSIP: 888808HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3770000 | PA      | $3623268.96   | 0.48%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada Department of Business & Industry                                              | State of Nevada Department of Business and Industry, Brighline West Passenger Rail Project, Series 2025A                                             | CUSIP: 641455AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $918998.90    | 0.12%             | 2065-01-01      | Variable      | 9.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                                            | U.S. Treasury 10 Year Ultra Note                                                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -49 | NC      | $-25868.43    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, Covenant Living Communities and Services, Series 2025A                                                         | CUSIP: 19648FZB3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1156125.26   | 0.15%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                                            | Geisinger Authority, Health System, Series 2020A                                                                                                     | CUSIP: 368497JU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2433140.00   | 0.32%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                            | State of Washington Motor Vehicle Fuel Tax, Series 2025C                                                                                             | CUSIP: 93974E5W2<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2231498.20   | 0.29%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                            | Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group                                                                | CUSIP: 97712JMS9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008225.40   | 0.13%             | 2050-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                                        | County of Miami-Dade, Jackson Health System                                                                                                          | CUSIP: 59333TGC8<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2101459.00   | 0.28%             | 2055-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                                    | San Diego County Regional Airport Authority, Senior Private Activity                                                                                 | CUSIP: 79739GRL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2459731.00   | 0.32%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                     | Illinois Finance Authority, Centerpointjoliet Terminal, Series 2020                                                                                  | CUSIP: 45203PAB0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $960324.90    | 0.13%             | 2050-12-01      | Variable      | 4.12%                 | Yes           |                  2 | On Loan: No      |
| City of Austin TX Electric Utility Revenue                                                     | City of Garland Electric Utility System                                                                                                              | CUSIP: 052414WB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1282638.59   | 0.17%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                                         | Oklahoma Development Finance Authority Health System, OU Medicine Project, Series 2018B                                                              | CUSIP: 67884XCK1<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1904295.20   | 0.25%             | 2052-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project                              | CUSIP: 650116CN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1139814.45   | 0.15%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus County Industrial Facilities & Pollution Control Financing Authority                  | Columbus County Industrial Facilities and Pollution Control Financing Authority, International Paper Co. Recover Project, Series 2020A               | CUSIP: 199048AF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2016329.20   | 0.26%             | 2034-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                       | New Hampshire Business Finance Authority, Winston Salem Sustainable Energy Partners, Series 2025A                                                    | CUSIP: 63607YCQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071262.80   | 0.14%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                                  | New Jersey Turnpike Authority, Series 2017G                                                                                                          | CUSIP: 646140CT8<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $913072.70    | 0.12%             | 2043-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Vancouver Housing Authority                                                                    | Vancouver Housing Authority, Series 2025                                                                                                             | CUSIP: 921626PU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1944658.60   | 0.25%             | 2038-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Baldwin County Industrial Development Authority                                                | Baldwin County Industrial Development Authority, Novelis Corp., Project, Series 2025A                                                                | CUSIP: 05786PAA1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2500000 | PA      | $2503562.75   | 0.33%             | 2055-06-01      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Intermediate Tax-Free Fund                                                            | City of Houston, Combined Utility System, First Lien, Series 2024A                                                                                   | CUSIP: 44244CS24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2513107.75   | 0.33%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                                  | Kentucky State Property and Building Commission, Project No. 132, Series A                                                                           | CUSIP: 49151F4T4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1121744.90   | 0.15%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Housing Finance Agency                                                                | Oklahoma Housing Finance Agency, Home Ownership Loan Program, Series 2025A                                                                           | CUSIP: 67886MW88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1128112.70   | 0.15%             | 2056-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                                          | City of Chicago, Waterworks, Second Lien, Series 2001                                                                                                | CUSIP: 167736SJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1833520.56   | 0.24%             | 2030-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund                             | Ohio Water Development Authority Water Pollution Control Loan Fund, Series 2024C                                                                     | CUSIP: 67766WQ21<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    500000 | PA      | $500000.00    | 0.07%             | 2054-12-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Children's Trust Fund                                                                          | Children's Trust Fund, Tobacco Settlement Asset-Backed, Series 2005A                                                                                 | CUSIP: 16876QBJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   4000000 | PA      | $770429.20    | 0.10%             | 2050-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                              | State of Illinois, Series 2022B                                                                                                                      | CUSIP: 452153DN6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6566521.20   | 0.86%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Municipal Bond Bank                                                                      | Maine Municipal Bond Bank, Series 2025A                                                                                                              | CUSIP: 56045SBH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1239363.18   | 0.16%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                                | New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Series 2009BB-2                                  | CUSIP: 64972FWL6<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |    750000 | PA      | $750000.00    | 0.10%             | 2039-06-15      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Sales Tax Receipts Fund                                              | Chicago Transit Authority Sales Tax Receipts Fund, Series 2024A                                                                                      | CUSIP: 16772PEP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2463178.25   | 0.32%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Tobacco Settlement Authority                                                              | Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed, Series 2021-B-2, Class 2                                    | CUSIP: 888805CJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11810000 | PA      | $1633151.76   | 0.21%             | 2065-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Denver Health & Hospital Authority                                                             | Denver Health and Hospital Authority, Series 2025A                                                                                                   | CUSIP: 24918EEP1<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1569164.40   | 0.21%             | 2055-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project                              | CUSIP: 650116CX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4255000 | PA      | $4262359.02   | 0.56%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                                  | Delaware State Economic Development Authority, Newark Charter School, Inc., Project, Series A                                                        | CUSIP: 246387RS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $480476.15    | 0.06%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                       | Massachusetts Development Finance Agency, PRG Medford Properties, Inc. Issue Tufts University Student Housing Program                                | CUSIP: 57585BMW5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2479877.00   | 0.33%             | 2060-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)                          | Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University Project, Series 2018A       | CUSIP: 71885DDC3<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200682.20    | 0.03%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                              | Oregon State Facilities Authority, Peacehealth, Series 2018A                                                                                         | CUSIP: 68608JXD8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   3250000 | PA      | $3250000.00   | 0.43%             | 2034-08-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                                            | Idaho Housing and Finance Association, Single Family Mortgage, Series 2025C                                                                          | CUSIP: 45130BCH4<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1127088.40   | 0.15%             | 2056-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                             | Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects, Series 2019A                                | CUSIP: 60635H2S7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $968760.20    | 0.13%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                 | New Jersey Transportation Trust Fund Authority, Series 2020AA                                                                                        | CUSIP: 6461367E5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2129859.68   | 0.28%             | 2039-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mount San Antonio Community College District                                                   | Mount San Antonio Community College District, Election of 2008, Series 2013A                                                                         | CUSIP: 623040FW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7150000 | PA      | $6861561.14   | 0.90%             | 2043-08-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Alaska Industrial Development & Export Authority                                               | Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project, Series 2019A                                                   | CUSIP: 011903GL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1019767.75   | 0.13%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Roswell Development Authority                                                                  | Roswell Development Authority, Wellsatar Healthcare, Inc., Series 2025A                                                                              | CUSIP: 77853AAA1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   3500000 | PA      | $3500000.00   | 0.46%             | 2047-04-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                             | South Carolina Jobs-Economic Development Authority, Foothill Affordable Housing, Series 2025                                                         | CUSIP: 837031H63<br>LEI: 5493006X47I9VG3DL112 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $990134.40    | 0.13%             | 2062-03-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Lake Havasu City AZ Wastewater System Revenue                                          | City of Lake Havasu City Wastewater System, Senior Lien                                                                                              | CUSIP: 50989RAQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1774261.44   | 0.23%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Triad Educational Services, Inc.                                                                                           | CUSIP: 74442EKP4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    775000 | PA      | $729051.65    | 0.10%             | 2057-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                     | Illinois Finance Authority, Northwestern Memorial Healthcare, Series 2017A                                                                           | CUSIP: 45204EA32<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1295688.45   | 0.17%             | 2047-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                                          | Capital Projects Finance Authority, Student Housing, Program Unionwest Properties LLC Project, Series 2024B                                          | CUSIP: 140427CK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  26250000 | PA      | $3116838.38   | 0.41%             | 2062-06-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Grandview Heights City School District                                                         | Grandview Heights City School District                                                                                                               | CUSIP: 386694FL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2711836.26   | 0.36%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                                         | City of Mesa Utility System                                                                                                                          | CUSIP: 5905452W8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1801361.09   | 0.24%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                         | California Municipal Finance Authority, Waste Management, Inc., Project, Series 2020                                                                 | CUSIP: 13048RAH0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.13%             | 2045-10-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                 | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2024CC                                                                | CUSIP: 64613CGJ1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $864351.20    | 0.11%             | 2050-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission                                                        | Missouri Housing Development Commission, Single Family, First Place Homeownership Loan Program, Series 2024A                                         | CUSIP: 60637B8J2<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |    920000 | PA      | $1009483.06   | 0.13%             | 2055-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                                           | County of Harnett, Limited Tax                                                                                                                       | CUSIP: 41333TCN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $1044714.76   | 0.14%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                              | State of Illinois, Series 2023B                                                                                                                      | CUSIP: 452153FL8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019133.50   | 0.13%             | 2047-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                                  | Delaware State Economic Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group, Series 2018B                                 | CUSIP: 246371AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $937844.30    | 0.12%             | 2048-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Transportation Fund Revenue                                      | Commonwealth of Massachusetts Transportation Fund, Series 2015A                                                                                      | CUSIP: 57604TCL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1011486.22   | 0.13%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                            | State of Washington, Various Purpose, Series 2025A                                                                                                   | CUSIP: 93974E3B0<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2568901.50   | 0.34%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                     | Tarrant County Cultural Education Facilities Finance Corp., Cook Children's Medical Center                                                           | CUSIP: 87638QTK5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1718148.40   | 0.23%             | 2054-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp.                                                                             | Utah Housing Corp., Single Family Mortgage, Series 2025A                                                                                             | CUSIP: 917437RU1<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |    995000 | PA      | $1116365.62   | 0.15%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018                 | CUSIP: 650116CK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2044576.00   | 0.27%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                      | Indiana Finance Authority, CHF- Tippecanoe LLC- Student Housing Project, Series 2023A                                                                | CUSIP: 45471FAF8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    900000 | PA      | $834021.27    | 0.11%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp.                                                             | Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc., Project, Series 2009F                           | CUSIP: 60528ABN3<br>LEI: 549300DYV074JUDKBQ77 | Long             | STIV             | MUN               | US        |   1050000 | PA      | $1050000.00   | 0.14%             | 2030-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                                  | Central Texas Turnpike System, Second Tier, Series 2024C                                                                                             | CUSIP: 88283KCF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1572278.85   | 0.21%             | 2040-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                                   | Los Angeles Department of Water and Power, Water System, Series 2017A                                                                                | CUSIP: 544525WL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $436064.30    | 0.06%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                         | California Statewide Communities Development Authority, Southern California Edison Co., Series 2006C                                                 | CUSIP: 13078HBB7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1129406.63   | 0.15%             | 2033-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Butler County Port Authority                                                                   | Butler County Port Authority, Community First Solutions, Series 2021A                                                                                | CUSIP: 12355RAP1<br>LEI: 549300LIKUQ3LQUKO260 | Long             | DBT              | MUN               | US        |    250000 | PA      | $198328.75    | 0.03%             | 2046-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                            | Wisconsin Health and Educational Facilities Authority, Forensic science and Protective Medicine Collaboration, Inc. Project, Series 2024             | CUSIP: 97712JHF3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1523292.75   | 0.20%             | 2027-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                       | Build NYC Resource Corp., Urban Resource Institute Project                                                                                           | CUSIP: 12008EWQ5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014671.80   | 0.13%             | 2056-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                         | Illinois Housing Development Authority, Series 2024A                                                                                                 | CUSIP: 45203MWL1<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    935000 | PA      | $1016431.67   | 0.13%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of South Miami Health Facilities Authority, Inc.                                          | City of South Miami Health Facilities Authority, Inc., Baptist Health South                                                                          | CUSIP: 838810EM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2158412.80   | 0.28%             | 2065-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue                                         | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, TBTA Capital Lockbox, Series 2023A                                                  | CUSIP: 896035CD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $879712.20    | 0.12%             | 2058-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                                            | County of Harris, Unlimited Tax, Series 2023A                                                                                                        | CUSIP: 414005Y85<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1824753.00   | 0.24%             | 2048-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Rockport IN                                                                            | City of Rockport, Indiana Michigan Power Co. Project, Series 2025A                                                                                   | CUSIP: 773835BY8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $2029030.20   | 0.27%             | 2047-06-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| Onondaga Civic Development Corp.                                                               | Onondaga Civic Development Corp., Syracuse University Project                                                                                        | CUSIP: 682832LK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $941395.40    | 0.12%             | 2050-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                                  | Commonwealth of Massachusetts, Series 2025A                                                                                                          | CUSIP: 57582TCP5<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4124029.20   | 0.54%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Melissa Independent School District                                                            | Melissa Independent School District, Unlimited Tax, Series 2023                                                                                      | CUSIP: 585488YU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2225000 | PA      | $1981718.72   | 0.26%             | 2053-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado                          | Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado, Series 2025A                                                                  | CUSIP: 844090AD2<br>LEI: 549300X0RZRBWLO0J697 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2388685.28   | 0.31%             | 2035-04-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                        | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019, Series 2019A-1                                                   | CUSIP: 64971XFU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5108495.50   | 0.67%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                                           | Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, Series 2024B-2                                                    | CUSIP: 70917TRY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2348476.08   | 0.31%             | 2054-11-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Senior Lien                                                                                                                | CUSIP: 74442PF59<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984032.20    | 0.13%             | 2044-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                          | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2025A                                                               | CUSIP: 546399UP9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032556.90   | 0.14%             | 2055-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, Covenant Living Communities and Services, Series 2025A                                                         | CUSIP: 19648FZG2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074280.90   | 0.14%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                    | Virginia Small Business Financing Authority, Senior Lien, Transform 66 P3 Project                                                                    | CUSIP: 928097AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $924234.10    | 0.12%             | 2056-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                       | New Hampshire Business Finance Authority, Tamarron Project, Series 2024                                                                              | CUSIP: 63608TAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $449788.91    | 0.06%             | 2035-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                                            | U.S. Treasury Ultra Bond                                                                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -24 | NC      | $11020.03     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                             | Tobacco Settlement Financing Corp., Series B                                                                                                         | CUSIP: 888809BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $959757.00    | 0.13%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                                    | Washington Health Care Facilities Authority, Seattle Cancer Care Alliance                                                                            | CUSIP: 93978HYF6<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $997668.04    | 0.13%             | 2048-12-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                          | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2025A                                                               | CUSIP: 546399UN4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1516940.25   | 0.20%             | 2055-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                        | Los Angeles Department of Water and Power System, Series 2024C                                                                                       | CUSIP: 544532LY8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019500.20   | 0.13%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                      | Indiana Finance Authority, State Revolving Fund Program, Series 2025C                                                                                | CUSIP: 45506EMC4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1403670.63   | 0.18%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                                    | Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project, Series 2019A                                     | CUSIP: 82170KAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1698625.75   | 0.22%             | 2059-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. V                                               | Texas Municipal Gas Acquisition and Supply Corp. V, Gas Supply, Series 2024                                                                          | CUSIP: 88256RAK2<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3191533.50   | 0.42%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, Series 2020A                                                                                                     | CUSIP: 64990GYC0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2043166.00   | 0.27%             | 2053-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                           | Chicago O'Hare International Airport, General Airport, Senior Lien, Series 2018B                                                                     | CUSIP: 167593M66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2982705.60   | 0.39%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                                  | Central Plains Energy Project, Gas Project No. 3, Series 2017A                                                                                       | CUSIP: 154871CP0<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |    750000 | PA      | $762931.95    | 0.10%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                             | Tobacco Settlement Financing Corp., Series 2018A                                                                                                     | CUSIP: 888808HQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2408220.75   | 0.32%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Local Government Finance Commission                                                    | Florida Local Government Finance Commission, Bridgeprep Academy Project, Series 2025A                                                                | CUSIP: 34077EAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997432.00    | 0.13%             | 2055-06-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                          | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 58-A                                                                         | CUSIP: 65820BCH7<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1140773.50   | 0.15%             | 2056-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                              | Southeast Energy Authority A Cooperative District Project No.06, Series 2023B                                                                        | CUSIP: 84136GAK1<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   5530000 | PA      | $5853273.85   | 0.77%             | 2054-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyoming Community Development Authority                                                        | Wyoming Community Development Authority, Series 2024-1                                                                                               | CUSIP: 98322QM46<br>LEI: 549300UQ62NB8FGTHW65 | Long             | DBT              | MUN               | US        |    985000 | PA      | $1076347.82   | 0.14%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                                              | Northeast Ohio Medical University, Series 2021A                                                                                                      | CUSIP: 66433RBD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $192055.13    | 0.03%             | 2040-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.                                       | Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners Segments 3 LLC Project                                               | CUSIP: 882667AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $930057.20    | 0.12%             | 2058-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                                  | Central Plains Energy Project, Gas Project No. 5, Series 2022-1                                                                                      | CUSIP: 154871CU9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   7625000 | PA      | $8026753.63   | 1.05%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                     | Illinois Finance Authority, Centerpointjoliet Terminal                                                                                               | CUSIP: 45203PAE4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1501029.00   | 0.20%             | 2043-12-01      | Variable      | 4.80%                 | Yes           |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                                   | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025, Series 2025D                                                     | CUSIP: 64972JNS3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $898093.10    | 0.12%             | 2054-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Verve Metropolitan District No. 1                                                              | Verve Metropolitan District No. 1                                                                                                                    | CUSIP: 92538YAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502952.30   | 0.20%             | 2052-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                         | North Carolina Medical Care Commission, Twin Lakes Community, Series 2025A                                                                           | CUSIP: 65820YTT3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    250000 | PA      | $236817.88    | 0.03%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                                          | City of Chicago, Waterworks, Second Lien, Series 2023A                                                                                               | CUSIP: 167736U96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $641176.71    | 0.08%             | 2053-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                                              | Indiana Housing and Community Development Authority, Single Family Mortgage, Series 2017C-3                                                          | CUSIP: 45505TSA0<br>LEI: 549300QRKDYVNHT1OE86 | Long             | STIV             | MUN               | US        |   3825000 | PA      | $3825000.00   | 0.50%             | 2047-07-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                          | Louisiana Public Facilities Authority, Lincoln Preparatory School Project, Series 2021A                                                              | CUSIP: 546399KY1<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $839522.22    | 0.11%             | 2060-06-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                     | Michigan Finance Authority, Henry Ford Health System, Series 2019A                                                                                   | CUSIP: 59447TUJ0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   4890000 | PA      | $4058599.27   | 0.53%             | 2050-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Desert Sands Unified School District                                                           | Desert Sands Unified School District, Election of 2024                                                                                               | CUSIP: 250433WR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1743652.20   | 0.23%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Senior Lien                                                                                                                | CUSIP: 74442PF67<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1988008.20   | 0.26%             | 2049-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Fort Bend TX Toll Road Revenue                                                       | County of Fort Bend Toll Road, Senior Lien                                                                                                           | CUSIP: 346817FT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1289707.75   | 0.17%             | 2050-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                                | Indianapolis Local Public Improvement Bond Bank, Indianapolis Public Transportation Corp. Project, Series 2025A                                      | CUSIP: 45527CDR0<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    500000 | PA      | $559562.80    | 0.07%             | 2033-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Wyoming                                                                          | University of Wyoming, Series 2021C                                                                                                                  | CUSIP: 915268G91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $566173.86    | 0.07%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                        | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-1                                                                                          | CUSIP: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   5985000 | PA      | $1386508.44   | 0.18%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue                      | Wisconsin Housing and Economic Development Authority, Home Ownership, Series 2024A                                                                   | CUSIP: 97689QTU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1115223.85   | 0.15%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                                        | Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board Machine Project                                                  | CUSIP: 594698SR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4973029.00   | 0.65%             | 2026-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                            | California Public Finance Authority, Senior Living The James, Series 2024A                                                                           | CUSIP: 13057GAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $919641.10    | 0.12%             | 2054-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                 | Buckeye Tobacco Settlement Financing Authority, Series 2020B-2, Class 2                                                                              | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5965000 | PA      | $4818105.27   | 0.63%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                     | Illinois Finance Authority, University of Chicago Medical Center (The), Series 2025A-2                                                               | CUSIP: 45204FQ65<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074760.80   | 0.14%             | 2059-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                                    | Metropolitan Washington Airports Authority Aviation, Series 2024A                                                                                    | CUSIP: 592647MH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $876542.80    | 0.11%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                                         | Wisconsin Department of Transportation, Series 2025 1                                                                                                | CUSIP: 9771235J3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1676086.20   | 0.22%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                           | District of Columbia, Kipp DC Project                                                                                                                | CUSIP: 25483VWB6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1750197.68   | 0.23%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                            | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2024 -147A                                                                       | CUSIP: 70879QC50<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1664835.75   | 0.22%             | 2054-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                              | Florida Development Finance Corp., Brightline Florida Passenger Rail Project, Series 2024                                                            | CUSIP: 340618DT1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3298723.20   | 0.43%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                | California Community Choice Financing Authority, Clean Energy Project, Series 2023G-1                                                                | CUSIP: 13013JDG8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2676248.00   | 0.35%             | 2054-11-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., John F. Kennedy International Airport New Terminal One Project                                            | CUSIP: 650116EZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $923570.90    | 0.12%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                         | California Municipal Finance Authority, Series 2021A                                                                                                 | CUSIP: 13048RAJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1999876.60   | 0.26%             | 2041-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                                    | Washington Health Care Facilities Authority, Seattle Cancer Care Alliance                                                                            | CUSIP: 93978HYD1<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    860000 | PA      | $785253.70    | 0.10%             | 2040-12-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                     | Illinois Finance Authority, Northwestern Memorial Healthcare, Series 2021B                                                                           | CUSIP: 45204FME2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |    500000 | PA      | $500000.00    | 0.07%             | 2055-07-15      | Variable      | 3.82%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                                            | California School Finance Authority, Green Dot Public School Projects, Series 2018A                                                                  | CUSIP: 13059TFE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $154951.01    | 0.02%             | 2027-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                                   | Massachusetts Bay Transportation Authority, Sales Tax, Series 2020B-1                                                                                | CUSIP: 575579J57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993738.70    | 0.13%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                                   | Massachusetts Port Authority, Bosfuel Project, Series 2019A                                                                                          | CUSIP: 575898DS7<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   4675000 | PA      | $4553977.81   | 0.60%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bergen County Improvement Authority (The)                                                      | Bergen County Improvement Authority (The), Guaranteed Government Pooled Project, Series 2025A                                                        | CUSIP: 083773EC1<br>LEI: 549300GA3U8F8Z1HOS09 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2019830.20   | 0.26%             | 2026-05-21      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                     | Tarrant County Cultural Education Facilities Finance Corp., Health Resources System                                                                  | CUSIP: 87638TJU8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3859748.90   | 0.51%             | 2064-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Mobile County Industrial Development Authority                                                 | Mobile County Industrial Development Authority, Calvert LLC Project, Series 2024B                                                                    | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $868469.40    | 0.11%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                             | City of Chicago, Series 2025B                                                                                                                        | CUSIP: 167486V71<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022151.10   | 0.13%             | 2041-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                                            | North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series 2024C                                                                     | CUSIP: 6589098F6<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1410675.61   | 0.18%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                             | New York Liberty Development Corp., Secured by Port Authority, Series 1WTC-2021                                                                      | CUSIP: 649519ER2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1335105.87   | 0.18%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                                    | New York City Industrial Development Agency, Yankee Stadium Project, Series 2020A                                                                    | CUSIP: 64971PJZ9<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2264090.01   | 0.30%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Development Authority of The City of Dalton                                           | Downtown Development Authority of The City of Dalton, Hamilton Health Care System                                                                    | CUSIP: 235550DV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $290383.22    | 0.04%             | 2026-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                                | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp., Series 2020B-2                                             | CUSIP: 13016NFC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6250000 | PA      | $1095628.13   | 0.14%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                           | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, TBTA Capital Lockbox, Series 2025A                                                  | CUSIP: 896032BB4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2043694.00   | 0.27%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                      | City of Houston, Airport System, United Airlines, Inc., Terminal E Project                                                                           | CUSIP: 4423487H5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2100023.10   | 0.28%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Housing Finance Authority                                                  | Hillsborough County Housing Finance Authority, Multi- Family Tampa 47th Street Apartments, Series 2025A                                              | CUSIP: 43232EDE6<br>LEI: 5493003JJ1KK4FWWU787 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000461.40   | 0.13%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                                   | Commonwealth of Pennsylvania, Series 2024-1                                                                                                          | CUSIP: 70914P4G4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4604463.50   | 0.60%             | 2042-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                                | Indianapolis Local Public Improvement Bond Bank, Indianapolis Public Transportation Corp. Project, Series 2025A                                      | CUSIP: 45527CDV1<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    550000 | PA      | $615931.36    | 0.08%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                                        | New York City Housing Development Corp., Series 2025A                                                                                                | CUSIP: 64966WKK2<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2273251.73   | 0.30%             | 2055-02-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                             | Tobacco Settlement Financing Corp., Series 2018A                                                                                                     | CUSIP: 888808HM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2036110.40   | 0.27%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                                  | Central Plains Energy Project, Gas Project No. 3, Series 2017A                                                                                       | CUSIP: 154871CL9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1596730.20   | 0.21%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                  | Main Street Natural Gas, Inc., Gas Supply, Series 2024E                                                                                              | CUSIP: 56035DJJ2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   3195000 | PA      | $3418680.99   | 0.45%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                    | Commonwealth of Puerto Rico, Series 2022A-1                                                                                                          | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   2000000 | PA      | $2067967.20   | 0.27%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                              | State of Illinois                                                                                                                                    | CUSIP: 452152E64<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     45000 | PA      | $42597.90     | 0.01%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                 | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2008A                                                                  | CUSIP: 646136WH0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  10355000 | PA      | $6487297.74   | 0.85%             | 2036-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Denver Health & Hospital Authority                                                             | Denver Health and Hospital Authority, Series A                                                                                                       | CUSIP: 24918EDA5<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001467.80   | 0.13%             | 2045-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Halifax County Industrial Development Authority                                                | Halifax County Industrial Development Authority, Virginia Electric and Power, Series 2010A                                                           | CUSIP: 40579PAE1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1435000 | PA      | $1459175.73   | 0.19%             | 2041-12-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                      | New Jersey Economic Development Authority, State House Project, Series 2017B                                                                         | CUSIP: 64578EME4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2691659.60   | 0.35%             | 2039-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                                          | California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project, Series 2025A                                        | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4594965.50   | 0.60%             | 2065-01-01      | Variable      | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                      | Indiana Finance Authority, Indiana University Health Obligated Group, Series 2023B1                                                                  | CUSIP: 45470YFL0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3169070.10   | 0.42%             | 2062-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority Parking System Revenue                   | Pennsylvania Economic Development Financing Authority, Junior Guaranteed, Capitol Region Parking System, Series 2024B                                | CUSIP: 70870EEX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $893214.60    | 0.12%             | 2050-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                                | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp., Series 2020A                                               | CUSIP: 13016NHL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $117234.99    | 0.02%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                             | Health and Educational Facilities Authority of the State of Missouri, St. Louis University, Series 2008B                                             | CUSIP: 6069014P8<br>LEI: 549300IWTBCMX5JB3277 | Long             | STIV             | MUN               | US        |    250000 | PA      | $250000.00    | 0.03%             | 2035-10-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                                    | Long Island Power Authority, Electric System, Series 2024B                                                                                           | CUSIP: 542691KA7<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5988159.00   | 0.79%             | 2049-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, Covenant Living Communities and Services, Series 2025A                                                         | CUSIP: 19648FZD9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1283598.22   | 0.17%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                       | Build NYC Resource Corp., Grand Concourse Academy Charter School, Series 2022A                                                                       | CUSIP: 12008ESZ0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    350000 | PA      | $317750.41    | 0.04%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Acts Retirement Life Communities, Inc., Obligated Group, Series 2020A                                                      | CUSIP: 74446CAD2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1395636.40   | 0.18%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Institutional Tax Free Money Market Fund                                              | JPMorgan Institutional Tax Free Money Market Fund, Class IM                                                                                          | CUSIP: 46645V725<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  31389197 | NS      | $31392336.06  | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |
| County of Wake NC                                                                              | County of Wake, Series 2025A                                                                                                                         | CUSIP: 930876JJ7<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1340781.50   | 0.18%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                          | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2025B                                                               | CUSIP: 546399UQ7<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1638801.00   | 0.21%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                        | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-1                                                                                          | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   6150000 | PA      | $5624047.70   | 0.74%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                                         | Wisconsin Department of Transportation, Series 2025 1                                                                                                | CUSIP: 9771235H7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1131303.50   | 0.15%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                                            | California School Finance Authority, Green Dot Public School Projects, Series 2018A                                                                  | CUSIP: 13059TFD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152165.04    | 0.02%             | 2026-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New York State Energy Research & Development Authority                                         | New York State Energy Research and Development Authority, Rochester Gas and Electric Corp., Project, Series 1997B                                    | CUSIP: 649845JD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1970000 | PA      | $2005215.92   | 0.26%             | 2032-08-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                         | California Statewide Communities Development Authority, Marin General Hospital Project, Series 2018A                                                 | CUSIP: 13080SUG7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2130000 | PA      | $1758225.97   | 0.23%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dutchess County Local Development Corp.                                                        | Dutchess County Local Development Corp., Millbrook School Project, Series 2021                                                                       | CUSIP: 267045PE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $840268.75    | 0.11%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Vermont Student Assistance Corp.                                                               | Vermont Student Assistance Corp., Education Loan, Series 2018A                                                                                       | CUSIP: 92428CLM4<br>LEI: 549300VHYVRSKNFRSZ91 | Long             | DBT              | MUN               | US        |    360000 | PA      | $359994.13    | 0.05%             | 2030-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                                    | Metropolitan Washington Airports Authority Aviation, Series 2021A                                                                                    | CUSIP: 592647KK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $2980244.80   | 0.39%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                                           | Mida Mountain Village Public Infrastructure District, Utah Subordinate Tax Allocation, Series 2024-2                                                 | CUSIP: 59561UAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1982846.00   | 0.26%             | 2054-06-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Great Lakes Water Authority Sewage Disposal System Revenue                                     | Great Lakes Water Authority Sewage Disposal System, Second Lien, Series 2025C                                                                        | CUSIP: 39081HHP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2215321.00   | 0.29%             | 2050-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                            | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2024-145A                                                                        | CUSIP: 70879QWN9<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1581665.51   | 0.21%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Cobb-Marietta Coliseum & Exhibit Hall Authority                                                | Cobb-Marietta Coliseum and Exhibit Hall Authority, Galleria Center Project                                                                           | CUSIP: 190760JP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047187.50   | 0.14%             | 2050-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                                       | City of Pompano Beach, John Knox Village Project, Series 2021A                                                                                       | CUSIP: 732203BH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $2594036.80   | 0.34%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                  | Main Street Natural Gas, Inc., Gas Supply, Series 2025B                                                                                              | CUSIP: 56035DKH4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1585719.00   | 0.21%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                       | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC                                                                        | CUSIP: 04052FEM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1955869.80   | 0.26%             | 2053-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland State Transportation Authority                                                        | Maryland State Transportation Authority, Series 2021A                                                                                                | CUSIP: 574300NW5<br>LEI: 254900MKNK0MO0Z4X426 | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2134038.38   | 0.28%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                           | District of Columbia, Georgetown University Issue, Series 2025A                                                                                      | CUSIP: 25484JDJ6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $4073787.75   | 0.53%             | 2060-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                                         | Downtown Revitalization Public Infrastructure District, Second Lien Sales Tax SEG Redevelopment Project, Series 2025B                                | CUSIP: 26118TBU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046656.80   | 0.14%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow                         | Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow, Series B                                                                   | CUSIP: 625482GF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3425000 | PA      | $2234833.39   | 0.29%             | 2035-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                                              | Plano Independent School District, Unlimited Tax                                                                                                     | CUSIP: 727199G21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2064816.23   | 0.27%             | 2045-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                       | New Hampshire Business Finance Authority, Winston Salem Sustainable Energy Partners, Series 2025A                                                    | CUSIP: 63607YCW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016628.70   | 0.13%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                                  | Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group, Series 2025B                                 | CUSIP: 69650MBA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1864330.20   | 0.24%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                                   | Mississippi Development Bank, Special Obligation, Water and Sewer System Project                                                                     | CUSIP: 60534TQH1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015365.00   | 0.13%             | 2040-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                                   | Kansas City Industrial Development Authority, Historic Northeast Redevelopment Plan, Series 2024A-1                                                  | CUSIP: 48502MAB9<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    675000 | PA      | $593681.20    | 0.08%             | 2054-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Raindance Metropolitan District No. 1 Non-Potable Water System Revenue                         | Raindance Metropolitan District No. 1, Non-Potable Water System                                                                                      | CUSIP: 75087GAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $910934.80    | 0.12%             | 2050-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Buckeye AZ                                                                             | City of Buckeye                                                                                                                                      | CUSIP: 118084CV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1761164.64   | 0.23%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County (The)                                                    | Development Authority of Burke County (The), Georgia Power Co. Plant Vogtle Project, Series 2013-1                                                   | CUSIP: 121342QL6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1003044.70   | 0.13%             | 2027-03-12      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| City of Portland OR Sewer System Revenue                                                       | City of Portland Sewer System, Second Lien, Series 2023A                                                                                             | CUSIP: 736742G27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6368886.60   | 0.83%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Goshen IN                                                                              | City of Goshen, Multi-Family, Green Oaks of Goshen Project, Series 2021A                                                                             | CUSIP: 38327MAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $407099.95    | 0.05%             | 2041-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                                           | Tennessee Housing Development Agency, Series 2025-1A                                                                                                 | CUSIP: 88046KQU3<br>LEI: 25490004PSQYQLFJGI76 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1106999.50   | 0.15%             | 2056-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Grand Parkway Transportation Corp.                                                             | Grand Parkway Transportation Corp., Grand Parkway System Subordinate Tier, Series 2018A                                                              | CUSIP: 38611TBQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1515491.10   | 0.20%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., JFK International Airport New Terminal One Project, Series 2023                                           | CUSIP: 650116GX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2694192.48   | 0.35%             | 2049-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                                          | Montgomery County Industrial Development Authority, Waverly Heights Ltd., Project                                                                    | CUSIP: 613609K54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $333510.14    | 0.04%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carrollton-Farmers Branch Independent School District                                          | Carrollton-Farmers Branch Independent School District, Unlimited Tax                                                                                 | CUSIP: 145628U76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3524949.72   | 0.46%             | 2050-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                         | Illinois Housing Development Authority, Series 2025A                                                                                                 | CUSIP: 45203MK34<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1129538.00   | 0.15%             | 2055-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Kahala Nui Project                                                                                                         | CUSIP: 74442PL37<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $966122.80    | 0.13%             | 2061-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                               | California Health Facilities Financing Authority, PIH Health, Series 2020A                                                                           | CUSIP: 13032UWP9<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $825779.20    | 0.11%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                                 | Oklahoma Water Resources Board, Clean Water Program, Series 2025A                                                                                    | CUSIP: 67919PWY5<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3535599.14   | 0.46%             | 2050-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue                      | Wisconsin Housing and Economic Development Authority, Home Ownership, Series B                                                                       | CUSIP: 97689QHL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120376.39    | 0.02%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northern Tobacco Securitization Corp.                                                          | Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation, Series 2021B-2, Class 2                          | CUSIP: 66585VCB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5855000 | PA      | $659828.64    | 0.09%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                                    | Long Island Power Authority, Electric System                                                                                                         | CUSIP: 542691LD0<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | STIV             | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.26%             | 2055-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project                              | CUSIP: 650116DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1041012.48   | 0.14%             | 2045-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                                    | San Diego County Regional Airport Authority, Senior Private Activity                                                                                 | CUSIP: 79739GRK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5540000 | PA      | $5476357.03   | 0.72%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                            | City of New York, Fiscal Year 2020, Series 2020D-1                                                                                                   | CUSIP: 64966QKD1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    530000 | PA      | $453070.45    | 0.06%             | 2050-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                                     | Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project, Series 2021A                                          | CUSIP: 95737TEV4<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1518258.20   | 0.20%             | 2056-07-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Michigan State University                                                                      | Michigan State University, Series 2025A                                                                                                              | CUSIP: 594712C74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1660196.51   | 0.22%             | 2055-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                                 | Sales Tax Securitization Corp., Series 2018C                                                                                                         | CUSIP: 79467BCJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1514544.15   | 0.20%             | 2043-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                         | California Statewide Communities Development Authority, Loma Linda University Medical Center, Series 2016A                                           | CUSIP: 13080SML5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2875000 | PA      | $2618185.45   | 0.34%             | 2056-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                                                | State of Louisiana Gasoline and Fuels Tax, Second Lien, Series 2025A                                                                                 | CUSIP: 546475WX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2150732.20   | 0.28%             | 2039-05-01      | 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, Fiscal Year 2023, Series 2023F, Subseries F-1                                      | CUSIP: 64971X7H5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1080374.88   | 0.14%             | 2051-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| College Park Housing Authority                                                                 | College Park Housing Authority                                                                                                                       | CUSIP: 194307AA2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $2020980.40   | 0.26%             | 2044-04-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| Port of Greater Cincinnati Development Authority                                               | Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project, Series 2024B                                                | CUSIP: 734195EA4<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016771.30   | 0.13%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Industrial Development Authority                                           | Hillsborough County Industrial Development Authority, Baycare Health System, Series 2024E                                                            | CUSIP: 43233KAX2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.13%             | 2054-11-15      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                                 | Metropolitan Nashville Airport Authority (The), Subordinate Airport, Series 2019A                                                                    | CUSIP: 592190NL2<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4507335.00   | 0.59%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carroll City-County Hospital Authority                                                         | Carroll City-County Hospital Authority, Tanner Medical Center Project                                                                                | CUSIP: 144709LC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1130262.88   | 0.15%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                            | State of Washington, Series 2024C                                                                                                                    | CUSIP: 93974EV52<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2030296.00   | 0.27%             | 2049-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Tobacco Securitization Corp.                                                          | Northern Tobacco Securitization Corp., Senior Lien, Series 2021A, Class 1                                                                            | CUSIP: 66585VBK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062132.80   | 0.14%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                       | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project, Series 2025A-2                                          | CUSIP: 04052TDC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1801694.00   | 0.24%             | 2059-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                              | City and County of Denver, Airport System, Series 2018A                                                                                              | CUSIP: 249182LN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $872676.20    | 0.11%             | 2043-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                          | Louisiana Public Facilities Authority, Mentorship Steam Academy Project, Series 2021A                                                                | CUSIP: 546399LQ7<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    740000 | PA      | $560678.76    | 0.07%             | 2056-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Mount Lebanon Hospital Authority                                                               | Mount Lebanon Hospital Authority, St. Clair Memorial Hospital Project                                                                                | CUSIP: 621820DG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2482044.90   | 0.33%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                                 | Metropolitan Nashville Airport Authority (The), Series 2022B                                                                                         | CUSIP: 592190RA2<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1975000 | PA      | $1921457.16   | 0.25%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                               | California Health Facilities Financing Authority, CommonSpirit Health, Series 2020A                                                                  | CUSIP: 13032UY44<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1218578.84   | 0.16%             | 2049-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Missouri State Environmental Improvement & Energy Resources Authority                          | Missouri State Environmental Improvement and Energy Resources Authority, Union Improvement Co. Project, Series 1998C                                 | CUSIP: 606907BF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1130374.38   | 0.15%             | 2033-09-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                                            | Idaho Housing and Finance Association, Transporation Expansion and Congestion, Sales Tax, Series 2023A                                               | CUSIP: 45130ABL8<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1800409.55   | 0.24%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crowley Independent School District                                                            | Crandall Independent School District, Unlimited Tax                                                                                                  | CUSIP: 228130KH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $333484.73    | 0.04%             | 2053-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New York Power Authority                                                                       | New York Power Authority, Green Transmission Project, Series 2023A                                                                                   | CUSIP: 65000XBV1<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5060940.00   | 0.66%             | 2058-11-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                        | Port Authority of New York and New Jersey, Consolidated, Series 93                                                                                   | CUSIP: 733580S88<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   7320000 | PA      | $7332625.54   | 0.96%             | 2094-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Fayette County Development Authority                                                           | Fayette County Development Authority, United States Soccer Federation, Inc. Project, Series 2024                                                     | CUSIP: 31222PAV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1049716.71   | 0.14%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                                       | Metropolitan Pier and Exposition Authority, Mccormick Place Expansion Project, Series 2022B                                                          | CUSIP: 592250FF6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   3345000 | PA      | $3362952.62   | 0.44%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd               | Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multi-Family Housing, Burning Tree Apartments Project | CUSIP: 592113CQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3121938.60   | 0.41%             | 2028-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                             | Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects, Series 2019A                                | CUSIP: 60635H2R9<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018527.10   | 0.13%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                          | Metropolitan Transportation Authority, Series 2020C-1                                                                                                | CUSIP: 59261AG50<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1791759.06   | 0.23%             | 2055-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Peace River Manasota Regional Water Supply Authority                                           | Peace River Manasota Regional Water Supply Authority, Utility System, Series 2025A                                                                   | CUSIP: 704612GP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2072149.40   | 0.27%             | 2050-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                               | Ohio Water Development Authority, Drinking Water Assistance, Series 2025A                                                                            | CUSIP: 67765QSW7<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063640.40   | 0.14%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Johnson City Independent School District                                                       | Johnson City Independent School District, Series 2023                                                                                                | CUSIP: 478340HU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3405000 | PA      | $2972658.30   | 0.39%             | 2052-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                                    | Washington State Housing Finance Commission, Rockwood Retirement Communities Project, Series 2020A                                                   | CUSIP: 939783C95<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1870353.60   | 0.25%             | 2041-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, Vail Valley Medical Centre Project                                                                             | CUSIP: 19648A4N2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1095000 | PA      | $943995.12    | 0.12%             | 2045-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, Adventist Health System, Series 2021A                                                                          | CUSIP: 19648FSH8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1371861.14   | 0.18%             | 2050-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, State Sales Tax, Series 2018A                                                                                    | CUSIP: 64990AHS7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41335.24     | 0.01%             | 2037-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                                 | Washington Metropolitan Area Transit Authority, Series 2018                                                                                          | CUSIP: 938782GP8<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   5010000 | PA      | $5040305.49   | 0.66%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                                             | City of Houston, Combined Utility System, Junior Lien, Series 2002A                                                                                  | CUSIP: 4424362G5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2966204.00   | 0.39%             | 2032-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                       | Massachusetts Development Finance Agency, Boston Medical Center Issue, Series 2025W                                                                  | CUSIP: 57585BHN1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1752928.80   | 0.23%             | 2055-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                                    | California Educational Facilities Authority, Claremont McKenna College, Series 2015A                                                                 | CUSIP: 130179DN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502720.95    | 0.07%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                               | California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series 2021A                                                          | CUSIP: 13032UB23<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1762375.20   | 0.23%             | 2048-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, Adventist Health System, Series 2024A-1                                                                        | CUSIP: 19648FYN8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2169664.20   | 0.28%             | 2059-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                                 | Sales Tax Securitization Corp., Series 2018C                                                                                                         | CUSIP: 79467BBT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3523363.90   | 0.46%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Rhode Island                                                                          | State of Rhode Island, Series 2025A                                                                                                                  | CUSIP: 762223QZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2020000 | PA      | $2096162.89   | 0.27%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County Port Authority                                                                | Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project, Series 2023                                                                      | CUSIP: 473318AB9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2655000 | PA      | $2660445.14   | 0.35%             | 2028-12-01      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                 | Buckeye Tobacco Settlement Financing Authority, Series 2020B-3, Class 2                                                                              | CUSIP: 118217DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6605000 | PA      | $577864.18    | 0.08%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** JPMorgan Trust II

**Signature:** Timothy J. Clemens

**Name of Signer:** Timothy J. Clemens

**Title:** Treasurer and Principal Financial Officer