# EDGAR Filing Document

**Accession Number:** 0000203142
**File Stem:** 0001410368-26-040951
**Filing Date:** 2026-4
**Character Count:** 178768
**Document Hash:** 71f7bdd77bfa4c209973c301cc917283
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-040951.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0001410368-26-040951

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260427

**DATE AS OF CHANGE**: 20260427

**PERIOD START**: 20260531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DEUTSCHE DWS MUNICIPAL TRUST
- **CENTRAL INDEX KEY:** 0000203142

**ORGANIZATION NAME:**
- **EIN:** 046396607
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02671
- **FILM NUMBER:** 26900715

**BUSINESS ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225
- **BUSINESS PHONE:** 212-454-4500

**MAIL ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DEUTSCHE MUNICIPAL TRUST
- **DATE OF NAME CHANGE:** 20140811

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DWS MUNICIPAL TRUST
- **DATE OF NAME CHANGE:** 20060207

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SCUDDER MUNICIPAL TRUST
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### DWS Strategic High Yield Tax-Free Fund (Series ID: S000006094)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000016734 | Class A             | NOTAX           |
| C000016737 | Class C             | NOTCX           |
| C000016738 | Class S             | SHYTX           |
| C000016739 | Institutional Class | NOTIX           |

## Nport-Ex

Investment Portfolio**as of February 28, 2026 (Unaudited)** 

**DWS Strategic High Yield Tax-Free Fund** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount ($)**<br>| **Value ($)** |
| **Municipal Investments 97.0%** | **Municipal Investments 97.0%** |  |
| **Alabama 0.5%** | **Alabama 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Alabama, Black Belt Energy Gas District, Gas Project Revenue, Series D-1, 5.5% (a), <br> 6/1/2049, GTY: Goldman Sachs Group, Inc. <br>| 800000 | &nbsp;&nbsp; 857571 |
| Jefferson County, AL, Sewer Revenue, 5.5%, 10/1/2053  | 1165000 | &nbsp;&nbsp; 1236049 |
|  |  | &nbsp;&nbsp; **2093620** |
| **Alaska 0.1%** | **Alaska 0.1%** |  |
| Alaska, Alaska Railroad Corp., Revenue, AMT, 6.0%, 10/1/2050, INS: AG  | 500000 | &nbsp;&nbsp; **547006** |
| **Arizona 4.5%** | **Arizona 4.5%** |  |
| &nbsp;&nbsp;&nbsp; Arizona, Health Facilities Authority Revenue, Series B, SIFMA Municipal Swap Index + <br> 0.25%, 2.13% (a), 1/1/2046 <br>| 1660000 | &nbsp;&nbsp; 1649116 |
| &nbsp;&nbsp;&nbsp; Arizona, Sierra Vista Industrial Development Authority Revenue, American Leadership <br> Academy Inc., 144A, 5.0%, 6/15/2064 <br>| 1000000 | &nbsp;&nbsp; 853135 |
| &nbsp;&nbsp;&nbsp; Arizona, State Industrial Development Authority Revenue, ISF Ativo Portfolio Obligated <br> Group, Series 2025-A, 144A, 6.75%, 3/1/2065 <br>| 4570000 | &nbsp;&nbsp; 4665442 |
| &nbsp;&nbsp;&nbsp; Arizona, State Industrial Development Authority, Education Facility Revenue, Odyssey <br> Preparatory Academy Project, 144A, 5.0%, 7/1/2049 <br>| 1420000 | &nbsp;&nbsp; 1288254 |
| &nbsp;&nbsp;&nbsp; Arizona, State Industrial Development Authority, Education Revenue, BASIS School <br> Projects:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series G, 144A, 5.0%, 7/1/2047  | 1000000 | &nbsp;&nbsp; 955710 |
| &nbsp;&nbsp;&nbsp; Series D, 144A, 5.0%, 7/1/2051  | 1035000 | &nbsp;&nbsp; 965939 |
| &nbsp;&nbsp;&nbsp; Series G, 144A, 5.0%, 7/1/2051  | 550000 | &nbsp;&nbsp; 513301 |
| &nbsp;&nbsp;&nbsp; Series A, 144A, 5.25%, 7/1/2047  | 1000000 | &nbsp;&nbsp; 987282 |
| &nbsp;&nbsp;&nbsp; Arizona, Yuma Industrial Development Authority Revenue, Regional Medical Center <br> Obligated Group, Series A, 5.25%, 8/1/2049 <br>| 1000000 | &nbsp;&nbsp; 1049540 |
| &nbsp;&nbsp;&nbsp; Maricopa County, AZ, Industrial Development Authority Revenue, Grand Canyon <br> University Obligated Group, 144A, 7.375%, 10/1/2029 <br>| 2000000 | &nbsp;&nbsp; 2159382 |
| &nbsp;&nbsp;&nbsp; Maricopa County, AZ, Industrial Development Authority, Education Revenue, Benjamin <br> Franklin Charter School Project, Series A, 144A, 6.0%, 7/1/2052 <br>| 1000000 | &nbsp;&nbsp; 1007372 |
| &nbsp;&nbsp;&nbsp; Pima County, AZ, Industrial Development Authority, Education Revenue, American <br> Leadership Academy Project:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022, 144A, 4.0%, 6/15/2057  | 2060000 | &nbsp;&nbsp; 1529662 |
| &nbsp;&nbsp;&nbsp; 144A, 5.0%, 6/15/2049  | 1060000 | &nbsp;&nbsp; 958199 |
| &nbsp;&nbsp;&nbsp; 144A, 5.0%, 6/15/2052  | 710000 | &nbsp;&nbsp; 627437 |
|  |  | &nbsp;&nbsp; **19209771** |
| **California 8.0%** | **California 8.0%** |  |
| California, CSCDA Community Improvement Authority, Essential Housing Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 144A, 3.5%, 10/1/2046  | 4485000 | &nbsp;&nbsp; 3932287 |
| &nbsp;&nbsp;&nbsp; Series A, 144A, 5.0%, 7/1/2051  | 750000 | &nbsp;&nbsp; 724835 |
| &nbsp;&nbsp;&nbsp; California, Golden State Tobacco Securitization Corp., Tobacco Settlement Revenue, <br> Series B-1, 3.85%, 6/1/2050 <br>| 1775000 | &nbsp;&nbsp; 1650969 |
| &nbsp;&nbsp;&nbsp; California, Morongo Band of Mission Indians Revenue, Series B, 144A, 5.0%, <br> 10/1/2042 <br>| 1145000 | &nbsp;&nbsp; 1168687 |
| California, M-S-R Energy Authority, Series B, 7.0%, 11/1/2034, GTY: Citigroup, Inc.  | 5750000 | &nbsp;&nbsp; 7145186 |
| &nbsp;&nbsp;&nbsp; California, Municipal Finance Authority, Barlow Respiratory Hospital Obligated Group, <br> Series A, 4.0%, 9/1/2040 <br>| 1635000 | &nbsp;&nbsp; 1553978 |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; California, Public Finance Authority Revenue, ISF Ativo Portfolio Obligated Group, <br> Series 2025-A, 144A, 6.625%, 3/1/2065 <br>| 945000 | &nbsp;&nbsp; 966465 |
| &nbsp;&nbsp;&nbsp; California, River Islands Public Financing Authority, Special Tax, Community Facilities <br> District No. 2019-1, Phase 2 Public Improvements:<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875%, 9/1/2049  | 2630000 | &nbsp;&nbsp; 2154608 |
| &nbsp;&nbsp;&nbsp; 4.0%, 9/1/2046  | 3825000 | &nbsp;&nbsp; 3364076 |
| &nbsp;&nbsp;&nbsp; California, State Municipal Finance Authority Revenue, Catalyst Impact Fund 1 LLC, <br> "II", 144A, 7.0%, 1/1/2039 <br>| 4180000 | &nbsp;&nbsp; 4463640 |
| &nbsp;&nbsp;&nbsp; California, Statewide Communities Development Authority Revenue, Loma Linda <br> University Medical Center, Series A, 5.5%, 12/1/2054 <br>| 4615000 | &nbsp;&nbsp; 4621429 |
| California, University of California Revenue, Series AL-1, 1.2% (b), 3/2/2026  | 1500000 | &nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp; Long Beach, CA, Carnival Cruise Terminal Financing, 144A, 7.282%, 11/1/2030, <br> GTY: Carnival Corp. <br>| 1000000 | &nbsp;&nbsp; 972753 |
|  |  | &nbsp;&nbsp; **34218913** |
| **Colorado 5.7%** | **Colorado 5.7%** |  |
| &nbsp;&nbsp;&nbsp; Colorado, Aurora Highlands Community Authority Board, Special Tax Revenue, <br> Series A, 5.75%, 12/1/2051 <br>| 5000000 | &nbsp;&nbsp; 4879559 |
| &nbsp;&nbsp;&nbsp; Colorado, Broadway Station Metropolitan District No. 3, Series B, 0%–7.5%, <br> 12/1/2049 (c)<br>| 2000000 | &nbsp;&nbsp; 656599 |
| Colorado, Denver Health & Hospital Authority Revenue, Series A, 6.0%, 12/1/2055  | 415000 | &nbsp;&nbsp; 447485 |
| Colorado, North Range Metropolitan District No. 3, Series A, 5.25%, 12/1/2050  | 1667000 | &nbsp;&nbsp; 1677357 |
| &nbsp;&nbsp;&nbsp; Colorado, Public Energy Authority, Natural Gas Purchased Revenue, 6.25%, <br> 11/15/2028, GTY: Merrill Lynch & Co. <br>| 4160000 | &nbsp;&nbsp; 4402921 |
| &nbsp;&nbsp;&nbsp; Colorado, St. Vrain Lakes Metropolitan District No. 4, General Obligation, Series A, <br> 144A, 0%–6.75%, 9/20/2054 (c)<br>| 2500000 | &nbsp;&nbsp; 1841774 |
| &nbsp;&nbsp;&nbsp; Colorado, State Educational & Cultural Facilities Authority Revenue, Stanley <br> Partnership for Art Culture & Education LLC, Series A-1, 144A, 6.875%, 2/1/2059 <br>| 1500000 | &nbsp;&nbsp; 1590502 |
| &nbsp;&nbsp;&nbsp; Colorado, Sterling Ranch Community Authority Board Revenue, Metropolitan District <br> No. 4 Subdistrict A, Series A, 6.5%, 12/1/2054 <br>| 1000000 | &nbsp;&nbsp; 1040644 |
| &nbsp;&nbsp;&nbsp; Colorado, Sterling Ranch Community Authority Board Revenue, Metropolitan District <br> No. 4 Subdistrict B, Series A, 144A, 5.75%, 12/1/2054 <br>| 2000000 | &nbsp;&nbsp; 2021499 |
| Denver City & County, CO, Airport System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.5%, 11/15/2040  | 365000 | &nbsp;&nbsp; 412534 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.5%, 11/15/2042  | 335000 | &nbsp;&nbsp; 374596 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.5%, 11/15/2043  | 335000 | &nbsp;&nbsp; 371058 |
| Denver, CO, Convention Center Hotel Authority Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; 5.0%, 12/1/2033  | 500000 | &nbsp;&nbsp; 505774 |
| &nbsp;&nbsp;&nbsp; 5.0%, 12/1/2034  | 1000000 | &nbsp;&nbsp; 1010619 |
| &nbsp;&nbsp;&nbsp; Denver, CO, Urban Renewal Authority, Tax Increment Revenue, 9th Urban <br> Redevelopment Area, Series A, 144A, 5.25%, 12/1/2039 <br>| 1575000 | &nbsp;&nbsp; 1583978 |
| Douglas County, CO, Rampart Range Metropolitan District No. 5: |  |  |
| &nbsp;&nbsp;&nbsp; 4.0%, 12/1/2041  | 560000 | &nbsp;&nbsp; 519482 |
| &nbsp;&nbsp;&nbsp; 4.0%, 12/1/2051  | 1590000 | &nbsp;&nbsp; 1298926 |
|  |  | &nbsp;&nbsp; **24635307** |
| **District of Columbia 0.5%** | **District of Columbia 0.5%** |  |
| District of Columbia, Two Rivers Public Charter School, Inc., 5.0%, 6/1/2040  | 1000000 | &nbsp;&nbsp; 1014446 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington, DC, Airport Authority, Dulles Toll Road Revenue, Series B, <br> 3.0%, 10/1/2050, INS: AG <br>| 1395000 | &nbsp;&nbsp; 1023025 |
|  |  | &nbsp;&nbsp; **2037471** |
| **Florida 12.3%** | **Florida 12.3%** |  |
| &nbsp;&nbsp;&nbsp; Charlotte County, FL, Industrial Development Authority, Utility System Revenue, Town <br> & Country Utilities Project:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 144A, AMT, 4.0%, 10/1/2051, GTY: Babcock Ranch IRR LLC  | 1500000 | &nbsp;&nbsp; 1247349 |
| &nbsp;&nbsp;&nbsp; AMT, 6.125%, 10/1/2055  | 2550000 | &nbsp;&nbsp; 2659518 |
| &nbsp;&nbsp;&nbsp; City of South Miami, FL, Health Facilities Authority Inc., Revene, Baptist Health South <br> Florida Obligated Group, 4.0%, 8/15/2042 <br>| 3000000 | &nbsp;&nbsp; 2999668 |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Collier County, FL, State Educational Facilities Authority Revenue, Ave Maria <br> University Inc., 5.25%, 6/1/2038 <br>| 1315000 | &nbsp;&nbsp; 1374480 |
| Florida, Capital Project Finance Authority, Student Housing Revenue, Loan Program: |  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.0%, 10/1/2032  | 230000 | &nbsp;&nbsp; 246390 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.0%, 10/1/2033  | 230000 | &nbsp;&nbsp; 245431 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.0%, 10/1/2034  | 230000 | &nbsp;&nbsp; 244405 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.0%, 10/1/2035  | 115000 | &nbsp;&nbsp; 121574 |
| &nbsp;&nbsp;&nbsp; Florida, Capital Projects Finance Authority Revenue, Trilogy Community Development <br> Foundation, Inc. Obligated Group:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 144A, 7.125%, 1/1/2065  | 1835000 | &nbsp;&nbsp; 1912139 |
| &nbsp;&nbsp;&nbsp; Series A, 144A, 7.25%, 1/1/2055  | 1100000 | &nbsp;&nbsp; 1166591 |
| &nbsp;&nbsp;&nbsp; Florida, Capital Trust Agency, Educational Facilities Authority, Charter Educational <br> Foundation Project, Series A, 144A, 5.375%, 6/15/2048 <br>| 1840000 | &nbsp;&nbsp; 1740696 |
| Florida, Capital Trust Agency, Southeastern University Obligated Group Project: |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 144A, 6.25%, 5/1/2048  | 2000000 | &nbsp;&nbsp; 2078796 |
| &nbsp;&nbsp;&nbsp; Series A, 144A, 6.375%, 5/1/2053  | 800000 | &nbsp;&nbsp; 830180 |
| &nbsp;&nbsp;&nbsp; Florida, Capital Trust Authority Revenue, Madrone Florida Tech Student Housing I <br> LLC, Series A, 144A, 5.375%, 7/1/2065 <br>| 750000 | &nbsp;&nbsp; 733671 |
| &nbsp;&nbsp;&nbsp; Florida, Development Finance Corp., AAF Operations Holdings LLC, 144A, AMT, <br> 12.0% (a) (d), 7/15/2032 <br>| 1360000 | &nbsp;&nbsp; 476000 |
| Florida, Development Finance Corp., Brightline Trains Florida LLC: |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.0%, 7/1/2041  | 1000000 | &nbsp;&nbsp; 745000 |
| &nbsp;&nbsp;&nbsp; AMT, 5.5%, 7/1/2053  | 2750000 | &nbsp;&nbsp; 2048750 |
| &nbsp;&nbsp;&nbsp; Florida, Development Finance Corp., Educational Facilities Revenue, River City Science <br> Academy Project:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.0%, 7/1/2042  | 75000 | &nbsp;&nbsp; 76050 |
| &nbsp;&nbsp;&nbsp; Series B, 5.0%, 7/1/2042  | 80000 | &nbsp;&nbsp; 81120 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.0%, 7/1/2051  | 70000 | &nbsp;&nbsp; 66990 |
| &nbsp;&nbsp;&nbsp; Series B, 5.0%, 7/1/2051  | 115000 | &nbsp;&nbsp; 110055 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.0%, 2/1/2057  | 40000 | &nbsp;&nbsp; 37775 |
| &nbsp;&nbsp;&nbsp; Series B, 5.0%, 7/1/2057  | 120000 | &nbsp;&nbsp; 113286 |
| Florida, State Development Finance Corp., Learning Gate Community School Project: |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 2/15/2038  | 500000 | &nbsp;&nbsp; 504589 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 2/15/2048  | 1150000 | &nbsp;&nbsp; 1084707 |
| &nbsp;&nbsp;&nbsp; Florida, State Development Finance Corp., Senior Living Revenue, The Cabana at <br> Jensen Dunes Project:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 144A, 5.0%, 11/15/2056  | 1100000 | &nbsp;&nbsp; 797831 |
| &nbsp;&nbsp;&nbsp; Series A, 144A, 5.25%, 11/15/2056  | 9000000 | &nbsp;&nbsp; 6803419 |
| &nbsp;&nbsp;&nbsp; Florida, State Higher Educational Facilities Financial Authority Revenue, Florida <br> Institute of Technology:<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.0%, 10/1/2044  | 1395000 | &nbsp;&nbsp; 1287965 |
| &nbsp;&nbsp;&nbsp; 4.0%, 10/1/2049  | 1905000 | &nbsp;&nbsp; 1657419 |
| &nbsp;&nbsp;&nbsp; Florida, State Higher Educational Facilities Financial Authority Revenue, Jacksonville <br> University Project, Series A-1, 144A, 4.75%, 6/1/2038 <br>| 1300000 | &nbsp;&nbsp; 1281778 |
| &nbsp;&nbsp;&nbsp; Florida, Village Community Development District No. 14, Special Assessment Revenue, <br> 5.5%, 5/1/2053 <br>| 2510000 | &nbsp;&nbsp; 2561760 |
| &nbsp;&nbsp;&nbsp; Florida, Village Community Development District No. 15, Special Assessment Revenue, <br> 144A, 5.25%, 5/1/2054 <br>| 700000 | &nbsp;&nbsp; 705383 |
| &nbsp;&nbsp;&nbsp; Hillsborough County, FL, Industrial Development Authority Revenue, BayCare <br> Obligated Group, Series C, 5.5%, 11/15/2054 <br>| 1500000 | &nbsp;&nbsp; 1618752 |
| &nbsp;&nbsp;&nbsp; Jacksonville, FL, Educational Facilities Revenue, Jacksonville University Project, <br> Series B, 144A, 5.0%, 6/1/2053 <br>| 3250000 | &nbsp;&nbsp; 2845663 |
| &nbsp;&nbsp;&nbsp; Lake County, FL, Educational Facilities Revenue, Imagine South Lake Charter School <br> Project, Series A, 144A, 5.0%, 1/15/2054 <br>| 2070000 | &nbsp;&nbsp; 1782965 |
| &nbsp;&nbsp;&nbsp; Orange County, FL, State Health Facilities Authority Revenue, Orlando Health <br> Obligated Group, Series 2025-A, 5.25%, 10/1/2056 <br>| 2665000 | &nbsp;&nbsp; 2796229 |
| Osceola County, FL, Transportation Revenue, Series A2, Zero Coupon, 10/1/2052  | 3400000 | &nbsp;&nbsp; 846628 |

---

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---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Palm Beach County, FL, Health Facilities Authority Revenue, Lifespace Communities, <br> Inc. Obligated Group:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C, 7.5%, 5/15/2053  | 340000 | &nbsp;&nbsp; 377851 |
| &nbsp;&nbsp;&nbsp; Series C, 7.625%, 5/15/2058  | 455000 | &nbsp;&nbsp; 506749 |
| Seminole County, FL, Industrial Development Authority, Legacy Pointe At UCF Project: |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 11/15/2039  | 445000 | &nbsp;&nbsp; 447015 |
| &nbsp;&nbsp;&nbsp; Series A, 5.5%, 11/15/2049  | 3800000 | &nbsp;&nbsp; 3605765 |
|  |  | &nbsp;&nbsp; **52868382** |
| **Georgia 1.4%** | **Georgia 1.4%** |  |
| &nbsp;&nbsp;&nbsp; George L Smith II, GA, Congress Center Authority, Convention Center Hotel First Tier, <br> Series A, 4.0%, 1/1/2054 <br>| 1420000 | &nbsp;&nbsp; 1228303 |
| &nbsp;&nbsp;&nbsp; George L Smith II, GA, Congress Center Authority, Convention Center Hotel Second <br> Tier, Series B, 144A, 5.0%, 1/1/2054 <br>| 3365000 | &nbsp;&nbsp; 3245837 |
| &nbsp;&nbsp;&nbsp; Georgia, The Atlanta Development Authority Revenue, Capital Appreciation Convertible <br> Economic Development Certificates, "A", Series 1, 144A, 0%–6.5%, 12/15/2048 (c)<br>| 1750000 | &nbsp;&nbsp; 1595168 |
|  |  | &nbsp;&nbsp; **6069308** |
| **Idaho 0.9%** | **Idaho 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Idaho, State Health Facilities Authority Revenue, St Luke's Health System Ltd. <br> Obligated Group:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C, 1.95% (b), 3/2/2026, LOC: U.S. Bank NA  | 1750000 | &nbsp;&nbsp; 1750000 |
| &nbsp;&nbsp;&nbsp; Series 2025-A, 5.25%, 3/1/2050  | 1945000 | &nbsp;&nbsp; 2073285 |
|  |  | &nbsp;&nbsp; **3823285** |
| **Illinois 3.3%** | **Illinois 3.3%** |  |
| Chicago, IL, General Obligation, Series A, 6.0%, 1/1/2050  | 840000 | &nbsp;&nbsp; 884450 |
| Chicago, IL, O'Hare International Airport Revenue, Series A, AMT, 5.5%, 1/1/2053  | 2330000 | &nbsp;&nbsp; 2450526 |
| Illinois, Chicago Board of Education, General Obligation, Series C, 5.5%, 12/1/2045  | 1000000 | &nbsp;&nbsp; 1012920 |
| Illinois, Housing Development Authority Revenue, Series E, 5.25%, 10/1/2052  | 2690000 | &nbsp;&nbsp; 2833936 |
| &nbsp;&nbsp;&nbsp; Illinois, State Finance Authority Revenue, Friendship Village of Schaumburg, 5.125%, <br> 2/15/2045 \* (e)<br>| 7076266 | &nbsp;&nbsp; 212288 |
| Illinois, State General Obligation: |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 12/1/2042  | 3610000 | &nbsp;&nbsp; 3666132 |
| &nbsp;&nbsp;&nbsp; 5.5%, 5/1/2039  | 1535000 | &nbsp;&nbsp; 1661015 |
| &nbsp;&nbsp;&nbsp; 5.75%, 5/1/2045  | 1470000 | &nbsp;&nbsp; 1561558 |
|  |  | &nbsp;&nbsp; **14282825** |
| **Indiana 1.6%** | **Indiana 1.6%** |  |
| &nbsp;&nbsp;&nbsp; Indiana, State Finance Authority Revenue, Educational Facilities, Rock Creek <br> Community Academy Inc., Project, Series A, 144A, 6.125%, 7/1/2048 <br>| 3660000 | &nbsp;&nbsp; 3661512 |
| Indianapolis, IN, Local Public Improvement Bond Bank, Airport Authority Project: |  |  |
| &nbsp;&nbsp;&nbsp; Series E, 6.0%, 3/1/2053  | 595000 | &nbsp;&nbsp; 623625 |
| &nbsp;&nbsp;&nbsp; Series E, 6.125%, 3/1/2057  | 300000 | &nbsp;&nbsp; 316094 |
| &nbsp;&nbsp;&nbsp; Series F, 7.75%, 3/1/2067  | 2000000 | &nbsp;&nbsp; 2213175 |
|  |  | &nbsp;&nbsp; **6814406** |
| **Iowa 1.7%** | **Iowa 1.7%** |  |
| Iowa, State Finance Authority Revenue, Lifespace Communities, Inc. Obligated Group: |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-B, 7.25%, 5/15/2035  | 2085000 | &nbsp;&nbsp; 2161497 |
| &nbsp;&nbsp;&nbsp; Series B, 7.5%, 5/15/2053  | 455000 | &nbsp;&nbsp; 505654 |
| &nbsp;&nbsp;&nbsp; Iowa, State Higher Education Loan Authority Revenue, Des Moines University Project, <br> 4.0%, 10/1/2050 <br>| 5210000 | &nbsp;&nbsp; 4382570 |
| &nbsp;&nbsp;&nbsp; Iowa, State Student Loan Liquidity Corp., Senior Revenue, Series B, AMT, 3.0%, <br> 12/1/2039 <br>| 110000 | &nbsp;&nbsp; 108470 |
|  |  | &nbsp;&nbsp; **7158191** |

---

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| | | |
|:---|:---|:---|
| **Kansas 0.2%** | **Kansas 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Wyandotte County, KS, Unified Government, Legends Apartments Garage & West Lawn <br> Project, 4.5%, 6/1/2040 <br>| 920000 | &nbsp;&nbsp; **923085** |
| **Kentucky 1.0%** | **Kentucky 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Kentucky, State Economic Development Finance Authority, Owensboro Health, Inc., <br> Obligated Group, Series A, 5.25%, 6/1/2041 <br>| 1275000 | &nbsp;&nbsp; 1291425 |
| &nbsp;&nbsp;&nbsp; Kentucky, State Public Energy Authority Revenue, Series B, 5.0%, 12/1/2033, <br> GTY: Jefferies Financial Group <br>| 2780000 | &nbsp;&nbsp; 2964352 |
|  |  | &nbsp;&nbsp; **4255777** |
| **Louisiana 0.5%** | **Louisiana 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Louisiana, Public Facilities Authority Revenue, Ochsner Clinic Foundation Project, <br> Prerefunded, 5.0%, 5/15/2047 <br>| 10000 | &nbsp;&nbsp; 10056 |
| &nbsp;&nbsp;&nbsp; Louisiana, State Public Facilities Authority Revenue, Calcasieu Bridge Partners LLC, <br> AMT, 5.75%, 9/1/2064 <br>| 2000000 | &nbsp;&nbsp; 2083070 |
|  |  | &nbsp;&nbsp; **2093126** |
| **Maryland 1.3%** | **Maryland 1.3%** |  |
| &nbsp;&nbsp;&nbsp; Maryland, Economic Development Corp. Revenue, University of Maryland, College <br> Park Leonardtown Project, 5.0%, 7/1/2054, INS: AG <br>| 3500000 | &nbsp;&nbsp; 3571128 |
| &nbsp;&nbsp;&nbsp; Maryland, State Health & Higher Educational Facilities Authority Revenue, University <br> of Maryland Medical System Obligated Group, Series 2025-A, 5.25%, 7/1/2052 <br>| 2000000 | &nbsp;&nbsp; 2107899 |
|  |  | &nbsp;&nbsp; **5679027** |
| **Massachusetts 2.8%** | **Massachusetts 2.8%** |  |
| &nbsp;&nbsp;&nbsp; Massachusetts, Development Finance Agency Revenue Bond, NewBridge on the <br> Charles, Inc., Obligated Group, 144A, 5.0%, 10/1/2057 <br>| 3000000 | &nbsp;&nbsp; 2938970 |
| &nbsp;&nbsp;&nbsp; Massachusetts, Development Finance Agency Revenue, Care Communities LLC <br> Obligated Group, Series A-1, 144A, 6.5%, 7/15/2060 <br>| 4000000 | &nbsp;&nbsp; 4007795 |
| &nbsp;&nbsp;&nbsp; Massachusetts, Health & Educational Facilities Authority Revenue, Harvard University, <br> Series R, 1.45% (b), 3/2/2026 <br>| 100000 | &nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp; Massachusetts, State Department of Transportation, Metropolitan Highway Systems <br> Revenue, Series A-2, 1.85% (b), 3/6/2026, LOC: TD Bank NA <br>| 500000 | &nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp; Massachusetts, State Development Finance Agency Revenue, GingerCare Living, Inc., <br> Obligated Group, Series A, 144A, 5.875%, 12/1/2060 <br>| 2000000 | &nbsp;&nbsp; 1877683 |
| &nbsp;&nbsp;&nbsp; Massachusetts, State Development Finance Agency Revenue, Middlesex Sustainable <br> Energy Partners, Series A, 6.0%, 10/1/2049 <br>| 1250000 | &nbsp;&nbsp; 1353467 |
| &nbsp;&nbsp;&nbsp; Massachusetts, State Development Finance Agency Revenue, Springfield College, <br> Series A, 4.0%, 6/1/2056 <br>| 835000 | &nbsp;&nbsp; 632327 |
| &nbsp;&nbsp;&nbsp; Massachusetts, State Health & Educational Facilities Authority Revenue, Mass General <br> Brigham, Inc., Series F-3, 1.25% (b), 3/6/2026, LOC: TD Bank NA <br>| 400000 | &nbsp;&nbsp; 400000 |
| &nbsp;&nbsp;&nbsp; Massachusetts, State Health & Educational Facilities Authority Revenue, Massachusetts <br> Institute of Technology, Series J-2, 1.45% (b), 3/2/2026 <br>| 100000 | &nbsp;&nbsp; 100000 |
|  |  | &nbsp;&nbsp; **11910242** |
| **Minnesota 0.7%** | **Minnesota 0.7%** |  |
| Minnesota, State Housing Finance Agency, Series I, 5.0%, 7/1/2053  | 2725000 | &nbsp;&nbsp; **2856144** |
| **Missouri 0.9%** | **Missouri 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Kansas City, MO, Land Clearance Redevelopment Authority Project Revenue, <br> Convention Center Hotel Project, Series A, 144A, 6.25%, 4/15/2049 <br>| 3750000 | &nbsp;&nbsp; 3524513 |
| &nbsp;&nbsp;&nbsp; Missouri, State Health & Educational Facilities Authority Revenue, St Louis University, <br> Series B-1, 1.87% (b), 3/2/2026, LOC: Barclays Bank PLC <br>| 200000 | &nbsp;&nbsp; 200000 |
|  |  | &nbsp;&nbsp; **3724513** |

---

------

---

| | | |
|:---|:---|:---|
| **Nebraska 0.2%** | **Nebraska 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Douglas County, NE, State Hospital Authority No. 2 Revenue, Children's Hospital <br> Obligated Group, Series A, 1.95% (b), 3/2/2026, LOC: U.S. Bank NA <br>| 740000 | &nbsp;&nbsp; **740000** |
| **Nevada 1.8%** | **Nevada 1.8%** |  |
| &nbsp;&nbsp;&nbsp; Nevada, Department of Business & Industry Revenue, Brightline West Passenger Rail <br> Project, Series B, 144A, AMT, 12.0% (a), 1/1/2065 <br>| 3005000 | &nbsp;&nbsp; 1622700 |
| Nevada, Reno-Tahoe Airport Authority Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.25%, 7/1/2049  | 500000 | &nbsp;&nbsp; 521937 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.25%, 7/1/2054  | 400000 | &nbsp;&nbsp; 413188 |
| Nevada, Tahoe Douglas Visitors Authority, Stateline Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; 5.0%, 7/1/2040  | 1000000 | &nbsp;&nbsp; 1044907 |
| &nbsp;&nbsp;&nbsp; 5.0%, 7/1/2045  | 1000000 | &nbsp;&nbsp; 1018355 |
| &nbsp;&nbsp;&nbsp; 5.0%, 7/1/2051  | 1000000 | &nbsp;&nbsp; 1003009 |
| &nbsp;&nbsp;&nbsp; Reno, NV, Sales Tax Revenue, Transportation Rail Access, Series C, 144A, Zero <br> Coupon, 7/1/2058 <br>| 12500000 | &nbsp;&nbsp; 1994172 |
|  |  | &nbsp;&nbsp; **7618268** |
| **New Jersey 1.9%** | **New Jersey 1.9%** |  |
| &nbsp;&nbsp;&nbsp; New Jersey, State Covid-19 General Obligation Emergency Bonds, Series A, 4.0%, <br> 6/1/2031 <br>| 415000 | &nbsp;&nbsp; 452334 |
| &nbsp;&nbsp;&nbsp; New Jersey, State Economic Development Authority Revenue, Series SSS, 5.25%, <br> 6/15/2038 <br>| 400000 | &nbsp;&nbsp; 468385 |
| &nbsp;&nbsp;&nbsp; New Jersey, State Economic Development Authority Revenue, Black Horse EHT Urban <br> Renewal LLC Project, Series A, 144A, 5.0%, 10/1/2039 <br>| 3795000 | &nbsp;&nbsp; 2970629 |
| New Jersey, State Higher Education Assistance Authority, Student Loan Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 3.25%, 12/1/2039  | 270000 | &nbsp;&nbsp; 266272 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 3.5%, 12/1/2039  | 870000 | &nbsp;&nbsp; 862918 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 4.25%, 12/1/2045  | 1450000 | &nbsp;&nbsp; 1498591 |
| &nbsp;&nbsp;&nbsp; Series C, AMT, 5.0%, 12/1/2053  | 605000 | &nbsp;&nbsp; 590615 |
| &nbsp;&nbsp;&nbsp; New Jersey, State Housing & Mortgage Finance Agency, Single Family Housing <br> Revenue, Series I, 5.0%, 10/1/2053 <br>| 900000 | &nbsp;&nbsp; 940841 |
|  |  | &nbsp;&nbsp; **8050585** |
| **New Mexico 0.5%** | **New Mexico 0.5%** |  |
| New Mexico, State Mortgage Finance Authority, "I", Series D, 3.25%, 7/1/2044  | 2460000 | &nbsp;&nbsp; **2232492** |
| **New York 7.8%** | **New York 7.8%** |  |
| &nbsp;&nbsp;&nbsp; Buffalo & Erie County, NY, Industrial Land Development Corp., D'Youville College <br> Project:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.0%, 11/1/2040  | 1200000 | &nbsp;&nbsp; 1076986 |
| &nbsp;&nbsp;&nbsp; Series A, 4.0%, 11/1/2045  | 2500000 | &nbsp;&nbsp; 2002386 |
| &nbsp;&nbsp;&nbsp; Monroe County, NY, Industrial Development Corp. Revenue, St. Ann's Community <br> Project, 5.0%, 1/1/2050 <br>| 2750000 | &nbsp;&nbsp; 2471382 |
| &nbsp;&nbsp;&nbsp; New York, State Transportation Development Corp. Revenue, JFK Millennium <br> Partners LLC, Series A, AMT, 5.5%, 12/31/2060 <br>| 1565000 | &nbsp;&nbsp; 1605518 |
| &nbsp;&nbsp;&nbsp; New York, State Transportation Development Corp., Special Facilities Revenue, Delta <br> Air Lines, Inc., LaGuardia Airport C&D Redevelopment, AMT, 5.625%, 4/1/2040 <br>| 1290000 | &nbsp;&nbsp; 1381301 |
| &nbsp;&nbsp;&nbsp; New York, State Transportation Development Corp., Special Facilities Revenue, John F. <br> Kennedy International Airport Project:<br>|  |  |
| &nbsp;&nbsp;&nbsp; AMT, 3.0%, 8/1/2031, GTY: American Airlines Group, Inc.  | 500000 | &nbsp;&nbsp; 482383 |
| &nbsp;&nbsp;&nbsp; AMT, 4.0%, 12/1/2042  | 1200000 | &nbsp;&nbsp; 1175509 |
| &nbsp;&nbsp;&nbsp; AMT, 5.375%, 8/1/2036  | 900000 | &nbsp;&nbsp; 949213 |
| &nbsp;&nbsp;&nbsp; AMT, 5.375%, 6/30/2060  | 2085000 | &nbsp;&nbsp; 2093882 |
| &nbsp;&nbsp;&nbsp; AMT, 5.5%, 6/30/2054  | 2000000 | &nbsp;&nbsp; 2046429 |
| &nbsp;&nbsp;&nbsp; AMT, 6.0%, 6/30/2054  | 250000 | &nbsp;&nbsp; 262442 |
| &nbsp;&nbsp;&nbsp; New York, Triborough Bridge & Tunnel Authority Revenue, Series B4A, 1.9% (b), <br> 3/2/2026, LOC: TD Bank NA <br>| 300000 | &nbsp;&nbsp; 300000 |

---

------

---

| | | |
|:---|:---|:---|
| New York City, NY, General Obligation: |  |  |
| &nbsp;&nbsp;&nbsp; Series A-4, 1.9% (b), 3/2/2026, SPA: State Street B&T Co.  | 1300000 | &nbsp;&nbsp; 1300000 |
| &nbsp;&nbsp;&nbsp; Series L-4, 1.95% (b), 3/2/2026, LOC: U.S. Bank NA  | 1200000 | &nbsp;&nbsp; 1200000 |
| New York City, NY, Housing Development Corp., Multi-Family Housing Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series E-1, 2.8%, 11/1/2034  | 4340000 | &nbsp;&nbsp; 4125901 |
| &nbsp;&nbsp;&nbsp; Series E-1, 3.0%, 11/1/2039  | 2355000 | &nbsp;&nbsp; 2216110 |
| &nbsp;&nbsp;&nbsp; New York City, NY, Municipal Water Finance Authority Revenue, Series CC, 1.9% (b), <br> 3/2/2026, SPA: TD Bank NA <br>| 700000 | &nbsp;&nbsp; 700000 |
| &nbsp;&nbsp;&nbsp; New York City, NY, Municipal Water Finance Authority, Water & Sewer System <br> Revenue, Series DD-2, 1.9% (b), 3/2/2026, SPA: JPMorgan Chase Bank NA <br>| 600000 | &nbsp;&nbsp; 600000 |
| &nbsp;&nbsp;&nbsp; New York City, NY, State Housing Development Corp. 8 Spruce St. Project, "F", <br> Series F, 5.25%, 12/15/2031 <br>| 1000000 | &nbsp;&nbsp; 1041013 |
| &nbsp;&nbsp;&nbsp; New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured, <br> Series C-4, 1.9% (b), 3/2/2026, SPA: JPMorgan Chase Bank NA <br>| 700000 | &nbsp;&nbsp; 700000 |
| New York Counties, NY, Tobacco Trust IV, Series F, Zero Coupon, 6/1/2060  | 35000000 | &nbsp;&nbsp; 1710863 |
| &nbsp;&nbsp;&nbsp; Orange County, NY, Senior Care Revenue, Industrial Development Agency, The Glen <br> Arden Project, Series A, 5.7%, 1/1/2028 \* (e)<br>| 2125000 | &nbsp;&nbsp; 1062500 |
| &nbsp;&nbsp;&nbsp; Westchester County, NY, Local Development Corp. Revenue, Sunrise of Tarrytown <br> Project, Series A, 144A, 6.5%, 12/1/2065 (f)<br>| 2000000 | &nbsp;&nbsp; 2062223 |
| &nbsp;&nbsp;&nbsp; Westchester County, NY, Local Development Corp., Health Care Corp. Obligated Group <br> Revenue, 5.75%, 11/1/2053, INS: AG <br>| 1000000 | &nbsp;&nbsp; 1079420 |
|  |  | &nbsp;&nbsp; **33645461** |
| **North Carolina 0.1%** | **North Carolina 0.1%** |  |
| &nbsp;&nbsp;&nbsp; North Carolina, State Education Assistance Authority Revenue, Series A, AMT, 5.0%, <br> 6/1/2043 <br>| 420000 | &nbsp;&nbsp; **444517** |
| **Ohio 0.4%** | **Ohio 0.4%** |  |
| Buckeye, OH, Tobacco Settlement Financing Authority, "2", Series B-2, 5.0%, 6/1/2055  | 1500000 | &nbsp;&nbsp; 1240535 |
| &nbsp;&nbsp;&nbsp; Hamilton County, OH, Health Care Revenue, Life Enriching Communities Project, <br> Series A, 5.75%, 1/1/2053 <br>| 380000 | &nbsp;&nbsp; 395405 |
|  |  | &nbsp;&nbsp; **1635940** |
| **Oklahoma 1.2%** | **Oklahoma 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Oklahoma, State Development Finance Authority, Health System Revenue, OU <br> Medicine Project:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 8/15/2048  | 1545000 | &nbsp;&nbsp; 1546494 |
| &nbsp;&nbsp;&nbsp; Series A, 5.5%, 8/15/2041  | 1360000 | &nbsp;&nbsp; 1421950 |
| &nbsp;&nbsp;&nbsp; Series A, 5.5%, 8/15/2044  | 1445000 | &nbsp;&nbsp; 1477243 |
| &nbsp;&nbsp;&nbsp; Oklahoma, State Municipal Airport Trust Trustees Revenue, American Airlines, Inc., <br> AMT, 6.25%, 12/1/2040 <br>| 500000 | &nbsp;&nbsp; 569444 |
|  |  | &nbsp;&nbsp; **5015131** |
| **Oregon 0.0%** | **Oregon 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Oregon, State Facilities Authority Revenue, Peacehealth Systems, Series B, 1.9% (b), <br> 3/2/2026, LOC: TD Bank NA <br>| 100000 | &nbsp;&nbsp; **100000** |
| **Pennsylvania 1.0%** | **Pennsylvania 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Chester County, PA, Industrial Development Authority, Special Obligation Revenue, <br> Woodlands at Graystone Neighborhood Improvement Project, 144A, 5.125%, <br> 3/1/2048 <br>| 299000 | &nbsp;&nbsp; 299439 |
| &nbsp;&nbsp;&nbsp; Pennsylvania, Higher Education Assistance Agency Education Loan Revenue, AMT, <br> 4.125%, 6/1/2045 <br>| 2401000 | &nbsp;&nbsp; 2417915 |
| &nbsp;&nbsp;&nbsp; Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue, <br> Series 145A, 6.0%, 10/1/2054 <br>| 970000 | &nbsp;&nbsp; 1066314 |
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, Authority For Industrial Development, Philadelphia Electrical and <br> Technology Charter High School Project, Series A, 4.0%, 6/1/2051 <br>| 875000 | &nbsp;&nbsp; 698187 |
|  |  | &nbsp;&nbsp; **4481855** |

---

------

---

| | | |
|:---|:---|:---|
| **Rhode Island 1.8%** | **Rhode Island 1.8%** |  |
| &nbsp;&nbsp;&nbsp; Rhode Island, Health and Educational Building Corp. Revenue, PRG - RI <br> Properties LLC, Series A, 5.0%, 7/1/2050, INS: AG <br>| 3000000 | &nbsp;&nbsp; 3034228 |
| Rhode Island, Student Loan Authority Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 4.125%, 12/1/2043  | 2680000 | &nbsp;&nbsp; 2672662 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.0%, 12/1/2044  | 2070000 | &nbsp;&nbsp; 2116605 |
|  |  | &nbsp;&nbsp; **7823495** |
| **South Carolina 0.7%** | **South Carolina 0.7%** |  |
| South Carolina, Public Service Authority Revenue, Series A, 4.0%, 12/1/2055  | 1000000 | &nbsp;&nbsp; 893077 |
| &nbsp;&nbsp;&nbsp; South Carolina, State Jobs-Economic Development Authority Revenue, Novant Health <br> Obligated Group, Series A, 5.5%, 11/1/2054 <br>| 500000 | &nbsp;&nbsp; 531456 |
| South Carolina, State Public Service Authority Revenue, Series B, 4.0%, 12/1/2047  | 1820000 | &nbsp;&nbsp; 1714805 |
|  |  | &nbsp;&nbsp; **3139338** |
| **South Dakota 0.4%** | **South Dakota 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Lincoln County, SD, Economic Development Revenue, Augustana College Association <br> Project, Series A, 4.0%, 8/1/2056 <br>| 2050000 | &nbsp;&nbsp; **1673306** |
| **Tennessee 1.9%** | **Tennessee 1.9%** |  |
| &nbsp;&nbsp;&nbsp; Chattanooga, TN, Health Educational & Housing Facility Board Revenue, Erlanger <br> Health Obligated Group, 5.25%, 12/1/2049 <br>| 2500000 | &nbsp;&nbsp; 2626485 |
| Metropolitan Nashville, TN, Airport Authority Revenue, Series B, AMT, 4.0%, 7/1/2049  | 1000000 | &nbsp;&nbsp; 905499 |
| &nbsp;&nbsp;&nbsp; Nashville & Davidson County, TN, Metropolitan Government Health & Education <br> Facilities Board Revenue, Blakeford At Green Hills Corp., Series A, 4.0%, 11/1/2055 <br>| 4000000 | &nbsp;&nbsp; 3228283 |
| &nbsp;&nbsp;&nbsp; Shelby County, TN, Health & Educational Facilities Board Revenue, Madrone Memphis <br> Student Housing I LLC, Series A1, 144A, 5.25%, 6/1/2056 <br>| 615000 | &nbsp;&nbsp; 597657 |
| &nbsp;&nbsp;&nbsp; Tennessee, New Memphis Arena Public Building Authority, City of Memphis Project, <br> 0%–4.0%, 4/1/2031 (c)<br>| 750000 | &nbsp;&nbsp; 801400 |
|  |  | &nbsp;&nbsp; **8159324** |
| **Texas 5.8%** | **Texas 5.8%** |  |
| &nbsp;&nbsp;&nbsp; Houston, TX, Airport System Revenue, United Airlines, Inc., Series B, AMT, 5.5%, <br> 7/15/2039 <br>| 2340000 | &nbsp;&nbsp; 2565266 |
| &nbsp;&nbsp;&nbsp; Matagorda County, TX, Navigation District No. 1, Pollution Control Revenue, AEP <br> Texas Central Co. Project, Series A, 4.4%, 5/1/2030, INS: AMBAC <br>| 4000000 | &nbsp;&nbsp; 4225690 |
| &nbsp;&nbsp;&nbsp; Newark, TX, Higher Education Finance Corp., Texas Revenue, Abilene Christian <br> University Project, Series A, 4.0%, 4/1/2057 <br>| 3715000 | &nbsp;&nbsp; 3122381 |
| &nbsp;&nbsp;&nbsp; San Antonio, TX, Education Facilities Corp., Higher Education Revenue, Hallmark <br> University Project:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 10/1/2041  | 450000 | &nbsp;&nbsp; 428597 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 10/1/2051  | 735000 | &nbsp;&nbsp; 631126 |
| &nbsp;&nbsp;&nbsp; Texas, Arlington Higher Education Finance Corp. Revenue, BASIS Texas Charter <br> Schools, Inc., 144A, 5.0%, 6/15/2064 <br>| 500000 | &nbsp;&nbsp; 458676 |
| Texas, Fort Worth International Airport Revenue, Series A-1, AMT, 5.25%, 11/1/2044  | 3375000 | &nbsp;&nbsp; 3681295 |
| &nbsp;&nbsp;&nbsp; Texas, New Hope Cultural Education Facilities Finance Corp. Revenue, Bridgemoor <br> Plano Project, Series A-1, 7.25%, 12/31/2030 \* (e)<br>| 3550000 | &nbsp;&nbsp; 3550000 |
| &nbsp;&nbsp;&nbsp; Texas, New Hope Cultural Education Facilities Finance Corp., Educational Revenue, <br> Cumberland Academy Project, Series A, 144A, 5.0%, 8/15/2050 <br>| 3550000 | &nbsp;&nbsp; 3088695 |
| &nbsp;&nbsp;&nbsp; Texas, Private Activity Bond, Surface Transportation Corp. Revenue, North Tarrant <br> Express, AMT, 5.5%, 12/31/2058 <br>| 1485000 | &nbsp;&nbsp; 1542192 |
| &nbsp;&nbsp;&nbsp; Texas, Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien, NTE <br> Mobility Partners Segments 3 LLC, AMT, 5.0%, 6/30/2058 <br>| 1100000 | &nbsp;&nbsp; 1100240 |
| Texas, State General Obligation, 2.05% (b), 3/6/2026, SPA: JPMorgan Chase Bank NA  | 335000 | &nbsp;&nbsp; 335000 |
|  |  | &nbsp;&nbsp; **24729158** |

---

------

---

| | | |
|:---|:---|:---|
| **Utah 3.7%** | **Utah 3.7%** |  |
| &nbsp;&nbsp;&nbsp; Utah, Black Desert Public Infrastructure District Special Assessment, Public <br> Infrastructure District Black Desert Assessment Area No. 1, 144A, 5.625%, 12/1/2053 <br>| 2000000 | &nbsp;&nbsp; 2026402 |
| Utah, Mida Mountain Village Public Infrastructure District, Tax Allocation: |  |  |
| &nbsp;&nbsp;&nbsp; Series 1, 144A, 5.125%, 6/15/2054  | 1375000 | &nbsp;&nbsp; 1376917 |
| &nbsp;&nbsp;&nbsp; Series 1, 144A, 5.5%, 6/1/2050  | 500000 | &nbsp;&nbsp; 508483 |
| &nbsp;&nbsp;&nbsp; Series 1, 144A, 5.5%, 6/1/2055  | 2500000 | &nbsp;&nbsp; 2519335 |
| &nbsp;&nbsp;&nbsp; Series 1, 144A, 5.75%, 6/1/2060  | 500000 | &nbsp;&nbsp; 511081 |
| &nbsp;&nbsp;&nbsp; Series 2, 144A, 6.0%, 6/15/2054  | 1810000 | &nbsp;&nbsp; 1867571 |
| &nbsp;&nbsp;&nbsp; Utah, Military Installation Development Authority Revenue, Recreation Fac Project <br> Area, Series A-1, 4.0%, 6/1/2052 <br>| 1250000 | &nbsp;&nbsp; 1047028 |
| &nbsp;&nbsp;&nbsp; Utah, Point Phase 1 Public Infrastructure District No. 1 Revenue, Series A-1, 6.125%, <br> 3/1/2055 <br>| 2165000 | &nbsp;&nbsp; 2261755 |
| &nbsp;&nbsp;&nbsp; Utah, State Charter School Financing Authority Revenue, Freedom Academy Foundation <br> Project, 144A, 5.375%, 6/15/2048 <br>| 3990000 | &nbsp;&nbsp; 3649116 |
|  |  | &nbsp;&nbsp; **15767688** |
| **Vermont 0.4%** | **Vermont 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Vermont, State Educational & Health Buildings Financing Agency Revenue, St <br> Michael's College Inc., 144A, 5.5%, 10/1/2043 <br>| 2000000 | &nbsp;&nbsp; **1859410** |
| **Virginia 4.3%** | **Virginia 4.3%** |  |
| &nbsp;&nbsp;&nbsp; Roanoke County, VA, Economic Development Authority Revenue, Richfield Living, <br> 5.5% (a), 9/1/2058 <br>| 1475000 | &nbsp;&nbsp; 1466184 |
| Virginia, Marquis Community Development Authority Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 9/1/2041 \*  | 11070000 | &nbsp;&nbsp; 27675 |
| &nbsp;&nbsp;&nbsp; Series B, 2.25%, 9/1/2041 (e) (g) | 7416000 | &nbsp;&nbsp; 2595600 |
| &nbsp;&nbsp;&nbsp; 144A, 3.0%, 9/1/2045 (e) (g) | 2284000 | &nbsp;&nbsp; 799400 |
| &nbsp;&nbsp;&nbsp; Virginia, Peninsula Town Center, Community Development Authority Revenue, Special <br> Obligation:<br>|  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.0%, 9/1/2037  | 1400000 | &nbsp;&nbsp; 1418788 |
| &nbsp;&nbsp;&nbsp; 144A, 5.0%, 9/1/2045  | 4650000 | &nbsp;&nbsp; 4661213 |
| &nbsp;&nbsp;&nbsp; Virginia, Small Business Financing Authority Revenue, 95 Express Lanes LLC Project, <br> AMT, 4.0%, 1/1/2040 <br>| 2340000 | &nbsp;&nbsp; 2331059 |
| &nbsp;&nbsp;&nbsp; Virginia, Small Business Financing Authority, Elizabeth River Crossings OPCO LLC <br> Project, AMT, 4.0%, 1/1/2039 <br>| 4400000 | &nbsp;&nbsp; 4428273 |
| &nbsp;&nbsp;&nbsp; Virginia, Small Business Financing Authority, Private Activity Revenue, Transform 66 <br> P3 Project, AMT, 5.0%, 12/31/2049 <br>| 870000 | &nbsp;&nbsp; 868876 |
|  |  | &nbsp;&nbsp; **18597068** |
| **Washington 1.6%** | **Washington 1.6%** |  |
| Washington, State Convention Center Public Facilities District: |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 3.0%, 7/1/2048, INS: AG  | 4120000 | &nbsp;&nbsp; 3124166 |
| &nbsp;&nbsp;&nbsp; Series B, 3.0%, 7/1/2058  | 2080000 | &nbsp;&nbsp; 1403799 |
| &nbsp;&nbsp;&nbsp; Washington, State Health Care Facilities Authority Revenue, CommonSpirit Health <br> Obligation Group, Series A, 5.5%, 9/1/2055 <br>| 1000000 | &nbsp;&nbsp; 1067472 |
| &nbsp;&nbsp;&nbsp; Washington, State Housing Finance Commission Revenue, Horizon House Project, <br> Series A, 6.25%, 1/1/2061 <br>| 1000000 | &nbsp;&nbsp; 1002038 |
| &nbsp;&nbsp;&nbsp; Washington, State Housing Finance Commission, Panorama Project, 1.88% (b), <br> 3/6/2026, LOC: Wells Fargo Bank NA <br>| 200000 | &nbsp;&nbsp; 200000 |
|  |  | &nbsp;&nbsp; **6797475** |
| **Wisconsin 8.3%** | **Wisconsin 8.3%** |  |
| Wisconsin, Health Educational Facilities Authority, Covenant Communities, Inc. Project: |  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.0%, 7/1/2043  | 4150000 | &nbsp;&nbsp; 4150542 |
| &nbsp;&nbsp;&nbsp; Series B, 5.0%, 7/1/2048  | 1910000 | &nbsp;&nbsp; 1730766 |
| &nbsp;&nbsp;&nbsp; Series B, 5.0%, 7/1/2053  | 1875000 | &nbsp;&nbsp; 1643494 |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Wisconsin, Public Finance Authority Educational Facility Revenue, Noorba College of <br> Osteopathic Media Project, Series B, 144A, 6.5%, 6/1/2045 <br>| 6000000 | &nbsp;&nbsp; 5514071 |
| Wisconsin, Public Finance Authority Revenue, Million Air Three Obligated Group: |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 144A, AMT, 6.25%, 9/1/2046  | 205000 | &nbsp;&nbsp; 212765 |
| &nbsp;&nbsp;&nbsp; Series B, 144A, AMT, 7.0%, 9/1/2054  | 200000 | &nbsp;&nbsp; 212419 |
| &nbsp;&nbsp;&nbsp; Wisconsin, Public Finance Authority Revenue, SR 400 Peach Partners LLC, Series 2025, <br> AMT, 5.75%, 12/31/2065 <br>| 3000000 | &nbsp;&nbsp; 3140695 |
| &nbsp;&nbsp;&nbsp; Wisconsin, Public Finance Authority, Education Revenue, Mountain Island Charter <br> School Ltd.:<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.0%, 7/1/2047  | 2000000 | &nbsp;&nbsp; 1939684 |
| &nbsp;&nbsp;&nbsp; 5.0%, 7/1/2052  | 1000000 | &nbsp;&nbsp; 942806 |
| &nbsp;&nbsp;&nbsp; Wisconsin, Public Finance Authority, Education Revenue, North Carolina Leadership <br> Academy, Series A, 144A, 5.0%, 6/15/2049 <br>| 520000 | &nbsp;&nbsp; 489100 |
| &nbsp;&nbsp;&nbsp; Wisconsin, Public Finance Authority, Fargo-Moorhead Metropolitan Area Flood Risk <br> Management Project, AMT, 4.0%, 9/30/2051 <br>| 3000000 | &nbsp;&nbsp; 2557918 |
| Wisconsin, Public Finance Authority, Roseman University of Health Sciences Project: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.0%, 4/1/2042  | 250000 | &nbsp;&nbsp; 231862 |
| &nbsp;&nbsp;&nbsp; 144A, Prerefunded, 4.0%, 4/1/2042  | 5000 | &nbsp;&nbsp; 5421 |
| &nbsp;&nbsp;&nbsp; 144A, Prerefunded, 4.0%, 4/1/2052  | 15000 | &nbsp;&nbsp; 16263 |
| &nbsp;&nbsp;&nbsp; Wisconsin, Public Finance Authority, Senior Living Community First Mortgage <br> Revenue, Cedars Obligated Group:<br>|  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.5%, 5/1/2039  | 635000 | &nbsp;&nbsp; 556976 |
| &nbsp;&nbsp;&nbsp; 144A, 5.75%, 5/1/2054  | 3665000 | &nbsp;&nbsp; 2706228 |
| &nbsp;&nbsp;&nbsp; Wisconsin, Public Finance Authority, Wisconsin Hotel Revenue, Senior Lien Grand <br> Hyatt San Antonio Hotel, Series B, 144A, 6.0%, 2/1/2062 <br>| 5000000 | &nbsp;&nbsp; 5162509 |
| &nbsp;&nbsp;&nbsp; Wisconsin, Public Financing Authority, Retirement Facilities Revenue, Southminster, <br> Inc., 144A, 5.0%, 10/1/2053 <br>| 1000000 | &nbsp;&nbsp; 952625 |
| &nbsp;&nbsp;&nbsp; Wisconsin, State Health & Educational Facilities Authority Revenue, Chiara Housing & <br> Services, Inc. Obligated Group:<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875%, 7/1/2055  | 660000 | &nbsp;&nbsp; 667844 |
| &nbsp;&nbsp;&nbsp; 6.0%, 7/1/2060  | 700000 | &nbsp;&nbsp; 711366 |
| &nbsp;&nbsp;&nbsp; 6.625%, 7/1/2060  | 1910000 | &nbsp;&nbsp; 2019136 |
|  |  | &nbsp;&nbsp; **35564490** |
| **Guam 0.2%** | **Guam 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Guam, Government Waterworks Authority, Water & Wastewater System Revenue, <br> Series A, 5.0%, 1/1/2050<br>| 655000 | &nbsp;&nbsp; **668533** |
| **Puerto Rico 5.1%** | **Puerto Rico 5.1%** |  |
| &nbsp;&nbsp;&nbsp; Puerto Rico, Commonwealth Aqueduct and Sewer Authority, Series A, 144A, 4.0%, <br> 7/1/2042<br>| 2000000 | &nbsp;&nbsp; 1942585 |
| Puerto Rico, General Obligation: |  |  |
| &nbsp;&nbsp;&nbsp; Series A, Zero Coupon, 7/1/2033  | 3602431 | &nbsp;&nbsp; 2667392 |
| &nbsp;&nbsp;&nbsp; Series A1, 4.0%, 7/1/2033  | 1255987 | &nbsp;&nbsp; 1286356 |
| &nbsp;&nbsp;&nbsp; Series A1, 4.0%, 7/1/2035  | 230098 | &nbsp;&nbsp; 234048 |
| &nbsp;&nbsp;&nbsp; Series A1, 4.0%, 7/1/2037  | 2007160 | &nbsp;&nbsp; 2011307 |
| &nbsp;&nbsp;&nbsp; Series A1, 4.0%, 7/1/2041  | 2098773 | &nbsp;&nbsp; 2037013 |
| &nbsp;&nbsp;&nbsp; Series A1, 5.625%, 7/1/2027  | 282516 | &nbsp;&nbsp; 289137 |
| &nbsp;&nbsp;&nbsp; Series A1, 5.75%, 7/1/2031  | 269953 | &nbsp;&nbsp; 299979 |
| Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Zero Coupon, 7/1/2046  | 4000000 | &nbsp;&nbsp; 1438842 |
| &nbsp;&nbsp;&nbsp; Series A-1, Zero Coupon, 7/1/2051  | 4207000 | &nbsp;&nbsp; 1106893 |
| &nbsp;&nbsp;&nbsp; Series A-1, 4.75%, 7/1/2053  | 6800000 | &nbsp;&nbsp; 6630835 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.0%, 7/1/2058  | 2000000 | &nbsp;&nbsp; 1963057 |
|  |  | &nbsp;&nbsp; **21907444** |
| **Total Municipal Investments** (Cost $427,699,313) | **Total Municipal Investments** (Cost $427,699,313) | &nbsp;&nbsp; **415851377** |

---

------

---

| | | |
|:---|:---|:---|
| **Underlying Municipal Bonds of Inverse Floaters (h) 3.8%** | **Underlying Municipal Bonds of Inverse Floaters (h) 3.8%** |  |
| **California 1.2%** | **California 1.2%** |  |
| California, Water Utility Improvements, 5.0%, 3/1/2049 (i) | 5000000 | &nbsp;&nbsp; **5417804** |
| *Trust: California, Water Utility Improvements, General Obligation, Series 2025-*<br> *XM1227, 144A, 14.24%, 3/1/2033, Leverage Factor at purchase date: 4 to 1*<br>|  |  |
| **New York 2.6%** | **New York 2.6%** |  |
| New York City, NY, General Obligation, Series A-1, 5.5%, 8/1/2050 (i) | 5200000 | &nbsp;&nbsp; **5677132** |
| *Trust: New York City, NY, General Obligation, Series 2025-XM1310, 144A, 15.22%,* <br> *8/1/2033, Leverage Factor at purchase date: 4 to 1*<br>|  |  |
| New York City, NY, Transitional Finance Authority, 5.25%, 5/1/2048 (i) | 5000000 | &nbsp;&nbsp; **5371584** |
| *Trust: New York City, NY, Transitional Finance Authority, Series 2025-XM1262,* <br> *144A, 13.95%, 5/1/2033, Leverage Factor at purchase date: 4 to 1*<br>|  |  |
|  |  | &nbsp;&nbsp; **11048716** |
| **Total Underlying Municipal Bonds of Inverse Floaters** (Cost $16,041,704) | **Total Underlying Municipal Bonds of Inverse Floaters** (Cost $16,041,704) | &nbsp;&nbsp; **16466520** |
| **Corporate Bonds 0.5%** | **Corporate Bonds 0.5%** |  |
| **Consumer Discretionary 0.4%** | **Consumer Discretionary 0.4%** |  |
| Grand Canyon University, 5.125%, 10/1/2028  | 1570000 | &nbsp;&nbsp; **1574839** |
| **Industrials 0.1%** | **Industrials 0.1%** |  |
| Brightline East LLC, 144A, 11.0%, 1/31/2030  | 2500000 | &nbsp;&nbsp; **664586** |
| **Total Corporate Bonds** (Cost $3,891,028) | **Total Corporate Bonds** (Cost $3,891,028) | &nbsp;&nbsp; **2239425** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Closed-End Investment Companies 0.3%** | **Closed-End Investment Companies 0.3%** |  |
| Nuveen Quality Municipal Income Fund (Cost $1,166,772) | 102188 | &nbsp;&nbsp; **1253847** |
| **Open-End Investment Companies 0.0%** | **Open-End Investment Companies 0.0%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 1.69% (j) <br> (Cost $62,675)<br>| 62669 | &nbsp;&nbsp; **62675** |
| **Warrants 0.0%** | **Warrants 0.0%** |  |
| BL Train Holdings West LLC, Expiration Date 11/26/2035\* (k) (Cost $0) | 25020 | &nbsp;&nbsp; **0** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **% of Net**<br> **Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** (Cost $448,861,492) | 101.6 | &nbsp;&nbsp; **435873844** |
| **Floating Rate Notes (h)** | (2.7)<br>| &nbsp;&nbsp; **(11400000)**<br>|
| **Other Assets and Liabilities, Net**  | 1.1 | &nbsp;&nbsp; **4436941** |
| **Net Assets** | 100.0 | &nbsp;&nbsp; **428910785** |

---

*For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.* 

*\** *Non-income producing security.*

*(a)* *Variable or floating rate security. These securities are shown at their current rate as of February 28, 2026. For securities based on* *a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable* *rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions,* *prepayment of underlying positions and/or other variables. Securities with a floor or ceiling feature are disclosed at the inherent* *rate, where applicable.* 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Variable rate demand notes are securities whose interest rates are reset periodically (usually daily mode or weekly mode) by* *remarketing agents based on current market levels, and are not directly set as a fixed spread to a reference rate. These securities* *may be redeemed at par by the holder through a put or tender feature, and are shown at their current rates as of February 28,* *2026. Date shown reflects the earlier of demand date or stated maturity date.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Security is a "step-up" bond where the coupon increases or steps-up at a predetermined date. The range of rates shown is the* *current coupon rate through the final coupon rate, date shown is the final maturity date.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Interest coupon payment as of July 15, 2025 has been deferred by the issuer.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *Defaulted security or security for which income has been deemed uncollectible.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* *When-issued security.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* *Security currently paying partial interest. The rate shown represents 40% of the original coupon rate.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(h)* *Securities represent the underlying municipal obligations of inverse floating rate obligations held by the Fund. The Floating Rate* *Notes represents leverage to the Fund and is the amount owed to the floating rate note holders.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(i)* *Security forms part of the below inverse floater. The Fund accounts for these inverse floaters as a form of secured borrowing, by* *reflecting the value of the underlying bond in the investments of the Fund and the amount owed to the floating rate note holder as* *a liability.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(j)* *Current yield; not a coupon rate.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(k)* *Investment was valued using significant unobservable inputs.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| *144A: Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in* <br> *transactions exempt from registration, normally to qualified institutional buyers.*<br>|
| *AG: Assured Guaranty, Inc.* |
| *AMBAC: Ambac Financial Group, Inc.* |
| *AMT: Subject to alternative minimum tax.* |
| *GTY: Guaranty Agreement* |
| *INS: Insured* |
| *LOC: Letter of Credit* |
| *Prerefunded: Bonds which are prerefunded are collateralized usually by U.S. Treasury securities which are held in escrow and used* <br> *to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date.*<br>|
| *SIFMA: Securities Industry and Financial Markets Association* |
| *SPA: Standby Bond Purchase Agreement* |

---

***Fair Value Measurements***

*Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.*

*The following is a summary of the inputs used as of February 28, 2026 in valuing the Fund's investments.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Municipal Investments (a) | $— | &nbsp;&nbsp; $432317897 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $432317897 |
| Corporate Bonds (a) |  | &nbsp;&nbsp; 2239425 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2239425 |
| Closed-End Investment Companies  | 1253847 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1253847 |
| Open-End Investment Companies  | 62675 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 62675 |
| Warrants  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| **Total** | **$1316522** | &nbsp;&nbsp; **$434557322** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$435873844** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *See Investment Portfolio for additional detailed categorizations.* 

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.

DSHYTFF-PH3

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** DEUTSCHE DWS MUNICIPAL TRUST

- **b. Investment Company Act file number:** 811-02671

- **c. CIK number of Registrant:** 0000203142

- **d. LEI of Registrant:** PXMELE24BHVOU00K5462

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

  - **Street Address 1:** 875 Third Avenue

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10022-6225

  - **Telephone number:** 212-454-4500

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

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

- **b. EDGAR series identifier (if any):** S000006094

- **c. LEI of Series:** 66W6GCSESLF5I106IR95

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

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2026-02-28

**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:** $443093861.65

**Total Liabilities:** $14068931.10

**Net Assets:** $429024930.55

**Delayed Delivery Securities:** $1985640.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -381.22000000 | **1-Year:** -6637.21000000 | **5-Year:** -32091.57000000 | **10-Year:** -76118.11000000 | **30-Year:** -39648.94000000

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

- **3-Month:** -378.90000000 | **1-Year:** -9504.41000000 | **5-Year:** -35674.76000000 | **10-Year:** -86011.57000000 | **30-Year:** -47711.26000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000016737 | 0.11%                | 0.41%                | 1.46%                |
| Class ID C000016739 | 0.10%                | 0.50%                | 1.53%                |
| Class ID C000016738 | 0.20%                | 0.40%                | 1.63%                |
| Class ID C000016734 | 0.18%                | 0.48%                | 1.51%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-459047.04              | $-684657.56                                |
| Month 2  | $-42835.59               | $392929.83                                 |
| Month 3  | $88989.69                | $4786108.42                                |

**Designated Index Information**

- **Index Name:** 60% BBG Municipal Bond Index Unadjusted (Risk Basis: MUNI), 40% BBG Municipal High Yield (non-Investment Grade)

- **Index Identifier:** BBRMBIUSD

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                       | CUSIP: 34061UJP4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |     40000 | PA      | $37774.76     | 0.01%             | 2057-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matagorda County Navigation District No 1                                        | MATAGORDA CNTY TX NAV DIST #1                                      | CUSIP: 576528CY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4225689.60   | 0.98%             | 2030-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                            | CUSIP: 13080SEX8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   4615000 | PA      | $4621428.70   | 1.08%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust IV                                               | NEW YORK CNTYS NY TOBACCO TRUST IV                                 | CUSIP: 62947YAK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  35000000 | PA      | $1710863.00   | 0.40%             | 2060-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| M-S-R Energy Authority                                                           | M-S-R CA ENERGY AUTH GAS REVENUE                                   | CUSIP: 55374SAE0<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   5750000 | PA      | $7145185.75   | 1.67%             | 2034-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE                     | CUSIP: 650116HA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2085000 | PA      | $2093881.89   | 0.49%             | 2060-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| County of Lincoln SD                                                             | LINCOLN CNTY SD ECON DEV REVENREV                                  | CUSIP: 53340EAC1<br>LEI: 549300USXDZ5FGJLUV88 | Long             | DBT              | MUN               | US        |   2050000 | PA      | $1673305.53   | 0.39%             | 2056-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH REVENUES                        | CUSIP: 89602RLD5<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.07%             | 2032-01-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                         | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE         | CUSIP: 646080VF5<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    870000 | PA      | $862918.37    | 0.20%             | 2039-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REV                                    | CUSIP: 64577XFA9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    400000 | PA      | $468385.16    | 0.11%             | 2038-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                       | CUSIP: 34061UJS8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |     80000 | PA      | $81120.38     | 0.02%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP                                            | CUSIP: 340618DQ7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $745000.00    | 0.17%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sterling Ranch Community Authority Board                                         | STERLING RANCH CMNTY AUTH BRD CO SUPPORTED REVENUE                 | CUSIP: 85950NAW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040643.60   | 0.24%             | 2054-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                                 | CUSIP: 249182VD5<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |    335000 | PA      | $374596.30    | 0.09%             | 2042-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                                | CUSIP: 64577B7A6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3795000 | PA      | $2970628.85   | 0.69%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | OKLAHOMA ST DEV FIN AUTH HLTHSYS REVENUE                           | CUSIP: 67884XCH8<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1546493.86   | 0.36%             | 2048-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Denver Health & Hospital Authority                                               | DENVER CO HLTH & HOSP AUTH HLTHCARE REVENUE                        | CUSIP: 24918EEP1<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |    415000 | PA      | $447484.58    | 0.10%             | 2055-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN HLTH EDL FACS AUTH SENIOR LIVING REVENUE                 | CUSIP: 97671VCU7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1910000 | PA      | $2019136.25   | 0.47%             | 2060-07-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                         | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE         | CUSIP: 646080YB1<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1498591.10   | 0.35%             | 2045-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Morongo Band of Mission Indians/The                                              | MORONGO BAND OF MISSION INDIANS CA REVENUE                         | CUSIP: 61773RAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1168687.07   | 0.27%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                               | CUSIP: 57585BCX4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1877682.80   | 0.44%             | 2060-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT REVENUE                 | CUSIP: 93978LEX0<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.05%             | 2043-04-01      | Variable      | 1.88%                 | No            |                  2 | On Loan: No      |
| Tahoe-Douglas Visitors Authority                                                 | TAHOE-DOUGLAS VISITORS AUTH NV STATELINE REVENUE                   | CUSIP: 873816AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044907.20   | 0.24%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                          | CUSIP: 14054CFL8<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    800000 | PA      | $830180.40    | 0.19%             | 2053-05-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                       | CUSIP: 34061UJN9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |     70000 | PA      | $66989.88     | 0.02%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Reno-Tahoe Airport Authority                                                     | RENO-TAHOE NV ARPT AUTH ARPT REVENUE                               | CUSIP: 759874CL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $413187.96    | 0.10%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| George L Smith II Congress Center Authority                                      | GEO L SMITH II GA CONGRESS CTR AUTH                                | CUSIP: 37255MAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1228303.12   | 0.29%             | 2054-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | MET GOVT NASHVILLE & DAVIDSONCNTY TN HLTH & EDUCTNL FAC BRD        | CUSIP: 592041YV3<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3228283.20   | 0.75%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                          | JACKSONVILLE FL EDUCTNL FACS REVENUE                               | CUSIP: 46936RAD4<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $2845662.63   | 0.66%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Aurora Highlands Community Authority Board                                       | AURORA HIGHLANDS CMNTY AUTH BRD CO SPL TAX REVENUE                 | CUSIP: 05164HAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4879559.50   | 1.14%             | 2051-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Orange County Industrial Development Agency                                      | ORANGE CNTY NY INDL DEV AGY                                        | CUSIP: 684604AS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $1062500.00   | 0.25%             | 2028-01-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                      | CUSIP: 13063ELM6<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5417803.70   | 1.26%             | 2049-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                           | ILLINOIS ST HSG DEV AUTH REVENUE                                   | CUSIP: 45203MHX2<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   2690000 | PA      | $2833936.52   | 0.66%             | 2052-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp                                               | MARYLAND ST ECON DEV CORP STUDENT HSG REVENUE                      | CUSIP: 57420VTH6<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3571128.40   | 0.83%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Railroad Corp                                                             | ALASKA ST RAILROAD CORP CRUISE PORT REVENUE                        | CUSIP: 01176AAU7<br>LEI: 549300SM5ZU2HV31E004 | Long             | DBT              | MUN               | US        |    500000 | PA      | $547005.65    | 0.13%             | 2050-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                  | INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK                        | CUSIP: 45528U6X4<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    595000 | PA      | $623625.27    | 0.15%             | 2053-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE                       | CUSIP: 928104PS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2340000 | PA      | $2331058.86   | 0.54%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                             | MIDA MOUNTAIN VLG PUBLIC INFRASTRUCTURE DIST UT TAX ALLOCATI       | CUSIP: 59561UAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511080.80    | 0.12%             | 2060-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Denver Convention Center Hotel Authority                                         | DENVER CO CONVENTION CENTER HOTEL AUTH REVENUE                     | CUSIP: 249189DM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505774.05    | 0.12%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp                                        | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE                         | CUSIP: 95737TFR2<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079420.40   | 0.25%             | 2053-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | BUCKEYE OH TOBACCO SETTLEMENT FING AUTH                            | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1240534.50   | 0.29%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                          | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                          | CUSIP: 041807JX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $458675.65    | 0.11%             | 2064-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Education Facilities Corp                                            | SAN ANTONIO TX EDU FACS CORP REVENUE                               | CUSIP: 796247DX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $428597.37    | 0.10%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE                      | CUSIP: 34061WBX1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $797831.43    | 0.19%             | 2056-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | TEXAS ST                                                           | CUSIP: 882724LX3<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    335000 | PA      | $335000.00    | 0.08%             | 2050-06-01      | Variable      | 2.05%                 | No            |                  2 | On Loan: No      |
| Black Desert Public Infrastructure District                                      | BLACK DESERT PUB INFRASTRUCTURE DIST UT SPL ASSMNT                 | CUSIP: 09204TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2026401.60   | 0.47%             | 2053-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                             | MIDA MOUNTAIN VLG PUBLIC INFRASTRUCTURE DIST UT TAX ALLOCATI       | CUSIP: 59561UAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1376916.89   | 0.32%             | 2054-06-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP MF MTGE REVENUE                      | CUSIP: 64966TGX6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041013.40   | 0.24%             | 2031-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                       | CUSIP: 1675934S8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2330000 | PA      | $2450526.01   | 0.57%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 15                                     | VILLAGE CDD NO 15 SPL ASSMNT REVENUE                               | CUSIP: 92708KAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $705382.93    | 0.16%             | 2054-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Range Metropolitan District No 3                                           | NORTH RANGE MET DIST #3 CO                                         | CUSIP: 66176NAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1667000 | PA      | $1677356.90   | 0.39%             | 2050-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares               | BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares | CUSIP: 09248U841<br>LEI: 549300RWBJ885673DL84 | Long             | STIV             | RF                | US        |     62552 | NS      | $62558.28     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE                     | CUSIP: 650116HM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2046429.00   | 0.48%             | 2054-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                    | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE                          | CUSIP: 696507VS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $377851.45    | 0.09%             | 2053-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                                    | CUSIP: 546399DE3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10056.66     | 0.00%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH REVENUE                                           | CUSIP: 46247SFX7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   2085000 | PA      | $2161497.40   | 0.50%             | 2035-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                                 | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    282516 | PA      | $289137.41    | 0.07%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Seminole County Industrial Development Authority                                 | SEMINOLE CNTY FL INDL DEV AUTH                                     | CUSIP: 81669TAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $447015.41    | 0.10%             | 2039-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE           | CUSIP: 64972GDC5<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    600000 | PA      | $600000.00    | 0.14%             | 2043-06-15      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                                 | CUSIP: 249182VB9<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |    365000 | PA      | $412534.17    | 0.10%             | 2040-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDUCTNL FAC REVENUE                             | CUSIP: 74443DGE5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5514070.80   | 1.29%             | 2045-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP                                            | CUSIP: 340618DT1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2048750.00   | 0.48%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                             | MIDA MOUNTAIN VLG PUBLIC INFRASTRUCTURE DIST UT TAX ALLOCATI       | CUSIP: 59561UAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508482.85    | 0.12%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                        | CUSIP: 64966G4P4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200000.00   | 0.28%             | 2038-04-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                              | CUSIP: 167505D29<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012919.70   | 0.24%             | 2045-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE                      | CUSIP: 34061WBW3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $6803418.60   | 1.59%             | 2056-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE                  | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6800000 | PA      | $6630835.04   | 1.55%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP                                            | CUSIP: 340618CW5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504588.70    | 0.12%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE                     | CUSIP: 650116HW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1605518.32   | 0.37%             | 2060-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE                     | CUSIP: 650116FT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1175508.48   | 0.27%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDU REVENUE                                     | CUSIP: 74442EEG1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    520000 | PA      | $489099.73    | 0.11%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE                  | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1963057.00   | 0.46%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                         | CUSIP: 167486U72<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    840000 | PA      | $884449.52    | 0.21%             | 2050-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FINCORP TX EDU REVENUE                  | CUSIP: 64542QBP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3550000 | PA      | $3088694.90   | 0.72%             | 2050-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN HLTH EDL FACS AUTH SENIOR LIVING REVENUE                 | CUSIP: 97671VCQ6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    700000 | PA      | $711365.76    | 0.17%             | 2060-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Education Facilities Corp                                            | SAN ANTONIO TX EDU FACS CORP REVENUE                               | CUSIP: 796247DY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $631125.98    | 0.15%             | 2051-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                                 | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    269953 | PA      | $299979.33    | 0.07%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                            | CAPITAL PROJS FL FIN AUTH STUDENT HSG REVENUE                      | CUSIP: 140427BP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $245431.16    | 0.06%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                     | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE                           | CUSIP: 64613AGE6<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    900000 | PA      | $940840.74    | 0.22%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                                  | CHESTER CNTY PA INDL DEV AUTH SPL OBLIG REVENUE                    | CUSIP: 16559WAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    299000 | PA      | $299438.96    | 0.07%             | 2048-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                  | INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK                        | CUSIP: 45528U7L9<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2213174.40   | 0.52%             | 2067-03-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                                    | CUSIP: 546399SZ0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2083069.80   | 0.49%             | 2064-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Sierra Vista Industrial Development Authority                                    | SIERRA VISTA AZ INDL DEV AUTH AUTH ED FAC REV                      | CUSIP: 82652UAY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $853134.90    | 0.20%             | 2064-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                 | MINNESOTA ST HSG FIN AGY                                           | CUSIP: 60416TVY1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   2725000 | PA      | $2856144.17   | 0.67%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                         | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE         | CUSIP: 646080XL0<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    605000 | PA      | $590615.16    | 0.14%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financing Authority                        | FLORIDA ST HGR EDUCTNL FACS FINANCIAL AUTH REVENUE                 | CUSIP: 34073TNB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1287964.86   | 0.30%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH REVENUE                                        | CUSIP: 45506DM28<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3660000 | PA      | $3661511.95   | 0.85%             | 2048-07-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA                                                            | LONG BEACH CA REVENUE                                              | CUSIP: 54243RAF1<br>LEI: 549300XH3OUOL3JO1O51 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $972752.90    | 0.23%             | 2030-11-01      | Fixed         | 7.28%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE                  | CUSIP: 09182TCR6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    800000 | PA      | $857571.12    | 0.20%             | 2049-06-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | OKLAHOMA ST DEV FIN AUTH HLTHSYS REVENUE                           | CUSIP: 67884XCX3<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1477243.15   | 0.34%             | 2044-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                         | CUSIP: 74442PTF2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2557917.60   | 0.60%             | 2051-09-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                          | CUSIP: 837151YX1<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1714804.91   | 0.40%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                         | CUSIP: 74442PZY4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     15000 | PA      | $16262.60     | 0.00%             | 2052-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp/NY                                     | MONROE CNTY NY INDL DEV CORP REVENUE                               | CUSIP: 61075TUH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2471382.38   | 0.58%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BRIGHTLINE EAST LLC                                                              | Brightline East LLC                                                | CUSIP: 093536AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $664585.93    | 0.15%             | 2030-01-31      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Denver Convention Center Hotel Authority                                         | DENVER CO CONVENTION CENTER HOTEL AUTH REVENUE                     | CUSIP: 249189DN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010619.10   | 0.24%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                            | NEW MEXICO ST MTGE FIN AUTH                                        | CUSIP: 647201HA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2460000 | PA      | $2232492.31   | 0.52%             | 2044-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Health & Educational Facilities Authority                          | MASSACHUSETTS ST HLTH & EDUCTNL FACS AUTH                          | CUSIP: 57585KGP7<br>LEI: 549300MV50RWQFTX5223 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.02%             | 2049-11-01      | Variable      | 1.45%                 | No            |                  2 | On Loan: No      |
| Massachusetts Health & Educational Facilities Authority                          | MASSACHUSETTS ST HLTH & EDUCTNL FACS AUTH REVENUE                  | CUSIP: 57586CGB5<br>LEI: 549300MV50RWQFTX5223 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.09%             | 2040-07-01      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                              | NORTH CAROLINA ST EDU ASSISTANCE AUTH                              | CUSIP: 658262GW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $444516.95    | 0.10%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Convention Center Public Facilities District                    | WASHINGTON ST CONVENTION CENTER PUBLIC FACS DIST                   | CUSIP: 93976AFD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4120000 | PA      | $3124166.34   | 0.73%             | 2048-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                       | CUSIP: 45204EA73<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   7076266 | PA      | $212287.98    | 0.05%             | 2045-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                            | CAPITAL PROJS FL FIN AUTH STUDENT HSG REVENUE                      | CUSIP: 140427BQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $244405.18    | 0.06%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                                | CUSIP: 13048VQ35<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   4180000 | PA      | $4463639.75   | 1.04%             | 2039-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp                                         | GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT        | CUSIP: 38122ND82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1650969.57   | 0.38%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | OKLAHOMA ST DEV FIN AUTH HLTHSYS REVENUE                           | CUSIP: 67884XCW5<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1421949.90   | 0.33%             | 2041-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Authority for Colorado Energy                                             | PUBLIC AUTH FOR COLORADO ST ENERGY NATURAL GAS PURCHASE REVE       | CUSIP: 744387AC5<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   4160000 | PA      | $4402920.70   | 1.03%             | 2028-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                        | CUSIP: 4521526M8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1561558.22   | 0.36%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City Of South Miami Health Facilities Authority Inc                              | S MIAMI FL HLTH FACS AUTH                                          | CUSIP: 838810EC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2999667.60   | 0.70%             | 2042-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                       | CUSIP: 34061UJU3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    120000 | PA      | $113285.89    | 0.03%             | 2057-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Vrain Lakes Metropolitan District No 4                                        | ST VRAIN LAKES MET DIST NO 4                                       | CUSIP: 85237KAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1841774.50   | 0.43%             | 2054-09-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority                              | PUERTO RICO CMWLTH AQUEDUCT & SWR AUTH REVENUE                     | CUSIP: 745160UE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1942584.80   | 0.45%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Higher Education Loan Authority                                             | IOWA ST HGR EDU LOAN AUTH                                          | CUSIP: 4624607N0<br>LEI: 549300DWVTM3KRNR0M36 | Long             | DBT              | MUN               | US        |   5210000 | PA      | $4382569.68   | 1.02%             | 2050-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE FUTURE TAX          | CUSIP: 64971QV26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700000.00    | 0.16%             | 2036-11-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE                     | CUSIP: 126292AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4485000 | PA      | $3932286.99   | 0.92%             | 2046-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                                            | HAMILTON CNTY OH HLTH CARE REVENUE                                 | CUSIP: 40727RCL0<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    380000 | PA      | $395405.24    | 0.09%             | 2053-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI SPL FAC REVENUE                                 | CUSIP: 74446DAM0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    205000 | PA      | $212765.05    | 0.05%             | 2046-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                             | JEFFERSON CNTY AL SWR REVENUE WARRANTS                             | CUSIP: 472682ZS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1236048.92   | 0.29%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp                          | TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE         | CUSIP: 882667AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100240.24   | 0.26%             | 2058-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI HOTEL REVENUE                                   | CUSIP: 74447DAG2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5162509.00   | 1.20%             | 2062-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                          | CUSIP: 837151A25<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $893076.60    | 0.21%             | 2055-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                            | CAPITAL PROJS FL FIN AUTH SENIOR LIVING REVENUE                    | CUSIP: 14043HAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1166590.59   | 0.27%             | 2055-01-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                               | CUSIP: 04052BCS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $965938.80    | 0.23%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                | OREGON ST FACS AUTH REVENUE                                        | CUSIP: 68608JXF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.02%             | 2034-08-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH SENIOR LIVING REVENUE                     | CUSIP: 04052TDM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4570000 | PA      | $4665442.17   | 1.09%             | 2065-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                        | CUSIP: 70879QWN9<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    970000 | PA      | $1066314.31   | 0.25%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Desertxpress Enterprises LLC                                                     | Desertxpress Enterprises LLC                                       | CUSIP: 05594N118<br>LEI: 254900UTS074X7B9VE11 | N/A              | DE               |  | US        |     25020 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE           | CUSIP: 64972GS54<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    700000 | PA      | $700000.00    | 0.16%             | 2056-06-15      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| Seminole County Industrial Development Authority                                 | SEMINOLE CNTY FL INDL DEV AUTH                                     | CUSIP: 81669TAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3605765.28   | 0.84%             | 2049-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Reno NV                                                                  | RENO NV SALES TAX REVENUE                                          | CUSIP: 759861EJ2<br>LEI: 549300M4R5WWSUWY8D52 | Long             | DBT              | MUN               | US        |  12500000 | PA      | $1994172.50   | 0.46%             | 2058-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                         | UNIV OF CALIFORNIA REVENUES                                        | CUSIP: 91412GSJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.35%             | 2048-05-15      | Variable      | 1.20%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                | IDAHO ST HLTH FACS AUTH REVENUE                                    | CUSIP: 451295ZZ5<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1750000.00   | 0.41%             | 2048-03-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Broadway Station Metropolitan District No 3                                      | BROADWAY STATION MET DIST NO 3 CO                                  | CUSIP: 111571AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $656599.20    | 0.15%             | 2049-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Washington State Convention Center Public Facilities District                    | WASHINGTON ST CONVENTION CENTER PUBLIC FACS DIST                   | CUSIP: 93976AEU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2080000 | PA      | $1403799.07   | 0.33%             | 2058-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Charlotte County Industrial Development Authority/FL                             | CHARLOTTE CNTY FL INDL DEV AUTH UTILITY SYS REVENUE                | CUSIP: 16080TAL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2659518.42   | 0.62%             | 2055-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN HLTH EDL FACS AUTH SENIOR LIVING REVENUE                 | CUSIP: 97671VAJ4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   4150000 | PA      | $4150541.99   | 0.97%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima/The                       | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE                             | CUSIP: 72177MSW8<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    710000 | PA      | $627437.37    | 0.15%             | 2052-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE                       | CUSIP: 64972EHJ1<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2355000 | PA      | $2216109.87   | 0.52%             | 2039-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                               | CUSIP: 57585BTF5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1353466.75   | 0.32%             | 2049-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp                                                 | IOWA ST STUDENT LOAN LIQUIDITY CORP                                | CUSIP: 462590MS6<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |    110000 | PA      | $108470.30    | 0.03%             | 2039-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                               | CUSIP: 57584YX53<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    835000 | PA      | $632327.21    | 0.15%             | 2056-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GRAND CANYON UNIVERSITY                                                          | Grand Canyon University                                            | CUSIP: 38528UAE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1574839.29   | 0.37%             | 2028-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp                                        | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE                         | CUSIP: 95737TGC4<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2062223.20   | 0.48%             | 2065-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | MISSOURI ST HLTH & EDUCTNL FACS AUTH                               | CUSIP: 6069014N3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.05%             | 2035-10-01      | Variable      | 1.87%                 | No            |                  2 | On Loan: No      |
| Buffalo & Erie County Industrial Land Development Corp                           | BUFFALO & ERIE CNTY NY INDL LAND DEV CORP REVENUE                  | CUSIP: 11943KEB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2002386.00   | 0.47%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                        | ORANGE CNTY FL HLTH FACS AUTH REVENUE                              | CUSIP: 68450LJQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2665000 | PA      | $2796229.40   | 0.65%             | 2056-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                         | CUSIP: 91754TUX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3990000 | PA      | $3649116.35   | 0.85%             | 2048-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                             | MIDA MOUNTAIN VLG PUBLIC INFRASTRUCTURE DIST UT TAX ALLOCATI       | CUSIP: 59561UAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1867571.03   | 0.44%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Tahoe-Douglas Visitors Authority                                                 | TAHOE-DOUGLAS VISITORS AUTH NV STATELINE REVENUE                   | CUSIP: 873816AS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018355.00   | 0.24%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                  | INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK                        | CUSIP: 45528U6Y2<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    300000 | PA      | $316094.31    | 0.07%             | 2057-03-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | PHILADELPHIA PA AUTH FOR INDL DEV CHRT SCH REVENUE                 | CUSIP: 71780CBH2<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    875000 | PA      | $698187.00    | 0.16%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                             | GUAM GOVT WTRWKS AUTH WTR & WSTWTR SYS REVENUE                     | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $668533.02    | 0.16%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Land Clearance Redevelopment Authority                               | KANSAS CITY MO LAND CLEARANCE REDEV AUTH PROJ REVENUE              | CUSIP: 48504MAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3524513.25   | 0.82%             | 2049-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Douglas County Hospital Authority No 2                                           | DOUGLAS CNTY NE HOSP AUTH #2                                       | CUSIP: 259230KT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $740000.00    | 0.17%             | 2032-08-15      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| River Islands Public Financing Authority                                         | RIVER ISLANDS CA PUBLIC FING AUTH SPL TAX                          | CUSIP: 76827QEN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3825000 | PA      | $3364076.03   | 0.78%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                         | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE         | CUSIP: 646080UN9<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    270000 | PA      | $266271.65    | 0.06%             | 2039-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDU REVENUE                                     | CUSIP: 74442ECB4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1939684.40   | 0.45%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI SR LIVING CMNTY 1ST MTGE REVENUE                | CUSIP: 74446GAC5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3665000 | PA      | $2706228.30   | 0.63%             | 2054-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                                 | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   2007160 | PA      | $2011307.39   | 0.47%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                        | CUSIP: 452152U58<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3610000 | PA      | $3666131.89   | 0.85%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financing Authority                        | FLORIDA ST HGR EDUCTNL FACS FINANCIAL AUTH REVENUE                 | CUSIP: 34073TKW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1281778.42   | 0.30%             | 2038-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE                     | CUSIP: 650116CW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $949212.90    | 0.22%             | 2036-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                            | CAPITAL PROJS FL FIN AUTH STUDENT HSG REVENUE                      | CUSIP: 140427BN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $246389.50    | 0.06%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lake FL                                                                | LAKE CNTY FL EDUCTNL FACS REVENUE                                  | CUSIP: 50825CAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2070000 | PA      | $1782964.90   | 0.42%             | 2054-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                               | CUSIP: 04052BJY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1288253.82   | 0.30%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI SPL FAC REVENUE                                 | CUSIP: 74446DAQ1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    200000 | PA      | $212419.06    | 0.05%             | 2054-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Vermont Educational & Health Buildings Financing Agency                          | VERMONT ST EDUCTNL & HLTH BLDGS FING AGY REVENUE                   | CUSIP: 924166LH2<br>LEI: 549300ZC1ZW1EUIIV708 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1859409.80   | 0.43%             | 2043-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                          | CUSIP: 14054CFK0<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2078796.00   | 0.48%             | 2048-05-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | NEW JERSEY ST                                                      | CUSIP: 646039YQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $452334.19    | 0.11%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                          | CUSIP: 14054CBB4<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1740695.57   | 0.41%             | 2048-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares               | BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares | CUSIP: 09248U841<br>LEI: 549300RWBJ885673DL84 | Long             | STIV             | RF                | US        |       117 | NS      | $116.52       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Rhode Island Student Loan Authority                                              | RHODE ISLAND ST STUDENT LOAN AUTH LOAN REVENUE                     | CUSIP: 762323DT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2070000 | PA      | $2116604.81   | 0.49%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health & Educational Facilities Board                              | SHELBY CNTY TENN HEALTH EDL & HSG FAC BRD STUDENT HSG REVENU       | CUSIP: 82170LAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $597656.88    | 0.14%             | 2056-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp                          | TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE         | CUSIP: 882667BX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1542192.55   | 0.36%             | 2058-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                         | CUSIP: 74442PA21<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $231861.63    | 0.05%             | 2042-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                             | COLORADO EDUCTNL & CULTURAL AUTH REVENUE                           | CUSIP: 19645UTS3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1590501.90   | 0.37%             | 2059-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue              | MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE              | CUSIP: 592643DG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1023024.65   | 0.24%             | 2050-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE                       | CUSIP: 64972EHH5<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   4340000 | PA      | $4125900.42   | 0.96%             | 2034-11-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                               | CUSIP: 04052BEY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $955709.50    | 0.22%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH REVENUE                                           | CUSIP: 46247SFF6<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    455000 | PA      | $505654.15    | 0.12%             | 2053-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                       | CUSIP: 34061UJT6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    115000 | PA      | $110054.80    | 0.03%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Health & Educational Facilities Authority                          | MASSACHUSETTS ST HLTH & EDUCTNL FACS AUTH                          | CUSIP: 57585KSV1<br>LEI: 549300MV50RWQFTX5223 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.02%             | 2031-07-01      | Variable      | 1.45%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                                 | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   2098773 | PA      | $2037013.25   | 0.47%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Rampart Range Metropolitan District No 5                                         | RAMPART RANGE CO MET DIST #5                                       | CUSIP: 75157WAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1298926.49   | 0.30%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority/The                                                | ATLANTA GA DEV AUTH                                                | CUSIP: 04780NMY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1595168.23   | 0.37%             | 2048-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE                     | CUSIP: 126292AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $724834.58    | 0.17%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| George L Smith II Congress Center Authority                                      | GEO L SMITH II GA CONGRESS CTR AUTH                                | CUSIP: 37255MAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3365000 | PA      | $3245836.26   | 0.76%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                | IDAHO ST HLTH FACS AUTH REVENUE                                    | CUSIP: 451295H28<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1945000 | PA      | $2073285.00   | 0.48%             | 2050-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Roanoke County Economic Development Authority                                    | ROANOKE CNTY VA ECON DEV AUTHRSDL CARE FAC REVENUE                 | CUSIP: 76982TAG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1466183.78   | 0.34%             | 2058-09-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY SENIOR LIVING REVENUE                 | CUSIP: 57563WAC2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4007794.80   | 0.93%             | 2060-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI RETMNT FAC REVENUE                              | CUSIP: 74444VAH3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $952625.50    | 0.22%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA SMALL BUSINESS FING AUTH PRIV ACTIVITY REVENUE SR         | CUSIP: 928097AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $868875.79    | 0.20%             | 2049-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE                    | CUSIP: 23503CGF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3375000 | PA      | $3681295.09   | 0.86%             | 2044-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                        | CUSIP: 442349HZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2340000 | PA      | $2565265.72   | 0.60%             | 2039-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| River Islands Public Financing Authority                                         | RIVER ISLANDS CA PUBLIC FING AUTH SPL TAX                          | CUSIP: 76827QEP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2630000 | PA      | $2154608.56   | 0.50%             | 2049-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE             | CUSIP: 939783Z58<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002038.00   | 0.23%             | 2061-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN HLTH EDL FACS AUTH SENIOR LIVING REVENUE                 | CUSIP: 97671VBH7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1910000 | PA      | $1730766.36   | 0.40%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue      | MASSACHUSETTS ST DEPT OF TRANSPRTN MET HIGHWAY SYS REVENUE         | CUSIP: 57563CCZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.12%             | 2037-01-01      | Variable      | 1.85%                 | No            |                  2 | On Loan: No      |
| Rampart Range Metropolitan District No 5                                         | RAMPART RANGE CO MET DIST #5                                       | CUSIP: 75157WAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $519481.70    | 0.12%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sterling Ranch Community Authority Board                                         | STERLING RANCH CMNTY AUTH BRD CO SUPPORTED REVENUE                 | CUSIP: 85950NAY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2021499.00   | 0.47%             | 2054-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp                                | RHODE ISLAND ST HLTH & EDUCTNL BLDG CORP REVENUE                   | CUSIP: 762244NY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3034227.60   | 0.71%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chattanooga Health Educational & Housing Facility Board                          | CHATTANOOGA TN HLTH EDUCTNL & HSG FAC BRD                          | CUSIP: 162409AN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2626484.50   | 0.61%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE                     | CUSIP: 650116GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $262441.58    | 0.06%             | 2054-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Tulsa Municipal Airport Trust Trustees/OK                                        | TULSA OK MUNI ARPT TRUST TRUSTEES                                  | CUSIP: 899661EN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $569444.60    | 0.13%             | 2040-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI SR LIVING CMNTY 1ST MTGE REVENUE                | CUSIP: 74446GAB7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    635000 | PA      | $556975.65    | 0.13%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                                | CUSIP: 13048VUN6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1553977.74   | 0.36%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Buffalo & Erie County Industrial Land Development Corp                           | BUFFALO & ERIE CNTY NY INDL LAND DEV CORP REVENUE                  | CUSIP: 11943KEA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1076986.08   | 0.25%             | 2040-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE                  | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $1438842.40   | 0.34%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Marquis Community Development Authority of York County Virginia                  | MARQUIS VA CMNTY DEV AUTH REVENUE                                  | CUSIP: 57161CAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7416000 | PA      | $2595600.00   | 0.60%             | 2041-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                          | CAPITAL TRUST AUTH FL EDUCTNL FACS REVENUE                         | CUSIP: 14054WBX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $733670.85    | 0.17%             | 2065-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Wyandotte County-Kansas City Unified Government                                  | WYANDOTTE CNTY/KANSAS CITY KS UNIF GOVT CMNTY IMPT DIST            | CUSIP: 982707AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $923084.85    | 0.22%             | 2040-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                            | CAPITAL PROJS FL FIN AUTH STUDENT HSG REVENUE                      | CUSIP: 140427BR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $121574.23    | 0.03%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                    | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE                          | CUSIP: 696507VT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $506749.20    | 0.12%             | 2058-05-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Nuveen Quality Municipal Income Fund                                             | Nuveen Quality Municipal Income Fund                               | CUSIP: 67066V101<br>LEI: 549300RDIO25ZNWCOA97 | Long             | EC               | RF                | US        |    102188 | NS      | $1253846.76   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL FIN AUTH REV                         | CUSIP: 64972JTS7<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5371584.28   | 1.25%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                             | MIDA MOUNTAIN VLG PUBLIC INFRASTRUCTURE DIST UT TAX ALLOCATI       | CUSIP: 59561UAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2519335.25   | 0.59%             | 2055-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                        | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1661014.90   | 0.39%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                              | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE                   | CUSIP: 13057GAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $966465.11    | 0.23%             | 2065-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Industrial Development Authority                             | HILLSBOROUGH CNTY FLA INDL DEVAUTH HEALTH SYS REVENUE              | CUSIP: 43233KAW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1618751.70   | 0.38%             | 2054-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                               | CUSIP: 04052BEZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $513300.81    | 0.12%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HLTH FACS REVENUE             | CUSIP: 837032CF6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $531456.35    | 0.12%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA REVENUE                                           | CUSIP: 25483VXQ2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014446.20   | 0.24%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                                 | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1255987 | PA      | $1286355.51   | 0.30%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | KENTUCKY ST ECON DEV FIN AUTH                                      | CUSIP: 49126KKE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1291424.68   | 0.30%             | 2041-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Charlotte County Industrial Development Authority/FL                             | CHARLOTTE CNTY FL INDL DEV AUTH UTILITY SYS REVENUE                | CUSIP: 16080TAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1247349.45   | 0.29%             | 2051-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                         | CUSIP: 56681NCW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007372.00   | 0.23%             | 2052-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE                  | CUSIP: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4207000 | PA      | $1106892.83   | 0.26%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada Department of Business & Industry                                | DIRECTOR OF THE ST OF NEVADA DEPT OF BUSINESS & INDUSTRY           | CUSIP: 25457VBV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3005000 | PA      | $1622700.00   | 0.38%             | 2065-01-01      | Variable      | 12.00%                | No            |                  2 | On Loan: No      |
| Point Phase 1 Public Infrastructure District No 1                                | POINT PHASE 1 PUB INFRASTRUCTURE DIST #1 UT TAX ASSMNT & GEN       | CUSIP: 73058EAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2165000 | PA      | $2261754.93   | 0.53%             | 2055-03-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                        | CUSIP: 64966SMP8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300000.00   | 0.30%             | 2044-08-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 14                                     | VLG FL CDD #14 SPL ASSMNT REVENUE                                  | CUSIP: 92708JAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2510000 | PA      | $2561759.97   | 0.60%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                                  | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE                   | CUSIP: 70878CBH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2401000 | PA      | $2417914.56   | 0.56%             | 2045-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Tahoe-Douglas Visitors Authority                                                 | TAHOE-DOUGLAS VISITORS AUTH NV STATELINE REVENUE                   | CUSIP: 873816AT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003008.50   | 0.23%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                         | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2159382.20   | 0.50%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                       | CUSIP: 34061UJM1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76050.36     | 0.02%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Military Installation Development Authority                                      | MILITARY INSTALLATION DEV AUTH UT TAX ALLOCATION REVENUE           | CUSIP: 599772AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1047028.25   | 0.24%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP                                            | CUSIP: 340618CX3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1084706.57   | 0.25%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority/The                                     | MET NASHVILLE TN ARPT AUTH ARPT REVENUE                            | CUSIP: 592190PH9<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $905499.40    | 0.21%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Marquis Community Development Authority of York County Virginia                  | MARQUIS VA CMNTY DEV AUTH REVENUE                                  | CUSIP: 57161CAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11070000 | PA      | $27675.00     | 0.01%             | 2041-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima/The                       | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE                             | CUSIP: 72177MUR6<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   2060000 | PA      | $1529662.27   | 0.36%             | 2057-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP                                            | CUSIP: 340618DK0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1360000 | PA      | $476000.00    | 0.11%             | 2032-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                               | CUSIP: 57584X4P3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2938970.10   | 0.69%             | 2057-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver Urban Renewal Authority                                                   | DENVER CO URBAN RENEWAL AUTH TAX INCR REVENUE                      | CUSIP: 249301FX5<br>LEI: 54930040L61W75KRAG79 | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1583977.66   | 0.37%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                               | CUSIP: 04052BAM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987281.90    | 0.23%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE                   | CUSIP: 57421CHU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2107899.00   | 0.49%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Collier County Educational Facilities Authority                                  | COLLIER CNTY FL EDUCTNL FACS AUTH REVENUE                          | CUSIP: 19463TBP0<br>LEI: 5493003XVBWC2SNPMX57 | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1374479.69   | 0.32%             | 2038-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arizona Health Facilities Authority                                              | ARIZONA ST HLTH FACS AUTH                                          | CUSIP: 040507QT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1649115.88   | 0.38%             | 2046-01-01      | Floating      | 2.13%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE                       | CUSIP: 928104NX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4428273.52   | 1.03%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE                     | CUSIP: 650116GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1381300.65   | 0.32%             | 2040-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Reno-Tahoe Airport Authority                                                     | RENO-TAHOE NV ARPT AUTH ARPT REVENUE                               | CUSIP: 759874CK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $521936.50    | 0.12%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE                     | CUSIP: 650116EZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $482383.15    | 0.11%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Peninsula Town Center Community Development Authority                            | PENINSULA TOWN CENTER VA CMNTY DEV AUTH SPL OBLG                   | CUSIP: 70718LAH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4650000 | PA      | $4661213.48   | 1.09%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI TOLL REVENUE                                    | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3140694.90   | 0.73%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Yuma Industrial Development Authority                                            | YUMA AZ INDL DEV AUTH HOSP REVENUE                                 | CUSIP: 988514DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049540.00   | 0.24%             | 2049-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE                    | CUSIP: 74440DFQ2<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   2780000 | PA      | $2964352.64   | 0.69%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima/The                       | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE                             | CUSIP: 72177MSV0<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $958199.19    | 0.22%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Marquis Community Development Authority of York County Virginia                  | MARQUIS VA CMNTY DEV AUTH REVENUE                                  | CUSIP: 57161CAF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2284000 | PA      | $799400.00    | 0.19%             | 2045-09-01      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                                 | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   3602431 | PA      | $2667391.93   | 0.62%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Newark Higher Education Finance Corp                                             | NEWARK HGR EDU FIN CORP TX REVENUE                                 | CUSIP: 650348AR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3715000 | PA      | $3122380.97   | 0.73%             | 2057-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN HLTH EDL FACS AUTH SENIOR LIVING REVENUE                 | CUSIP: 97671VBJ3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1643494.13   | 0.38%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financing Authority                        | FLORIDA ST HGR EDUCTNL FACS FINANCIAL AUTH REVENUE                 | CUSIP: 34073TNC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1905000 | PA      | $1657418.77   | 0.39%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | WASHINGTON ST HLTH CARE FACS AUTH                                  | CUSIP: 93978HF75<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067471.90   | 0.25%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDU REVENUE                                     | CUSIP: 74442ECC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $942805.90    | 0.22%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                         | CUSIP: 74442PZX6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5420.87      | 0.00%             | 2042-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                            | CAPITAL PROJS FL FIN AUTH SENIOR LIVING REVENUE                    | CUSIP: 14043HAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1912139.00   | 0.45%             | 2065-01-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                                 | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    230098 | PA      | $234047.56    | 0.05%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                                 | CUSIP: 249182VE3<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |    335000 | PA      | $371057.83    | 0.09%             | 2043-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FIN CORP TX SENIOR LIVING REVENUE       | CUSIP: 64542PGF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3550000 | PA      | $3550000.00   | 0.83%             | 2030-12-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| County of Osceola FL Transportation Revenue                                      | OSCEOLA CNTY FL TRANSPRTN REVENUE                                  | CUSIP: 688031FH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $846627.88    | 0.20%             | 2052-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                        | CUSIP: 64966SPR1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5200000 | PA      | $5677132.25   | 1.32%             | 2050-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Memphis Arena Public Building Authority                                      | NEW MEMPHIS ARENA PUBLIC BLDG AUTH TN                              | CUSIP: 64704CAV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $801400.13    | 0.19%             | 2031-04-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Student Loan Authority                                              | RHODE ISLAND ST STUDENT LOAN AUTH LOAN REVENUE                     | CUSIP: 762323DD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2680000 | PA      | $2672662.43   | 0.62%             | 2043-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN HLTH EDL FACS AUTH SENIOR LIVING REVENUE                 | CUSIP: 97671VCP8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    660000 | PA      | $667844.43    | 0.16%             | 2055-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Peninsula Town Center Community Development Authority                            | PENINSULA TOWN CENTER VA CMNTY DEV AUTH SPL OBLG                   | CUSIP: 70718LAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1418787.86   | 0.33%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-30

**Name of Applicant:** DEUTSCHE DWS MUNICIPAL TRUST

**Signature:** Diane Kenneally

**Name of Signer:** Diane Kenneally

**Title:** Treasurer and Chief Financial Officer