# EDGAR Filing Document

**Accession Number:** 0001534881
**File Stem:** 0001752724-25-209575
**Filing Date:** 2025-8
**Character Count:** 572462
**Document Hash:** d643a5820f99f61b09103250e9429254
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-209575.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-209575

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Aspiriant Trust
- **CENTRAL INDEX KEY:** 0001534881

**ORGANIZATION NAME:**
- **EIN:** 205458457
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22648
- **FILM NUMBER:** 251265113

**BUSINESS ADDRESS:**
- **STREET 1:** 11100 SANTA MONICA BOULEVARD SUITE 600
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025
- **BUSINESS PHONE:** (310) 806-4000

**MAIL ADDRESS:**
- **STREET 1:** 11100 SANTA MONICA BOULEVARD SUITE 600
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Aspiriant Global Equity Trust
- **DATE OF NAME CHANGE:** 20111214

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Advanced Global Equity Trust
- **DATE OF NAME CHANGE:** 20111213

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Advanced Capital Intelligence LLC
- **DATE OF NAME CHANGE:** 20111115

## Series and Classes Contracts Data

### Aspiriant Risk-Managed Municipal Bond Fund (Series ID: S000049584)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000156767 | Aspiriant Risk-Managed Municipal Bond Fund | RMMBX           |

## Nport-Ex

**ASPIRIANT DEFENSIVE ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **FOREIGN COLLECTIVE INVESTMENT FUNDS — 27.1%** |  |
|  | **ALTERNATIVE DIVERSIFIERS — 27.1%** |  |
| 2297254 | GMO Equity Dislocation Investment Fund - Class A<sup>1</sup> | $47185596 |
| 726347 | Lazard Rathmore Alternative Fund - Class E\* <sup>1 2</sup> | 83315337 |
| 1211225 | Wilshire Bridgewater Managed Alpha (Ireland) Fund - D3 Shares\* <sup>1 2 3</sup> | 135487885 |
|  | **TOTAL FOREIGN COLLECTIVE INVESTMENT FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $252,624,620) | **265988818** |
|  | **OPEN-END MUTUAL FUNDS — 50.1%** |  |
|  | **ALTERNATIVE DIVERSIFIERS — 11.6%** |  |
| 3849742 | BlackRock Event Driven Equity Fund - Institutional Shares | 40614783 |
| 6477497 | Eaton Vance Global Macro Absolute Return Advantage Fund - Class R6 | 72936610 |
|  |  | **113551393** |
|  | **CORE DIVERSIFIER — 12.6%** |  |
| 5722954 | JPMorgan Global Allocation Fund - Class R6 | 123844720 |
|  | **CORE/ALTERNATIVE DIVERSIFIER — 25.9%** |  |
| 9052451 | GMO Benchmark-Free Allocation Fund - Class IV<sup>2 4</sup> | 254011786 |
|  | **TOTAL OPEN-END MUTUAL FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $432,655,765) | **491407899** |
|  | **EXCHANGE-TRADED FUNDS — 8.9%** |  |
|  | **ALTERNATIVE DIVERSIFIER — 7.3%** |  |
| 1140646 | iShares Gold Trust\* | 71130684 |
|  | **CORE DIVERSIFIER — 1.6%** |  |
| 254108 | iShares Core 60/40 Balanced Allocation ETF | 15645430 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $54,612,080) | **86776114** |
|  | **PRIVATE FUNDS<sup>5</sup> — 12.1%** |  |
|  | **ALTERNATIVE DIVERSIFIERS — 12.1%** |  |
|  | Elliott Associates, LP - Class C Shares\* <sup>6</sup> | 54144923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29073<br>| Millennium International, Ltd. - Class GG\* <sup>7</sup> | 64965155 |
|  | **TOTAL PRIVATE FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $76,417,053) | **119110078** |
|  | **SHORT-TERM INVESTMENT — 1.3%** |  |
| 12360598 | JPMorgan Prime Money Market Fund - Institutional Shares, 4.28%<sup>8</sup> | 12364306 |
|  | **TOTAL SHORT-TERM INVESTMENT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $12,363,167) | **12364306** |

---

**ASPIRIANT DEFENSIVE ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **TOTAL INVESTMENTS — 99.5%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $828,672,685) | **975647215** |
|  | Other assets less liabilities — 0.5% | 5007457 |
|  | **TOTAL NET ASSETS — 100.0%** | $**980654672** |

---

<sup>\*</sup> Non-income producing security.

<sup>1</sup> Domiciled in Ireland.

<sup>2</sup> Affiliated investments for which ownership exceeds 5% of the investment's capital

<sup>3</sup> The investment was acquired on 10/2/2024. The cost is $131,572,616.

<sup>4</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements is available from the SEC's EDGAR database at www.sec.gov.

<sup>5</sup> The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale. As of June 30, 2025, the aggregate fair value of these investments is $119,110,078 or 12.1% of the Fund's net assets.

<sup>6</sup> The investment was acquired on 1/2/2020. The cost is $41,558,170.

<sup>7</sup> The investment was acquired on 1/1/2020. The cost is $34,858,883 or $1,199 per share.

<sup>8</sup> The rate is the annualized seven-day yield at period end.

ETF — Exchange-Traded Fund

LP — Limited Partnership

Ltd. — Limited

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 25.0%** |  |
|  | **AUSTRIA — 0.1%** |  |
| 19939 | Erste Group Bank A.G. | $1697313 |
|  | **BELGIUM — 0.2%** |  |
| 22005 | KBC Group N.V. | 2271128 |
|  | **BERMUDA — 0.0%<sup>1</sup>** |  |
| 5642 | Arch Capital Group Ltd. | 513704 |
|  | **BRAZIL — 0.1%** |  |
| 255736 | Itau Unibanco Holding S.A. - ADR | 1736448 |
| 5938 | TIM S.A. - ADR<sup>2</sup> | 119413 |
|  |  | **1855861** |
|  | **CANADA — 0.2%** |  |
| 4191 | Agnico Eagle Mines Ltd. | 498435 |
| 595 | Constellation Software, Inc. | 2181718 |
|  |  | **2680153** |
|  | **CAYMAN ISLANDS — 0.2%** |  |
| 36952 | Tencent Holdings Ltd. | 2381025 |
|  | **CHINA — 0.2%** |  |
| 86763 | BYD Co., Ltd. | 1350903 |
| 69500 | China Shenhua Energy Co., Ltd. | 270071 |
| 59000 | NetEase, Inc. | 1590012 |
|  |  | **3210986** |
|  | **DENMARK — 0.3%** |  |
| 2600 | AP Moller - Maersk A/S - ADR | 23998 |
| 9014 | DSV A/S | 2162047 |
| 3922 | Novo Nordisk A/S - ADR<sup>2</sup> | 270696 |
| 20115 | Novo Nordisk A/S - Class B | 1393850 |
|  |  | **3850591** |
|  | **FRANCE — 1.0%** |  |
| 21003 | Accor SA | 1100735 |
| 15049 | Canal+ S.A.\* | 47113 |
| 49223 | Dassault Systemes S.E. | 1783922 |
| 15049 | Havas N.V.\* | 25873 |
| 379 | L'Oreal S.A. | 162346 |
| 15049 | Louis Hachette Group | 30897 |
| 4180 | LVMH Moet Hennessy Louis Vuitton S.E. | 2187728 |
| 10620 | Publicis Groupe S.A. | 1199473 |
| 21462 | Safran S.A. | 6999278 |
|  |  | **13537365** |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **GERMANY — 0.8%** |  |
| 4279 | Allianz S.E. | $1736562 |
| 7790 | Knorr-Bremse A.G. | 755606 |
| 4764 | Mercedes-Benz Group AG | 277552 |
| 724 | Muenchener Rueckversicherungs-Gesellschaft A.G. | 470118 |
| 514 | Rheinmetall A.G. | 1088497 |
| 16462 | SAP S.E. | 5033742 |
| 15501 | Siemens Energy A.G.\* | 1811771 |
|  |  | **11173848** |
|  | **GUERNSEY — 0.0%<sup>1</sup>** |  |
| 4109 | Amdocs Ltd. | 374905 |
|  | **HONG KONG — 0.0%<sup>1</sup>** |  |
| 13000 | Beijing Enterprises Holdings Ltd. | 53602 |
| 92000 | China Merchants Port Holdings Co., Ltd. | 167593 |
| 14000 | CK Hutchison Holdings Ltd. | 86208 |
| 17000 | Power Assets Holdings Ltd. | 109303 |
|  |  | **416706** |
|  | **INDIA — 0.2%** |  |
| 18163 | Dr Reddy's Laboratories Ltd. - ADR<sup>2</sup> | 272990 |
| 51037 | ICICI Bank Ltd. - ADR | 1716885 |
| 23304 | Infosys Ltd. - ADR<sup>2</sup> | 431823 |
|  |  | **2421698** |
|  | **INDONESIA — 0.0%<sup>1</sup>** |  |
| 827 | United Tractors Tbk P.T. - ADR | 21878 |
|  | **IRELAND — 0.6%** |  |
| 15370 | Accenture PLC - Class A | 4593939 |
| 4224 | Aon PLC - Class A | 1506954 |
| 6381 | Flutter Entertainment PLC\* | 1814062 |
|  |  | **7914955** |
|  | **ISRAEL — 0.1%** |  |
| 60058 | Bank Leumi Le-Israel BM | 1117412 |
| 803 | Elbit Systems Ltd. | 360949 |
| 1754 | Nice Ltd. - ADR\* <sup>2</sup> | 296268 |
|  |  | **1774629** |
|  | **JAPAN — 0.7%** |  |
| 4200 | Bandai Namco Holdings, Inc. | 150525 |
| 59600 | Hitachi Ltd. | 1732235 |
| 4700 | Itochu Corp. | 246116 |
| 3445 | Keyence Corp. | 1377408 |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **JAPAN (Continued)** |  |
| 4400 | MEIJI Holdings Co., Ltd. | $97301 |
| 58063 | Mizuho Financial Group, Inc. | 1611825 |
| 42800 | Nippon Steel Corp. | 809431 |
| 319200 | Nippon Telegraph & Telephone Corp. | 341260 |
| 170 | Shin-Etsu Chemical Co., Ltd. | 5614 |
| 78100 | Sony Group Corp. | 2030625 |
| 5700 | Tokyo Electron Ltd. | 1091604 |
|  |  | **9493944** |
|  | **NETHERLANDS — 0.3%** |  |
| 4418 | AerCap Holdings N.V. | 516906 |
| 1934 | ASML Holding N.V. | 1549785 |
| 27372 | Qiagen N.V.\* | 1318773 |
|  |  | **3385464** |
|  | **SINGAPORE — 0.3%** |  |
| 40723 | Flex Ltd.\* <sup>2</sup> | 2032892 |
| 676200 | Singapore Telecommunications Ltd. | 2038600 |
|  |  | **4071492** |
|  | **SOUTH KOREA — 0.1%** |  |
| 2238 | Hanwha Aerospace Co., Ltd. | 1404406 |
| 2 | POSCO Holdings, Inc. - ADR | 97 |
| 1 | Woori Financial Group, Inc. - ADR | 50 |
|  |  | **1404553** |
|  | **SPAIN — 0.2%** |  |
| 14833 | Amadeus IT Group S.A.<sup>2</sup> | 1253137 |
| 14174 | Industria de Diseno Textil S.A. | 739411 |
| 26288 | Repsol S.A.<sup>2</sup> | 384499 |
|  |  | **2377047** |
|  | **SWEDEN — 0.1%** |  |
| 46660 | Volvo A.B. - B Shares\* | 1312901 |
|  | **SWITZERLAND — 0.4%** |  |
| 2652 | Garmin Ltd. | 553526 |
| 12944 | Holcim A.G. | 961210 |
| 28144 | Nestle S.A. | 2798256 |
| 8839 | Novartis A.G. | 1072852 |
| 227 | Zurich Insurance Group A.G. | 158837 |
|  |  | **5544681** |
|  | **TAIWAN — 1.1%** |  |
| 43306 | MediaTek, Inc. | 1855604 |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **TAIWAN (Continued)** |  |
| 287253 | Taiwan Semiconductor Manufacturing Co., Ltd. | $10504657 |
| 5986 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 1355769 |
| 62250 | United Microelectronics Corp. - ADR<sup>2</sup> | 476213 |
|  |  | **14192243** |
|  | **UNITED KINGDOM — 1.8%** |  |
| 9168 | AstraZeneca PLC | 1275903 |
| 1 | AstraZeneca PLC - ADR | 70 |
| 56994 | British American Tobacco PLC | 2709858 |
| 118717 | Compass Group PLC | 4021183 |
| 87185 | Diageo PLC | 2198466 |
| 975360 | Haleon PLC | 5012991 |
| 11416 | London Stock Exchange Group PLC | 1669558 |
| 193724 | Prudential PLC | 2424698 |
| 85378 | Unilever PLC | 5210300 |
| 3531 | Vodafone Group PLC - ADR | 37641 |
|  |  | **24560668** |
|  | **UNITED STATES — 15.9%** |  |
| 40833 | Abbott Laboratories | 5553696 |
| 3068 | Adtalem Global Education, Inc.\* | 390342 |
| 5322 | Aflac, Inc. | 561258 |
| 45726 | Alphabet, Inc. - Class A | 8058293 |
| 16872 | Alphabet, Inc. - Class C | 2992924 |
| 44649 | Amazon.com, Inc.\* | 9795544 |
| 723 | Amedisys, Inc.\* | 71136 |
| 4061 | American Express Co. | 1295378 |
| 9577 | American Tower Corp. - REIT | 2116709 |
| 12944 | Amrize Ltd.\* | 645691 |
| 6908 | Analog Devices, Inc. | 1644242 |
| 46470 | Apple, Inc. | 9534250 |
| 8720 | Ares Management Corp. - Class A | 1510304 |
| 417 | Atmos Energy Corp.<sup>2</sup> | 64264 |
| 10497 | Boston Scientific Corp.\* | 1127483 |
| 23107 | Broadcom, Inc. | 6369445 |
| 802 | Chemed Corp. | 390518 |
| 3768 | Church & Dwight Co., Inc. | 362143 |
| 7475 | Cigna Group | 2471086 |
| 5633 | Cisco Systems, Inc. | 390818 |
| 5859 | CNX Resources Corp.\* <sup>2</sup> | 197331 |
| 62271 | Coca-Cola Co. | 4405673 |
| 19655 | Constellation Brands, Inc. - Class A | 3197475 |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED STATES (Continued)** |  |
| 604 | Constellation Energy Corp. | $194947 |
| 760 | Costco Wholesale Corp. | 752354 |
| 883 | DT Midstream, Inc. | 97051 |
| 11564 | Elevance Health, Inc. | 4497933 |
| 6081 | Eli Lilly & Co. | 4740322 |
| 1058 | Equinix, Inc. - REIT | 841607 |
| 24742 | Equitable Holdings, Inc.<sup>2</sup> | 1388026 |
| 1807 | Exelixis, Inc.\* | 79644 |
| 831 | Expeditors International of Washington, Inc. | 94942 |
| 7714 | GoDaddy, Inc.\* | 1388983 |
| 10166 | Hilton Worldwide Holdings, Inc. | 2707612 |
| 146 | Home Depot, Inc. | 53529 |
| 5834 | Intuitive Surgical, Inc.\* | 3170254 |
| 9895 | Jabil, Inc. | 2158100 |
| 32135 | Johnson & Johnson | 4908621 |
| 12578 | KKR & Co., Inc. | 1673251 |
| 2777 | KLA Corp. | 2487470 |
| 7769 | Kroger Co. | 557270 |
| 49717 | Lam Research Corp. | 4839453 |
| 8514 | Live Nation Entertainment, Inc.\* <sup>2</sup> | 1287998 |
| 394 | Marzetti Co. | 68071 |
| 4074 | Mastercard, Inc. - Class A | 2289344 |
| 842 | McCormick & Co., Inc. | 63840 |
| 566 | McDonald's Corp. | 165368 |
| 2398 | McKesson Corp. | 1757206 |
| 32355 | Merck & Co., Inc. | 2561222 |
| 14559 | Meta Platforms, Inc. - Class A | 10745852 |
| 40986 | Microsoft Corp. | 20386846 |
| 750 | Monster Beverage Corp.\* | 46980 |
| 1249 | Motorola Solutions, Inc. | 525155 |
| 1763 | Netflix, Inc.\* | 2360886 |
| 48537 | NVIDIA Corp. | 7668361 |
| 38 | NVR, Inc.\* | 280655 |
| 29892 | Oracle Corp. | 6535288 |
| 16065 | O'Reilly Automotive, Inc.\* <sup>2</sup> | 1447938 |
| 2083 | Parker-Hannifin Corp.<sup>2</sup> | 1454913 |
| 11324 | Philip Morris International, Inc. | 2062440 |
| 3441 | Procter & Gamble Co. | 548220 |
| 9252 | Quest Diagnostics, Inc.<sup>2</sup> | 1661937 |
| 2619 | Republic Services, Inc. | 645872 |
| 2578 | Royal Gold, Inc. | 458472 |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED STATES (Continued)** |  |
| 19976 | Salesforce, Inc. | $5447255 |
| 10824 | Starbucks Corp. | 991803 |
| 1313 | Stryker Corp. | 519462 |
| 1102 | Synopsys, Inc.\* | 564973 |
| 8905 | Targa Resources Corp. | 1550182 |
| 24517 | Texas Instruments, Inc. | 5090220 |
| 9689 | Thermo Fisher Scientific, Inc. | 3928502 |
| 19248 | TJX Cos., Inc. | 2376936 |
| 5878 | T-Mobile US, Inc. | 1400492 |
| 11074 | Tradeweb Markets, Inc. - Class A | 1621234 |
| 82583 | U.S. Bancorp | 3736881 |
| 25213 | U.S. Foods Holding Corp.\* | 1941653 |
| 45311 | Uber Technologies, Inc.\* | 4227516 |
| 11075 | UnitedHealth Group, Inc. | 3455068 |
| 2875 | Viatris, Inc. | 25674 |
| 15009 | Visa, Inc. - Class A<sup>2</sup> | 5328945 |
| 10412 | Walmart, Inc. | 1018085 |
| 68362 | Wells Fargo & Co. | 5477163 |
| 12319 | Welltower, Inc. - REIT | 1893800 |
| 25421 | Williams Cos., Inc. | 1596693 |
|  |  | **216992773** |
|  | **URUGUAY — 0.1%** |  |
| 655 | MercadoLibre, Inc.\* | 1711928 |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $240,769,072) | **341144439** |
|  | **EXCHANGE-TRADED FUNDS — 14.9%** |  |
| 360160 | iShares MSCI ACWI ETF | 46316576 |
| 612100 | iShares MSCI Global Min Vol Factor ETF<sup>2</sup> | 72576697 |
| 2560111 | Schwab Fundamental Emerging Markets Equity ETF<sup>2</sup> | 84509264 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $156,678,184) | **203402537** |
|  | **FOREIGN COLLECTIVE INVESTMENT FUND — 4.0%** |  |
| 2625090 | GMO Equity Dislocation Investment Fund - Class A<sup>3</sup> | 53919345 |
|  | **TOTAL FOREIGN COLLECTIVE INVESTMENT FUND** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $54,654,757) | **53919345** |
|  | **OPEN-END MUTUAL FUNDS — 41.7%** |  |
| 2896301 | AQR Large Cap Defensive Style Fund - Class R6 | 62386315 |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **OPEN-END MUTUAL FUNDS (Continued)** |  |
| 2553955 | Baillie Gifford Emerging Markets Equities Fund - Class K | $57515074 |
| 12827077 | GMO Quality Fund - Class VI<sup>4 5</sup> | 448819426 |
|  | **TOTAL OPEN-END MUTUAL FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $391,751,848) | **568720815** |
|  | **PRIVATE FUNDS<sup>6</sup> — 11.9%** |  |
|  | RIEF Strategic Partners Fund LLC - Series SB\* <sup>7</sup> | 110888465 |
|  | Viking Global Equities LP - Class H Interests\* <sup>8</sup> | 50951450 |
|  | **TOTAL PRIVATE FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $107,984,606) | **161839915** |
|  | **SHORT-TERM INVESTMENTS — 2.9%** |  |
|  | **COLLATERAL POOL INVESTMENTS FOR SECURITIES ON LOAN — 0.3%** |  |
|  | Collateral Investments | 4268996 |
|  | **MONEY MARKET FUNDS — 2.6%** |  |
| 34620784 | JPMorgan Prime Money Market Fund - Institutional Shares, 4.28%<sup>9</sup> | 34631170 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $38,893,410) | **38900166** |
|  | **TOTAL INVESTMENTS — 100.4%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $990,731,877) | **1367927217** |
|  | Liabilities in excess of other assets — (0.4)% | (5246067) |
|  | **TOTAL NET ASSETS — 100.0%** | $**1362681150** |

---

\* Non-income producing security.

<sup>1</sup> Rounds to less than 0.05%.

<sup>2</sup> Certain shares or principal amounts are temporarily on loan to unaffiliated brokers-dealers. At period end, the aggregate market value of these securities was $14,361,159.

<sup>3</sup> Domiciled in Ireland.

<sup>4</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements is available from the SEC's EDGAR database at www.sec.gov.

<sup>5</sup> The Fund primarily invests in global equities.

<sup>6</sup> The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale. As of June 30, 2025, the aggregate fair value of these investments is $161,839,915 or 11.9% of the Fund's net assets.

<sup>7</sup> The investment was acquired on 7/2/2018. The cost is $62,568,972.

<sup>8</sup> The investment was acquired on 12/1/2023. The cost is $45,415,634.

<sup>9</sup> The rate is the annualized seven-day yield at period end.

 

ADR – American Depositary Receipt

ETF – Exchange-Traded Fund

LLC – Limited Liability Company

LP – Limited Partnership

Ltd. – Limited

PLC – Public Limited Company

REIT – Real Estate Investment Trust

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS — 77.8%** |  |
|  | **ALABAMA — 2.8%** |  |
| $1715000 | Alabama Special Care Facilities Financing Authority-Birmingham, 5.00%, 11/15/2046, Call 05/15/2026 | $1696006 |
| 375000 | Birmingham-Jefferson Civic Center Authority, 5.00%, 07/1/2048, Call 07/1/2028 | 375504 |
|  | Black Belt Energy Gas District |  |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 06/1/2051, Call 09/1/2031<sup>1</sup> | 2025015 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2052, Call 09/1/2026<sup>1</sup> | 1002659 |
| 500000 | &nbsp;&nbsp;&nbsp;2.27% (SIFMA Municipal Swap Index Yield+ 35 basis points), 10/1/2052, Call 09/1/2026<sup>2</sup> | 493580 |
| 1950000 | &nbsp;&nbsp;&nbsp;5.25%, 02/1/2053, Call 03/1/2029<sup>1</sup> | 2051328 |
| 500000 | &nbsp;&nbsp;&nbsp;2.57% (SIFMA Municipal Swap Index Yield+ 65 basis points), 04/1/2053, Call 07/1/2027<sup>2</sup> | 489953 |
| 500000 | &nbsp;&nbsp;&nbsp;5.25%, 05/1/2055, Call 06/1/2032<sup>1</sup> | 520233 |
| 1035000 | County of Jefferson Sewer Revenue, 5.25%, 10/1/2049, Call 10/1/2033 | 1047333 |
| 1000000 | Energy Southeast A Cooperative District, 5.25%, 07/1/2054, Call 03/1/2032<sup>1</sup> | 1070334 |
|  | Health Care Authority for Baptist Health |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2036, Call 11/15/2032 | 1046614 |
| 875000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2037, Call 11/15/2032 | 909415 |
| 1000000 | Homewood Educational Building Authority, 5.50%, 10/1/2049, Call 04/1/2034 | 1014888 |
| 1080000 | Hoover Industrial Development Board, 5.75%, 10/1/2049, Call 10/1/2029<sup>3</sup> | 1089588 |
| 1500000 | Industrial Development Board of the City of Mobile Alabama, 3.30%, 07/15/2034<sup>1</sup> | 1501009 |
| 2520000 | Jacksonville Public Educational Building Authority, 5.00%, 07/1/2044, Call 07/1/2027 | 2336233 |
|  | Mobile County Industrial Development Authority |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2054, Call 06/20/2034<sup>3</sup> | 1440565 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.75%, 12/1/2054, Call 12/1/2034<sup>3</sup> | 922119 |
| 3000000 | Southeast Alabama Gas Supply District, 5.00%, 08/1/2054, Call 01/1/2032<sup>1</sup> | 3155961 |
|  | Southeast Energy Authority A Cooperative District |  |
| 750000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2030, Call 03/1/2030 | 791551 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 11/1/2035, Call 11/1/2034 | 1551101 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.25%, 01/1/2054, Call 04/1/2029<sup>1</sup> | 1573929 |
| 885000 | &nbsp;&nbsp;&nbsp;5.00%, 05/1/2055, Call 11/1/2030<sup>1</sup> | 934978 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2055, Call 08/1/2032<sup>1</sup> | 1054496 |
| 1900000 | UAB Medicine Finance Authority, 5.00%, 09/1/2033, Call 09/1/2029 | 2015981 |
|  |  | **32110373** |
|  | **ARIZONA — 1.1%** |  |
|  | Arizona Industrial Development Authority |  |
| 410000 | &nbsp;&nbsp;&nbsp;4.00%, 03/1/2027<sup>4</sup> | 406767 |
| 600000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2041, Call 07/1/2026 | 532014 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **ARIZONA (Continued)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2061, Call 07/1/2026 | $784038 |
| 213315 | Cahava Springs Revitalization District, 7.00%, 07/1/2041, Call 07/1/2027<sup>4 5</sup> | 149321 |
| 1625000 | Chandler Industrial Development Authority, 4.00%, 06/1/2049, Call 02/1/2029<sup>1 3</sup> | 1621913 |
| 1000000 | City of Phoenix Civic Improvement Corp., 4.00%, 07/1/2040, Call 07/1/2027 | 968741 |
| 696000 | Eastmark Community Facilities District #1, 5.20%, 07/1/2039, Call 08/2/2025<sup>4</sup> | 661194 |
| 645000 | Industrial Development Authority of the City of Phoenix, 5.00%, 10/1/2036, Call 10/1/2026 | 648868 |
|  | Industrial Development Authority of the County of Yavapai |  |
| 1000000 | &nbsp;&nbsp;&nbsp;3.45%, 04/1/2029<sup>1</sup> | 1000000 |
| 340000 | &nbsp;&nbsp;&nbsp;5.13%, 03/1/2042, Call 08/2/2025<sup>4</sup> | 318006 |
| 1000000 | La Paz County Industrial Development Authority, 5.75%, 06/15/2038, Call 06/15/2027<sup>4</sup> | 963196 |
| 120000 | Maricopa County Industrial Development Authority, 5.00%, 07/1/2039, Call 07/1/2029<sup>4</sup> | 120630 |
|  | Maricopa County Pollution Control Corp. |  |
| 500000 | &nbsp;&nbsp;&nbsp;2.40%, 06/1/2035, Call 12/1/2031 | 399966 |
| 625000 | &nbsp;&nbsp;&nbsp;0.88%, 06/1/2043<sup>1</sup> | 602627 |
| 1995000 | Salt Verde Financial Corp., 5.00%, 12/1/2032 | 2121722 |
| 785000 | Westpark Community Facility District, 5.00%, 07/15/2032, Call 07/15/2026 | 791434 |
|  |  | **12090437** |
|  | **ARKANSAS — 0.2%** |  |
|  | Arkansas Development Finance Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.50%, 09/1/2049, Call 09/1/2026<sup>3 4</sup> | 963097 |
| 500000 | &nbsp;&nbsp;&nbsp;5.45%, 09/1/2052, Call 09/1/2025<sup>3</sup> | 501170 |
| 1255000 | West Memphis School District No. 4, SAW, 2.75%, 02/1/2039, Call 08/2/2025 | 989150 |
|  |  | **2453417** |
|  | **CALIFORNIA — 7.3%** |  |
| 2000000 | Alameda Corridor Transportation Authority, AGM, 0.00%, 10/1/2052, Call 10/1/2037 | 1112176 |
| 1000000 | Bay Area Toll Authority, 3.17% (SIFMA Municipal Swap Index Yield+ 125 basis points), 04/1/2036, Call 10/1/2026<sup>2</sup> | 993007 |
| 1325000 | Calexico Unified School District, BAM, 3.00%, 08/1/2052, Call 08/1/2031 | 903363 |
|  | California Community Choice Financing Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 05/1/2053, Call 05/1/2028<sup>1</sup> | 504443 |
| 2125000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2053, Call 05/1/2029<sup>1</sup> | 2218631 |
| 750000 | &nbsp;&nbsp;&nbsp;4.55% (SOFR+ 163 basis points), 07/1/2053, Call 05/1/2029<sup>2</sup> | 750400 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.87% (SOFR+ 195 basis points), 12/1/2053, Call 05/1/2029<sup>2</sup> | 1011880 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 01/1/2054, Call 10/1/2030<sup>1</sup> | 1048401 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **CALIFORNIA (Continued)** |  |
| $875000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2055, Call 07/1/2032<sup>1</sup> | $922773 |
| 1000000 | California Community Housing Agency, 5.00%, 04/1/2049, Call 04/1/2029<sup>4</sup> | 810354 |
| 95000 | California County Tobacco Securitization Agency, 4.00%, 06/1/2049, Call 06/1/2030 | 80651 |
|  | California Health Facilities Financing Authority |  |
| 155000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2036, Call 08/15/2027 | 155874 |
| 1715000 | &nbsp;&nbsp;&nbsp;4.00%, 11/15/2042, Call 11/15/2027 | 1568039 |
| 3000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2048, Call 11/15/2027 | 2976915 |
| 1000000 | California Infrastructure & Economic Development Bank, 9.50%, 01/1/2065, Call 01/1/2029<sup>1 3 4</sup> | 948203 |
|  | California Municipal Finance Authority |  |
| 905000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2035, Call 08/2/2025 | 904931 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 02/1/2037, Call 02/1/2027 | 1002620 |
| 50000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2039, Call 10/1/2027<sup>4</sup> | 47861 |
| 850000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2046, Call 06/1/2026 | 819875 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 12/31/2047, Call 06/30/2028<sup>3</sup> | 863718 |
|  | California Pollution Control Financing Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;3.00%, 11/1/2025<sup>3</sup> | 998665 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2037, Call 01/1/2026<sup>3 4</sup> | 1000228 |
|  | California School Finance Authority |  |
| 50000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2036, Call 08/1/2025<sup>4</sup> | 50068 |
| 650000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2036, Call 08/2/2025<sup>4</sup> | 649966 |
| 1250000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2040, Call 06/1/2027<sup>4</sup> | 1110340 |
| 100000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2041, Call 08/1/2025<sup>4</sup> | 100135 |
| 900000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2041, Call 08/2/2025<sup>4</sup> | 863444 |
|  | California Statewide Communities Development Authority |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5.25%, 12/1/2044, Call 08/2/2025 | 1460772 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 12/1/2054, Call 08/2/2025 | 984310 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 12/1/2058, Call 06/1/2028<sup>4</sup> | 977499 |
| 2125000 | Central Valley Energy Authority, 5.00%, 12/1/2055, Call 05/1/2035<sup>1</sup> | 2266791 |
| 200000 | City of Irvine, 5.00%, 09/2/2042, Call 09/2/2025 | 200737 |
|  | City of Lathrop |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 09/2/2040, Call 09/2/2025 | 499944 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.60%, 09/1/2049, Call 09/1/2026 | 974849 |
| 2000000 | City of Los Angeles, 5.00%, 06/25/2026 | 2040512 |
|  | City of Los Angeles Department of Airports |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2034, Call 05/15/2028<sup>3</sup> | 1539023 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2048, Call 05/15/2029<sup>3</sup> | 999775 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 05/15/2048, Call 05/15/2028<sup>3</sup> | 1005456 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.25%, 05/15/2049, Call 05/15/2032<sup>3</sup> | 715927 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 05/15/2051, Call 11/15/2031<sup>3</sup> | 1735379 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **CALIFORNIA (Continued)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp;5.50%, 05/15/2055, Call 05/15/2035<sup>3</sup> | $1045647 |
| 700000 | County of San Bernardino, 4.00%, 09/1/2042, Call 08/2/2025 | 614597 |
| 1000000 | CSCDA Community Improvement Authority, 5.00%, 01/1/2054, Call 01/1/2031<sup>4</sup> | 893863 |
| 1470000 | Foothill-Eastern Transportation Corridor Agency, 4.00%, 01/15/2043, Call 01/15/2031 | 1396693 |
| 2000000 | Foothill-Eastern Transportation Corridor Agency, AGM, 0.00%, 01/15/2035 | 1425181 |
|  | Golden State Tobacco Securitization Corp. |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2051, Call 12/1/2031 | 492832 |
| 3000000 | &nbsp;&nbsp;&nbsp;0.00%, 06/1/2066, Call 12/1/2031 | 318126 |
| 1000000 | Independent Cities Finance Authority, 5.00%, 09/15/2036, Call 09/15/2025 | 1001137 |
| 2000000 | Inland Empire Tobacco Securitization Corp., 0.00%, 06/1/2036, Call 07/18/2025 | 899998 |
| 1250000 | Lodi Unified School District, 3.00%, 08/1/2046, Call 08/1/2030 | 952660 |
|  | Los Angeles Department of Water & Power |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2031, Call 07/1/2028 | 1040357 |
| 625000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2032, Call 01/1/2029 | 651710 |
| 830000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2032, Call 07/1/2029 | 870178 |
| 925000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2033, Call 07/1/2028 | 956123 |
| 250000 | &nbsp;&nbsp;&nbsp;3.00%, 07/1/2048, Call 08/1/2025<sup>1</sup> | 250000 |
| 500000 | Los Angeles Department of Water & Power Water System Revenue, 5.00%, 07/1/2030, Call 07/1/2028 | 522480 |
|  | Los Angeles Unified School District |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2040 | 500000 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2049, Call 01/1/2035 | 896710 |
| 300000 | M-S-R Energy Authority, 7.00%, 11/1/2034 | 358211 |
| 5000000 | Palomar Health, AGC, 0.00%, 08/1/2032 | 3593960 |
| 930000 | Pico Rivera Water Authority, NATL-RE, 5.50%, 05/1/2029 | 972374 |
| 1000000 | Pittsburg Public Financing Authority, AGM, 4.13%, 08/1/2047, Call 08/1/2032 | 948173 |
| 1000000 | Poway Unified School District Public Financing Authority, BAM, 5.00%, 10/1/2041, Call 08/2/2025 | 1000468 |
| 1000000 | Riverside County Transportation Commission, 3.00%, 06/1/2049, Call 06/1/2031 | 717849 |
| 750000 | Sacramento Area Flood Control Agency, 5.00%, 10/1/2041, Call 10/1/2026 | 757508 |
| 2500000 | Sacramento City Financing Authority, AMBAC, 5.25%, 12/1/2026 | 2596096 |
| 1565000 | San Bernardino County Financing Authority, NATL, 5.50%, 06/1/2037 | 1608838 |
|  | San Diego County Regional Airport Authority |  |
| 680000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2043, Call 07/1/2035<sup>3</sup> | 709993 |
| 1430000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2048, Call 07/1/2033<sup>3</sup> | 1429702 |
| 1000000 | San Diego Public Facilities Financing Authority, 5.25%, 08/1/2048, Call 08/1/2033 | 1055777 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **CALIFORNIA (Continued)** |  |
| $625000 | San Diego Unified School District, 0.00%, 07/1/2041, Call 07/1/2040 | $613490 |
|  | San Francisco City & County Airport Commission-San Francisco International Airport |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/1/2039, Call 05/1/2029<sup>3</sup> | 1015060 |
| 1410000 | &nbsp;&nbsp;&nbsp;5.25%, 05/1/2044, Call 05/1/2034<sup>3</sup> | 1444953 |
| 475000 | San Joaquin Hills Transportation Corridor Agency, NATL-RE, 0.00%, 01/15/2034 | 340330 |
| 1500000 | San Joaquin Valley Clean Energy Authority, 5.50%, 01/1/2056, Call 04/1/2035<sup>1</sup> | 1646312 |
| 550000 | Sanger Unified School District, BAM, 2.25%, 08/1/2046, Call 08/1/2031 | 331122 |
| 500000 | Santa Monica-Malibu Unified School District, 3.00%, 08/1/2044, Call 08/1/2029 | 385977 |
| 1000000 | South Tahoe Joint Powers Financing Authority, AGM, 4.00%, 10/1/2034, Call 08/2/2025 | 1000034 |
|  | Southern California Public Power Authority |  |
| 565000 | &nbsp;&nbsp;&nbsp;5.00%, 11/1/2029 | 586670 |
| 835000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2031 | 912671 |
| 1390000 | &nbsp;&nbsp;&nbsp;5.00%, 11/1/2033 | 1470457 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2055, Call 06/1/2030<sup>1</sup> | 2104267 |
| 1250000 | Southwestern Community College District, 3.00%, 08/1/2041, Call 08/1/2031 | 1016520 |
| 250000 | State of California, 4.00%, 08/1/2038, Call 08/1/2026 | 245442 |
| 100000 | Temecula Public Financing Authority, 5.75%, 09/1/2032, Call 09/1/2027<sup>4</sup> | 104533 |
| 500000 | Yosemite Community College District, 0.00%, 08/1/2042 | 401724 |
|  |  | **83914738** |
|  | **COLORADO — 4.0%** |  |
|  | Aerotropolis Regional Transportation Authority |  |
| 985000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2051, Call 08/2/2025 | 878527 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.75%, 12/1/2054, Call 12/1/2029<sup>4</sup> | 981335 |
| 500000 | Broadway Station Metropolitan District No. 3, 5.00%, 12/1/2039, Call 08/2/2025 | 421165 |
| 1500000 | Canyons Metropolitan District No. 5, BAM, 5.25%, 12/1/2059, Call 12/1/2034 | 1502120 |
|  | Cathedral Pines Metropolitan District |  |
| 580000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2031, Call 12/1/2026 | 587171 |
| 2005000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2046, Call 12/1/2026 | 1935509 |
|  | City & County of Denver Airport System Revenue |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 11/15/2040, Call 11/15/2032<sup>3</sup> | 1062441 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.75%, 11/15/2041, Call 11/15/2032<sup>3</sup> | 1075026 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2047, Call 11/15/2032<sup>3</sup> | 1000099 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2048, Call 12/1/2028<sup>3</sup> | 1969738 |
| 1000000 | Colorado Bridge & Tunnel Enterprise, AG, 5.50%, 12/1/2054, Call 12/1/2034 | 1054105 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **COLORADO (Continued)** |  |
|  | Colorado Educational & Cultural Facilities Authority |  |
| $500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/15/2028, Call 12/15/2025<sup>4</sup> | $502152 |
| 390000 | &nbsp;&nbsp;&nbsp;4.75%, 04/1/2030, Call 08/2/2025 | 390289 |
| 460000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2039, Call 10/1/2027<sup>4</sup> | 445641 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2041, Call 07/1/2031<sup>4</sup> | 403813 |
| 1425000 | &nbsp;&nbsp;&nbsp;6.88%, 02/1/2059, Call 02/1/2035<sup>4</sup> | 1452380 |
|  | Colorado Educational & Cultural Facilities Authority, MORAL OBLG |  |
| 95000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2034, Call 08/2/2025 | 95222 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 03/15/2035, Call 03/15/2030 | 1037867 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2039, Call 08/2/2025 | 451731 |
|  | Colorado Health Facilities Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 01/15/2035, Call 01/15/2026 | 502908 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2036, Call 06/1/2027 | 520293 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2039, Call 08/1/2029 | 935077 |
| 500000 | &nbsp;&nbsp;&nbsp;8.00%, 08/1/2043, Call 08/2/2025<sup>5</sup> | 313306 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 11/15/2043, Call 11/15/2029 | 1787223 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2045, Call 08/2/2025 | 1976953 |
| 750000 | &nbsp;&nbsp;&nbsp;4.00%, 11/15/2048, Call 05/15/2028 | 645769 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2049, Call 08/1/2029 | 1676006 |
| 500000 | &nbsp;&nbsp;&nbsp;5.25%, 11/1/2052, Call 11/1/2032 | 503256 |
| 790000 | Colorado Housing and Finance Authority, GNMA, 3.25%, 05/1/2052, Call 11/1/2030 | 780946 |
| 500000 | Copper Ridge Metropolitan District, 5.00%, 12/1/2039, Call 07/23/2025 | 472721 |
| 1060000 | Dawson Trails Metropolitan District No. 1, 0.00%, 12/1/2031, Call 06/1/2026 | 656052 |
| 500000 | Denver Convention Center Hotel Authority, 5.00%, 12/1/2034, Call 12/1/2026 | 504220 |
|  | Denver Health & Hospital Authority |  |
| 1470000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2039, Call 08/2/2025 | 1472263 |
| 335000 | &nbsp;&nbsp;&nbsp;5.13%, 12/1/2050, Call 12/1/2034 | 331994 |
| 1000000 | E-470 Public Highway Authority, NATL, 0.00%, 09/1/2037, Call 09/1/2026 | 547424 |
| 480000 | E-470 Public Highway Authority, NATL-RE, 0.00%, 09/1/2030 | 407964 |
| 500000 | Hess Ranch Metropolitan District No. 5, 5.50%, 12/1/2044, Call 09/1/2029<sup>4</sup> | 487494 |
| 1790000 | Lincoln Park Metropolitan District, AGM, 5.00%, 12/1/2042, Call 12/1/2027 | 1828370 |
| 770000 | North Range Metropolitan District No. 1, 5.00%, 12/1/2038, Call 12/1/2025 | 771930 |
| 1000000 | Painted Prairie Public Improvement Authority, 5.00%, 12/1/2039, Call 08/2/2025 | 857213 |
| 425000 | Rampart Range Metropolitan District No. 1, AGM, 5.00%, 12/1/2042, Call 12/1/2027 | 434110 |
| 1500000 | Redtail Ridge Metropolitan District, 0.00%, 12/1/2032, Call 03/1/2028 | 890517 |
| 4000000 | Regional Transportation District, 5.00%, 11/1/2041, Call 11/1/2026 | 4024623 |
| 1500000 | State of Colorado, 6.00%, 12/15/2041, Call 12/15/2032 | 1679400 |
| 125000 | Sterling Hills West Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2027 | 126926 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **COLORADO (Continued)** |  |
| $1000000 | Verve Metropolitan District No. 1, 5.00%, 12/1/2041, Call 03/1/2026 | $902097 |
| 575000 | Water Valley Metropolitan District No. 02, 5.25%, 12/1/2040, Call 12/1/2026 | 565348 |
| 1000000 | Weld County School District No. RE-4, SAW, 5.25%, 12/1/2047, Call 12/1/2032 | 1043774 |
| 1000000 | Westminster Public Schools, AGM, 5.00%, 12/1/2048, Call 12/1/2028 | 1001799 |
|  |  | **45894307** |
|  | **CONNECTICUT — 0.4%** |  |
| 500000 | Connecticut State Development Authority, 7.95%, 04/1/2026, Call 08/2/2025<sup>3</sup> | 500100 |
|  | Connecticut State Health & Educational Facilities Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2036, Call 08/2/2025 | 499974 |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2042, Call 07/1/2032 | 1349903 |
| 1000000 | Harbor Point Infrastructure Improvement District, 5.00%, 04/1/2039, Call 04/1/2027<sup>4</sup> | 1002849 |
| 1500000 | State of Connecticut Special Tax Revenue, 4.00%, 11/1/2039, Call 11/1/2031 | 1469292 |
|  |  | **4822118** |
|  | **DELAWARE — 0.2%** |  |
| 995000 | Delaware State Housing Authority, GNMA/FNMA/FHLMC, 6.00%, 01/1/2055, Call 07/1/2033 | 1086067 |
| 1500000 | Delaware Transportation Authority, 5.00%, 06/1/2055, Call 07/23/2025 | 1500124 |
|  |  | **2586191** |
|  | **DISTRICT OF COLUMBIA — 1.3%** |  |
| 1000000 | District of Columbia Income Tax Revenue, 5.25%, 05/1/2048, Call 05/1/2033 | 1039128 |
| 5000000 | District of Columbia Tobacco Settlement Financing Corp., 0.00%, 06/15/2046, Call 08/2/2025 | 1246464 |
|  | Metropolitan Washington Airports Authority |  |
| 1520000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2036, Call 10/1/2026<sup>3</sup> | 1504924 |
| 1820000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2042, Call 10/1/2027<sup>3</sup> | 1820533 |
|  | Metropolitan Washington Airports Authority Aviation Revenue |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2046, Call 10/1/2031<sup>3</sup> | 500451 |
| 1200000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2049, Call 10/1/2029<sup>3</sup> | 1189250 |
| 1850000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2051, Call 10/1/2031<sup>3</sup> | 1567149 |
|  | Metropolitan Washington Airports Authority Dulles Toll Road Revenue |  |
| 750000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2035, Call 10/1/2029 | 751278 |
| 615000 | &nbsp;&nbsp;&nbsp;6.50%, 10/1/2041, Call 10/1/2026 | 643080 |
| 2130000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2049, Call 10/1/2029 | 1815420 |
|  | Washington Convention & Sports Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2035, Call 10/1/2030 | 501449 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **DISTRICT OF COLUMBIA (Continued)** |  |
| $875000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2036, Call 10/1/2030 | $870605 |
| 1000000 | Washington Metropolitan Area Transit Authority Dedicated Revenue, 5.00%, 07/15/2054, Call 07/15/2034 | 1009454 |
|  |  | **14459185** |
|  | **FLORIDA — 6.8%** |  |
| 1335000 | Alachua County Health Facilities Authority, 5.00%, 12/1/2044, Call 08/2/2025 | 1334896 |
| 1175000 | Boggy Creek Improvement District, 5.13%, 05/1/2043, Call 08/2/2025 | 1138646 |
| 100000 | Bonterra Community Development District, 4.13%, 05/1/2047, Call 05/1/2028 | 86798 |
|  | Capital Trust Agency, Inc. |  |
| 200000 | &nbsp;&nbsp;&nbsp;4.38%, 06/15/2027<sup>4</sup> | 198157 |
| 435000 | &nbsp;&nbsp;&nbsp;5.35%, 07/1/2029, Call 08/2/2025 | 435551 |
| 95000 | Century Gardens at Tamiami Community Development District, 4.25%, 05/1/2037, Call 05/1/2026 | 90628 |
| 500000 | City of Atlantic Beach, 5.63%, 11/15/2043, Call 08/2/2025 | 500091 |
| 500000 | City of Fort Lauderdale, 5.00%, 07/1/2048, Call 07/1/2032 | 517867 |
| 500000 | City of Lakeland Department of Electric Utilities, 5.00%, 10/1/2048 | 520231 |
| 425000 | City of Miami Beach, 5.25%, 05/1/2053, Call 05/1/2032 | 440406 |
| 450000 | City of Orlando Tourist Development Tax Revenue, AGM, 5.00%, 11/1/2033, Call 11/1/2027 | 465626 |
|  | City of Tampa |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2046, Call 05/15/2026 | 1000067 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2050, Call 07/1/2030 | 994538 |
| 500000 | County of Bay, 5.00%, 09/1/2043, Call 08/2/2025 | 482535 |
| 2000000 | County of Broward Port Facilities Revenue, 5.50%, 09/1/2052, Call 09/1/2032<sup>3</sup> | 2039881 |
| 1000000 | County of Broward Airport System Revenue, 5.00%, 10/1/2036, Call 10/1/2025<sup>3</sup> | 1000695 |
| 1185000 | County of Broward FL Airport System Revenue, 5.00%, 10/1/2035, Call 10/1/2029<sup>3</sup> | 1221250 |
| 1000000 | County of Broward Tourist Development Tax Revenue, 4.00%, 09/1/2047, Call 09/1/2031 | 857299 |
| 2350000 | County of Hillsborough, 5.00%, 10/1/2038, Call 10/1/2025 | 2359218 |
| 1750000 | County of Lee Airport Revenue, 5.25%, 10/1/2054, Call 10/1/2034<sup>3</sup> | 1753773 |
| 1000000 | County of Lee Airport Revenue, AGC, 5.25%, 10/1/2054, Call 10/1/2034<sup>3</sup> | 1010932 |
|  | County of Miami-Dade |  |
| 4020000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2038, Call 07/1/2026 | 4049003 |
| 650000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2042, Call 07/1/2028 | 611789 |
|  | County of Miami-Dade Aviation Revenue |  |
| 3000000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2036, Call 10/1/2034<sup>3</sup> | 3175022 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2049, Call 10/1/2029<sup>3</sup> | 492090 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **FLORIDA (Continued)** |  |
|  | County of Miami-Dade Transit System |  |
| $2000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2048, Call 07/1/2028 | $1741522 |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2049, Call 07/1/2030 | 1292869 |
| 1000000 | County of Miami-Dade Water & Sewer System Revenue, 4.00%, 10/1/2046, Call 04/1/2031 | 886796 |
| 175000 | County of Palm Beach, 5.00%, 04/1/2039, Call 04/1/2029<sup>4</sup> | 168849 |
| 375000 | County of Pasco, AGM, 5.50%, 09/1/2043, Call 03/1/2033 | 394276 |
| 1000000 | County of Polk Utility System Revenue, 4.00%, 10/1/2043, Call 10/1/2030 | 931839 |
|  | Florida Development Finance Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;12.00%, 07/15/2032, Call 07/13/2025<sup>1 3 4</sup> | 995000 |
| 750000 | &nbsp;&nbsp;&nbsp;6.25%, 07/1/2034, Call 08/2/2025 | 750758 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2041, Call 07/1/2032<sup>3</sup> | 911475 |
| 725000 | &nbsp;&nbsp;&nbsp;6.13%, 06/15/2046, Call 08/2/2025<sup>4</sup> | 724946 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 07/1/2053, Call 07/1/2032<sup>3</sup> | 925443 |
| 180000 | &nbsp;&nbsp;&nbsp;5.25%, 06/1/2054, Call 06/1/2034<sup>4</sup> | 169351 |
| 1750000 | &nbsp;&nbsp;&nbsp;4.38%, 10/1/2054, Call 07/3/2031<sup>1 3 4</sup> | 1744507 |
| 2000000 | &nbsp;&nbsp;&nbsp;8.25%, 07/1/2057, Call 07/13/2025<sup>1 3 4</sup> | 2055650 |
| 3125000 | Florida Development Finance Corp., AGM, 5.25%, 07/1/2047, Call 07/1/2032<sup>3</sup> | 3136359 |
| 500000 | Florida Higher Educational Facilities Financial Authority, 4.50%, 06/1/2033, Call 06/1/2028<sup>4</sup> | 471513 |
| 1500000 | Florida State Board of Governors University of North Florida Dormitory Revenue, BAM, 5.00%, 11/1/2053, Call 11/1/2033 | 1513416 |
| 1000000 | FSU Financial Assistance, Inc., 5.00%, 10/1/2030, Call 08/2/2025 | 1001587 |
| 500000 | Grand Bay at Doral Community Development District, 5.00%, 05/1/2039, Call 08/2/2025 | 500014 |
|  | Greater Orlando Aviation Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2036, Call 08/2/2025<sup>3</sup> | 1000024 |
| 1665000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2046, Call 10/1/2026<sup>3</sup> | 1706213 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2052, Call 10/1/2031<sup>3</sup> | 1687336 |
| 2000000 | Hillsborough County Aviation Authority, 5.00%, 10/1/2043, Call 10/1/2028<sup>3</sup> | 1997184 |
| 2000000 | Jacksonville Port Authority, 5.00%, 11/1/2044, Call 11/1/2028 | 2024365 |
| 360000 | Lake Ashton Community Development District, 5.00%, 05/1/2037, Call 08/2/2025 | 360057 |
| 1670000 | Lakeside Community Development District, 5.50%, 05/1/2035, Call 08/2/2025 | 1671033 |
|  | Lakewood Ranch Stewardship District |  |
| 1245000 | &nbsp;&nbsp;&nbsp;5.13%, 05/1/2047, Call 05/1/2027<sup>4</sup> | 1238993 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.88%, 05/1/2051, Call 05/1/2030<sup>4</sup> | 788437 |
| 1000000 | Lakewood Ranch Stewardship District Utility Revenue, AGM, 5.25%, 10/1/2048, Call 10/1/2033 | 1026376 |
|  | Lee County Industrial Development Authority |  |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **FLORIDA (Continued)** |  |
| $500000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2039, Call 11/15/2026 | $508023 |
| 100000 | &nbsp;&nbsp;&nbsp;5.75%, 06/15/2042, Call 08/2/2025<sup>4</sup> | 98008 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2044, Call 11/15/2026 | 1982251 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2049, Call 11/15/2026 | 962685 |
| 825000 | Majorca Isles Community Development District, 5.38%, 05/1/2035, Call 05/1/2026 | 830325 |
| 355000 | Mediterra South Community Development District, 5.00%, 05/1/2034, Call 08/2/2025 | 355115 |
| 1000000 | Miami Beach Health Facilities Authority, 5.00%, 11/15/2039, Call 08/2/2025 | 1000039 |
| 715000 | Miami-Dade County Housing Finance Authority, FNMA COLL HUD SECT 8, 4.88%, 03/1/2046 | 693972 |
|  | Miami-Dade County Industrial Development Authority |  |
| 630000 | &nbsp;&nbsp;&nbsp;5.00%, 09/15/2034, Call 08/2/2025 | 630030 |
| 330000 | &nbsp;&nbsp;&nbsp;5.25%, 09/15/2044, Call 08/2/2025 | 306951 |
| 680000 | Putnam County Development Authority, 5.00%, 03/15/2042, Call 05/1/2028 | 681454 |
| 1500000 | Reedy Creek Improvement District, 5.00%, 06/1/2035, Call 06/1/2026 | 1523810 |
| 900000 | River Hall Community Development District, 5.63%, 05/1/2055, Call 11/1/2034<sup>4</sup> | 851122 |
| 1535000 | South Miami Health Facilities Authority, 5.00%, 08/15/2047, Call 08/15/2027 | 1526694 |
| 100000 | Stonebrier Community Development District, 4.00%, 05/1/2037, Call 05/1/2026 | 97878 |
| 2000000 | Town of Davie, 5.00%, 04/1/2048, Call 04/1/2028 | 1989010 |
| 135000 | Turtle Run Community Development District, 5.00%, 05/1/2037, Call 05/1/2028 | 136265 |
| 405000 | Verandah West Community Development District, 5.00%, 05/1/2033, Call 08/2/2025 | 405207 |
| 1000000 | Wildwood Utility Dependent District, AGM, 5.50%, 10/1/2053, Call 04/1/2033 | 1048939 |
|  | Wildwood Utility Dependent District, BAM |  |
| 750000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2036, Call 10/1/2031 | 801524 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2046, Call 10/1/2031 | 1019095 |
| 875000 | Windward at Lakewood Ranch Community Development District, 4.00%, 05/1/2042, Call 05/1/2032 | 733548 |
|  |  | **78775122** |
|  | **GEORGIA — 2.8%** |  |
| 250000 | Atlanta Development Authority, 5.50%, 04/1/2039, Call 04/1/2029<sup>4</sup> | 251681 |
| 1100000 | Board of Water Light & Sinking Fund Commissioners of The City of Dalton, 4.00%, 03/1/2039, Call 03/1/2030 | 1053261 |
| 1000000 | Brookhaven Development Authority, 4.00%, 07/1/2044, Call 07/1/2029 | 901008 |
| 2000000 | Brookhaven Urban Redevelopment Agency, 4.00%, 07/1/2044, Call 07/1/2033 | 1890332 |
|  | Burke County Development Authority |  |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **GEORGIA (Continued)** |  |
| $500000 | &nbsp;&nbsp;&nbsp;2.20%, 10/1/2032, Call 11/19/2026 | $420455 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.13%, 11/1/2045, Call 02/1/2028 | 880170 |
| 500000 | Fulton County Development Authority, 5.00%, 04/1/2037, Call 04/1/2027 | 507601 |
|  | George L Smith II Congress Center Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2054, Call 01/1/2031<sup>4</sup> | 448215 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2054, Call 01/1/2031 | 815927 |
|  | Georgia Housing & Finance Authority |  |
| 725000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2042, Call 06/1/2033 | 743285 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.70%, 12/1/2054, Call 06/1/2033 | 963003 |
| 750000 | Georgia Ports Authority, 5.00%, 07/1/2047, Call 07/1/2032 | 769252 |
| 170000 | Macon-Bibb County Urban Development Authority, 5.00%, 06/15/2027<sup>4</sup> | 171711 |
|  | Main Street Natural Gas, Inc. |  |
| 1470000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2034, Call 05/15/2029 | 1509440 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2043, Call 05/15/2029 | 1001642 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2049 | 1000772 |
| 1350000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2052, Call 06/1/2027<sup>1</sup> | 1362972 |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2052, Call 05/1/2027<sup>1 4</sup> | 1495850 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2052, Call 03/1/2029<sup>1</sup> | 1038416 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2053, Call 03/1/2030<sup>1</sup> | 1048714 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2053, Call 06/1/2030<sup>1</sup> | 1058000 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2053, Call 03/1/2031<sup>1</sup> | 2108336 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/1/2054, Call 09/1/2030<sup>1</sup> | 2104986 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/1/2054, Call 06/1/2031<sup>1</sup> | 1057257 |
| 4000000 | Metropolitan Atlanta Rapid Transit Authority, 4.00%, 07/1/2035, Call 07/1/2027 | 4021916 |
|  | Municipal Electric Authority of Georgia |  |
| 750000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2052, Call 07/1/2032 | 745214 |
| 200000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2056, Call 01/1/2030 | 197527 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2063, Call 07/1/2028 | 975173 |
| 1335000 | Municipal Electric Authority of Georgia, AGM, 5.00%, 07/1/2055, Call 01/1/2033 | 1332898 |
|  |  | **31875014** |
|  | **GUAM — 0.0%<sup>6</sup>** |  |
| 250000 | Territory of Guam, 4.00%, 01/1/2042, Call 01/1/2031 | 221577 |
|  | **HAWAII — 0.2%** |  |
|  | State of Hawaii Airports System Revenue |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2048, Call 07/1/2028<sup>3</sup> | 991734 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2051, Call 07/1/2035<sup>3</sup> | 1021207 |
|  |  | **2012941** |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **IDAHO — 0.2%** |  |
| $300000 | Idaho Health Facilities Authority, 4.38%, 07/1/2034, Call 08/2/2025 | $300084 |
|  | Idaho Housing & Finance Association |  |
| 370000 | &nbsp;&nbsp;&nbsp;6.00%, 07/1/2039, Call 07/1/2028<sup>4</sup> | 374808 |
| 415000 | &nbsp;&nbsp;&nbsp;6.00%, 07/1/2049, Call 07/1/2028<sup>4</sup> | 416080 |
| 565000 | &nbsp;&nbsp;&nbsp;6.00%, 07/1/2054, Call 07/1/2028<sup>4</sup> | 565012 |
| 1000000 | Spring Valley Community Infrastructure District No. 1, 6.25%, 09/1/2054, Call 09/1/2030<sup>4</sup> | 1002997 |
|  |  | **2658981** |
|  | **ILLINOIS — 8.0%** |  |
|  | Chicago Board of Education |  |
| 100000 | &nbsp;&nbsp;&nbsp;5.75%, 04/1/2034, Call 04/1/2027 | 102933 |
| 1000000 | &nbsp;&nbsp;&nbsp;6.10%, 04/1/2036, Call 04/1/2027 | 1031565 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2036, Call 12/1/2030 | 1010576 |
| 180000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2037, Call 04/1/2027 | 181637 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2038, Call 04/1/2028 | 506196 |
| 500000 | &nbsp;&nbsp;&nbsp;5.25%, 12/1/2039, Call 08/2/2025 | 494282 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2040, Call 12/1/2030 | 980850 |
| 1950000 | &nbsp;&nbsp;&nbsp;7.00%, 12/1/2044, Call 12/1/2025 | 1960018 |
| 1100000 | &nbsp;&nbsp;&nbsp;6.00%, 04/1/2046, Call 04/1/2027 | 1115749 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2046, Call 08/2/2025 | 906355 |
| 2000000 | Chicago Board of Education Dedicated Capital Improvement Tax, 5.75%, 04/1/2048, Call 04/1/2033 | 2069851 |
|  | Chicago O'Hare International Airport |  |
| 40000 | &nbsp;&nbsp;&nbsp;3.88%, 01/1/2032, Call 08/2/2025 | 40005 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2033, Call 07/1/2028<sup>3</sup> | 512970 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2044, Call 01/1/2029 | 887990 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2048, Call 01/1/2029<sup>3</sup> | 985229 |
| 625000 | &nbsp;&nbsp;&nbsp;5.50%, 01/1/2055, Call 01/1/2032<sup>3</sup> | 637640 |
| 500000 | Chicago O'Hare International Airport, AGM, 5.50%, 01/1/2053, Call 01/1/2031<sup>3</sup> | 511744 |
| 2500000 | Chicago Transit Authority, 5.00%, 12/1/2046, Call 12/1/2026 | 2502856 |
| 1500000 | Chicago Transit Authority Sales Tax Receipts Fund, 5.00%, 12/1/2055, Call 12/1/2029 | 1470028 |
| 1885000 | Chicago Transit Authority Sales Tax Receipts Fund, BAM, 5.00%, 12/1/2046, Call 12/1/2031 | 1920036 |
|  | City of Chicago |  |
| 1835000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2034, Call 01/1/2031 | 1899742 |
| 1150000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2044, Call 01/1/2033 | 1095210 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 01/1/2045, Call 01/1/2033 | 973904 |
| 625000 | City of Chicago Wastewater Transmission Revenue, NATL, 0.00%, 01/1/2026 | 614127 |
| 750000 | City of Naperville, 4.00%, 12/1/2041, Call 12/1/2033 | 728722 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **ILLINOIS (Continued)** |  |
| $1250000 | Cook County Community College District No. 508, BAM, 5.00%, 12/1/2039, Call 12/1/2033 | $1297756 |
|  | County of Cook Sales Tax Revenue |  |
| 1200000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2033, Call 11/15/2027 | 1246359 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2038, Call 11/15/2030 | 1040591 |
|  | Illinois Educational Facilities Authority |  |
| 2000000 | &nbsp;&nbsp;&nbsp;4.50%, 11/1/2036, Call 08/2/2025 | 2000016 |
| 570000 | &nbsp;&nbsp;&nbsp;3.90%, 11/1/2036, Call 11/1/2027 | 570333 |
|  | Illinois Finance Authority |  |
| 700000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2026 | 710759 |
| 425000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2027 | 438427 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2028, Call 08/1/2027 | 515273 |
| 670000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2033, Call 03/1/2027 | 677094 |
| 55000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2034, Call 02/15/2027 | 56960 |
| 260000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2034, Call 02/15/2027 | 265355 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2034, Call 03/1/2027 | 504258 |
| 1420000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2036, Call 08/1/2031 | 1312821 |
| 225000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2037, Call 08/15/2027 | 222770 |
| 600000 | &nbsp;&nbsp;&nbsp;4.00%, 08/15/2037, Call 08/15/2031 | 572626 |
| 1695000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2038, Call 07/1/2029 | 1615352 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/15/2039, Call 07/15/2031 | 933659 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2043, Call 08/1/2031 | 818377 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.80%, 12/1/2043, Call 07/1/2033<sup>1 3 4</sup> | 1013179 |
| 845000 | &nbsp;&nbsp;&nbsp;4.80%, 12/1/2043, Call 07/1/2033<sup>1 3 4</sup> | 856137 |
| 1590000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2044, Call 12/1/2032 | 1605199 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2045, Call 02/15/2026 | 1976051 |
| 1925000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2046, Call 09/1/2026 | 1859994 |
| 2100000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2047, Call 08/15/2027 | 1949439 |
| 1250000 | &nbsp;&nbsp;&nbsp;4.00%, 07/15/2047, Call 01/15/2028 | 1090457 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2047, Call 12/1/2027 | 968851 |
| 4330000 | &nbsp;&nbsp;&nbsp;5.25%, 05/15/2048, Call 05/15/2033 | 4442454 |
| 1250000 | &nbsp;&nbsp;&nbsp;4.00%, 08/15/2048, Call 08/15/2031 | 1061030 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.13%, 12/1/2050, Call 12/1/2032<sup>1 3 4</sup> | 969116 |
| 3000000 | Illinois Sports Facilities Authority, 5.25%, 06/15/2032, Call 07/28/2025 | 3005526 |
|  | Illinois State Toll Highway Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2040, Call 01/1/2031 | 1034483 |
| 625000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2040, Call 08/2/2025 | 624965 |
| 2775000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2040, Call 01/1/2026 | 2765224 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2046, Call 01/1/2032 | 1779511 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2046, Call 01/1/2032 | 1517404 |
| 1000000 | Illinois State University, AGM, 5.00%, 04/1/2033, Call 04/1/2028 | 1036450 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **ILLINOIS (Continued)** |  |
| $1830000 | Lake County Community High School District No. 115, 4.25%, 11/1/2043, Call 11/1/2032 | $1775946 |
| 1000000 | Macon County School District No. 61 Decatur, AGM, 4.00%, 01/1/2040, Call 01/1/2027 | 971094 |
|  | Metropolitan Pier & Exposition Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 12/15/2042, Call 12/15/2031 | 448014 |
| 1355000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2050, Call 12/15/2029 | 1326848 |
| 530000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2057, Call 12/15/2027 | 511142 |
| 1905000 | Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/1/2041, Call 12/1/2026 | 1940162 |
| 1000000 | Round Lake Lakewood Grove Special Service Area No. 3 & 4, BAM, 4.00%, 03/1/2033, Call 03/1/2027 | 1007919 |
|  | Sales Tax Securitization Corp. |  |
| 735000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2028 | 769492 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2038, Call 01/1/2030 | 477913 |
| 750000 | Sangamon Logan & Menard Counties Community Unit School Dist No. 15 Williamsville, BAM, 4.00%, 12/1/2039, Call 12/1/2029 | 694270 |
| 1000000 | Southwestern Illinois Development Authority, BAM, 5.50%, 04/1/2050, Call 04/1/2035 | 1032474 |
|  | State of Illinois |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/1/2026 | 1024667 |
| 2000000 | &nbsp;&nbsp;&nbsp;3.00%, 06/15/2033, Call 06/15/2026 | 1818891 |
| 660000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2036, Call 03/1/2031 | 691288 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.25%, 12/1/2037, Call 12/1/2027 | 962743 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2046, Call 03/1/2031 | 496604 |
| 2000000 | State of Illinois, BAM, 4.00%, 06/15/2030, Call 06/15/2026 | 2007116 |
| 1500000 | University of Illinois, AGM, 4.00%, 04/1/2036, Call 04/1/2028 | 1501263 |
| 615000 | Upper Illinois River Valley Development Authority, 5.00%, 01/1/2045, Call 01/1/2027<sup>4</sup> | 558038 |
| 1500000 | Village of Morton Grove Tax Increment Revenue, 5.00%, 01/1/2039, Call 01/1/2026 | 1430088 |
|  | Will County Community High School District No. 210 Lincoln-Way, BAM |  |
| 550000 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2031 | 449441 |
| 250000 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2032 | 195509 |
| 615000 | Wonder Lake Village Special Service Area No. 1, 4.50%, 03/1/2034, Call 07/23/2025 | 568064 |
|  |  | **92153457** |
|  | **INDIANA — 0.7%** |  |
| 325000 | City of Carmel Waterworks Revenue, BAM, 5.25%, 05/1/2047, Call 05/1/2032 | 334415 |
| 1450000 | City of Fishers Sewage Works Revenue, BAM, 4.00%, 07/1/2047, Call 07/1/2031 | 1302760 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **INDIANA (Continued)** |  |
|  | Indiana Finance Authority |  |
| $1000000 | &nbsp;&nbsp;&nbsp;3.00%, 11/1/2030 | $972812 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.00%, 11/1/2030 | 971390 |
| 3000000 | &nbsp;&nbsp;&nbsp;4.00%, 11/1/2033, Call 11/1/2027 | 3016268 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2042, Call 10/1/2033 | 1551911 |
| 400000 | IPS Multi-School Building Corp., ST INTERCEPT, 5.00%, 07/15/2044, Call 07/15/2033 | 409565 |
|  |  | **8559121** |
|  | **IOWA — 0.3%** |  |
|  | Iowa Finance Authority |  |
| 1520000 | &nbsp;&nbsp;&nbsp;4.75%, 08/1/2042, Call 08/2/2025 | 1464776 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2050, Call 12/1/2032 | 1134131 |
| 4485000 | Iowa Tobacco Settlement Authority, 0.00%, 06/1/2065, Call 06/1/2031 | 657053 |
| 500000 | PEFA, Inc., 5.00%, 09/1/2049, Call 06/1/2026<sup>1</sup> | 506164 |
|  |  | **3762124** |
|  | **KANSAS — 0.2%** |  |
| 640000 | City of Topeka Combined Utility Revenue, 4.00%, 08/1/2048, Call 08/1/2026 | 568528 |
| 1000000 | City of Wichita , 5.88%, 05/15/2050, Call 05/15/2031 | 942623 |
| 1000000 | Johnson County Unified School District No. 512 Shawnee Mission, 4.00%, 10/1/2043, Call 10/1/2033 | 921131 |
|  |  | **2432282** |
|  | **KENTUCKY — 0.8%** |  |
| 1000000 | County of Carroll, 2.13%, 10/1/2034, Call 06/1/2031<sup>3</sup> | 797527 |
|  | Kentucky Economic Development Finance Authority |  |
| 200000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2037, Call 06/1/2027 | 200851 |
| 1100000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2040, Call 08/2/2025 | 1100095 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2045, Call 06/1/2027 | 1934193 |
| 765000 | Kentucky Municipal Power Agency, NATL, 5.00%, 09/1/2032, Call 09/1/2026 | 776216 |
|  | Louisville/Jefferson County Metropolitan Government |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2042, Call 10/1/2033 | 1519890 |
| 2500000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2052, Call 05/15/2032 | 2389026 |
| 1000000 | Paducah Electric Plant Board, AGM, 5.00%, 10/1/2035, Call 10/1/2026 | 1018019 |
|  |  | **9735817** |
|  | **LOUISIANA — 1.5%** |  |
| 1165000 | Ascension Parish Industrial Development Board, Inc., 6.00%, 07/1/2036, Call 08/2/2025 | 1165311 |
| 1500000 | Jefferson Sales Tax District, AGM, 5.00%, 12/1/2037, Call 12/1/2027 | 1531465 |
| 1000000 | Louisiana Offshore Terminal Authority, 4.20%, 09/1/2034<sup>1</sup> | 1007754 |
| 440000 | Louisiana Housing Corp., GNMA/FNMA/FHLMC, 3.25%, 06/1/2052, Call 06/1/2030 | 435239 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **LOUISIANA (Continued)** |  |
| $1205000 | Louisiana Local Government Environmental Facilities & Community Development Authority, 5.00%, 10/1/2041, Call 10/1/2027 | $1200119 |
| 1000000 | Louisiana Local Government Environmental Facilities & Community Development Authority, AGM, 5.00%, 10/1/2043, Call 10/1/2027 | 1004541 |
|  | Louisiana Public Facilities Authority |  |
| 885000 | &nbsp;&nbsp;&nbsp;6.50%, 07/1/2036, Call 08/2/2025<sup>3 4</sup> | 885218 |
| 1400000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2042, Call 07/1/2027 | 1404951 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.25%, 10/1/2053, Call 04/1/2033 | 1426590 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.75%, 09/1/2064, Call 09/1/2034<sup>3</sup> | 1030050 |
| 2500000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2066, Call 09/1/2034<sup>3</sup> | 2354808 |
| 1000000 | Louisiana Stadium & Exposition District, 5.25%, 07/1/2053, Call 07/1/2033 | 1015253 |
|  | New Orleans Aviation Board |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2035, Call 10/1/2028 | 517652 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2048, Call 01/1/2027<sup>3</sup> | 1473907 |
| 1260000 | Port New Orleans Board of Commissioners, AGM, 5.00%, 04/1/2038, Call 04/1/2028<sup>3</sup> | 1261008 |
|  |  | **17713866** |
|  | **MAINE — 0.4%** |  |
|  | Maine Health & Higher Educational Facilities Authority |  |
| 1615000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2035, Call 07/1/2027 | 1647515 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2041, Call 07/1/2026 | 921230 |
|  | Maine Health & Higher Educational Facilities Authority, AGM |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2036, Call 07/1/2031 | 497817 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2039, Call 07/1/2031 | 483116 |
| 50000 | Maine Health & Higher Educational Facilities Authority, ST INTERCEPT ST RES FD GTY, 5.00%, 07/1/2028, Call 07/1/2027 | 52123 |
| 500000 | Town of Rumford, 6.88%, 10/1/2026, Call 08/2/2025<sup>3</sup> | 501075 |
|  |  | **4102876** |
|  | **MARYLAND — 1.9%** |  |
|  | City of Baltimore |  |
| 2500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2036, Call 01/1/2027 | 2538251 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2042, Call 09/1/2027 | 1425648 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2049, Call 07/1/2029 | 1012496 |
| 1000000 | County of Baltimore, 5.00%, 02/1/2046, Call 02/1/2026 | 1000973 |
| 1250000 | County of Frederick, 1.75%, 10/1/2036, Call 10/1/2031 | 940985 |
| 1290000 | County of Prince George's, 7.00%, 08/1/2048, Call 11/1/2026 | 1355960 |
| 1600000 | Howard County Housing Commission, 5.00%, 06/1/2044, Call 08/2/2025 | 1598771 |
| 1000000 | Maryland Economic Development Corp., 5.00%, 06/1/2049, Call 06/1/2029<sup>3</sup> | 940967 |
|  | Maryland Health & Higher Educational Facilities Authority |  |
| 2700000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2038, Call 07/23/2025 | 2700669 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2040 | 1000000 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **MARYLAND (Continued)** |  |
| $1065000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2045, Call 05/15/2027 | $1062125 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2045 | 500000 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2048, Call 01/1/2028 | 881531 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 04/15/2050, Call 04/15/2030 | 852961 |
| 1000000 | Maryland State Transportation Authority Passenger Facility Charge Revenue, 4.00%, 06/1/2039, Call 06/1/2029<sup>3</sup> | 942262 |
| 1080000 | Montgomery County Housing Opportunities Commission, 3.30%, 07/1/2039, Call 01/1/2028<sup>3</sup> | 910290 |
| 1000000 | University System of Maryland, 4.00%, 04/1/2051, Call 04/1/2031 | 869488 |
| 1000000 | Washington Suburban Sanitary Commission, County Guarantee, 4.00%, 06/1/2049, Call 06/1/2033 | 902192 |
|  |  | **21435569** |
|  | **MASSACHUSETTS — 0.7%** |  |
| 500000 | City of Revere, SAW, 4.00%, 08/1/2047, Call 08/1/2031 | 449197 |
| 645000 | City of Somerville, 2.13%, 10/15/2039, Call 10/15/2029 | 466793 |
| 120000 | Collegiate Charter School of Lowell, 5.00%, 06/15/2039, Call 06/15/2026 | 118703 |
| 1000000 | Commonwealth of Massachusetts, 5.00%, 01/1/2054, Call 01/1/2034 | 1019479 |
|  | Massachusetts Development Finance Agency |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2045, Call 08/15/2025 | 978362 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2047, Call 07/1/2026 | 985898 |
| 1200000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2048, Call 07/1/2033 | 1190309 |
| 745000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2054, Call 01/1/2034 | 746065 |
|  | Massachusetts Educational Financing Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2028<sup>3</sup> | 1040895 |
| 195000 | &nbsp;&nbsp;&nbsp;4.25%, 07/1/2046, Call 07/1/2026<sup>3</sup> | 168323 |
| 1000000 | Massachusetts Housing Finance Agency, 4.50%, 06/1/2056, Call 07/23/2025 | 907395 |
| 500000 | Massachusetts Housing Finance Agency, FHA, 3.10%, 12/1/2044, Call 12/1/2028 | 380533 |
|  |  | **8451952** |
|  | **MICHIGAN — 2.1%** |  |
| 1000000 | Great Lakes Water Authority Sewage Disposal System Revenue, 5.00%, 07/1/2035, Call 07/1/2026 | 1011242 |
| 730000 | Great Lakes Water Authority Water Supply System Revenue, 5.50%, 07/1/2050, Call 01/1/2035 | 768124 |
| 400000 | Lansing Board of Water & Light, 5.25%, 07/1/2054, Call 07/1/2034 | 416020 |
|  | Michigan Finance Authority |  |
| 160000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2029, Call 08/2/2025 | 145568 |
| 1165000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2031, Call 08/2/2025 | 1166580 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2034, Call 07/30/2025 | 1000053 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2035, Call 07/30/2025 | 1001487 |
| 1270000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2038, Call 09/1/2031 | 1300713 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **MICHIGAN (Continued)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2039, Call 08/2/2025 | $1000563 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2041, Call 11/15/2026 | 1000401 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 02/15/2044, Call 08/15/2029 | 1807099 |
| 950000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2047, Call 12/1/2031 | 817798 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2048, Call 11/2/2029 | 982883 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2049, Call 12/1/2029 | 852301 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.38%, 02/28/2054, Call 02/28/2034 | 901339 |
| 1000000 | Michigan Finance Authority, SAW, 4.00%, 11/1/2048, Call 11/1/2028 | 862026 |
| 3000000 | Michigan State Building Authority, 5.00%, 04/15/2041, Call 10/15/2026 | 3026375 |
|  | Michigan State Housing Development Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;3.20%, 12/1/2026 | 500537 |
| 1250000 | &nbsp;&nbsp;&nbsp;2.13%, 10/1/2036, Call 10/1/2030 | 968732 |
| 375000 | &nbsp;&nbsp;&nbsp;4.70%, 12/1/2043, Call 06/1/2032 | 365438 |
| 1000000 | Okemos Public Schools, Q-SBLF, 5.00%, 05/1/2054, Call 05/1/2034 | 1011419 |
| 250000 | Renaissance Public School Academy, 6.00%, 05/1/2037, Call 08/2/2025 | 250105 |
| 1000000 | State of Michigan Trunk Line Revenue, 4.00%, 11/15/2046, Call 11/15/2031 | 904001 |
| 1500000 | Wayne County Airport Authority, 5.00%, 12/1/2037, Call 12/1/2027 | 1518457 |
|  |  | **23579261** |
|  | **MINNESOTA — 0.4%** |  |
| 250000 | City of Deephaven, 5.25%, 07/1/2040, Call 08/2/2025 | 250017 |
| 70000 | City of Minneapolis, 5.00%, 12/1/2037, Call 12/1/2027<sup>4</sup> | 66336 |
| 1720000 | City of Shakopee Senior Housing Revenue, 5.85%, 11/1/2058, Call 07/23/2025<sup>1 4</sup> | 1715939 |
|  | Duluth Economic Development Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 02/15/2058, Call 02/15/2028 | 995267 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2058, Call 02/15/2028 | 968660 |
| 1000000 | Spring Lake Park Independent School District No. 16, School District Credit Program, 5.00%, 02/1/2028 | 1059854 |
|  |  | **5056073** |
|  | **MISSISSIPPI — 0.4%** |  |
| 265000 | County of Warren, 4.00%, 09/1/2032 | 267184 |
| 4000000 | State of Mississippi, 4.00%, 10/1/2036, Call 10/1/2027 | 3974571 |
|  |  | **4241755** |
|  | **MISSOURI — 0.6%** |  |
| 75000 | Cape Girardeau County Industrial Development Authority, 4.00%, 03/1/2046, Call 03/1/2031 | 66758 |
|  | Hannibal Industrial Development Authority |  |
| 640000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2042, Call 10/1/2027 | 596318 |
| 445000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2047, Call 10/1/2027 | 401428 |
|  | Health & Educational Facilities Authority of the State of Missouri |  |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **MISSOURI (Continued)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2043, Call 05/15/2028 | $1008695 |
| 350000 | &nbsp;&nbsp;&nbsp;4.00%, 11/15/2049, Call 11/15/2027 | 295771 |
| 1175000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2052, Call 12/1/2033 | 1144092 |
|  | Kansas City Industrial Development Authority |  |
| 980000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2037, Call 03/1/2029<sup>3</sup> | 998922 |
| 1020000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2039, Call 03/1/2029<sup>3</sup> | 1030577 |
| 1285000 | Missouri Housing Development Commission, GNMA/FNMA/FHLMC, 4.65%, 11/1/2049, Call 05/1/2033 | 1232681 |
| 500000 | St. Charles County School District No. R-IV Wentzville, State Aid Direct Deposit, 1.88%, 03/1/2040, Call 03/1/2028 | 326648 |
|  |  | **7101890** |
|  | **NEBRASKA — 0.4%** |  |
|  | Central Plains Energy Project |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2049, Call 08/1/2025<sup>1</sup> | 1000677 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2055, Call 05/1/2031<sup>1</sup> | 1058981 |
| 900000 | Lyons-Decatur Northeast Schools, AGM, 5.50%, 12/15/2052, Call 07/15/2027 | 937746 |
| 2000000 | Omaha Public Power District, 5.25%, 02/1/2052, Call 02/1/2032 | 2059623 |
|  |  | **5057027** |
|  | **NEVADA — 0.8%** |  |
| 240000 | City of Carson City, 5.00%, 09/1/2037, Call 09/1/2027 | 240179 |
| 1195000 | Clark County School District, 2.00%, 06/15/2028, Call 07/23/2025 | 1139478 |
|  | County of Clark |  |
| 500000 | &nbsp;&nbsp;&nbsp;2.10%, 06/1/2031 | 437754 |
| 1520000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2043, Call 06/1/2028 | 1537813 |
|  | Las Vegas Convention & Visitors Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2043, Call 07/1/2028 | 1003824 |
| 750000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2049, Call 07/1/2028 | 641275 |
|  | Las Vegas Valley Water District |  |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2041, Call 06/1/2026 | 2008884 |
| 1300000 | &nbsp;&nbsp;&nbsp;4.00%, 06/1/2046, Call 12/1/2031 | 1172410 |
| 595000 | State of Nevada Department of Business & Industry, 5.00%, 12/15/2035, Call 12/15/2025<sup>4</sup> | 595408 |
|  |  | **8777025** |
|  | **NEW HAMPSHIRE — 0.7%** |  |
|  | New Hampshire Business Finance Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.50%, 10/1/2033 | 1024673 |
| 457546 | &nbsp;&nbsp;&nbsp;4.13%, 01/20/2034 | 452787 |
| 650000 | &nbsp;&nbsp;&nbsp;6.89%, 04/1/2034, Call 01/1/2034<sup>4</sup> | 671353 |
| 997862 | &nbsp;&nbsp;&nbsp;4.17%, 01/20/2041<sup>1</sup> | 948492 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **NEW HAMPSHIRE (Continued)** |  |
| $1848523 | &nbsp;&nbsp;&nbsp;4.25%, 07/20/2041 | $1764926 |
| 1000000 | New Hampshire Business Finance Authority, BAM, 5.25%, 06/1/2051, Call 06/1/2033 | 1024949 |
|  | New Hampshire Health and Education Facilities Authority Act |  |
| 215000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2037, Call 02/1/2028 | 217922 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2043, Call 08/1/2029 | 886628 |
| 1000000 | New Hampshire Health and Education Facilities Authority Act, BAM, 5.25%, 07/1/2048, Call 07/1/2033 | 1040294 |
|  |  | **8032024** |
|  | **NEW JERSEY — 1.8%** |  |
|  | New Jersey Economic Development Authority |  |
| 890000 | &nbsp;&nbsp;&nbsp;3.13%, 07/1/2029, Call 07/1/2027 | 863277 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.38%, 07/1/2030, Call 07/1/2027 | 970510 |
| 100000 | &nbsp;&nbsp;&nbsp;5.00%, 07/15/2032, Call 07/15/2027 | 102210 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2033, Call 07/1/2027 | 504399 |
| 280000 | &nbsp;&nbsp;&nbsp;6.00%, 10/1/2034, Call 08/2/2025<sup>4</sup> | 280205 |
| 880000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2036, Call 12/15/2026 | 909957 |
| 350000 | &nbsp;&nbsp;&nbsp;6.30%, 10/1/2049, Call 08/2/2025<sup>4</sup> | 350101 |
|  | New Jersey Health Care Facilities Financing Authority |  |
| 1175000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2046, Call 08/2/2025 | 1159617 |
| 750000 | &nbsp;&nbsp;&nbsp;4.25%, 07/1/2054, Call 07/1/2034 | 678263 |
|  | New Jersey Higher Education Student Assistance Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2028, Call 06/1/2028<sup>3</sup> | 517682 |
| 855000 | &nbsp;&nbsp;&nbsp;4.25%, 12/1/2047, Call 12/1/2026<sup>3</sup> | 745945 |
|  | New Jersey Transportation Trust Fund Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2040, Call 12/15/2030 | 513558 |
| 1850000 | &nbsp;&nbsp;&nbsp;5.25%, 06/15/2041, Call 12/15/2034 | 1964669 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 06/15/2042, Call 06/15/2032 | 458778 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.25%, 06/15/2043, Call 12/15/2028 | 2018127 |
| 3800000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2048, Call 12/15/2032 | 4325747 |
| 1750000 | New Jersey Turnpike Authority, 5.25%, 01/1/2052, Call 01/1/2033 | 1808471 |
| 1000000 | South Jersey Port Corp., 5.00%, 01/1/2037, Call 01/1/2028<sup>3</sup> | 1011300 |
| 350000 | South Jersey Transportation Authority, 5.00%, 11/1/2041, Call 11/1/2032 | 357991 |
| 1610000 | Tobacco Settlement Financing Corp., 5.00%, 06/1/2036, Call 06/1/2028 | 1632592 |
|  |  | **21173399** |
|  | **NEW MEXICO — 0.1%** |  |
| 700000 | Mesa Del Sol Public Improvement District No. 1, 7.00%, 10/1/2033, Call 08/2/2025 | 699963 |
|  | **NEW YORK — 6.7%** |  |
| 4400000 | City of New York, 5.25%, 03/1/2053, Call 03/1/2034 | 4552563 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **NEW YORK (Continued)** |  |
| $750000 | County of Orange, 2.38%, 06/15/2029, Call 08/2/2025 | $713545 |
|  | Hempstead Town Local Development Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.66%, 02/1/2044, Call 02/1/2030 | 898414 |
| 1000000 | &nbsp;&nbsp;&nbsp;6.24%, 02/1/2047, Call 02/1/2027 | 950821 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.60%, 02/1/2051, Call 02/1/2030 | 726706 |
|  | Metropolitan Transportation Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2047, Call 05/15/2034 | 1005109 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.25%, 11/15/2049, Call 05/15/2034 | 2044848 |
| 2000000 | Metropolitan Transportation Authority, AGM, 4.00%, 11/15/2054, Call 05/15/2030 | 1666524 |
| 1845000 | Metropolitan Transportation Authority, BAM, 4.00%, 11/15/2048, Call 05/15/2034 | 1590326 |
| 650000 | Nassau County Local Economic Assistance Corp., 5.00%, 07/1/2034, Call 08/2/2025 | 650052 |
|  | New York City Municipal Water Finance Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2049, Call 12/15/2029 | 503297 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 06/15/2052, Call 12/15/2032 | 1030243 |
| 1535000 | &nbsp;&nbsp;&nbsp;5.25%, 06/15/2054, Call 12/15/2033 | 1584766 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.25%, 06/15/2054, Call 06/15/2034 | 1557576 |
|  | New York City Transitional Finance Authority Future Tax Secured Revenue |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 11/1/2041, Call 11/1/2029 | 935508 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 05/1/2044, Call 11/1/2030 | 902469 |
| 725000 | &nbsp;&nbsp;&nbsp;5.50%, 11/1/2045, Call 11/1/2032 | 767663 |
| 350000 | New York Counties Tobacco Trust VI, 5.63%, 06/1/2035 | 354833 |
|  | New York Liberty Development Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 10/1/2035 | 1122562 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.38%, 11/15/2040, Call 07/23/2025<sup>4</sup> | 1999936 |
| 730000 | &nbsp;&nbsp;&nbsp;3.00%, 02/15/2042, Call 02/15/2030 | 567576 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2044, Call 07/23/2025<sup>4</sup> | 1958103 |
| 1500000 | &nbsp;&nbsp;&nbsp;7.25%, 11/15/2044, Call 07/23/2025<sup>4</sup> | 1500970 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.13%, 09/15/2050, Call 03/15/2030 | 718327 |
| 615000 | New York Power Authority, 4.00%, 11/15/2049, Call 11/15/2034 | 539754 |
|  | New York State Dormitory Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2040, Call 07/1/2029 | 849044 |
| 500000 | &nbsp;&nbsp;&nbsp;3.00%, 07/1/2041, Call 07/1/2031 | 402135 |
| 625000 | &nbsp;&nbsp;&nbsp;5.00%, 03/15/2047, Call 03/15/2035 | 640051 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2048, Call 07/1/2031 | 420096 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.25%, 03/15/2052, Call 03/15/2034 | 1551876 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 03/15/2054, Call 03/15/2034 | 864578 |
| 355000 | New York State Dormitory Authority, NATL, 5.75%, 07/1/2027 | 365932 |
| 1500000 | New York State Thruway Authority, 5.00%, 01/1/2041, Call 01/1/2026 | 1500032 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **NEW YORK (Continued)** |  |
|  | New York State Urban Development Corp. |  |
| $1000000 | &nbsp;&nbsp;&nbsp;4.00%, 03/15/2038, Call 09/15/2031 | $982436 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 03/15/2063, Call 09/15/2033 | 2013211 |
|  | New York Transportation Development Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2033, Call 12/1/2032<sup>3</sup> | 1063000 |
| 2500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2040, Call 10/1/2030<sup>3</sup> | 2489252 |
| 2500000 | &nbsp;&nbsp;&nbsp;4.38%, 10/1/2045, Call 10/1/2030<sup>3</sup> | 2232361 |
| 3000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2046, Call 08/2/2025<sup>3</sup> | 2908380 |
| 1620000 | &nbsp;&nbsp;&nbsp;5.00%, 6/30/2049, Call 6/30/2031<sup>3</sup> | 1596836 |
| 1250000 | &nbsp;&nbsp;&nbsp;5.25%, 01/1/2050, Call 08/2/2025<sup>3</sup> | 1233273 |
| 1500000 | &nbsp;&nbsp;&nbsp;6.00%, 06/30/2054, Call 06/30/2031<sup>3</sup> | 1550300 |
| 1955000 | &nbsp;&nbsp;&nbsp;5.00%, 06/30/2060, Call 06/30/2033<sup>3</sup> | 1838402 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 06/30/2060, Call 06/30/2033<sup>3</sup> | 1000628 |
| 1220000 | New York Transportation Development Corp., AGC, 5.25%, 12/31/2054, Call 12/31/2034<sup>3</sup> | 1221885 |
| 1315000 | New York Transportation Development Corp., AGM, 5.50%, 06/30/2044, Call 06/30/2031<sup>3</sup> | 1361792 |
|  | Onondaga Civic Development Corp. |  |
| 235000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2040, Call 08/2/2025 | 234640 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2045, Call 08/2/2025 | 476993 |
|  | Port Authority of New York & New Jersey |  |
| 4535000 | &nbsp;&nbsp;&nbsp;5.00%, 10/15/2041, Call 10/15/2025 | 4541302 |
| 3000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2048, Call 12/1/2033<sup>3</sup> | 3015999 |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/15/2050, Call 07/15/2030<sup>3</sup> | 1263189 |
| 375000 | Suffolk County Water Authority, 3.00%, 06/1/2045, Call 06/1/2030 | 286643 |
| 1250000 | Town of Hempstead, 2.13%, 06/15/2037, Call 06/15/2029 | 976142 |
|  | Triborough Bridge & Tunnel Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2043, Call 11/15/2033 | 1040793 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2045, Call 11/15/2025 | 1502723 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 05/15/2052, Call 11/15/2032 | 1046027 |
|  | Triborough Bridge & Tunnel Authority Sales Tax Revenue |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2054, Call 05/15/2034 | 1018687 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 05/15/2064, Call 05/15/2034 | 1031403 |
| 970000 | TSASC, Inc., 5.00%, 06/1/2045, Call 06/1/2027 | 855010 |
| 500000 | Utility Debt Securitization Authority, 5.00%, 12/15/2041, Call 06/15/2034 | 538872 |
| 290000 | Yonkers Economic Development Corp., 5.00%, 10/15/2049, Call 10/15/2029 | 265547 |
|  |  | **77021961** |
|  | **NORTH CAROLINA — 0.7%** |  |
| 1650000 | Charlotte-Mecklenburg Hospital Authority, 4.00%, 01/15/2048, Call 07/2/2025<sup>1</sup> | 1650000 |
| 1000000 | City of Charlotte Airport Revenue, 5.00%, 07/1/2042, Call 07/1/2033 | 1050940 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **NORTH CAROLINA (Continued)** |  |
| $750000 | Columbus County Industrial Facilities & Pollution Control Financing Authority, 4.20%, 05/1/2034 | $756926 |
| 1000000 | Greater Asheville Regional Airport Authority, AGM, 5.50%, 07/1/2052, Call 07/1/2032<sup>3</sup> | 1027830 |
|  | North Carolina Housing Finance Agency |  |
| 720000 | &nbsp;&nbsp;&nbsp;3.85%, 07/1/2038, Call 07/1/2027 | 668716 |
| 340000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2048, Call 07/1/2027 | 341032 |
| 1760000 | North Carolina Housing Finance Agency, GNMA/FNMA/FHLMC, 3.00%, 07/1/2051, Call 01/1/2030 | 1737206 |
| 715000 | North Carolina Medical Care Commission, 4.00%, 09/1/2046, Call 09/1/2028 | 576598 |
| 765000 | Town of Apex, 2.00%, 06/1/2033, Call 06/1/2030 | 668546 |
|  |  | **8477794** |
|  | **NORTH DAKOTA — 0.4%** |  |
| 1000000 | City of Horace, 5.00%, 05/1/2050, Call 05/1/2033 | 948901 |
| 200000 | County of Burleigh, 4.38%, 04/15/2026 | 199225 |
| 2000000 | County of Ward, 5.00%, 06/1/2053, Call 06/1/2028 | 1816782 |
| 1120000 | North Dakota Housing Finance Agency, 3.00%, 01/1/2052, Call 07/1/2030 | 1104815 |
|  |  | **4069723** |
|  | **OHIO — 1.6%** |  |
| 3000000 | Buckeye Tobacco Settlement Financing Authority, 5.00%, 06/1/2055, Call 06/1/2030 | 2561227 |
| 435000 | City of Akron, 5.00%, 12/1/2026 | 439714 |
| 2000000 | City of Chillicothe, 5.00%, 12/1/2047, Call 12/1/2027 | 1964674 |
| 1000000 | City of Middleburg Heights, 4.00%, 08/1/2041, Call 08/1/2031 | 899686 |
| 710000 | Cleveland-Cuyahoga County Port Authority, 5.00%, 12/1/2037, Call 12/1/2027 | 711160 |
| 500000 | Columbus Regional Airport Authority, 5.25%, 01/1/2041, Call 01/1/2035<sup>3</sup> | 523997 |
|  | County of Hamilton |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2041 | 1074277 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 09/15/2045, Call 03/15/2030 | 1931175 |
| 1880000 | County of Miami, 5.00%, 08/1/2049, Call 08/1/2028 | 1842236 |
| 500000 | County of Tuscarawas, 6.00%, 03/1/2045, Call 08/2/2025 | 474591 |
| 2330000 | Indian Creek Local School District, School District Credit Program, 5.00%, 11/1/2055, Call 11/1/2028 | 2331953 |
| 1500000 | Ohio Air Quality Development Authority, 5.00%, 07/1/2049, Call 07/1/2029<sup>3 4</sup> | 1330661 |
| 980000 | Ohio Housing Finance Agency, 4.65%, 09/1/2054, Call 09/1/2033 | 929120 |
| 1000000 | Yellow Springs Exempt Village School District, BAM, 5.50%, 12/1/2060, Call 12/1/2030 | 1036848 |
|  |  | **18051319** |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **OKLAHOMA — 0.6%** |  |
| $1000000 | Garfield County Educational Facilities Authority, 5.00%, 09/1/2031, Call 09/1/2026 | $1017512 |
| 1040000 | Muskogee Industrial Trust, 4.00%, 09/1/2032, Call 09/1/2029 | 1035688 |
| 1000000 | Oklahoma City Airport Trust, 5.00%, 07/1/2043, Call 07/1/2028<sup>3</sup> | 998681 |
| 2000000 | Oklahoma Development Finance Authority, AGM, 4.00%, 08/15/2048, Call 08/15/2028 | 1748958 |
| 1000000 | Oklahoma Housing Finance Agency, GNMA/FNMA/FHLMC, 6.25%, 09/1/2056, Call 03/1/2033 | 1120447 |
| 750000 | Tulsa Municipal Airport Trust Trustees, 6.25%, 12/1/2035<sup>3</sup> | 829146 |
| 570000 | University of Oklahoma, BAM, 4.13%, 07/1/2054, Call 07/1/2034 | 519305 |
|  |  | **7269737** |
|  | **OREGON — 0.2%** |  |
| 1000000 | Medford Hospital Facilities Authority, 4.00%, 08/15/2039, Call 08/15/2030 | 946462 |
|  | Oregon State Facilities Authority |  |
| 45000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2046, Call 10/1/2026 | 46198 |
| 720000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2046, Call 10/1/2026 | 701410 |
| 450000 | Port of Portland Airport Revenue, 4.00%, 07/1/2040, Call 07/1/2030 | 435933 |
|  |  | **2130003** |
|  | **PENNSYLVANIA — 3.2%** |  |
| 1500000 | Allegheny County Airport Authority, 5.50%, 01/1/2048, Call 01/1/2033<sup>3</sup> | 1556757 |
| 3000000 | Allegheny County Airport Authority, AGM, 4.00%, 01/1/2056, Call 01/1/2031<sup>3</sup> | 2460173 |
| 305000 | Allegheny County Higher Education Building Authority, 5.00%, 10/15/2037, Call 10/15/2027 | 319353 |
| 95000 | Allegheny County Industrial Development Authority, 6.00%, 07/15/2038, Call 07/23/2025 | 95085 |
|  | Allentown Neighborhood Improvement Zone Development Authority |  |
| 250000 | &nbsp;&nbsp;&nbsp;5.00%, 05/1/2042, Call 05/1/2032 | 252833 |
| 200000 | &nbsp;&nbsp;&nbsp;5.25%, 05/1/2042, Call 05/1/2031<sup>4</sup> | 194276 |
| 1000000 | City of Philadelphia Airport Revenue, 4.00%, 07/1/2040, Call 07/1/2030<sup>3</sup> | 920729 |
| 1825000 | Commonwealth Financing Authority, 5.00%, 06/1/2034, Call 06/1/2028 | 1881860 |
| 1000000 | Commonwealth Financing Authority, AGM, 4.00%, 06/1/2039, Call 06/1/2028 | 935336 |
| 1000000 | County of Allegheny, 5.00%, 11/1/2041, Call 11/1/2026 | 1012749 |
| 315000 | Delaware Valley Regional Finance Authority, 5.75%, 07/1/2032 | 363370 |
| 1000000 | DuBois Hospital Authority, BAM, 4.00%, 07/15/2043, Call 01/15/2028 | 890669 |
| 265000 | East Hempfield Township Industrial Development Authority, 5.00%, 12/1/2039, Call 12/1/2025 | 265021 |
| 500000 | Luzerne County Industrial Development Authority, AG, 5.00%, 12/15/2027, Call 12/15/2025 | 503333 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **PENNSYLVANIA (Continued)** |  |
| $650000 | Montgomery County Higher Education & Health Authority, 5.00%, 09/1/2037, Call 09/1/2028 | $665362 |
|  | Pennsylvania Economic Development Financing Authority |  |
| 300000 | &nbsp;&nbsp;&nbsp;10.00%, 12/1/2040<sup>3 4 5</sup> | 284922 |
| 300000 | &nbsp;&nbsp;&nbsp;10.00%, 12/1/2040<sup>4 5</sup> | 280875 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 04/15/2045, Call 04/15/2030 | 875623 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.10%, 08/1/2045<sup>1 3</sup> | 1000261 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 05/15/2048, Call 05/15/2033 | 857326 |
| 500000 | Pennsylvania Economic Development Financing Authority Parking System Revenue, AGM, 5.00%, 01/1/2040, Call 01/1/2032 | 510578 |
| 1500000 | Pennsylvania Economic Development Financing Authority, AGM, 5.75%, 12/31/2062, Call 12/31/2032<sup>3</sup> | 1557283 |
| 625000 | Pennsylvania Higher Education Assistance Agency, 4.75%, 06/1/2046, Call 06/1/2034<sup>3</sup> | 615883 |
| 1000000 | Pennsylvania Higher Educational Facilities Authority, 5.50%, 11/1/2054, Call 11/1/2034 | 1028626 |
| 1980000 | Pennsylvania Housing Finance Agency, 4.60%, 10/1/2049, Call 10/1/2032 | 1885936 |
|  | Pennsylvania Turnpike Commission |  |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2037, Call 12/1/2027 | 2049361 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2040, Call 06/1/2033 | 1049549 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2041, Call 06/1/2026 | 497916 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2043, Call 12/1/2028 | 1006374 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2045, Call 12/1/2030 | 903557 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2047, Call 12/1/2027 | 1002947 |
| 500000 | &nbsp;&nbsp;&nbsp;5.25%, 12/1/2052, Call 12/1/2032 | 514231 |
|  | Philadelphia Authority for Industrial Development |  |
| 850000 | &nbsp;&nbsp;&nbsp;4.00%, 11/1/2037, Call 11/1/2029 | 801238 |
| 1000000 | &nbsp;&nbsp;&nbsp;6.60%, 11/1/2047, Call 11/1/2027 | 823992 |
| 500000 | &nbsp;&nbsp;&nbsp;5.50%, 07/1/2053, Call 07/1/2034 | 527348 |
| 1140000 | Philadelphia Gas Works Co., AGM, 4.00%, 08/1/2045, Call 08/1/2030 | 1031103 |
| 1000000 | School District of Philadelphia, BAM-TCRS ST AID WITHHLDG, 4.00%, 09/1/2041, Call 09/1/2031 | 939199 |
|  | School District of Philadelphia, SAW |  |
| 5000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2038, Call 09/1/2026 | 5133 |
| 995000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2038, Call 09/1/2026 | 1011243 |
| 1000000 | Scranton-Lackawanna Health & Welfare Authority, 5.00%, 06/1/2046, Call 06/1/2026 | 824048 |
| 275000 | Susquehanna Area Regional Airport Authority, 5.00%, 01/1/2035, Call 01/1/2028<sup>3</sup> | 275776 |
| 1000000 | Union County Hospital Authority, 5.00%, 08/1/2048, Call 08/1/2025 | 972835 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **PENNSYLVANIA (Continued)** |  |
| $1115000 | Westmoreland County Municipal Authority, BAM, 5.00%, 08/15/2038, Call 08/15/2025 | $1115914 |
| 500000 | Williamsport Area School District, AGM SAW, 4.00%, 03/1/2035, Call 07/23/2025 | 500025 |
|  |  | **37066008** |
|  | **PUERTO RICO — 0.8%** |  |
|  | Commonwealth of Puerto Rico |  |
| 30777 | &nbsp;&nbsp;&nbsp;5.38%, 07/1/2025 | 30777 |
| 61305 | &nbsp;&nbsp;&nbsp;5.63%, 07/1/2027 | 63104 |
| 1060310 | &nbsp;&nbsp;&nbsp;5.63%, 07/1/2029 | 1118904 |
| 1558579 | &nbsp;&nbsp;&nbsp;5.75%, 07/1/2031 | 1682149 |
| 55548 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2033, Call 07/1/2031 | 54236 |
| 71485 | &nbsp;&nbsp;&nbsp;0.00%, 07/1/2033, Call 07/1/2031 | 49507 |
| 49930 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2035, Call 07/1/2031 | 48120 |
| 42853 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2037, Call 07/1/2031 | 40870 |
| 229812 | &nbsp;&nbsp;&nbsp;0.00%, 11/1/2043<sup>1</sup> | 141621 |
| 2000000 | Puerto Rico Electric Power Authority, 5.00%, 07/1/2042, Call 08/2/2025<sup>5</sup> | 975000 |
|  | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue |  |
| 1125000 | &nbsp;&nbsp;&nbsp;4.33%, 07/1/2040, Call 07/1/2028 | 1056753 |
| 4300000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2058, Call 07/1/2028 | 4048853 |
|  |  | **9309894** |
|  | **RHODE ISLAND — 0.2%** |  |
| 1535000 | Rhode Island Commerce Corp., 5.00%, 07/1/2041, Call 07/1/2026 | 1536182 |
| 615000 | Rhode Island Health and Educational Building Corp., 4.00%, 11/1/2050, Call 11/1/2031 | 512724 |
| 500000 | Rhode Island Housing & Mortgage Finance Corp., GNMA, 5.00%, 04/1/2049, Call 04/1/2033 | 498695 |
|  |  | **2547601** |
|  | **SOUTH CAROLINA — 1.1%** |  |
| 1000000 | Charleston County Airport District, 5.25%, 07/1/2049, Call 07/1/2034<sup>3</sup> | 1017651 |
| 2000000 | Lexington County Health Services District, Inc., 5.00%, 11/1/2041, Call 05/1/2026 | 2000814 |
| 500000 | Patriots Energy Group Financing Agency, 5.25%, 10/1/2054, Call 05/1/2031<sup>1</sup> | 528759 |
|  | South Carolina Jobs-Economic Development Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;6.00%, 02/1/2035, Call 08/2/2025<sup>3 4 5</sup> | 45000 |
| 250000 | &nbsp;&nbsp;&nbsp;5.50%, 11/15/2044, Call 11/15/2034 | 248220 |
| 2000000 | South Carolina Ports Authority, 5.00%, 07/1/2038, Call 07/1/2028<sup>3</sup> | 2028175 |
|  | South Carolina Public Service Authority |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5.75%, 12/1/2047, Call 12/1/2032 | 1596885 |
| 730000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2055, Call 07/23/2025 | 728816 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **SOUTH CAROLINA (Continued)** |  |
| $1015000 | &nbsp;&nbsp;&nbsp;5.25%, 12/1/2055, Call 12/1/2025 | $1015820 |
| 3000000 | University of South Carolina, 5.00%, 05/1/2043, Call 05/1/2027 | 3013523 |
|  |  | **12223663** |
|  | **SOUTH DAKOTA — 0.1%** |  |
| 1235000 | South Dakota Health & Educational Facilities Authority, 5.00%, 11/1/2045, Call 11/1/2025 | 1222030 |
|  | **TENNESSEE — 0.7%** |  |
| 1000000 | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, 5.25%, 05/1/2053, Call 05/1/2033 | 997402 |
| 1000000 | Metropolitan Government Nashville & Davidson County Sports Authority, AGM, 5.25%, 07/1/2056, Call 01/1/2034 | 1025481 |
|  | Metropolitan Nashville Airport Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 07/1/2039, Call 07/1/2032<sup>3</sup> | 1067267 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2047, Call 07/1/2032<sup>3</sup> | 1012411 |
|  | Tennergy Corp. |  |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2051, Call 06/1/2028<sup>1</sup> | 1508888 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 10/1/2053, Call 09/1/2030<sup>1</sup> | 1050034 |
| 1000000 | Tennessee Energy Acquisition Corp., 5.63%, 09/1/2026 | 1018037 |
|  |  | **7679520** |
|  | **TEXAS — 6.7%** |  |
| 85000 | Arlington Higher Education Finance Corp., 5.00%, 08/15/2048, Call 08/15/2027 | 75564 |
| 1000000 | Austin Community College District, 5.25%, 08/1/2053, Call 08/1/2033 | 1035476 |
| 320000 | Austin Convention Enterprises, Inc., 5.00%, 01/1/2034, Call 01/1/2027 | 320808 |
|  | Central Texas Regional Mobility Authority |  |
| 1070000 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2027 | 1017930 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2043, Call 01/1/2028 | 2012536 |
|  | Central Texas Turnpike System |  |
| 2310000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2038, Call 08/15/2034 | 2478326 |
| 900000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2042, Call 08/15/2034 | 931792 |
| 1125000 | City of Aubrey, AGC, 4.00%, 02/15/2049, Call 02/15/2034 | 989345 |
| 1000000 | City of Austin Airport System Revenue, 5.00%, 11/15/2035, Call 11/15/2026<sup>3</sup> | 1006257 |
| 500000 | City of Beaumont Waterworks & Sewer System Revenue, BAM, 5.00%, 09/1/2049, Call 09/1/2033 | 508890 |
| 1670000 | City of Bryan, 2.50%, 08/15/2043, Call 02/15/2029 | 1132244 |
| 1400000 | City of Dallas Waterworks & Sewer System Revenue, 4.00%, 10/1/2043, Call 10/1/2033 | 1266908 |
| 1000000 | City of El Paso, 5.00%, 08/15/2036, Call 08/15/2026 | 1012471 |
| 1255000 | City of Garland Electric Utility System Revenue, 4.00%, 03/1/2038, Call 03/1/2031 | 1248808 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **TEXAS (Continued)** |  |
| $250000 | City of Hackberry, 4.50%, 09/1/2038, Call 09/1/2027 | $233645 |
| 1000000 | City of Houston, 4.00%, 03/1/2033, Call 03/1/2027 | 1006145 |
|  | City of Houston Airport System Revenue |  |
| 750000 | &nbsp;&nbsp;&nbsp;5.00%, 07/15/2035, Call 08/2/2025<sup>3</sup> | 749954 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 07/15/2038, Call 07/15/2034<sup>3</sup> | 1029386 |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/15/2041, Call 07/15/2029<sup>3</sup> | 1303054 |
| 1125000 | City of Houston Airport System Revenue, AGM, 4.50%, 07/1/2053, Call 07/1/2033<sup>3</sup> | 1030252 |
| 1000000 | City of Pflugerville, 4.00%, 08/1/2049, Call 08/1/2032 | 879294 |
| 1000000 | City of San Antonio Electric & Gas Systems Revenue, 5.25%, 02/1/2049, Call 08/1/2034 | 1039192 |
| 1000000 | City of San Antonio TX Electric & Gas Systems Revenue, 5.25%, 02/1/2054, Call 02/1/2035 | 1038160 |
| 960000 | City of Uhland, 5.50%, 09/1/2055, Call 09/1/2032<sup>4</sup> | 898398 |
|  | Clifton Higher Education Finance Corp. |  |
| 100000 | &nbsp;&nbsp;&nbsp;4.40%, 12/1/2047, Call 08/2/2025 | 84923 |
| 1500000 | &nbsp;&nbsp;&nbsp;4.60%, 12/1/2049, Call 08/2/2025 | 1295537 |
| 1000000 | Denton Independent School District, 5.00%, 08/15/2053, Call 08/15/2033 | 1014758 |
| 1000000 | Denton Independent School District, PSF, 5.00%, 08/15/2048, Call 08/15/2033 | 1023120 |
| 1250000 | Fort Bend Independent School District, PSF, 4.00%, 08/1/2054<sup>1</sup> | 1273398 |
| 1000000 | Grand Parkway Transportation Corp., 5.00%, 10/1/2038, Call 04/1/2028 | 1025063 |
|  | Harris County Cultural Education Facilities Finance Corp. |  |
| 3000000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2036, Call 10/1/2029 | 2964247 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2050, Call 05/15/2030<sup>1</sup> | 1065757 |
| 750000 | Harris County Flood Control District, 4.00%, 09/15/2043, Call 09/15/2033 | 678460 |
| 1110000 | Harris County Toll Road Authority, 5.00%, 08/15/2043, Call 02/15/2028 | 1121819 |
| 1055000 | Hurst-Euless-Bedford Independent School District, PSF, 4.00%, 08/15/2050, Call 08/15/2034 | 919831 |
|  | Lower Colorado River Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2045, Call 02/15/2032<sup>1</sup> | 1077475 |
| 840000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2050, Call 05/15/2034 | 849032 |
| 500000 | Mission Economic Development Corp., 4.63%, 10/1/2031, Call 07/23/2025<sup>3 4</sup> | 500801 |
| 1055000 | New Caney Independent School District, PSF, 4.00%, 02/15/2049, Call 02/15/2034 | 940674 |
| 2505000 | New Hope Cultural Education Facilities Finance Corp., 5.00%, 07/1/2047, Call 08/2/2025<sup>5</sup> | 2374597 |
|  | New Hope Cultural Education Facilities Finance Corp., AGM |  |
| 375000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2038, Call 07/1/2027 | 379028 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2046, Call 07/23/2025 | 1471697 |
| 2200000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2048, Call 07/1/2027 | 2146758 |
| 750000 | North Fort Bend Water Authority, BAM, 5.00%, 12/15/2030 | 822503 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **TEXAS (Continued)** |  |
| $1000000 | North Texas Municipal Water District Water System Revenue, 5.00%, 09/1/2032, Call 09/1/2025 | $1002362 |
|  | North Texas Tollway Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.13%, 01/1/2039, Call 01/1/2032 | 498287 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.25%, 01/1/2049, Call 01/1/2028 | 857034 |
| 1000000 | Northside Independent School District, 3.45%, 08/15/2037, Call 08/15/2027 | 936170 |
| 1000000 | Northside Independent School District, PSF, 3.55%, 06/1/2050<sup>1</sup> | 1008309 |
|  | Port of Beaumont Navigation District |  |
| 250000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2039, Call 01/1/2032<sup>3 4</sup> | 239267 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2050, Call 08/2/2025<sup>3 4</sup> | 766514 |
| 1000000 | Port of Corpus Christi Authority of Nueces County, 5.00%, 12/1/2036, Call 12/1/2028 | 1036799 |
| 1000000 | Red River Health Facilities Development Corp., 7.25%, 12/15/2047, Call 08/2/2025<sup>5</sup> | 460000 |
| 290000 | SA Energy Acquisition Public Facility Corp., 5.50%, 08/1/2027 | 299161 |
| 1365000 | San Antonio Independent School District, PSF, 5.00%, 08/15/2048, Call 08/15/2025 | 1366695 |
|  | San Antonio Water System |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2043, Call 05/15/2028 | 1009784 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 05/15/2052, Call 05/15/2032 | 1027101 |
| 750000 | Spring Independent School District, PSF, 5.00%, 08/15/2032, Call 08/15/2025 | 751611 |
| 1000000 | Tarrant County College District, 2.00%, 08/15/2036, Call 08/15/2030 | 768258 |
| 1000000 | Tarrant County Cultural Education Facilities Finance Corp., 5.00%, 11/15/2051, Call 11/15/2032 | 1000919 |
| 1620000 | Texas City Industrial Development Corp., 4.13%, 12/1/2045, Call 08/2/2025 | 1359113 |
|  | Texas Municipal Gas Acquisition & Supply Corp. I |  |
| 555000 | &nbsp;&nbsp;&nbsp;5.25%, 12/15/2025 | 559020 |
| 575000 | &nbsp;&nbsp;&nbsp;6.25%, 12/15/2026 | 590204 |
| 1000000 | Texas Municipal Gas Acquisition & Supply Corp. V, 5.00%, 01/1/2055, Call 07/1/2033<sup>1</sup> | 1063652 |
|  | Texas Private Activity Bond Surface Transportation Corp. |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 12/31/2037, Call 12/31/2029 | 483353 |
| 2500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/30/2058, Call 06/30/2029<sup>3</sup> | 2391105 |
| 4000000 | Texas Public Finance Authority, 4.00%, 02/1/2037, Call 02/1/2029 | 3967843 |
| 1125000 | Texas Transportation Commission, 0.00%, 08/1/2040, Call 02/1/2029 | 543280 |
|  | Texas Water Development Board |  |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 10/15/2037, Call 10/15/2027 | 1468998 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2038, Call 08/1/2030 | 1961726 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/15/2047, Call 10/15/2032 | 511164 |
|  | Town of Westlake |  |
| 50000 | &nbsp;&nbsp;&nbsp;5.50%, 09/1/2025 | 50138 |
| 175000 | &nbsp;&nbsp;&nbsp;6.13%, 09/1/2035, Call 09/1/2025 | 173925 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **TEXAS (Continued)** |  |
| $1000000 | Trinity River Authority Denton Creek Wastewater Treatment System Revenue, 4.00%, 02/1/2044, Call 02/1/2034 | $898957 |
| 1200000 | Uptown Development Authority, 5.00%, 09/1/2036, Call 09/1/2026 | 1204773 |
|  |  | **77529835** |
|  | **UTAH — 0.8%** |  |
| 1000000 | City of Salt Lake City Airport Revenue, BAM, 4.00%, 07/1/2039, Call 07/1/2031<sup>3</sup> | 946086 |
| 1500000 | County of Utah, 4.00%, 05/15/2045, Call 08/2/2025 | 1338059 |
| 2000000 | Downtown Revitalization Public Infrastructure District, AG, 5.50%, 06/1/2050, Call 06/1/2035 | 2109893 |
|  | Intermountain Power Agency |  |
| 995000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2034, Call 07/1/2031 | 1067675 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2045, Call 07/1/2032 | 1026574 |
| 500000 | MIDA Mountain Veterans Program Public Infrastructure District, 5.20%, 06/1/2054, Call 06/1/2029<sup>4</sup> | 466213 |
| 1000000 | Salt Lake City Corp. Airport Revenue, 5.25%, 07/1/2048, Call 07/1/2028<sup>3</sup> | 1001888 |
|  | Utah Charter School Finance Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.50%, 07/15/2027<sup>4</sup> | 497527 |
| 500000 | &nbsp;&nbsp;&nbsp;5.38%, 06/15/2048, Call 06/15/2027<sup>4</sup> | 439289 |
|  |  | **8893204** |
|  | **VIRGIN ISLANDS — 0.1%** |  |
| 1000000 | Matching Fund Special Purpose Securitization Corp., 5.00%, 10/1/2039, Call 10/1/2032 | 982501 |
|  | **VIRGINIA — 0.8%** |  |
| 2090000 | Albemarle County Economic Development Authority, 3.95%, 10/1/2048, Call 07/2/2025<sup>1</sup> | 2090000 |
| 715000 | Celebrate North Community Development Authority, 4.69%, 03/1/2018<sup>5</sup> | 450450 |
| 1000000 | Chesapeake Bay Bridge & Tunnel District, 5.00%, 07/1/2046, Call 07/1/2026 | 988271 |
| 1000000 | Fairfax County Industrial Development Authority, 5.00%, 05/15/2051, Call 05/15/2034 | 1023360 |
| 1000000 | Roanoke Economic Development Authority, 5.00%, 07/1/2047 | 1045434 |
| 405000 | Virginia Beach Development Authority, 7.00%, 09/1/2053, Call 09/1/2030 | 443287 |
|  | Virginia Small Business Financing Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2040, Call 01/1/2032<sup>3</sup> | 454911 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/31/2047, Call 12/31/2032<sup>3</sup> | 500390 |
| 1750000 | &nbsp;&nbsp;&nbsp;5.00%, 12/31/2052, Call 06/30/2027<sup>3</sup> | 1654257 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/31/2056, Call 06/30/2027<sup>3</sup> | 936862 |
|  |  | **9587222** |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **WASHINGTON — 2.2%** |  |
| $1325000 | Grant County Public Hospital District No. 2, 5.00%, 12/1/2038, Call 12/1/2032 | $1328741 |
| 250000 | Jefferson County Public Hospital District No. 2, 6.63%, 12/1/2043, Call 12/1/2030 | 252608 |
| 2215000 | King County School District No. 210 Federal Way, School Bond Gty, 4.00%, 12/1/2033, Call 12/1/2027 | 2240611 |
| 1560000 | King County School District No. 406 Tukwila, School Bond Gty, 4.00%, 12/1/2031, Call 06/1/2026 | 1567564 |
|  | Port of Seattle |  |
| 750000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2041, Call 07/1/2034<sup>3</sup> | 777754 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2043, Call 07/1/2034<sup>3</sup> | 1542105 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2044, Call 04/1/2029<sup>3</sup> | 1485844 |
| 2500000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2047, Call 08/1/2032<sup>3</sup> | 2486837 |
| 330000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2048, Call 06/1/2034<sup>3</sup> | 334460 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2049, Call 07/1/2034<sup>3</sup> | 1024934 |
| 1360000 | Port of Tacoma, 5.00%, 12/1/2031<sup>3</sup> | 1474650 |
|  | State of Washington |  |
| 1710000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2043, Call 07/1/2029 | 1739013 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2044, Call 07/1/2029 | 1518958 |
| 145000 | Tacoma Consolidated Local Improvement Districts, 5.75%, 04/1/2043, Call 07/18/2025 | 141940 |
| 1000000 | Three Rivers Regional Wastewater Authority, BAM, 4.13%, 09/1/2044, Call 03/1/2034 | 934257 |
|  | Washington Health Care Facilities Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2032, Call 08/15/2027 | 506493 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2038, Call 08/1/2029 | 509514 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2041, Call 08/2/2025 | 1000004 |
|  | Washington State Convention Center Public Facilities District |  |
| 1210000 | &nbsp;&nbsp;&nbsp;3.00%, 07/1/2043, Call 07/1/2031 | 918800 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2058, Call 07/1/2028 | 956442 |
| 1550000 | &nbsp;&nbsp;&nbsp;3.00%, 07/1/2058, Call 07/1/2031 | 973026 |
| 746990 | Washington State Housing Finance Commission, 4.09%, 03/20/2040<sup>1</sup> | 702097 |
| 1000000 | Yakima County School District No. 208 West Valley, School Bond Gty, 4.00%, 12/1/2034, Call 12/1/2028 | 1014964 |
|  |  | **25431616** |
|  | **WEST VIRGINIA — 0.3%** |  |
| 1000000 | Monongalia County Commission Special District, 5.50%, 06/1/2037, Call 06/1/2027<sup>4</sup> | 1009129 |
| 150000 | West Virginia Economic Development Authority, 5.45%, 01/1/2055, Call 03/27/2030<sup>1 3 4</sup> | 153100 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **WEST VIRGINIA (Continued)** |  |
| $750000 | West Virginia Hospital Finance Authority, 6.00%, 09/1/2048, Call 09/1/2033 | $803813 |
| 1000000 | West Virginia Parkways Authority, 5.00%, 06/1/2037, Call 06/1/2028 | 1032210 |
|  |  | **2998252** |
|  | **WISCONSIN — 1.4%** |  |
| 1000000 | Milwaukee Metropolitan Sewerage District, 4.00%, 10/1/2043, Call 10/1/2031 | 924917 |
|  | Public Finance Authority |  |
| 415000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2027, Call 08/2/2025 | 414667 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.30%, 11/1/2030, Call 05/1/2026<sup>3</sup> | 1992015 |
| 535000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2037, Call 08/2/2025 | 534975 |
| 1000000 | &nbsp;&nbsp;&nbsp;6.50%, 12/1/2037, Call 12/1/2027<sup>4</sup> | 950000 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2039, Call 06/15/2026<sup>4</sup> | 448844 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2041, Call 06/1/2029<sup>4</sup> | 496234 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 02/1/2042, Call 02/1/2032 | 502434 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2042, Call 08/2/2025<sup>3</sup> | 989571 |
| 165000 | &nbsp;&nbsp;&nbsp;6.00%, 07/15/2042, Call 07/23/2025 | 165058 |
| 450000 | &nbsp;&nbsp;&nbsp;5.50%, 03/1/2045, Call 07/18/2025<sup>4</sup> | 450009 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.63%, 07/1/2045, Call 07/18/2025<sup>4</sup> | 979614 |
| 345000 | &nbsp;&nbsp;&nbsp;6.38%, 01/1/2048, Call 01/1/2028<sup>1 4 5</sup> | 155250 |
| 500000 | &nbsp;&nbsp;&nbsp;6.25%, 06/15/2048, Call 06/15/2033<sup>4</sup> | 489826 |
| 194116 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2051<sup>5</sup> | 130621 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2064, Call 06/15/2032 | 465291 |
|  | Public Finance Authority, ACA |  |
| 7186 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2046<sup>4 5</sup> | 228 |
| 7085 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2047<sup>4 5</sup> | 207 |
| 7034 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2048<sup>4 5</sup> | 193 |
| 6984 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2049<sup>4 5</sup> | 179 |
| 6882 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2050<sup>4 5</sup> | 163 |
| 7540 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2051<sup>4 5</sup> | 168 |
| 7490 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2052<sup>4 5</sup> | 155 |
| 7388 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2053<sup>4 5</sup> | 144 |
| 7338 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2054<sup>4 5</sup> | 134 |
| 7237 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2055<sup>4 5</sup> | 124 |
| 7135 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2056<sup>4 5</sup> | 116 |
| 7085 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2057<sup>4 5</sup> | 108 |
| 6984 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2058<sup>4 5</sup> | 100 |
| 6933 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2059<sup>4 5</sup> | 94 |
| 6882 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2060<sup>4 5</sup> | 87 |
| 6781 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2061<sup>4 5</sup> | 81 |
| 6730 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2062<sup>4 5</sup> | 75 |
| 6629 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2063<sup>4 5</sup> | 70 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **WISCONSIN (Continued)** |  |
| $6579 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2064<sup>4 5</sup> | $66 |
| 6528 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2065<sup>4 5</sup> | 61 |
| 6427 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2066<sup>4 5</sup> | 56 |
| 83706 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2067<sup>4 5</sup> | 658 |
| 500000 | Public Finance Authority, BAM, 5.38%, 07/1/2047, Call 07/1/2032 | 507498 |
| 1000000 | University of Wisconsin Hospitals & Clinics, 5.00%, 04/1/2043, Call 10/1/2028 | 1009495 |
| 3000000 | Village of Mount Pleasant, MORAL OBLIG, 5.00%, 04/1/2048, Call 04/1/2028 | 3009867 |
| 500000 | Wisconsin Center District, AGM MORAL OBLIG, 0.00%, 12/15/2045, Call 12/15/2030 | 183225 |
| 1000000 | Wisconsin Health & Educational Facilities Authority, 4.00%, 12/1/2046, Call 12/1/2031 | 881219 |
| 1000000 | Wisconsin Housing & Economic Development Authority Home Ownership Revenue, GNMA/FNMA/FHLMC, 4.38%, 09/1/2044, Call 03/1/2033 | 963082 |
|  |  | **16646979** |
|  | **WYOMING — 0.1%** |  |
| 840000 | Wyoming Community Development Authority, GNMA/FHLMC/FNMA COLL, 3.00%, 06/1/2050, Call 12/1/2030 | 830365 |
|  | **TOTAL MUNICIPAL BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $928,076,591) | **895909109** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **EXCHANGE-TRADED FUNDS — 6.1%** |  |
| 670465 | iShares National Muni Bond ETF | $70050183 |
| 14200 | VanEck CEF Muni Income ETF | 298058 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $70,278,858) | **70348241** |
|  | **CLOSED-END MUTUAL FUNDS — 0.7%** |  |
| 10127 | BlackRock Long-Term Municipal Advantage Trust | 92865 |
| 783 | BlackRock MuniAssets Fund, Inc. | 8143 |
| 2541 | BlackRock Municipal Credit Alpha Portfolio, Inc. - Class Institutional | 32347 |
| 1273 | BlackRock Municipal Income Trust - Class USD INC | 12208 |
| 14824 | BlackRock MuniHoldings Fund, Inc. | 166029 |
| 1410 | BlackRock MuniHoldings New Jersey Quality Fund, Inc. | 15440 |
| 4548 | BlackRock MuniHoldings Quality Fund II, Inc. | 43570 |
| 38365 | BlackRock MuniVest Fund, Inc. | 252442 |
| 10448 | BlackRock MuniYield Quality Fund II, Inc. | 100719 |
| 26617 | BlackRock MuniYield Quality Fund, Inc. | 295715 |
| 127431 | BNY Mellon Strategic Municipal Bond Fund, Inc. | 713614 |
| 34014 | BNY Mellon Strategic Municipals, Inc. | 201363 |
| 11444 | DTF Tax-Free Income 2028 Term Fund, Inc. | 128058 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **CLOSED-END MUTUAL FUNDS (Continued)** |  |
| 66923 | DWS Municipal Income Trust | $591599 |
| 362 | Eaton Vance Municipal Bond Fund | 3501 |
| 34009 | Invesco Advantage Municipal Income Trust II | 284655 |
| 5070 | Invesco Municipal Income Opportunities Trust | 29152 |
| 26598 | Invesco Municipal Opportunity Trust | 244170 |
| 29760 | Invesco Municipal Trust | 272304 |
| 10700 | Invesco Quality Municipal Income Trust | 100366 |
| 20110 | Invesco Trust for Investment Grade Municipals | 190844 |
| 12605 | Invesco Value Municipal Income Trust | 146722 |
| 13218 | Neuberger Berman Municipal Fund, Inc. | 129933 |
| 21460 | Nuveen AMT-Free Municipal Credit Income Fund | 256018 |
| 21738 | Nuveen AMT-Free Quality Municipal Income Fund | 237379 |
| 20085 | Nuveen California Quality Municipal Income Fund | 224349 |
| 36371 | Nuveen Municipal Credit Income Fund | 433542 |
| 51 | Nuveen New York AMT-Free Quality Municipal Income Fund | 505 |
| 15085 | Nuveen Quality Municipal Income Fund | 170310 |
| 18314 | PIMCO Municipal Income Fund III | 125634 |
| 37184 | Pioneer Municipal High Income Advantage Fund, Inc. | 308627 |
| 113738 | Pioneer Municipal High Income Fund, Inc. | 1041840 |
| 86507 | Western Asset Managed Municipals Fund, Inc. | 856419 |
|  | **TOTAL CLOSED-END MUTUAL FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $9,787,647) | **7710382** |
|  | **OPEN-END MUTUAL FUND — 0.0%<sup>6</sup>** |  |
| 29562 | BNY Mellon AMT-Free Municipal Bond Fund | 382532 |
|  | **TOTAL OPEN-END MUTUAL FUND** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $488,661) | **382532** |
|  | **PRIVATE FUNDS<sup>7</sup> — 10.6%** |  |
|  | MacKay Municipal Credit Opportunities Fund, LP - Class A<sup>\* 8</sup> | 24149004 |
|  | MacKay Municipal Opportunities Fund, LP - Class A<sup>\* 9</sup> | 97811960 |
|  | **TOTAL PRIVATE FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $97,715,054) | **121960964** |
|  | **SHORT-TERM INVESTMENTS — 2.8%** |  |
| 24830473 | BlackRock MuniCash - Institutional Shares, 2.13%<sup>10</sup> | 24832956 |
| 7600078 | JPMorgan Prime Money Market Fund - Institutional Shares, 4.28%<sup>10</sup> | 7602358 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $32,434,612) | **32435314** |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  | Value |
| **TOTAL INVESTMENTS — 98.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,138,781,423) | $**1128746542** |
| Other assets less liabilities — 2.0% | 22912051 |
| **TOTAL NET ASSETS — 100.0%** | $**1151658593** |

---

<sup>\*</sup> Non-income producing security.

<sup>1</sup> Term rate bond subject to mandatory purchase at the end of the initial term, which then may be converted into another term or interest rate. The rate is the coupon as of the end of the reporting period.

<sup>2</sup> Floating rate security.

<sup>3</sup> Security may be exempt from Alternative Minimum Tax.

<sup>4</sup> Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of June 30, 2025, the aggregate fair value of these investments is $55,144,311 or 4.8% of the Fund's net assets.

<sup>5</sup> Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.

<sup>6</sup> Rounds to less than 0.05%.

<sup>7</sup> The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale. As of June 30, 2025, the aggregate fair value of these investments is $121,960,964 or 10.6% of the Fund's net assets.

<sup>8</sup> The investment was acquired on 3/1/2016. The cost is $16,811,394.

<sup>9</sup> The investment was acquired on 3/1/2016. The cost is $80,903,660.

<sup>10</sup> The rate is the annualized seven-day yield at period end.

AGC — Assured Guaranty Corporation

AGM — Assured Guaranty Municipal

AMBAC — American Municipal Bond Assurance Corporation

BAM — Build America Mutual Assurance Company

ETF — Exchange-Traded Fund

FHA — Federal Housing Administration

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

LP — Limited Partnership

NATL — National Public Finance Guarantee Corporation

NATL-RE — National Rural Utilities Cooperative Finance Corporation Reinsurance

OBLG — Obligation

PSF — Permanent School Fund Guaranteed

SAW — State Aid Withholding

SIFMA — Securities Industry and Financial Markets Association

ST RES FD GTY — State Resource Fund Guaranty

**ASPIRIANT RISK-MANAGED TAXABLE BOND FUND**

**SCHEDULE OF INVESTMENTS**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **OPEN-END MUTUAL FUNDS — 86.0%** |  |
|  | **CORE — 79.0%** |  |
| 4355404 | DoubleLine Total Return Bond Fund - I Class | $38501770 |
| 4179781 | PIMCO Income Fund - Institutional Class | 45016248 |
| 2565701 | River Canyon Total Return Bond Fund - Institutional Class | 25862264 |
| 3336041 | TCW MetWest Total Return Bond Fund - Plan Class | 28456428 |
| 9007267 | Vanguard Total Bond Market Index Fund - Institutional Class <sup>1</sup> | 87190344 |
|  |  | **225027054** |
|  | **OPPORTUNISTIC — 7.0%** |  |
| 836150 | GMO Emerging Country Debt Fund, Class VI | 17692939 |
| 431123 | Vanguard High-Yield Corporate Fund - Admiral Shares | 2379798 |
|  |  | **20072737** |
|  | **TOTAL OPEN-END MUTUAL FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $255,205,239) | **245099791** |
|  | **EXCHANGE-TRADED FUND — 5.7%** |  |
|  | **CORE — 5.7%** |  |
| 290493 | Vanguard Long-Term Treasury ETF | 16302467 |
|  | **TOTAL EXCHANGE-TRADED FUND** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $17,095,722) | **16302467** |
|  | **NON-TRADED BUSINESS DEVELOPMENT COMPANY — 3.4%** |  |
|  | **OPPORTUNISTIC — 3.4%** |  |
| 380480 | TPG Twin Brook Capital Income Fund - I Class | 9622768 |
|  | **TOTAL NON-TRADED BUSINESS DEVELOPMENT COMPANY** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $9,670,751) | **9622768** |
|  | **PRIVATE FUND<sup>2</sup> — 2.4%** |  |
|  | **OPPORTUNISTIC — 2.4%** |  |
|  | AG Direct Lending Fund IV Annex, LP\* <sup>3</sup> | 6895004 |
|  | **TOTAL PRIVATE FUND** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,046,733) | **6895004** |
|  | **SHORT-TERM INVESTMENT — 2.9%** |  |
| 8137345 | JPMorgan Prime Money Market Fund - Institutional Shares, 4.28%<sup>4</sup> | 8139786 |
|  | **TOTAL SHORT-TERM INVESTMENT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $8,139,047) | **8139786** |
|  | **TOTAL INVESTMENTS — 100.4%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $294,157,492) | **286059816** |
|  | Liabilities in excess of other assets — (0.4)% | (1088527) |
|  | **TOTAL NET ASSETS — 100.0%** | $**284971289** |

---

**ASPIRIANT RISK-MANAGED TAXABLE BOND FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

<sup>\*</sup> Non-income producing security.

<sup>1</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements is available from the SEC's EDGAR database at www.sec.gov.

<sup>2</sup> The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale. As of June 30, 2025, the aggregate fair value of these investments is $6,895,004 or 2.4% of the Fund's net assets.

<sup>3</sup> The investment was acquired on 4/8/2022. The cost is $4,046,733.

<sup>4</sup> The rate is the annualized seven-day yield at period end.

ETF — Exchange-Traded Fund

LP — Limited Partnership

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Aspiriant Trust

- **b. Investment Company Act file number:** 811-22648

- **c. CIK number of Registrant:** 0001534881

- **d. LEI of Registrant:** 549300G6IDUM5FT86W78

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

  - **Street Address 1:** 11100 Santa Monica Boulevard

  - **City:** Los Angeles

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 90025

  - **Telephone number:** 310-806-4000

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

- **a. Name of Series:** Aspiriant Risk-Managed Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000049584

- **c. LEI of Series:** 549300GNL6LF12YYHL49

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**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:** $1147338357.06

**Total Liabilities:** $7115360.40

**Net Assets:** $1140222996.66

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 4761.73799100 | **1-Year:** 51837.38385800 | **5-Year:** 120940.94662400 | **10-Year:** 254953.35796300 | **30-Year:** 154217.98993000

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

- **3-Month:** 290.86361600 | **1-Year:** 842.04084800 | **5-Year:** 4393.20366400 | **10-Year:** 12669.91177300 | **30-Year:** 9660.13818300

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000156767 | -0.76%               | -0.33%               | 0.50%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3419846.28             | $-10355529.61                              |
| Month 2  | $-517404.80              | $-6784249.52                               |
| Month 3  | $-1191540.03             | $4115013.60                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Matching Fund Special Purpose Securitization Corp.                                    | Matching Fund Special Purpose Securitization Corp.                                            | CUSIP: 57665NAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |   1000000 | PA      | $982501.10    | 0.09%             | 2039-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Illinois State Toll Highway Authority                                                 | Illinois State Toll Highway Authority                                                         | CUSIP: 452252PY9<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1779511.00   | 0.16%             | 2046-01-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority, Series 2021A                                                      | CUSIP: 45204FJL0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    600000 | PA      | $572625.54    | 0.05%             | 2037-08-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Port Authority of New York & New Jersey                                               | Port Authority of New York & New Jersey                                                       | CUSIP: 73358W5T7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1263189.45   | 0.11%             | 2050-07-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| City of Houston TX Airport System Revenue                                             | City of Houston TX Airport System Revenue                                                     | CUSIP: 4423487S1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $749954.25    | 0.07%             | 2035-07-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Maryland Economic Development Corp.                                                   | Maryland Economic Development Corp.                                                           | CUSIP: 57420NCV1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $940967.10    | 0.08%             | 2049-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74442EEX4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $448843.95    | 0.04%             | 2039-06-15      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Florida Development Finance Corp.                                                     | Florida Development Finance Corp., Series 2024                                                | CUSIP: 340618DW4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   3125000 | PA      | $3136359.06   | 0.28%             | 2047-07-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Texas Public Finance Authority                                                        | Texas Public Finance Authority                                                                | CUSIP: 882669BM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3967842.80   | 0.35%             | 2037-02-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Puerto Rico Electric Power Authority                                                  | Puerto Rico Electric Power Authority, Series 2013A                                            | CUSIP: 74526YDG7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |   2000000 | PA      | $975000.00    | 0.09%             | 2042-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Black Belt Energy Gas District                                                        | Black Belt Energy Gas District, Series 2024A                                                  | CUSIP: 09182TDL8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    500000 | PA      | $520232.50    | 0.05%             | 2055-05-01      | Variable      | 5.25%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                                    | CUSIP: 45204EEJ3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1859994.10   | 0.16%             | 2046-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| County of Lee FL Airport Revenue                                                      | County of Lee, Series 2024                                                                    | CUSIP: 523470HY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1753772.83   | 0.15%             | 2054-10-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| City of Uhland TX                                                                     | City of Uhland                                                                                | CUSIP: 90352SAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    960000 | PA      | $898398.24    | 0.08%             | 2055-09-01      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| City of Mesa Eastmark Community Facilities District No. 1                             | City of Mesa Eastmark Community Facilities District No 1                                      | CUSIP: 277484BS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    696000 | PA      | $661193.94    | 0.06%             | 2039-07-01      | Fixed         | 5.20%                 | Yes           | 2                  | On Loan: No      |
| Regional Transportation District Sales Tax Revenue                                    | Regional Transportation District Sales Tax Revenue                                            | CUSIP: 759136TH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4024622.80   | 0.35%             | 2041-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                  | Colorado Educational & Cultural Facilities Authority, Series 2025 A1                          | CUSIP: 19645UTS3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1452379.81   | 0.13%             | 2059-02-01      | Fixed         | 6.88%                 | Yes           | 2                  | On Loan: No      |
| New Orleans Aviation Board                                                            | New Orleans Aviation Board                                                                    | CUSIP: 64763HHK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1473907.20   | 0.13%             | 2048-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Indiana Finance Authority                                                             | Indiana Finance Authority                                                                     | CUSIP: 45505VAD8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $971389.70    | 0.09%             | 2030-11-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| California School Finance Authority                                                   | California School Finance Authority                                                           | CUSIP: 13058TLJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50067.64     | 0.00%             | 2036-08-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Main Street Natural Gas, Inc.                                                         | Main Street Natural Gas, Inc., Series 2024 A                                                  | CUSIP: 56035DGT3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057257.50   | 0.09%             | 2054-05-01      | Variable      | 5.00%                 | No            | 2                  | On Loan: No      |
| Maricopa County Pollution Control Corp.                                               | Maricopa County Pollution Control Corp., Series 2010 B                                        | CUSIP: 566854EL5<br>LEI: 549300QPXP6T4Y6I1D83 | Long             | STIV             | MUN               | US        |    625000 | PA      | $602626.50    | 0.05%             | 2043-06-01      | Variable      | 0.88%                 | No            | 2                  | On Loan: No      |
| City of Somerville MA                                                                 | City of Somerville, Series 2020                                                               | CUSIP: 8352405B4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $466793.53    | 0.04%             | 2039-10-15      | Fixed         | 2.12%                 | No            | 2                  | On Loan: No      |
| County of Broward FL Airport System Revenue                                           | County of Broward, Series 2019 A                                                              | CUSIP: 114894YL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1221249.74   | 0.11%             | 2035-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                               | City of Phoenix Civic Improvement Corp., Series 2017 D                                        | CUSIP: 71883MMX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $968740.60    | 0.08%             | 2040-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| San Antonio Water System                                                              | San Antonio Water System                                                                      | CUSIP: 79642GPP1<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027101.50   | 0.09%             | 2052-05-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Great Lakes Water Authority Sewage Disposal System Revenue                            | Great Lakes Water Authority Sewage Disposal System Revenue                                    | CUSIP: 39081HAR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011242.00   | 0.09%             | 2035-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| County of Clark NV                                                                    | County of Clark                                                                               | CUSIP: 181008BD4<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    500000 | PA      | $437754.20    | 0.04%             | 2031-06-01      | Fixed         | 2.10%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                                    | CUSIP: 45204EZA9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504257.80    | 0.04%             | 2034-03-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| UAB Medicine Finance Authority                                                        | UAB Medicine Finance Authority                                                                | CUSIP: 902562CZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2015981.32   | 0.18%             | 2033-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority                                                                    | CUSIP: 59447TMN0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000400.70   | 0.09%             | 2041-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                                    | CUSIP: 45204EY51<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1615352.12   | 0.14%             | 2038-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Turtle Run Community Development District                                             | Turtle Run Community Development District                                                     | CUSIP: 900574BX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $136264.63    | 0.01%             | 2037-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Los Angeles Department of Airports                                            | City of Los Angeles Department of Airports, Series 2018 A                                     | CUSIP: 544445ET2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005456.00   | 0.09%             | 2048-05-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Lansing Board of Water & Light                                                        | Lansing Board of Water & Light, Series 2024 A                                                 | CUSIP: 516391FN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $416020.00    | 0.04%             | 2054-07-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp., Series 2020                                        | CUSIP: 650116CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2489252.00   | 0.22%             | 2040-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                  | New Hope Cultural Education Facilities Finance Corp.                                          | CUSIP: 64542YAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $379027.88    | 0.03%             | 2038-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| County of Harris TX Toll Road Revenue                                                 | County of Harris                                                                              | CUSIP: 41423PAW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1121818.95   | 0.10%             | 2043-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Chicago IL                                                                    | City of Chicago                                                                               | CUSIP: 167486M30<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1899742.10   | 0.17%             | 2034-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Jacksonville Port Authority                                                           | Jacksonville Port Authority                                                                   | CUSIP: 469466FG6<br>LEI: 5493009FOQEHVCVH7742 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2024364.60   | 0.18%             | 2044-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Massachusetts Educational Financing Authority                                         | Massachusetts Educational Financing Authority                                                 | CUSIP: 57563RPF0<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    195000 | PA      | $168322.64    | 0.01%             | 2046-07-01      | Fixed         | 4.25%                 | No            | 2                  | On Loan: No      |
| Jacksonville Public Educational Building Authority                                    | Jacksonville Public Educational Building Authority                                            | CUSIP: 469480AP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2520000 | PA      | $2336232.53   | 0.20%             | 2044-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Kentucky Economic Development Finance Authority                                       | Kentucky Economic Development Finance Authority                                               | CUSIP: 49126PFA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100095.48   | 0.10%             | 2040-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Invesco Quality Municipal Income Trust                                                | Invesco Quality Municipal Income Trust                                                        | CUSIP: 46133G107<br>LEI: WLEGDSEH0E242WVNUY02 | Long             |  | RF                | US        |     10700 | NS      | $100366.00    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Washington State Convention Center Public Facilities District                         | Washington State Convention Center Public Facilities District                                 | CUSIP: 93976ADU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $918800.19    | 0.08%             | 2043-07-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| City of Revere MA                                                                     | City of Revere, Series 2022                                                                   | CUSIP: 761440X76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $449196.65    | 0.04%             | 2047-08-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| North Texas Municipal Water District Water System Revenue                             | North Texas Municipal Water District Water System, Series 2015                                | CUSIP: 662903PX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002362.50   | 0.09%             | 2032-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Florida Higher Educational Facilities Financing Authority                             | Florida Higher Educational Facilities Financing Authority                                     | CUSIP: 34073TKV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $471513.45    | 0.04%             | 2033-06-01      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| County of Miami-Dade FL                                                               | County of Miami-Dade                                                                          | CUSIP: 59333FVE7<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    650000 | PA      | $611789.17    | 0.05%             | 2042-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Texas Water Development Board                                                         | Texas Water Development Board, Series 2022                                                    | CUSIP: 88285ABH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511163.65    | 0.04%             | 2047-10-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Washington Convention & Sports Authority                                              | Washington Convention & Sports Authority                                                      | CUSIP: 93878LCW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $870604.88    | 0.08%             | 2036-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Black Belt Energy Gas District                                                        | Black Belt Energy Gas District, Series 2021 C-2                                               | CUSIP: 09182TAN7<br>LEI: 549300I8V0Z68JQCB679 | Long             | STIV             | MUN               | US        |    500000 | PA      | $493580.10    | 0.04%             | 2052-10-01      | Floating      | 2.27%                 | No            | 2                  | On Loan: No      |
| County of Allegheny PA                                                                | County of Allegheny, Series C-76                                                              | CUSIP: 01728VTH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012748.90   | 0.09%             | 2041-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| State of Nevada Department of Business & Industry                                     | State of Nevada Department of Business & Industry                                             | CUSIP: 25490LAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $595407.69    | 0.05%             | 2035-12-15      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                    | South Carolina Jobs-Economic Development Authority, Series 2024                               | CUSIP: 83704HAL1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    250000 | PA      | $248219.60    | 0.02%             | 2044-11-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Fort Bend Independent School District                                                 | Fort Bend Independent School District, Series 2024B                                           | CUSIP: 346843VT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1273398.25   | 0.11%             | 2054-08-01      | Variable      | 4.00%                 | No            | 2                  | On Loan: No      |
| Main Street Natural Gas, Inc.                                                         | Main Street Natural Gas, Inc., Series 2023E SUB E1                                            | CUSIP: 56035DGB2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2108336.20   | 0.18%             | 2053-12-01      | Variable      | 5.00%                 | No            | 2                  | On Loan: No      |
| California Municipal Finance Authority                                                | California Municipal Finance Authority                                                        | CUSIP: 13048DBH0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    905000 | PA      | $904931.49    | 0.08%             | 2035-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Minneapolis MN                                                                | City of Minneapolis                                                                           | CUSIP: 60375CAV6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |     70000 | PA      | $66335.57     | 0.01%             | 2037-12-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| County of Cook IL Sales Tax Revenue                                                   | County of Cook                                                                                | CUSIP: 213248BD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1246358.76   | 0.11%             | 2033-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Greater Asheville Regional Airport Authority                                          | Greater Asheville Regional Airport Authority                                                  | CUSIP: 39160CAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027829.60   | 0.09%             | 2052-07-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                          | Chicago Board of Education Dedicated Capital Improvement Tax                                  | CUSIP: 167510AK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $181637.44    | 0.02%             | 2037-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Sangamon Logan & Menard Counties Community Unit School Dist No. 15 Williamsville      | Sangamon Logan & Menard Counties Community Unit School Dist No. 15 Williamsville              | CUSIP: 800783FR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $694269.60    | 0.06%             | 2039-12-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority                                                                    | CUSIP: 59447PYP0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1166579.74   | 0.10%             | 2031-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                             | Maryland Health & Higher Educational Facilities Authority, Series 2020 B                      | CUSIP: 5742187N7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $852961.00    | 0.07%             | 2050-04-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| State of Hawaii Airports System Revenue                                               | State of Hawaii Airports System, Series 2025A                                                 | CUSIP: 419794J37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021206.60   | 0.09%             | 2051-07-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Lakeside Community Development District                                               | Lakeside Community Development District                                                       | CUSIP: 51214RAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1671032.90   | 0.15%             | 2035-05-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                  | Colorado Educational & Cultural Facilities Authority                                          | CUSIP: 19645UBG8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    460000 | PA      | $445641.28    | 0.04%             | 2039-10-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74445QCK4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      7135 | PA      | $115.79       | 0.00%             | 2056-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Lee County Industrial Development Authority/FL                                        | Lee County Industrial Development Authority                                                   | CUSIP: 52349EDX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $962685.30    | 0.08%             | 2049-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Omaha Public Power District                                                           | Omaha Public Power District                                                                   | CUSIP: 682001HQ8<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2059622.60   | 0.18%             | 2052-02-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Palomar Health                                                                        | Palomar Health                                                                                | CUSIP: 69753RCW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3593960.50   | 0.32%             | 2032-08-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Texas Municipal Gas Acquisition and Supply Corp. I                                    | Texas Municipal Gas Acquisition and Supply Corp. I                                            | CUSIP: 88256CAS8<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |    555000 | PA      | $559019.75    | 0.05%             | 2025-12-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| iShares National Muni Bond ETF                                                        | iShares National Muni Bond ETF                                                                | CUSIP: 464288414<br>LEI: 549300H21FUYFQW9N157 | Long             |  | RF                | US        |    670465 | NS      | $70050183.20  | 6.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Illinois State Toll Highway Authority                                                 | Illinois State Toll Highway Authority, Series 2015A                                           | CUSIP: 452252KS7<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    625000 | PA      | $624964.75    | 0.05%             | 2040-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd      | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, Series 2023 | CUSIP: 592029CM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997401.80    | 0.09%             | 2053-05-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Grant County Public Hospital District No. 2                                           | Grant County Public Hospital District No. 2                                                   | CUSIP: 387816DA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1328741.27   | 0.12%             | 2038-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Florida Development Finance Corp.                                                     | Florida Development Finance Corp., Series 2024A                                               | CUSIP: 34061XAG7<br>LEI: 549300HC854CNBLMWC48 | Long             | STIV             | MUN               | US        |   1750000 | PA      | $1744507.10   | 0.15%             | 2054-10-01      | Variable      | 4.38%                 | Yes           | 2                  | On Loan: No      |
| Medford Hospital Facilities Authority                                                 | Medford Hospital Facilities Authority                                                         | CUSIP: 584283GY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $946462.30    | 0.08%             | 2039-08-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Lee County Industrial Development Authority/FL                                        | Lee County Industrial Development Authority                                                   | CUSIP: 52349EDW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1982250.80   | 0.17%             | 2044-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Miami-Dade County Industrial Development Authority                                    | Miami-Dade County Industrial Development Authority                                            | CUSIP: 59333ECQ4<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |    630000 | PA      | $630030.43    | 0.06%             | 2034-09-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Orlando FL Tourist Development Tax Revenue                                    | City of Orlando                                                                               | CUSIP: 686499BY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $465625.71    | 0.04%             | 2033-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Invesco Municipal Income Opportunities Trust                                          | Invesco Municipal Income Opportunities Trust                                                  | CUSIP: 46132X101<br>LEI: DJSR2NJ3985722G80Y20 | Long             |  | RF                | US        |      5070 | NS      | $29152.50     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Trinity River Authority Denton Creek Wastewater Treatment System Revenue              | Trinity River Authority Denton Creek Wastewater Treatment System, Series 2024                 | CUSIP: 896564ZM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $898956.70    | 0.08%             | 2044-02-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Wonder Lake Village Special Service Area No. 1                                        | Wonder Lake Village Special Service Area No. 1                                                | CUSIP: 978168AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $568064.37    | 0.05%             | 2034-03-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Metropolitan Transportation Authority                                                 | Metropolitan Transportation Authority, Series 2024A                                           | CUSIP: 59261A2F3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005108.60   | 0.09%             | 2047-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| JPMorgan Prime Money Market Fund                                                      | JPMorgan Prime Money Market Fund, Institutional Class Shares                                  | CUSIP: N/A<br>LEI: 549300YD7H8SEEU7VG41       | Long             | STIV             | RF                | US        |   7600078 | NS      | $7602358.18   | 0.67%             |  |  |  | No            | 1                  | On Loan: No      |
| City of Chicago IL                                                                    | City of Chicago, Series 2024A                                                                 | CUSIP: 167486T33<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $973903.70    | 0.09%             | 2045-01-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| West Virginia Parkways Authority                                                      | West Virginia Parkways Authority                                                              | CUSIP: 956510AU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032210.30   | 0.09%             | 2037-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Houston TX Airport System Revenue                                             | City of Houston, Series 2024B                                                                 | CUSIP: 442349HY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029385.70   | 0.09%             | 2038-07-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| California Community Choice Financing Authority                                       | California Community Choice Financing Authority, Series 2023 B-2                              | CUSIP: 13013JCC8<br>LEI: 549300X8VKJ215S2R571 | Long             | STIV             | MUN               | US        |    750000 | PA      | $750399.90    | 0.07%             | 2053-07-01      | Floating      | 4.55%                 | No            | 2                  | On Loan: No      |
| County of Bay FL                                                                      | County of Bay                                                                                 | CUSIP: 072222AH5<br>LEI: 549300B3J43WKYUSHO26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $482535.40    | 0.04%             | 2043-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Yakima County School District No. 208 West Valley                                     | Yakima County School District No. 208 West Valley                                             | CUSIP: 984487PG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014963.80   | 0.09%             | 2034-12-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Inland Empire Tobacco Securitization Corp.                                            | Inland Empire Tobacco Securitization Corp., Series 2007C-1                                    | CUSIP: 45734TAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $899997.80    | 0.08%             | 2036-06-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Idaho Housing & Finance Association                                                   | Idaho Housing & Finance Association                                                           | CUSIP: 45129GDG7<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    565000 | PA      | $565012.43    | 0.05%             | 2054-07-01      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| County of Cook IL Sales Tax Revenue                                                   | County of Cook                                                                                | CUSIP: 213248CL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040591.50   | 0.09%             | 2038-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Arkansas Development Finance Authority                                                | Arkansas Development Finance Authority                                                        | CUSIP: 04110FAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501170.50    | 0.04%             | 2052-09-01      | Fixed         | 5.45%                 | No            | 2                  | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                | Maine Health & Higher Educational Facilities Authority, Series 2017 A                         | CUSIP: 56042SAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52122.90     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74445QCL2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      7085 | PA      | $107.80       | 0.00%             | 2057-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                     | Southeast Energy Authority A Cooperative District, Series 2024C                               | CUSIP: 84136HAH6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054496.10   | 0.09%             | 2055-10-01      | Variable      | 5.00%                 | No            | 2                  | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                  | Colorado Educational & Cultural Facilities Authority                                          | CUSIP: 19645RWV9<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |     95000 | PA      | $95222.49     | 0.01%             | 2034-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                    | Health & Educational Facilities Authority of the State of Missouri                            | CUSIP: 60637AMV1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008694.90   | 0.09%             | 2043-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue             | Wisconsin Housing & Economic Development Authority Home Ownership, Series 2024 A              | CUSIP: 97689QTS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $963082.10    | 0.08%             | 2044-09-01      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| County of Orange NY                                                                   | County of Orange, Series 2017A                                                                | CUSIP: 6845755P4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $713544.60    | 0.06%             | 2029-06-15      | Fixed         | 2.38%                 | No            | 2                  | On Loan: No      |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue                                | Triborough Bridge & Tunnel Authority Sales Tax, Series 2024ASUB A-1                           | CUSIP: 896035DE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018686.70   | 0.09%             | 2054-05-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Jersey Economic Development Authority                                             | New Jersey Economic Development Authority                                                     | CUSIP: 645912DR4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    280000 | PA      | $280205.35    | 0.02%             | 2034-10-01      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| Delaware State Housing Authority                                                      | Delaware State Housing Authority, Series 2024 C                                               | CUSIP: 246395F77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $1086067.47   | 0.10%             | 2055-01-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Municipal Electric Authority of Georgia                                               | Municipal Electric Authority of Georgia                                                       | CUSIP: 62620HAX0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    200000 | PA      | $197527.26    | 0.02%             | 2056-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Williamsport Area School District                                                     | Williamsport Area School District                                                             | CUSIP: 970174SM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500025.40    | 0.04%             | 2035-03-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Ohio Air Quality Development Authority                                                | Ohio Air Quality Development Authority, Series 2019                                           | CUSIP: 67754AAF1<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1330661.10   | 0.12%             | 2049-07-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Black Belt Energy Gas District                                                        | Black Belt Energy Gas District                                                                | CUSIP: 09182NBR0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2025014.80   | 0.18%             | 2051-06-01      | Variable      | 4.00%                 | No            | 2                  | On Loan: No      |
| Tennergy Corp.                                                                        | Tennergy Corp.                                                                                | CUSIP: 880397BW3<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1508888.40   | 0.13%             | 2051-12-01      | Variable      | 4.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                                    | CUSIP: 45204EYZ5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    670000 | PA      | $677094.09    | 0.06%             | 2033-03-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 744396AG7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    165000 | PA      | $165057.98    | 0.01%             | 2042-07-15      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Los Angeles Unified School District                                                   | Los Angeles Unified School District, Series 2016 A                                            | CUSIP: 5446463Y6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.04%             | 2040-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74442EKW9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $489826.30    | 0.04%             | 2048-06-15      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| City of Baltimore MD                                                                  | City of Baltimore                                                                             | CUSIP: 05922KZP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2538251.25   | 0.22%             | 2036-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Central Plains Energy Project                                                         | Central Plains Energy Project, Series 2025A SUB A-1                                           | CUSIP: 154872AY1<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058981.10   | 0.09%             | 2055-08-01      | Variable      | 5.00%                 | No            | 2                  | On Loan: No      |
| Windward at Lakewood Ranch Community Development District                             | Windward at Lakewood Ranch Community Development District                                     | CUSIP: 97382EAJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $733547.85    | 0.06%             | 2042-05-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                           | Connecticut State Health & Educational Facilities Authority, Series L                         | CUSIP: 20774YXJ1<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    500000 | PA      | $499973.90    | 0.04%             | 2036-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Westpark Community Facility District                                                  | Westpark Community Facility District                                                          | CUSIP: 96122EAU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $791434.25    | 0.07%             | 2032-07-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Westmoreland County Municipal Authority                                               | Westmoreland County Municipal Authority, Series 2016                                          | CUSIP: 961017QQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1115914.08   | 0.10%             | 2038-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Washington Health Care Facilities Authority                                           | Washington Health Care Facilities Authority                                                   | CUSIP: 93978HWH4<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    500000 | PA      | $509514.20    | 0.04%             | 2038-08-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Louisiana Public Facilities Authority                                                 | Louisiana Public Facilities Authority, Series 2024                                            | CUSIP: 546399TA4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2354808.25   | 0.21%             | 2066-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Hannibal Industrial Development Authority                                             | Hannibal Industrial Development Authority                                                     | CUSIP: 410632CP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $401428.18    | 0.04%             | 2047-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                              | County of Miami-Dade, Series 2024 A                                                           | CUSIP: 59333P7N2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3175021.80   | 0.28%             | 2036-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Birmingham-Jefferson Civic Center Authority                                           | Birmingham-Jefferson Civic Center Authority, Series 2018 A                                    | CUSIP: 091156MR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $375504.11    | 0.03%             | 2048-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74445QCB4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      7034 | PA      | $193.05       | 0.00%             | 2048-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Pittsburg Public Financing Authority                                                  | Pittsburg Public Financing Authority                                                          | CUSIP: 72456PBQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $948172.50    | 0.08%             | 2047-08-01      | Fixed         | 4.12%                 | No            | 2                  | On Loan: No      |
| City of Horace ND                                                                     | City of Horace, Series 2024 C                                                                 | CUSIP: 440365JP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $948901.40    | 0.08%             | 2050-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| California School Finance Authority                                                   | California School Finance Authority                                                           | CUSIP: 13058TLY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $649965.94    | 0.06%             | 2036-08-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Florida Development Finance Corp.                                                     | Florida Development Finance Corp.                                                             | CUSIP: 34061UBV9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    725000 | PA      | $724946.42    | 0.06%             | 2046-06-15      | Fixed         | 6.12%                 | Yes           | 2                  | On Loan: No      |
| State of Washington                                                                   | State of Washington                                                                           | CUSIP: 939720S41<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1518957.90   | 0.13%             | 2044-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, Series 2024A                                              | CUSIP: 64990KFX6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1551875.70   | 0.14%             | 2052-03-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Allegheny County Airport Authority                                                    | Allegheny County Airport Authority, Series 2023A                                              | CUSIP: 01728LHD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1556757.45   | 0.14%             | 2048-01-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Commonwealth of Massachusetts                                                         | Commonwealth of Massachusetts, Series 2024A                                                   | CUSIP: 57582R5R3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019478.70   | 0.09%             | 2054-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority                                                          | CUSIP: 19648FDH4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $520292.65    | 0.05%             | 2036-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Denton Independent School District                                                    | Denton Independent School District, Series 2023                                               | CUSIP: 249002MB9<br>LEI: 5493005I9W678SUI0Z07 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023120.10   | 0.09%             | 2048-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Energy Southeast A Cooperative District                                               | Energy Southeast A Cooperative District, Series 2024B                                         | CUSIP: 292723BN2<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070334.50   | 0.09%             | 2054-07-01      | Variable      | 5.25%                 | No            | 2                  | On Loan: No      |
| Mackay Municipal Opportunities Fund LP                                                | Mackay Municipal Opportunities Fund LP                                                        | CUSIP: N/A<br>LEI: 549300L3TM1Y49HRGT03       | Long             |  | PF                | US        |      4953 | NS      | $97811959.48  | 8.58%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                         | Allentown Neighborhood Improvement Zone Development Authority                                 | CUSIP: 018444BZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252832.78    | 0.02%             | 2042-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Irvine CA                                                                     | City of Irvine                                                                                | CUSIP: 46360RTZ0<br>LEI: 549300PJ9FL2XGFR8J79 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200736.60    | 0.02%             | 2042-09-02      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Florida Development Finance Corp.                                                     | Florida Development Finance Corp.                                                             | CUSIP: 34061UBE7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    750000 | PA      | $750758.25    | 0.07%             | 2034-07-01      | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| Hempstead Town Local Development Corp.                                                | Hempstead Town Local Development Corp.                                                        | CUSIP: 424685AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $950821.40    | 0.08%             | 2047-02-01      | Fixed         | 6.24%                 | No            | 2                  | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                 | Pennsylvania Economic Development Financing Authority, Series 2020 A-1                        | CUSIP: 708686EK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $284922.00    | 0.02%             | 2040-12-01      | Fixed         | 10.00%                | Yes           | 2                  | On Loan: No      |
| City of Wichita KS                                                                    | City of Wichita, Series 2024 VIII                                                             | CUSIP: 967249RN5<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $942622.80    | 0.08%             | 2050-05-15      | Fixed         | 5.88%                 | No            | 2                  | On Loan: No      |
| Weld County School District No. RE-4                                                  | Weld County School District No. RE-4                                                          | CUSIP: 949232FB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043773.70   | 0.09%             | 2047-12-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Central Plains Energy Project                                                         | Central Plains Energy Project                                                                 | CUSIP: 154872AT2<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000676.80   | 0.09%             | 2049-12-01      | Variable      | 4.00%                 | No            | 2                  | On Loan: No      |
| North Carolina Housing Finance Agency                                                 | North Carolina Housing Finance Agency, Series 39-B                                            | CUSIP: 658207VD4<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    340000 | PA      | $341031.87    | 0.03%             | 2048-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| DWS Municipal Income Trust                                                            | DWS Municipal Income Trust                                                                    | CUSIP: 233368109<br>LEI: TEL2CK71Z3LE1OCHIB43 | Long             |  | RF                | US        |     66923 | NS      | $591599.32    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Intermountain Power Agency                                                            | Intermountain Power Agency, Series 2023 A                                                     | CUSIP: 45884AG31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026574.00   | 0.09%             | 2045-07-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Columbus Regional Airport Authority                                                   | Columbus Regional Airport Authority, Series 2025 A                                            | CUSIP: 199546CX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523997.00    | 0.05%             | 2041-01-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| San Antonio Water System                                                              | San Antonio Water System                                                                      | CUSIP: 79642GAY8<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009784.00   | 0.09%             | 2043-05-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Chicago O'Hare International Airport                                                  | Chicago O'Hare International Airport                                                          | CUSIP: 167593X98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511744.00    | 0.04%             | 2053-01-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| MIDA Mountain Veterans Program Public Infrastructure District                         | MIDA Mountain Veterans Program Public Infrastructure District, Series 2024                    | CUSIP: 59561SAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $466213.45    | 0.04%             | 2054-06-01      | Fixed         | 5.20%                 | Yes           | 2                  | On Loan: No      |
| Bonterra Community Development District                                               | Bonterra Community Development District                                                       | CUSIP: 098541AU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $86798.26     | 0.01%             | 2047-05-01      | Fixed         | 4.12%                 | No            | 2                  | On Loan: No      |
| County of Ward ND                                                                     | County of Ward                                                                                | CUSIP: 934023EW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1816781.80   | 0.16%             | 2053-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Philadelphia Gas Works Co.                                                            | Philadelphia Gas Works Co.                                                                    | CUSIP: 71783MBY0<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1031102.87   | 0.09%             | 2045-08-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Missouri Housing Development Commission                                               | Missouri Housing Development Commission, Series 2024C                                         | CUSIP: 60637GBB4<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1232680.45   | 0.11%             | 2049-11-01      | Fixed         | 4.65%                 | No            | 2                  | On Loan: No      |
| Will County Community High School District No. 210 Lincoln-Way                        | Will County Community High School District No. 210 Lincoln-Way                                | CUSIP: 969073MX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $195508.75    | 0.02%             | 2032-01-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority                                                                    | CUSIP: 594479GE1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1300712.66   | 0.11%             | 2038-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Fairfax County Industrial Development Authority                                       | Fairfax County Industrial Development Authority, Series 2024                                  | CUSIP: 30382VAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023360.10   | 0.09%             | 2051-05-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Los Angeles Department of Water & Power                                               | Los Angeles Department of Water & Power, Series 2018 D                                        | CUSIP: 5444955V2<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    925000 | PA      | $956122.64    | 0.08%             | 2033-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                    | Tennessee Energy Acquisition Corp.                                                            | CUSIP: 880443BT2<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018036.60   | 0.09%             | 2026-09-01      | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| BNY Mellon Strategic Municipal Bond Fund, Inc.                                        | BNY Mellon Strategic Municipal Bond Fund, Inc.                                                | CUSIP: 09662E109<br>LEI: 54930044KK4C1VDJ7M52 | Long             |  | RF                | US        |    127431 | NS      | $713613.60    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| River Hall Community Development District                                             | River Hall Community Development District, Series 2024                                        | CUSIP: 768247BC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $851122.26    | 0.07%             | 2055-05-01      | Fixed         | 5.62%                 | Yes           | 2                  | On Loan: No      |
| Las Vegas Valley Water District                                                       | Las Vegas Valley Water District, Series 2022A                                                 | CUSIP: 517845NK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1172409.42   | 0.10%             | 2046-06-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                                   | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   1060310 | PA      | $1118904.11   | 0.10%             | 2029-07-01      | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| State of Illinois Sales Tax Revenue                                                   | State of Illinois Sales Tax                                                                   | CUSIP: 452227MB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1818890.60   | 0.16%             | 2033-06-15      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| City of Houston TX Airport System Revenue                                             | City of Houston, Series 2023A                                                                 | CUSIP: 442349GX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1030252.39   | 0.09%             | 2053-07-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| New York Liberty Development Corp.                                                    | New York Liberty Development Corp.                                                            | CUSIP: 531127AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1122561.70   | 0.10%             | 2035-10-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| County of Miami-Dade FL Transit System                                                | County of Miami-Dade                                                                          | CUSIP: 59334PHU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1292868.75   | 0.11%             | 2049-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Massachusetts Development Finance Agency                                              | Massachusetts Development Finance Agency, Series 2024D                                        | CUSIP: 57584Y7Y9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    745000 | PA      | $746065.50    | 0.07%             | 2054-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Broadway Station Metropolitan District No. 3                                          | Broadway Station Metropolitan District No. 3                                                  | CUSIP: 111571AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $421164.65    | 0.04%             | 2039-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Jersey Economic Development Authority                                             | New Jersey Economic Development Authority                                                     | CUSIP: 64578JBA3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    890000 | PA      | $863277.13    | 0.08%             | 2029-07-01      | Fixed         | 3.12%                 | No            | 2                  | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                  | Colorado Educational & Cultural Facilities Authority                                          | CUSIP: 19645RPL9<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    390000 | PA      | $390288.83    | 0.03%             | 2030-04-01      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| Austin Community College District                                                     | Austin Community College District, Series 2023                                                | CUSIP: 052403KJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035476.00   | 0.09%             | 2053-08-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                   | Wisconsin Health & Educational Facilities Authority                                           | CUSIP: 97712JEP4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $881219.10    | 0.08%             | 2046-12-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                    | Montgomery County Housing Opportunities Commission, Series 2019 C                             | CUSIP: 613353BE0<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $910289.77    | 0.08%             | 2039-07-01      | Fixed         | 3.30%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74445QCR9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      6730 | PA      | $75.49        | 0.00%             | 2062-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority                                                                    | CUSIP: 59447PYT2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000562.80   | 0.09%             | 2039-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Albemarle County Economic Development Authority                                       | Albemarle County Economic Development Authority, Series 2018 B                                | CUSIP: 012663AM2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2090000 | PA      | $2090000.00   | 0.18%             | 2048-10-01      | Variable      | 3.95%                 | No            | 2                  | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                             | Golden State Tobacco Securitization Corp., Series 2021 B-2                                    | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $318126.30    | 0.03%             | 2066-06-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                          | Chicago Board of Education Dedicated Capital Improvement Tax                                  | CUSIP: 167510AA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1115749.03   | 0.10%             | 2046-04-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Oklahoma Development Finance Authority                                                | Oklahoma Development Finance Authority                                                        | CUSIP: 67884XCJ4<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1748957.80   | 0.15%             | 2048-08-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Neuberger Berman Municipal Fund, Inc.                                                 | Neuberger Berman Municipal Fund, Inc.                                                         | CUSIP: 64124P101<br>LEI: 549300IIZWX8QVUHXO20 | Long             |  | RF                | US        |     13218 | NS      | $129932.94    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2024A                                                        | CUSIP: 74448EAA2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $496233.85    | 0.04%             | 2041-06-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Development Authority of Burke County (The)                                           | Development Authority of Burke County (The)                                                   | CUSIP: 121342QC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $420454.85    | 0.04%             | 2032-10-01      | Fixed         | 2.20%                 | No            | 2                  | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp., Series 2023                                        | CUSIP: 650116GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1550299.80   | 0.14%             | 2054-06-30      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Temecula Public Financing Authority                                                   | Temecula Public Financing Authority                                                           | CUSIP: 87972YFY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104533.29    | 0.01%             | 2032-09-01      | Fixed         | 5.75%                 | Yes           | 2                  | On Loan: No      |
| Maricopa County Industrial Development Authority                                      | Maricopa County Industrial Development Authority                                              | CUSIP: 56681NEM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120629.87    | 0.01%             | 2039-07-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| West Virginia Economic Development Authority                                          | West Virginia Economic Development Authority, Series 2025                                     | CUSIP: 95648VBU2<br>LEI: 549300WW88TKKF5H1220 | Long             | STIV             | MUN               | US        |    150000 | PA      | $153100.05    | 0.01%             | 2055-01-01      | Variable      | 5.45%                 | Yes           | 2                  | On Loan: No      |
| Central Texas Turnpike System                                                         | Central Texas Turnpike System, Series 2024 A                                                  | CUSIP: 88283KBV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2310000 | PA      | $2478326.47   | 0.22%             | 2038-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Cathedral Pines Metropolitan District                                                 | Cathedral Pines Metropolitan District                                                         | CUSIP: 14918CAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2005000 | PA      | $1935508.71   | 0.17%             | 2046-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                        | Charlotte-Mecklenburg Hospital Authority (The), Series 2018 G                                 | CUSIP: 160853UL9<br>LEI: 549300XOH4JU704GMZ32 | Long             | STIV             | MUN               | US        |   1650000 | PA      | $1650000.00   | 0.14%             | 2048-01-15      | Variable      | 4.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74445QCQ1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      6781 | PA      | $80.74        | 0.00%             | 2061-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Chicago O'Hare International Airport                                                  | Chicago O'Hare International Airport, Series 2022A                                            | CUSIP: 167593Y48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $637640.13    | 0.06%             | 2055-01-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| District of Columbia Tobacco Settlement Financing Corp.                               | District of Columbia Tobacco Settlement Financing Corp., Series 2006 A                        | CUSIP: 254842BB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $1246464.50   | 0.11%             | 2046-06-15      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Florida Development Finance Corp.                                                     | Florida Development Finance Corp., Series 2024                                                | CUSIP: 340618DQ7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $911475.10    | 0.08%             | 2041-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74445QDS6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      7186 | PA      | $227.98       | 0.00%             | 2046-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Industrial Development Authority of the County of Yavapai (The)                       | Industrial Development Authority of the County of Yavapai (The), Series 2010                  | CUSIP: 98521UAM9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.09%             | 2029-04-01      | Variable      | 3.45%                 | No            | 2                  | On Loan: No      |
| BlackRock MuniHoldings Quality Fund II, Inc.                                          | BlackRock MuniHoldings Quality Fund II, Inc.                                                  | CUSIP: 09254C107<br>LEI: V04K6JK5YHD4O5SHSC34 | Long             |  | RF                | US        |      4548 | NS      | $43569.84     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| San Diego Public Facilities Financing Authority                                       | San Diego Public Facilities Financing Authority, Series 2023 A                                | CUSIP: 79730CLM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055777.10   | 0.09%             | 2048-08-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| California Statewide Communities Development Authority                                | California Statewide Communities Development Authority                                        | CUSIP: 13080SEW0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1460772.00   | 0.13%             | 2044-12-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| South Carolina Public Service Authority                                               | South Carolina Public Service Authority                                                       | CUSIP: 837151U31<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1596885.15   | 0.14%             | 2047-12-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| Southern California Public Power Authority                                            | Southern California Public Power Authority, Series 2023-1A                                    | CUSIP: 842469AZ1<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    835000 | PA      | $912671.20    | 0.08%             | 2031-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74445QCD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      6882 | PA      | $163.27       | 0.00%             | 2050-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Invesco Advantage Municipal Income Trust II                                           | Invesco Advantage Municipal Income Trust II                                                   | CUSIP: 46132E103<br>LEI: DA89O2CSN0WUDR74HM71 | Long             |  | RF                | US        |     34009 | NS      | $284655.33    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                           | Metropolitan Washington Airports Authority Aviation, Series 2019A                             | CUSIP: 592647GP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1189249.92   | 0.10%             | 2049-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Connecticut State Development Authority                                               | Connecticut State Development Authority                                                       | CUSIP: 207907AW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500100.05    | 0.04%             | 2026-04-01      | Fixed         | 7.95%                 | No            | 2                  | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority, Series 2024                                                       | CUSIP: 59447NBD7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $901339.00    | 0.08%             | 2054-02-28      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| Hempstead Town Local Development Corp.                                                | Hempstead Town Local Development Corp.                                                        | CUSIP: 424685AS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $898413.60    | 0.08%             | 2044-02-01      | Fixed         | 5.66%                 | No            | 2                  | On Loan: No      |
| San Joaquin Valley Clean Energy Authority                                             | San Joaquin Valley Clean Energy Authority, Series 2025A                                       | CUSIP: 79811YAK4<br>LEI: 254900VA5DFN33OVGH87 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1646312.25   | 0.14%             | 2056-01-01      | Variable      | 5.50%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74445QAG5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     83706 | PA      | $657.75       | 0.00%             | 2067-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| School District of Philadelphia (The)                                                 | School District of Philadelphia (The)                                                         | CUSIP: 717883XR8<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5132.68      | 0.00%             | 2038-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Chicago Transit Authority Sales Tax Receipts Fund                                     | Chicago Transit Authority Sales Tax Receipts Fund                                             | CUSIP: 16772PBU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2502856.50   | 0.22%             | 2046-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                          | Los Angeles Department of Water & Power Water System, Series 2018 B                           | CUSIP: 544525XY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $522479.50    | 0.05%             | 2030-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                                    | CUSIP: 452022BR6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $968850.50    | 0.08%             | 2047-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Tulsa Municipal Airport Trust Trustees/OK                                             | Tulsa Municipal Airport Trust Trustees, Series 2025                                           | CUSIP: 899661EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $829145.55    | 0.07%             | 2035-12-01      | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| Empire State Development Corp.                                                        | Empire State Development Corp., Series 2023A                                                  | CUSIP: 650036JT4<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2013211.20   | 0.18%             | 2063-03-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp., Series 2022                                        | CUSIP: 650116FH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062999.70   | 0.09%             | 2033-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Main Street Natural Gas, Inc.                                                         | Main Street Natural Gas, Inc., Series 2023D                                                   | CUSIP: 56035DFT4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2104986.40   | 0.18%             | 2054-05-01      | Variable      | 5.00%                 | No            | 2                  | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority                                                          | CUSIP: 19648A4M4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502908.05    | 0.04%             | 2035-01-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Allegheny County Airport Authority                                                    | Allegheny County Airport Authority                                                            | CUSIP: 01728LGH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2460173.40   | 0.22%             | 2056-01-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Municipal Electric Authority of Georgia                                               | Municipal Electric Authority of Georgia, Series 2019A                                         | CUSIP: 626207Z72<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $975173.50    | 0.09%             | 2063-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Century Gardens at Tamiami Community Development District                             | Century Gardens at Tamiami Community Development District                                     | CUSIP: 15652CAR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $90628.43     | 0.01%             | 2037-05-01      | Fixed         | 4.25%                 | No            | 2                  | On Loan: No      |
| County of Baltimore MD                                                                | County of Baltimore, Series 78TH ISSUE                                                        | CUSIP: 05914FYZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000972.80   | 0.09%             | 2046-02-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| County of Broward FL Airport System Revenue                                           | County of Broward FL Airport System Revenue                                                   | CUSIP: 114894WX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000695.20   | 0.09%             | 2036-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Celebrate North Community Development Authority                                       | Celebrate North Community Development Authority                                               | CUSIP: 15101JAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $450450.00    | 0.04%             | 2018-03-01      | Fixed         | 4.69%                 | No            | 2                  | On Loan: No      |
| Southern California Public Power Authority                                            | Southern California Public Power Authority                                                    | CUSIP: 842471AY0<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1470457.23   | 0.13%             | 2033-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| California Municipal Finance Authority                                                | California Municipal Finance Authority                                                        | CUSIP: 13048DCW6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |     50000 | PA      | $47861.10     | 0.00%             | 2039-10-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                 | Pennsylvania Economic Development Financing Authority                                         | CUSIP: 70870JFM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $857325.50    | 0.08%             | 2048-05-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Johnson County Unified School District No. 512 Shawnee Mission                        | Johnson County Unified School District No. 512 Shawnee Mission                                | CUSIP: 478740XC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $921131.40    | 0.08%             | 2043-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Commonwealth Financing Authority                                                      | Commonwealth Financing Authority                                                              | CUSIP: 20282EAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1881859.70   | 0.17%             | 2034-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Washington Suburban Sanitary Commission                                               | Washington Suburban Sanitary Commission                                                       | CUSIP: 940158DQ8<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $902191.90    | 0.08%             | 2049-06-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| City of Bryan TX                                                                      | City of Bryan                                                                                 | CUSIP: 117566CP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1132243.80   | 0.10%             | 2043-08-15      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Uptown Development Authority                                                          | Uptown Development Authority                                                                  | CUSIP: 916856GM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1204773.12   | 0.11%             | 2036-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Rhode Island Housing & Mortgage Finance Corp.                                         | Rhode Island Housing & Mortgage Finance Corp., Series 84-A                                    | CUSIP: 76221SGK1<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |    500000 | PA      | $498694.80    | 0.04%             | 2049-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| San Diego Unified School District                                                     | San Diego Unified School District, Series R-2                                                 | CUSIP: 797355Q56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $613489.75    | 0.05%             | 2041-07-01      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| Nassau County Local Economic Assistance Corp.                                         | Nassau County Local Economic Assistance Corp.                                                 | CUSIP: 63166LCZ2<br>LEI: 549300FCI13UFG0Y6Y37 | Long             | DBT              | MUN               | US        |    650000 | PA      | $650051.61    | 0.06%             | 2034-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Sales Tax Securitization Corp.                                                        | Sales Tax Securitization Corp.                                                                | CUSIP: 79467BAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $769492.45    | 0.07%             | 2028-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Kansas City Industrial Development Authority                                          | Kansas City Industrial Development Authority                                                  | CUSIP: 48504NAZ2<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    980000 | PA      | $998922.43    | 0.09%             | 2037-03-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Pennsylvania Economic Development Financing Authority Parking System Revenue          | Pennsylvania Economic Development Financing Authority Parking System, Series 2024 A           | CUSIP: 70870EEQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510578.10    | 0.04%             | 2040-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| North Texas Tollway Authority                                                         | North Texas Tollway Authority                                                                 | CUSIP: 66285WJ64<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    500000 | PA      | $498286.50    | 0.04%             | 2039-01-01      | Fixed         | 4.12%                 | No            | 2                  | On Loan: No      |
| Sales Tax Securitization Corp.                                                        | Sales Tax Securitization Corp.                                                                | CUSIP: 79467BCY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $477912.75    | 0.04%             | 2038-01-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                             | Harris County Cultural Education Facilities Finance Corp., Series 2020 A                      | CUSIP: 414009TH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065756.80   | 0.09%             | 2050-05-15      | Variable      | 5.00%                 | No            | 2                  | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                        | New Jersey Transportation Trust Fund Authority, Series 2024 AA                                | CUSIP: 64613CEV6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1964668.74   | 0.17%             | 2041-06-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| New Jersey Economic Development Authority                                             | New Jersey Economic Development Authority                                                     | CUSIP: 64577BTK0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    880000 | PA      | $909957.14    | 0.08%             | 2036-06-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Jersey Economic Development Authority                                             | New Jersey Economic Development Authority                                                     | CUSIP: 64578JBH8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504398.95    | 0.04%             | 2033-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Pennsylvania Turnpike Commission                                                      | Pennsylvania Turnpike Commission                                                              | CUSIP: 709224ZD4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002947.40   | 0.09%             | 2047-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Carmel IN Waterworks Revenue                                                  | City of Carmel, Series 2024 C                                                                 | CUSIP: 143321LP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $334415.38    | 0.03%             | 2047-05-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Tarrant County College District                                                       | Tarrant County College District, Series 2020                                                  | CUSIP: 87638KCF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $768258.20    | 0.07%             | 2036-08-15      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                    | Health & Educational Facilities Authority of the State of Missouri                            | CUSIP: 60637AMK5<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    350000 | PA      | $295771.39    | 0.03%             | 2049-11-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| California Community Choice Financing Authority                                       | California Community Choice Financing Authority                                               | CUSIP: 13013JCB0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2218630.90   | 0.19%             | 2053-07-01      | Variable      | 5.00%                 | No            | 2                  | On Loan: No      |
| Sacramento Area Flood Control Agency                                                  | Sacramento Area Flood Control Agency                                                          | CUSIP: 785840JP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $757507.80    | 0.07%             | 2041-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Lower Colorado River Authority                                                        | Lower Colorado River Authority, Series 2025 B                                                 | CUSIP: 54811GS35<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077475.20   | 0.09%             | 2045-05-15      | Variable      | 5.00%                 | No            | 2                  | On Loan: No      |
| BlackRock Municipal Credit Alpha Portfolio, Inc.                                      | BlackRock Municipal Credit Alpha Portfolio, Inc., Class Institutional                         | CUSIP: 09262J102<br>LEI: 529900SLP3C6SEVFWC61 | Long             |  | RF                | US        |      2541 | NS      | $32346.93     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                  | Triborough Bridge & Tunnel Authority, Series 2023 C                                           | CUSIP: 89602HGK7<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040793.40   | 0.09%             | 2043-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Central Valley Energy Authority                                                       | Central Valley Energy Authority, Series 2025                                                  | CUSIP: 15569DAA0<br>LEI: 254900G5IPQ9MA3FRJ55 | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2266791.05   | 0.20%             | 2055-12-01      | Variable      | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74445QCS7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      6629 | PA      | $70.31        | 0.00%             | 2063-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Main Street Natural Gas, Inc.                                                         | Main Street Natural Gas, Inc., Series 2019 A                                                  | CUSIP: 56035DBV3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001642.00   | 0.09%             | 2043-05-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Aerotropolis Regional Transportation Authority                                        | Aerotropolis Regional Transportation Authority, Series 2019                                   | CUSIP: 008051AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $878527.31    | 0.08%             | 2051-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                           | Connecticut State Health & Educational Facilities Authority                                   | CUSIP: 20775DPN6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1349902.95   | 0.12%             | 2042-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74445QCT5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      6579 | PA      | $66.22        | 0.00%             | 2064-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Redtail Ridge Metropolitan District                                                   | Redtail Ridge Metropolitan District, Series 2025                                              | CUSIP: 75773CAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $890517.30    | 0.08%             | 2032-12-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74443CAF0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $989570.60    | 0.09%             | 2042-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Louisiana Public Facilities Authority                                                 | Louisiana Public Facilities Authority, Series 2024                                            | CUSIP: 546399SZ0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030049.70   | 0.09%             | 2064-09-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| Massachusetts Development Finance Agency                                              | Massachusetts Development Finance Agency, Series 2016Q                                        | CUSIP: 57584XJG7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985898.50    | 0.09%             | 2047-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| State of Michigan Trunk Line Revenue                                                  | State of Michigan Trunk Line                                                                  | CUSIP: 5946953A4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $904001.30    | 0.08%             | 2046-11-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Pennsylvania Turnpike Commission                                                      | Pennsylvania Turnpike Commission                                                              | CUSIP: 709224QF9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    500000 | PA      | $497916.15    | 0.04%             | 2041-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                              | Metropolitan Pier & Exposition Authority                                                      | CUSIP: 592250CL6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    530000 | PA      | $511142.23    | 0.04%             | 2057-06-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| BlackRock MuniVest Fund, Inc.                                                         | BlackRock MuniVest Fund, Inc.                                                                 | CUSIP: 09253R105<br>LEI: 68LQJ5NLUNQI2T9OLL41 | Long             |  | RF                | US        |     38365 | NS      | $252441.70    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Port of Seattle WA                                                                    | Port of Seattle, Series 2024B                                                                 | CUSIP: 7353892S6<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024934.20   | 0.09%             | 2049-07-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Las Vegas Valley Water District                                                       | Las Vegas Valley Water District                                                               | CUSIP: 517845AW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2008884.20   | 0.18%             | 2041-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Hampshire Business Finance Authority                                              | New Hampshire Business Finance Authority, Series 2024 A                                       | CUSIP: 63610HAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $671352.76    | 0.06%             | 2034-04-01      | Fixed         | 6.89%                 | Yes           | 2                  | On Loan: No      |
| Illinois State Toll Highway Authority                                                 | Illinois State Toll Highway Authority                                                         | CUSIP: 452252PX1<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1517403.90   | 0.13%             | 2046-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Alabama Special Care Facilities Financing Authority-Birmingham AL                     | Alabama Special Care Facilities Financing Authority-Birmingham                                | CUSIP: 010399CR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1696006.03   | 0.15%             | 2046-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                                    | CUSIP: 45204FJR7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1061030.00   | 0.09%             | 2048-08-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Central Florida Tourism Oversight District                                            | Central Florida Tourism Oversight District                                                    | CUSIP: 758449QV7<br>LEI: 549300DLSKH6SZ96KV94 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1523810.40   | 0.13%             | 2035-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Michigan State Housing Development Authority                                          | Michigan State Housing Development Authority, Series 2024A                                    | CUSIP: 594654VS1<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500537.50    | 0.04%             | 2026-12-01      | Fixed         | 3.20%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74444UAV4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507498.05    | 0.04%             | 2047-07-01      | Fixed         | 5.38%                 | No            | 2                  | On Loan: No      |
| Arizona Industrial Development Authority                                              | Arizona Industrial Development Authority                                                      | CUSIP: 04052BEA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $406767.27    | 0.04%             | 2027-03-01      | Fixed         | 4.00%                 | Yes           | 2                  | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                    | South Carolina Jobs-Economic Development Authority                                            | CUSIP: 83704DAB2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $45000.00     | 0.00%             | 2035-02-01      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue               | New York City Transitional Finance Authority Future Tax Secured                               | CUSIP: 64971XNK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $935507.70    | 0.08%             | 2041-11-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| City of Lakeland FL Department of Electric Utilities                                  | City of Lakeland                                                                              | CUSIP: 51166FFX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $520230.65    | 0.05%             | 2048-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Westminster Public Schools                                                            | Westminster Public Schools                                                                    | CUSIP: 960667AZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001798.70   | 0.09%             | 2048-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.                              | Texas Private Activity Bond Surface Transportation Corp.                                      | CUSIP: 882667AW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $483352.70    | 0.04%             | 2037-12-31      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Macon-Bibb County Urban Development Authority                                         | Macon-Bibb County Urban Development Authority                                                 | CUSIP: 555542NB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $171710.71    | 0.02%             | 2027-06-15      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| San Antonio Independent School District/TX                                            | San Antonio Independent School District, Series 2018                                          | CUSIP: 796269N20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1366694.65   | 0.12%             | 2048-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Port of Seattle WA                                                                    | Port of Seattle, Series 2024B                                                                 | CUSIP: 735371SG2<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    330000 | PA      | $334460.15    | 0.03%             | 2048-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| DuBois Hospital Authority                                                             | DuBois Hospital Authority, Series 2018                                                        | CUSIP: 263804DF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $890668.70    | 0.08%             | 2043-07-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority, Series 2020                                                       | CUSIP: 45203PAB0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $969115.70    | 0.08%             | 2050-12-01      | Variable      | 4.12%                 | Yes           | 2                  | On Loan: No      |
| Philadelphia Authority for Industrial Development                                     | Philadelphia Authority for Industrial Development, Series 2024A                               | CUSIP: 717901CB6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    500000 | PA      | $527348.40    | 0.05%             | 2053-07-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Jefferson Sales Tax District                                                          | Jefferson Sales Tax District                                                                  | CUSIP: 474176KL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1531464.45   | 0.13%             | 2037-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Suffolk County Water Authority                                                        | Suffolk County Water Authority                                                                | CUSIP: 864784GM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $286643.48    | 0.03%             | 2045-06-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Eaton Vance Municipal Bond Fund                                                       | Eaton Vance Municipal Bond Fund                                                               | CUSIP: 27827X101<br>LEI: 5493006Q4EBOXVQBQD12 | Long             |  | RF                | US        |       362 | NS      | $3500.54      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                              | New Jersey Higher Education Student Assistance Authority                                      | CUSIP: 646080TB7<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    855000 | PA      | $745944.66    | 0.07%             | 2047-12-01      | Fixed         | 4.25%                 | No            | 2                  | On Loan: No      |
| Chicago O'Hare International Airport                                                  | Chicago O'Hare International Airport                                                          | CUSIP: 167593JV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40004.56     | 0.00%             | 2032-01-01      | Fixed         | 3.88%                 | No            | 2                  | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority                                                          | CUSIP: 19648AQ99<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $313305.75    | 0.03%             | 2043-08-01      | Fixed         | 8.00%                 | No            | 2                  | On Loan: No      |
| Columbus County Industrial Facilities & Pollution Control Financing Authority         | Columbus County Industrial Facilities & Pollution Control Financing Authority, Series 2020A   | CUSIP: 199048AF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $756925.50    | 0.07%             | 2034-05-01      | Fixed         | 4.20%                 | No            | 2                  | On Loan: No      |
| Florida State Board of Governors University of North Florida Dormitory Revenue        | Florida State Board of Governors University of North Florida Dormitory, Series 2023A          | CUSIP: 34157XBE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1513415.85   | 0.13%             | 2053-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Nuveen Municipal Credit Income Fund                                                   | Nuveen Municipal Credit Income Fund                                                           | CUSIP: 67070X101<br>LEI: 54930078DL3R0VSYW338 | Long             |  | RF                | US        |     36371 | NS      | $433542.32    | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                                   | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | STIV             | MUN               | PR        |    229812 | PA      | $141621.49    | 0.01%             | 2043-11-01      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| Louisiana Public Facilities Authority                                                 | Louisiana Public Facilities Authority                                                         | CUSIP: 54639TCG5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1404950.82   | 0.12%             | 2042-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Chicago Transit Authority Sales Tax Receipts Fund                                     | Chicago Transit Authority Sales Tax Receipts Fund                                             | CUSIP: 16772PCD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1470028.05   | 0.13%             | 2055-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                                   | Louisville, Series 2023 A                                                                     | CUSIP: 54659LDA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1519890.15   | 0.13%             | 2042-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| North Range Metropolitan District No. 1                                               | North Range Metropolitan District No. 1                                                       | CUSIP: 661765AU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $771930.39    | 0.07%             | 2038-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| County of Palm Beach FL                                                               | County of Palm Beach                                                                          | CUSIP: 696547GJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $168849.22    | 0.01%             | 2039-04-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Capital Trust Agency, Inc.                                                            | Capital Trust Agency, Inc.                                                                    | CUSIP: 14052WBB2<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    435000 | PA      | $435550.75    | 0.04%             | 2029-07-01      | Fixed         | 5.35%                 | No            | 2                  | On Loan: No      |
| County of Lee FL Airport Revenue                                                      | County of Lee, Series 2024                                                                    | CUSIP: 523470HX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010932.10   | 0.09%             | 2054-10-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Lexington County Health Services District, Inc.                                       | Lexington County Health Services District, Inc.                                               | CUSIP: 529050DZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000814.20   | 0.18%             | 2041-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Pflugerville TX                                                               | City of Pflugerville                                                                          | CUSIP: 7170877W4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $879293.70    | 0.08%             | 2049-08-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| BNY Mellon Strategic Municipals, Inc.                                                 | BNY Mellon Strategic Municipals, Inc.                                                         | CUSIP: 05588W108<br>LEI: 549300FH0LKMOBY7N332 | Long             |  | RF                | US        |     34014 | NS      | $201362.88    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Foothill-Eastern Transportation Corridor Agency                                       | Foothill-Eastern Transportation Corridor Agency                                               | CUSIP: 345105HZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1425180.60   | 0.12%             | 2035-01-15      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| PIMCO Municipal Income Fund III                                                       | PIMCO Municipal Income Fund III                                                               | CUSIP: 72201A103<br>LEI: SJUC6WH3GDYFFYIHMV67 | Long             |  | RF                | US        |     18314 | NS      | $125634.04    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Florida Development Finance Corp.                                                     | Florida Development Finance Corp., Series 2024                                                | CUSIP: 340618DK0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995000.00    | 0.09%             | 2032-07-15      | Variable      | 12.00%                | Yes           | 2                  | On Loan: No      |
| Luzerne County Industrial Development Authority                                       | Luzerne County Industrial Development Authority, Series 2017                                  | CUSIP: 55072RBG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503332.95    | 0.04%             | 2027-12-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                                       | Pennsylvania Higher Education Assistance Agency, Series 2025-1A                               | CUSIP: 70878CBS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $615882.81    | 0.05%             | 2046-06-01      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| County of Pasco FL                                                                    | County of Pasco                                                                               | CUSIP: 70252AAU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $394275.60    | 0.03%             | 2043-09-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Jefferson County Public Hospital District No. 2                                       | Jefferson County Public Hospital District No. 2, Series 2023A                                 | CUSIP: 473644AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252608.35    | 0.02%             | 2043-12-01      | Fixed         | 6.62%                 | No            | 2                  | On Loan: No      |
| Utility Debt Securitization Authority                                                 | Utility Debt Securitization Authority, Series 2023 TE-1                                       | CUSIP: 91802RGY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $538872.20    | 0.05%             | 2041-12-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| BlackRock MuniYield Quality Fund II, Inc.                                             | BlackRock MuniYield Quality Fund II, Inc.                                                     | CUSIP: 09254G108<br>LEI: PRQP520S3DVB025IWS24 | Long             |  | RF                | US        |     10448 | NS      | $100718.72    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Mesa Del Sol Public Improvement District No. 1                                        | Mesa Del Sol Public Improvement District No. 1                                                | CUSIP: 59065CAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $699963.32    | 0.06%             | 2033-10-01      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| Clifton Higher Education Finance Corp.                                                | Clifton Higher Education Finance Corp.                                                        | CUSIP: 187145BR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $84922.86     | 0.01%             | 2047-12-01      | Fixed         | 4.40%                 | No            | 2                  | On Loan: No      |
| Wyoming Community Development Authority                                               | Wyoming Community Development Authority, Series 2021 3                                        | CUSIP: 98322QYW1<br>LEI: 549300UQ62NB8FGTHW65 | Long             | DBT              | MUN               | US        |    840000 | PA      | $830364.61    | 0.07%             | 2050-06-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| California Municipal Finance Authority                                                | California Municipal Finance Authority                                                        | CUSIP: 13048VCB2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $863717.80    | 0.08%             | 2047-12-31      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Nuveen California Quality Municipal Income Fund                                       | Nuveen California Quality Municipal Income Fund                                               | CUSIP: 67066Y105<br>LEI: 549300ZT6V9X5U9BHR46 | Long             |  | RF                | US        |     20085 | NS      | $224349.45    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Renaissance Public School Academy                                                     | Renaissance Public School Academy                                                             | CUSIP: 75972RAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250104.75    | 0.02%             | 2037-05-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Lee County Industrial Development Authority/FL                                        | Lee County Industrial Development Authority                                                   | CUSIP: 52349EDV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508022.70    | 0.04%             | 2039-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| West Memphis School District No. 4                                                    | West Memphis School District No. 4                                                            | CUSIP: 954358HP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1255000 | PA      | $989150.21    | 0.09%             | 2039-02-01      | Fixed         | 2.75%                 | No            | 2                  | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp., Series 2024                                        | CUSIP: 650116HQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000627.60   | 0.09%             | 2060-06-30      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Metropolitan Transportation Authority                                                 | Metropolitan Transportation Authority, Series 2024A                                           | CUSIP: 59261A2J5<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2044848.00   | 0.18%             | 2049-11-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Chicago O'Hare International Airport                                                  | Chicago O'Hare International Airport, Series 2018 B                                           | CUSIP: 167593M41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $887989.80    | 0.08%             | 2044-01-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                  | Colorado Educational & Cultural Facilities Authority                                          | CUSIP: 19645RZQ7<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $451731.00    | 0.04%             | 2039-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Indiana Finance Authority                                                             | Indiana Finance Authority                                                                     | CUSIP: 45470CAF6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $972811.60    | 0.09%             | 2030-11-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Maryland State Transportation Authority Passenger Facility Charge Revenue             | Maryland State Transportation Authority Passenger Facility Charge, Series 2019                | CUSIP: 57429NDC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $942262.30    | 0.08%             | 2039-06-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| County of Hamilton OH                                                                 | County of Hamilton                                                                            | CUSIP: 407272Y23<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1931174.80   | 0.17%             | 2045-09-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Town of Cave Creek AZ Cahava Springs Revitalization District                          | Town of Cave Creek, Series 2017 A                                                             | CUSIP: 12773CAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    213315 | PA      | $149320.75    | 0.01%             | 2041-07-01      | Fixed         | 7.00%                 | Yes           | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74442EBB5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    450000 | PA      | $450008.91    | 0.04%             | 2045-03-01      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| State of Colorado                                                                     | State of Colorado                                                                             | CUSIP: 196711UZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1679399.70   | 0.15%             | 2041-12-15      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| North Carolina Housing Finance Agency                                                 | North Carolina Housing Finance Agency, Series 39-B                                            | CUSIP: 658207VA0<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    720000 | PA      | $668716.49    | 0.06%             | 2038-07-01      | Fixed         | 3.85%                 | No            | 2                  | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                           | New Hampshire Health and Education Facilities Authority Act, Series 2019 A                    | CUSIP: 64461XFU4<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $886627.90    | 0.08%             | 2043-08-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Oklahoma Housing Finance Agency                                                       | Oklahoma Housing Finance Agency, Series 2025A                                                 | CUSIP: 67886MW88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1120447.50   | 0.10%             | 2056-09-01      | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority, Series 2017                                                       | CUSIP: 45203PAD6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |    845000 | PA      | $856136.68    | 0.08%             | 2043-12-01      | Variable      | 4.80%                 | Yes           | 2                  | On Loan: No      |
| Pennsylvania Turnpike Commission                                                      | Pennsylvania Turnpike Commission                                                              | CUSIP: 709225HC3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049548.60   | 0.09%             | 2040-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Grand Bay at Doral Community Development District                                     | Grand Bay at Doral Community Development District                                             | CUSIP: 38522UAQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500014.45    | 0.04%             | 2039-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| South Carolina Ports Authority                                                        | South Carolina Ports Authority                                                                | CUSIP: 837123HK7<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2028175.00   | 0.18%             | 2038-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Houston TX                                                                    | City of Houston                                                                               | CUSIP: 442331U93<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006144.70   | 0.09%             | 2033-03-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Ascension Parish Industrial Development Board, Inc.                                   | Ascension Parish Industrial Development Board, Inc.                                           | CUSIP: 04350RAF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1165311.17   | 0.10%             | 2036-07-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Texas City Industrial Development Corp.                                               | Texas City Industrial Development Corp.                                                       | CUSIP: 882275AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1359112.61   | 0.12%             | 2045-12-01      | Fixed         | 4.12%                 | No            | 2                  | On Loan: No      |
| District of Columbia Income Tax Revenue                                               | District of Columbia Income Tax, Series 2023 A                                                | CUSIP: 25477GWB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039127.70   | 0.09%             | 2048-05-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Oklahoma City Airport Trust                                                           | Oklahoma City Airport Trust                                                                   | CUSIP: 6785354C6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998680.50    | 0.09%             | 2043-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                                    | CUSIP: 45203KAP0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1949439.45   | 0.17%             | 2047-02-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Sterling Hills West Metropolitan District                                             | Sterling Hills West Metropolitan District                                                     | CUSIP: 85933MBQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $126925.51    | 0.01%             | 2039-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Iowa Tobacco Settlement Authority                                                     | Iowa Tobacco Settlement Authority                                                             | CUSIP: 888805CJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4485000 | PA      | $657052.95    | 0.06%             | 2065-06-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Chicago Board of Education                                                            | Chicago Board of Education                                                                    | CUSIP: 167505QY5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1960017.93   | 0.17%             | 2044-12-01      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| Port of Beaumont Navigation District                                                  | Port of Beaumont Navigation District, Series 2024A                                            | CUSIP: 73360CAP9<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    250000 | PA      | $239266.68    | 0.02%             | 2039-01-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| City of Hackberry TX                                                                  | City of Hackberry                                                                             | CUSIP: 404518AY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $233645.38    | 0.02%             | 2038-09-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| New York City Municipal Water Finance Authority                                       | New York City Municipal Water Finance Authority                                               | CUSIP: 64972GB60<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030242.60   | 0.09%             | 2052-06-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue                   | Metropolitan Washington Airports Authority Dulles Toll Road Revenue                           | CUSIP: 592643DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2130000 | PA      | $1815420.51   | 0.16%             | 2049-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue                               | Great Lakes Water Authority Water Supply System, Series 2025 D                                | CUSIP: 39081JKN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $768124.47    | 0.07%             | 2050-07-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Invesco Municipal Opportunity Trust                                                   | Invesco Municipal Opportunity Trust                                                           | CUSIP: 46132C107<br>LEI: WERC5RXCUSU16MOTZ848 | Long             |  | RF                | US        |     26598 | NS      | $244169.64    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Spring Lake Park Independent School District No. 16                                   | Spring Lake Park Independent School District No. 16, Series 2024 A                            | CUSIP: 849832XD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059853.70   | 0.09%             | 2028-02-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Arizona Industrial Development Authority                                              | Arizona Industrial Development Authority                                                      | CUSIP: 04052BQU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $532014.36    | 0.05%             | 2041-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| California Community Choice Financing Authority                                       | California Community Choice Financing Authority, Series 2024C                                 | CUSIP: 13013JEB8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    875000 | PA      | $922772.73    | 0.08%             | 2055-08-01      | Variable      | 5.00%                 | No            | 2                  | On Loan: No      |
| Monongalia County Commission Excise Tax District                                      | Monongalia County Commission Excise Tax District                                              | CUSIP: 61022CAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009128.60   | 0.09%             | 2037-06-01      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                        | New Jersey Transportation Trust Fund Authority                                                | CUSIP: 6461367G0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $513557.50    | 0.05%             | 2040-06-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Metropolitan Water Reclamation District of Greater Chicago                            | Metropolitan Water Reclamation District of Greater Chicago                                    | CUSIP: 167560UM1<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |   1905000 | PA      | $1940162.49   | 0.17%             | 2041-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| South Carolina Public Service Authority                                               | South Carolina Public Service Authority                                                       | CUSIP: 837151K32<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    730000 | PA      | $728816.23    | 0.06%             | 2055-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Massachusetts Housing Finance Agency                                                  | Massachusetts Housing Finance Agency, Series 2019 B-1                                         | CUSIP: 57587AY77<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $380532.75    | 0.03%             | 2044-12-01      | Fixed         | 3.10%                 | No            | 2                  | On Loan: No      |
| County of Broward FL Port Facilities Revenue                                          | County of Broward, Series 2022                                                                | CUSIP: 11506KHB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2039880.80   | 0.18%             | 2052-09-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| City of Baltimore MD                                                                  | City of Baltimore, Series 2019 A                                                              | CUSIP: 05922KE62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012496.20   | 0.09%             | 2049-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                              | Cleveland-Cuyahoga County Port Authority                                                      | CUSIP: 18610TAD2<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    710000 | PA      | $711159.71    | 0.06%             | 2037-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Kansas City Industrial Development Authority                                          | Kansas City Industrial Development Authority                                                  | CUSIP: 48504NBB4<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1030576.99   | 0.09%             | 2039-03-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                  | New Hope Cultural Education Facilities Finance Corp.                                          | CUSIP: 64542RDJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2505000 | PA      | $2374597.47   | 0.21%             | 2047-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Austin TX Airport System Revenue                                              | City of Austin                                                                                | CUSIP: 052398FR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006256.90   | 0.09%             | 2035-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Riverside County Transportation Commission                                            | Riverside County Transportation Commission, Series 2021 B-1                                   | CUSIP: 76912DBA5<br>LEI: 5493003G0IESJS57M350 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $717848.70    | 0.06%             | 2049-06-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| School District of Philadelphia (The)                                                 | School District of Philadelphia (The)                                                         | CUSIP: 717883XT4<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |    995000 | PA      | $1011242.68   | 0.09%             | 2038-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Port New Orleans Board of Commissioners                                               | Port New Orleans Board of Commissioners                                                       | CUSIP: 734782CY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1261008.13   | 0.11%             | 2038-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Washington Health Care Facilities Authority                                           | Washington Health Care Facilities Authority                                                   | CUSIP: 93978HSL0<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506492.90    | 0.04%             | 2032-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority, Series 2022 MI - A                                                | CUSIP: 59447T2W2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    950000 | PA      | $817798.19    | 0.07%             | 2047-12-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, Series 2021 A                                             | CUSIP: 65000BDK1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $402134.60    | 0.04%             | 2041-07-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| State of Connecticut Special Tax Revenue                                              | State of Connecticut Special Tax                                                              | CUSIP: 207758H55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1469292.15   | 0.13%             | 2039-11-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Poway Unified School District Public Financing Authority                              | Poway Unified School District Public Financing Authority                                      | CUSIP: 73885QDN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000468.20   | 0.09%             | 2041-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Louisiana Public Facilities Authority                                                 | Louisiana Public Facilities Authority, Series 2023 A                                          | CUSIP: 546399RQ1<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1426590.30   | 0.13%             | 2053-10-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Independent Cities Finance Authority                                                  | Independent Cities Finance Authority                                                          | CUSIP: 45385LHE6<br>LEI: 549300ZZZYTBUL6FR983 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001137.10   | 0.09%             | 2036-09-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Alameda Corridor Transportation Authority                                             | Alameda Corridor Transportation Authority, Series 2022 C                                      | CUSIP: 010869JU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1112176.00   | 0.10%             | 2052-10-01      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| Massachusetts Housing Finance Agency                                                  | Massachusetts Housing Finance Agency, Series 2013B                                            | CUSIP: 57586P7M2<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $907394.70    | 0.08%             | 2056-06-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Utah Charter School Finance Authority                                                 | Utah Charter School Finance Authority                                                         | CUSIP: 91754TUX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $439289.00    | 0.04%             | 2048-06-15      | Fixed         | 5.38%                 | Yes           | 2                  | On Loan: No      |
| Northside Independent School District                                                 | Northside Independent School District, Series 2020                                            | CUSIP: 66702RR79<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1008308.60   | 0.09%             | 2050-06-01      | Variable      | 3.55%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                                    | CUSIP: 45204FLY9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $933659.20    | 0.08%             | 2039-07-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                  | Colorado Educational & Cultural Facilities Authority                                          | CUSIP: 19645RB75<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502151.80    | 0.04%             | 2028-12-15      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                           | New Hampshire Health and Education Facilities Authority Act                                   | CUSIP: 64461XHQ1<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040293.60   | 0.09%             | 2048-07-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| County of Miami OH                                                                    | County of Miami, Series 2019                                                                  | CUSIP: 593328FQ5<br>LEI: 549300YAYSF4ZQH3JU54 | Long             | DBT              | MUN               | US        |   1880000 | PA      | $1842236.25   | 0.16%             | 2049-08-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Virginia Small Business Financing Authority                                           | Virginia Small Business Financing Authority, Series 2022                                      | CUSIP: 928104QJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500389.80    | 0.04%             | 2047-12-31      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Texas Water Development Board                                                         | Texas Water Development Board                                                                 | CUSIP: 8828543K6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1961726.20   | 0.17%             | 2038-08-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Chicago Board of Education                                                            | Chicago Board of Education                                                                    | CUSIP: 167505XR2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $980849.80    | 0.09%             | 2040-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                                    | CUSIP: 45201QCX0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000016.40   | 0.18%             | 2036-11-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                | Maine Health & Higher Educational Facilities Authority, Series 2016A                          | CUSIP: 56042RFH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $921229.70    | 0.08%             | 2041-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                                 | City of San Antonio, Series 2024D                                                             | CUSIP: 79625GLU5<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038159.80   | 0.09%             | 2054-02-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Authority | Louisiana Local Government Environmental Facilities & Community Development Authority         | CUSIP: 54628CAT9<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1200118.79   | 0.11%             | 2041-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                     | City & County of Denver                                                                       | CUSIP: 249182TK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075026.20   | 0.09%             | 2041-11-15      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| Northside Independent School District                                                 | Northside Independent School District, Series 2018                                            | CUSIP: 66702RTU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $936169.90    | 0.08%             | 2037-08-15      | Fixed         | 3.45%                 | No            | 2                  | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                           | Metropolitan Washington Airports Authority Aviation                                           | CUSIP: 592647KM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500450.95    | 0.04%             | 2046-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                                | Downtown Revitalization Public Infrastructure District, Series 2025 A                         | CUSIP: 26118TAW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2109893.20   | 0.19%             | 2050-06-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue               | New York City Transitional Finance Authority Future Tax Secured                               | CUSIP: 64971XUG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $902468.90    | 0.08%             | 2044-05-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Colorado Housing and Finance Authority                                                | Colorado Housing and Finance Authority, Series 2022 CL-1 B                                    | CUSIP: 196480ZE0<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |    790000 | PA      | $780945.81    | 0.07%             | 2052-05-01      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority, Series 2017A                                                      | CUSIP: 45204EA32<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1090456.63   | 0.10%             | 2047-07-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| City of Tampa FL                                                                      | City of Tampa, Series 2020 B                                                                  | CUSIP: 875161DD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994537.80    | 0.09%             | 2050-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Lake Ashton Community Development District                                            | Lake Ashton Community Development District                                                    | CUSIP: 507507AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $360057.06    | 0.03%             | 2037-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Austin Convention Enterprises, Inc.                                                   | Austin Convention Enterprises, Inc.                                                           | CUSIP: 052409DR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $320808.48    | 0.03%             | 2034-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Empire State Development Corp.                                                        | Empire State Development Corp., Series 2021 A                                                 | CUSIP: 64985TCK5<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $982436.40    | 0.09%             | 2038-03-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Utah Charter School Finance Authority                                                 | Utah Charter School Finance Authority                                                         | CUSIP: 91754TVG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $497527.30    | 0.04%             | 2027-07-15      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| County of Warren MS                                                                   | County of Warren, Series 2018                                                                 | CUSIP: 935031AG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $267184.10    | 0.02%             | 2032-09-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Chicago Board of Education                                                            | Chicago Board of Education                                                                    | CUSIP: 167505QR0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $494281.50    | 0.04%             | 2039-12-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Port of Seattle WA                                                                    | Port of Seattle, Series 2024B                                                                 | CUSIP: 7353892N7<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    750000 | PA      | $777754.05    | 0.07%             | 2041-07-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                             | Golden State Tobacco Securitization Corp.                                                     | CUSIP: 38122ND90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $492832.35    | 0.04%             | 2051-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2016C                                                        | CUSIP: 74443QAD4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1992015.00   | 0.17%             | 2030-11-01      | Fixed         | 4.30%                 | No            | 2                  | On Loan: No      |
| New Hampshire Business Finance Authority                                              | New Hampshire Business Finance Authority                                                      | CUSIP: 63607WAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1848523 | PA      | $1764925.84   | 0.15%             | 2041-07-20      | Fixed         | 4.25%                 | No            | 2                  | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                 | Pennsylvania Economic Development Financing Authority                                         | CUSIP: 70870JCJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $875622.90    | 0.08%             | 2045-04-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| E-470 Public Highway Authority                                                        | E-470 Public Highway Authority                                                                | CUSIP: 26822LGT5<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $547424.00    | 0.05%             | 2037-09-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Duluth Economic Development Authority                                                 | Duluth Economic Development Authority, Series 2018 A                                          | CUSIP: 26444CHF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995267.00    | 0.09%             | 2058-02-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Atlanta Development Authority (The)                                                   | Atlanta Development Authority (The), Series 2024A-2                                           | CUSIP: 04780NMX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251680.80    | 0.02%             | 2039-04-01      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| City of Dallas TX Waterworks & Sewer System Revenue                                   | City of Dallas                                                                                | CUSIP: 23542JZT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1266908.02   | 0.11%             | 2043-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Canyons Metropolitan District No. 5                                                   | Canyons Metropolitan District No. 5, Series 2024A                                             | CUSIP: 139071AY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502119.65   | 0.13%             | 2059-12-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                                  | County of Miami-Dade, Series 2021                                                             | CUSIP: 59334DMQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $886795.80    | 0.08%             | 2046-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Black Belt Energy Gas District                                                        | Black Belt Energy Gas District                                                                | CUSIP: 09182TAF4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002658.90   | 0.09%             | 2052-10-01      | Variable      | 4.00%                 | No            | 2                  | On Loan: No      |
| Main Street Natural Gas, Inc.                                                         | Main Street Natural Gas, Inc.                                                                 | CUSIP: 56035DBP6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1509440.10   | 0.13%             | 2034-05-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Los Angeles CA                                                                | City of Los Angeles                                                                           | CUSIP: 544351SF7<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2040511.60   | 0.18%             | 2026-06-25      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                  | New Hope Cultural Education Facilities Finance Corp.                                          | CUSIP: 64542RAY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1471696.65   | 0.13%             | 2046-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Florida Development Finance Corp.                                                     | Florida Development Finance Corp., Series 2025A                                               | CUSIP: 340618DZ7<br>LEI: 549300HC854CNBLMWC48 | Long             | STIV             | MUN               | US        |   2000000 | PA      | $2055650.40   | 0.18%             | 2057-07-01      | Variable      | 8.25%                 | Yes           | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                                    | CUSIP: 45204FTV7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1605198.81   | 0.14%             | 2044-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Miami Beach Health Facilities Authority                                               | Miami Beach Health Facilities Authority                                                       | CUSIP: 593211EW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000039.10   | 0.09%             | 2039-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                        | New Jersey Transportation Trust Fund Authority                                                | CUSIP: 64613CCK2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3800000 | PA      | $4325747.48   | 0.38%             | 2048-06-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport          | San Francisco City & County Airport Comm-San Francisco International Airport                  | CUSIP: 79766DLZ0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015059.50   | 0.09%             | 2039-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Texas Municipal Gas Acquisition and Supply Corp. I                                    | Texas Municipal Gas Acquisition and Supply Corp. I                                            | CUSIP: 88256CEX3<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |    575000 | PA      | $590203.63    | 0.05%             | 2026-12-15      | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                 | Pennsylvania Economic Development Financing Authority, Series 2020 A2                         | CUSIP: 708686EM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $280875.00    | 0.02%             | 2040-12-01      | Fixed         | 10.00%                | Yes           | 2                  | On Loan: No      |
| Illinois Sports Facilities Authority (The)                                            | Illinois Sports Facilities Authority (The)                                                    | CUSIP: 452143FE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3005526.00   | 0.26%             | 2032-06-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                  | Colorado Educational & Cultural Facilities Authority                                          | CUSIP: 19645UCB8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037867.00   | 0.09%             | 2035-03-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Hampshire Business Finance Authority                                              | New Hampshire Business Finance Authority                                                      | CUSIP: 63607WBD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    997862 | PA      | $948492.50    | 0.08%             | 2041-01-20      | Variable      | 4.17%                 | No            | 2                  | On Loan: No      |
| City of New York NY                                                                   | City of New York, Series FISCAL 2024 C                                                        | CUSIP: 64966SBA3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4552562.96   | 0.40%             | 2053-03-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| New York City Municipal Water Finance Authority                                       | New York City Municipal Water Finance Authority, Series FISCAL 2024 SUB BB1                   | CUSIP: 64972GG32<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1584765.77   | 0.14%             | 2054-06-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| County of Carroll KY                                                                  | County of Carroll, Series 2006 B                                                              | CUSIP: 14483RAU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $797526.90    | 0.07%             | 2034-10-01      | Fixed         | 2.12%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2024A                                                        | CUSIP: 74442ELX6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $465290.60    | 0.04%             | 2064-06-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                                 | City of San Antonio, Series 2024 A                                                            | CUSIP: 79625GJR5<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039192.50   | 0.09%             | 2049-02-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Black Belt Energy Gas District                                                        | Black Belt Energy Gas District                                                                | CUSIP: 09182TBD8<br>LEI: 549300I8V0Z68JQCB679 | Long             | STIV             | MUN               | US        |    500000 | PA      | $489952.90    | 0.04%             | 2053-04-01      | Floating      | 2.57%                 | No            | 2                  | On Loan: No      |
| Philadelphia Authority for Industrial Development                                     | Philadelphia Authority for Industrial Development                                             | CUSIP: 71780TAX1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    850000 | PA      | $801238.48    | 0.07%             | 2037-11-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Indiana Finance Authority                                                             | Indiana Finance Authority                                                                     | CUSIP: 45470YEM9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3016268.40   | 0.26%             | 2033-11-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| North Texas Tollway Authority                                                         | North Texas Tollway Authority                                                                 | CUSIP: 66285WYA8<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $857034.30    | 0.08%             | 2049-01-01      | Fixed         | 4.25%                 | No            | 2                  | On Loan: No      |
| Verandah West Community Development District                                          | Verandah West Community Development District                                                  | CUSIP: 922947AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $405207.52    | 0.04%             | 2033-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| South Dakota Health & Educational Facilities Authority                                | South Dakota Health & Educational Facilities Authority                                        | CUSIP: 83755VZW7<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1222030.40   | 0.11%             | 2045-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Spring Independent School District                                                    | Spring Independent School District, Series 2015                                               | CUSIP: 8500003D0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $751611.15    | 0.07%             | 2032-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Port Authority of New York & New Jersey                                               | Port Authority of New York & New Jersey, Series 242                                           | CUSIP: 73358XKN1<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3015999.00   | 0.26%             | 2048-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Hurst-Euless-Bedford Independent School District                                      | Hurst-Euless-Bedford Independent School District, Series 2024                                 | CUSIP: 447819KL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $919831.50    | 0.08%             | 2050-08-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Southwestern Illinois Development Authority                                           | Southwestern Illinois Development Authority, Series 2025 B                                    | CUSIP: 84552YTM3<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032474.50   | 0.09%             | 2050-04-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Mobile County Industrial Development Authority                                        | Mobile County Industrial Development Authority, Series 2024 A                                 | CUSIP: 60733UAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1440564.90   | 0.13%             | 2054-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Los Angeles Department of Airports                                            | City of Los Angeles Department of Airports                                                    | CUSIP: 544445EL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1539022.65   | 0.13%             | 2034-05-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| State of Illinois                                                                     | State of Illinois                                                                             | CUSIP: 452152T84<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $962742.60    | 0.08%             | 2037-12-01      | Fixed         | 4.25%                 | No            | 2                  | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                                   | Louisville, Series 2022A                                                                      | CUSIP: 54660DAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2389025.75   | 0.21%             | 2052-05-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Naperville IL                                                                 | City of Naperville, Series 2024                                                               | CUSIP: 630412D76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $728721.53    | 0.06%             | 2041-12-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Milwaukee Metropolitan Sewerage District                                              | Milwaukee Metropolitan Sewerage District                                                      | CUSIP: 602409PP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $924916.90    | 0.08%             | 2043-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Yonkers Economic Development Corp.                                                    | Yonkers Economic Development Corp.                                                            | CUSIP: 98608MAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $265546.88    | 0.02%             | 2049-10-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Chicago O'Hare International Airport                                                  | Chicago O'Hare International Airport                                                          | CUSIP: 167590EY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512970.20    | 0.04%             | 2033-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| North Dakota Housing Finance Agency                                                   | North Dakota Housing Finance Agency, Series 2021 A                                            | CUSIP: 658909C53<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1104814.70   | 0.10%             | 2052-01-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                  | City of Charlotte, Series 2023A                                                               | CUSIP: 161036VJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050940.50   | 0.09%             | 2042-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                  | Colorado Educational & Cultural Facilities Authority                                          | CUSIP: 19645UHK3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $403812.95    | 0.04%             | 2041-07-01      | Fixed         | 4.00%                 | Yes           | 2                  | On Loan: No      |
| Virginia Small Business Financing Authority                                           | Virginia Small Business Financing Authority, Series 2017                                      | CUSIP: 928097AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $936861.70    | 0.08%             | 2056-12-31      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                     | City & County of Denver, Series 2022A                                                         | CUSIP: 249182QV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000099.30   | 0.09%             | 2047-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Metropolitan Atlanta Rapid Transit Authority                                          | Metropolitan Atlanta Rapid Transit Authority, Series 2017 C                                   | CUSIP: 5917453G7<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4021916.40   | 0.35%             | 2035-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Washington State Housing Finance Commission                                           | Washington State Housing Finance Commission                                                   | CUSIP: 93978UAA4<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    746990 | PA      | $702096.58    | 0.06%             | 2040-03-20      | Variable      | 4.08%                 | No            | 2                  | On Loan: No      |
| VanEck CEF Muni Income ETF                                                            | VanEck CEF Muni Income ETF                                                                    | CUSIP: 92189F460<br>LEI: 549300PUUB20HTFO1M17 | Long             |  | RF                | US        |     14200 | NS      | $298058.00    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| City of Los Angeles Department of Airports                                            | City of Los Angeles Department of Airports, Series 2022C                                      | CUSIP: 544445YH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $715926.80    | 0.06%             | 2049-05-15      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| Texas Water Development Board                                                         | Texas Water Development Board                                                                 | CUSIP: 882854B35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1468998.30   | 0.13%             | 2037-10-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| New Hampshire Business Finance Authority                                              | New Hampshire Business Finance Authority                                                      | CUSIP: 63610FBL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024948.70   | 0.09%             | 2051-06-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                             | Maryland Health & Higher Educational Facilities Authority                                     | CUSIP: 574218YA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.04%             | 2045-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Illinois State Toll Highway Authority                                                 | Illinois State Toll Highway Authority                                                         | CUSIP: 452252PN3<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034483.40   | 0.09%             | 2040-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Board of Water Light & Sinking Fund Commissioners of The City of Dalton (The)         | Board of Water Light & Sinking Fund Commissioners of The City of Dalton (The)                 | CUSIP: 235586DC5<br>LEI: 549300F2NIJXYBEBL710 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1053260.78   | 0.09%             | 2039-03-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| BlackRock MuniHoldings New Jersey Quality Fund, Inc.                                  | BlackRock MuniHoldings New Jersey Quality Fund, Inc.                                          | CUSIP: 09254X101<br>LEI: FDX8Y56FK6PN1WE5XX39 | Long             |  | RF                | US        |      1410 | NS      | $15439.50     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| E-470 Public Highway Authority                                                        | E-470 Public Highway Authority                                                                | CUSIP: 26822LDW1<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |    480000 | PA      | $407964.19    | 0.04%             | 2030-09-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Kentucky Economic Development Finance Authority                                       | Kentucky Economic Development Finance Authority                                               | CUSIP: 49126KKC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200850.86    | 0.02%             | 2037-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                     | Southeast Energy Authority A Cooperative District, Series 2024A                               | CUSIP: 84136HAU7<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1551101.25   | 0.14%             | 2035-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Bay Area Toll Authority                                                               | Bay Area Toll Authority                                                                       | CUSIP: 072024ST0<br>LEI: 5493001FUZGUQMIP5D78 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $993007.00    | 0.09%             | 2036-04-01      | Floating      | 3.17%                 | No            | 2                  | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue                   | Metropolitan Washington Airports Authority Dulles Toll Road Revenue                           | CUSIP: 592643BM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $643079.55    | 0.06%             | 2041-10-01      | Variable      | 6.50%                 | No            | 2                  | On Loan: No      |
| City of Chicago IL Wastewater Transmission Revenue                                    | City of Chicago, Series 1998A                                                                 | CUSIP: 167727HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $614127.00    | 0.05%             | 2026-01-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Central Texas Regional Mobility Authority                                             | Central Texas Regional Mobility Authority                                                     | CUSIP: 155498GH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2012535.80   | 0.18%             | 2043-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Series 2018B                                                        | CUSIP: 74445QAC4<br>LEI: 5493004S6D3NA627K012 | Long             | STIV             | MUN               | US        |    194116 | PA      | $130620.80    | 0.01%             | 2051-07-01      | Variable      | 4.00%                 | Yes           | 2                  | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority                                                                    | CUSIP: 59447TVA8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1807098.80   | 0.16%             | 2044-02-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. V                                      | Texas Municipal Gas Acquisition & Supply Corp. V, Series 2024                                 | CUSIP: 88256RAK2<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063652.10   | 0.09%             | 2055-01-01      | Variable      | 5.00%                 | No            | 2                  | On Loan: No      |
| Boggy Creek Improvement District                                                      | Boggy Creek Improvement District                                                              | CUSIP: 097206AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1138646.09   | 0.10%             | 2043-05-01      | Fixed         | 5.12%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74445QCV0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      6427 | PA      | $55.89        | 0.00%             | 2066-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                                 | New Jersey Health Care Facilities Financing Authority, Series 2024A                           | CUSIP: 645790TL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $678262.95    | 0.06%             | 2054-07-01      | Fixed         | 4.25%                 | No            | 2                  | On Loan: No      |
| Michigan State Building Authority                                                     | Michigan State Building Authority                                                             | CUSIP: 594615FY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3026374.80   | 0.27%             | 2041-04-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| State of Illinois                                                                     | State of Illinois                                                                             | CUSIP: 452153AW9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $496604.15    | 0.04%             | 2046-03-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74445QCJ7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      7237 | PA      | $124.11       | 0.00%             | 2055-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Lower Colorado River Authority                                                        | Lower Colorado River Authority, Series 2025                                                   | CUSIP: 54811BR78<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    840000 | PA      | $849032.02    | 0.07%             | 2050-05-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Main Street Natural Gas, Inc.                                                         | Main Street Natural Gas, Inc.                                                                 | CUSIP: 56035DDP4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1495850.25   | 0.13%             | 2052-08-01      | Variable      | 4.00%                 | Yes           | 2                  | On Loan: No      |
| Port of Corpus Christi Authority of Nueces County                                     | Port of Corpus Christi Authority of Nueces County                                             | CUSIP: 733911DF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036799.20   | 0.09%             | 2036-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Development Authority for Fulton County                                               | Development Authority for Fulton County                                                       | CUSIP: 36005GAV5<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507600.50    | 0.04%             | 2037-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Lodi Unified School District                                                          | Lodi Unified School District                                                                  | CUSIP: 540261MW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $952659.50    | 0.08%             | 2046-08-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Hoover Industrial Development Board                                                   | Hoover Industrial Development Board                                                           | CUSIP: 439241AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1089588.24   | 0.10%             | 2049-10-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                   | Pennsylvania Housing Finance Agency, Series 2024-144A                                         | CUSIP: 70879QUZ4<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1980000 | PA      | $1885936.14   | 0.17%             | 2049-10-01      | Fixed         | 4.60%                 | No            | 2                  | On Loan: No      |
| Wayne County Airport Authority                                                        | Wayne County Airport Authority                                                                | CUSIP: 944514VH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1518457.05   | 0.13%             | 2037-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority                                                            | CUSIP: 649838FX2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    355000 | PA      | $365932.01    | 0.03%             | 2027-07-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| County of Prince George's MD                                                          | County of Prince George's                                                                     | CUSIP: 74172VAR9<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1355960.15   | 0.12%             | 2048-08-01      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                                   | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     49930 | PA      | $48119.65     | 0.00%             | 2035-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Chandler Industrial Development Authority                                             | Chandler Industrial Development Authority, Series 2019                                        | CUSIP: 158862CE0<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1625000 | PA      | $1621912.99   | 0.14%             | 2049-06-01      | Variable      | 4.00%                 | No            | 2                  | On Loan: No      |
| State of Washington                                                                   | State of Washington                                                                           | CUSIP: 939720S33<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1739012.89   | 0.15%             | 2043-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Arkansas Development Finance Authority                                                | Arkansas Development Finance Authority                                                        | CUSIP: 04108WCC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $963096.70    | 0.08%             | 2049-09-01      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| Cape Girardeau County Industrial Development Authority                                | Cape Girardeau County Industrial Development Authority                                        | CUSIP: 139404HT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $66758.27     | 0.01%             | 2046-03-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Water Valley Metropolitan District No. 02                                             | Water Valley Metropolitan District No. 02                                                     | CUSIP: 94114PAN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $565347.71    | 0.05%             | 2040-12-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| South Carolina Public Service Authority                                               | South Carolina Public Service Authority                                                       | CUSIP: 837151K40<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1015819.51   | 0.09%             | 2055-12-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Denver Health & Hospital Authority                                                    | Denver Health & Hospital Authority                                                            | CUSIP: 24918EDN7<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1472263.21   | 0.13%             | 2039-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Majorca Isles Community Development District                                          | Majorca Isles Community Development District                                                  | CUSIP: 560851AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $830325.38    | 0.07%             | 2035-05-01      | Fixed         | 5.38%                 | No            | 2                  | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                    | Health & Educational Facilities Authority of the State of Missouri, Series 2023               | CUSIP: 60637AWL2<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1144091.86   | 0.10%             | 2052-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| California Municipal Finance Authority                                                | California Municipal Finance Authority                                                        | CUSIP: 13049AAG8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    850000 | PA      | $819875.07    | 0.07%             | 2046-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Oregon State Facilities Authority                                                     | Oregon State Facilities Authority                                                             | CUSIP: 68608JYL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46197.74     | 0.00%             | 2046-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74442EBZ2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    415000 | PA      | $414666.59    | 0.04%             | 2027-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Louisiana Housing Corp.                                                               | Louisiana Housing Corp., Series 2021 D                                                        | CUSIP: 54627DHW4<br>LEI: 549300VL35TBE7RSJH61 | Long             | DBT              | MUN               | US        |    440000 | PA      | $435238.72    | 0.04%             | 2052-06-01      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74442PJV8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    345000 | PA      | $155250.00    | 0.01%             | 2048-01-01      | Fixed         | 6.38%                 | Yes           | 2                  | On Loan: No      |
| Virginia Beach Development Authority                                                  | Virginia Beach Development Authority, Series 2023A                                            | CUSIP: 92774NBB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $443287.08    | 0.04%             | 2053-09-01      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority                                                            | CUSIP: 64990GMC3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $849043.60    | 0.07%             | 2040-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| California County Tobacco Securitization Agency                                       | California County Tobacco Securitization Agency                                               | CUSIP: 13016NEZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $80650.57     | 0.01%             | 2049-06-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| City of El Paso TX                                                                    | City of El Paso                                                                               | CUSIP: 283734D24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012470.60   | 0.09%             | 2036-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue                                | Triborough Bridge & Tunnel Authority Sales Tax, Series 2024ASUB A-1                           | CUSIP: 896035DH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031402.90   | 0.09%             | 2064-05-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.                              | Texas Private Activity Bond Surface Transportation Corp.                                      | CUSIP: 882667AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2391105.00   | 0.21%             | 2058-06-30      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Tampa FL                                                                      | City of Tampa                                                                                 | CUSIP: 87515ECB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000067.10   | 0.09%             | 2046-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| West Virginia Hospital Finance Authority                                              | West Virginia Hospital Finance Authority, Series 2023B                                        | CUSIP: 956622W83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $803813.18    | 0.07%             | 2048-09-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| California Pollution Control Financing Authority                                      | California Pollution Control Financing Authority, Series B-1                                  | CUSIP: 130536QV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998664.70    | 0.09%             | 2025-11-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Capital Trust Agency, Inc.                                                            | Capital Trust Agency, Inc.                                                                    | CUSIP: 14054CAE9<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    200000 | PA      | $198156.90    | 0.02%             | 2027-06-15      | Fixed         | 4.38%                 | Yes           | 2                  | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                          | Chicago Board of Education Dedicated Capital Improvement Tax                                  | CUSIP: 167510AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506196.35    | 0.04%             | 2038-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Commonwealth Financing Authority                                                      | Commonwealth Financing Authority                                                              | CUSIP: 20282EAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $935335.80    | 0.08%             | 2039-06-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                             | Maryland Health & Higher Educational Facilities Authority                                     | CUSIP: 5742184J9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $881531.30    | 0.08%             | 2048-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Painted Prairie Public Improvement Authority                                          | Painted Prairie Public Improvement Authority                                                  | CUSIP: 69578NAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $857213.40    | 0.08%             | 2039-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Union County Hospital Authority                                                       | Union County Hospital Authority                                                               | CUSIP: 906460DQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $972835.30    | 0.09%             | 2048-08-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Chesapeake Bay Bridge & Tunnel District                                               | Chesapeake Bay Bridge & Tunnel District                                                       | CUSIP: 16514PAD1<br>LEI: 549300JGWE66ZSSOYN09 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $988270.70    | 0.09%             | 2046-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Miami-Dade County Housing Finance Authority                                           | Miami-Dade County Housing Finance Authority, Series 2025A                                     | CUSIP: 593344BZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $693971.56    | 0.06%             | 2046-03-01      | Fixed         | 4.88%                 | No            | 2                  | On Loan: No      |
| Allegheny County Industrial Development Authority                                     | Allegheny County Industrial Development Authority                                             | CUSIP: 01730CAK4<br>LEI: 5493001680EYSTWFLS08 | Long             | DBT              | MUN               | US        |     95000 | PA      | $95084.67     | 0.01%             | 2038-07-15      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                     | City & County of Denver, Series 2022A                                                         | CUSIP: 249182QR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062440.70   | 0.09%             | 2040-11-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| City of Fort Lauderdale FL                                                            | City of Fort Lauderdale, Series 2022A                                                         | CUSIP: 347550RV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517866.95    | 0.05%             | 2048-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| BlackRock MuniAssets Fund, Inc.                                                       | BlackRock MuniAssets Fund, Inc.                                                               | CUSIP: 09254J102<br>LEI: UJYLDIG1NIEEIV3PO802 | Long             |  | RF                | US        |       783 | NS      | $8143.20      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Philadelphia Authority for Industrial Development                                     | Philadelphia Authority for Industrial Development                                             | CUSIP: 71781XDC4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $823991.70    | 0.07%             | 2047-11-01      | Fixed         | 6.60%                 | No            | 2                  | On Loan: No      |
| Macon County School District No. 61 Decatur                                           | Macon County School District No. 61 Decatur                                                   | CUSIP: 555597HR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $971093.80    | 0.09%             | 2040-01-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority, Series 2010                                                       | CUSIP: 45203PAC8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |   1845000 | PA      | $1869316.18   | 0.16%             | 2043-12-01      | Variable      | 4.80%                 | Yes           | 2                  | On Loan: No      |
| Michigan State Housing Development Authority                                          | Michigan State Housing Development Authority, Series 2023A                                    | CUSIP: 594654TJ4<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    375000 | PA      | $365438.40    | 0.03%             | 2043-12-01      | Fixed         | 4.70%                 | No            | 2                  | On Loan: No      |
| County of Frederick MD                                                                | County of Frederick, Series 2021 A                                                            | CUSIP: 35569PGG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $940984.50    | 0.08%             | 2036-10-01      | Fixed         | 1.75%                 | No            | 2                  | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                     | Southeast Energy Authority A Cooperative District, Series 2023 B                              | CUSIP: 84136GAJ4<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    750000 | PA      | $791550.98    | 0.07%             | 2030-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| BNY Mellon Municipal Income, Inc.                                                     | BNY Mellon Municipal Income, Inc.                                                             | CUSIP: 055CNT018<br>LEI: 549300BKYDDROJTY1E24 | Long             |  | RF                | US        |     29562 | NS      | $382532.28    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                           | Metropolitan Washington Airports Authority Aviation Revenue, Series 2021 A                    | CUSIP: 592647KN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1567148.88   | 0.14%             | 2051-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Las Vegas Convention & Visitors Authority                                             | Las Vegas Convention & Visitors Authority                                                     | CUSIP: 51771FAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003824.40   | 0.09%             | 2043-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority, Series 2023A                                                      | CUSIP: 45204FUX1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   4330000 | PA      | $4442453.56   | 0.39%             | 2048-05-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Rhode Island Commerce Corp.                                                           | Rhode Island Commerce Corp.                                                                   | CUSIP: 76218NAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1536182.26   | 0.13%             | 2041-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74445QCU2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      6528 | PA      | $61.49        | 0.00%             | 2065-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| CSCDA Community Improvement Authority                                                 | CSCDA Community Improvement Authority, Series 2020 A                                          | CUSIP: 126292AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $893863.40    | 0.08%             | 2054-01-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority, Series 2019 A                                           | CUSIP: 19648FJE5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1787223.20   | 0.16%             | 2043-11-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Aerotropolis Regional Transportation Authority                                        | Aerotropolis Regional Transportation Authority, Series 2024                                   | CUSIP: 008051AE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $981335.50    | 0.09%             | 2054-12-01      | Fixed         | 5.75%                 | Yes           | 2                  | On Loan: No      |
| Tennergy Corp.                                                                        | Tennergy Corp.                                                                                | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050034.40   | 0.09%             | 2053-10-01      | Variable      | 5.50%                 | No            | 2                  | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                        | Buckeye Tobacco Settlement Financing Authority                                                | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2561227.50   | 0.22%             | 2055-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| California Community Housing Agency                                                   | California Community Housing Agency, Series 2019 A                                            | CUSIP: 13013HAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $810354.30    | 0.07%             | 2049-04-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Georgia Housing & Finance Authority                                                   | Georgia Housing & Finance Authority, Series 2024 A                                            | CUSIP: 37353PMD8<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |    725000 | PA      | $743284.50    | 0.07%             | 2042-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                            | Pennsylvania Turnpike Commission Oil Franchise Tax                                            | CUSIP: 709221VJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006373.70   | 0.09%             | 2043-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Cook County Community College District No. 508                                        | Cook County Community College District No. 508, Series 2024                                   | CUSIP: 213187EE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1297756.13   | 0.11%             | 2039-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74445QCN8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      6933 | PA      | $94.02        | 0.00%             | 2059-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Ohio Housing Finance Agency                                                           | Ohio Housing Finance Agency, Series 2024 A                                                    | CUSIP: 67756Q6V4<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    980000 | PA      | $929120.16    | 0.08%             | 2054-09-01      | Fixed         | 4.65%                 | No            | 2                  | On Loan: No      |
| Port of Beaumont Navigation District                                                  | Port of Beaumont Navigation District, Series 2020A                                            | CUSIP: 73360CAD6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $766514.50    | 0.07%             | 2050-01-01      | Fixed         | 4.00%                 | Yes           | 2                  | On Loan: No      |
| Collegiate Charter School of Lowell                                                   | Collegiate Charter School of Lowell                                                           | CUSIP: 547649AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $118702.72    | 0.01%             | 2039-06-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                                    | CUSIP: 45204FNM3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $818377.20    | 0.07%             | 2043-08-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Illinois State University                                                             | Illinois State University                                                                     | CUSIP: 452272E78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036450.50   | 0.09%             | 2033-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Florida Development Finance Corp.                                                     | Florida Development Finance Corp., Series 2024                                                | CUSIP: 340618DT1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $925442.90    | 0.08%             | 2053-07-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Town of Apex NC                                                                       | Town of Apex, Series 2020 B                                                                   | CUSIP: 037591RY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $668545.59    | 0.06%             | 2033-06-01      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| Sanger Unified School District                                                        | Sanger Unified School District, Series A                                                      | CUSIP: 800851UK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $331122.33    | 0.03%             | 2046-08-01      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| State of Illinois                                                                     | State of Illinois                                                                             | CUSIP: 452153AQ2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    660000 | PA      | $691287.50    | 0.06%             | 2036-03-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| County of Utah UT                                                                     | County of Utah, Series 2014A                                                                  | CUSIP: 917393AW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1338059.10   | 0.12%             | 2045-05-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| George L Smith II Congress Center Authority                                           | George L Smith II Congress Center Authority, Series 2021 A                                    | CUSIP: 37255MAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $815927.10    | 0.07%             | 2054-01-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| New York Liberty Development Corp.                                                    | New York Liberty Development Corp.                                                            | CUSIP: 649519DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999936.20   | 0.18%             | 2040-11-15      | Fixed         | 5.38%                 | Yes           | 2                  | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp.                                                     | CUSIP: 650116AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1233272.88   | 0.11%             | 2050-01-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Town of Hempstead NY                                                                  | Town of Hempstead, Series 2021                                                                | CUSIP: 424672H71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $976142.50    | 0.09%             | 2037-06-15      | Fixed         | 2.12%                 | No            | 2                  | On Loan: No      |
| Chicago Board of Education                                                            | Chicago Board of Education                                                                    | CUSIP: 167505XM3<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010576.00   | 0.09%             | 2036-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| University of Illinois                                                                | University of Illinois                                                                        | CUSIP: 914353U47<br>LEI: 549300VD8PPC4Q5HK850 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501263.00   | 0.13%             | 2036-04-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| County of Hillsborough FL                                                             | County of Hillsborough                                                                        | CUSIP: 432299AV7<br>LEI: 549300L0R7XNYJEJGF23 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2359217.64   | 0.21%             | 2038-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Town of Rumford ME                                                                    | Town of Rumford                                                                               | CUSIP: 781433AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501074.80    | 0.04%             | 2026-10-01      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| Georgia Housing & Finance Authority                                                   | Georgia Housing & Finance Authority, Series 2024 A                                            | CUSIP: 37353PMG1<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $963002.70    | 0.08%             | 2054-12-01      | Fixed         | 4.70%                 | No            | 2                  | On Loan: No      |
| Charleston County Airport District                                                    | Charleston County Airport District, Series 2024A                                              | CUSIP: 160070EJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017651.40   | 0.09%             | 2049-07-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Illinois State Toll Highway Authority                                                 | Illinois State Toll Highway Authority, Series 2015 B                                          | CUSIP: 452252LE7<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   2775000 | PA      | $2765224.23   | 0.24%             | 2040-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp., Series 2024A                                       | CUSIP: 650116HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1221885.02   | 0.11%             | 2054-12-31      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Arizona Industrial Development Authority                                              | Arizona Industrial Development Authority, Series 2021 B                                       | CUSIP: 04052BQW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $784038.00    | 0.07%             | 2061-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| City of Beaumont TX Waterworks & Sewer System Revenue                                 | City of Beaumont, Series 2024                                                                 | CUSIP: 074561TD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508889.55    | 0.04%             | 2049-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Wildwood Utility Dependent District                                                   | Wildwood Utility Dependent District                                                           | CUSIP: 968214AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $801523.88    | 0.07%             | 2036-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                | Maine Health & Higher Educational Facilities Authority                                        | CUSIP: 56042RGC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1615000 | PA      | $1647515.12   | 0.14%             | 2035-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74445QCH1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      7338 | PA      | $133.72       | 0.00%             | 2054-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74445QCF5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      7490 | PA      | $154.76       | 0.00%             | 2052-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                     | City & County of Denver                                                                       | CUSIP: 249182LW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1969738.20   | 0.17%             | 2048-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Municipal Electric Authority of Georgia                                               | Municipal Electric Authority of Georgia, Series 2022A                                         | CUSIP: 62620HEL2<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    750000 | PA      | $745214.48    | 0.07%             | 2052-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Massachusetts Development Finance Agency                                              | Massachusetts Development Finance Agency                                                      | CUSIP: 57584Y4S5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1190309.16   | 0.10%             | 2048-07-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Massachusetts Development Finance Agency                                              | Massachusetts Development Finance Agency                                                      | CUSIP: 57584XFW6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $978362.00    | 0.09%             | 2045-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Onondaga Civic Development Corp.                                                      | Onondaga Civic Development Corp.                                                              | CUSIP: 682832DA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $234640.36    | 0.02%             | 2040-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| State of Mississippi                                                                  | State of Mississippi, Series 2017 A                                                           | CUSIP: 605581JU2<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3974570.40   | 0.35%             | 2036-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| King County School District No. 210 Federal Way                                       | King County School District No. 210 Federal Way                                               | CUSIP: 494890B62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2215000 | PA      | $2240610.94   | 0.20%             | 2033-12-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Pennsylvania Turnpike Commission                                                      | Pennsylvania Turnpike Commission                                                              | CUSIP: 709225GL4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    500000 | PA      | $514231.45    | 0.05%             | 2052-12-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Rampart Range Metropolitan District No. 1                                             | Rampart Range Metropolitan District No. 1                                                     | CUSIP: 75157TAA7<br>LEI: 549300YG458KQEHMQF33 | Long             | DBT              | MUN               | US        |    425000 | PA      | $434110.13    | 0.04%             | 2042-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Hampshire Business Finance Authority                                              | New Hampshire Business Finance Authority                                                      | CUSIP: 63607WAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    457545 | PA      | $452787.33    | 0.04%             | 2034-01-20      | Fixed         | 4.12%                 | No            | 2                  | On Loan: No      |
| Louisiana Offshore Terminal Authority                                                 | Louisiana Offshore Terminal Authority, Series 2013C                                           | CUSIP: 546510FU7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1007754.20   | 0.09%             | 2034-09-01      | Variable      | 4.20%                 | No            | 2                  | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                  | Triborough Bridge & Tunnel Authority                                                          | CUSIP: 89602N4C5<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502722.95   | 0.13%             | 2045-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Lathrop CA                                                                    | City of Lathrop                                                                               | CUSIP: 51825PBH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $974848.60    | 0.09%             | 2049-09-01      | Fixed         | 5.60%                 | No            | 2                  | On Loan: No      |
| New Jersey Turnpike Authority                                                         | New Jersey Turnpike Authority                                                                 | CUSIP: 646140EU3<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1808471.00   | 0.16%             | 2052-01-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                                    | CUSIP: 45204EPQ5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1976050.60   | 0.17%             | 2045-02-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| County of Burleigh ND                                                                 | County of Burleigh                                                                            | CUSIP: 12139LAA0<br>LEI: 549300O9YPNGKFXM8354 | Long             | DBT              | MUN               | US        |    200000 | PA      | $199225.46    | 0.02%             | 2026-04-15      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| Copper Ridge Metropolitan District                                                    | Copper Ridge Metropolitan District                                                            | CUSIP: 217558AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $472720.95    | 0.04%             | 2039-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Central Texas Turnpike System                                                         | Central Texas Turnpike System, Series 2024 C                                                  | CUSIP: 88283KCH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $931791.51    | 0.08%             | 2042-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Nuveen New York AMT-Free Quality Municipal Income Fund                                | Nuveen New York AMT-Free Quality Municipal Income Fund                                        | CUSIP: 670656107<br>LEI: 549300V4X2BF3UXSCQ58 | Long             |  | RF                | US        |        51 | NS      | $505.41       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| City of Topeka KS Combined Utility Revenue                                            | City of Topeka, Series 2018 A                                                                 | CUSIP: 890680QN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $568527.62    | 0.05%             | 2048-08-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| County of Hamilton OH                                                                 | County of Hamilton                                                                            | CUSIP: 407272V91<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074276.90   | 0.09%             | 2041-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Yellow Springs Exempt Village School District                                         | Yellow Springs Exempt Village School District, Series 2024                                    | CUSIP: 985607DN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036848.20   | 0.09%             | 2060-12-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp., Series 2024                                        | CUSIP: 650116HS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1955000 | PA      | $1838401.85   | 0.16%             | 2060-06-30      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport          | San Francisco City & County Airport Comm-San Francisco International Airport, Series 2024 A   | CUSIP: 79766DWW5<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1444953.05   | 0.13%             | 2044-05-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Los Angeles Department of Water & Power                                               | Los Angeles Department of Water & Power, Series 2018 D                                        | CUSIP: 5444955T7<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040356.50   | 0.09%             | 2031-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Lakewood Ranch Stewardship District                                                   | Lakewood Ranch Stewardship District, Series 2017                                              | CUSIP: 51265KBF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1238992.88   | 0.11%             | 2047-05-01      | Fixed         | 5.12%                 | Yes           | 2                  | On Loan: No      |
| City of Garland TX Electric Utility System Revenue                                    | City of Garland                                                                               | CUSIP: 366133RN8<br>LEI: 549300O5KXJ5HAWVEN53 | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1248808.21   | 0.11%             | 2038-03-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| East Hempfield Township Industrial Development Authority                              | East Hempfield Township Industrial Development Authority                                      | CUSIP: 273007CN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $265020.64    | 0.02%             | 2039-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Lyons-Decatur Northeast Schools                                                       | Lyons-Decatur Northeast Schools                                                               | CUSIP: 122873AW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $937746.54    | 0.08%             | 2052-12-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Mobile County Industrial Development Authority                                        | Mobile County Industrial Development Authority, Series 2024 B                                 | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $922118.80    | 0.08%             | 2054-12-01      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| City of Middleburg Heights OH                                                         | City of Middleburg Heights                                                                    | CUSIP: 596126DQ2<br>LEI: 549300YPL4J3W5PGVS22 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $899686.30    | 0.08%             | 2041-08-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Pennsylvania Turnpike Commission                                                      | Pennsylvania Turnpike Commission                                                              | CUSIP: 709225BB1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $903557.40    | 0.08%             | 2045-12-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| University of Wisconsin Hospitals & Clinics                                           | University of Wisconsin Hospitals & Clinics                                                   | CUSIP: 915260DG5<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009494.60   | 0.09%             | 2043-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Pico Rivera Water Authority                                                           | Pico Rivera Water Authority                                                                   | CUSIP: 719889AS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $972374.24    | 0.09%             | 2029-05-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| BlackRock Liquidity Funds                                                             | BlackRock Liquidity Funds MuniCash                                                            | CUSIP: 09248U841<br>LEI: 549300RWBJ885673DL84 | Long             | STIV             | RF                | US        |  24830473 | NS      | $24832956.17  | 2.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                        | Metropolitan Nashville Airport Authority (The)                                                | CUSIP: 592190QY1<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012410.60   | 0.09%             | 2047-07-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| City of Shakopee MN Senior Housing Revenue                                            | City of Shakopee MN Senior Housing Revenue                                                    | CUSIP: 81919TAA4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1720000 | PA      | $1715939.25   | 0.15%             | 2058-11-01      | Variable      | 5.85%                 | Yes           | 2                  | On Loan: No      |
| Hillsborough County Aviation Authority                                                | Hillsborough County Aviation Authority                                                        | CUSIP: 432308H64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1997183.60   | 0.18%             | 2043-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Los Angeles Department of Airports                                            | City of Los Angeles Department of Airports                                                    | CUSIP: 544445GY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999774.90    | 0.09%             | 2048-05-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| County of San Bernardino CA                                                           | County of San Bernardino                                                                      | CUSIP: 796844SH2<br>LEI: 254900RTS8DDNPA7MX91 | Long             | DBT              | MUN               | US        |    700000 | PA      | $614597.48    | 0.05%             | 2042-09-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Main Street Natural Gas, Inc.                                                         | Main Street Natural Gas, Inc., Series 2021 A                                                  | CUSIP: 56035DDH2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1362972.29   | 0.12%             | 2052-07-01      | Variable      | 4.00%                 | No            | 2                  | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)                 | Industrial Development Authority of the City of Phoenix Arizona (The)                         | CUSIP: 71885MBH4<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    645000 | PA      | $648868.07    | 0.06%             | 2036-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Foothill-Eastern Transportation Corridor Agency                                       | Foothill-Eastern Transportation Corridor Agency                                               | CUSIP: 345105JJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1396692.72   | 0.12%             | 2043-01-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Main Street Natural Gas, Inc.                                                         | Main Street Natural Gas, Inc., Series 2019 A                                                  | CUSIP: 56035DBW1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000772.40   | 0.09%             | 2049-05-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Indiana Finance Authority                                                             | Indiana Finance Authority, Series 2023A                                                       | CUSIP: 45470YFG1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1551910.80   | 0.14%             | 2042-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Kentucky Municipal Power Agency                                                       | Kentucky Municipal Power Agency                                                               | CUSIP: 491501EL2<br>LEI: 2549001MTI3IE05Z7959 | Long             | DBT              | MUN               | US        |    765000 | PA      | $776215.74    | 0.07%             | 2032-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority, Series 2019A                                                      | CUSIP: 59447TUH4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $982882.60    | 0.09%             | 2048-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                 | Pennsylvania Economic Development Financing Authority                                         | CUSIP: 70868YAZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1557283.35   | 0.14%             | 2062-12-31      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| South Tahoe Joint Powers Financing Authority                                          | South Tahoe Joint Powers Financing Authority                                                  | CUSIP: 84049BHK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000034.20   | 0.09%             | 2034-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74445QCM0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      6984 | PA      | $100.09       | 0.00%             | 2058-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74446HAB5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $950000.00    | 0.08%             | 2037-12-01      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority                                                          | CUSIP: 19648FWU4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503256.45    | 0.04%             | 2052-11-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Nuveen AMT-Free Quality Municipal Income Fund                                         | Nuveen AMT-Free Quality Municipal Income Fund                                                 | CUSIP: 670657105<br>LEI: 549300OTYQOOXS64NI63 | Long             |  | RF                | US        |     21738 | NS      | $237378.96    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority                                                                    | CUSIP: 594479BT3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    160000 | PA      | $145567.95    | 0.01%             | 2029-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| State of Illinois                                                                     | State of Illinois                                                                             | CUSIP: 452152Q61<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024667.30   | 0.09%             | 2026-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Louisiana Stadium & Exposition District                                               | Louisiana Stadium & Exposition District                                                       | CUSIP: 546410CY5<br>LEI: 5493000QEHWDGVGH7J62 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015253.20   | 0.09%             | 2053-07-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Calexico Unified School District                                                      | Calexico Unified School District                                                              | CUSIP: 129577LU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $903363.01    | 0.08%             | 2052-08-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| FSU Financial Assistance, Inc.                                                        | FSU Financial Assistance, Inc.                                                                | CUSIP: 302644ED7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001586.70   | 0.09%             | 2030-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                    | Tobacco Settlement Financing Corp.                                                            | CUSIP: 888808HM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1632591.84   | 0.14%             | 2036-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Carson City NV                                                                        | Carson City NV                                                                                | CUSIP: 145810DT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $240179.14    | 0.02%             | 2037-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| California Community Choice Financing Authority                                       | California Community Choice Financing Authority                                               | CUSIP: 13013JBJ4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504443.30    | 0.04%             | 2053-05-01      | Variable      | 4.00%                 | No            | 2                  | On Loan: No      |
| Scranton-Lackawanna Health and Welfare Authority                                      | Scranton-Lackawanna Health and Welfare Authority                                              | CUSIP: 810694L72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $824047.50    | 0.07%             | 2046-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Central Texas Regional Mobility Authority                                             | Central Texas Regional Mobility Authority                                                     | CUSIP: 155498AV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1017930.06   | 0.09%             | 2027-01-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Washington Convention & Sports Authority                                              | Washington Convention & Sports Authority                                                      | CUSIP: 93878LCH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501449.10    | 0.04%             | 2035-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Susquehanna Area Regional Airport Authority                                           | Susquehanna Area Regional Airport Authority                                                   | CUSIP: 86909RBG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $275776.49    | 0.02%             | 2035-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Dawson Trails Metropolitan District No. 1                                             | Dawson Trails Metropolitan District No. 1, Series 2024                                        | CUSIP: 23945PAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $656051.91    | 0.06%             | 2031-12-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Clifton Higher Education Finance Corp.                                                | Clifton Higher Education Finance Corp.                                                        | CUSIP: 187145CE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1295536.65   | 0.11%             | 2049-12-01      | Fixed         | 4.60%                 | No            | 2                  | On Loan: No      |
| New York Liberty Development Corp.                                                    | New York Liberty Development Corp.                                                            | CUSIP: 649519EL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $567576.39    | 0.05%             | 2042-02-15      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| New York Counties Tobacco Trust VI                                                    | New York Counties Tobacco Trust VI                                                            | CUSIP: 64945JAZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $354832.73    | 0.03%             | 2035-06-01      | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                           | New Hampshire Health and Education Facilities Authority Act                                   | CUSIP: 64461XFR1<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    215000 | PA      | $217922.45    | 0.02%             | 2037-08-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| South Jersey Port Corp.                                                               | South Jersey Port Corp.                                                                       | CUSIP: 838530RF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011299.90   | 0.09%             | 2037-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                                   | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     61305 | PA      | $63103.65     | 0.01%             | 2027-07-01      | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| Health Care Authority for Baptist Health (The)                                        | Health Care Authority for Baptist Health (The)                                                | CUSIP: 42219UCF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046614.00   | 0.09%             | 2036-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                              | New Jersey Higher Education Student Assistance Authority                                      | CUSIP: 646080TV3<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    500000 | PA      | $517682.05    | 0.05%             | 2028-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74447DAB3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502433.95    | 0.04%             | 2042-02-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                                   | CUSIP: 74514L3F2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     30777 | PA      | $30777.00     | 0.00%             | 2025-07-01      | Fixed         | 5.38%                 | No            | 2                  | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                               | City of Philadelphia, Airport Revenue                                                         | CUSIP: 717817WU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $920729.20    | 0.08%             | 2040-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Chicago Transit Authority Sales Tax Receipts Fund                                     | Chicago Transit Authority Sales Tax Receipts Fund                                             | CUSIP: 16772PDK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1885000 | PA      | $1920035.55   | 0.17%             | 2046-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Hess Ranch Metropolitan District No. 5                                                | Hess Ranch Metropolitan District No. 5, Series 2024                                           | CUSIP: 428111AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $487494.00    | 0.04%             | 2044-12-01      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| Mediterra South Community Development District                                        | Mediterra South Community Development District                                                | CUSIP: 58500YAX6<br>LEI: 549300K93D7HYW1USW52 | Long             | DBT              | MUN               | US        |    355000 | PA      | $355115.55    | 0.03%             | 2034-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| BlackRock Long-Term Municipal Advantage Trust                                         | BlackRock Long-Term Municipal Advantage Trust                                                 | CUSIP: 09250B103<br>LEI: G3XW7SJTEWPATVFP0M68 | Long             |  | RF                | US        |     10127 | NS      | $92864.59     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| BlackRock MuniHoldings Fund, Inc.                                                     | BlackRock MuniHoldings Fund, Inc.                                                             | CUSIP: 09253N104<br>LEI: MZBVMGS24JR92TGE6Z32 | Long             |  | RF                | US        |     14824 | NS      | $166028.80    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Main Street Natural Gas, Inc.                                                         | Main Street Natural Gas, Inc., Series 2023C                                                   | CUSIP: 56035DFK3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058000.10   | 0.09%             | 2053-09-01      | Variable      | 5.00%                 | No            | 2                  | On Loan: No      |
| Yosemite Community College District                                                   | Yosemite Community College District, Series 2010D                                             | CUSIP: 987388DT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $401724.15    | 0.04%             | 2042-08-01      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                        | New Jersey Transportation Trust Fund Authority                                                | CUSIP: 64613CAE8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $458778.30    | 0.04%             | 2042-06-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Duluth Economic Development Authority                                                 | Duluth Economic Development Authority, Series 2018 A                                          | CUSIP: 26444CHG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $968660.10    | 0.08%             | 2058-02-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Metropolitan Transportation Authority                                                 | Metropolitan Transportation Authority                                                         | CUSIP: 59261AE52<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1666523.60   | 0.15%             | 2054-11-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Harbor Point Infrastructure Improvement District                                      | Harbor Point Infrastructure Improvement District                                              | CUSIP: 41154VAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002849.40   | 0.09%             | 2039-04-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                              | Metropolitan Pier & Exposition Authority                                                      | CUSIP: 592250DM3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1326847.71   | 0.12%             | 2050-06-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Nuveen AMT-Free Municipal Credit Income Fund                                          | Nuveen AMT-Free Municipal Credit Income Fund                                                  | CUSIP: 67071L106<br>LEI: 549300LBMO1C0IG71T03 | Long             |  | RF                | US        |     21460 | NS      | $256017.80    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Virginia Small Business Financing Authority                                           | Virginia Small Business Financing Authority                                                   | CUSIP: 928104PS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $454910.85    | 0.04%             | 2040-01-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Southeast Alabama Gas Supply District (The)                                           | Southeast Alabama Gas Supply District (The), Series 2024A                                     | CUSIP: 84131TBA9<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3155961.30   | 0.28%             | 2054-08-01      | Variable      | 5.00%                 | No            | 2                  | On Loan: No      |
| Kentucky Economic Development Finance Authority                                       | Kentucky Economic Development Finance Authority                                               | CUSIP: 49126KKF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1934192.80   | 0.17%             | 2045-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Stonebrier Community Development District                                             | Stonebrier Community Development District                                                     | CUSIP: 861779AN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97877.87     | 0.01%             | 2037-05-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                         | Allentown Neighborhood Improvement Zone Development Authority, Series 2024 A                  | CUSIP: 018444CE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $194275.96    | 0.02%             | 2042-05-01      | Fixed         | 5.25%                 | Yes           | 2                  | On Loan: No      |
| Texas Transportation Commission State Highway 249 System                              | Texas Transportation Commission State Highway 249 System                                      | CUSIP: 88283NAK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $543280.28    | 0.05%             | 2040-08-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue                   | Metropolitan Washington Airports Authority Dulles Toll Road Revenue                           | CUSIP: 592643CY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $751277.85    | 0.07%             | 2035-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| City of Houston TX Airport System Revenue                                             | City of Houston                                                                               | CUSIP: 442349GA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1303054.05   | 0.11%             | 2041-07-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Putnam County Development Authority/FL                                                | Putnam County Development Authority                                                           | CUSIP: 746507AV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $681454.45    | 0.06%             | 2042-03-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Hampshire Business Finance Authority                                              | New Hampshire Business Finance Authority, Series 2003 A                                       | CUSIP: 64468CBS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024672.70   | 0.09%             | 2033-10-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Black Belt Energy Gas District                                                        | Black Belt Energy Gas District                                                                | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $2051328.44   | 0.18%             | 2053-02-01      | Variable      | 5.25%                 | No            | 2                  | On Loan: No      |
| California Infrastructure & Economic Development Bank                                 | California Infrastructure & Economic Development Bank, Series 2025A                           | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $948202.90    | 0.08%             | 2065-01-01      | Variable      | 9.50%                 | Yes           | 2                  | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                      | Washington Metropolitan Area Transit Authority Dedicated, Series 2024 A                       | CUSIP: 93878YDV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009454.50   | 0.09%             | 2054-07-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Denver Health & Hospital Authority                                                    | Denver Health & Hospital Authority, Series 2025A                                              | CUSIP: 24918EEN6<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |    335000 | PA      | $331993.51    | 0.03%             | 2050-12-01      | Fixed         | 5.12%                 | No            | 2                  | On Loan: No      |
| Onondaga Civic Development Corp.                                                      | Onondaga Civic Development Corp.                                                              | CUSIP: 682832DB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $476993.05    | 0.04%             | 2045-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Washington State Convention Center Public Facilities District                         | Washington State Convention Center Public Facilities District                                 | CUSIP: 93976ADW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $973025.99    | 0.09%             | 2058-07-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Iowa Finance Authority                                                                | Iowa Finance Authority                                                                        | CUSIP: 46246SAE5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1464775.82   | 0.13%             | 2042-08-01      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| Hempstead Town Local Development Corp.                                                | Hempstead Town Local Development Corp.                                                        | CUSIP: 424685AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $726706.10    | 0.06%             | 2051-02-01      | Fixed         | 4.60%                 | No            | 2                  | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                                   | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     42853 | PA      | $40870.41     | 0.00%             | 2037-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| SA Energy Acquisition Public Facility Corp.                                           | SA Energy Acquisition Public Facility Corp.                                                   | CUSIP: 785138AV0<br>LEI: 5493006HRL5XH4QOE746 | Long             | DBT              | MUN               | US        |    290000 | PA      | $299160.87    | 0.03%             | 2027-08-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| North Carolina Housing Finance Agency                                                 | North Carolina Housing Finance Agency, Series 45                                              | CUSIP: 658207D28<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1737206.24   | 0.15%             | 2051-07-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Denton Independent School District                                                    | Denton Independent School District, Series 2023                                               | CUSIP: 249002MC7<br>LEI: 5493005I9W678SUI0Z07 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014758.40   | 0.09%             | 2053-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Municipal Electric Authority of Georgia                                               | Municipal Electric Authority of Georgia                                                       | CUSIP: 62620HGQ9<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1332897.51   | 0.12%             | 2055-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Los Angeles Department of Water & Power                                               | Los Angeles Department of Water & Power, Series 2023F SUB F-1                                 | CUSIP: 544532HU1<br>LEI: 549300S8NXV6YU61GG95 | Long             | STIV             | MUN               | US        |    250000 | PA      | $250000.00    | 0.02%             | 2048-07-01      | Variable      | 3.00%                 | No            | 2                  | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Sports Authority                  | Metropolitan Government Nashville & Davidson County Sports Authority, Series 2023A            | CUSIP: 592090KA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025481.20   | 0.09%             | 2056-07-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| University of South Carolina                                                          | University of South Carolina                                                                  | CUSIP: 914849HP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3013522.80   | 0.26%             | 2043-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Chicago O'Hare International Airport                                                  | Chicago O'Hare International Airport, Series 2018A                                            | CUSIP: 167593L59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985228.80    | 0.09%             | 2048-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Mission Economic Development Corp.                                                    | Mission Economic Development Corp.                                                            | CUSIP: 605156AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500800.80    | 0.04%             | 2031-10-01      | Fixed         | 4.62%                 | Yes           | 2                  | On Loan: No      |
| City of Deephaven MN                                                                  | City of Deephaven                                                                             | CUSIP: 24380HAR3<br>LEI: 5493005IOLNBTFT2MD86 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250017.50    | 0.02%             | 2040-07-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Grand Parkway Transportation Corp.                                                    | Grand Parkway Transportation Corp.                                                            | CUSIP: 38611TBP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025063.40   | 0.09%             | 2038-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Lincoln Park Metropolitan District                                                    | Lincoln Park Metropolitan District                                                            | CUSIP: 534550BE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1828369.72   | 0.16%             | 2042-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority                                                                    | CUSIP: 59447TXH1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $852301.00    | 0.07%             | 2049-12-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Roanoke Economic Development Authority                                                | Roanoke Economic Development Authority, Series 2020 A                                         | CUSIP: 770082BZ7<br>LEI: 549300P5QQORJY0U4T83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045434.30   | 0.09%             | 2047-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Arlington Higher Education Finance Corp.                                              | Arlington Higher Education Finance Corp.                                                      | CUSIP: 041806PT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $75563.88     | 0.01%             | 2048-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Los Angeles Department of Water & Power                                               | Los Angeles Department of Water & Power, Series 2019A                                         | CUSIP: 5444956K5<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    625000 | PA      | $651709.88    | 0.06%             | 2032-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Lathrop CA                                                                    | City of Lathrop                                                                               | CUSIP: 518252EU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499943.70    | 0.04%             | 2040-09-02      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| County of Polk FL Utility System Revenue                                              | County of Polk                                                                                | CUSIP: 731167GG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $931839.20    | 0.08%             | 2043-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                               | Puerto Rico Sales Tax Financing Corp. Sales Tax                                               | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1125000 | PA      | $1056752.78   | 0.09%             | 2040-07-01      | Fixed         | 4.33%                 | No            | 2                  | On Loan: No      |
| New Jersey Economic Development Authority                                             | New Jersey Economic Development Authority                                                     | CUSIP: 64577BM84<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102210.00    | 0.01%             | 2032-07-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Port Authority of New York & New Jersey                                               | Port Authority of New York & New Jersey                                                       | CUSIP: 73358WZH0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   4535000 | PA      | $4541302.29   | 0.40%             | 2041-10-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| County of Miami-Dade FL Transit System                                                | County of Miami-Dade                                                                          | CUSIP: 59334PGT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1741522.00   | 0.15%             | 2048-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Main Street Natural Gas, Inc.                                                         | Main Street Natural Gas, Inc., Series 2022B                                                   | CUSIP: 56035DEE8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038415.80   | 0.09%             | 2052-12-01      | Variable      | 5.00%                 | No            | 2                  | On Loan: No      |
| Port of Seattle WA                                                                    | Port of Seattle                                                                               | CUSIP: 735389V96<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2486837.00   | 0.22%             | 2047-08-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Chillicothe OH                                                                | City of Chillicothe, Series 2017                                                              | CUSIP: 169203AK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1964673.80   | 0.17%             | 2047-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp.                                                     | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2908380.00   | 0.26%             | 2046-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of South Miami Health Facilities Authority, Inc.                                 | City of South Miami Health Facilities Authority, Inc., Series 2017                            | CUSIP: 838810EE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1526693.65   | 0.13%             | 2047-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74445QCP3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      6882 | PA      | $87.29        | 0.00%             | 2060-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| King County School District No. 406 Tukwila                                           | King County School District No. 406 Tukwila                                                   | CUSIP: 495116HT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1567564.13   | 0.14%             | 2031-12-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| University System of Maryland                                                         | University System of Maryland, Series 2021 A                                                  | CUSIP: 91440ABA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $869487.90    | 0.08%             | 2051-04-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                     | Southeast Energy Authority A Cooperative District                                             | CUSIP: 84136FBT3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1573928.85   | 0.14%             | 2054-01-01      | Variable      | 5.25%                 | No            | 2                  | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                             | Maryland Health & Higher Educational Facilities Authority                                     | CUSIP: 574218XZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.09%             | 2040-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Los Angeles Department of Airports                                            | City of Los Angeles Department of Airports, Series 2021 D                                     | CUSIP: 544445VD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1735379.20   | 0.15%             | 2051-05-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                           | Metropolitan Washington Airports Authority Aviation Revenue                                   | CUSIP: 592647DC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1504923.73   | 0.13%             | 2036-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Denver Convention Center Hotel Authority                                              | Denver Convention Center Hotel Authority                                                      | CUSIP: 249189DN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504220.30    | 0.04%             | 2034-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| State of Hawaii Airports System Revenue                                               | State of Hawaii Airports System Revenue                                                       | CUSIP: 419794A51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991734.30    | 0.09%             | 2048-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Main Street Natural Gas, Inc.                                                         | Main Street Natural Gas, Inc.                                                                 | CUSIP: 56035DEN8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048714.30   | 0.09%             | 2053-06-01      | Variable      | 5.00%                 | No            | 2                  | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                               | Puerto Rico Sales Tax Financing Corp. Sales Tax                                               | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   4300000 | PA      | $4048852.91   | 0.36%             | 2058-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Jersey Economic Development Authority                                             | New Jersey Economic Development Authority                                                     | CUSIP: 645912DT0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    350000 | PA      | $350100.87    | 0.03%             | 2049-10-01      | Fixed         | 6.30%                 | Yes           | 2                  | On Loan: No      |
| Village of Morton Grove IL Tax Increment Revenue                                      | Village of Morton Grove, Series 2019                                                          | CUSIP: 619295AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1430088.00   | 0.13%             | 2039-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| BlackRock MuniYield Quality Fund, Inc.                                                | BlackRock MuniYield Quality Fund, Inc.                                                        | CUSIP: 09254F100<br>LEI: TFKEE3VA3GBE5LOK5U77 | Long             |  | RF                | US        |     26617 | NS      | $295714.87    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Metropolitan Transportation Authority                                                 | Metropolitan Transportation Authority, Series 2024A                                           | CUSIP: 59261A2H9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1845000 | PA      | $1590325.98   | 0.14%             | 2048-11-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| San Diego County Regional Airport Authority                                           | San Diego County Regional Airport Authority, Series 2025 B                                    | CUSIP: 79739GTA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $709992.76    | 0.06%             | 2043-07-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Lee County Industrial Development Authority/FL                                        | Lee County Industrial Development Authority                                                   | CUSIP: 52349KBL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $98008.43     | 0.01%             | 2042-06-15      | Fixed         | 5.75%                 | Yes           | 2                  | On Loan: No      |
| State of Illinois Sales Tax Revenue                                                   | State of Illinois Sales Tax                                                                   | CUSIP: 452227MD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007116.40   | 0.18%             | 2030-06-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Los Angeles Department of Water & Power                                               | Los Angeles Department of Water & Power, Series 2019 D                                        | CUSIP: 544532AG9<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    830000 | PA      | $870177.81    | 0.08%             | 2032-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Georgia Ports Authority                                                               | Georgia Ports Authority                                                                       | CUSIP: 373586HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $769252.28    | 0.07%             | 2047-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Patriots Energy Group Financing Agency                                                | Patriots Energy Group Financing Agency, Series 2023 A-1                                       | CUSIP: 70342PAN4<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |    500000 | PA      | $528758.75    | 0.05%             | 2054-10-01      | Variable      | 5.25%                 | No            | 2                  | On Loan: No      |
| School District of Philadelphia (The)                                                 | School District of Philadelphia (The), Series 2021 A                                          | CUSIP: 717883ZF2<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $939199.10    | 0.08%             | 2041-09-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Authority | Louisiana Local Government Environmental Facilities & Community Development Authority         | CUSIP: 54628CEP3<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004541.30   | 0.09%             | 2043-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Salt Verde Financial Corp.                                                            | Salt Verde Financial Corp.                                                                    | CUSIP: 79575EAR9<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   1995000 | PA      | $2121722.00   | 0.19%             | 2032-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                          | Chicago Board of Education Dedicated Capital Improvement Tax                                  | CUSIP: 167510BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2069850.80   | 0.18%             | 2048-04-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp., Series 2023                                        | CUSIP: 650116GW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1361791.51   | 0.12%             | 2044-06-30      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Territory of Guam                                                                     | Territory of Guam                                                                             | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    250000 | PA      | $221577.23    | 0.02%             | 2042-01-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Colorado Bridge & Tunnel Enterprise                                                   | Colorado Bridge & Tunnel Enterprise, Series 2024 A                                            | CUSIP: 19633TAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054105.20   | 0.09%             | 2054-12-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| IPS Multi-School Building Corp.                                                       | IPS Multi-School Building Corp., Series 2024                                                  | CUSIP: 46263RTY1<br>LEI: 549300BHLK1DUJUYPM91 | Long             | DBT              | MUN               | US        |    400000 | PA      | $409565.36    | 0.04%             | 2044-07-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| California Statewide Communities Development Authority                                | California Statewide Communities Development Authority                                        | CUSIP: 13080SEX8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984310.30    | 0.09%             | 2054-12-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Lake County Community High School District No. 115 Lake Forest                        | Lake County Community High School District No. 115 Lake Forest, Series 2023                   | CUSIP: 509102JD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1830000 | PA      | $1775946.19   | 0.16%             | 2043-11-01      | Fixed         | 4.25%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74445QCG3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      7388 | PA      | $143.85       | 0.00%             | 2053-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Santa Monica-Malibu Unified School District                                           | Santa Monica-Malibu Unified School District                                                   | CUSIP: 802498YR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $385976.60    | 0.03%             | 2044-08-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Allegheny County Higher Education Building Authority                                  | Allegheny County Higher Education Building Authority                                          | CUSIP: 01728RMS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $319353.18    | 0.03%             | 2037-10-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| San Joaquin Hills Transportation Corridor Agency                                      | San Joaquin Hills Transportation Corridor Agency                                              | CUSIP: 798111DE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $340329.95    | 0.03%             | 2034-01-15      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Wildwood Utility Dependent District                                                   | Wildwood Utility Dependent District                                                           | CUSIP: 968214BD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019094.90   | 0.09%             | 2046-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Los Angeles Department of Airports                                            | City of Los Angeles Department of Airports, Series 2025A                                      | CUSIP: 5444453D9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045647.50   | 0.09%             | 2055-05-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| New York City Municipal Water Finance Authority                                       | New York City Municipal Water Finance Authority                                               | CUSIP: 64972GVL5<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503297.20    | 0.04%             | 2049-06-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Idaho Housing & Finance Association                                                   | Idaho Housing & Finance Association                                                           | CUSIP: 45129GDE2<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    370000 | PA      | $374807.48    | 0.03%             | 2039-07-01      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| Brookhaven Development Authority                                                      | Brookhaven Development Authority                                                              | CUSIP: 113073AW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $901007.60    | 0.08%             | 2044-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Florida Development Finance Corp.                                                     | Florida Development Finance Corp., Series 2024A-1                                             | CUSIP: 34062AAD3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    180000 | PA      | $169350.70    | 0.01%             | 2054-06-01      | Fixed         | 5.25%                 | Yes           | 2                  | On Loan: No      |
| City of Miami Beach FL                                                                | City of Miami Beach, Series 2023 A                                                            | CUSIP: 593201ZV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $440406.04    | 0.04%             | 2053-05-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Washington Health Care Facilities Authority                                           | Washington Health Care Facilities Authority                                                   | CUSIP: 93978HYL3<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000003.80   | 0.09%             | 2041-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New York State Thruway Authority                                                      | New York State Thruway Authority, Series 2016 A                                               | CUSIP: 650010AY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500032.25   | 0.13%             | 2041-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Town of Westlake TX                                                                   | Town of Westlake                                                                              | CUSIP: 96048SAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $173925.29    | 0.02%             | 2035-09-01      | Fixed         | 6.12%                 | No            | 2                  | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                                   | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     71485 | PA      | $49506.86     | 0.00%             | 2033-07-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| California Statewide Communities Development Authority                                | California Statewide Communities Development Authority, Series 2018 A                         | CUSIP: 13080SVN1<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $977499.00    | 0.09%             | 2058-12-01      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| Port of Tacoma WA                                                                     | Port of Tacoma                                                                                | CUSIP: 735439QH7<br>LEI: 549300MLYO8L64QKXV81 | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1474649.63   | 0.13%             | 2031-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority                                                                    | CUSIP: 59447TSN4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $862026.20    | 0.08%             | 2048-11-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                                    | Rhode Island Health and Educational Building Corp.                                            | CUSIP: 762197E64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $512723.53    | 0.04%             | 2050-11-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                                    | CUSIP: 45204EUT3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    425000 | PA      | $438426.86    | 0.04%             | 2027-08-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                        | Metropolitan Nashville Airport Authority (The), Series 2022B                                  | CUSIP: 592190QU9<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067266.80   | 0.09%             | 2039-07-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority, Series 2018A                                            | CUSIP: 19648FGQ1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    750000 | PA      | $645769.13    | 0.06%             | 2048-11-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Town of Westlake TX                                                                   | Town of Westlake                                                                              | CUSIP: 96048SAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50137.51     | 0.00%             | 2025-09-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                | Maine Health & Higher Educational Facilities Authority                                        | CUSIP: 56042RH47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $483116.20    | 0.04%             | 2039-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| La Paz County Industrial Development Authority                                        | La Paz County Industrial Development Authority                                                | CUSIP: 50376HAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $963195.80    | 0.08%             | 2038-06-15      | Fixed         | 5.75%                 | Yes           | 2                  | On Loan: No      |
| Port of Seattle WA                                                                    | Port of Seattle, Series 2024B                                                                 | CUSIP: 7353892Q0<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1542104.55   | 0.14%             | 2043-07-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                             | City of Salt Lake City, Airport Revenue                                                       | CUSIP: 795576HM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001888.20   | 0.09%             | 2048-07-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| California Health Facilities Financing Authority                                      | California Health Facilities Financing Authority, Series 2018 A                               | CUSIP: 13032URN0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1568038.73   | 0.14%             | 2042-11-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Hannibal Industrial Development Authority                                             | Hannibal Industrial Development Authority                                                     | CUSIP: 410632CN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $596317.95    | 0.05%             | 2042-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                        | New Jersey Transportation Trust Fund Authority                                                | CUSIP: 6461364X6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2018126.80   | 0.18%             | 2043-06-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Red River Health Facilities Development Corp.                                         | Red River Health Facilities Development Corp.                                                 | CUSIP: 75687RAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $460000.00    | 0.04%             | 2047-12-15      | Fixed         | 7.25%                 | No            | 2                  | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                             | Maryland Health & Higher Educational Facilities Authority                                     | CUSIP: 5742182Q5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1062125.25   | 0.09%             | 2045-05-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| PEFA, Inc.                                                                            | PEFA, Inc.                                                                                    | CUSIP: 70556CAB0<br>LEI: 549300RSE249DJNRHY07 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506164.15    | 0.04%             | 2049-09-01      | Variable      | 5.00%                 | No            | 2                  | On Loan: No      |
| Greater Orlando Aviation Authority                                                    | Greater Orlando Aviation Authority                                                            | CUSIP: 392274R57<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1706212.58   | 0.15%             | 2046-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Invesco Trust for Investment Grade Municipals                                         | Invesco Trust for Investment Grade Municipals                                                 | CUSIP: 46131M106<br>LEI: V0VF67S6NRLBDK357F71 | Long             |  | RF                | US        |     20110 | NS      | $190843.90    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Pioneer Municipal High Income Advantage Fund, Inc.                                    | Pioneer Municipal High Income Advantage Fund, Inc.                                            | CUSIP: 723762100<br>LEI: UE8ZNXHQH48NNA19I459 | Long             |  | RF                | US        |     37184 | NS      | $308627.20    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Port of Portland OR Airport Revenue                                                   | Port of Portland                                                                              | CUSIP: 735240T86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $435933.27    | 0.04%             | 2040-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Tacoma Consolidated Local Improvement Districts                                       | Tacoma Consolidated Local Improvement Districts                                               | CUSIP: 873472EH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $141939.93    | 0.01%             | 2043-04-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| TSASC, Inc./NY                                                                        | TSASC, Inc.                                                                                   | CUSIP: 898526FQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    970000 | PA      | $855010.38    | 0.07%             | 2045-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Idaho Housing & Finance Association                                                   | Idaho Housing & Finance Association                                                           | CUSIP: 45129GDF9<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    415000 | PA      | $416080.00    | 0.04%             | 2049-07-01      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| Michigan State Housing Development Authority                                          | Michigan State Housing Development Authority                                                  | CUSIP: 59465PAV0<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $968731.63    | 0.08%             | 2036-10-01      | Fixed         | 2.12%                 | No            | 2                  | On Loan: No      |
| Town of Davie FL                                                                      | Town of Davie                                                                                 | CUSIP: 23867PBU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1989009.80   | 0.17%             | 2048-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Southern California Public Power Authority                                            | Southern California Public Power Authority                                                    | CUSIP: 842471AX2<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    565000 | PA      | $586670.18    | 0.05%             | 2029-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Muskogee Industrial Trust                                                             | Muskogee Industrial Trust                                                                     | CUSIP: 62813NBC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1035688.47   | 0.09%             | 2032-09-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp., Series 2023                                        | CUSIP: 650116GX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1596835.78   | 0.14%             | 2049-06-30      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74445QCA6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      7085 | PA      | $206.92       | 0.00%             | 2047-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority                                                            | CUSIP: 65000BAS7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $420095.80    | 0.04%             | 2048-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| New York City Municipal Water Finance Authority                                       | New York City Municipal Water Finance Authority, Series FISCAL2024CC SUB CC1                  | CUSIP: 64972GH98<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1557576.45   | 0.14%             | 2054-06-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| New York Liberty Development Corp.                                                    | New York Liberty Development Corp.                                                            | CUSIP: 649519DD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500970.35   | 0.13%             | 2044-11-15      | Fixed         | 7.25%                 | Yes           | 2                  | On Loan: No      |
| Maricopa County Pollution Control Corp.                                               | Maricopa County Pollution Control Corp.                                                       | CUSIP: 566854EM3<br>LEI: 549300QPXP6T4Y6I1D83 | Long             | DBT              | MUN               | US        |    500000 | PA      | $399966.40    | 0.04%             | 2035-06-01      | Fixed         | 2.40%                 | No            | 2                  | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                              | Metropolitan Pier & Exposition Authority                                                      | CUSIP: 592250EW0<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    500000 | PA      | $448013.50    | 0.04%             | 2042-12-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Idaho Health Facilities Authority                                                     | Idaho Health Facilities Authority                                                             | CUSIP: 451295WA3<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300084.36    | 0.03%             | 2034-07-01      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority                                                          | CUSIP: 19648FJZ8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $935077.10    | 0.08%             | 2039-08-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Sacramento City Financing Authority                                                   | Sacramento City Financing Authority, Series E                                                 | CUSIP: 785849VB3<br>LEI: 549300D8GE38KYE3NW14 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2596096.50   | 0.23%             | 2026-12-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| California School Finance Authority                                                   | California School Finance Authority                                                           | CUSIP: 13058TLK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100135.27    | 0.01%             | 2041-08-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                          | Chicago Board of Education Dedicated Capital Improvement Tax                                  | CUSIP: 167510AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102933.18    | 0.01%             | 2034-04-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| Verve Metropolitan District No. 1                                                     | Verve Metropolitan District No. 1                                                             | CUSIP: 92538YAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $902097.10    | 0.08%             | 2041-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Montgomery County Higher Education and Health Authority                               | Montgomery County Higher Education and Health Authority                                       | CUSIP: 613603YU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $665361.91    | 0.06%             | 2037-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Homewood Educational Building Authority                                               | Homewood Educational Building Authority, Series 2024 A                                        | CUSIP: 43788VAM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014888.20   | 0.09%             | 2049-10-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                                    | CUSIP: 45204EUS5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    700000 | PA      | $710759.42    | 0.06%             | 2026-08-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| California Pollution Control Financing Authority                                      | California Pollution Control Financing Authority                                              | CUSIP: 13054WAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000228.00   | 0.09%             | 2037-07-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| New York Liberty Development Corp.                                                    | New York Liberty Development Corp.                                                            | CUSIP: 649519EZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $718327.50    | 0.06%             | 2050-09-15      | Fixed         | 3.12%                 | No            | 2                  | On Loan: No      |
| Delaware Transportation Authority                                                     | Delaware Transportation Authority                                                             | CUSIP: 246430AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500123.75   | 0.13%             | 2055-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| California School Finance Authority                                                   | California School Finance Authority                                                           | CUSIP: 13058TJC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1110340.50   | 0.10%             | 2040-06-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority                                                                    | CUSIP: 59447TFG3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001487.10   | 0.09%             | 2035-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp.                                                     | CUSIP: 650116DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2232361.25   | 0.20%             | 2045-10-01      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| Wildwood Utility Dependent District                                                   | Wildwood Utility Dependent District                                                           | CUSIP: 968214BZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048939.00   | 0.09%             | 2053-10-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| San Diego County Regional Airport Authority                                           | San Diego County Regional Airport Authority, Series 2023B                                     | CUSIP: 79739GRK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1429701.56   | 0.13%             | 2048-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                          | Chicago Board of Education Dedicated Capital Improvement Tax                                  | CUSIP: 167510AE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031564.70   | 0.09%             | 2036-04-01      | Fixed         | 6.10%                 | No            | 2                  | On Loan: No      |
| Will County Community High School District No. 210 Lincoln-Way                        | Will County Community High School District No. 210 Lincoln-Way                                | CUSIP: 969073MW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $449441.36    | 0.04%             | 2031-01-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| County of Broward FL Tourist Development Tax Revenue                                  | County of Broward                                                                             | CUSIP: 115085AW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $857298.60    | 0.08%             | 2047-09-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| California Community Choice Financing Authority                                       | California Community Choice Financing Authority                                               | CUSIP: 13013JBM7<br>LEI: 549300X8VKJ215S2R571 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1011880.40   | 0.09%             | 2053-12-01      | Floating      | 4.87%                 | No            | 2                  | On Loan: No      |
| Los Angeles Unified School District                                                   | Los Angeles Unified School District, Series 2024 QRR                                          | CUSIP: 544647JM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $896710.30    | 0.08%             | 2049-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Las Vegas Convention & Visitors Authority                                             | Las Vegas Convention & Visitors Authority                                                     | CUSIP: 51771FAU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $641274.83    | 0.06%             | 2049-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                                    | CUSIP: 45203KAN5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    225000 | PA      | $222770.30    | 0.02%             | 2037-02-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue               | New York City Transitional Finance Authority Future Tax Secured, Series FISCAL 2023D SUB D-1  | CUSIP: 64971X4D7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $767663.13    | 0.07%             | 2045-11-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| M-S-R Energy Authority                                                                | M-S-R Energy Authority                                                                        | CUSIP: 55374SAB6<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |    300000 | PA      | $358211.19    | 0.03%             | 2034-11-01      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| City of Aubrey TX                                                                     | City of Aubrey                                                                                | CUSIP: 050177KB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $989344.69    | 0.09%             | 2049-02-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Upper Illinois River Valley Development Authority                                     | Upper Illinois River Valley Development Authority                                             | CUSIP: 91588XAG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $558037.65    | 0.05%             | 2045-01-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Southern California Public Power Authority                                            | Southern California Public Power Authority, Series 2024 A                                     | CUSIP: 84247PND9<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2104266.80   | 0.18%             | 2055-04-01      | Variable      | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Atlantic Beach FL                                                             | City of Atlantic Beach                                                                        | CUSIP: 048251BR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500091.40    | 0.04%             | 2043-11-15      | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| Invesco Value Municipal Income Trust                                                  | Invesco Value Municipal Income Trust                                                          | CUSIP: 46132P108<br>LEI: X075VJ33QQP2G2NTOV20 | Long             |  | RF                | US        |     12605 | NS      | $146722.20    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| California Municipal Finance Authority                                                | California Municipal Finance Authority                                                        | CUSIP: 13048TR88<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002620.20   | 0.09%             | 2037-02-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Development Authority of Burke County (The)                                           | Development Authority of Burke County (The)                                                   | CUSIP: 121342PL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $880169.70    | 0.08%             | 2045-11-01      | Fixed         | 4.12%                 | No            | 2                  | On Loan: No      |
| Oregon State Facilities Authority                                                     | Oregon State Facilities Authority                                                             | CUSIP: 68608JYM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $701409.46    | 0.06%             | 2046-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74445QCC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      6984 | PA      | $179.47       | 0.00%             | 2049-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority                                                          | CUSIP: 19648FKT0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1676005.60   | 0.15%             | 2049-08-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                                    | CUSIP: 45201QDA9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    570000 | PA      | $570332.65    | 0.05%             | 2036-11-01      | Fixed         | 3.90%                 | No            | 2                  | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, Series 2025 A                                             | CUSIP: 64990KGU1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    625000 | PA      | $640051.25    | 0.06%             | 2047-03-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Lakewood Ranch Stewardship District                                                   | Lakewood Ranch Stewardship District, Series 2020                                              | CUSIP: 51265KEJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $788437.50    | 0.07%             | 2051-05-01      | Fixed         | 3.88%                 | Yes           | 2                  | On Loan: No      |
| Lakewood Ranch Stewardship District Utility Revenue                                   | Lakewood Ranch Stewardship District Utility                                                   | CUSIP: 51265LAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026375.90   | 0.09%             | 2048-10-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74445QCE8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      7540 | PA      | $168.39       | 0.00%             | 2051-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| City of Akron OH                                                                      | City of Akron                                                                                 | CUSIP: 010047ED6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $439714.10    | 0.04%             | 2026-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                                  | Pennsylvania Higher Educational Facilities Authority, Series 2024B-2                          | CUSIP: 70917TSA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028625.90   | 0.09%             | 2054-11-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Pioneer Municipal High Income Fund Trust                                              | Pioneer Municipal High Income Fund Trust                                                      | CUSIP: 723763108<br>LEI: 1SKUXW31ZFWF61CETQ82 | Long             |  | RF                | US        |    113738 | NS      | $1041840.08   | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                  | New Hope Cultural Education Facilities Finance Corp.                                          | CUSIP: 64542YAL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2146758.02   | 0.19%             | 2048-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| County of Clark NV                                                                    | County of Clark                                                                               | CUSIP: 180848XH1<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1537812.58   | 0.13%             | 2043-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                  | Triborough Bridge & Tunnel Authority                                                          | CUSIP: 89602HEQ6<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046027.50   | 0.09%             | 2052-05-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                           | Metropolitan Washington Airports Authority Aviation Revenue                                   | CUSIP: 592647EQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1820533.08   | 0.16%             | 2042-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Brookhaven Urban Redevelopment Agency                                                 | Brookhaven Urban Redevelopment Agency                                                         | CUSIP: 113077AW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1890331.60   | 0.17%             | 2044-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| BlackRock Municipal Income Trust                                                      | BlackRock Municipal Income Trust                                                              | CUSIP: 09248F109<br>LEI: R3ITLLW1CUEQICP4XR90 | Long             |  | RF                | US        |      1273 | NS      | $12208.07     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Intermountain Power Agency                                                            | Intermountain Power Agency, Series 2022A                                                      | CUSIP: 45884AA78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $1067674.60   | 0.09%             | 2034-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| DTF Tax-Free Income, Inc.                                                             | DTF Tax-Free Income, Inc.                                                                     | CUSIP: 23334J107<br>LEI: 549300UTPMUSB8BKGI82 | Long             |  | RF                | US        |     11444 | NS      | $128058.36    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                             | Harris County Cultural Education Facilities Finance Corp.                                     | CUSIP: 414009LW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2964247.20   | 0.26%             | 2036-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74442ECA6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    535000 | PA      | $534974.96    | 0.05%             | 2037-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                             | City of Salt Lake City                                                                        | CUSIP: 795576LF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $946085.60    | 0.08%             | 2039-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Nuveen Quality Municipal Income Fund                                                  | Nuveen Quality Municipal Income Fund                                                          | CUSIP: 67066V101<br>LEI: 549300RDIO25ZNWCOA97 | Long             |  | RF                | US        |     15085 | NS      | $170309.65    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority, Series 2016 C                                                     | CUSIP: 45204FN76<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     55000 | PA      | $56960.39     | 0.00%             | 2034-02-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Delaware Valley Regional Finance Authority                                            | Delaware Valley Regional Finance Authority                                                    | CUSIP: 246579GC4<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |    315000 | PA      | $363369.64    | 0.03%             | 2032-07-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| Port of Seattle WA                                                                    | Port of Seattle                                                                               | CUSIP: 735389J33<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1485844.50   | 0.13%             | 2044-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Caney Independent School District                                                 | New Caney Independent School District, Series 2024                                            | CUSIP: 643154KZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $940674.19    | 0.08%             | 2049-02-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Indian Creek Local School District                                                    | Indian Creek Local School District                                                            | CUSIP: 454146DT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2330000 | PA      | $2331952.54   | 0.20%             | 2055-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Three Rivers Regional Wastewater Authority                                            | Three Rivers Regional Wastewater Authority, Series 2024                                       | CUSIP: 885754AV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $934256.80    | 0.08%             | 2044-09-01      | Fixed         | 4.12%                 | No            | 2                  | On Loan: No      |
| Harris County Flood Control District                                                  | Harris County Flood Control District                                                          | CUSIP: 414019CN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $678459.75    | 0.06%             | 2043-09-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| County of Tuscarawas OH                                                               | County of Tuscarawas                                                                          | CUSIP: 90069GAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $474590.55    | 0.04%             | 2045-03-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Clark County School District                                                          | Clark County School District, Series 2020C                                                    | CUSIP: 181059U20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1139478.15   | 0.10%             | 2028-06-15      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                                    | CUSIP: 45204EUU0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515273.45    | 0.05%             | 2028-08-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority                                                          | CUSIP: 19648A5G6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1976953.20   | 0.17%             | 2045-05-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Industrial Development Authority of the County of Yavapai (The)                       | Industrial Development Authority of the County of Yavapai (The)                               | CUSIP: 98521VAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $318005.71    | 0.03%             | 2042-03-01      | Fixed         | 5.12%                 | Yes           | 2                  | On Loan: No      |
| New Jersey Economic Development Authority                                             | New Jersey Economic Development Authority                                                     | CUSIP: 64578JBB1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $970509.80    | 0.09%             | 2030-07-01      | Fixed         | 3.38%                 | No            | 2                  | On Loan: No      |
| City of Baltimore MD                                                                  | City of Baltimore                                                                             | CUSIP: 05921PCF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1425648.15   | 0.13%             | 2042-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Garfield County Educational Facilities Authority                                      | Garfield County Educational Facilities Authority                                              | CUSIP: 365716AV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017511.90   | 0.09%             | 2031-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority, Series 2016 C                                                     | CUSIP: 45204FP58<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    260000 | PA      | $265354.80    | 0.02%             | 2034-02-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| North Fort Bend Water Authority                                                       | North Fort Bend Water Authority, Series 2021                                                  | CUSIP: 65944RSB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $822503.48    | 0.07%             | 2030-12-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Chicago Board of Education                                                            | Chicago Board of Education                                                                    | CUSIP: 167505WC6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $906355.40    | 0.08%             | 2046-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Chicago IL                                                                    | City of Chicago, Series 2024A                                                                 | CUSIP: 167486S91<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1095209.86   | 0.10%             | 2044-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| County of Miami-Dade FL                                                               | County of Miami-Dade, Series 2016 A                                                           | CUSIP: 59333FSW1<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   4020000 | PA      | $4049003.50   | 0.36%             | 2038-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Mackay Municipal Credit Opportunities Fund LP                                         | Mackay Municipal Credit Opportunities Fund LP                                                 | CUSIP: N/A<br>LEI: 54930003LWSSQY5WZG16       | Long             |  | PF                | US        |      5025 | NS      | $29149003.95  | 2.56%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Western Asset Managed Municipals Fund, Inc.                                           | Western Asset Managed Municipals Fund, Inc.                                                   | CUSIP: 95766M105<br>LEI: 549300HVO8EY2T8K4F73 | Long             |  | RF                | US        |     86507 | NS      | $856419.30    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| North Carolina Medical Care Commission                                                | North Carolina Medical Care Commission                                                        | CUSIP: 65820YSL1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    715000 | PA      | $576598.17    | 0.05%             | 2046-09-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Pennsylvania Turnpike Commission                                                      | Pennsylvania Turnpike Commission                                                              | CUSIP: 709224ZY8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2049360.80   | 0.18%             | 2037-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Okemos Public Schools                                                                 | Okemos Public Schools, Series SERIES II 2024                                                  | CUSIP: 678467PH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011419.60   | 0.09%             | 2054-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| University of Oklahoma (The)                                                          | University of Oklahoma (The), Series 2024A                                                    | CUSIP: 91476PZU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $519304.77    | 0.05%             | 2054-07-01      | Fixed         | 4.12%                 | No            | 2                  | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                                   | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     55548 | PA      | $54236.39     | 0.00%             | 2033-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| San Bernardino County Financing Authority                                             | San Bernardino County Financing Authority                                                     | CUSIP: 796826BF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1608838.31   | 0.14%             | 2037-06-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| St Charles County School District No. R-IV Wentzville                                 | St Charles County School District No. R-IV Wentzville                                         | CUSIP: 950732A64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $326648.05    | 0.03%             | 2040-03-01      | Fixed         | 1.88%                 | No            | 2                  | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                            | Tarrant County Cultural Education Facilities Finance Corp., Series 2022 D                     | CUSIP: 87638QSE0<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000918.90   | 0.09%             | 2051-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Health Care Authority for Baptist Health (The)                                        | Health Care Authority for Baptist Health (The)                                                | CUSIP: 42219UCG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $909415.41    | 0.08%             | 2037-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| California Health Facilities Financing Authority                                      | California Health Facilities Financing Authority                                              | CUSIP: 13032URP5<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2976915.30   | 0.26%             | 2048-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Invesco Municipal Trust                                                               | Invesco Municipal Trust                                                                       | CUSIP: 46131J103<br>LEI: GKS5Y4B1VKHV66WSPK53 | Long             |  | RF                | US        |     29760 | NS      | $272304.00    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| South Jersey Transportation Authority                                                 | South Jersey Transportation Authority                                                         | CUSIP: 838536MM9<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |    350000 | PA      | $357991.31    | 0.03%             | 2041-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Village of Mount Pleasant WI                                                          | Village of Mount Pleasant                                                                     | CUSIP: 622823AU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3009867.30   | 0.26%             | 2048-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                 | Pennsylvania Economic Development Financing Authority, Series 2013                            | CUSIP: 708692BG2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000261.10   | 0.09%             | 2045-08-01      | Variable      | 4.10%                 | No            | 2                  | On Loan: No      |
| Greater Orlando Aviation Authority                                                    | Greater Orlando Aviation Authority                                                            | CUSIP: 392275BL6<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1687335.60   | 0.15%             | 2052-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                             | Maryland Health & Higher Educational Facilities Authority                                     | CUSIP: 574218PJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2700669.06   | 0.24%             | 2038-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Iowa Finance Authority                                                                | Iowa Finance Authority                                                                        | CUSIP: 46246SAU9<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1134131.20   | 0.10%             | 2050-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Spring Valley Community Infrastructure District No. 1                                 | Spring Valley Community Infrastructure District No. 1, Series 2025                            | CUSIP: 850072AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002996.70   | 0.09%             | 2054-09-01      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| California School Finance Authority                                                   | California School Finance Authority                                                           | CUSIP: 13058TLZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $863443.80    | 0.08%             | 2041-08-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| New Orleans Aviation Board                                                            | New Orleans Aviation Board                                                                    | CUSIP: 64763KAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517651.65    | 0.05%             | 2035-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority                                                                    | CUSIP: 59447TGA5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000052.80   | 0.09%             | 2034-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                      | CUSIP: 74442EBF6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979614.10    | 0.09%             | 2045-07-01      | Fixed         | 5.62%                 | Yes           | 2                  | On Loan: No      |
| Louisiana Public Facilities Authority                                                 | Louisiana Public Facilities Authority                                                         | CUSIP: 54639UAA7<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    885000 | PA      | $885217.89    | 0.08%             | 2036-07-01      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| Round Lake IL Lakewood Grove Special Service Area No. 3 & 4                           | Round Lake IL Lakewood Grove Special Service Area No. 3 & 4                                   | CUSIP: 77915CAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007918.90   | 0.09%             | 2033-03-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Miami-Dade County Industrial Development Authority                                    | Miami-Dade County Industrial Development Authority                                            | CUSIP: 59333ECR2<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |    330000 | PA      | $306950.82    | 0.03%             | 2044-09-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Southwestern Community College District                                               | Southwestern Community College District, Series 2021 D                                        | CUSIP: 845389PU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1016520.25   | 0.09%             | 2041-08-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Greater Orlando Aviation Authority                                                    | Greater Orlando Aviation Authority                                                            | CUSIP: 392274F84<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000023.70   | 0.09%             | 2036-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Howard County Housing Commission                                                      | Howard County Housing Commission                                                              | CUSIP: 442577BG6<br>LEI: 5493007CCS6UI1IIE878 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1598770.56   | 0.14%             | 2044-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Massachusetts Educational Financing Authority                                         | Massachusetts Educational Financing Authority                                                 | CUSIP: 57563RPY9<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040895.20   | 0.09%             | 2028-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| State of California                                                                   | State of California                                                                           | CUSIP: 13063C6Y1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $245441.58    | 0.02%             | 2038-08-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                | Maine Health & Higher Educational Facilities Authority                                        | CUSIP: 56042RG97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $497817.10    | 0.04%             | 2036-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                              | County of Miami-Dade                                                                          | CUSIP: 59333P4D7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $492090.10    | 0.04%             | 2049-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Wisconsin Center District                                                             | Wisconsin Center District                                                                     | CUSIP: 976595GN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $183225.30    | 0.02%             | 2045-12-15      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                                  | County of Jefferson                                                                           | CUSIP: 472682ZR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1047332.85   | 0.09%             | 2049-10-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| California Community Choice Financing Authority                                       | California Community Choice Financing Authority                                               | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048401.30   | 0.09%             | 2054-01-01      | Variable      | 5.25%                 | No            | 2                  | On Loan: No      |
| New York Power Authority                                                              | New York Power Authority, Series 2024A                                                        | CUSIP: 64989KMG8<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |    615000 | PA      | $539753.64    | 0.05%             | 2049-11-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                                    | CUSIP: 45204FNF8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1312821.24   | 0.12%             | 2036-08-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Industrial Development Board of the City of Mobile Alabama                            | Industrial Development Board of the City of Mobile Alabama, Series SERIES 2008                | CUSIP: 607167DX8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1501008.90   | 0.13%             | 2034-07-15      | Variable      | 3.30%                 | No            | 2                  | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                                 | New Jersey Health Care Facilities Financing Authority                                         | CUSIP: 64579F7P2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1159617.25   | 0.10%             | 2046-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New York Liberty Development Corp.                                                    | New York Liberty Development Corp.                                                            | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1958102.60   | 0.17%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Alachua County Health Facilities Authority                                            | Alachua County Health Facilities Authority                                                    | CUSIP: 010685KF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1334895.60   | 0.12%             | 2044-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Cathedral Pines Metropolitan District                                                 | Cathedral Pines Metropolitan District                                                         | CUSIP: 14918CAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $587171.18    | 0.05%             | 2031-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Virginia Small Business Financing Authority                                           | Virginia Small Business Financing Authority                                                   | CUSIP: 928097AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1654256.98   | 0.15%             | 2052-12-31      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| George L Smith II Congress Center Authority                                           | George L Smith II Congress Center Authority                                                   | CUSIP: 37255MAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $448214.50    | 0.04%             | 2054-01-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| City of Fishers IN Sewage Works Revenue                                               | City of Fishers                                                                               | CUSIP: 33803HGD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1302759.46   | 0.11%             | 2047-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                     | Southeast Energy Authority A Cooperative District, Series 2025C                               | CUSIP: 84136HCF8<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    885000 | PA      | $934977.54    | 0.08%             | 2055-05-01      | Variable      | 5.00%                 | No            | 2                  | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                                   | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   1558579 | PA      | $1682149.07   | 0.15%             | 2031-07-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, Series 2024A                                              | CUSIP: 64990F6W9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $864578.30    | 0.08%             | 2054-03-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| California Health Facilities Financing Authority                                      | California Health Facilities Financing Authority                                              | CUSIP: 13032UNC8<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    155000 | PA      | $155874.49    | 0.01%             | 2036-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Paducah Electric Plant Board                                                          | Paducah Electric Plant Board                                                                  | CUSIP: 695317DZ7<br>LEI: 549300XTPDPORT8VIQ62 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018018.80   | 0.09%             | 2035-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Washington State Convention Center Public Facilities District                         | Washington State Convention Center Public Facilities District, Series 2018                    | CUSIP: 93976ABJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $956442.50    | 0.08%             | 2058-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** Aspiriant Trust

**Signature:** Ben Schmidt

**Name of Signer:** Ben Schmidt

**Title:** Director