# EDGAR Filing Document

**Accession Number:** 0000895574
**File Stem:** 0001410368-25-032520
**Filing Date:** 2025-11
**Character Count:** 73992
**Document Hash:** faeac5fa0e8fea3bc5135ad7b56a97bc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032520.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032520

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** abrdn National Municipal Income Fund
- **CENTRAL INDEX KEY:** 0000895574

**ORGANIZATION NAME:**
- **EIN:** 411737161
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0330

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07410
- **FILM NUMBER:** 251529420

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ABRDN
- **STREET 2:** 1900 MARKET STREET, SUITE 200
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
- **BUSINESS PHONE:** 215-405-5700

**MAIL ADDRESS:**
- **STREET 1:** C/O ABRDN
- **STREET 2:** 1900 MARKET STREET, SUITE 200
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Delaware Investments National Municipal Income Fund
- **DATE OF NAME CHANGE:** 20081209

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DELAWARE INVESTMENTS FLORIDA INSURED MUNICIPAL INCOME FUND
- **DATE OF NAME CHANGE:** 20020327

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VOYAGEUR FLORIDA INSURED MUNICIPAL INCOME FUND
- **DATE OF NAME CHANGE:** 19930519

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** abrdn National Municipal Income Fund

- **b. Investment Company Act file number:** 811-07410

- **c. CIK number of Registrant:** 0000895574

- **d. LEI of Registrant:** NIC7ULNUGCUI836YP119

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

  - **Street Address 1:** 1900 Market Street

  - **City:** Philadelphia

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19103

  - **Telephone number:** 215-405-5700

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

- **a. Name of Series:** abrdn National Municipal Income Fund

- **c. LEI of Series:** NIC7ULNUGCUI836YP119

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-09-30

**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:** $239335263.80

**Total Liabilities:** $100487555.94

**Net Assets:** $138847707.86

**Delayed Delivery Securities:** $1041730.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -246.47000000 | **1-Year:** -5783.12000000 | **5-Year:** -28601.85000000 | **10-Year:** -82783.61000000 | **30-Year:** -61912.65000000

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

- **3-Month:** -91.57000000 | **1-Year:** -1658.37000000 | **5-Year:** -7473.64000000 | **10-Year:** -19834.52000000 | **30-Year:** -17778.61000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -1.04%               | 1.47%                | 7.40%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-484484.94              | $-4298431.36                               |
| Month 2  | $-721186.22              | $1898141.59                                |
| Month 3  | $874.21                  | $8669058.58                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PUBLIC AUTH FOR COLORADO ST ENERGY NATURAL GAS PURCHASE REVE | Public Authority for Colorado Energy                               | CUSIP: 744387AD3<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |    750000 | PA      | $906320.85    | 0.65%             | 2038-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & PWR REVENUE                     | Los Angeles Department of Water & Power                            | CUSIP: 544532PV0<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515925.60    | 0.37%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | New York Transportation Development Corp                           | CUSIP: 650116HA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $494619.40    | 0.36%             | 2060-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | New York Transportation Development Corp                           | CUSIP: 650116HS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3838370.80   | 2.76%             | 2060-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA HGR EDU & HLTH AUTH                       | Montgomery County Higher Education and Health Authority            | CUSIP: 613603J91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2925991.95   | 2.11%             | 2056-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | New York State Dormitory Authority                                 | CUSIP: 65000B7X0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100788.18    | 0.07%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BURBANK GLENDALE PASADENA CA ARPT AUTH ARPT REVENUE          | Burbank-Glendale-Pasadena Airport Authority Brick Campaign         | CUSIP: 120827EG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $474810.30    | 0.34%             | 2054-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH ECON DEV REVENUE                    | Arizona Industrial Development Authority                           | CUSIP: 040523AF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $22185.00     | 0.02%             | 2050-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                                   | Public Finance Authority                                           | CUSIP: 74442PL86<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    636776 | PA      | $637462.44    | 0.46%             | 2036-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY OR SCH DIST #13 BANKS                        | Washington County School District No 13 Banks                      | CUSIP: 938350FS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8505000 | PA      | $2324398.64   | 1.67%             | 2051-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE & HSG REVENUE                         | City of Rochester MN                                               | CUSIP: 771906CV4<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1220511.67   | 0.88%             | 2048-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG REVENUE                       | Public Finance Authority                                           | CUSIP: 74439YFT3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    235000 | PA      | $242271.06    | 0.17%             | 2045-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE                 | New York City Housing Development Corp                             | CUSIP: 64972E4H9<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504268.05    | 0.36%             | 2053-11-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT FING AUTH                      | Buckeye Tobacco Settlement Financing Authority                     | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2518482.00   | 1.81%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | Pennsylvania Turnpike Commission                                   | CUSIP: 709225EU6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1147000.78   | 0.83%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH ARPT FACS REVENUE               | Greater Orlando Aviation Authority                                 | CUSIP: 3922742G0<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   5120000 | PA      | $5143630.85   | 3.70%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG REVENUE                       | Public Finance Authority                                           | CUSIP: 74439YEZ0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    485000 | PA      | $487160.97    | 0.35%             | 2054-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TAMPA FL CAPITAL IMPT CIGARETTE TAX ALLOCATION               | City of Tampa FL                                                   | CUSIP: 875146BC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $866907.90    | 0.62%             | 2049-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI SPL FAC REVENUE                           | Public Finance Authority                                           | CUSIP: 74446DAK4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105237.83    | 0.08%             | 2030-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH HOSP REVENUE                  | Maricopa County Industrial Development Authority                   | CUSIP: 56678PBL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $693620.30    | 0.50%             | 2051-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH STHRN CA TOBACCO SETTLEMENT REVE | Tobacco Securitization Authority of Southern California            | CUSIP: 888804BB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3015000 | PA      | $516669.09    | 0.37%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT FING AUTH                      | Buckeye Tobacco Settlement Financing Authority                     | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2132593.25   | 1.54%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL REVENUE                        | Metropolitan Pier & Exposition Authority                           | CUSIP: 592250DB7<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $1884009.60   | 1.36%             | 2054-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| INLAND EMPIRE CA TOBACCO SECURITIZATION AUTH TOB SETTLEMENT  | Inland Empire Tobacco Securitization Corp                          | CUSIP: 45734TAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $251254.38    | 0.18%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KNOX CNTY TN HLTH EDUCTNL & HSG FAC BRD STUDENT HSG REVENUE  | Knox County Health Educational & Housing Facility Board            | CUSIP: 499526AU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $454410.68    | 0.33%             | 2064-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST HSG DEV AUTH                                     | Virginia Housing Development Authority                             | CUSIP: 92812WWU4<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2488966.50   | 1.79%             | 2060-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| INLAND EMPIRE CA TOBACCO SECURITIZATION AUTH TOB SETTLEMENT  | Inland Empire Tobacco Securitization Corp                          | CUSIP: 45734TAH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $138426.25    | 0.10%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP                                    | Maryland Economic Development Corp                                 | CUSIP: 574205HF0<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    460000 | PA      | $480174.73    | 0.35%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | New York Transportation Development Corp                           | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2475177.00   | 1.78%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GDB DEBT RECOVERY AUTH OF CMWLTH PUERTO RICO                 | GDB Debt Recovery Authority of Puerto Rico                         | CUSIP: 36829QAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5315273 | PA      | $5164239.52   | 3.72%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HSG & MTGE FIN AGY MF CONDUIT REVENUE          | New Jersey Housing & Mortgage Finance Agency                       | CUSIP: 646127FN5<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    425000 | PA      | $457768.10    | 0.33%             | 2065-12-20      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLUMBUS OH REGL ARPT AUTH REVENUE                           | Columbus Regional Airport Authority                                | CUSIP: 199546DC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2575000 | PA      | $2709661.94   | 1.95%             | 2050-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SALT RIVER AZ PROJ AGRIC IMPT& PWR DIST ELEC SYS REVENUE     | Salt River Project Agricultural Improvement & Power District       | CUSIP: 79574CEB5<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3077964.60   | 2.22%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | Arlington Higher Education Finance Corp                            | CUSIP: 041807GZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $401562.63    | 0.29%             | 2049-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH REVENUE                                     | Iowa Finance Authority                                             | CUSIP: 46247SBN3<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $790042.80    | 0.57%             | 2053-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & PWR REVENUE                     | Los Angeles Department of Water & Power                            | CUSIP: 544532PW8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    250000 | PA      | $256816.28    | 0.18%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                                 | Illinois Finance Authority                                         | CUSIP: 45204FQC2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   4355000 | PA      | $4415338.96   | 3.18%             | 2051-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH REVENUE                                     | Iowa Finance Authority                                             | CUSIP: 46247SFV1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    500000 | PA      | $467140.05    | 0.34%             | 2059-05-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | New York Transportation Development Corp                           | CUSIP: 650116HX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $473658.60    | 0.34%             | 2054-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH MUNI CTFS                               | New Hampshire Business Finance Authority                           | CUSIP: 63607WAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    991007 | PA      | $927221.39    | 0.67%             | 2039-08-20      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | New York Transportation Development Corp                           | CUSIP: 650116HY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5200000 | PA      | $5281999.84   | 3.80%             | 2060-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REVENUE                           | Colorado Health Facilities Authority                               | CUSIP: 19648FNG5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    525000 | PA      | $370125.00    | 0.27%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALACHUA CNTY FL HLTH FACS AUTH CCRC                          | Alachua County Health Facilities Authority                         | CUSIP: 010684BN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $406199.49    | 0.29%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN CORP TX SENIOR LIVING REVENUE | New Hope Cultural Education Facilities Finance Corp                | CUSIP: 64542PBX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $124800.00    | 0.09%             | 2051-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSION NONPROFIT REVENUE           | Washington State Housing Finance Commission                        | CUSIP: 93978LJQ0<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001831.30   | 0.72%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN CORP TX SENIOR LIVING REVENUE | New Hope Cultural Education Facilities Finance Corp                | CUSIP: 64542PCM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $500000.00    | 0.36%             | 2051-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ALASKA ST RAILROAD CORP CRUISE PORT REVENUE                  | Alaska Railroad Corp                                               | CUSIP: 01176AAT0<br>LEI: 549300SM5ZU2HV31E004 | Long             | DBT              | MUN               | US        |    450000 | PA      | $470545.07    | 0.34%             | 2045-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ST CLOUD MN CHRT SCH LEASE REVENUE                           | City of St Cloud MN                                                | CUSIP: 788326AD8<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |    375000 | PA      | $300093.90    | 0.22%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDUCTNL FAC REVENUE                       | Public Finance Authority                                           | CUSIP: 74443DKY6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    315000 | PA      | $302976.73    | 0.22%             | 2054-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG REVENUE                       | Public Finance Authority                                           | CUSIP: 74439YFU0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $254918.28    | 0.18%             | 2050-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | Arlington Higher Education Finance Corp                            | CUSIP: 041807KZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $790815.01    | 0.57%             | 2059-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATED CAPITAL IMPT TAX             | Chicago Board of Education Dedicated Capital Improvement Tax       | CUSIP: 167510AM8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    905000 | PA      | $872037.00    | 0.63%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH STUDENT HSG REVENUE                      | Indiana Finance Authority                                          | CUSIP: 45471FAY7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    350000 | PA      | $343552.48    | 0.25%             | 2059-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSION                             | Washington State Housing Finance Commission                        | CUSIP: 93978UDT0<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1498884 | PA      | $1414134.70   | 1.02%             | 2041-11-20      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE              | Dallas Fort Worth International Airport                            | CUSIP: 23503CGG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047219.80   | 0.75%             | 2045-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SUFFOLK REGL OFF-TRACK BETTING CORP NY REV                   | Suffolk Regional Off-Track Betting Co                              | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202025.58    | 0.15%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP EDU REVENUE                      | Clifton Higher Education Finance Corp                              | CUSIP: 187145VQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $339465.33    | 0.24%             | 2049-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DEV AUTH HLTHCARE REVENUE        | South Carolina Jobs-Economic Development Authority                 | CUSIP: 83704HAM9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    150000 | PA      | $153906.48    | 0.11%             | 2054-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC AUTH FOR COLORADO ST ENERGY NATURAL GAS PURCHASE REVE | Public Authority for Colorado Energy                               | CUSIP: 744387AC5<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |    720000 | PA      | $753388.92    | 0.54%             | 2028-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI LIMITED OBLIG PILOT REVENUE               | Public Finance Authority                                           | CUSIP: 74446HAD1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    380000 | PA      | $304000.00    | 0.22%             | 2050-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH SURFACE FREIGHT TRANSFER FACS REVENUE      | Illinois Finance Authority                                         | CUSIP: 45203PAC8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1539690.75   | 1.11%             | 2043-12-01      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | Black Belt Energy Gas District                                     | CUSIP: 09182TAW7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3066679.50   | 2.21%             | 2052-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                                         | Municipal Electric Authority of Georgia                            | CUSIP: 62620HFK3<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500085.25   | 1.80%             | 2063-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH REVENUE                        | Orange County Health Facilities Authority                          | CUSIP: 68450LGQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3208448.25   | 2.31%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FL INDL DEVAUTH HOSP REVENUE               | Hillsborough County Industrial Development Authority               | CUSIP: 43233AFE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6875000 | PA      | $5162577.75   | 3.72%             | 2055-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE   | Texas Private Activity Bond Surface Transportation Corp            | CUSIP: 882667AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5485000 | PA      | $5385932.12   | 3.88%             | 2058-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE             | Colorado Educational & Cultural Facilities Authority               | CUSIP: 19645RC82<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $490226.35    | 0.35%             | 2046-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL PROJS FL FIN AUTH STUDENT HSG REVENUE                | Capital Projects Finance Authority/FL                              | CUSIP: 140427CC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $926337.40    | 0.67%             | 2058-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REVENUE                           | Colorado Health Facilities Authority                               | CUSIP: 19648A5H4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    505000 | PA      | $311886.89    | 0.22%             | 2050-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REVENUE                           | City of Apple Valley MN                                            | CUSIP: 03789YDS2<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    685000 | PA      | $358144.58    | 0.26%             | 2037-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTH HOSP REVENUE                   | Louisiana Public Facilities Authority                              | CUSIP: 546395N75<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2503749.25   | 1.80%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE                               | Public Finance Authority                                           | CUSIP: 74442EMR8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400501.84    | 0.29%             | 2055-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HSG & FIN AUTH REVENUE                            | Georgia Housing & Finance Authority                                | CUSIP: 37353PPV5<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994496.40    | 0.72%             | 2055-12-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH PERSONAL INCOME TAX REVENUE         | New York State Thruway Authority                                   | CUSIP: 650028ZN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4099718.80   | 2.95%             | 2053-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH CHRT SCH LEASE REVENUE        | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297CH1<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    240000 | PA      | $240664.66    | 0.17%             | 2038-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSION NONPROFIT REVENUE           | Washington State Housing Finance Commission                        | CUSIP: 93978LGR1<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1751772.91   | 1.26%             | 2063-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP                                    | Maryland Economic Development Corp                                 | CUSIP: 574205HG8<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $516578.20    | 0.37%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN CORP TX SENIOR LIVING REVENUE | New Hope Cultural Education Facilities Finance Corp                | CUSIP: 64542PCP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $270000.00    | 0.19%             | 2051-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SAINT CLAIR CNTY IL CMNTY UNIT SCH DIST #187 CAHOKIA         | St Clair County Community Unit School District No 187 Cahokia      | CUSIP: 788550MQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $611849.28    | 0.44%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH REVENUE                          | Public Finance Authority                                           | CUSIP: 744396JZ6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    700000 | PA      | $692756.96    | 0.50%             | 2054-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL FACS REVENUE                   | Capital Trust Authority                                            | CUSIP: 14054WAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $328490.89    | 0.24%             | 2060-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| UNION CNTY OR HOSP FAC AUTH                                  | Union County Hospital Facility Authority                           | CUSIP: 906420CH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $497584.55    | 0.36%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT CLAIR CNTY IL CMNTY UNIT SCH DIST #187 CAHOKIA         | St Clair County Community Unit School District No 187 Cahokia      | CUSIP: 788550MP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $327515.84    | 0.24%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIOR LIVING REVENUE               | Arizona Industrial Development Authority                           | CUSIP: 04052TDD4<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |     73102 | PA      | $56723.75     | 0.04%             | 2059-01-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | New Jersey Health Care Facilities Financing Authority              | CUSIP: 645790FR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2509919.50   | 1.81%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH MUNI CTFS                               | New Hampshire Business Finance Authority                           | CUSIP: 63607WAW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1986010 | PA      | $1900086.72   | 1.37%             | 2051-10-01      | Variable      | 4.16%                 | No            |                  2 | On Loan: No      |
| LITTLE ROCK AR SCH DIST                                      | Little Rock School District                                        | CUSIP: 5374282P8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2643425.40   | 1.90%             | 2050-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH STHRN CA TOBACCO SETTLEMENT REVE | Tobacco Securitization Authority of Southern California            | CUSIP: 888804BA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3235000 | PA      | $624419.38    | 0.45%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SKAGIT CNTY WA PUBLIC HOSP DIST #1                           | Skagit County Public Hospital District No 1                        | CUSIP: 830227EP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $918073.98    | 0.66%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALASKA ST RAILROAD CORP CRUISE PORT REVENUE                  | Alaska Railroad Corp                                               | CUSIP: 01176AAV5<br>LEI: 549300SM5ZU2HV31E004 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1290233.63   | 0.93%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BURBANK GLENDALE PASADENA CA ARPT AUTH ARPT REVENUE          | Burbank-Glendale-Pasadena Airport Authority Brick Campaign         | CUSIP: 120827EE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $375950.76    | 0.27%             | 2049-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE                   | Westchester County Local Development Corp                          | CUSIP: 95737TFM3<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    200000 | PA      | $213907.02    | 0.15%             | 2048-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI MF HSG REVENUE                            | Public Finance Authority                                           | CUSIP: 74441XHS1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3040000 | PA      | $3082206.75   | 2.22%             | 2039-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE                 | New York Liberty Development Corp                                  | CUSIP: 649519EG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $5106735.20   | 3.68%             | 2046-11-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MUNI CTFS                        | California Municipal Finance Authority                             | CUSIP: 13050WAB7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3986630 | PA      | $3459345.37   | 2.49%             | 2041-02-20      | Variable      | 3.54%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TOLL REVENUE                              | Public Finance Authority                                           | CUSIP: 74448UAB4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2570417.25   | 1.85%             | 2060-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REVENUE                           | City of Apple Valley MN                                            | CUSIP: 03789YDH6<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    715000 | PA      | $401933.89    | 0.29%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA HGR EDU & HLTH AUTH                       | Montgomery County Higher Education and Health Authority            | CUSIP: 613603YX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3515000 | PA      | $3557170.16   | 2.56%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHELBY CNTY TENN HEALTH EDL & HSG FAC BRD STUDENT HSG REVENU | Shelby County Health & Educational Facilities Board                | CUSIP: 82170LAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $350719.84    | 0.25%             | 2056-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PALOMAR HLTH CA REVENUE                                      | Palomar Health                                                     | CUSIP: 697528AP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3335000 | PA      | $3215036.05   | 2.32%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENUE                              | Idaho Health Facilities Authority                                  | CUSIP: 451295D22<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   4630000 | PA      | $3142284.23   | 2.26%             | 2051-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE             | Colorado Educational & Cultural Facilities Authority               | CUSIP: 19645RB42<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $478969.05    | 0.34%             | 2045-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENUE                              | Louisiana Public Facilities Authority                              | CUSIP: 546399SY3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2017606.60   | 1.45%             | 2059-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | Chicago O'Hare International Airport                               | CUSIP: 167593L67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3020000 | PA      | $2986409.45   | 2.15%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP                                      | Florida Development Finance Corp                                   | CUSIP: 340618DV6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    800000 | PA      | $781322.16    | 0.56%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN CORP TX SENIOR LIVING REVENUE | New Hope Cultural Education Facilities Finance Corp                | CUSIP: 64542PCL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $625000.00    | 0.45%             | 2046-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE                                 | New Hampshire Business Finance Authority                           | CUSIP: 63607YBJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1246089.13   | 0.90%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TAMPA FL CAPITAL IMPT CIGARETTE TAX ALLOCATION               | City of Tampa FL                                                   | CUSIP: 875146BD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $391159.80    | 0.28%             | 2053-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | Florida Development Finance Corp                                   | CUSIP: 34061UJB5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1385323.46   | 1.00%             | 2051-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REVENUE                           | Empire State Development Corp                                      | CUSIP: 650036CJ3<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $756343.40    | 0.54%             | 2048-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV AUTH MFH REVENUE               | California Statewide Communities Development Authority             | CUSIP: 13079PAE3<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   3731892 | PA      | $4025014.87   | 2.90%             | 2049-05-01      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT  | Golden State Tobacco Securitization Corp                           | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  40820000 | PA      | $4330446.85   | 3.12%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | New York Transportation Development Corp                           | CUSIP: 650116GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $521028.70    | 0.38%             | 2054-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDUCTNL REVENUE                           | Public Finance Authority                                           | CUSIP: 74445GAQ5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $481375.25    | 0.35%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE                  | State of New York Mortgage Agency                                  | CUSIP: 64988YSG3<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |   3445000 | PA      | $3495982.90   | 2.52%             | 2053-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| NEVADA DEPT OF BUSINESS & INDUSTRY NV REVENUE                | State of Nevada Department of Business & Industry                  | CUSIP: 641455AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1755000 | PA      | $1603788.67   | 1.16%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN SENIOR HSG & HLTHCARE REVENUE                 | City of Minneapolis MN                                             | CUSIP: 603787AL6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    850000 | PA      | $789775.29    | 0.57%             | 2045-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                   | Maricopa County Industrial Development Authority                   | CUSIP: 56681NJJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992184.70    | 0.71%             | 2060-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                                     | District of Columbia                                               | CUSIP: 25483VXR0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    760000 | PA      | $703437.84    | 0.51%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                                | Metropolitan Transportation Authority                              | CUSIP: 59261A5F0<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1474887.75   | 1.06%             | 2050-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | Arlington Higher Education Finance Corp                            | CUSIP: 041807HA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1128429.84   | 0.81%             | 2054-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | Pennsylvania Housing Finance Agency                                | CUSIP: 70879QN82<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3010485.60   | 2.17%             | 2055-10-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH MUNI CTFS                               | New Hampshire Business Finance Authority                           | CUSIP: 63607WBN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1998387 | PA      | $1895743.21   | 1.37%             | 2042-11-20      | Floating      | 4.22%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | Metropolitan Washington Airports Authority Aviation Revenue        | CUSIP: 592647ME8<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1906565.20   | 1.37%             | 2053-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REVENUE                           | Colorado Health Facilities Authority                               | CUSIP: 19648FPQ1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1480997.51   | 1.07%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY & CNTY DEV SPL TAX DIST NO             | City & County of San Francisco CA Special Tax District No 2020-1   | CUSIP: 79771HAL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $488817.01    | 0.35%             | 2049-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE                 | New York City Housing Development Corp                             | CUSIP: 64972E4K2<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2013998.00   | 1.45%             | 2063-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VENICE FL                                                    | City of Venice FL                                                  | CUSIP: 922687AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $305967.55    | 0.22%             | 2030-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HAYWARD MN HLTH CARE FACS REVENUE                            | City of Hayward MN                                                 | CUSIP: 421306AC5<br>LEI: 549300YF6QD4DXUDGL81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $346455.75    | 0.25%             | 2044-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION& SPLY CORP IV                  | Texas Municipal Gas Acquisition & Supply Corp IV                   | CUSIP: 88256PAT7<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2533005.90   | 1.82%             | 2054-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue             | CUSIP: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19613000 | PA      | $4908078.72   | 3.53%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                                   | Public Finance Authority                                           | CUSIP: 74442PL37<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002915.60   | 0.72%             | 2061-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDUCTNL FAC REVENUE                       | Public Finance Authority                                           | CUSIP: 74443DKZ3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    935000 | PA      | $880346.73    | 0.63%             | 2064-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATED CAPITAL IMPT TAX             | Chicago Board of Education Dedicated Capital Improvement Tax       | CUSIP: 167510BM7<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4202582.40   | 3.03%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                                         | Municipal Electric Authority of Georgia                            | CUSIP: 62620HDK5<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4979801.00   | 3.59%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVENUE                             | Port of Portland OR Airport Revenue                                | CUSIP: 7352402S1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1837907.50   | 1.32%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWARK HGR EDU FIN CORP TX EDU REVENUE                       | Newark Higher Education Finance Corp                               | CUSIP: 650346GN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3773236.00   | 2.72%             | 2059-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH CHRT SCH LEASE REVENUE        | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297AX8<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    630000 | PA      | $609986.10    | 0.44%             | 2045-07-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE                               | Public Finance Authority                                           | CUSIP: 74442EMS6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    400000 | PA      | $378946.64    | 0.27%             | 2065-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FOUNTAIN CO URBAN RENEWAL AUTH TAX INCR REVENUE              | Fountain Urban Renewal Authority                                   | CUSIP: 35069WAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $618737.43    | 0.45%             | 2044-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GREATER OUACHITA WTR CO INC LA WTRWKS & SWR SYS REVENUE      | Greater Ouachita Water Co                                          | CUSIP: 392276BC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $941736.00    | 0.68%             | 2053-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | California Infrastructure & Economic Development Bank              | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1185415.03   | 0.85%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH MUNI CTFS                               | New Hampshire Business Finance Authority                           | CUSIP: 63607WBP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    999194 | PA      | $920106.01    | 0.66%             | 2042-11-20      | Floating      | 4.22%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUBLIC INFRASTRUCTURE DIST UT SALES  | Downtown Revitalization Public Infrastructure District             | CUSIP: 26118TBU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $534369.45    | 0.38%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | California Community Choice Financing Authority                    | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2133824.40   | 1.54%             | 2054-01-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH SOL WST DISP FACS             | West Virginia Economic Development Authority                       | CUSIP: 95648VBU2<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    230000 | PA      | $239820.89    | 0.17%             | 2055-01-01      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY AL INDL DEV AUTH SOL WST DISP REVENUE            | Mobile County Industrial Development Authority                     | CUSIP: 60733UAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $961184.40    | 0.69%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG REVENUE                       | Public Finance Authority                                           | CUSIP: 74439YEY3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    365000 | PA      | $366998.48    | 0.26%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN CORP TX SENIOR LIVING REVENUE | New Hope Cultural Education Facilities Finance Corp                | CUSIP: 64542PAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $121837.50    | 0.09%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OSCEOLA AR SOL WST DIST REVENUE                              | City of Osceola AR                                                 | CUSIP: 688008AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1165493.61   | 0.84%             | 2036-04-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | New York Transportation Development Corp                           | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $549644.60    | 0.40%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL FACS REVENUE                   | Capital Trust Authority                                            | CUSIP: 14054WAQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $207077.86    | 0.15%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TOLL REVENUE                              | Public Finance Authority                                           | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2570417.25   | 1.85%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REVENUE                           | Colorado Health Facilities Authority                               | CUSIP: 19648AQ99<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1046688.76   | 0.75%             | 2043-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP EDU REVENUE                      | Clifton Higher Education Finance Corp                              | CUSIP: 187145UR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $183812.40    | 0.13%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN SENIOR HSG & HLTHCARE REVENUE                 | City of Minneapolis MN                                             | CUSIP: 603787AK8<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    220000 | PA      | $216296.56    | 0.16%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIOR LIVING REVENUE               | Arizona Industrial Development Authority                           | CUSIP: 04052TDF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     58051 | PA      | $10179.28     | 0.01%             | 2059-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE                               | Public Finance Authority                                           | CUSIP: 74442EMT4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    665000 | PA      | $645862.50    | 0.47%             | 2065-06-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REVENUE                           | City of Apple Valley MN                                            | CUSIP: 03789YDT0<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   1035000 | PA      | $462317.22    | 0.33%             | 2052-01-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | North Carolina Medical Care Commission                             | CUSIP: 65820YSY3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    790000 | PA      | $782535.37    | 0.56%             | 2054-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE                  | State of New York Mortgage Agency Homeowner Mortgage Revenue       | CUSIP: 64988YZG5<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |   4990000 | PA      | $4971210.16   | 3.58%             | 2054-10-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CORP                             | Mississippi Business Finance Corp                                  | CUSIP: 605279GX0<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   2670000 | PA      | $2670000.00   | 1.92%             | 2032-11-01      | Floating      | 4.02%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | New York State Dormitory Authority                                 | CUSIP: 64990GZS4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5600000 | PA      | $4028627.12   | 2.90%             | 2050-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL PROJS FL FIN AUTH STUDENT HSG REVENUE                | Capital Projects Finance Authority/FL                              | CUSIP: 140427CP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $97881.26     | 0.07%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-20

**Name of Applicant:** abrdn National Municipal Income Fund

**Signature:** Sharon Ferrari

**Name of Signer:** Sharon Ferrari

**Title:** Assistant Treasurer