# EDGAR Filing Document

**Accession Number:** 0001141819
**File Stem:** 0001145549-25-048874
**Filing Date:** 2025-7
**Character Count:** 130523
**Document Hash:** a28c0ac9eddaa373630309a0e3a74aa6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-048874.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001145549-25-048874

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRUST FOR PROFESSIONAL MANAGERS
- **CENTRAL INDEX KEY:** 0001141819

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10401
- **FILM NUMBER:** 251156702

**BUSINESS ADDRESS:**
- **STREET 1:** U.S. BANCORP FUND SERVICES LLC
- **STREET 2:** 615 EAST MICHIGAN ST 2ND FLOOR
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 4147655067

**MAIL ADDRESS:**
- **STREET 1:** U.S. BANCORP FUND SERVICES LLC
- **STREET 2:** 615 EAST MICHIGAN ST 2ND FLOOR
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZODIAC TRUST
- **DATE OF NAME CHANGE:** 20010601

## Series and Classes Contracts Data

### Performance Trust Municipal Bond Fund (Series ID: S000033197)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000102162 | Performance Trust Municipal Bond Fund - Institutional Class | PTIMX           |
| C000102163 | Performance Trust Municipal Bond Fund - Class A             | PTRMX           |

## Nport-Ex

---

| |
|:---|
| **Performance Trust Municipal Bond Fund** |
| **Schedule of Investments** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **MUNICIPAL BONDS - 90.4%** | **Par** | **Value** |
| **Alabama - 5.3%** | **Alabama - 5.3%** |  |
| Alabama Federal Aid Highway Finance Authority | Alabama Federal Aid Highway Finance Authority |  |
| &nbsp;&nbsp; 5.00%, 09/01/2044 | $1510000 | 1576188 |
| &nbsp;&nbsp; 5.00%, 03/01/2045 | 1860000 | 1933400 |
| Black Belt Energy Gas District | Black Belt Energy Gas District |  |
| &nbsp;&nbsp; 5.25%, 02/01/2053 <sup>(a)</sup> | 6560000 | 6829723 |
| &nbsp;&nbsp; 5.50%, 10/01/2054 <sup>(a)</sup> | 3055000 | 3247797 |
|  County of Jefferson, AL Sewer Revenue, 5.25%, 10/01/2043 | 4000000 | 4120480 |
|  Energy Southeast A Cooperative District, 5.50%, 11/01/2053 <sup>(a)</sup> | 5385000 | 5752303 |
| Southeast Energy Authority A Cooperative District | Southeast Energy Authority A Cooperative District |  |
| &nbsp;&nbsp; 5.50%, 01/01/2053 <sup>(a)</sup> | 4345000 | 4584978 |
| &nbsp;&nbsp; 5.00%, 05/01/2055 <sup>(a)</sup> | 7775000 | 8147723 |
|  |  | 36192592 |
| **Alaska - 0.3%** | **Alaska - 0.3%** |  |
|  CIVIC Ventures, 5.00%, 09/01/2033 | 1750000 | 1752688 |
| **Arizona - 1.6%** | **Arizona - 1.6%** |  |
|  City of Glendale, AZ Water & Sewer Revenue, 5.00%, 07/01/2025 | 1070000 | 1071665 |
|  Industrial Development Authority of the City of Phoenix, Arizona, 4.00%, 07/01/2026 <sup>(b)</sup> | 1300000 | 1301314 |
|  Salt River Project Agricultural Improvement & Power District, 5.00%, 12/01/2045 | 7000000 | 7000000 |
|  State of Arizona Distribution Revenue, 5.50%, 07/01/2042 | 1545000 | 1757037 |
|  |  | 11130016 |
| **California - 12.4%** | **California - 12.4%** |  |
|  Acton-Agua Dulce Unified School District, 0.00%, 05/01/2039 <sup>(c)</sup> | 2000000 | 1083054 |
|  Baldwin Park Unified School District, 0.00%, 08/01/2037 <sup>(c)</sup> | 1000000 | 608240 |
|  Belmont-Redwood Shores School District, 0.00%, 08/01/2039 <sup>(c)</sup> | 4000000 | 2171297 |
|  California Educational Facilities Authority, 5.00%, 05/01/2049 | 4000000 | 4306130 |
|  California Municipal Finance Authority, 4.00%, 12/01/2026 <sup>(b)</sup> | 965000 | 947807 |
|  Campbell Union School District, 0.00%, 08/01/2039 <sup>(c)</sup> | 4700000 | 2599705 |
|  City of San Diego, CA Tobacco Settlement Revenue Funding Corp., 4.00%, 06/01/2032 | 870000 | 865436 |
|  Coachella Valley Unified School District, 0.00%, 08/01/2043 <sup>(c)</sup> | 1015000 | 443783 |
|  El Rancho Unified School District, 0.00%, 08/01/2035 <sup>(c)</sup> | 360000 | 246291 |
|  Fowler Unified School District, 5.50%, 08/01/2053 | 4945000 | 5230121 |
| Hope Elementary School District | Hope Elementary School District |  |
| &nbsp;&nbsp; 0.00%, 08/01/2036 <sup>(c)</sup> | 500000 | 324732 |
| &nbsp;&nbsp; 0.00%, 08/01/2037 <sup>(c)</sup> | 540000 | 332388 |
| &nbsp;&nbsp; 0.00%, 08/01/2038 <sup>(c)</sup> | 550000 | 319462 |
| &nbsp;&nbsp; 0.00%, 08/01/2040 <sup>(c)</sup> | 1085000 | 563153 |
|  Inland Empire Tobacco Securitization Corp., 3.68%, 06/01/2038 | 5850000 | 5627609 |
| Lakeside Union School District | Lakeside Union School District |  |
| &nbsp;&nbsp; 0.00%, 08/01/2038 <sup>(c)</sup> | 4035000 | 2331634 |
| &nbsp;&nbsp; 0.00%, 08/01/2039 <sup>(c)</sup> | 4375000 | 2389923 |
|  Lemon Grove School District, 0.00%, 08/01/2039 <sup>(c)</sup> | 940000 | 519220 |
|  Los Angeles County Public Works Financing Authority, 5.50%, 12/01/2049 | 7000000 | 7505281 |
| Manhattan Beach Unified School District | Manhattan Beach Unified School District |  |
| &nbsp;&nbsp; 0.00%, 09/01/2040 <sup>(c)</sup> | 2085000 | 1112862 |
| &nbsp;&nbsp; 0.00%, 09/01/2041 <sup>(c)</sup> | 1295000 | 652532 |
|  Millbrae School District, 0.00%, 07/01/2039 <sup>(c)</sup> | 1735000 | 977476 |
|  Mount San Antonio Community College District, 0.00%, 08/01/2043 <sup>(c)</sup> | 1605000 | 1537496 |
|  Oceanside Unified School District, 0.00%, 08/01/2039 <sup>(c)</sup> | 445000 | 246142 |
|  Paramount Unified School District, 0.00%, 08/01/2037 <sup>(c)</sup> | 630000 | 387786 |
| Pittsburg Unified School District Financing Authority | Pittsburg Unified School District Financing Authority |  |
| &nbsp;&nbsp; 0.00%, 09/01/2041 <sup>(c)</sup> | 2865000 | 1382977 |
| &nbsp;&nbsp; 0.00%, 09/01/2042 <sup>(c)</sup> | 1940000 | 883237 |
|  Placentia-Yorba Linda Unified School District, 0.00%, 08/01/2041 <sup>(c)</sup> | 5325000 | 2559139 |
| Poway Unified School District | Poway Unified School District |  |
| &nbsp;&nbsp; 0.00%, 08/01/2040 <sup>(c)</sup> | 4905000 | 2529125 |
| &nbsp;&nbsp; 0.00%, 08/01/2046 <sup>(c)</sup> | 12165000 | 4276810 |
|  Rowland Unified School District, 0.00%, 08/01/2041 <sup>(c)</sup> | 5145000 | 2580482 |
| San Bernardino Community College District | San Bernardino Community College District |  |
| &nbsp;&nbsp; 0.00%, 08/01/2038 <sup>(c)</sup> | 210000 | 118984 |
| &nbsp;&nbsp; 0.00%, 08/01/2044 <sup>(c)</sup> | 12485000 | 5123167 |
| San Diego Community College District | San Diego Community College District |  |
| &nbsp;&nbsp; 0.00%, 08/01/2039 <sup>(c)</sup> | 8525000 | 4794591 |
| &nbsp;&nbsp; 0.00%, 08/01/2041 <sup>(c)</sup> | 1860000 | 934363 |
| San Diego Unified School District | San Diego Unified School District |  |
| &nbsp;&nbsp; 0.00%, 07/01/2040 <sup>(c)</sup> | 7760000 | 4117863 |
| &nbsp;&nbsp; 0.00%, 07/01/2041 <sup>(c)</sup> | 11400000 | 7400156 |
| &nbsp;&nbsp; 0.00%, 07/01/2043 <sup>(c)</sup> | 4420000 | 1982668 |
|  Santa Barbara Secondary High School District, 0.00%, 08/01/2040 <sup>(c)</sup> | 6365000 | 3200547 |
|  |  | 85213669 |
| **Colorado - 5.3%** | **Colorado - 5.3%** |  |
| Adams & Arapahoe Joint School District 28J Aurora | Adams & Arapahoe Joint School District 28J Aurora |  |
| &nbsp;&nbsp; 5.50%, 12/01/2042 | 3150000 | 3493879 |
| &nbsp;&nbsp; 5.50%, 12/01/2043 | 3375000 | 3722034 |
| City & County of Denver, CO Airport System Revenue | City & County of Denver, CO Airport System Revenue |  |
| &nbsp;&nbsp; 5.75%, 11/15/2036 <sup>(d)</sup> | 6325000 | 7285014 |
| &nbsp;&nbsp; 5.75%, 11/15/2041 <sup>(d)</sup> | 5970000 | 6406053 |
|  City of Fruita, CO Healthcare Revenue, 5.00%, 01/01/2028 | 440000 | 433128 |
|  Denver City & County School District No. 1, 5.50%, 12/01/2044 | 13000000 | 14110611 |
|  Durango School District No 9-R, 5.25%, 11/01/2044 | 1000000 | 1065677 |
|  |  | 36516396 |
| **Connecticut - 0.3%** | **Connecticut - 0.3%** |  |
|  Connecticut State Health & Educational Facilities Authority, 12.00%, 09/01/2030 <sup>(b)</sup> | 570000 | 583433 |
|  State of Connecticut, 5.00%, 03/15/2043 | 1600000 | 1685518 |
|  |  | 2268951 |
| **District of Columbia - 1.2%** | **District of Columbia - 1.2%** |  |
|  District of Columbia, 5.50%, 07/01/2047 | 8130000 | 8563305 |
| **Florida - 7.8%** | **Florida - 7.8%** |  |
| Bay County School Board | Bay County School Board |  |
| &nbsp;&nbsp; 5.50%, 07/01/2041 | 1450000 | 1536024 |
| &nbsp;&nbsp; 5.50%, 07/01/2042 | 1300000 | 1370884 |
|  City of Fort Lauderdale, FL Water & Sewer Revenue, 5.50%, 09/01/2048 | 10425000 | 11137947 |
|  City of Fort Myers, FL Utility System Revenue, 5.50%, 10/01/2049 | 5000000 | 5317581 |
|  City of Venice, FL, 4.25%, 01/01/2030 <sup>(b)</sup> | 850000 | 848125 |
|  County of Lee FL Airport Revenue, 5.25%, 10/01/2043 <sup>(d)</sup> | 2690000 | 2775191 |
| County of Miami-Dade, FL | County of Miami-Dade, FL |  |
| &nbsp;&nbsp; 0.00%, 10/01/2040 <sup>(c)</sup> | 5000000 | 2544100 |
| &nbsp;&nbsp; 0.00%, 10/01/2041 <sup>(c)</sup> | 2335000 | 1117891 |
| &nbsp;&nbsp; 0.00%, 10/01/2042 <sup>(c)</sup> | 2040000 | 917765 |
| &nbsp;&nbsp; 0.00%, 10/01/2045 <sup>(c)</sup> | 4500000 | 1769313 |
|  County of Sarasota, FL Utility System Revenue, 5.25%, 10/01/2047 | 2500000 | 2606092 |
|  Florida Development Finance Corp., 5.50%, 09/15/2025 <sup>(b)</sup> | 195000 | 194353 |
| Greater Orlando Aviation Authority | Greater Orlando Aviation Authority |  |
| &nbsp;&nbsp; 5.25%, 10/01/2042 <sup>(d)</sup> | 8390000 | 8733154 |
| &nbsp;&nbsp; 5.25%, 10/01/2043 <sup>(d)</sup> | 5000000 | 5177355 |
| &nbsp;&nbsp; 5.25%, 10/01/2044 <sup>(d)</sup> | 3000000 | 3102605 |
|  Lee County Industrial Development Authority, 4.13%, 11/15/2029 | 2050000 | 2051253 |
|  State of Florida, 5.00%, 06/01/2025 | 2865000 | 2865000 |
|  |  | 54064633 |
| **Georgia - 1.2%** | **Georgia - 1.2%** |  |
|  City of Conyers, GA, 4.30%, 03/01/2031 | 1080000 | 1015103 |
|  Main Street Natural Gas, Inc., 5.00%, 05/01/2054 <sup>(a)</sup> | 6000000 | 6303990 |
|  Metropolitan Atlanta Rapid Transit Authority, 5.00%, 07/01/2044 | 1000000 | 1001581 |
|  |  | 8320674 |
| **Idaho - 0.6%** | **Idaho - 0.6%** |  |
|  Idaho Housing & Finance Association, 5.00%, 08/15/2044 | 4125000 | 4340219 |
| **Illinois - 2.5%** | **Illinois - 2.5%** |  |
|  Chicago O'Hare International Airport, 5.50%, 01/01/2044 <sup>(d)</sup> | 7250000 | 7608281 |
|  City of Joliet, IL, 5.50%, 12/15/2042 | 5080000 | 5351412 |
|  Will County School District No. 114 Manhattan, 5.50%, 01/01/2045 | 3765000 | 4005943 |
|  |  | 16965636 |
| **Indiana - 9.7%** | **Indiana - 9.7%** |  |
| Avon Community School Building Corp. | Avon Community School Building Corp. |  |
| &nbsp;&nbsp; 5.50%, 07/15/2040 | 2220000 | 2414129 |
| &nbsp;&nbsp; 5.50%, 07/15/2041 | 2400000 | 2593521 |
| &nbsp;&nbsp; 5.50%, 01/15/2043 | 4400000 | 4704431 |
|  Clark-Pleasant Community School Building Corp., 5.25%, 01/15/2042 | 2575000 | 2705630 |
| Fishers Town Hall Building Corp. | Fishers Town Hall Building Corp. |  |
| &nbsp;&nbsp; 5.50%, 07/15/2038 | 1055000 | 1170554 |
| &nbsp;&nbsp; 5.50%, 07/15/2039 | 700000 | 772913 |
| &nbsp;&nbsp; 5.50%, 07/15/2040 | 1500000 | 1648123 |
| &nbsp;&nbsp; 5.50%, 07/15/2043 | 2000000 | 2173706 |
|  Fort Wayne Redevelopment Authority, 5.00%, 12/15/2041 | 2040000 | 2108254 |
|  Franklin Township-Marion County Multiple School Building Corp., 5.00%, 07/15/2043 | 1250000 | 1296878 |
| Greater Clark Building Corp. | Greater Clark Building Corp. |  |
| &nbsp;&nbsp; 6.00%, 07/15/2038 | 6095000 | 6873469 |
| &nbsp;&nbsp; 6.00%, 01/15/2042 | 5660000 | 6210780 |
| &nbsp;&nbsp; 6.00%, 01/15/2043 | 1150000 | 1270823 |
|  Indianapolis Local Public Improvement Bond Bank, 6.00%, 02/01/2048 | 8840000 | 9738344 |
|  IPS Multi-School Building Corp., 5.50%, 07/15/2042 | 1515000 | 1614740 |
|  Lake Ridge Multi-School Building Corp., 5.50%, 07/15/2040 | 1805000 | 1943469 |
|  Lebanon Middle School Building Corp., 5.00%, 01/15/2044 | 2000000 | 2055222 |
| Noblesville High School Building Corp. | Noblesville High School Building Corp. |  |
| &nbsp;&nbsp; 6.00%, 07/15/2038 | 395000 | 452964 |
| &nbsp;&nbsp; 6.00%, 07/15/2040 | 640000 | 723879 |
| &nbsp;&nbsp; 6.00%, 01/15/2043 | 1160000 | 1291067 |
|  Tippecanoe County School Building Corp., 6.00%, 01/15/2042 | 1445000 | 1599569 |
|  Tri-Creek High School Building Corp., 5.50%, 07/15/2040 | 4320000 | 4679232 |
|  Wawasee High School Building Corp., 5.00%, 07/15/2042 | 6865000 | 7117790 |
|  |  | 67159487 |
| **Iowa - 0.5%** | **Iowa - 0.5%** |  |
|  City of Iowa City, IA, 6.00%, 06/01/2025 | 1955000 | 1955000 |
|  Iowa Tobacco Settlement Authority, 4.00%, 06/01/2049 | 1555000 | 1555000 |
|  |  | 3510000 |
| **Kansas - 1.1%** | **Kansas - 1.1%** |  |
|  State of Kansas Department of Transportation, 5.00%, 09/01/2043 | 7325000 | 7718055 |
| **Kentucky - 1.2%** | **Kentucky - 1.2%** |  |
|  County of Trimble, KY, 1.30%, 09/01/2044 <sup>(a)(d)</sup> | 3500000 | 3220732 |
|  Kentucky Economic Development Finance Authority, 5.00%, 05/15/2026 | 220000 | 218028 |
| Kentucky State Property & Building Commission | Kentucky State Property & Building Commission |  |
| &nbsp;&nbsp; 5.50%, 11/01/2041 | 2035000 | 2206706 |
| &nbsp;&nbsp; 5.50%, 11/01/2042 | 2600000 | 2801761 |
|  |  | 8447227 |
| **Maryland - 0.9%** | **Maryland - 0.9%** |  |
|  Maryland Stadium Authority, 5.00%, 05/01/2050 | 5775000 | 6018954 |
| **Massachusetts - 1.5%** | **Massachusetts - 1.5%** |  |
|  Commonwealth of Massachusetts, 5.00%, 12/01/2043 | 10000000 | 10498476 |
| **Michigan - 0.8%** | **Michigan - 0.8%** |  |
|  Michigan Finance Authority, 3.27%, 06/01/2039 | 6100000 | 5638779 |
| **Missouri - 1.2%** | **Missouri - 1.2%** |  |
| Jackson County Reorganized School District No 7/MO | Jackson County Reorganized School District No 7/MO |  |
| &nbsp;&nbsp; 6.00%, 03/01/2042 | 3105000 | 3527959 |
| &nbsp;&nbsp; 6.00%, 03/01/2043 | 1500000 | 1695269 |
|  Jackson County School District No. R-IV Blue Springs, 5.50%, 03/01/2044 | 2690000 | 2914661 |
|  |  | 8137889 |
| **Nebraska - 0.4%** | **Nebraska - 0.4%** |  |
|  Omaha Public Power District, 5.50%, 02/01/2049 | 2545000 | 2689104 |
| **Nevada - 1.0%** | **Nevada - 1.0%** |  |
|  Clark County Water Reclamation District, 5.00%, 07/01/2043 | 4000000 | 4164540 |
|  State of Nevada Department of Business & Industry, 9.50%, 01/01/2065 <sup>(b)(d)</sup> | 3000000 | 2862763 |
|  |  | 7027303 |
| **New Hampshire - 0.7%** | **New Hampshire - 0.7%** |  |
| New Hampshire Business Finance Authority | New Hampshire Business Finance Authority |  |
| &nbsp;&nbsp; 5.50%, 12/01/2030 <sup>(b)</sup> | 2000000 | 2012417 |
| &nbsp;&nbsp; 4.88%, 12/01/2033 <sup>(b)</sup> | 2998000 | 2955806 |
|  |  | 4968223 |
| **New Jersey - 1.1%** | **New Jersey - 1.1%** |  |
|  New Jersey Economic Development Authority, 5.50%, 01/01/2027 <sup>(d)</sup> | 300000 | 300379 |
| New Jersey Transportation Trust Fund Authority | New Jersey Transportation Trust Fund Authority |  |
| &nbsp;&nbsp; 0.00%, 12/15/2038 <sup>(c)</sup> | 1070000 | 579916 |
| &nbsp;&nbsp; 0.00%, 12/15/2039 <sup>(c)</sup> | 12635000 | 6487363 |
|  |  | 7367658 |
| **New York - 5.2%** | **New York - 5.2%** |  |
|  Build NYC Resource Corp., 4.00%, 06/15/2031 <sup>(b)</sup> | 600000 | 577273 |
|  New York City Municipal Water Finance Authority, 5.00%, 06/15/2043 | 3790000 | 3984288 |
| New York City Transitional Finance Authority | New York City Transitional Finance Authority |  |
| &nbsp;&nbsp; 5.25%, 05/01/2043 | 5000000 | 5319131 |
| &nbsp;&nbsp; 5.50%, 05/01/2044 | 3575000 | 3837245 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, 5.50%, 11/01/2045 | 10095000 | 10706797 |
|  New York State Dormitory Authority, 5.00%, 10/01/2047 | 4235000 | 4502428 |
|  Rockland County Solid Waste Management Authority, 6.25%, 12/15/2049 | 2585000 | 2897389 |
|  Triborough Bridge & Tunnel Authority, 5.00%, 05/15/2052 | 4065000 | 4296010 |
|  |  | 36120561 |
| **North Carolina - 2.4%** | **North Carolina - 2.4%** |  |
| North Carolina Medical Care Commission | North Carolina Medical Care Commission |  |
| &nbsp;&nbsp; 4.25%, 09/01/2028 | 1090000 | 1085002 |
| &nbsp;&nbsp; 3.75%, 10/01/2028 | 585000 | 584408 |
| &nbsp;&nbsp; 4.25%, 10/01/2028 | 250000 | 250031 |
| &nbsp;&nbsp; 4.50%, 09/01/2029 | 600000 | 596563 |
| University of North Carolina at Chapel Hill | University of North Carolina at Chapel Hill |  |
| &nbsp;&nbsp; 5.00%, 02/01/2045 | 6015000 | 6296183 |
| &nbsp;&nbsp; 5.00%, 02/01/2049 | 6325000 | 6682202 |
|  Watauga Public Facilities Corp., 5.25%, 06/01/2042 | 1260000 | 1336161 |
|  |  | 16830550 |
| **North Dakota - 0.4%** | **North Dakota - 0.4%** |  |
|  Cass County Joint Water Resource District, 3.45%, 04/01/2027 | 3000000 | 2994524 |
| **Ohio - 2.3%** | **Ohio - 2.3%** |  |
|  Columbus Regional Airport Authority, 5.25%, 01/01/2041 <sup>(d)</sup> | 2000000 | 2080608 |
|  County of Franklin, OH, 5.00%, 11/01/2048 | 5480000 | 5635884 |
|  County of Hamilton, OH, 5.00%, 11/15/2049 | 6095000 | 6220356 |
|  Ohio Water Development Authority Water Pollution Control Loan Fund, 5.00%, 06/01/2025 | 1590000 | 1590000 |
|  |  | 15526848 |
| **Oklahoma - 0.7%** | **Oklahoma - 0.7%** |  |
| Oklahoma Turnpike Authority | Oklahoma Turnpike Authority |  |
| &nbsp;&nbsp; 5.00%, 01/01/2040 | 1500000 | 1591682 |
| &nbsp;&nbsp; 5.00%, 01/01/2041 | 1500000 | 1573214 |
| &nbsp;&nbsp; 5.00%, 01/01/2042 | 1500000 | 1560550 |
|  |  | 4725446 |
| **Pennsylvania - 2.4%** | **Pennsylvania - 2.4%** |  |
|  Allegheny County Sanitary Authority, 5.75%, 06/01/2047 | 6835000 | 7285400 |
|  City of Philadelphia, PA Water & Wastewater Revenue, 5.50%, 06/01/2047 | 2365000 | 2490181 |
| Pennsylvania Turnpike Commission | Pennsylvania Turnpike Commission |  |
| &nbsp;&nbsp; 5.00%, 06/01/2025 | 1700000 | 1700000 |
| &nbsp;&nbsp; 5.25%, 12/01/2041 | 1020000 | 1088450 |
| &nbsp;&nbsp; 5.25%, 12/01/2042 | 1015000 | 1075024 |
|  Southeastern Pennsylvania Transportation Authority, 5.25%, 06/01/2041 | 2585000 | 2751001 |
|  |  | 16390056 |
| **Puerto Rico - 0.6%** | **Puerto Rico - 0.6%** |  |
|  Commonwealth of Puerto Rico, 0.00%, 11/01/2043 <sup>(a)(c)</sup> | 608471 | 365844 |
|  GDB Debt Recovery Authority of Puerto Rico, 7.50%, 08/20/2040 | 2169587 | 2084960 |
|  Puerto Rico Highway & Transportation Authority, 5.85%, 03/01/2027 | 1395000 | 1387483 |
|  |  | 3838287 |
| **Rhode Island - 1.1%** | **Rhode Island - 1.1%** |  |
| Rhode Island Health and Educational Building Corp. | Rhode Island Health and Educational Building Corp. |  |
| &nbsp;&nbsp; 5.50%, 05/15/2042 | 3335000 | 3530505 |
| &nbsp;&nbsp; 5.50%, 05/15/2047 | 4000000 | 4203677 |
|  |  | 7734182 |
| **South Carolina - 1.9%** | **South Carolina - 1.9%** |  |
|  County of Horry, SC, 5.25%, 09/01/2047 | 4000000 | 4184396 |
|  Patriots Energy Group Financing Agency, 5.25%, 02/01/2054 <sup>(a)</sup> | 5180000 | 5488982 |
|  South Island Public Service District, 5.25%, 04/01/2042 | 3330000 | 3535054 |
|  |  | 13208432 |
| **Tennessee - 0.3%** | **Tennessee - 0.3%** |  |
|  Metropolitan Nashville Airport Authority, 5.50%, 07/01/2037 <sup>(d)</sup> | 1650000 | 1779777 |
| **Texas - 9.1%** | **Texas - 9.1%** |  |
|  Aldine Independent School District, 5.00%, 02/15/2042 | 2775000 | 2901552 |
|  Austin Independent School District, 5.00%, 08/01/2025 | 1915000 | 1921275 |
|  Board of Regents of the University of Texas System, 5.00%, 08/15/2025 | 3170000 | 3182542 |
| City of San Antonio, TX Electric & Gas Systems Revenue | City of San Antonio, TX Electric & Gas Systems Revenue |  |
| &nbsp;&nbsp; 5.25%, 02/01/2042 | 3025000 | 3194784 |
| &nbsp;&nbsp; 5.50%, 02/01/2049 | 7950000 | 8464149 |
|  Clint Independent School District, 5.00%, 08/15/2034 | 1165000 | 1169325 |
|  Colony Economic Development Corp., 7.25%, 10/01/2042 | 1500000 | 1429413 |
|  Colony Local Development Corp., 7.25%, 10/01/2033 | 700000 | 699981 |
|  Crowley Independent School District, 5.00%, 08/01/2033 | 1065000 | 1068277 |
|  Dallas Area Rapid Transit, 5.00%, 12/01/2046 | 1675000 | 1691878 |
| Dallas Fort Worth International Airport | Dallas Fort Worth International Airport |  |
| &nbsp;&nbsp; 5.00%, 11/01/2041 | 5000000 | 5267795 |
| &nbsp;&nbsp; 5.00%, 11/01/2043 | 3910000 | 4066591 |
|  Del Valle Independent School District, TX, 5.00%, 06/15/2025 | 1500000 | 1500994 |
|  Fort Worth Independent School District, 5.00%, 02/15/2043 | 1050000 | 1102574 |
|  Harris County Hospital District, 5.00%, 02/15/2042 | 2500000 | 2606725 |
|  Leander Independent School District, 5.00%, 08/15/2042 | 1100000 | 1162646 |
|  Lewisville Independent School District, 5.00%, 08/15/2025 | 1570000 | 1576018 |
| Lower Colorado River Authority | Lower Colorado River Authority |  |
| &nbsp;&nbsp; 5.50%, 05/15/2047 | 5000000 | 5212229 |
| &nbsp;&nbsp; 5.50%, 05/15/2048 | 3000000 | 3131733 |
|  North Texas Tollway Authority, 0.00%, 01/01/2038 <sup>(c)</sup> | 1055000 | 615482 |
|  Port of Beaumont Industrial Development Authority, 4.10%, 01/01/2028 <sup>(b)</sup> | 3000000 | 2738186 |
|  Port of Beaumont Navigation District, 10.00%, 07/01/2026 <sup>(b)</sup> | 1500000 | 1535051 |
|  Pottsboro Higher Education Finance Corp., 2.00%, 08/15/2040 | 775000 | 527642 |
|  United Independent School District/TX, 5.00%, 08/15/2034 | 1000000 | 1003815 |
|  West Harris County Regional Water Authority, 5.50%, 12/15/2042 | 4500000 | 4799314 |
|  |  | 62569971 |
| **Utah - 1.3%** | **Utah - 1.3%** |  |
|  Wasatch County School District Local Building Authority, 5.50%, 06/01/2047 | 7570000 | 7901695 |
|  Wildflower Improvement Association, 6.63%, 03/01/2031 <sup>(b)</sup> | 1102928 | 1075583 |
|  |  | 8977278 |
| **Virginia - 0.6%** | **Virginia - 0.6%** |  |
|  Commonwealth of Virginia, 5.00%, 06/01/2025 | 2090000 | 2090000 |
|  Virginia Beach Development Authority, 5.38%, 09/01/2029 | 2000000 | 2016533 |
|  |  | 4106533 |
| **Washington - 1.7%** | **Washington - 1.7%** |  |
|  Central Puget Sound Regional Transit Authority, 5.00%, 11/01/2046 | 10000000 | 10512836 |
|  Chelan County Public Utility District No. 1, 5.00%, 07/01/2025 <sup>(d)</sup> | 1000000 | 1001433 |
|  |  | 11514269 |
| **Wisconsin - 1.8%** | **Wisconsin - 1.8%** |  |
|  Milwaukee Area Technical College District, 6.00%, 06/01/2025 | 1560000 | 1560000 |
| Public Finance Authority | Public Finance Authority |  |
| &nbsp;&nbsp; 5.50%, 12/15/2028 | 1000000 | 1000000 |
| &nbsp;&nbsp; 7.50%, 06/01/2029 <sup>(b)</sup> | 2000000 | 1935083 |
| &nbsp;&nbsp; 5.00%, 07/15/2030 <sup>(b)</sup> | 1000000 | 995687 |
| &nbsp;&nbsp; 0.00%, 12/15/2034 <sup>(b)(c)</sup> | 4629000 | 2598165 |
| &nbsp;&nbsp; 5.00%, 12/15/2036 <sup>(b)</sup> | 2998651 | 2943427 |
| &nbsp;&nbsp; 0.00%, 12/15/2037 <sup>(b)(c)</sup> | 3000000 | 1475499 |
|  |  | 12507861 |
| **TOTAL MUNICIPAL BONDS** (Cost $633,596,005) | **TOTAL MUNICIPAL BONDS** (Cost $633,596,005) | 623334509 |
| **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 5.1%** | **Par** | **Value** |
|  California Housing Finance Agency, Series 2021-2, Class X, 0.83%, 03/25/2035 <sup>(e)</sup> | 40357281 | 1656263 |
| Freddie Mac Multifamily ML Certificates | Freddie Mac Multifamily ML Certificates |  |
| &nbsp;&nbsp; Series 2019-ML05, Class XCA, 0.25%, 11/25/2033 <sup>(a)(e)</sup> | 44485684 | 660612 |
| &nbsp;&nbsp; Series 2019-ML06, Class XUS, 1.13%, 06/25/2037 <sup>(a)(b)(e)</sup> | 10345871 | 730005 |
| &nbsp;&nbsp; Series 2020-ML07, Class XUS, 2.00%, 10/25/2036 <sup>(a)(b)(e)</sup> | 14783283 | 1886790 |
| &nbsp;&nbsp; Series 2021-ML08, Class XUS, 1.85%, 07/25/2037 <sup>(e)</sup> | 33913283 | 4034663 |
| &nbsp;&nbsp; Series 2021-ML09, Class XUS, 1.55%, 02/25/2040 <sup>(a)(b)(e)</sup> | 37961205 | 4100569 |
| &nbsp;&nbsp; Series 2021-ML10, Class XUS, 2.13%, 01/25/2038 <sup>(a)(b)(e)</sup> | 18930141 | 2502186 |
| &nbsp;&nbsp; Series 2021-ML10, Class XUS, 1.58%, 06/25/2038 <sup>(a)(b)(e)</sup> | 49357981 | 5118423 |
| &nbsp;&nbsp; Series 2021-ML11, Class XUS, 0.77%, 03/25/2038 <sup>(b)(e)</sup> | 89534959 | 4237690 |
| &nbsp;&nbsp; Series 2021-ML12, Class XUS, 1.23%, 07/25/2041 <sup>(a)(b)(e)</sup> | 25455985 | 2254637 |
| &nbsp;&nbsp; Series 2022-ML13, Class XUS, 0.96%, 07/25/2036 <sup>(a)(e)</sup> | 80543733 | 4264791 |
| &nbsp;&nbsp; Series 2022-ML13, Class XUS, 1.00%, 09/25/2036 <sup>(e)</sup> | 52051350 | 3429663 |
| **TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES** (Cost $39,733,219) | **TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES** (Cost $39,733,219) | 34876292 |
| **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 1.7%** | **Par** | **Value** |
| California Housing Finance Agency | California Housing Finance Agency |  |
| &nbsp;&nbsp; Series 2021-1, Class X, 0.80%, 11/20/2035 <sup>(e)</sup> | 47582194 | 2055551 |
| &nbsp;&nbsp; Series 2021-3, Class X, 0.77%, 08/20/2036 <sup>(e)</sup> | 24840448 | 1137196 |
| New Hampshire Business Finance Authority | New Hampshire Business Finance Authority |  |
| &nbsp;&nbsp; Series 2022-2, Class X, 0.69%, 10/20/2036 <sup>(e)</sup> | 66065212 | 2832876 |
| &nbsp;&nbsp; Series 2023-2, Class X, 0.75%, 01/20/2038 <sup>(a)(e)</sup> | 58725070 | 3054291 |
|  Washington State Housing Finance Commission, Series 2021-1, Class X, 0.73%, 12/20/2035 <sup>(a)(e)</sup> | 64246542 | 2536453 |
| **TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES** (Cost $12,812,583) | **TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES** (Cost $12,812,583) | 11616367 |
| **CORPORATE BONDS - 0.4%** | **Par** | **Value** |
| **Real Estate Management & Development - 0.4%** | **Real Estate Management & Development - 0.4%** |  |
|  MMH Master LLC, 6.38%, 02/01/2034 <sup>(b)</sup> | 2797000 | 2888217 |
| **TOTAL CORPORATE BONDS** (Cost $2,802,361) | **TOTAL CORPORATE BONDS** (Cost $2,802,361) | 2888217 |
| **SHORT-TERM INVESTMENTS - 4.4%** |  | **Value**  |
| **Money Market Funds - 4.4%** | **<u>Shares</u>** |  |
| First American Government Obligations Fund - Class X, 4.22% <sup>(f)</sup> | 30490527 | 30490527 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $30,490,527) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $30,490,527) | 30490527 |
| **TOTAL INVESTMENTS - 102.0% (**Cost $719,434,740**)** | **TOTAL INVESTMENTS - 102.0% (**Cost $719,434,740**)** | 703205912 |
| Liabilities in Excess of Other Assets - (2.0)% | Liabilities in Excess of Other Assets - (2.0)% | (13906600) |
| **TOTAL NET ASSETS - 100.0%** |  | 689299312 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |  |

---

LLC - Limited Liability Company<br>

(a) Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate
 disclosed is as of May 31, 2025.

(b) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
 institutional investors. As of May 31, 2025, the value of these securities total $51,298,489 or 7.4% of the Fund's net assets.

(c) Zero coupon bonds make no periodic interest payments.

(d) Security subject to the Alternative Minimum Tax ("AMT"). As of May 31, 2025, the total value of securities subject to the AMT was $52,333,345 or 7.6% of net assets.

(e) Interest only security.

(f) The rate shown represents the 7-day annualized effective yield as of May 31, 2025.

------

---

| |
|:---|
| **Performance Trust Municipal Bond Fund** |
| **Notes to Schedule of Investments** |
| **May 31, 2025 (Unaudited)** |

---

*Investment Valuation*

Each equity security owned by a Fund that is listed on a securities exchange, except securities listed on the NASDAQ Stock Market, LLC ("NASDAQ"), is valued at its last sale price at the close of that exchange on the date as of which assets are valued. If the security is listed on more than one exchange, a Fund will use the price of the exchange that the Fund generally considers to be the principal exchange on which the security is traded. Portfolio securities listed on NASDAQ will be valued at the NASDAQ Official Closing Price, which may not necessarily represent the last sale price. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at the mean between the most recent quoted bid and asked prices on such day or the security shall be valued at the latest sales price on the "composite market" for the day such security is being valued. The composite market is defined as a consolidation of the trade information provided by national securities and foreign exchanges and over-the-counter markets as published by an approved independent pricing service (a "Pricing Service").

Debt securities, such as U.S. government securities, corporate securities, municipal securities, collateralized loan obligations and asset-backed and mortgage-backed securities, including short-term debt instruments having a maturity of 60 days or less, are valued at the mean in accordance with prices supplied by a Pricing Service. Pricing Services may use various valuation methodologies such as the mean between the bid and the asked prices, matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. If a price is not available from a Pricing Service, the most recent quotation obtained from one or more broker-dealers known to follow the issue will be obtained. Quotations will be valued at the mean between the bid and the offer. In the absence of available quotations, the securities will be priced at fair value. Pricing Services generally value debt securities assuming orderly transactions of an institutional round lot size, but such securities may be held or transactions may be conducted in such securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots.

Redeemable securities issued by open-end, registered investment companies, including money market funds, are valued at the net asset value ("NAV") of such companies for purchase and/or redemption orders placed on that day. If, on a particular day, a share of an investment company is not listed on NASDAQ, such security's fair value will be determined. All exchange-traded funds are valued at the last reported sale price on the exchange on which the security is principally traded. In the event market quotations are not readily available, such security will be valued at its fair value, discussed below.

If market quotations are not readily available, a security or other asset will be valued at its fair value in accordance with Rule 2a-5 of the 1940 Act as determined under the Adviser's fair value pricing procedures, subject to oversight by the Board of Trustees. These fair value pricing procedures will also be used to price a security when corporate events, events in the securities market and/or world events cause the Adviser to believe that a security's last sale price may not reflect its actual market value. The intended effect of using fair value pricing procedures is to ensure that the Funds are accurately priced. The Adviser will regularly evaluate whether the Funds' fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Funds and the quality of prices obtained through the application of such procedures.

FASB Accounting Standards Codification, Fair Value Measurements and Disclosures Topic 820 ("ASC 820"), establishes an authoritative definition of fair value and sets out a hierarchy for measuring fair value. ASC 820 requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. ASC 820 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value as well as expanded disclosure of valuation levels for each class of investments. These inputs are summarized in the three broad levels listed below:

Performance Trust Municipal Bond Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of May 31, 2025:

---

| |
|:---|
| **Performance Trust Municipal Bond Fund** |
| **Notes to Schedule of Investments (Continued)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | $– | $623334509 | $– | $623334509 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Agency Commercial Mortgage Backed Securities | – | 34876292 | – | 34876292 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage Backed Securities | – | 11616367 | – | 11616367 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | – | 2888217 | – | 2888217 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 30490527 | – | – | 30490527 |
| Total Investments | $30490527 | $672715385 | $– | $703205912 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Trust for Professional Managers

- **b. Investment Company Act file number:** 811-10401

- **c. CIK number of Registrant:** 0001141819

- **d. LEI of Registrant:** 549300O1N816L3GGRD45

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

  - **Street Address 1:** 615 East Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 513-520-5925

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

- **a. Name of Series:** Performance Trust Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000033197

- **c. LEI of Series:** 254900GLOAFEA5EN5O30

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $716627322.45

**Total Liabilities:** $26492673.70

**Net Assets:** $690134648.75

**Delayed Delivery Securities:** $26185547.85

**Cash Not Reported:** $760584.53

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 774.460000000000 | **1-Year:** 1912.560000000000 | **5-Year:** 127593.060000000000 | **10-Year:** 384365.560000000000 | **30-Year:** 90733.420000000000

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

- **3-Month:** 3897.050000000000 | **1-Year:** 5600.400000000000 | **5-Year:** 2214.580000000000 | **10-Year:** 11914.970000000000 | **30-Year:** 1857.500000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000102162 | -2.09%               | -0.28%               | -0.54%               |
| Class ID C000102163 | -2.15%               | -0.30%               | -0.56%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $143854.72               | $-17686281.09                              |
| Month 2  | $-3658551.68             | $-526480.23                                |
| Month 3  | $-1262193.91             | $-4787422.72                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CLARK-PLEASANT IN CMNTY SCH BL | Clark-Pleasant Community School Building Corp                           | CUSIP: 181503GP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2575000 | PA      | $2705630.27   | 0.39%             | 2042-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CLINT TX INDEP SCH DIST        | Clint Independent School District                                       | CUSIP: 187270A45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1169324.95   | 0.17%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TX INTERNATI | Dallas Fort Worth International Airport                                 | CUSIP: 23503CEF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3910000 | PA      | $4066590.81   | 0.59%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS TX AREA RAPID TRANSIT S | Dallas Area Rapid Transit                                               | CUSIP: 235241RW8<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1691878.47   | 0.25%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                       | CUSIP: 249182TE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6325000 | PA      | $7285013.56   | 1.06%             | 2036-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MTGE CORP MU | Freddie Mac Multifamily ML Certificates                                 | CUSIP: 3137H9JQ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | MUN               | US        |  52051350 | PA      | $3429663.48   | 0.50%             | 2036-09-25      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| KANSAS ST DEPT OF TRANSPRTN HI | State of Kansas Department of Transportation                            | CUSIP: 485424UD5<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   7325000 | PA      | $7718055.11   | 1.12%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKE RIDGE IN MULTI-SCH BLDG C | Lake Ridge Multi-School Building Corp                                   | CUSIP: 510651BN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1943468.95   | 0.28%             | 2040-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MANHATTAN BEACH CA UNIF SCH DI | Manhattan Beach Unified School District                                 | CUSIP: 562785HY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1295000 | PA      | $652531.59    | 0.09%             | 2041-09-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SPL OBLIG   | County of Miami-Dade FL                                                 | CUSIP: 59333NNK5<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $2544100.00   | 0.37%             | 2040-10-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST               | Commonwealth of Massachusetts                                           | CUSIP: 57582TBT8<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10498476.00  | 1.52%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN | New Hampshire Business Finance Authority                                | CUSIP: 63608TAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2998000 | PA      | $2955806.15   | 0.43%             | 2033-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                          | CUSIP: 646136WT4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $579915.39    | 0.08%             | 2038-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NOBLESVILLE IN HIGH SCH BLDG C | Noblesville High School Building Corp                                   | CUSIP: 655158HL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $723878.72    | 0.10%             | 2040-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NOBLESVILLE IN HIGH SCH BLDG C | Noblesville High School Building Corp                                   | CUSIP: 655158HM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1291066.54   | 0.19%             | 2043-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WASATCH CNTY SCH DIST LOCAL BL | Wasatch County School District Local Building Authority                 | CUSIP: 936785AU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7570000 | PA      | $7901695.45   | 1.14%             | 2047-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WILL CNTY IL SCH DIST #114 MAN | Will County School District No 114 Manhattan                            | CUSIP: 968838KA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3765000 | PA      | $4005942.68   | 0.58%             | 2045-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MOUNT SAN ANTONIO CA CMNTY CLG | Mount San Antonio Community College District                            | CUSIP: 623040FW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1537495.63   | 0.22%             | 2043-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SARASOTA CNTY FL UTILITY SYS R | County of Sarasota FL Utility System Revenue                            | CUSIP: 803321RL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2606091.75   | 0.38%             | 2047-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM | North Carolina Medical Care Commission                                  | CUSIP: 65820YSZ0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250031.43    | 0.04%             | 2028-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST TURNPIKE AUTH      | Oklahoma Turnpike Authority                                             | CUSIP: 679111F82<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1573213.80   | 0.23%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| POWAY CA UNIF SCH DIST         | Poway Unified School District                                           | CUSIP: 738850RF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4905000 | PA      | $2529125.42   | 0.37%             | 2040-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| FRETE 2020-ML07 TRUST          | Freddie Mac Multifamily ML Certificates                                 | CUSIP: 35833FAC9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | MUN               | US        |  14783283 | PA      | $1886790.45   | 0.27%             | 2036-10-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A | Greater Orlando Aviation Authority                                      | CUSIP: 392275EL3<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3102604.80   | 0.45%             | 2044-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH HOSP FACS REV | County of Hamilton OH                                                   | CUSIP: 407272W25<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   6095000 | PA      | $6220355.87   | 0.90%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOPE CA ELEM SCH DIST          | Hope Elementary School District                                         | CUSIP: 439413EF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $324731.85    | 0.05%             | 2036-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| HOPE CA ELEM SCH DIST          | Hope Elementary School District                                         | CUSIP: 439413EH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $319462.17    | 0.05%             | 2038-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| HORRY CNTY SC LTD OBLIG        | County of Horry SC                                                      | CUSIP: 440671AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4184396.40   | 0.61%             | 2047-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I | Indianapolis Local Public Improvement Bond Bank                         | CUSIP: 45528U7V7<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   8840000 | PA      | $9738343.78   | 1.41%             | 2048-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY MO REORG SCH DIST | Jackson County Reorganized School District No 7/MO                      | CUSIP: 467520YM8<br>LEI: 549300HKYX7HMV5CWZ34 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1695269.25   | 0.25%             | 2043-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE  | County of Jefferson AL Sewer Revenue                                    | CUSIP: 472682ZN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4120479.60   | 0.60%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ALABAMA FEDERAL AID HIGHWAY FI | Alabama Federal Aid Highway Finance Authority                           | CUSIP: 010268DS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1576188.43   | 0.23%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAMPBELL CA UNION SCH DIST     | Campbell Union School District                                          | CUSIP: 134141ZK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4700000 | PA      | $2599704.89   | 0.38%             | 2039-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PUGET SOUND WA REGL TRA | Central Puget Sound Regional Transit Authority                          | CUSIP: 155048DL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10512836.00  | 1.52%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLONY TX ECON DEV CORP SALES  | Colony Economic Development Corp                                        | CUSIP: 19625CAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1429412.85   | 0.21%             | 2042-10-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| COLUMBUS OH REGL ARPT AUTH REV | Columbus Regional Airport Authority                                     | CUSIP: 199546CX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2080608.00   | 0.30%             | 2041-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL  | Connecticut State Health & Educational Facilities Authority             | CUSIP: 20775DZM7<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    570000 | PA      | $583432.51    | 0.08%             | 2030-09-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| CROWLEY TX INDEP SCH DIST      | Crowley Independent School District                                     | CUSIP: 228130CH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1068277.32   | 0.15%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRETE 2019-ML06 TRUST          | Freddie Mac Multifamily ML Certificates                                 | CUSIP: 30312CAD5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | MUN               | US        |  10345871 | PA      | $730004.67    | 0.11%             | 2037-06-25      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| FRETE 2021-ML09 TRUST          | Freddie Mac Multifamily ML Certificates                                 | CUSIP: 30319NAA0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | MUN               | US        |  37961205 | PA      | $4100569.33   | 0.59%             | 2040-02-25      | Variable      | 1.55%                 | No            |                  2 | On Loan: No      |
| FISHERS TOWN HALL BLDG CORP IN | Fishers Town Hall Building Corp                                         | CUSIP: 338042EC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1170553.62   | 0.17%             | 2038-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FL AVIATION  | Hillsborough County Aviation Authority                                  | CUSIP: 432308W91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2078951.00   | 0.30%             | 2049-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAN BERNARDINO CA CMNTY CLG DI | San Bernardino Community College District                               | CUSIP: 796720GF1<br>LEI: 549300Y4FPTEP3EQZ007 | Long             | DBT              | MUN               | US        |    210000 | PA      | $118984.49    | 0.02%             | 2038-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TRI-CREEK IN 2002 HIGH SCH BLD | Tri-Creek 2002 High School Building Corp                                | CUSIP: 89556GJD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4320000 | PA      | $4679232.19   | 0.68%             | 2040-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI | Washington State Housing Finance Commission                             | CUSIP: 93978TS67<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |  64246542 | PA      | $2536453.47   | 0.37%             | 2035-12-20      | Variable      | 0.73%                 | No            |                  2 | On Loan: No      |
| ALDINE TX INDEP SCH DIST       | Aldine Independent School District                                      | CUSIP: 014393ZP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2775000 | PA      | $2901551.93   | 0.42%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                 | CUSIP: 12008ERQ1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    600000 | PA      | $577273.50    | 0.08%             | 2031-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HSG FIN AGY MUNI CT | California Housing Finance Agency                                       | CUSIP: 13033DAF2<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |  47582194 | PA      | $2055550.79   | 0.30%             | 2035-11-20      | Variable      | 0.80%                 | No            |                  2 | On Loan: No      |
| CIVICVENTURES AK               | CIVICVentures/AK                                                        | CUSIP: 178860BX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1752688.18   | 0.25%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                 | State of Connecticut                                                    | CUSIP: 20772KB32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1685517.92   | 0.24%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST TURNPIKE AUTH      | Oklahoma Turnpike Authority                                             | CUSIP: 679111F74<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1591682.55   | 0.23%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PITTSBURG CALIF UNI SCH DIST   | Pittsburg Unified School District Financing Authority                   | CUSIP: 724586AZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1940000 | PA      | $883237.19    | 0.13%             | 2042-09-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PORT BEAUMONT TX NAV DIST DOCK | Port of Beaumont Navigation District                                    | CUSIP: 73360CAS3<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1535050.95   | 0.22%             | 2026-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                | CUSIP: 74442PL78<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1475499.30   | 0.21%             | 2037-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TX INTERNATI | Dallas Fort Worth International Airport                                 | CUSIP: 23503CED5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5267795.00   | 0.76%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO SCH DIST | Denver City & County School District No 1                               | CUSIP: 249174ZE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13000000 | PA      | $14110610.80  | 2.04%             | 2044-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                       | CUSIP: 249182TK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5970000 | PA      | $6406052.98   | 0.93%             | 2041-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FORT MYERS FL UTILITY REVENUE  | City of Fort Myers FL Utility System Revenue                            | CUSIP: 348172VW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5317581.00   | 0.77%             | 2049-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LEMON GROVE CA SCH DIST        | Lemon Grove School District                                             | CUSIP: 525651DX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $519220.28    | 0.08%             | 2039-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SPL OBLIG   | County of Miami-Dade FL                                                 | CUSIP: 59333NNL3<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   2335000 | PA      | $1117891.29   | 0.16%             | 2041-10-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MILWAUKEE WI AREA TECH CLG DIS | Milwaukee Area Technical College District                               | CUSIP: 602369ME7<br>LEI: 54930048I544G4TM9P14 | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1560000.00   | 0.23%             | 2025-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE | New Jersey Economic Development Authority                               | CUSIP: 645918Z71<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300379.38    | 0.04%             | 2027-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                | CUSIP: 74442PXM2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1935082.60   | 0.28%             | 2029-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ROWLAND CA UNIF SCH DIST       | Rowland Unified School District                                         | CUSIP: 779631ER7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5145000 | PA      | $2580481.95   | 0.37%             | 2041-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY MO REORG SCH DIST | Jackson County School District No R-IV Blue Springs                     | CUSIP: 467486YQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2690000 | PA      | $2914661.00   | 0.42%             | 2044-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LAKESIDE CA UNION SCH DIST SAN | Lakeside Union School District/San Diego County                         | CUSIP: 512138DE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4375000 | PA      | $2389922.50   | 0.35%             | 2039-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MMH MASTER LLC                 | MMH Master LLC                                                          | CUSIP: 55318RAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2797000 | PA      | $2888217.27   | 0.42%             | 2034-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MILLBRAE CA SCH DIST           | Millbrae School District                                                | CUSIP: 60012PCB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1735000 | PA      | $977475.75    | 0.14%             | 2039-07-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH MUNI CTFS | New Hampshire Business Finance Authority                                | CUSIP: 63607WAF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  66065212 | PA      | $2832876.28   | 0.41%             | 2036-10-20      | Variable      | 0.69%                 | No            |                  2 | On Loan: No      |
| NOBLESVILLE IN HIGH SCH BLDG C | Noblesville High School Building Corp                                   | CUSIP: 655158HK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $452964.35    | 0.07%             | 2038-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FRETE 2021-ML08 TRUST          | Freddie Mac Multifamily ML Certificates                                 | CUSIP: 30318LAK3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | MUN               | US        |  33913283 | PA      | $4034663.27   | 0.58%             | 2037-07-25      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| FORT LAUDERDALE FL WTR & SWR R | City of Fort Lauderdale FL Water & Sewer Revenue                        | CUSIP: 347658ZX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10425000 | PA      | $11137946.99  | 1.61%             | 2048-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FRETE 2021-ML10 TRUST          | Freddie Mac Multifamily ML Certificates                                 | CUSIP: 35833JAG2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | MUN               | US        |  18930141 | PA      | $2502186.09   | 0.36%             | 2038-01-25      | Variable      | 2.13%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A | Greater Orlando Aviation Authority                                      | CUSIP: 392275FF5<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5177355.00   | 0.75%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX HOSP DIST CTFS  | Harris County Hospital District                                         | CUSIP: 41415UBW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2606724.50   | 0.38%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE   | Michigan Finance Authority                                              | CUSIP: 59447TH97<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   6100000 | PA      | $5638779.00   | 0.82%             | 2039-06-01      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY CITY TRANSITIONAL  | New York City Transitional Finance Authority                            | CUSIP: 64972JAV0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   3575000 | PA      | $3837244.84   | 0.56%             | 2044-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ENERGY S E AL A COOPERATIVE DI | Energy Southeast A Cooperative District                                 | CUSIP: 292723AK9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   7765000 | PA      | $8294639.00   | 1.20%             | 2053-11-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| FISHERS TOWN HALL BLDG CORP IN | Fishers Town Hall Building Corp                                         | CUSIP: 338042ED2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $772912.98    | 0.11%             | 2039-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY OH HOSP FACS REV | County of Franklin OH                                                   | CUSIP: 353187EL7<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   5480000 | PA      | $5635884.08   | 0.82%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRETE 2021-ML10 TRUST          | Freddie Mac Multifamily ML Certificates                                 | CUSIP: 35833JAE7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | MUN               | US        |  49357981 | PA      | $5118422.59   | 0.74%             | 2038-06-25      | Variable      | 1.58%                 | No            |                  2 | On Loan: No      |
| FRUITA CO HLTHCARE REVENUE     | City of Fruita CO Healthcare Revenue                                    | CUSIP: 359427AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $433127.95    | 0.06%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GDB DEBT RECOVERY AUTH OF CMWL | GDB Debt Recovery Authority of Puerto Rico                              | CUSIP: 36829QAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2169587 | PA      | $2084960.31   | 0.30%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| HOPE CA ELEM SCH DIST          | Hope Elementary School District                                         | CUSIP: 439413EK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $563152.87    | 0.08%             | 2040-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH  | Kentucky Economic Development Finance Authority                         | CUSIP: 49126PFD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $218028.01    | 0.03%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI | Pennsylvania Turnpike Commission                                        | CUSIP: 709225GG5<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1075023.75   | 0.16%             | 2042-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA WTR & WSTWTR R | City of Philadelphia PA Water & Wastewater Revenue                      | CUSIP: 717893Z79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2365000 | PA      | $2490181.11   | 0.36%             | 2047-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| POWAY CA UNIF SCH DIST         | Poway Unified School District                                           | CUSIP: 738850RH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12165000 | PA      | $4276810.12   | 0.62%             | 2046-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SALT RIVER AZ PROJ AGRIC IMPT& | Salt River Project Agricultural Improvement & Power District            | CUSIP: 79574CBB8<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7000000.00   | 1.01%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA CMNTY CLG DIST    | San Diego Community College District                                    | CUSIP: 797272KC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1860000 | PA      | $934362.82    | 0.14%             | 2041-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ADAMS & ARAPAHOE CNTYS CO JT S | Adams & Arapahoe Joint School District 28J Aurora                       | CUSIP: 0054824T8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3375000 | PA      | $3722034.04   | 0.54%             | 2043-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHELAN CNTY WA PUBLIC UTILITYD | Chelan County Public Utility District No 1                              | CUSIP: 163103VZ4<br>LEI: 5493004E8FN9GU2SU067 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001433.00   | 0.15%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                      | CUSIP: 64990CQE4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   4235000 | PA      | $4502427.55   | 0.65%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT CA UNIF SCH DIST     | Paramount Unified School District                                       | CUSIP: 699211HT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $387786.17    | 0.06%             | 2037-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI | Pennsylvania Turnpike Commission                                        | CUSIP: 709224NY1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700000.00   | 0.25%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                             | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    608471 | PA      | $365843.42    | 0.05%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL | Rhode Island Health and Educational Building Corp                       | CUSIP: 762196X40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4203677.20   | 0.61%             | 2047-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL INDL DEV AUTH HLTH | Lee County Industrial Development Authority/FL                          | CUSIP: 52349EET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2051253.17   | 0.30%             | 2029-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| OCEANSIDE CA UNIF SCH DIST     | Oceanside Unified School District/CA                                    | CUSIP: 675383JT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $246142.27    | 0.04%             | 2039-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PATRIOTS ENERGY GROUP FING AGY | Patriots Energy Group Financing Agency                                  | CUSIP: 70342PAR5<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   5180000 | PA      | $5488981.82   | 0.80%             | 2054-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| PORT BEAUMONT TX INDL DEV AUTH | Port of Beaumont Industrial Development Authority                       | CUSIP: 73358SAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2738186.40   | 0.40%             | 2028-01-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| S ISLAND SC PUBLIC SVC DIST WT | South Island Public Service District/SC                                 | CUSIP: 838466DN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3330000 | PA      | $3535054.07   | 0.51%             | 2042-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| S ESTRN PA TRANSPRTN AUTH      | Southeastern Pennsylvania Transportation Authority                      | CUSIP: 842039FM6<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |   2585000 | PA      | $2751000.95   | 0.40%             | 2041-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IPS MULTI-SCH BLDG CORP IN     | IPS Multi-School Building Corp                                          | CUSIP: 46263RRM9<br>LEI: 549300BHLK1DUJUYPM91 | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1614740.33   | 0.23%             | 2042-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY MO REORG SCH DIST | Jackson County Reorganized School District No 7/MO                      | CUSIP: 467520YL0<br>LEI: 549300HKYX7HMV5CWZ34 | Long             | DBT              | MUN               | US        |   3105000 | PA      | $3527959.06   | 0.51%             | 2042-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LAKESIDE CA UNION SCH DIST SAN | Lakeside Union School District/San Diego County                         | CUSIP: 512138DD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4035000 | PA      | $2331634.03   | 0.34%             | 2038-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| FRETE 2021-ML11 TRUST          | Freddie Mac Multifamily ML Certificates                                 | CUSIP: 302610AD2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | MUN               | US        |  89534959 | PA      | $4237689.60   | 0.61%             | 2038-03-25      | Fixed         | 0.77%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily        | Freddie Mac Multifamily ML Certificates                                 | CUSIP: 30309HAB3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  44485684 | PA      | $660612.41    | 0.10%             | 2033-11-25      | Variable      | 0.25%                 | No            |                  2 | On Loan: No      |
| FISHERS TOWN HALL BLDG CORP IN | Fishers Town Hall Building Corp                                         | CUSIP: 338042EE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1648123.20   | 0.24%             | 2040-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FISHERS TOWN HALL BLDG CORP IN | Fishers Town Hall Building Corp                                         | CUSIP: 338042EH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2173706.40   | 0.31%             | 2043-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN | Florida Development Finance Corp                                        | CUSIP: 34061UFD5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    195000 | PA      | $194353.15    | 0.03%             | 2025-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST BRD OF EDU PUBLIC E | State of Florida                                                        | CUSIP: 34153QEL6<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |   2865000 | PA      | $2865000.00   | 0.42%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORT WAYNE IN REDEV AUTH LEASE | Fort Wayne Redevelopment Authority                                      | CUSIP: 349288JS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2040000 | PA      | $2108253.91   | 0.31%             | 2041-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORT WORTH TX INDEP SCH DIST   | Fort Worth Independent School District                                  | CUSIP: 349461FC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1102573.92   | 0.16%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRETE 2021-ML12 TRUST          | Freddie Mac Multifamily ML Certificates                                 | CUSIP: 35833TAB1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | MUN               | US        |  25455985 | PA      | $2254636.57   | 0.33%             | 2041-07-25      | Variable      | 1.23%                 | No            |                  2 | On Loan: No      |
| GLENDALE AZ WTR & SWR REVENUE  | City of Glendale AZ Water & Sewer Revenue                               | CUSIP: 378352RC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1071665.13   | 0.16%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREATER CLARK IN BLDG CORP     | Greater Clark Building Corp                                             | CUSIP: 39167GJT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5660000 | PA      | $6210780.26   | 0.90%             | 2042-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A | Greater Orlando Aviation Authority                                      | CUSIP: 392275FE8<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   8390000 | PA      | $8733154.36   | 1.27%             | 2042-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HOPE CA ELEM SCH DIST          | Hope Elementary School District                                         | CUSIP: 439413EG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $332388.14    | 0.05%             | 2037-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN SALES  | Idaho Housing & Finance Association                                     | CUSIP: 45130ADM4<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   4125000 | PA      | $4340219.40   | 0.63%             | 2044-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INLAND EMPIRE CA TOBACCO SECUR | Inland Empire Tobacco Securitization Corp                               | CUSIP: 45734TAJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5850000 | PA      | $5627608.74   | 0.82%             | 2038-06-01      | Fixed         | 3.68%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C | Kentucky State Property & Building Commission                           | CUSIP: 49151FY87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2801760.52   | 0.41%             | 2042-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ADAMS & ARAPAHOE CNTYS CO JT S | Adams & Arapahoe Joint School District 28J Aurora                       | CUSIP: 0054824S0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3493879.52   | 0.51%             | 2042-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA SAN AUTH     | Allegheny County Sanitary Authority                                     | CUSIP: 017357N67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6835000 | PA      | $7285399.84   | 1.06%             | 2047-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX INDEP SCH DIST       | Austin Independent School District                                      | CUSIP: 052430PF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1915000 | PA      | $1921275.26   | 0.28%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AVON IN CMNTY SCH BLDG CORP    | Avon Community School Building Corp                                     | CUSIP: 054071PD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2220000 | PA      | $2414128.57   | 0.35%             | 2040-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CASS CNTY ND JT WTR RESOURCE D | Cass County Joint Water Resource District                               | CUSIP: 14805PBA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2994523.50   | 0.43%             | 2027-04-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| DEL VALLE TX INDEP SCH DIST    | Del Valle Independent School District TX                                | CUSIP: 245505UW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500994.20   | 0.22%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEANDER TX INDEP SCH DIST      | Leander Independent School District                                     | CUSIP: 521841S49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1162645.77   | 0.17%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST STADIUM AUTH REVEN | Maryland Stadium Authority                                              | CUSIP: 574296CR8<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   5775000 | PA      | $6018953.90   | 0.87%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP | Metropolitan Nashville Airport Authority/The                            | CUSIP: 592190QS4<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1779776.46   | 0.26%             | 2037-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SPL OBLIG   | County of Miami-Dade FL                                                 | CUSIP: 59333NNM1<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   2040000 | PA      | $917764.79    | 0.13%             | 2042-10-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT | California Educational Facilities Authority                             | CUSIP: 130179SD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4306129.60   | 0.62%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREATER CLARK IN BLDG CORP     | Greater Clark Building Corp                                             | CUSIP: 39167GJR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6095000 | PA      | $6873469.25   | 1.00%             | 2038-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GREATER CLARK IN BLDG CORP     | Greater Clark Building Corp                                             | CUSIP: 39167GLR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1270822.57   | 0.18%             | 2043-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JOLIET IL                      | City of Joliet IL                                                       | CUSIP: 479754NQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5080000 | PA      | $5351412.21   | 0.78%             | 2042-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LEBANON IN MIDDLE SCH BLDG COR | Lebanon Middle School Building Corp                                     | CUSIP: 522521LW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2055222.20   | 0.30%             | 2044-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL ARPT REVENUE       | County of Lee FL Airport Revenue                                        | CUSIP: 523470HU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2690000 | PA      | $2775191.49   | 0.40%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LEWISVILLE TX INDEP SCH DIST   | Lewisville Independent School District                                  | CUSIP: 52882PFL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1576018.28   | 0.23%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH T | Lower Colorado River Authority                                          | CUSIP: 54811BB83<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3131733.00   | 0.45%             | 2048-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH T | Lower Colorado River Authority                                          | CUSIP: 54811BZS3<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5212228.50   | 0.76%             | 2047-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA PUBLIC WKS | Los Angeles County Public Works Financing Authority                     | CUSIP: 54473EYK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7505281.00   | 1.09%             | 2049-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MANHATTAN BEACH CA UNIF SCH DI | Manhattan Beach Unified School District                                 | CUSIP: 562785HX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2085000 | PA      | $1112861.87   | 0.16%             | 2040-09-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ACTON-AGUA CA UNIF SCH DIST    | Acton-Agua Dulce Unified School District                                | CUSIP: 00507TBG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1083054.40   | 0.16%             | 2039-05-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET ATLANTA GA RAPID TRANSIT A | Metropolitan Atlanta Rapid Transit Authority                            | CUSIP: 591745V50<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001580.90   | 0.15%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SPL OBLIG   | County of Miami-Dade FL                                                 | CUSIP: 59333NZ97<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $1769312.70   | 0.26%             | 2045-10-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| OMAHA NE PUBLIC PWR DIST ELEC  | Omaha Public Power District                                             | CUSIP: 682001LP5<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   2545000 | PA      | $2689104.01   | 0.39%             | 2049-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI | Pennsylvania Turnpike Commission                                        | CUSIP: 709225GF7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1088450.67   | 0.16%             | 2041-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH EDU R | Industrial Development Authority of the City of Phoenix Arizona/The     | CUSIP: 71885FFC6<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1301314.04   | 0.19%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                | CUSIP: 74442PD51<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995687.50    | 0.14%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                | CUSIP: 74442PF42<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1409093.50   | 0.20%             | 2034-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                | CUSIP: 74442PL86<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2998651 | PA      | $2943427.10   | 0.43%             | 2036-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COACHELLA VLY CA UNIF SCH DIST | Coachella Valley Unified School District/CA                             | CUSIP: 189849GR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $443782.56    | 0.06%             | 2043-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| COLONY TX LOCAL DEV CORP SALES | Colony Local Development Corp                                           | CUSIP: 19625ABJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $699981.24    | 0.10%             | 2033-10-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                              | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  29727722 | NS      | $29727722.35  | 4.31%             |  |  |  | No            |                  1 | On Loan: No      |
| NEVADA DEPT OF BUSINESS & INDU | State of Nevada Department of Business & Industry                       | CUSIP: 641455AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2862763.20   | 0.41%             | 2065-01-01      | Variable      | 9.50%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM | North Carolina Medical Care Commission                                  | CUSIP: 65820YTR7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    600000 | PA      | $596562.90    | 0.09%             | 2029-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST TURNPIKE AUTH      | Oklahoma Turnpike Authority                                             | CUSIP: 679111F90<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1560549.90   | 0.23%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALABAMA FEDERAL AID HIGHWAY FI | Alabama Federal Aid Highway Finance Authority                           | CUSIP: 010268DT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1860000 | PA      | $1933399.88   | 0.28%             | 2045-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HSG FIN AGY MUNI CT | California Housing Finance Agency                                       | CUSIP: 13033DAH8<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |  40357281 | PA      | $1656262.83   | 0.24%             | 2035-03-25      | Variable      | 0.83%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HSG FIN AGY MUNI CT | California Housing Finance Agency                                       | CUSIP: 13033DAK1<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |  24840448 | PA      | $1137195.71   | 0.16%             | 2036-08-20      | Variable      | 0.77%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                                  | CUSIP: 13048VVC9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    965000 | PA      | $947806.79    | 0.14%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EL RANCHO CA UNIF SCH DIST     | El Rancho Unified School District                                       | CUSIP: 283839VF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $246290.83    | 0.04%             | 2035-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| National Finance Authority     | New Hampshire Business Finance Authority                                | CUSIP: 63607WAP9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  58725070 | PA      | $3054290.91   | 0.44%             | 2038-01-20      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN | New Hampshire Business Finance Authority                                | CUSIP: 63608TAR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2012416.60   | 0.29%             | 2030-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue | CUSIP: 64971X4D7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10095000 | PA      | $10706797.38  | 1.55%             | 2045-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA CMNTY CLG DIST    | San Diego Community College District                                    | CUSIP: 797272KA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8525000 | PA      | $4794591.29   | 0.69%             | 2039-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA BEACH VA DEV AUTH RSD | Virginia Beach Development Authority                                    | CUSIP: 92774NBF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2016532.80   | 0.29%             | 2029-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| IOWA CITY IA                   | City of Iowa City IA                                                    | CUSIP: 462308S57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1955000 | PA      | $1955000.00   | 0.28%             | 2025-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AVON IN CMNTY SCH BLDG CORP    | Avon Community School Building Corp                                     | CUSIP: 054071PE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2593520.88   | 0.38%             | 2041-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AVON IN CMNTY SCH BLDG CORP    | Avon Community School Building Corp                                     | CUSIP: 054071PF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4704430.72   | 0.68%             | 2043-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | Black Belt Energy Gas District                                          | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   6560000 | PA      | $6829723.58   | 0.99%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| CONYERS GA TAX ALLOCATION      | City of Conyers GA                                                      | CUSIP: 21288AAA4<br>LEI: 549300WNDBTR12BDTR82 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1015103.23   | 0.15%             | 2031-03-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MTGE CORP MU | Freddie Mac Multifamily ML Certificates                                 | CUSIP: 3137H9JP5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | MUN               | US        |  80543733 | PA      | $4264790.64   | 0.62%             | 2036-07-25      | Variable      | 0.96%                 | No            |                  2 | On Loan: No      |
| FOWLER CA UNIF SCH DIST        | Fowler Unified School District                                          | CUSIP: 351136HR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4945000 | PA      | $5230121.28   | 0.76%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FRANKLIN TWP IN MULTI-SCH BLDG | Franklin Township-Marion County Multiple School Building Corp           | CUSIP: 355137GE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1296878.38   | 0.19%             | 2043-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C | Kentucky State Property & Building Commission                           | CUSIP: 49151FY79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2035000 | PA      | $2206706.38   | 0.32%             | 2041-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LA PLATA CNTY CO SCH DIST #9-R | Durango School District No 9-R                                          | CUSIP: 503768NV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065677.20   | 0.15%             | 2044-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                             | CUSIP: 56035DGT3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6303990.00   | 0.91%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                          | CUSIP: 6461362S9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $2589291.50   | 0.38%             | 2039-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                          | CUSIP: 646136WU1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   7635000 | PA      | $3898071.39   | 0.56%             | 2039-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN  | New York City Municipal Water Finance Authority                         | CUSIP: 64972GL28<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   3790000 | PA      | $3984287.53   | 0.58%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY CITY TRANSITIONAL  | New York City Transitional Finance Authority                            | CUSIP: 64972JNJ3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5319131.50   | 0.77%             | 2043-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM | North Carolina Medical Care Commission                                  | CUSIP: 65820YTA4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    585000 | PA      | $584408.21    | 0.08%             | 2028-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM | North Carolina Medical Care Commission                                  | CUSIP: 65820YTS5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1085001.59   | 0.16%             | 2028-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE      | North Texas Tollway Authority                                           | CUSIP: 66285WCD6<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1055000 | PA      | $615482.25    | 0.09%             | 2038-01-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST WTR DEV AUTH WTR POLL  | Ohio Water Development Authority Water Pollution Control Loan Fund      | CUSIP: 67766WF23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1590000.00   | 0.23%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP DIS | City of Phoenix Civic Improvement Corp                                  | CUSIP: 71884WCT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1757036.57   | 0.25%             | 2042-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PITTSBURG CALIF UNI SCH DIST   | Pittsburg Unified School District Financing Authority                   | CUSIP: 724586AW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2865000 | PA      | $1382977.04   | 0.20%             | 2041-09-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PLACENTIA-YORBA LINDA CA UNIF  | Placentia-Yorba Linda Unified School District                           | CUSIP: 725894KE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5325000 | PA      | $2559139.09   | 0.37%             | 2041-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO HIGHWAY & TRANSPRT | Puerto Rico Highway & Transportation Authority                          | CUSIP: 745185BP2<br>LEI: 549300J6QBXVWJXB7Y41 | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1387482.90   | 0.20%             | 2027-03-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL | Rhode Island Health and Educational Building Corp                       | CUSIP: 762196X32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3335000 | PA      | $3530505.04   | 0.51%             | 2042-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ROCKLAND CNTY NY SOL WST MGMT  | Rockland County Solid Waste Management Authority                        | CUSIP: 77356FAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2585000 | PA      | $2897388.98   | 0.42%             | 2049-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA UNIF SCH DIST     | San Diego Unified School District/CA                                    | CUSIP: 797355N34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7870000 | PA      | $3938498.22   | 0.57%             | 2041-07-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH COOPERAT | Southeast Energy Authority A Cooperative District                       | CUSIP: 84136HCF8<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   7775000 | PA      | $8147722.62   | 1.18%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT AUTH IA TOB | Iowa Tobacco Settlement Authority                                       | CUSIP: 888805CH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1555000.00   | 0.23%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WATAUGA NC PUBLIC FACS CORP    | Watauga Public Facilities Corp                                          | CUSIP: 94109SBS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1336161.08   | 0.19%             | 2042-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| W HARRIS CNTY TX REGL WTR AUTH | West Harris County Regional Water Authority                             | CUSIP: 95308RYX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4799313.90   | 0.70%             | 2042-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BAY CNTY FL SCH BRD COPS       | Bay County School Board                                                 | CUSIP: 072231GK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1536024.15   | 0.22%             | 2041-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BAY CNTY FL SCH BRD COPS       | Bay County School Board                                                 | CUSIP: 072231GL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1370883.93   | 0.20%             | 2042-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | Black Belt Energy Gas District                                          | CUSIP: 09182TDB0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   3055000 | PA      | $3247796.77   | 0.47%             | 2054-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA | Chicago O'Hare International Airport                                    | CUSIP: 1675934Q2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7250000 | PA      | $7608281.23   | 1.10%             | 2044-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV WTR RECLAMATION  | Clark County Water Reclamation District                                 | CUSIP: 181070FV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4164540.00   | 0.60%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA INCOME TAX SE | District of Columbia Income Tax Revenue                                 | CUSIP: 25477GUV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8130000 | PA      | $8563305.42   | 1.24%             | 2047-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAN BERNARDINO CA CMNTY CLG DI | San Bernardino Community College District                               | CUSIP: 796720GG9<br>LEI: 549300Y4FPTEP3EQZ007 | Long             | DBT              | MUN               | US        |  12485000 | PA      | $5123167.31   | 0.74%             | 2044-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA TOBACCO SETTLEMEN | City of San Diego Tobacco Settlement Revenue Funding Corp               | CUSIP: 797330AP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $865436.15    | 0.13%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANTA BARBARA CA SECONDARY HIG | Santa Barbara Secondary High School District                            | CUSIP: 80131RAL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6365000 | PA      | $3200546.68   | 0.46%             | 2040-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TRIMBLE CNTY KY POLL CONTROL R | County of Trimble KY                                                    | CUSIP: 896224BA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3220732.20   | 0.47%             | 2044-09-01      | Variable      | 1.30%                 | No            |                  2 | On Loan: No      |
| VENICE FL                      | City of Venice FL                                                       | CUSIP: 922687AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $848124.56    | 0.12%             | 2030-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BALDWIN PARK CA UNIF SCH DIST  | Baldwin Park Unified School District                                    | CUSIP: 058219SJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $608239.50    | 0.09%             | 2037-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| BELMONT-REDWOOD SHORES CA SCH  | Belmont-Redwood Shores School District/CA                               | CUSIP: 080495DH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2171296.80   | 0.31%             | 2039-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| POTTSBORO TX HGR EDU FIN CORP  | Pottsboro Higher Education Finance Corp                                 | CUSIP: 738222BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $527641.55    | 0.08%             | 2040-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                | CUSIP: 74442PL45<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2129000 | PA      | $1189070.98   | 0.17%             | 2034-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI SPL REVENUE | Public Finance Authority                                                | CUSIP: 74447TAE2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.14%             | 2028-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC & GAS REVE | City of San Antonio TX Electric & Gas Systems Revenue                   | CUSIP: 79625GGQ0<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   3025000 | PA      | $3194783.87   | 0.46%             | 2042-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC & GAS REVE | City of San Antonio TX Electric & Gas Systems Revenue                   | CUSIP: 79625GLA9<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   7950000 | PA      | $8464148.76   | 1.23%             | 2049-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA UNIF SCH DIST     | San Diego Unified School District/CA                                    | CUSIP: 797355N26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7760000 | PA      | $4117863.40   | 0.60%             | 2040-07-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA UNIF SCH DIST     | San Diego Unified School District/CA                                    | CUSIP: 797355N59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4420000 | PA      | $1982667.91   | 0.29%             | 2043-07-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA UNIF SCH DIST     | San Diego Unified School District/CA                                    | CUSIP: 797355Q56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3530000 | PA      | $3461658.49   | 0.50%             | 2041-07-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH AL COMMO | Southeast Energy Authority A Cooperative District                       | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   4345000 | PA      | $4584977.83   | 0.66%             | 2053-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| TIPPECANOE CNTY IN SCH BLDG CO | Tippecanoe County School Building Corp                                  | CUSIP: 88786PHJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1599568.76   | 0.23%             | 2042-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL  | Triborough Bridge & Tunnel Authority                                    | CUSIP: 89602HCH8<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   4065000 | PA      | $4296009.89   | 0.62%             | 2052-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNITED TX INDEP SCH DIST       | United Independent School District/TX                                   | CUSIP: 910678B83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003815.00   | 0.15%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF NORTH CAROLINA AT CHAP | University of North Carolina at Chapel Hill                             | CUSIP: 914714CY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6015000 | PA      | $6296183.21   | 0.91%             | 2045-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF NORTH CAROLINA AT CHAP | University of North Carolina at Chapel Hill                             | CUSIP: 914714CZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6325000 | PA      | $6682201.85   | 0.97%             | 2049-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF TEXAS TX UNIV REVENUES | Board of Regents of the University of Texas System                      | CUSIP: 91514ALJ2<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |   3170000 | PA      | $3182542.11   | 0.46%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST                    | Commonwealth of Virginia                                                | CUSIP: 928109L96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2090000 | PA      | $2090000.00   | 0.30%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAWASEE IN HIGH SCH BLDG CORP  | Wawasee High School Building Corp                                       | CUSIP: 944052FT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6865000 | PA      | $7117789.90   | 1.03%             | 2042-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WILDFLOWER IMPROV ASSN         | Wildflower Improvement Association                                      | CUSIP: 96812GAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1102928 | PA      | $1075582.52   | 0.16%             | 2031-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** Trust for Professional Managers

**Signature:** /s/ Kelly Strauss

**Name of Signer:** Kelly Strauss

**Title:** Treasurer