# EDGAR Filing Document

**Accession Number:** 0001534881
**File Stem:** 0001752724-23-039756
**Filing Date:** 2023-2
**Character Count:** 464952
**Document Hash:** 812159ff8a0f8892108d035801be93fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-039756.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-039756

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Aspiriant Trust
- **CENTRAL INDEX KEY:** 0001534881
- **IRS NUMBER:** 205458457
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22648
- **FILM NUMBER:** 23666028

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

**ASPIRIANT DEFENSIVE ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **FOREIGN COLLECTIVE INVESTMENT FUNDS — 14.5%** |  |
|  | **ALTERNATIVE DIVERSIFIERS — 14.5%** |  |
| 3734280 | GMO Equity Dislocation Investment Fund - Class A<sup>1 2</sup> | $79876244 |
| 1272493 | Managed Fund/Bridgewater Fund Limited<sup>2 3</sup> | 110072975 |
|  | **TOTAL FOREIGN COLLECTIVE INVESTMENT FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $200,506,549) | **189949219** |
|  | **OPEN-END MUTUAL FUNDS — 48.3%** |  |
|  | **ALTERNATIVE DIVERSIFIERS — 11.0%** |  |
| 7361993 | BlackRock Event Driven Equity Fund - Institutional Shares | 71190475 |
| 7573485 | Eaton Vance Global Macro Absolute Return Advantage Fund - Class R6 | 72402514 |
|  |  | **143592989** |
|  | **CORE/ALTERNATIVE DIVERSIFIERS — 37.3%** |  |
| 14682683 | GMO Benchmark-Free Allocation Fund - Class IV<sup>2 4</sup> | 354880445 |
| 7806463 | JPMorgan Global Allocation Fund - Class R6 | 132475675 |
|  |  | **487356120** |
|  | **TOTAL OPEN-END MUTUAL FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $671,145,065) | **630949109** |
|  | **EXCHANGE-TRADED FUND — 5.1%** |  |
|  | **REAL ASSET — 5.1%** |  |
| 1913834 | iShares Gold Trust\* | 66199518 |
|  | **TOTAL EXCHANGE-TRADED FUND** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $62,330,186) | **66199518** |
|  | **PRIVATE FUNDS<sup>5</sup> — 13.9%** |  |
|  | **ALTERNATIVE DIVERSIFIERS — 9.1%** |  |
|  | Elliott Associates, LP\* <sup>6</sup> | 35065879 |
|  | Millennium International, Ltd. - Class GG\* <sup>7</sup> | 37479054 |
|  | Millennium International, Ltd. - Sub-Class GG-C\* <sup>8</sup> | 46769311 |
|  |  | **119314244** |
|  | **CORE DIVERSIFIERS — 4.8%** |  |
|  | All Weather Portfolio Limited\* <sup>9</sup> | 63007127 |
|  |  | **63007127** |
|  | **TOTAL PRIVATE FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $152,272,958) | **182321371** |
|  | **SHORT-TERM INVESTMENT — 17.2%** |  |
| 224613701 | JPMorgan Prime Money Market Fund - Institutional Shares, 4.42%<sup>10</sup> | 224726007 |
|  | **TOTAL SHORT-TERM INVESTMENT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $224,665,229) | **224726007** |

---

**ASPIRIANT DEFENSIVE ALLOCATION FUND** <br> **SCHEDULE OF INVESTMENTS - Continued** <br> **As of December 31, 2022 (Unaudited)**<br>

---

| | | |
|:---|:---|:---|
| Number of<br> Shares |  | Value |
|  | **TOTAL INVESTMENTS — 99.0%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,310,919,987) | **1294145224** |
|  | Other assets less liabilities — 1.0% | 12872561 |
|  | **TOTAL NET ASSETS — 100.0%** | $**1307017785** |

---

\* Non-income producing security.

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

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

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

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

<sup>5</sup> The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale.

<sup>6</sup> The investment was acquired on 1/2/2020. The cost is $31,679,600.

<sup>7</sup> The investment was acquired on 1/1/2020. The cost is $23,605,278.

<sup>8</sup> The investment was acquired on 10/1/2020. The cost is $38,137,780.

<sup>9</sup> The investment was acquired on 5/1/2018. The cost is $58,850,300.

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

LP — Limited Partnership

Ltd. — Limited

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares  |  | Value  |
|  | **COMMON STOCKS — 22.3%** |  |
|  | **AUSTRALIA — 0.1%** |  |
| 30102 | Woodside Energy Group Ltd. | $729016 |
|  | **BERMUDA — 0.4%** |  |
| 58984 | Arch Capital Group Ltd.\* | 3703015 |
| 2589 | Everest Re Group Ltd. | 857658 |
| 2873 | RenaissanceRe Holdings Ltd. | 529293 |
|  |  | **5089966** |
|  | **BRAZIL — 0.0%<sup>1</sup>** |  |
| 18244 | TIM S.A./Brazil - ADR<sup>2</sup> | 212543 |
|  | **CANADA — 0.3%** |  |
| 4984 | Agnico Eagle Mines Ltd. | 259118 |
| 664 | Brookfield Asset Management Ltd. - Class A\* | 18999 |
| 21862 | Dollarama, Inc. | 1278620 |
| 14988 | Franco-Nevada Corp. | 2045562 |
|  |  | **3602299** |
|  | **CAYMAN ISLANDS — 0.6%** |  |
| 115095 | Alibaba Group Holding Ltd.\* | 1262927 |
| 273500 | CK Hutchison Holdings Ltd. | 1638498 |
| 120923 | ENN Energy Holdings Ltd. | 1689059 |
| 309000 | Kingboard Holdings Ltd. | 979880 |
| 140500 | Li Ning Co., Ltd. | 1208160 |
| 54300 | Tencent Holdings Ltd. | 2302340 |
|  |  | **9080864** |
|  | **CHINA — 0.2%** |  |
| 336500 | Anhui Conch Cement Co., Ltd. - Class H | 1172524 |
| 447500 | China Shenhua Energy Co., Ltd. | 1289104 |
| 1327000 | Industrial & Commercial Bank of China Ltd. - Class H | 680605 |
|  |  | **3142233** |
|  | **CURACAO — 0.1%** |  |
| 36337 | Schlumberger Ltd. | 1942576 |
|  | **DENMARK — 0.2%** |  |
| 1744 | Genmab A/S\* | 737354 |
| 15654 | Novo Nordisk A/S - ADR | 2118612 |
|  |  | **2855966** |
|  | **FRANCE — 1.0%** |  |
| 7942 | Capgemini S.E. | 1327713 |
| 24714 | Edenred | 1345069 |
| 542 | L'Oreal S.A. | 194089 |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares  |  | Value  |
|  | **COMMON STOCKS (Continued)** |  |
|  | **FRANCE (Continued)** |  |
| 1911 | LVMH Moet Hennessy Louis Vuitton S.E. | $1390622 |
| 255 | Pernod Ricard S.A. | 50164 |
| 27622 | Publicis Groupe S.A. | 1764558 |
| 39579 | Safran S.A. | 4957428 |
| 12515 | Thales S.A. | 1599027 |
| 14845 | Vinci S.A. | 1479854 |
|  |  | **14108524** |
|  | **GERMANY — 0.5%** |  |
| 7790 | Knorr-Bremse A.G. | 423795 |
| 1191 | Muenchener Rueckversicherungs-Gesellschaft A.G. | 385254 |
| 7996 | Rheinmetall A.G. | 1591814 |
| 30105 | SAP S.E. | 3108062 |
| 10943 | Siemens A.G. | 1508507 |
|  |  | **7017432** |
|  | **GUERNSEY — 0.1%** |  |
| 22196 | Amdocs Ltd. | 2017616 |
|  | **HONG KONG — 0.1%** |  |
| 124000 | Beijing Enterprises Holdings Ltd. | 395907 |
| 140000 | China Merchants Port Holdings Co., Ltd. | 204398 |
| 21000 | Power Assets Holdings Ltd. | 114775 |
| 57000 | Sun Hung Kai Properties Ltd. | 778584 |
| 137800 | Swire Properties Ltd. | 349033 |
|  |  | **1842697** |
|  | **INDIA — 0.2%** |  |
| 12425 | Dr Reddy's Laboratories Ltd. - ADR | 642994 |
| 87492 | Infosys Ltd. - ADR | 1575731 |
|  |  | **2218725** |
|  | **IRELAND — 0.7%** |  |
| 19060 | Accenture PLC - Class A | 5085971 |
| 4694 | Aon PLC - Class A | 1408857 |
| 20967 | Johnson Controls International PLC | 1341888 |
| 26168 | Medtronic PLC | 2033777 |
|  |  | **9870493** |
|  | **ISRAEL — 0.1%** |  |
| 2131 | Elbit Systems Ltd.<sup>2</sup> | 349569 |
| 8039 | Nice Ltd. - ADR\* | 1545900 |
|  |  | **1895469** |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares  |  | Value  |
|  | **COMMON STOCKS (Continued)** |  |
|  | **JAPAN — 0.7%** |  |
| 13300 | Asahi Kasei Corp. | $94677 |
| 1400 | Bandai Namco Holdings, Inc. | 87751 |
| 8371 | FUJIFILM Holdings Corp. | 418562 |
| 6200 | Honda Motor Co., Ltd. | 141416 |
| 10000 | Itochu Corp. | 313728 |
| 2800 | Itochu Techno-Solutions Corp. | 64948 |
| 12800 | Japan Tobacco, Inc. | 258051 |
| 43087 | KDDI Corp. | 1306695 |
| 25600 | MEIJI Holdings Co., Ltd. | 1312210 |
| 221500 | Mitsubishi UFJ Financial Group, Inc. | 1487022 |
| 118800 | Nippon Steel Corp. | 2061315 |
| 13900 | Nippon Telegraph & Telephone Corp. | 396407 |
| 52019 | Nippon Telegraph & Telephone Corp. - ADR | 1469537 |
| 5800 | Nissin Foods Holdings Co., Ltd. | 459328 |
| 34 | Shin-Etsu Chemical Co., Ltd. | 4152 |
| 30 | Toyota Motor Corp. | 409 |
| 14500 | Trend Micro, Inc. | 678127 |
|  |  | **10554335** |
|  | **JERSEY — 0.1%** |  |
| 259940 | Glencore PLC | 1733448 |
|  | **NETHERLANDS — 0.6%** |  |
| 21493 | AerCap Holdings N.V.\* | 1253472 |
| 14708 | Airbus S.E. | 1748818 |
| 107437 | CNH Industrial N.V. | 1723504 |
| 34843 | Koninklijke Ahold Delhaize N.V. | 1001781 |
| 8495 | NXP Semiconductors N.V. | 1342465 |
| 99314 | Stellantis N.V.<sup>2</sup> | 1410259 |
|  |  | **8480299** |
|  | **NEW ZEALAND — 0.0%<sup>1</sup>** |  |
| 101544 | Spark New Zealand Ltd. | 347664 |
|  | **PHILIPPINES — 0.0%<sup>1</sup>** |  |
| 3208 | PLDT, Inc. - ADR | 73142 |
|  | **SINGAPORE — 0.1%** |  |
| 12622 | DBS Group Holdings Ltd. | 319483 |
| 6072 | DBS Group Holdings Ltd. - ADR | 615519 |
| 37000 | United Overseas Bank Ltd. | 847516 |
|  |  | **1782518** |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number <br> of Shares  |  | Value  |
|  | **COMMON STOCKS (Continued)** |  |
|  | **SOUTH KOREA — 0.0%<sup>1</sup>** |  |
| 8778 | POSCO - ADR | $478138 |
| 1 | Woori Financial Group, Inc. - ADR | 27 |
|  |  | **478165** |
|  | **SPAIN — 0.0%<sup>1</sup>** |  |
| 12172 | Amadeus IT Group S.A.\* | 631456 |
|  | **SWITZERLAND — 0.6%** |  |
| 88 | Alcon, Inc. | 6032 |
| 6065 | Garmin Ltd. | 559739 |
| 12022 | Nestle S.A. | 1388654 |
| 7504 | Nestle S.A. - ADR | 865511 |
| 20069 | Novartis A.G. | 1816193 |
| 4401 | Novartis A.G. - ADR | 399259 |
| 6369 | Roche Holding A.G. | 2001379 |
| 90470 | UBS Group A.G. | 1681496 |
| 227 | Zurich Insurance Group A.G. | 108524 |
| 2010 | Zurich Insurance Group A.G. - ADR | 96169 |
|  |  | **8922956** |
|  | **TAIWAN — 0.5%** |  |
| 40799 | Chunghwa Telecom Co., Ltd. - ADR | 1492835 |
| 71297 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 5310914 |
| 66650 | United Microelectronics Corp. - ADR<sup>2</sup> | 435224 |
|  |  | **7238973** |
|  | **UNITED KINGDOM — 1.0%** |  |
| 44157 | Anglo American PLC | 1729183 |
| 15565 | AstraZeneca PLC | 2106246 |
| 1 | AstraZeneca PLC - ADR | 68 |
| 37705 | British American Tobacco PLC | 1491540 |
| 123283 | Compass Group PLC | 2846855 |
| 18390 | London Stock Exchange Group PLC | 1580091 |
| 240195 | Standard Chartered PLC | 1791499 |
| 47838 | Unilever PLC | 2415238 |
|  |  | **13960720** |
|  | **UNITED STATES — 14.1%** |  |
| 14394 | Abbott Laboratories | 1580317 |
| 5851 | Adobe, Inc.\* | 1969037 |
| 7272 | Adtalem Global Education, Inc.\* <sup>2</sup> | 258156 |
| 12168 | Aflac, Inc. | 875366 |
| 796 | Allstate Corp. | 107938 |
| 41180 | Alphabet, Inc. - Class A\* | 3633311 |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares  |  | Value  |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED STATES (Continued)** |  |
| 28495 | Alphabet, Inc. - Class C\* | $2528361 |
| 38726 | Amazon.com, Inc.\* | 3252984 |
| 7842 | American Electric Power Co., Inc. | 744598 |
| 19958 | American Express Co. | 2948795 |
| 11848 | Analog Devices, Inc. | 1943427 |
| 66549 | Apple, Inc. | 8646712 |
| 24851 | Ares Management Corp. - Class A | 1700802 |
| 6897 | Arthur J. Gallagher & Co. | 1300360 |
| 417 | Atmos Energy Corp.<sup>2</sup> | 46733 |
| 711 | Becton, Dickinson and Co. | 180807 |
| 1736 | Bio-Rad Laboratories, Inc. - Class A\* | 729971 |
| 60258 | Brixmor Property Group, Inc. - REIT | 1366049 |
| 21240 | Builders FirstSource, Inc.\* | 1378051 |
| 7138 | CDW Corp. | 1274704 |
| 27183 | Charles Schwab Corp. | 2263257 |
| 2871 | Chemed Corp. | 1465445 |
| 5174 | Church & Dwight Co., Inc. | 417076 |
| 16098 | Ciena Corp.\* | 820676 |
| 3610 | Cigna Corp. | 1196137 |
| 28313 | Cisco Systems, Inc. | 1348831 |
| 5859 | CNX Resources Corp.\* | 98666 |
| 51725 | Coca-Cola Co. | 3290227 |
| 3107 | Consolidated Edison, Inc. | 296128 |
| 6135 | Constellation Brands, Inc. - Class A | 1421786 |
| 3127 | Constellation Energy Corp. | 269579 |
| 2941 | Corteva, Inc. | 172872 |
| 3112 | Costco Wholesale Corp. | 1420628 |
| 54811 | Coterra Energy Inc.<sup>2</sup> | 1346706 |
| 18802 | Dolby Laboratories, Inc. - Class A | 1326293 |
| 883 | DT Midstream, Inc.<sup>2</sup> | 48795 |
| 1766 | DTE Energy Co. | 207558 |
| 1650 | Duke Energy Corp. | 169934 |
| 10755 | Electronic Arts, Inc. | 1314046 |
| 14390 | Elevance Health, Inc. | 7381638 |
| 20351 | Eli Lilly & Co. | 7445210 |
| 142 | Embecta Corp.<sup>2</sup> | 3591 |
| 120 | EOG Resources, Inc. | 15542 |
| 9381 | Exelon Corp. | 405541 |
| 6989 | ExlService Holdings, Inc.\* | 1184146 |
| 4786 | Expeditors International of Washington, Inc. | 497361 |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares  |  | Value  |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED STATES (Continued)** |  |
| 2407 | First Financial Corp. | $110915 |
| 14641 | Flowers Foods, Inc. | 420782 |
| 18898 | Gaming and Leisure Properties, Inc. - REIT | 984397 |
| 6449 | Gartner, Inc.\* | 2167767 |
| 21510 | GoDaddy, Inc.\* | 1609378 |
| 1177 | Grand Canyon Education, Inc.\* | 124362 |
| 29375 | H&R Block, Inc. | 1072481 |
| 1395 | Hanover Insurance Group, Inc. | 188506 |
| 2212 | Home Depot, Inc. | 698682 |
| 17694 | Hormel Foods Corp. | 805962 |
| 5694 | Humana, Inc. | 2916410 |
| 1373 | Incyte Corp.\* | 110279 |
| 3946 | Intuit, Inc. | 1535862 |
| 5370 | Intuitive Surgical, Inc.\* | 1424930 |
| 12683 | JM Smucker Co. | 2009748 |
| 33833 | Johnson & Johnson | 5976599 |
| 4544 | KLA Corp. | 1713224 |
| 24918 | Knight-Swift Transportation Holdings, Inc. | 1305952 |
| 6549 | Lam Research Corp. | 2752545 |
| 9882 | Lancaster Colony Corp. | 1949719 |
| 11968 | Life Storage, Inc. - REIT | 1178848 |
| 7838 | Lowe's Cos., Inc. | 1561643 |
| 5857 | LPL Financial Holdings, Inc. | 1266108 |
| 6448 | Mastercard, Inc. - Class A | 2242163 |
| 842 | McCormick & Co., Inc. | 69793 |
| 7071 | McDonald's Corp. | 1863421 |
| 4853 | McKesson Corp. | 1820457 |
| 50602 | Merck & Co., Inc. | 5614292 |
| 18326 | Meta Platforms, Inc. - Class A\* | 2205351 |
| 18077 | MetLife, Inc. | 1308232 |
| 52419 | Microsoft Corp. | 12571125 |
| 375 | Monster Beverage Corp.\* | 38074 |
| 18174 | Morgan Stanley | 1545153 |
| 2858 | Motorola Solutions, Inc. | 736535 |
| 19515 | NetApp, Inc. | 1172071 |
| 506 | NIKE, Inc. - Class B | 59207 |
| 38 | NVR, Inc.\* | 175278 |
| 19067 | Omnicom Group, Inc. | 1555295 |
| 37963 | Oracle Corp. | 3103096 |
| 27060 | Otis Worldwide Corp. | 2119069 |
| 1570 | PDC Energy, Inc.<sup>2</sup> | 99664 |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares  |  | Value  |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED STATES (Continued)** |  |
| 6841 | PepsiCo, Inc. | $1235895 |
| 28279 | Pfizer, Inc. | 1449016 |
| 16978 | Philip Morris International, Inc. | 1718343 |
| 6463 | Procter & Gamble Co. | 979532 |
| 13143 | Quest Diagnostics, Inc. | 2056091 |
| 16078 | Raymond James Financial, Inc. | 1717934 |
| 10706 | Republic Services, Inc. | 1380967 |
| 2143 | ResMed, Inc. | 446023 |
| 11709 | Ross Stores, Inc. | 1359064 |
| 3545 | Royal Gold, Inc.<sup>2</sup> | 399592 |
| 12018 | Salesforce.com, Inc.\* | 1593467 |
| 5344 | Stryker Corp. | 1306555 |
| 6162 | Synopsys, Inc.\* | 1967465 |
| 20182 | Texas Instruments, Inc. | 3334470 |
| 59943 | TJX Cos., Inc. | 4771463 |
| 10168 | T-Mobile US, Inc.\* | 1423520 |
| 11510 | Tootsie Roll Industries, Inc.<sup>2</sup> | 489981 |
| 27067 | Trustmark Corp.<sup>2</sup> | 944909 |
| 77193 | U.S. Bancorp | 3366387 |
| 5400 | U-Haul Holding Co.<sup>2</sup> | 299706 |
| 3068 | Ulta Beauty, Inc.\* | 1439107 |
| 4755 | United Therapeutics Corp.\* | 1322318 |
| 14559 | UnitedHealth Group, Inc. | 7718891 |
| 4781 | Vertex Pharmaceuticals, Inc.\* | 1380657 |
| 40318 | VICI Properties, Inc. - REIT<sup>2</sup> | 1306303 |
| 27513 | Visa, Inc. - Class A<sup>2</sup> | 5716101 |
| 16200 | Walmart, Inc. | 2296998 |
| 2132 | WEC Energy Group, Inc. | 199896 |
| 59852 | Wells Fargo & Co. | 2471289 |
| 34736 | Werner Enterprises, Inc. | 1398471 |
| 28636 | WillScot Mobile Mini Holdings Corp.\* <sup>2</sup> | 1293488 |
| 45897 | ZoomInfo Technologies, Inc.\* | 1381959 |
|  |  | **204643381** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $262,652,936) | **324473476** |
|  | **EXCHANGE-TRADED FUNDS — 17.0%** |  |
| 1571202 | iShares Edge MSCI Min Vol Global ETF<sup>2</sup> | 149295614 |
| 3913890 | Schwab Fundamental Emerging Markets Large Co. Index ETF<sup>2</sup> | 96986194 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $231,766,674) | **246281808** |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares  |  | Value  |
|  | **FOREIGN COLLECTIVE INVESTMENT FUND — 6.0%** |  |
| 4050832 | GMO Equity Dislocation Investment Fund - Class A<sup>3 4</sup> | $86647291 |
|  | **TOTAL FOREIGN COLLECTIVE INVESTMENT FUND** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $84,563,280) | **86647291** |
|  | **OPEN-END MUTUAL FUNDS — 30.7%** |  |
| 2996275 | AQR Large Cap Defensive Style Fund - Class R6 | 74787018 |
| 3419913 | Baillie Gifford Emerging Markets Equities Fund - Class K | 58275330 |
| 13582431 | GMO Quality Fund - Class VI<sup>5</sup> | 313210859 |
|  | **TOTAL OPEN-END MUTUAL FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $430,293,705) | **446273207** |
|  | **PREFERRED STOCK — 0.1%** |  |
|  | **BRAZIL — 0.1%** |  |
| 441100 | Banco Bradesco S.A. | 1265716 |
|  | **TOTAL PREFERRED STOCK** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,695,309) | **1265716** |
|  | **PRIVATE FUNDS<sup>6</sup> — 13.9%** |  |
|  | Bridgewater All Weather China, Ltd.<sup>7</sup> | 59121594 |
|  | RIEF Strategic Partners Fund LLC<sup>8</sup> | 142421832 |
|  | **TOTAL PRIVATE FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $186,362,244) | **201543426** |
|  | **SHORT-TERM INVESTMENTS — 10.0%** |  |
|  | **COLLATERAL POOL INVESTMENTS FOR SECURITIES ON LOAN — 0.1%** |  |
|  | Collateral Investments | 1589592 |
|  | **MONEY MARKET FUND — 9.9%** |  |
| 143557596 | JPMorgan Prime Money Market Fund - Institutional Shares, 4.42%<sup>9</sup> | 143629375 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $145,174,257) | **145218967** |
|  | **TOTAL INVESTMENTS — 100.0%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,342,508,405) | **1451703891** |
|  | Other assets less liabilities — 0.0%<sup>1</sup> | 285121 |
|  | **TOTAL NET ASSETS — 100.0%** | $**1451989012** |

---

**ASPIRIANT RISK-MANAGED EQUITY ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2022 (Unaudited)**

\* Non-income producing security.

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

<sup>2</sup> Certain shares or principal amounts are temporarily on loan to unaffiliated brokers-dealers. At period end, the aggregate market value of these securities was $12,969,558.

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

<sup>4</sup> Affiliated investments for which ownership exceeds 5% of the investment's capital.

<sup>5</sup> Global equity fund.

<sup>6</sup> The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale.

<sup>7</sup> The investment was acquired on 3/1/2021. The cost is $64,000,000.

<sup>8</sup> The investment was acquired on 7/2/2018. The cost is $122,362,244.

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

ADR – American Depository Receipt

ETF – Exchange-Traded Fund

LLC – Limited Liability Company

PLC – Public Limited Company

REIT – Real Estate Investment Trust

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS — 81.3%** |  |
|  | **ALABAMA — 1.5%** |  |
|  | Black Belt Energy Gas District |  |
| $2000000 | &nbsp;&nbsp;&nbsp;4.00%, 06/1/2051, Call 09/1/2031<sup>1</sup> | $1950500 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2052, Call 09/1/2026<sup>1</sup> | 988423 |
| 1950000 | &nbsp;&nbsp;&nbsp;5.25%, 02/1/2053, Call 03/1/2029<sup>1</sup> | 2033787 |
| 500000 | &nbsp;&nbsp;&nbsp;4.31% (SIFMA Municipal Swap Index Yield+ 65 basis points), 04/1/2053, Call 07/1/2027<sup>2</sup> | 475433 |
| 500000 | County of Jefferson Sewer Revenue, AGM, 5.25%, 10/1/2048, Call 10/1/2023 | 513895 |
| 1080000 | Hoover Industrial Development Board, 5.75%, 10/1/2049, Call 10/1/2029<sup>3</sup> | 1115785 |
| 2520000 | Jacksonville Public Educational Building Authority, 5.00%, 07/1/2044, Call 07/1/2027 | 2578187 |
| 1710000 | Southeast Alabama Gas Supply District, 3.61% (1-Month USD Libor+ 85 basis points), 06/1/2049, Call 03/1/2024<sup>2</sup> | 1682615 |
| 1900000 | UAB Medicine Finance Authority, 5.00%, 09/1/2033, Call 09/1/2029 | 2084112 |
|  |  | **13422737** |
|  | **ARIZONA — 1.2%** |  |
| 500000 | Arizona Health Facilities Authority, 5.00%, 02/1/2043, Call 02/1/2023 | 500201 |
|  | Arizona Industrial Development Authority |  |
| 985000 | &nbsp;&nbsp;&nbsp;4.00%, 03/1/2027<sup>4</sup> | 946231 |
| 600000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2041, Call 07/1/2026 | 522126 |
| 530000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2047, Call 07/1/2027<sup>4</sup> | 485257 |
| 350000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2061, Call 07/1/2026 | 269353 |
| 213315 | Cahava Springs Revitalization District, 7.00%, 07/1/2041, Call 07/1/2027<sup>4 5</sup> | 164253 |
| 1250000 | City of Peoria, 3.00%, 07/15/2033, Call 07/15/2031 | 1241500 |
| 696000 | Eastmark Community Facilities District #1, 5.20%, 07/1/2039, Call 07/1/2025<sup>4</sup> | 654986 |
| 645000 | Industrial Development Authority of the City of Phoenix, 5.00%, 10/1/2036, Call 10/1/2026 | 670031 |
| 500000 | Industrial Development Authority of the County of Pima, 6.75%, 03/1/2034, Call 03/1/2024 | 501922 |
| 340000 | Industrial Development Authority of the County of Yavapai, 5.13%, 03/1/2042, Call 02/6/2023<sup>4</sup> | 313267 |
| 1000000 | La Paz County Industrial Development Authority, 5.75%, 06/15/2038, Call 06/15/2027<sup>4</sup> | 948980 |
| 120000 | Maricopa County Industrial Development Authority, 5.00%, 07/1/2039, Call 07/1/2029<sup>4</sup> | 113923 |
| 500000 | Maricopa County Pollution Control Corp., 2.40%, 06/1/2035, Call 12/1/2031 | 380716 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **ARIZONA (Continued)** |  |
| $1995000 | Salt Verde Financial Corp., 5.00%, 12/1/2032 | $2086304 |
| 785000 | Westpark Community Facility District, 5.00%, 07/15/2032, Call 07/15/2026 | 805927 |
|  |  | **10604977** |
|  | **ARKANSAS — 0.3%** |  |
|  | Arkansas Development Finance Authority |  |
| 1800000 | &nbsp;&nbsp;&nbsp;4.50%, 09/1/2049, Call 09/1/2026<sup>3 4</sup> | 1574661 |
| 500000 | &nbsp;&nbsp;&nbsp;5.45%, 09/1/2052, Call 09/1/2025<sup>3 4</sup> | 485651 |
| 500000 | State of Arkansas, 3.00%, 10/1/2024, Call 01/20/2023 | 499950 |
|  |  | **2560262** |
|  | **CALIFORNIA — 7.3%** |  |
| 640000 | Anaheim Public Financing Authority, 5.00%, 05/1/2046, Call 05/1/2024 | 659147 |
| 1000000 | Bay Area Toll Authority, 4.91% (SIFMA Municipal Swap Index Yield+ 125 basis points), 04/1/2036, Call 10/1/2026<sup>2</sup> | 1008617 |
| 1325000 | Calexico Unified School District, BAM, 3.00%, 08/1/2052, Call 08/1/2031 | 969826 |
|  | California Community Choice Financing Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 05/1/2053, Call 05/1/2028<sup>1</sup> | 497659 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.83% (SOFR Rate+ 195 basis points), 12/1/2053, Call 05/1/2029<sup>2</sup> | 1005559 |
| 95000 | California County Tobacco Securitization Agency, 4.00%, 06/1/2049, Call 06/1/2030 | 81277 |
|  | California Health Facilities Financing Authority |  |
| 155000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2036, Call 08/15/2027 | 160970 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 05/15/2046, Call 05/15/2032 | 963188 |
| 3000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2048, Call 11/15/2027 | 3065723 |
|  | California Municipal Finance Authority |  |
| 905000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2035, Call 02/6/2023 | 859884 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 02/1/2037, Call 02/1/2027 | 1034895 |
| 50000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2039, Call 10/1/2027<sup>4</sup> | 47598 |
| 850000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2046, Call 06/1/2026 | 854459 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 12/31/2047, Call 06/30/2028<sup>3</sup> | 870563 |
| 1000000 | California Pollution Control Financing Authority, 5.00%, 07/1/2037, Call 07/1/2023<sup>3 4</sup> | 999945 |
|  | California School Finance Authority |  |
| 50000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2036, Call 08/1/2025<sup>4</sup> | 52930 |
| 650000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2036, Call 08/1/2025<sup>4</sup> | 658243 |
| 1250000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2040, Call 06/1/2027<sup>4</sup> | 1210408 |
| 100000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2041, Call 08/1/2025<sup>4</sup> | 105860 |
| 900000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2041, Call 08/1/2025<sup>4</sup> | 903809 |
| 350000 | &nbsp;&nbsp;&nbsp;6.75%, 11/1/2045, Call 11/1/2024<sup>4</sup> | 355945 |
| 1000000 | California State Public Works Board, 5.00%, 10/1/2039, Call 10/1/2024 | 1030992 |
|  | California Statewide Communities Development Authority |  |
| 850000 | &nbsp;&nbsp;&nbsp;5.25%, 10/1/2043, Call 10/1/2024 | 887126 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **CALIFORNIA (Continued)** |  |
| $1500000 | &nbsp;&nbsp;&nbsp;5.25%, 12/1/2044, Call 12/1/2024 | $1500803 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 12/1/2054, Call 12/1/2024 | 1004714 |
| 640000 | City of Fresno Airport Revenue, BAM, 4.75%, 07/1/2027, Call 07/1/2023<sup>3</sup> | 643865 |
| 200000 | City of Irvine, 5.00%, 09/2/2042, Call 09/2/2025 | 202565 |
|  | City of Lathrop |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 09/2/2040, Call 09/2/2025 | 507231 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.60%, 09/1/2049, Call 09/1/2026 | 934871 |
|  | City of Los Angeles Department of Airports |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2034, Call 05/15/2028<sup>3</sup> | 1580250 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 05/15/2035, Call 11/15/2031<sup>3</sup> | 1120548 |
| 1895000 | Coachella Valley Water District, 5.00%, 08/1/2051, Call 08/1/2031 | 2038843 |
| 700000 | County of San Bernardino, 4.00%, 09/1/2042, Call 09/1/2024 | 634955 |
| 1250000 | Foothill-Eastern Transportation Corridor Agency, 4.00%, 01/15/2043, Call 01/15/2031 | 1177831 |
|  | Foothill-Eastern Transportation Corridor Agency, AGM |  |
| 2000000 | &nbsp;&nbsp;&nbsp;0.00%, 01/15/2035 | 1254859 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 01/15/2042, Call 01/15/2024 | 1021356 |
| 500000 | Golden State Tobacco Securitization Corp., 5.00%, 06/1/2051, Call 12/1/2031 | 513726 |
| 1000000 | Independent Cities Finance Authority, 5.00%, 09/15/2036, Call 09/15/2025 | 978585 |
| 1000000 | Jurupa Public Financing Authority, 5.00%, 09/1/2042, Call 09/1/2024 | 1025410 |
| 1250000 | Lodi Unified School District, 3.00%, 08/1/2046, Call 08/1/2030 | 959595 |
| 1000000 | Los Angeles Department of Water & Power Water System Revenue, 5.00%, 07/1/2042, Call 01/1/2031 | 1098599 |
| 300000 | M-S-R Energy Authority, 7.00%, 11/1/2034 | 371029 |
| 5000000 | Palomar Health, AGC, 0.00%, 08/1/2032 | 3483201 |
| 850000 | Peralta Community College District, AGM, 4.00%, 08/1/2039, Call 08/1/2025 | 850240 |
| 1000000 | Perris Union High School District, 3.00%, 09/1/2037, Call 09/1/2029 | 880217 |
| 1510000 | Pico Rivera Water Authority, NATL-RE, 5.50%, 05/1/2029 | 1610271 |
| 1000000 | Poway Unified School District Public Financing Authority, BAM, 5.00%, 10/1/2041, Call 10/1/2023 | 1013963 |
| 695000 | Riverside County Redevelopment Successor Agency, AGM, 5.00%, 10/1/2030, Call 10/1/2024 | 719608 |
| 750000 | Sacramento Area Flood Control Agency, 5.00%, 10/1/2041, Call 10/1/2026 | 789857 |
| 2500000 | Sacramento City Financing Authority, AMBAC, 5.25%, 12/1/2026 | 2740195 |
| 950000 | Sacramento City Unified School District, BAM, 5.50%, 08/1/2047, Call 08/1/2030 | 1065093 |
| 1660000 | San Bernardino County Financing Authority, NATL, 5.50%, 06/1/2037 | 1687650 |
| 1000000 | San Francisco City & County Airport Commission-San Francisco International Airport, 5.00%, 05/1/2039, Call 05/1/2029<sup>3</sup> | 1036325 |
| 2100000 | San Joaquin Hills Transportation Corridor Agency, 5.00%, 01/15/2044, Call 01/15/2025 | 2200188 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **CALIFORNIA (Continued)** |  |
| $475000 | San Joaquin Hills Transportation Corridor Agency, NATL-RE, 0.00%, 01/15/2034 | $298522 |
| 965000 | San Marcos Public Facilities Authority, AGM, 5.00%, 09/1/2033, Call 09/1/2024 | 995037 |
|  | Santa Ana Financing Authority, NATL-RE |  |
| 215000 | &nbsp;&nbsp;&nbsp;6.25%, 07/1/2024 | 222071 |
| 215000 | &nbsp;&nbsp;&nbsp;6.25%, 07/1/2024 | 222202 |
| 500000 | Santa Monica-Malibu Unified School District, 3.00%, 08/1/2044, Call 08/1/2029 | 395981 |
| 1000000 | South Tahoe Joint Powers Financing Authority, AGM, 4.00%, 10/1/2034, Call 10/1/2024 | 1013308 |
|  | Southern California Public Power Authority |  |
| 565000 | &nbsp;&nbsp;&nbsp;5.00%, 11/1/2029 | 603205 |
| 1390000 | &nbsp;&nbsp;&nbsp;5.00%, 11/1/2033 | 1493161 |
|  | State of California |  |
| 1155000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2028 | 1308213 |
| 855000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2042, Call 04/1/2032 | 951130 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2042, Call 09/1/2032 | 558349 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2052, Call 09/1/2032 | 1094999 |
| 100000 | Temecula Public Financing Authority, 5.75%, 09/1/2032, Call 09/1/2027<sup>4</sup> | 106732 |
|  |  | **64193976** |
|  | **COLORADO — 4.8%** |  |
| 500000 | Broadway Station Metropolitan District No. 3, 5.00%, 12/1/2039, Call 06/1/2024 | 427371 |
|  | Cathedral Pines Metropolitan District |  |
| 580000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2031, Call 12/1/2026 | 602357 |
| 2005000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2046, Call 12/1/2026 | 2029747 |
|  | Central Platte Valley Metropolitan District |  |
| 625000 | &nbsp;&nbsp;&nbsp;5.63%, 12/1/2038, Call 12/1/2023 | 639396 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2043, Call 12/1/2023 | 507838 |
|  | City & County of Denver Airport System Revenue |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 11/15/2038, Call 11/15/2032<sup>3</sup> | 1102434 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.25%, 12/1/2043, Call 12/1/2028<sup>3</sup> | 2072994 |
| 1000000 | City & County of Denver Co. Airport System Revenue, 5.75%, 11/15/2041, Call 11/15/2032<sup>3</sup> | 1100164 |
| 2000000 | City of Colorado Springs Co. Utilities System Revenue, 5.00%, 11/15/2044, Call 11/15/2024 | 2054557 |
|  | Colorado Educational & Cultural Facilities Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/15/2028, Call 12/15/2025<sup>4</sup> | 516207 |
| 550000 | &nbsp;&nbsp;&nbsp;4.75%, 04/1/2030, Call 02/6/2023 | 550404 |
| 1000000 | &nbsp;&nbsp;&nbsp;6.00%, 12/15/2037, Call 12/15/2024 | 1055765 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **COLORADO (Continued)** |  |
| $460000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2039, Call 10/1/2027<sup>4</sup> | $435967 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2041, Call 07/1/2031<sup>4</sup> | 402637 |
|  | Colorado Educational & Cultural Facilities Authority, MORAL OBLG |  |
| 100000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2034, Call 08/15/2024 | 102689 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 03/15/2035, Call 03/15/2030 | 1068350 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2039, Call 10/1/2024 | 480118 |
|  | Colorado Health Facilities Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 01/15/2035, Call 01/15/2026 | 514242 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2036, Call 06/1/2027 | 545552 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2039, Call 08/1/2029 | 910721 |
| 500000 | &nbsp;&nbsp;&nbsp;8.00%, 08/1/2043, Call 02/1/2024 | 506438 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2045, Call 05/15/2025 | 2010083 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2049, Call 08/1/2029 | 1679990 |
| 500000 | &nbsp;&nbsp;&nbsp;5.25%, 11/1/2052, Call 11/1/2032 | 514101 |
| 500000 | Copper Ridge Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2024 | 450109 |
| 500000 | Denver Convention Center Hotel Authority, 5.00%, 12/1/2034, Call 12/1/2026 | 506558 |
| 1470000 | Denver Health & Hospital Authority, 5.00%, 12/1/2039, Call 12/1/2023 | 1473346 |
| 1000000 | E-470 Public Highway Authority, NATL, 0.00%, 09/1/2037, Call 09/1/2026 | 494412 |
| 480000 | E-470 Public Highway Authority, NATL-RE, 0.00%, 09/1/2030 | 370006 |
| 2000000 | Grand River Hospital District, AGM, 5.25%, 12/1/2030, Call 12/1/2028 | 2188764 |
| 1010000 | Harvest JCT Metropolitan District, 5.38%, 12/1/2037, Call 02/6/2023 | 1010182 |
| 750000 | Heritage Todd Creek Metropolitan District, 6.13%, 12/1/2044, Call 12/1/2024 | 750815 |
| 1790000 | Lincoln Park Metropolitan District, AGM, 5.00%, 12/1/2042, Call 12/1/2027 | 1910733 |
| 770000 | North Range Metropolitan District No. 1, 5.00%, 12/1/2038, Call 12/1/2025 | 798002 |
| 1000000 | Painted Prairie Public Improvement Authority, 5.00%, 12/1/2039, Call 12/1/2024 | 939340 |
| 425000 | Rampart Range Metropolitan District No. 1, AGM, 5.00%, 12/1/2042, Call 12/1/2027 | 452285 |
| 4000000 | Regional Transportation District, 5.00%, 11/1/2041, Call 11/1/2026 | 4198966 |
| 1500000 | State of Colorado, 6.00%, 12/15/2040, Call 12/15/2032 | 1770430 |
| 125000 | Sterling Hills West Metropolitan District, 5.00%, 12/1/2039, Call 12/1/2027 | 131164 |
| 1000000 | Verve Metropolitan District No. 1, 5.00%, 12/1/2041, Call 03/1/2026 | 933829 |
| 575000 | Water Valley Metropolitan District No. 02, 5.25%, 12/1/2040, Call 12/1/2026 | 556124 |
| 1000000 | Westminster Public Schools, AGM, 5.00%, 12/1/2048, Call 12/1/2028 | 1061182 |
|  |  | **41826369** |
|  | **CONNECTICUT — 0.9%** |  |
| 1685000 | City of Bridgeport, 5.00%, 06/1/2029 | 1876026 |
| 500000 | Connecticut State Development Authority, 7.95%, 04/1/2026, Call 02/6/2023<sup>3</sup> | 499925 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **CONNECTICUT (Continued)** |  |
|  | Connecticut State Health & Educational Facilities Authority |  |
| $375000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2033, Call 06/1/2030 | $417381 |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2042, Call 07/1/2032 | 1328118 |
| 1000000 | Harbor Point Infrastructure Improvement District, 5.00%, 04/1/2039, Call 04/1/2027<sup>4</sup> | 971015 |
| 1500000 | State of Connecticut Special Tax Revenue, 4.00%, 11/1/2039, Call 11/1/2031 | 1475342 |
| 1250000 | State of Connecticut Special Tax Revenue, AGM, 4.00%, 05/1/2038, Call 05/1/2031 | 1238705 |
|  |  | **7806512** |
|  | **DELAWARE — 0.4%** |  |
|  | Delaware River & Bay Authority |  |
| 300000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2035, Call 01/1/2032 | 344740 |
| 375000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2036, Call 01/1/2032 | 425867 |
| 1000000 | Delaware State Economic Development Authority, 6.75%, 09/1/2035, Call 03/1/2025<sup>4</sup> | 1031993 |
| 1500000 | Delaware Transportation Authority, 5.00%, 06/1/2055, Call 06/1/2025 | 1521918 |
|  |  | **3324518** |
|  | **DISTRICT OF COLUMBIA — 1.5%** |  |
|  | District of Columbia |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 04/1/2033, Call 04/1/2026 | 1042220 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2041, Call 06/1/2026 | 1571524 |
| 1465000 | &nbsp;&nbsp;&nbsp;5.00%, 10/15/2044, Call 04/15/2029 | 1567615 |
|  | Metropolitan Washington Airports Authority |  |
| 1520000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2036, Call 10/1/2026<sup>3</sup> | 1467749 |
| 1820000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2042, Call 10/1/2027<sup>3</sup> | 1858276 |
| 655000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2044, Call 10/1/2024<sup>3</sup> | 657904 |
| 500000 | Metropolitan Washington Airports Authority Aviation Revenue, 5.00%, 10/1/2046, Call 10/1/2031<sup>3</sup> | 512787 |
|  | Metropolitan Washington Airports Authority Dulles Toll Road Revenue |  |
| 750000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2035, Call 10/1/2029 | 730168 |
| 615000 | &nbsp;&nbsp;&nbsp;6.50%, 10/1/2041, Call 10/1/2026 | 697032 |
| 2130000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2049, Call 10/1/2029 | 1843940 |
|  | Washington Convention & Sports Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2035, Call 10/1/2030 | 508436 |
| 875000 | &nbsp;&nbsp;&nbsp;4.00%, 10/1/2036, Call 10/1/2030 | 873623 |
|  |  | **13331274** |
|  | **FLORIDA — 5.8%** |  |
| 1335000 | Alachua County Health Facilities Authority, 5.00%, 12/1/2044, Call 12/1/2024 | 1342477 |
| 790000 | Boggy Creek Improvement District, 5.13%, 05/1/2043, Call 05/1/2023 | 790364 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **FLORIDA (Continued)** |  |
| $100000 | Bonterra Community Development District, 4.13%, 05/1/2047, Call 05/1/2028 | $92613 |
| 500000 | Broward County FL Water & Sewer Utility Revenue, 4.00%, 10/1/2047, Call 10/1/2031 | 473315 |
|  | Capital Trust Agency, Inc. |  |
| 400000 | &nbsp;&nbsp;&nbsp;4.38%, 06/15/2027<sup>4</sup> | 388889 |
| 580000 | &nbsp;&nbsp;&nbsp;5.35%, 07/1/2029, Call 02/6/2023 | 580650 |
| 95000 | Century Gardens at Tamiami Community Development District, 4.25%, 05/1/2037, Call 05/1/2026 | 89802 |
| 500000 | City of Atlantic Beach, 5.63%, 11/15/2043, Call 11/15/2023 | 502282 |
| 2435000 | City of Lakeland, 5.00%, 11/15/2045, Call 11/15/2024 | 2440890 |
| 500000 | City of Lakeland Department of Electric Utilities, 5.00%, 10/1/2048 | 581442 |
| 450000 | City of Orlando Tourist Development Tax Revenue, AGM, 5.00%, 11/1/2033, Call 11/1/2027 | 486732 |
| 1000000 | City of Tampa , 5.00%, 11/15/2046, Call 05/15/2026 | 1013219 |
| 500000 | County of Bay, 5.00%, 09/1/2043, Call 09/1/2023 | 501903 |
| 1000000 | County of Broward Airport System Revenue, 5.00%, 10/1/2036, Call 10/1/2025<sup>3</sup> | 1022424 |
| 2350000 | County of Hillsborough, 5.00%, 10/1/2038, Call 10/1/2025 | 2448878 |
| 500000 | County of Miami-Dade Aviation Revenue, 5.00%, 10/1/2049, Call 10/1/2029<sup>3</sup> | 502898 |
| 500000 | County of Miami-Dade Transit System, 5.00%, 07/1/2045, Call 07/1/2032 | 535115 |
| 175000 | County of Palm Beach, 5.00%, 04/1/2039, Call 04/1/2029<sup>4</sup> | 163173 |
| 1325000 | County of Palm Beach FL Airport System Revenue, 5.00%, 10/1/2023<sup>3</sup> | 1339405 |
| 500000 | County of St. Lucie, 3.55%, 09/1/2028, Call 01/4/2023<sup>1</sup> | 500000 |
|  | Florida Development Finance Corp. |  |
| 750000 | &nbsp;&nbsp;&nbsp;6.25%, 07/1/2034, Call 07/1/2024 | 755921 |
| 500000 | &nbsp;&nbsp;&nbsp;8.50%, 06/15/2044, Call 06/15/2023 | 511297 |
| 825000 | &nbsp;&nbsp;&nbsp;6.13%, 06/15/2046, Call 06/15/2025<sup>4</sup> | 825612 |
| 1710000 | &nbsp;&nbsp;&nbsp;6.50%, 01/1/2049, Call 02/6/2023<sup>1 3 4</sup> | 1528362 |
| 3000000 | &nbsp;&nbsp;&nbsp;7.38%, 01/1/2049, Call 01/1/2024<sup>3 4</sup> | 2625028 |
| 2000000 | &nbsp;&nbsp;&nbsp;7.25%, 07/1/2057, Call 02/6/2023<sup>1 3 4</sup> | 1994458 |
| 500000 | Florida Higher Educational Facilities Financial Authority, 4.50%, 06/1/2033, Call 06/1/2028<sup>4</sup> | 452257 |
| 1000000 | FSU Financial Assistance, Inc., 5.00%, 10/1/2030, Call 02/6/2023 | 1001529 |
| 500000 | Grand Bay at Doral Community Development District, 5.00%, 05/1/2039, Call 05/1/2024 | 490985 |
|  | Greater Orlando Aviation Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2036, Call 05/15/2023<sup>3</sup> | 1000411 |
| 1665000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2046, Call 10/1/2026<sup>3</sup> | 1685266 |
| 1000000 | Hernando County School District, AGM, 5.00%, 07/1/2031, Call 07/1/2026 | 1065040 |
| 2000000 | Hillsborough County Aviation Authority, 5.00%, 10/1/2043, Call 10/1/2028<sup>3</sup> | 2046109 |
| 2000000 | Jacksonville Port Authority, 5.00%, 11/1/2044, Call 11/1/2028 | 2119170 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **FLORIDA (Continued)** |  |
|  | Lake Ashton Community Development District |  |
| $65000 | &nbsp;&nbsp;&nbsp;5.00%, 05/1/2025 | $65315 |
| 390000 | &nbsp;&nbsp;&nbsp;5.00%, 05/1/2037, Call 05/1/2025 | 379931 |
| 1675000 | Lakeside Community Development District, 5.50%, 05/1/2035, Call 05/1/2025 | 1684078 |
|  | Lee County Industrial Development Authority |  |
| 100000 | &nbsp;&nbsp;&nbsp;5.75%, 06/15/2042, Call 02/6/2023<sup>4</sup> | 99996 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2044, Call 11/15/2026 | 1981504 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2049, Call 11/15/2026 | 975400 |
| 870000 | Majorca Isles Community Development District, 5.38%, 05/1/2035, Call 05/1/2026 | 873451 |
| 385000 | Mediterra South Community Development District, 5.00%, 05/1/2034, Call 05/1/2023 | 379437 |
| 1000000 | Miami Beach Health Facilities Authority, 5.00%, 11/15/2039, Call 11/15/2024 | 1006016 |
|  | Miami-Dade County Industrial Development Authority |  |
| 630000 | &nbsp;&nbsp;&nbsp;5.00%, 09/15/2034, Call 09/15/2024 | 642032 |
| 320000 | &nbsp;&nbsp;&nbsp;5.25%, 09/15/2044, Call 09/15/2024 | 324394 |
| 105000 | &nbsp;&nbsp;&nbsp;5.00%, 09/15/2044, Call 09/15/2027<sup>4</sup> | 105440 |
| 1000000 | North Sumter County Utility Dependent District, AGM, 5.00%, 10/1/2052, Call 10/1/2031 | 1047208 |
| 680000 | Putnam County Development Authority, 5.00%, 03/15/2042, Call 05/1/2028 | 727055 |
| 1500000 | Reedy Creek Improvement District, 5.00%, 06/1/2035, Call 06/1/2026 | 1576449 |
| 100000 | Stonebrier Community Development District, 4.00%, 05/1/2037, Call 05/1/2026 | 101423 |
| 2000000 | Town of Davie, 5.00%, 04/1/2048, Call 04/1/2028 | 2013379 |
| 135000 | Turtle Run Community Development District, 5.00%, 05/1/2037, Call 05/1/2028<sup>4</sup> | 133916 |
| 485000 | Verandah West Community Development District, 5.00%, 05/1/2033, Call 05/1/2023 | 484888 |
|  | Wildwood Utility Dependent District, BAM |  |
| 750000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2036, Call 10/1/2031 | 842821 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2046, Call 10/1/2031 | 1057981 |
| 875000 | Windward at Lakewood Ranch Community Development District, 4.00%, 05/1/2042, Call 05/1/2032 | 719941 |
|  |  | **51119971** |
|  | **GEORGIA — 1.9%** |  |
| 1100000 | Board of Water Light & Sinking Fund Commissioners of The City of Dalton, 4.00%, 03/1/2039, Call 03/1/2030 | 1062286 |
| 1000000 | Brookhaven Development Authority, 4.00%, 07/1/2044, Call 07/1/2029 | 961264 |
|  | Burke County Development Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;2.25%, 10/1/2032<sup>1</sup> | 497223 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **GEORGIA (Continued)** |  |
| $500000 | &nbsp;&nbsp;&nbsp;2.20%, 10/1/2032, Call 11/19/2026 | $412272 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.13%, 11/1/2045, Call 02/1/2028 | 856148 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.00%, 11/1/2045<sup>1</sup> | 999669 |
|  | Fulton County Development Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2037, Call 04/1/2027 | 517299 |
| 1000000 | &nbsp;&nbsp;&nbsp;6.50%, 04/1/2043, Call 04/1/2023 | 1007772 |
| 500000 | George L Smith II Congress Center Authority, 5.00%, 01/1/2054, Call 01/1/2031<sup>4</sup> | 399156 |
| 1100000 | Georgia Municipal Association, Inc., 4.00%, 12/1/2024 | 1125853 |
| 750000 | Georgia Ports Authority, 5.00%, 07/1/2047, Call 07/1/2032 | 823401 |
| 1000000 | Georgia State Road & Tollway Authority, 5.00%, 06/1/2032, Call 06/1/2030 | 1151677 |
| 395000 | Macon-Bibb County Urban Development Authority, 5.00%, 06/15/2027<sup>4</sup> | 394055 |
|  | Main Street Natural Gas, Inc. |  |
| 1100000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2026 | 1093853 |
| 1470000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2034, Call 05/15/2029 | 1518048 |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2052, Call 05/1/2027<sup>1 4</sup> | 1410880 |
| 200000 | Municipal Electric Authority of Georgia, 5.00%, 01/1/2056, Call 01/1/2030 | 198584 |
|  | Private Colleges & Universities Authority |  |
| 1325000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2044, Call 04/1/2024 | 1359004 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 10/1/2051, Call 10/1/2032 | 1053917 |
|  |  | **16842361** |
|  | **GUAM — 0.2%** |  |
|  | Guam Government Waterworks Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2033, Call 07/1/2023 | 505587 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2035, Call 07/1/2024 | 1007518 |
| 250000 | Territory of Guam, 4.00%, 01/1/2042, Call 01/1/2031 | 218710 |
|  |  | **1731815** |
|  | **HAWAII — 0.1%** |  |
| 1000000 | State of Hawaii Airports System Revenue, 5.00%, 07/1/2048, Call 07/1/2028<sup>3</sup> | 1012809 |
|  | **IDAHO — 0.2%** |  |
| 300000 | Idaho Health Facilities Authority, 4.38%, 07/1/2034, Call 07/1/20244 | 302394 |
|  | Idaho Housing & Finance Association |  |
| 370000 | &nbsp;&nbsp;&nbsp;6.00%, 07/1/2039, Call 07/1/2028<sup>4</sup> | 388300 |
| 415000 | &nbsp;&nbsp;&nbsp;6.00%, 07/1/2049, Call 07/1/2028<sup>4</sup> | 430081 |
| 565000 | &nbsp;&nbsp;&nbsp;6.00%, 07/1/2054, Call 07/1/2028<sup>4</sup> | 584172 |
|  |  | **1704947** |
|  | **ILLINOIS — 11.2%** |  |
|  | Chicago Board of Education |  |
| 100000 | &nbsp;&nbsp;&nbsp;5.75%, 04/1/2034, Call 04/1/2027 | 104982 |
| 1000000 | &nbsp;&nbsp;&nbsp;6.10%, 04/1/2036, Call 04/1/2027 | 1058992 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **ILLINOIS (Continued)** |  |
| $180000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2037, Call 04/1/2027 | $181667 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2038, Call 04/1/2028 | 504341 |
| 500000 | &nbsp;&nbsp;&nbsp;5.25%, 12/1/2039, Call 12/1/2024 | 498859 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2040, Call 12/1/2030 | 979522 |
| 575000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2042, Call 02/6/2023 | 551864 |
| 1950000 | &nbsp;&nbsp;&nbsp;7.00%, 12/1/2044, Call 12/1/2025 | 2065794 |
| 1100000 | &nbsp;&nbsp;&nbsp;6.00%, 04/1/2046, Call 04/1/2027 | 1141500 |
|  | Chicago O'Hare International Airport |  |
| 1000000 | &nbsp;&nbsp;&nbsp;3.88%, 01/1/2032, Call 02/6/2023 | 1000295 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2033, Call 07/1/2028<sup>3</sup> | 514152 |
| 2500000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2046, Call 01/1/2025 | 2522612 |
| 1000000 | Chicago O'Hare International Airport, AGM, 5.50%, 01/1/2053, Call 01/1/2031<sup>3</sup> | 1049778 |
| 680000 | Chicago Park District, 5.00%, 11/15/2024 | 697806 |
| 2500000 | Chicago Transit Authority, 5.00%, 12/1/2046, Call 12/1/2026 | 2537995 |
| 1500000 | Chicago Transit Authority Sales Tax Receipts Fund, 5.00%, 12/1/2055, Call 12/1/2029 | 1510885 |
| 1885000 | Chicago Transit Authority Sales Tax Receipts Fund, BAM, 5.00%, 12/1/2046, Call 12/1/2031 | 1925725 |
|  | City of Chicago |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2027 | 1035582 |
| 800000 | &nbsp;&nbsp;&nbsp;4.84%, 04/15/2028, Call 01/16/2023<sup>4</sup> | 800435 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 01/1/2033, Call 01/1/2025 | 1020371 |
| 1835000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2034, Call 01/1/2031 | 1934967 |
| 1250000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2036, Call 01/1/2031 | 1159625 |
| 880000 | &nbsp;&nbsp;&nbsp;6.00%, 01/1/2038, Call 01/1/2027 | 928722 |
| 500000 | &nbsp;&nbsp;&nbsp;5.50%, 01/1/2040, Call 01/1/2025 | 506433 |
|  | City of Chicago Wastewater Transmission Revenue |  |
| 1960000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2028, Call 02/6/2023 | 1961402 |
| 665000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2034, Call 01/1/2025 | 675179 |
| 3000000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2039, Call 01/1/2024 | 3006993 |
|  | City of Chicago Waterworks Revenue |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/1/2031, Call 11/1/2024 | 1019103 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/1/2044, Call 11/1/2024 | 1004648 |
| 1000000 | City of Chicago Waterworks Revenue, AGM, 5.00%, 11/1/2028, Call 11/1/2024 | 1036207 |
| 1270000 | County of Cook, 5.00%, 11/15/2032, Call 11/15/2030 | 1416335 |
|  | County of Cook Sales Tax Revenue |  |
| 1200000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2033, Call 11/15/2027 | 1283477 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2038, Call 11/15/2030 | 1073203 |
|  | Illinois Educational Facilities Authority |  |
| 2000000 | &nbsp;&nbsp;&nbsp;4.50%, 11/1/2036, Call 11/1/2024 | 2022218 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **ILLINOIS (Continued)** |  |
| $570000 | &nbsp;&nbsp;&nbsp;3.90%, 11/1/2036, Call 11/1/2027 | $576310 |
|  | Illinois Finance Authority |  |
| 700000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2026 | 725121 |
| 425000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2027 | 442959 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2028, Call 08/1/2027 | 519969 |
| 670000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2033, Call 03/1/2027 | 703092 |
| 315000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2034, Call 02/15/2027 | 334488 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2034, Call 03/1/2027 | 523437 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2034, Call 01/1/2026 | 2032758 |
| 1420000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2036, Call 08/1/2031 | 1312724 |
| 225000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2037, Call 08/15/2027 | 214680 |
| 1695000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2038, Call 07/1/2029 | 1716379 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/15/2039, Call 07/15/2031 | 999260 |
| 550000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2042, Call 09/1/2024 | 569379 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2043, Call 08/1/2031 | 866798 |
| 1590000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2044, Call 12/1/2032 | 1687225 |
| 1925000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2046, Call 09/1/2026 | 1942166 |
| 2100000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2047, Call 08/15/2027 | 1878150 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2047, Call 12/1/2027 | 974359 |
| 1000000 | Illinois Municipal Electric Agency, 4.00%, 02/1/2034, Call 08/1/2025 | 1008604 |
| 1000000 | Illinois Sports Facilities Authority, 5.25%, 06/15/2032, Call 06/15/2024 | 1021301 |
|  | Illinois State Toll Highway Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2040, Call 01/1/2031 | 1057615 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2046, Call 01/1/2032 | 1586814 |
| 1000000 | Illinois State University, AGM, 5.00%, 04/1/2033, Call 04/1/2028 | 1103925 |
| 1000000 | Macon County School District No. 61 Decatur, AGM, 4.00%, 01/1/2040, Call 01/1/2027 | 1000163 |
|  | Metropolitan Pier & Exposition Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 12/15/2042, Call 12/15/2031 | 436210 |
| 1355000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2050, Call 12/15/2029 | 1323793 |
| 530000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2057, Call 12/15/2027 | 512245 |
|  | Metropolitan Pier & Exposition Authority, NATL |  |
| 1000000 | &nbsp;&nbsp;&nbsp;0.00%, 06/15/2029 | 775653 |
| 3300000 | &nbsp;&nbsp;&nbsp;0.00%, 12/15/2030 | 2395961 |
| 1905000 | Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/1/2041, Call 12/1/2026 | 1997430 |
| 1000000 | Round Lake Lakewood Grove Special Service Area No. 3 & 4, BAM, 4.00%, 03/1/2033, Call 03/1/2027 | 1032211 |
|  | Sales Tax Securitization Corp. |  |
| 735000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2028 | 789180 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2034, Call 01/1/2028 | 2106262 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **ILLINOIS (Continued)** |  |
| $500000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2038, Call 01/1/2030 | $482528 |
| 750000 | Sangamon Logan & Menard Counties Community Unit School Dist No. 15 Williamsville, BAM, 4.00%, 12/1/2039, Call 12/1/2029 | 742152 |
| 1000000 | Southwestern Illinois Development Authority, 7.13%, 11/1/2043, Call 11/1/2023 | 1031249 |
|  | State of Illinois |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2023 | 1002147 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 02/1/2025 | 1020692 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.50%, 07/1/2026, Call 07/1/2023 | 1511984 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/1/2026 | 1031149 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2031, Call 10/1/2030 | 1025081 |
| 2000000 | &nbsp;&nbsp;&nbsp;3.00%, 06/15/2033, Call 06/15/2026 | 1770816 |
| 660000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2036, Call 03/1/2031 | 665456 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.25%, 12/1/2037, Call 12/1/2027 | 923780 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 02/1/2039, Call 02/1/2024 | 1491751 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 03/1/2042, Call 03/1/2032 | 1031770 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2046, Call 03/1/2031 | 486592 |
| 1000000 | State of Illinois Sales Tax Revenue, 5.00%, 06/15/2030 | 1069873 |
| 2000000 | State of Illinois, BAM, 4.00%, 06/15/2030, Call 06/15/2026 | 2032413 |
| 1500000 | University of Illinois, AGM, 4.00%, 04/1/2036, Call 04/1/2028 | 1462387 |
| 615000 | Upper Illinois River Valley Development Authority, 5.00%, 01/1/2045, Call 01/1/2027<sup>4</sup> | 526392 |
| 1000000 | Will County Community High School District No. 210 Lincoln-Way, AGM-CR, 5.00%, 01/1/2027 | 1000000 |
|  | Will County Community High School District No. 210 Lincoln-Way, BAM |  |
| 550000 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2031 | 408728 |
| 250000 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2032 | 177605 |
| 750000 | Wonder Lake Village Special Service Area No. 1, 4.50%, 03/1/2034, Call 03/1/2025 | 674665 |
|  |  | **98467500** |
|  | **INDIANA — 1.0%** |  |
| 1450000 | City of Fishers Sewage Works Revenue, BAM, 4.00%, 07/1/2047, Call 07/1/2031 | 1333650 |
|  | Indiana Finance Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;3.00%, 11/1/2030 | 886189 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.00%, 11/1/2030 | 886189 |
| 3000000 | &nbsp;&nbsp;&nbsp;4.00%, 11/1/2033, Call 11/1/2027 | 3043074 |
| 1960000 | Michigan City School Building Corp., 5.00%, 01/15/2025 | 2014621 |
| 500000 | Town of Shoals, 7.25%, 11/1/2043, Call 11/1/2023<sup>3</sup> | 506626 |
|  |  | **8670349** |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **IOWA — 0.4%** |  |
|  | Iowa Finance Authority |  |
| $1520000 | &nbsp;&nbsp;&nbsp;4.75%, 08/1/2042, Call 02/6/2023 | $1431180 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2050, Call 12/1/2029 | 934436 |
| 4655000 | Iowa Tobacco Settlement Authority, 0.00%, 06/1/2065, Call 06/1/2031 | 504309 |
| 500000 | PEFA, Inc., 5.00%, 09/1/2049, Call 06/1/2026<sup>1</sup> | 512100 |
|  |  | **3382025** |
|  | **KENTUCKY — 0.8%** |  |
|  | Kentucky Economic Development Finance Authority |  |
| 200000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2037, Call 06/1/2027 | 205226 |
| 1100000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2040, Call 07/1/2025 | 1081597 |
| 1350000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2045, Call 06/1/2027 | 1354739 |
| 765000 | Kentucky Municipal Power Agency, NATL, 5.00%, 09/1/2032, Call 09/1/2026 | 816127 |
| 2600000 | Kentucky Public Energy Authority, 4.00%, 01/1/2049, Call 10/1/2024<sup>1</sup> | 2581503 |
| 1000000 | Paducah Electric Plant Board, AGM, 5.00%, 10/1/2035, Call 10/1/2026 | 1077794 |
|  |  | **7116986** |
|  | **LOUISIANA — 1.4%** |  |
| 1165000 | Ascension Parish Industrial Development Board, Inc., 6.00%, 07/1/2036, Call 07/1/2023 | 1169117 |
| 1500000 | Jefferson Sales Tax District, AGM, 5.00%, 12/1/2037, Call 12/1/2027 | 1577021 |
| 1205000 | Louisiana Local Government Environmental Facilities & Community Development Authority, 5.00%, 10/1/2041, Call 10/1/2027 | 1235991 |
| 1000000 | Louisiana Local Government Environmental Facilities & Community Development Authority, AGM, 5.00%, 10/1/2043, Call 10/1/2027 | 1022011 |
|  | Louisiana Public Facilities Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;8.13%, 12/15/2033, Call 12/15/2023 | 505811 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2035, Call 05/15/2025 | 1028229 |
| 885000 | &nbsp;&nbsp;&nbsp;6.50%, 07/1/2036, Call 07/1/2023<sup>3 4</sup> | 890675 |
| 1400000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2042, Call 07/1/2027 | 1432699 |
|  | New Orleans Aviation Board |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2035, Call 10/1/2028 | 535972 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2048, Call 01/1/2027<sup>3</sup> | 1482632 |
| 1260000 | Port New Orleans Board of Commissioners, AGM, 5.00%, 04/1/2038, Call 04/1/2028<sup>3</sup> | 1286148 |
|  |  | **12166306** |
|  | **MAINE — 0.8%** |  |
|  | Maine Health & Higher Educational Facilities Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2028, Call 07/1/2027 | 1075214 |
| 1615000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2035, Call 07/1/2027 | 1694801 |
| 700000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2035, Call 07/1/2027 | 734588 |
|  | Maine Health & Higher Educational Facilities Authority, AGM |  |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **MAINE (Continued)** |  |
| $500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2036, Call 07/1/2031 | $506274 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2039, Call 07/1/2031 | 496057 |
| 1510000 | Maine Municipal Bond Bank, 5.00%, 11/1/2031, Call 11/1/2027 | 1661606 |
| 500000 | Town of Rumford, 6.88%, 10/1/2026, Call 02/6/2023<sup>3</sup> | 502255 |
|  |  | **6670795** |
|  | **MARYLAND — 1.7%** |  |
|  | City of Baltimore |  |
| 2500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2036, Call 01/1/2027 | 2656236 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2042, Call 09/1/2027 | 1343885 |
| 1330000 | County of Prince George's, 7.00%, 08/1/2048, Call 11/1/2026 | 1403399 |
| 1600000 | Howard County Housing Commission, 5.00%, 06/1/2044, Call 06/1/2024 | 1614488 |
| 1000000 | Maryland Economic Development Corp., 5.00%, 06/1/2049, Call 06/1/2029<sup>3</sup> | 1009411 |
|  | Maryland Health & Higher Educational Facilities Authority |  |
| 2700000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2038, Call 08/15/2023 | 2709042 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2040, Call 07/1/2025 | 1008945 |
| 1065000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2045, Call 05/15/2027 | 1087549 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2045, Call 07/1/2025 | 500933 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2048, Call 01/1/2028 | 916280 |
| 340000 | Maryland Stadium Authority, 5.00%, 05/1/2047, Call 05/1/2028 | 380256 |
|  |  | **14630424** |
|  | **MASSACHUSETTS — 0.5%** |  |
| 120000 | Collegiate Charter School of Lowell, 5.00%, 06/15/2039, Call 06/15/2026 | 117106 |
| 1000000 | Commonwealth of Massachusetts Transportation Fund Revenue, 5.00%, 06/1/2049, Call 06/1/2029 | 1062583 |
|  | Massachusetts Development Finance Agency |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2044, Call 01/1/2029 | 846955 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2045, Call 08/15/2025 | 1010449 |
|  | Massachusetts Educational Financing Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2028<sup>3</sup> | 1066412 |
| 200000 | &nbsp;&nbsp;&nbsp;4.25%, 07/1/2046, Call 07/1/2026<sup>3</sup> | 182243 |
|  |  | **4285748** |
|  | **MICHIGAN — 2.5%** |  |
| 500000 | Detroit Downtown Development Authority, AGM, 5.00%, 07/1/2043, Call 07/1/2024 | 501022 |
| 685000 | Grand Rapids Public Schools, AGM, 5.00%, 05/1/2024 | 704047 |
| 1000000 | Great Lakes Water Authority Sewage Disposal System Revenue, 5.00%, 07/1/2035, Call 07/1/2026 | 1049464 |
|  | Michigan Finance Authority |  |
| 275000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2029, Call 02/6/2023 | 239233 |
| 1165000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2031, Call 07/1/2024 | 1178183 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **MICHIGAN (Continued)** |  |
| $2500000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2033, Call 10/1/2024 | $2551887 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2034, Call 07/1/2025 | 1030033 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2035, Call 07/1/2025 | 514297 |
| 1270000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2038, Call 09/1/2031 | 1351673 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2039, Call 07/1/2024 | 1002327 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2041, Call 11/15/2026 | 1021351 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 02/15/2044, Call 08/15/2029 | 1864660 |
| 1450000 | Michigan Finance Authority, NATL, 5.00%, 07/1/2036, Call 07/1/2024 | 1481639 |
| 1000000 | Michigan Finance Authority, SAW, 4.00%, 11/1/2048, Call 11/1/2028 | 917161 |
| 3000000 | Michigan State Building Authority, 5.00%, 04/15/2041, Call 10/15/2026 | 3116744 |
| 250000 | Renaissance Public School Academy, 6.00%, 05/1/2037, Call 02/6/2023 | 249262 |
| 890000 | State of Michigan Trunk Line Revenue, 4.00%, 11/15/2046, Call 11/15/2031 | 837611 |
| 500000 | Summit Academy, 6.38%, 11/1/2035, Call 02/6/2023 | 449170 |
| 1500000 | Wayne County Airport Authority, 5.00%, 12/1/2037, Call 12/1/2027 | 1579079 |
|  |  | **21638843** |
|  | **MINNESOTA — 0.2%** |  |
| 250000 | City of Deephaven, 5.25%, 07/1/2040, Call 07/1/2025 | 246472 |
| 70000 | City of Minneapolis, 5.00%, 12/1/2037, Call 12/1/2027<sup>4</sup> | 67571 |
| 1720000 | City of Shakopee Senior Housing Revenue, 5.85%, 11/1/2058, Call 05/1/2025<sup>1 4</sup> | 1691383 |
|  |  | **2005426** |
|  | **MISSOURI — 1.1%** |  |
| 75000 | Cape Girardeau County Industrial Development Authority, 4.00%, 03/1/2046, Call 03/1/2031 | 63093 |
| 780000 | City of Kansas City, 5.00%, 09/1/2027 | 850495 |
|  | City of Kansas City Sanitary Sewer System Revenue |  |
| 600000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2030, Call 01/1/2028 | 664813 |
| 685000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2032, Call 01/1/2028 | 757480 |
| 350000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2034, Call 01/1/2028 | 386484 |
|  | Hannibal Industrial Development Authority |  |
| 640000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2042, Call 10/1/2027 | 650999 |
| 445000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2047, Call 10/1/2027 | 450128 |
|  | Health & Educational Facilities Authority of the State of Missouri |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2043, Call 05/15/2028 | 1028435 |
| 350000 | &nbsp;&nbsp;&nbsp;4.00%, 11/15/2049, Call 11/15/2027 | 309380 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 06/1/2053, Call 06/1/2030 | 885682 |
|  | Kansas City Industrial Development Authority |  |
| 980000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2037, Call 03/1/2029<sup>3</sup> | 1016105 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **MISSOURI (Continued)** |  |
| $1020000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2039, Call 03/1/2029<sup>3</sup> | $1050641 |
| 1400000 | Metropolitan St. Louis Sewer District, 5.00%, 05/1/2033, Call 05/1/2025 | 1458249 |
|  |  | **9571984** |
|  | **NEBRASKA — 0.3%** |  |
| 1350000 | Central Plains Energy Project, 4.00%, 12/1/2049, Call 05/1/2025<sup>1</sup> | 1346805 |
| 1000000 | Lyons-Decatur Northeast Schools, AGM, 5.50%, 12/15/2052, Call 07/15/2027 | 1077048 |
| 500000 | Omaha Public Power District, 5.25%, 02/1/2052, Call 02/1/2032 | 552598 |
|  |  | **2976451** |
|  | **NEVADA — 1.5%** |  |
| 240000 | City of Carson City, 5.00%, 09/1/2037, Call 09/1/2027 | 244863 |
| 800000 | Clark County School District, AGM, 5.00%, 06/15/2031, Call 06/15/2030 | 907920 |
|  | County of Clark |  |
| 500000 | &nbsp;&nbsp;&nbsp;2.10%, 06/1/2031 | 403672 |
| 1520000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2043, Call 06/1/2028 | 1613097 |
| 1000000 | Henderson Public Improvement Trust, 5.50%, 01/1/2034, Call 07/1/2024 | 1037153 |
|  | Las Vegas Convention & Visitors Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2043, Call 07/1/2028 | 1041956 |
| 750000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2049, Call 07/1/2028 | 669467 |
|  | Las Vegas Valley Water District |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2033, Call 12/1/2024 | 1038184 |
| 2025000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2039, Call 12/1/2024 | 2079157 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2041, Call 06/1/2026 | 2086864 |
| 1000000 | State of Nevada, 4.00%, 05/1/2033, Call 05/1/2031 | 1064426 |
| 595000 | State of Nevada Department of Business & Industry, 5.00%, 12/15/2035, Call 12/15/2025<sup>4</sup> | 586072 |
|  |  | **12772831** |
|  | **NEW HAMPSHIRE — 0.2%** |  |
| 478944 | New Hampshire Business Finance Authority, 4.13%, 01/20/2034 | 464702 |
|  | New Hampshire Health and Education Facilities Authority Act |  |
| 1120000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2037, Call 07/1/2027 | 1136113 |
| 215000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2037, Call 02/1/2028 | 227193 |
|  |  | **1828008** |
|  | **NEW JERSEY — 3.4%** |  |
|  | New Jersey Economic Development Authority |  |
| 170000 | &nbsp;&nbsp;&nbsp;5.13%, 09/15/2023, Call 02/6/2023<sup>3</sup> | 170431 |
| 890000 | &nbsp;&nbsp;&nbsp;3.13%, 07/1/2029, Call 07/1/2027 | 873310 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.38%, 07/1/2030, Call 07/1/2027 | 967021 |
| 100000 | &nbsp;&nbsp;&nbsp;5.00%, 07/15/2032, Call 07/15/2027 | 103353 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2033, Call 07/1/2027 | 521332 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **NEW JERSEY (Continued)** |  |
| $280000 | &nbsp;&nbsp;&nbsp;6.00%, 10/1/2034, Call 10/1/2024<sup>4</sup> | $282174 |
| 880000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2036, Call 12/15/2026 | 910442 |
| 1050000 | &nbsp;&nbsp;&nbsp;5.25%, 06/15/2040, Call 06/15/2025 | 1066190 |
| 350000 | &nbsp;&nbsp;&nbsp;6.30%, 10/1/2049, Call 10/1/2024<sup>4</sup> | 351843 |
| 1000000 | New Jersey Economic Development Authority, AMBAC, 5.50%, 09/1/2024 | 1037501 |
| 1000000 | New Jersey Educational Facilities Authority, 5.00%, 06/15/2025, Call 06/15/2024 | 1025247 |
| 1175000 | New Jersey Health Care Facilities Financing Authority, 5.00%, 07/1/2046, Call 07/1/2025 | 1183473 |
|  | New Jersey Higher Education Student Assistance Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2028, Call 06/1/2028<sup>3</sup> | 538846 |
| 855000 | &nbsp;&nbsp;&nbsp;4.25%, 12/1/2047, Call 12/1/2026<sup>3</sup> | 853584 |
| 3595000 | New Jersey Housing & Mortgage Finance Agency, 3.15%, 10/1/2024<sup>3</sup> | 3561556 |
|  | New Jersey Transportation Trust Fund Authority |  |
| 1800000 | &nbsp;&nbsp;&nbsp;0.00%, 12/15/2030 | 1311988 |
| 1850000 | &nbsp;&nbsp;&nbsp;5.00%, 12/15/2035, Call 12/15/2028 | 1946662 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2040, Call 12/15/2030 | 518037 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 06/15/2042, Call 06/15/2032 | 448314 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.25%, 06/15/2043, Call 12/15/2028 | 2078727 |
| 805000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2044, Call 06/15/2024 | 807455 |
| 3800000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2048, Call 12/15/2032 | 3864776 |
| 250000 | &nbsp;&nbsp;&nbsp;5.50%, 06/15/2050, Call 12/15/2032 | 267567 |
| 1750000 | New Jersey Turnpike Authority, 5.25%, 01/1/2052, Call 01/1/2033 | 1896564 |
| 1000000 | South Jersey Port Corp., 5.00%, 01/1/2037, Call 01/1/2028<sup>3</sup> | 1016703 |
| 350000 | South Jersey Transportation Authority, 5.00%, 11/1/2041, Call 11/1/2032 | 354542 |
| 1610000 | Tobacco Settlement Financing Corp., 5.00%, 06/1/2036, Call 06/1/2028 | 1655766 |
|  |  | **29613404** |
|  | **NEW MEXICO — 0.2%** |  |
| 810000 | Mesa Del Sol Public Improvement District No. 1, 7.00%, 10/1/2033, Call 10/1/2023 | 794940 |
| 1020000 | Volterra Public Improvement District, 6.75%, 10/1/2033, Call 10/1/2024 | 977842 |
|  |  | **1772782** |
|  | **NEW YORK — 5.4%** |  |
| 450000 | Build New York City Resource Corp., 5.00%, 04/15/2043, Call 04/15/2023<sup>4</sup> | 417477 |
| 1035000 | City of Long Beach , 5.00%, 09/1/2027 | 1089306 |
|  | City of New York |  |
| 1210000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2042, Call 08/1/2031 | 1160285 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 09/1/2042, Call 09/1/2032 | 1112761 |
|  | Hempstead Town Local Development Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.66%, 02/1/2044, Call 02/1/2030 | 967703 |
| 1000000 | &nbsp;&nbsp;&nbsp;6.24%, 02/1/2047, Call 02/1/2027 | 1022248 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **NEW YORK (Continued)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp;4.60%, 02/1/2051, Call 02/1/2030 | $739799 |
|  | Metropolitan Transportation Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 11/15/2031, Call 11/15/2025 | 1027299 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2033, Call 05/15/2028 | 2051115 |
| 650000 | Nassau County Local Economic Assistance Corp., 5.00%, 07/1/2034, Call 07/1/2024 | 662727 |
|  | New York City Municipal Water Finance Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2048, Call 06/15/2030 | 1058400 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 06/15/2052, Call 12/15/2032 | 1096205 |
|  | New York City Transitional Finance Authority Building Aid Revenue, SAW |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/15/2034, Call 07/15/2031 | 1030334 |
| 750000 | &nbsp;&nbsp;&nbsp;3.00%, 07/15/2047, Call 07/15/2030 | 584844 |
| 1000000 | New York City Transitional Finance Authority Future Tax Secured Revenue, 4.00%, 11/1/2041, Call 11/1/2029 | 957558 |
| 2025000 | New York City Water & Sewer System, 5.00%, 06/15/2048, Call 12/15/2027 | 2109284 |
| 615000 | New York Counties Tobacco Trust VI, 5.63%, 06/1/2035 | 626202 |
|  | New York Liberty Development Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 10/1/2035 | 1099535 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.38%, 11/15/2040, Call 11/15/2024<sup>4</sup> | 1947255 |
| 730000 | &nbsp;&nbsp;&nbsp;3.00%, 02/15/2042, Call 02/15/2030 | 567081 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2044, Call 11/15/2024<sup>4</sup> | 910712 |
| 1500000 | &nbsp;&nbsp;&nbsp;7.25%, 11/15/2044, Call 11/15/2024<sup>4</sup> | 1507558 |
|  | New York State Dormitory Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2040, Call 07/1/2029 | 683066 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 03/15/2041, Call 03/15/2029 | 1058761 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 02/15/2045, Call 02/15/2025 | 1026086 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2048, Call 07/1/2031 | 456557 |
| 560000 | New York State Dormitory Authority, NATL, 5.75%, 07/1/2027 | 598475 |
|  | New York Transportation Development Corp. |  |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2046, Call 07/1/2024<sup>3</sup> | 1917376 |
| 1750000 | &nbsp;&nbsp;&nbsp;5.25%, 01/1/2050, Call 07/1/2024<sup>3</sup> | 1703002 |
| 1000000 | New York Transportation Development Corp., AGM, 4.00%, 07/1/2037, Call 07/1/20243 | 914072 |
|  | Onondaga Civic Development Corp. |  |
| 235000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2040, Call 07/1/2025 | 235841 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2045, Call 07/1/2025 | 497370 |
| 1200000 | Onondaga County Trust for Cultural Resources, 5.00%, 12/1/2043, Call 12/1/2029 | 1302827 |
|  | Port Authority of New York & New Jersey |  |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2032, Call 09/1/2024<sup>3</sup> | 2037855 |
| 4535000 | &nbsp;&nbsp;&nbsp;5.00%, 10/15/2041, Call 10/15/2025 | 4716527 |
| 375000 | Suffolk County Water Authority, 3.00%, 06/1/2045, Call 06/1/2030 | 304556 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **NEW YORK (Continued)** |  |
|  | Triborough Bridge & Tunnel Authority |  |
| $1500000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2045, Call 11/15/2025 | $1543859 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 05/15/2052, Call 11/15/2032 | 1134812 |
| 1000000 | Triborough Bridge & Tunnel Authority Sales Tax Revenue, 5.25%, 05/15/2052, Call 11/15/2032 | 1096373 |
| 970000 | TSASC, Inc., 5.00%, 06/1/2045, Call 06/1/2027 | 872189 |
| 250000 | Utility Debt Securitization Authority, 5.00%, 12/15/2031, Call 12/15/2023 | 254677 |
| 750000 | Westchester County Local Development Corp., 5.50%, 05/1/2042, Call 05/1/2024 | 752777 |
| 810000 | Western Nassau County Water Authority, 4.00%, 04/1/2051, Call 04/1/2031 | 742828 |
| 290000 | Yonkers Economic Development Corp., 5.00%, 10/15/2049, Call 10/15/2029 | 256477 |
|  |  | **47852051** |
|  | **NORTH CAROLINA — 0.6%** |  |
| 1380000 | City of Charlotte NC Water & Sewer System Revenue, 4.00%, 07/1/2035, Call 07/1/2028 | 1426537 |
| 1000000 | Greater Asheville Regional Airport Authority, AGM, 5.50%, 07/1/2052, Call 07/1/2032<sup>3</sup> | 1057216 |
|  | North Carolina Medical Care Commission |  |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2033, Call 02/6/2023 | 2000170 |
| 715000 | &nbsp;&nbsp;&nbsp;4.00%, 09/1/2046, Call 09/1/2028 | 578038 |
|  |  | **5061961** |
|  | **NORTH DAKOTA — 0.3%** |  |
| 500000 | County of Burleigh, 4.38%, 04/15/2026 | 489732 |
| 2000000 | County of Ward, 5.00%, 06/1/2053, Call 06/1/2028 | 1727019 |
|  |  | **2216751** |
|  | **OHIO — 1.3%** |  |
| 1000000 | Buckeye Tobacco Settlement Financing Authority, 5.00%, 06/1/2055, Call 06/1/2030 | 869287 |
| 830000 | City of Akron, 5.00%, 12/1/2026 | 858325 |
| 1000000 | City of Middleburg Heights, 4.00%, 08/1/2041, Call 08/1/2031 | 928729 |
| 710000 | Cleveland-Cuyahoga County Port Authority, 5.00%, 12/1/2037, Call 12/1/2027 | 719478 |
|  | County of Hamilton |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 11/15/2041 | 1124185 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 09/15/2045, Call 03/15/2030 | 1962769 |
| 500000 | County of Tuscarawas, 6.00%, 03/1/2045, Call 03/1/2025 | 495117 |
| 2330000 | Indian Creek Local School District, School District Credit Program, 5.00%, 11/1/2055, Call 11/1/2028 | 2419899 |
| 1500000 | Ohio Water Development Authority, 5.00%, 12/1/2034, Call 12/1/2026 | 1618123 |
|  |  | **10995912** |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **OKLAHOMA — 0.7%** |  |
| $940000 | Coweta Public Works Authority, 4.00%, 08/1/2027, Call 08/1/2026 | $972407 |
| 1000000 | Garfield County Educational Facilities Authority, 5.00%, 09/1/2031, Call 09/1/2026 | 1060780 |
| 1040000 | Muskogee Industrial Trust, 4.00%, 09/1/2032, Call 09/1/2029 | 1065739 |
| 1000000 | Oklahoma City Airport Trust, 5.00%, 07/1/2043, Call 07/1/2028<sup>3</sup> | 1019798 |
| 2000000 | Oklahoma Development Finance Authority, AGM, 4.00%, 08/15/2048, Call 08/15/2028 | 1868319 |
|  |  | **5987043** |
|  | **OREGON — 0.5%** |  |
| 1325000 | County of Clackamas, 3.00%, 06/1/2028, Call 02/6/2023 | 1325152 |
| 1000000 | Medford Hospital Facilities Authority, 4.00%, 08/15/2039, Call 08/15/2030 | 982550 |
|  | Oregon State Facilities Authority |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2045, Call 04/1/2025 | 1012836 |
| 45000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2046, Call 10/1/2026 | 48517 |
| 720000 | &nbsp;&nbsp;&nbsp;5.00%, 10/1/2046, Call 10/1/2026 | 724341 |
| 450000 | Port of Portland Airport Revenue, 4.00%, 07/1/2040, Call 07/1/2030 | 435910 |
|  |  | **4529306** |
|  | **PENNSYLVANIA — 3.0%** |  |
| 305000 | Allegheny County Higher Education Building Authority, 5.00%, 10/15/2037, Call 10/15/2027 | 304302 |
| 95000 | Allegheny County Industrial Development Authority, 6.00%, 07/15/2038, Call 07/15/2023 | 95812 |
| 250000 | Allentown Neighborhood Improvement Zone Development Authority, 5.00%, 05/1/2042, Call 05/1/2032 | 244502 |
| 100000 | Chester County Industrial Development Authority, 5.00%, 10/1/2034, Call 10/1/2024 | 101242 |
| 1000000 | City of Philadelphia Airport Revenue, 4.00%, 07/1/2040, Call 07/1/20303 | 924393 |
|  | Commonwealth Financing Authority |  |
| 1825000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2034, Call 06/1/2028 | 1967203 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 06/1/2035, Call 06/1/2028 | 1070047 |
| 315000 | Delaware Valley Regional Finance Authority, 5.75%, 07/1/2032 | 381512 |
| 265000 | East Hempfield Township Industrial Development Authority, 5.00%, 12/1/2039, Call 12/1/2025 | 272300 |
| 650000 | Montgomery County Higher Education & Health Authority, 5.00%, 09/1/2037, Call 09/1/2028 | 680532 |
| 1500000 | Moon Area School District, SAW, 5.00%, 11/15/2028, Call 11/15/2024 | 1557712 |
|  | Pennsylvania Economic Development Financing Authority |  |
| 250000 | &nbsp;&nbsp;&nbsp;6.40%, 12/1/2038, Call 09/1/2025<sup>5</sup> | 125000 |
| 300000 | &nbsp;&nbsp;&nbsp;10.00%, 12/1/2040, Call 06/1/2030<sup>4</sup> | 268363 |
| 300000 | &nbsp;&nbsp;&nbsp;10.00%, 12/1/2040, Call 06/1/2030<sup>3 4</sup> | 268363 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 04/15/2045, Call 04/15/2030 | 888935 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **PENNSYLVANIA (Continued)** |  |
| $1000000 | Pennsylvania Economic Development Financing Authority, AGM, 5.75%, 12/31/2062, Call 12/31/2032<sup>3</sup> | $1048784 |
| 1000000 | Pennsylvania Higher Educational Facilities Authority, 5.00%, 08/15/2027 | 1099570 |
|  | Pennsylvania Turnpike Commission |  |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2037, Call 12/1/2027 | 2088136 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2041, Call 06/1/2026 | 515257 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2043, Call 12/1/2028 | 1045804 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2045, Call 12/1/2030 | 927981 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2047, Call 12/1/2027 | 1034031 |
| 500000 | &nbsp;&nbsp;&nbsp;5.25%, 12/1/2052, Call 12/1/2032 | 537798 |
|  | Philadelphia Authority for Industrial Development |  |
| 795000 | &nbsp;&nbsp;&nbsp;5.00%, 05/1/2027, Call 05/1/2026 | 853739 |
| 500000 | &nbsp;&nbsp;&nbsp;8.00%, 01/1/2033 | 500000 |
| 500000 | &nbsp;&nbsp;&nbsp;6.88%, 06/15/2033, Call 06/15/2023 | 506708 |
| 850000 | &nbsp;&nbsp;&nbsp;4.00%, 11/1/2037, Call 11/1/2029 | 822094 |
| 1000000 | &nbsp;&nbsp;&nbsp;6.60%, 11/1/2047, Call 11/1/2027 | 925514 |
|  | School District of Philadelphia, SAW |  |
| 5000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2038, Call 09/1/2026 | 5410 |
| 995000 | &nbsp;&nbsp;&nbsp;5.00%, 09/1/2038, Call 09/1/2026 | 1026649 |
| 1000000 | Scranton-Lackawanna Health & Welfare Authority, 5.00%, 06/1/2046, Call 06/1/2026 | 883050 |
| 2090000 | Southeastern Pennsylvania Transportation Authority, 5.00%, 06/1/2029, Call 06/1/2027 | 2266812 |
| 275000 | Susquehanna Area Regional Airport Authority, 5.00%, 01/1/2035, Call 01/1/2028<sup>3</sup> | 285593 |
| 500000 | Upper Merion Area School District, SAW, 5.00%, 01/15/2034, Call 01/15/2026 | 535049 |
| 500000 | Williamsport Area School District, AGM SAW, 4.00%, 03/1/2035, Call 09/1/2024 | 497775 |
|  |  | **26555972** |
|  | **PUERTO RICO — 0.7%** |  |
|  | Commonwealth of Puerto Rico |  |
| 30863 | &nbsp;&nbsp;&nbsp;5.25%, 07/1/2023 | 30867 |
| 18548 | &nbsp;&nbsp;&nbsp;0.00%, 07/1/2024 | 17198 |
| 61865 | &nbsp;&nbsp;&nbsp;5.38%, 07/1/2025 | 62375 |
| 61305 | &nbsp;&nbsp;&nbsp;5.63%, 07/1/2027 | 62536 |
| 1060310 | &nbsp;&nbsp;&nbsp;5.63%, 07/1/2029 | 1086682 |
| 1558579 | &nbsp;&nbsp;&nbsp;5.75%, 07/1/2031 | 1614761 |
| 55548 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2033, Call 07/1/2031 | 48283 |
| 71485 | &nbsp;&nbsp;&nbsp;0.00%, 07/1/2033, Call 07/1/2031 | 38760 |
| 49930 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2035, Call 07/1/2031 | 42139 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **PUERTO RICO (Continued)** |  |
| $42853 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2037, Call 07/1/2031 | $35166 |
| 263008 | &nbsp;&nbsp;&nbsp;0.00%, 11/1/2043<sup>1</sup> | 115395 |
| 60594 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2046, Call 07/1/2031 | 45613 |
| 2000000 | Puerto Rico Electric Power Authority, 5.00%, 07/1/2042<sup>5</sup> | 1465000 |
| 2000000 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 5.00%, 07/1/2058, Call 07/1/2028 | 1820860 |
|  |  | **6485635** |
|  | **RHODE ISLAND — 0.4%** |  |
| 1535000 | Rhode Island Commerce Corp., 5.00%, 07/1/2041, Call 07/1/2026 | 1560448 |
| 1000000 | Rhode Island Health & Educational Building Corp., 6.00%, 09/1/2033, Call 09/1/2023 | 1019858 |
| 615000 | Rhode Island Health and Educational Building Corp., 4.00%, 11/1/2050, Call 11/1/2031 | 574693 |
|  |  | **3154999** |
|  | **SOUTH CAROLINA — 1.2%** |  |
| 2000000 | Lexington County Health Services District, Inc., 5.00%, 11/1/2041, Call 05/1/2026 | 2033424 |
| 500000 | South Carolina Jobs-Economic Development Authority, 6.00%, 02/1/2035, Call 02/6/2023<sup>3 4 5</sup> | 200000 |
| 2000000 | South Carolina Ports Authority, 5.00%, 07/1/2038, Call 07/1/20283 | 2075848 |
|  | South Carolina Public Service Authority |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5.75%, 12/1/2047, Call 12/1/2032 | 1631712 |
| 730000 | &nbsp;&nbsp;&nbsp;5.00%, 12/1/2055, Call 06/1/2025 | 707716 |
| 1015000 | &nbsp;&nbsp;&nbsp;5.25%, 12/1/2055, Call 12/1/2025 | 1020535 |
| 3000000 | University of South Carolina, 5.00%, 05/1/2043, Call 05/1/2027 | 3170623 |
|  |  | **10839858** |
|  | **SOUTH DAKOTA — 0.1%** |  |
| 1235000 | South Dakota Health & Educational Facilities Authority, 5.00%, 11/1/2045, Call 11/1/2025 | 1202237 |
|  | **TENNESSEE — 1.0%** |  |
| 1220000 | Chattanooga-Hamilton County Hospital Authority, 5.00%, 10/1/2044, Call 10/1/2024 | 1131792 |
|  | Knox County Health Educational & Housing Facility Board |  |
| 365000 | &nbsp;&nbsp;&nbsp;0.00%, 05/1/2025, Call 11/1/2024<sup>4 5</sup> | 171550 |
| 45000 | &nbsp;&nbsp;&nbsp;0.00%, 05/1/2034<sup>5</sup> | 21150 |
| 1000000 | Metropolitan Nashville Airport Authority, 5.25%, 07/1/2047, Call 07/1/2032<sup>3</sup> | 1045295 |
|  | Tennergy Corp. |  |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2051, Call 06/1/2028<sup>1</sup> | 1466675 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.50%, 10/1/2053, Call 09/1/2030<sup>1</sup> | 1058552 |
|  | Tennessee Energy Acquisition Corp. |  |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **TENNESSEE (Continued)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp;5.63%, 09/1/2026 | $1046966 |
| 2500000 | &nbsp;&nbsp;&nbsp;4.00%, 11/1/2049, Call 08/1/2025<sup>1</sup> | 2482311 |
|  |  | **8424291** |
|  | **TEXAS — 6.7%** |  |
| 85000 | Arlington Higher Education Finance Corp., 5.00%, 08/15/2048, Call 08/15/2027 | 74953 |
| 320000 | Austin Convention Enterprises, Inc., 5.00%, 01/1/2034, Call 01/1/2027 | 327067 |
|  | Central Texas Regional Mobility Authority |  |
| 1070000 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2027 | 919420 |
| 2000000 | &nbsp;&nbsp;&nbsp;5.00%, 01/1/2043, Call 01/1/2028 | 2055234 |
| 1000000 | City of Austin Airport System Revenue, 5.00%, 11/15/2035, Call 11/15/2026<sup>3</sup> | 1033452 |
| 1000000 | City of El Paso, 5.00%, 08/15/2036, Call 08/15/2026 | 1058668 |
| 1255000 | City of Garland TX Electric Utility System Revenue, 4.00%, 03/1/2038, Call 03/1/2031 | 1235380 |
| 250000 | City of Hackberry, 4.50%, 09/1/2038, Call 09/1/2027 | 235252 |
| 1000000 | City of Houston, 4.00%, 03/1/2033, Call 03/1/2027 | 1035765 |
|  | City of Houston Airport System Revenue |  |
| 600000 | &nbsp;&nbsp;&nbsp;4.75%, 07/1/2024<sup>3</sup> | 598771 |
| 750000 | &nbsp;&nbsp;&nbsp;5.00%, 07/15/2035, Call 07/15/2025<sup>3</sup> | 723164 |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 07/15/2041, Call 07/15/2029<sup>3</sup> | 1275731 |
| 1100000 | City of Houston Combined Utility System Revenue, 5.00%, 11/15/2029 | 1252128 |
| 1280000 | City of Mesquite Waterworks & Sewer System Revenue, 3.00%, 03/1/2033, Call 03/1/2030 | 1214456 |
| 750000 | City of Sugar Land, 5.00%, 02/15/2029, Call 02/15/2027 | 814984 |
|  | Clifton Higher Education Finance Corp. |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2042, Call 02/6/2023 | 500296 |
| 100000 | &nbsp;&nbsp;&nbsp;4.40%, 12/1/2047, Call 02/6/2023 | 91183 |
| 1500000 | &nbsp;&nbsp;&nbsp;4.60%, 12/1/2049, Call 12/1/2024 | 1399803 |
| 1000000 | Dallas Fort Worth International Airport, 4.00%, 11/1/2036, Call 11/1/2030 | 1003941 |
| 1000000 | Danbury Higher Education Authority, Inc., 6.50%, 08/15/2043, Call 08/15/2023 | 1019548 |
| 260000 | Decatur Hospital Authority, 6.63%, 09/1/2031, Call 09/1/2023 | 265853 |
| 1065000 | El Paso Downtown Development Corp., 5.00%, 08/15/2026 | 1136505 |
| 1000000 | Grand Parkway Transportation Corp., 5.00%, 10/1/2038, Call 04/1/2028 | 1062888 |
| 1050000 | Hale Center Education Facilities Corp., 5.00%, 03/1/2032 | 1110381 |
| 1300000 | Harlandale Independent School District, PSF, 5.25%, 08/15/2042, Call 08/15/2032 | 1476260 |
| 3000000 | Harris County Cultural Education Facilities Finance Corp., 4.00%, 10/1/2036, Call 10/1/2029 | 3047017 |
| 1110000 | Harris County Toll Road Authority, 5.00%, 08/15/2043, Call 02/15/2028 | 1166174 |
| 500000 | Mission Economic Development Corp., 4.63%, 10/1/2031, Call 01/25/2023<sup>3 4</sup> | 482013 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **TEXAS (Continued)** |  |
|  | New Hope Cultural Education Facilities Finance Corp. |  |
| $600000 | &nbsp;&nbsp;&nbsp;4.75%, 04/1/2034, Call 04/1/2024 | $613583 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2039, Call 04/1/2024 | 1025664 |
| 2505000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2047, Call 07/1/2025<sup>5</sup> | 2129250 |
|  | New Hope Cultural Education Facilities Finance Corp., AGM |  |
| 375000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2038, Call 07/1/2027 | 383480 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2046, Call 04/1/2024 | 1506520 |
| 2200000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2048, Call 07/1/2027 | 2212963 |
| 500000 | North Texas Tollway Authority, 4.13%, 01/1/2039, Call 01/1/2032 | 496465 |
| 1000000 | Port of Corpus Christi Authority of Nueces County, 5.00%, 12/1/2036, Call 12/1/2028 | 1088505 |
| 1000000 | Red River Health Facilities Development Corp., 7.25%, 12/15/2047, Call 02/6/2023<sup>5</sup> | 610000 |
| 290000 | SA Energy Acquisition Public Facility Corp., 5.50%, 08/1/2027 | 306277 |
| 1750000 | San Antonio Independent School District, PSF, 5.00%, 08/15/2048, Call 08/15/2025 | 1816405 |
|  | San Antonio Water System |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 05/15/2043, Call 05/15/2028 | 1050361 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.25%, 05/15/2052, Call 05/15/2032 | 1091534 |
| 500000 | Southwest Higher Education Authority, Inc., 4.00%, 10/1/2042, Call 10/1/2023 | 478743 |
| 1000000 | Tarrant County Cultural Education Facilities Finance Corp., 4.20%, 09/1/2025, Call 09/1/2023 | 1007633 |
| 1620000 | Texas City Industrial Development Corp., 4.13%, 12/1/2045, Call 02/4/2025 | 1418005 |
|  | Texas Municipal Gas Acquisition & Supply Corp. I |  |
| 555000 | &nbsp;&nbsp;&nbsp;5.25%, 12/15/2025 | 579696 |
| 1060000 | &nbsp;&nbsp;&nbsp;6.25%, 12/15/2026 | 1116100 |
|  | Texas Private Activity Bond Surface Transportation Corp. |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 12/31/2037, Call 12/31/2029 | 461556 |
| 1110000 | &nbsp;&nbsp;&nbsp;5.00%, 12/31/2040, Call 12/31/2025<sup>3</sup> | 1112265 |
| 4000000 | Texas Public Finance Authority, 4.00%, 02/1/2037, Call 02/1/2029 | 4073090 |
| 1125000 | Texas Transportation Commission, 0.00%, 08/1/2040, Call 02/1/2029 | 440589 |
|  | Texas Water Development Board |  |
| 1500000 | &nbsp;&nbsp;&nbsp;4.00%, 10/15/2037, Call 10/15/2027 | 1515460 |
| 2000000 | &nbsp;&nbsp;&nbsp;4.00%, 08/1/2038, Call 08/1/2030 | 2023566 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2041, Call 08/1/2032 | 1110660 |
|  | Town of Westlake |  |
| 175000 | &nbsp;&nbsp;&nbsp;5.50%, 09/1/2025 | 173830 |
| 200000 | &nbsp;&nbsp;&nbsp;6.13%, 09/1/2035, Call 09/1/2025 | 200004 |
| 1200000 | Uptown Development Authority, 5.00%, 09/1/2036, Call 09/1/2026 | 1218427 |
|  |  | **58876918** |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **UTAH — 0.4%** |  |
| 1000000 | City of Salt Lake City UT Airport Revenue, BAM, 4.00%, 07/1/2039, Call 07/1/2031<sup>3</sup> | 939326 |
| 750000 | Intermountain Power Agency, 4.00%, 07/1/2036, Call 07/1/2031 | 773970 |
| 1000000 | Salt Lake City Corp. Airport Revenue, 5.25%, 07/1/2048, Call 07/1/2028<sup>3</sup> | 1023805 |
|  | Utah Charter School Finance Authority |  |
| 800000 | &nbsp;&nbsp;&nbsp;4.50%, 07/15/2027<sup>4</sup> | 774820 |
| 500000 | &nbsp;&nbsp;&nbsp;5.38%, 06/15/2048, Call 06/15/2027<sup>4</sup> | 458252 |
|  |  | **3970173** |
|  | **VIRGIN ISLANDS — 0.1%** |  |
| 1000000 | Matching Fund Special Purpose Securitization Corp., 5.00%, 10/1/2039, Call 10/1/2032 | 1002984 |
|  | **VIRGINIA — 1.0%** |  |
| 715000 | Celebrate North Community Development Authority, 4.69%, 03/1/2018<sup>5</sup> | 464750 |
| 1000000 | Chesapeake Bay Bridge & Tunnel District, 5.00%, 07/1/2046, Call 07/1/2026 | 1002858 |
| 1000000 | Chesapeake Hospital Authority, 4.00%, 07/1/2037, Call 07/1/2029 | 984708 |
| 1000000 | Fairfax County Industrial Development Authority, 3.50%, 05/15/2039, Call 05/15/2032 | 907104 |
| 30000 | Federal Home Loan Mortgage Corporation Multifamily Variable Rate Demand Certificates, 4.15%, 04/15/2025, Call 02/6/2023<sup>3 4</sup> | 30017 |
| 1000000 | Hampton Roads Transportation Accountability Commission, 5.50%, 07/1/2057, Call 01/1/2028 | 1137818 |
|  | Virginia Small Business Financing Authority |  |
| 2225000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2038, Call 01/1/2032<sup>3</sup> | 2068051 |
| 500000 | &nbsp;&nbsp;&nbsp;4.00%, 01/1/2040, Call 01/1/2032<sup>3</sup> | 447673 |
| 1750000 | &nbsp;&nbsp;&nbsp;5.00%, 12/31/2052, Call 06/30/2027<sup>3</sup> | 1656509 |
|  |  | **8699488** |
|  | **WASHINGTON — 3.1%** |  |
| 2000000 | Clark County School District No. 114 Evergreen, School Bond Gty, 4.00%, 12/1/2034, Call 06/1/2028 | 2085581 |
| 1500000 | County of King Sewer Revenue, 5.00%, 07/1/2047, Call 01/1/2025 | 1567855 |
| 705000 | King County Public Hospital District No. 4, 5.00%, 12/1/2038, Call 12/1/2025 | 695910 |
| 2215000 | King County School District No. 210 Federal Way, School Bond Gty, 4.00%, 12/1/2033, Call 12/1/2027 | 2305582 |
|  | King County School District No. 406 Tukwila, School Bond Gty |  |
| 2190000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2030, Call 06/1/2026 | 2285057 |
| 1560000 | &nbsp;&nbsp;&nbsp;4.00%, 12/1/2031, Call 06/1/2026 | 1626318 |
| 65000 | Ocean Shores Local Improvement District, 7.25%, 02/1/2031 | 71746 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **WASHINGTON (Continued)**  |  |
|  | Port of Seattle |  |
| $1500000 | &nbsp;&nbsp;&nbsp;5.00%, 04/1/2044, Call 04/1/2029<sup>3</sup> | $1538070 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2047, Call 08/1/2032<sup>3</sup> | 514779 |
| 1360000 | Port of Tacoma, 5.00%, 12/1/2031<sup>3</sup> | 1527606 |
|  | State of Washington |  |
| 1695000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2036, Call 08/1/2029 | 1868058 |
| 1630000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2042, Call 07/1/2029 | 1736680 |
| 1710000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2043, Call 07/1/2029 | 1818168 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2044, Call 07/1/2029 | 1591405 |
| 195000 | Tacoma Consolidated Local Improvement Districts, 5.75%, 04/1/2043, Call 01/20/2023 | 183222 |
|  | Washington Health Care Facilities Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 08/15/2032, Call 08/15/2027 | 523155 |
| 1820000 | &nbsp;&nbsp;&nbsp;5.00%, 03/1/2038, Call 03/1/2025 | 1845551 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 08/1/2038, Call 08/1/2029 | 517267 |
|  | Washington State Convention Center Public Facilities District |  |
| 1210000 | &nbsp;&nbsp;&nbsp;3.00%, 07/1/2043, Call 07/1/2031 | 906026 |
| 1550000 | &nbsp;&nbsp;&nbsp;3.00%, 07/1/2058, Call 07/1/2031 | 988749 |
| 1000000 | Yakima County School District No. 208 West Valley, School Bond Gty, 4.00%, 12/1/2034, Call 12/1/2028 | 1042009 |
|  |  | **27238794** |
|  | **WEST VIRGINIA — 0.2%** |  |
| 1000000 | Monongalia County Commission Special District, 5.50%, 06/1/2037, Call 06/1/2027<sup>4</sup> | 1007718 |
| 1000000 | West Virginia Parkways Authority, 5.00%, 06/1/2037, Call 06/1/2028 | 1079875 |
|  |  | **2087593** |
|  | **WISCONSIN — 1.3%** |  |
|  | Public Finance Authority |  |
| 665000 | &nbsp;&nbsp;&nbsp;4.00%, 07/1/2027, Call 07/1/2024 | 660160 |
| 500000 | &nbsp;&nbsp;&nbsp;5.75%, 02/1/2035, Call 02/1/2025 | 471319 |
| 535000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2037, Call 07/1/2024 | 536968 |
| 1000000 | &nbsp;&nbsp;&nbsp;6.50%, 12/1/2037, Call 12/1/2027<sup>4</sup> | 830493 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 06/15/2039, Call 06/15/2026<sup>4</sup> | 455969 |
| 500000 | &nbsp;&nbsp;&nbsp;5.00%, 02/1/2042, Call 02/1/2032 | 483226 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 07/1/2042, Call 02/6/2023<sup>3</sup> | 968430 |
| 165000 | &nbsp;&nbsp;&nbsp;6.00%, 07/15/2042, Call 01/25/2023 | 165060 |
| 450000 | &nbsp;&nbsp;&nbsp;5.50%, 03/1/2045, Call 03/1/2025<sup>4</sup> | 453608 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.63%, 07/1/2045, Call 07/1/2025<sup>4</sup> | 1004251 |
| 345000 | &nbsp;&nbsp;&nbsp;6.38%, 01/1/2048, Call 01/1/2028<sup>4</sup> | 212175 |
|  | Public Finance Authority, ACA |  |
| 7186 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2046<sup>4 5</sup> | 162 |
| 7085 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2047<sup>4 5</sup> | 149 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
|  | **WISCONSIN (Continued)** |  |
| $7034 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2048<sup>4 5</sup> | $141 |
| 6984 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2049<sup>4 5</sup> | 133 |
| 6882 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2050<sup>4 5</sup> | 122 |
| 7540 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2051<sup>4 5</sup> | 128 |
| 194116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 07/1/2051<sup>4 5</sup> | 89895 |
| 7490 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2052<sup>4 5</sup> | 119 |
| 7388 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2053<sup>4 5</sup> | 112 |
| 7338 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2054<sup>4 5</sup> | 105 |
| 7237 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2055<sup>4 5</sup> | 98 |
| 7135 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2056<sup>4 5</sup> | 93 |
| 7085 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2057<sup>4 5</sup> | 87 |
| 6984 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2058<sup>4 5</sup> | 82 |
| 6933 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2059<sup>4 5</sup> | 77 |
| 6882 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2060<sup>4 5</sup> | 72 |
| 6781 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2061<sup>4 5</sup> | 68 |
| 6730 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2062<sup>4 5</sup> | 64 |
| 6629 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2063<sup>4 5</sup> | 60 |
| 6579 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2064<sup>4 5</sup> | 57 |
| 6528 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2065<sup>4 5</sup> | 53 |
| 6427 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2066<sup>4 5</sup> | 48 |
| 83706 | &nbsp;&nbsp;&nbsp;0.00%, 01/1/2067<sup>4 5</sup> | 573 |
| 500000 | Public Finance Authority, BAM, 5.38%, 07/1/2047, Call 07/1/2032 | 536924 |
| 1000000 | University of Wisconsin Hospitals & Clinics, 5.00%, 04/1/2043, Call 10/1/2028 | 1034804 |
| 3000000 | Village of Mount Pleasant, MORAL OBLIG, 5.00%, 04/1/2048, Call 04/1/2028 | 3107062 |
|  |  | **11012947** |
|  | **TOTAL MUNICIPAL BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $739,439,775) | **713247303** |
|  | **COMMON STOCK — 0.3%** |  |
| 32339 | Energy Harbor Corp.\* | 2554781 |
|  | **TOTAL COMMON STOCK** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $965,130) | **2554781** |
|  | **EXCHANGE-TRADED FUND — 1.6%** |  |
| 136576 | iShares National Muni Bond ETF | 14411499 |
|  | **TOTAL EXCHANGE-TRADED FUND** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $14,621,617) | **14411499** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **CLOSED-END MUTUAL FUNDS — 0.6%** |  |
| 18027 | BlackRock Long-Term Municipal Advantage Trust | 169454 |
| 41753 | BlackRock MuniVest Fund, Inc. | 292689 |

---

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **CLOSED-END MUTUAL FUNDS (Continued)** |  |
| 29817 | BlackRock MuniYield Quality Fund, Inc. | $345877 |
| 55299 | BNY Mellon Municipal Income, Inc. | 346172 |
| 127431 | BNY Mellon Strategic Municipal Bond Fund, Inc. | 736551 |
| 20359 | BNY Mellon Strategic Municipals, Inc. | 124394 |
| 11444 | DTF Tax-Free Income, Inc. | 124854 |
| 66923 | DWS Municipal Income Trust | 576207 |
| 17462 | Invesco Advantage Municipal Income Trust II | 149999 |
| 17008 | Invesco Municipal Opportunity Trust | 168549 |
| 21119 | Invesco Municipal Trust | 209078 |
| 10819 | Invesco Trust for Investment Grade Municipals | 108731 |
| 6391 | Neuberger Berman Municipal Fund, Inc. | 66594 |
| 37184 | Pioneer Municipal High Income Advantage Fund, Inc. | 301190 |
| 111999 | Pioneer Municipal High Income Fund, Inc. | 960951 |
| 78923 | Western Asset Managed Municipals Fund, Inc. | 794755 |
| 6466 | Western Asset Municipal Partners Fund, Inc. | 75264 |
|  | **TOTAL CLOSED-END MUTUAL FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $7,760,733) | **5551309** |
|  | **PRIVATE FUNDS<sup>6</sup> — 12.7%** |  |
|  | MacKay Municipal Credit Opportunities Fund, LP\* <sup>7</sup> | 25438326 |
|  | MacKay Municipal Opportunities Fund, LP\* <sup>8</sup> | 85979230 |
|  | **TOTAL PRIVATE FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $94,657,836) | **111417556** |
|  | **SHORT-TERM INVESTMENT — 2.4%** |  |
| 20973718 | JPMorgan Prime Money Market Fund - Institutional Shares, 4.42%<sup>9</sup> | 20984205 |
|  | **TOTAL SHORT-TERM INVESTMENT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $20,981,382) | **20984205** |
|  | **TOTAL INVESTMENTS — 98.9%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $878,426,473) | **868166653** |
|  | Other assets less liabilities — 1.1% | 9752456 |
|  | **TOTAL NET ASSETS — 100.0%** | $**877919109** |

---

\* Non-income producing security.

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

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

<sup>3</sup> Alternative Minimum Tax eligible security.

<sup>4</sup> Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

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

<sup>6</sup> The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale.

<sup>7</sup> The investment was acquired on 3/1/2016. The cost is $19,752,111.

<sup>8</sup> The investment was acquired on 3/1/2016. The cost is $74,905,725.

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

**ASPIRIANT RISK-MANAGED MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

AGC — Assured Guaranty Corporation

AGM — Assured Guaranty Municipal

AGM-CR — Assured Guaranty Municipal Custodial Receipts

AMBAC — American Municipal Bond Assurance Corporation

BAM — Build America Mutual Assurance Company

ETF — Exchange-Traded Fund

LP — Limited Partnership

NATL — National Public Finance Guarantee Corporation

NATL-RE — National Rural Utilities Cooperative Finance Corporation Reinsurance

OBLG — Obligation

PSF — Permanent School Fund Guaranteed

SAW — State Aid Withholding

SIFMA — Securities Industry and Financial Markets Association

At December 31, 2022, the Aspiriant Risk-Managed Municipal Bond Fund had futures contracts as set forth below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Interest Rate Futures Contracts:** | **Interest Rate Futures Contracts:** | | | | |
|  | **Number of** | | | | |
| **Expiration Date** | **Contracts** | <br>**Description** |<br>**Notional**<br>**Amount** |<br>**Value** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| **Short Futures Contracts:** |  |  |  |  |  |
| March 2023 | 5 | U.S. Treasury Long Bond | $(654519) | $(626719) | $27800 |
| March 2023 | 40 | U.S. Treasury Ultra Futures Bond | (4877169) | (4731250) | 145919 |
|  |  |  | $**(5531688)** | $**(5357969)** | $**173719** |

---

**ASPIRIANT RISK-MANAGED TAXABLE BOND FUND**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **OPEN-END MUTUAL FUNDS — 91.8%** |  |
|  | **CORE — 81.2%** |  |
| 3798396 | DoubleLine Total Return Bond Fund - I Class | $33311931 |
| 6946362 | MetWest Total Return Bond Fund - Plan Class<sup>1</sup> | 58905148 |
| 2719248 | PIMCO Income Fund - Institutional Class | 28144221 |
| 2003930 | River Canyon Total Return Bond Fund - Institutional Class<sup>2</sup> | 19959149 |
| 183685 | Vanguard Total Bond Market Index Fund - Admiral Shares | 1741334 |
|  |  | **142061783** |
|  | **OPPORTUNISTIC — 10.6%** |  |
| 960646 | GMO Emerging Country Debt Fund, Class VI | 16657603 |
| 369816 | Vanguard High-Yield Corporate Fund - Admiral Shares | 1904551 |
|  |  | **18562154** |
|  | **TOTAL OPEN-END MUTUAL FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $190,151,131) | **160623937** |
|  | **PRIVATE FUND<sup>3</sup> — 5.6%** |  |
|  | **OPPORTUNISTIC — 5.6%** |  |
|  | AG Direct Lending Fund IV Annex, LP<sup>4</sup> | 9733240 |
|  | **TOTAL PRIVATE FUND** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $9,434,233) | **9733240** |
|  | **SHORT-TERM INVESTMENT — 2.6%** |  |
| 4609586 | JPMorgan Prime Money Market Fund - Institutional Shares, 4.42%<sup>5</sup> | 4611891 |
|  | **TOTAL SHORT-TERM INVESTMENT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,609,981) | **4611891** |
|  | **TOTAL INVESTMENTS — 100.0%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $204,195,345) | **174969068** |
|  | Other assets less liabilities — 0.0%<sup>6</sup> | 61683 |
|  | **TOTAL NET ASSETS — 100.0%** | $**175030751** |

---

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

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

<sup>3</sup> The Private Funds are generally offered in private placement transactions and as such are often illiquid and generally restricted as to resale.

<sup>4</sup> The investment was acquired on 4/8/2022. The cost is $9,434,233.

<sup>5</sup> The rate is the annualized seven-day yield at period end.

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

LP — Limited Partnership

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Los Angeles

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 90025

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $878620686.92

**Total Liabilities:** $1363468.40

**Net Assets:** $877257218.52

**Cash Not Reported:** $1123843.55

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 777.43147100 | **1-Year:** 44097.10166300 | **5-Year:** 162339.91389400 | **10-Year:** 132879.25650500 | **30-Year:** 56283.23839800

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

- **3-Month:** 59.59936600 | **1-Year:** 1806.54879700 | **5-Year:** 2948.00173200 | **10-Year:** 7650.05193800 | **30-Year:** 9983.61823300

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000156767 | -0.89%               | 3.82%                | 0.32%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2414566.76             | $-7323752.55                               |
| Month 2  | $-275747.41              | $32491525.19                               |
| Month 3  | $-697562.84              | $1068733.66                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Lake Ashton Community Development District                                            | Lake Ashton Community Development District                                            | CUSIP: 507507AJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65314.65     | 0.01%             | 2025-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                                    | Matching Fund Special Purpose Securitization Corp.                                    | CUSIP: 57665NAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |   1000000 | PA      | $1002984.30   | 0.11%             | 2039-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| County of Cook IL                                                                     | County of Cook                                                                        | CUSIP: 213185LX7<br>LEI: 5493004UMR7OX4YITE10 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1416334.73   | 0.16%             | 2032-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Houston TX Airport System Revenue                                             | City of Houston TX Airport System Revenue                                             | CUSIP: 4423487S1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $723163.88    | 0.08%             | 2035-07-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Maryland Economic Development Corp.                                                   | Maryland Economic Development Corp.                                                   | CUSIP: 57420NCV1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009411.10   | 0.12%             | 2049-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74442EEX4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $455969.05    | 0.05%             | 2039-06-15      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| BNY Mellon Municipal Income, Inc.                                                     | BNY Mellon Municipal Income, Inc.                                                     | CUSIP: 05589T104<br>LEI: 549300BKYDDROJTY1E24 | Long             |  | RF                | US        |     55299 | NS      | $346171.74    | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Grand Rapids Public Schools                                                           | Grand Rapids Public Schools                                                           | CUSIP: 386280QQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $704047.45    | 0.08%             | 2024-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Texas Public Finance Authority                                                        | Texas Public Finance Authority                                                        | CUSIP: 882669BM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4073090.00   | 0.46%             | 2037-02-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                            | CUSIP: 45204EEJ3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1942166.19   | 0.22%             | 2046-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New York City Municipal Water Finance Authority                                       | New York City Municipal Water Finance Authority                                       | CUSIP: 64972GXD1<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058399.70   | 0.12%             | 2048-06-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Eastmark Community Facilities District No. 1                                          | Eastmark Community Facilities District No. 1                                          | CUSIP: 277484BS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    696000 | PA      | $654986.32    | 0.07%             | 2039-07-01      | Fixed         | 5.20%                 | Yes           | 2                  | On Loan: No      |
| Regional Transportation District Sales Tax Revenue                                    | Regional Transportation District Sales Tax Revenue                                    | CUSIP: 759136TH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4198966.40   | 0.48%             | 2041-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Jurupa Public Financing Authority                                                     | Jurupa Public Financing Authority                                                     | CUSIP: 482085BQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025409.50   | 0.12%             | 2042-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Orleans Aviation Board                                                            | New Orleans Aviation Board                                                            | CUSIP: 64763HHK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1482632.25   | 0.17%             | 2048-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Indiana Finance Authority                                                             | Indiana Finance Authority                                                             | CUSIP: 45505VAD8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $886188.90    | 0.10%             | 2030-11-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| California School Finance Authority                                                   | California School Finance Authority                                                   | CUSIP: 13058TLJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52930.20     | 0.01%             | 2036-08-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Detroit Downtown Development Authority                                                | Detroit Downtown Development Authority                                                | CUSIP: 251135GR4<br>LEI: 549300WO3NSMP6FECO66 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501022.35    | 0.06%             | 2043-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| San Antonio Water System                                                              | San Antonio Water System                                                              | CUSIP: 79642GPP1<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091533.90   | 0.12%             | 2052-05-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Great Lakes Water Authority Sewage Disposal System Revenue                            | Great Lakes Water Authority Sewage Disposal System Revenue                            | CUSIP: 39081HAR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049464.40   | 0.12%             | 2035-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| County of Clark NV                                                                    | County of Clark                                                                       | CUSIP: 181008BD4<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    500000 | PA      | $403672.40    | 0.05%             | 2031-06-01      | Fixed         | 2.10%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                            | CUSIP: 45204EZA9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $523436.75    | 0.06%             | 2034-03-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| UAB Medicine Finance Authority                                                        | UAB Medicine Finance Authority                                                        | CUSIP: 902562CZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2084112.28   | 0.24%             | 2033-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority                                                            | CUSIP: 59447TMN0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021351.10   | 0.12%             | 2041-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                            | CUSIP: 45204EY51<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1716378.87   | 0.20%             | 2038-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Guam Government Waterworks Authority                                                  | Guam Government Waterworks Authority                                                  | CUSIP: 40065FAZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    500000 | PA      | $505587.05    | 0.06%             | 2033-07-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Turtle Run Community Development District                                             | Turtle Run Community Development District                                             | CUSIP: 900574BX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $133916.25    | 0.02%             | 2037-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                  | New Hope Cultural Education Facilities Finance Corp.                                  | CUSIP: 64542YAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $383480.10    | 0.04%             | 2038-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Harris County Toll Road Authority (The)                                               | Harris County Toll Road Authority (The)                                               | CUSIP: 41423PAW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1166174.33   | 0.13%             | 2043-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Chicago IL                                                                    | City of Chicago                                                                       | CUSIP: 167486M30<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1934966.76   | 0.22%             | 2034-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Jacksonville Port Authority                                                           | Jacksonville Port Authority                                                           | CUSIP: 469466FG6<br>LEI: 5493009FOQEHVCVH7742 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2119170.00   | 0.24%             | 2044-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Massachusetts Educational Financing Authority                                         | Massachusetts Educational Financing Authority                                         | CUSIP: 57563RPF0<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    200000 | PA      | $182243.24    | 0.02%             | 2046-07-01      | Fixed         | 4.25%                 | No            | 2                  | On Loan: No      |
| Jacksonville Public Educational Building Authority                                    | Jacksonville Public Educational Building Authority                                    | CUSIP: 469480AP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2520000 | PA      | $2578186.80   | 0.29%             | 2044-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Kentucky Economic Development Finance Authority                                       | Kentucky Economic Development Finance Authority                                       | CUSIP: 49126PFA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1081596.56   | 0.12%             | 2040-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Washington State Convention Center Public Facilities District                         | Washington State Convention Center Public Facilities District                         | CUSIP: 93976ADU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $906026.46    | 0.10%             | 2043-07-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Florida Higher Educational Facilities Financial Authority                             | Florida Higher Educational Facilities Financial Authority                             | CUSIP: 34073TKV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $452256.95    | 0.05%             | 2033-06-01      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| Washington Convention & Sports Authority                                              | Washington Convention & Sports Authority                                              | CUSIP: 93878LCW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $873623.28    | 0.10%             | 2036-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| State of Nevada Department of Business & Industry                                     | State of Nevada Department of Business & Industry                                     | CUSIP: 25490LAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $586072.03    | 0.07%             | 2035-12-15      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| FHLMC Multifamily VRD Certificates                                                    | FHLMC Multifamily VRD Certificates                                                    | CUSIP: 31350ABR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30017.27     | 0.00%             | 2025-04-15      | Fixed         | 4.15%                 | No            | 2                  | On Loan: No      |
| California Municipal Finance Authority                                                | California Municipal Finance Authority                                                | CUSIP: 13048DBH0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    905000 | PA      | $859884.30    | 0.10%             | 2035-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| State of Washington                                                                   | State of Washington                                                                   | CUSIP: 939720S25<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1736680.08   | 0.20%             | 2042-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Minneapolis MN                                                                | City of Minneapolis                                                                   | CUSIP: 60375CAV6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |     70000 | PA      | $67571.18     | 0.01%             | 2037-12-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| County of Cook IL Sales Tax Revenue                                                   | County of Cook                                                                        | CUSIP: 213248BD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1283477.40   | 0.15%             | 2033-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Greater Asheville Regional Airport Authority                                          | Greater Asheville Regional Airport Authority                                          | CUSIP: 39160CAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057216.40   | 0.12%             | 2052-07-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Cahava Springs Revitalization District                                                | Cahava Springs Revitalization District                                                | CUSIP: 12773CAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    213315 | PA      | $164252.82    | 0.02%             | 2041-07-01      | Fixed         | 7.00%                 | Yes           | 2                  | On Loan: No      |
| Build NYC Resource Corp.                                                              | Build NYC Resource Corp.                                                              | CUSIP: 12008ECA2<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    450000 | PA      | $417477.24    | 0.05%             | 2043-04-15      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Chicago Board of Education                                                            | Chicago Board of Education                                                            | CUSIP: 167510AK2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    180000 | PA      | $181667.43    | 0.02%             | 2037-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Sangamon Logan & Menard Counties Community Unit School Dist No. 15 Williamsville      | Sangamon Logan & Menard Counties Community Unit School Dist No. 15 Williamsville      | CUSIP: 800783FR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $742151.70    | 0.08%             | 2039-12-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority                                                            | CUSIP: 59447PYP0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1178182.67   | 0.13%             | 2031-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Hampton Roads Transportation Accountability Commission                                | Hampton Roads Transportation Accountability Commission                                | CUSIP: 40934TAT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1137817.80   | 0.13%             | 2057-07-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| State of Illinois                                                                     | State of Illinois                                                                     | CUSIP: 452152G62<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020691.60   | 0.12%             | 2025-02-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| State of Illinois Sales Tax Revenue                                                   | State of Illinois Sales Tax                                                           | CUSIP: 452227SE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069872.80   | 0.12%             | 2030-06-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Arizona Industrial Development Authority                                              | Arizona Industrial Development Authority                                              | CUSIP: 04052BEY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $485257.08    | 0.06%             | 2047-07-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Lakeside Community Development District                                               | Lakeside Community Development District                                               | CUSIP: 51214RAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1684077.66   | 0.19%             | 2035-05-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| District of Columbia                                                                  | District of Columbia                                                                  | CUSIP: 25476FXV5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1567615.05   | 0.18%             | 2044-10-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                  | Colorado Educational & Cultural Facilities Authority                                  | CUSIP: 19645UBG8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    460000 | PA      | $435967.39    | 0.05%             | 2039-10-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74445QCK4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      7135 | PA      | $92.69        | 0.00%             | 2056-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Lee County Industrial Development Authority/FL                                        | Lee County Industrial Development Authority                                           | CUSIP: 52349EDX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $975400.30    | 0.11%             | 2049-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Omaha Public Power District                                                           | Omaha Public Power District                                                           | CUSIP: 682001HQ8<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |    500000 | PA      | $552597.70    | 0.06%             | 2052-02-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Palomar Health                                                                        | Palomar Health                                                                        | CUSIP: 69753RCW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3483200.50   | 0.40%             | 2032-08-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Texas Municipal Gas Acquisition and Supply Corp. I                                    | Texas Municipal Gas Acquisition and Supply Corp. I                                    | CUSIP: 88256CAS8<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |    555000 | PA      | $579695.61    | 0.07%             | 2025-12-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| iShares National Muni Bond ETF                                                        | iShares National Muni Bond ETF                                                        | CUSIP: 464288414<br>LEI: 549300H21FUYFQW9N157 | Long             |  | RF                | US        |    136576 | NS      | $14411499.52  | 1.64%             |  |  |  | No            | 1                  | On Loan: No      |
| Medford Hospital Facilities Authority                                                 | Medford Hospital Facilities Authority                                                 | CUSIP: 584283GY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $982550.10    | 0.11%             | 2039-08-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Lee County Industrial Development Authority/FL                                        | Lee County Industrial Development Authority                                           | CUSIP: 52349EDW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1981503.60   | 0.23%             | 2044-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| District of Columbia                                                                  | District of Columbia                                                                  | CUSIP: 25476FSD1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1571523.90   | 0.18%             | 2041-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Miami-Dade County Industrial Development Authority                                    | Miami-Dade County Industrial Development Authority                                    | CUSIP: 59333ECQ4<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |    630000 | PA      | $642031.55    | 0.07%             | 2034-09-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Orlando FL Tourist Development Tax Revenue                                    | City of Orlando                                                                       | CUSIP: 686499BY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $486731.88    | 0.06%             | 2033-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Georgia Municipal Association, Inc.                                                   | Georgia Municipal Association, Inc.                                                   | CUSIP: 373292BC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1125853.41   | 0.13%             | 2024-12-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| County of King WA Sewer Revenue                                                       | County of King WA Sewer Revenue                                                       | CUSIP: 495289X62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1567855.05   | 0.18%             | 2047-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Metropolitan Transportation Authority                                                 | Metropolitan Transportation Authority                                                 | CUSIP: 59261ATB3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2051115.40   | 0.23%             | 2033-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Wonder Lake Village Special Service Area No. 1                                        | Wonder Lake Village Special Service Area No. 1                                        | CUSIP: 978168AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $674665.05    | 0.08%             | 2034-03-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| JPMorgan Prime Money Market Fund                                                      | JPMorgan Prime Money Market Fund, Institutional Class Shares                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |  20973719 | NS      | $20984205.43  | 2.39%             |  |  |  | No            | 1                  | On Loan: No      |
| West Virginia Parkways Authority                                                      | West Virginia Parkways Authority                                                      | CUSIP: 956510AU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079874.90   | 0.12%             | 2037-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Metropolitan Transportation Authority                                                 | Metropolitan Transportation Authority                                                 | CUSIP: 59259Y6F1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027299.40   | 0.12%             | 2031-11-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Industrial Development Authority of the County of Pima (The)                          | Industrial Development Authority of the County of Pima (The)                          | CUSIP: 72177PAW0<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501921.85    | 0.06%             | 2034-03-01      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| Western Asset Municipal Partners Fund, Inc.                                           | Western Asset Municipal Partners Fund, Inc.                                           | CUSIP: 95766P108<br>LEI: 5493001Z97VQ69W5OH84 | Long             |  | RF                | US        |      6466 | NS      | $75264.24     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| State of Nevada                                                                       | State of Nevada                                                                       | CUSIP: 641462JY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064425.90   | 0.12%             | 2033-05-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| County of Bay FL                                                                      | County of Bay                                                                         | CUSIP: 072222AH5<br>LEI: 549300B3J43WKYUSHO26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501902.95    | 0.06%             | 2043-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Yakima County School District No. 208 West Valley                                     | Yakima County School District No. 208 West Valley                                     | CUSIP: 984487PG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042008.80   | 0.12%             | 2034-12-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Idaho Housing & Finance Association                                                   | Idaho Housing & Finance Association                                                   | CUSIP: 45129GDG7<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    565000 | PA      | $584171.98    | 0.07%             | 2054-07-01      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| County of Cook IL Sales Tax Revenue                                                   | County of Cook                                                                        | CUSIP: 213248CL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073202.60   | 0.12%             | 2038-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Arkansas Development Finance Authority                                                | Arkansas Development Finance Authority                                                | CUSIP: 04110FAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $485650.50    | 0.06%             | 2052-09-01      | Fixed         | 5.45%                 | Yes           | 2                  | On Loan: No      |
| California State Public Works Board                                                   | California State Public Works Board                                                   | CUSIP: 13068LNV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030992.10   | 0.12%             | 2039-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Chicago IL Wastewater Transmission Revenue                                    | City of Chicago IL Wastewater Transmission Revenue                                    | CUSIP: 167727VJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3006993.00   | 0.34%             | 2039-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74445QCL2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      7085 | PA      | $87.10        | 0.00%             | 2057-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                  | Colorado Educational & Cultural Facilities Authority                                  | CUSIP: 19645RWV9<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102688.68    | 0.01%             | 2034-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                    | Health & Educational Facilities Authority of the State of Missouri                    | CUSIP: 60637AMV1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028435.10   | 0.12%             | 2043-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Charlotte NC Water & Sewer System Revenue                                     | City of Charlotte                                                                     | CUSIP: 161045NX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1426536.77   | 0.16%             | 2035-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| City of Lakeland FL                                                                   | City of Lakeland                                                                      | CUSIP: 511665JN2<br>LEI: XRPK4ZALF4437WO3JQ94 | Long             | DBT              | MUN               | US        |   2435000 | PA      | $2440890.27   | 0.28%             | 2045-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Jersey Economic Development Authority                                             | New Jersey Economic Development Authority                                             | CUSIP: 645912DR4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    280000 | PA      | $282174.40    | 0.03%             | 2034-10-01      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| Municipal Electric Authority of Georgia                                               | Municipal Electric Authority of Georgia                                               | CUSIP: 62620HAX0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    200000 | PA      | $198583.84    | 0.02%             | 2056-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Williamsport Area School District                                                     | Williamsport Area School District                                                     | CUSIP: 970174SM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $497775.35    | 0.06%             | 2035-03-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Black Belt Energy Gas District                                                        | Black Belt Energy Gas District                                                        | CUSIP: 09182NBR0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1950500.20   | 0.22%             | 2051-06-01      | Variable      | 4.00%                 | No            | 2                  | On Loan: No      |
| Tennergy Corp.                                                                        | Tennergy Corp.                                                                        | CUSIP: 880397BW3<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1466674.65   | 0.17%             | 2051-12-01      | Variable      | 4.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                            | CUSIP: 45204EYZ5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    670000 | PA      | $703092.44    | 0.08%             | 2033-03-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Santa Ana Financing Authority                                                         | Santa Ana Financing Authority                                                         | CUSIP: 801109BP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $222201.83    | 0.03%             | 2024-07-01      | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 744396AG7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    165000 | PA      | $165060.44    | 0.02%             | 2042-07-15      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| City of Baltimore MD                                                                  | City of Baltimore                                                                     | CUSIP: 05922KZP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2656236.00   | 0.30%             | 2036-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Windward at Lakewood Ranch Community Development District                             | Windward at Lakewood Ranch Community Development District                             | CUSIP: 97382EAJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $719940.99    | 0.08%             | 2042-05-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Westpark Community Facility District                                                  | Westpark Community Facility District                                                  | CUSIP: 96122EAU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $805927.32    | 0.09%             | 2032-07-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Washington Health Care Facilities Authority                                           | Washington Health Care Facilities Authority                                           | CUSIP: 93978HWH4<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    500000 | PA      | $517267.00    | 0.06%             | 2038-08-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Hannibal Industrial Development Authority                                             | Hannibal Industrial Development Authority                                             | CUSIP: 410632CP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $450128.22    | 0.05%             | 2047-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Maryland Stadium Authority                                                            | Maryland Stadium Authority                                                            | CUSIP: 574296DP1<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |    340000 | PA      | $380255.73    | 0.04%             | 2047-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74445QCB4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      7034 | PA      | $141.20       | 0.00%             | 2048-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| California School Finance Authority                                                   | California School Finance Authority                                                   | CUSIP: 13058TLY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $658242.65    | 0.08%             | 2036-08-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Florida Development Finance Corp.                                                     | Florida Development Finance Corp.                                                     | CUSIP: 34061UBV9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    825000 | PA      | $825611.74    | 0.09%             | 2046-06-15      | Fixed         | 6.12%                 | Yes           | 2                  | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                          | New Jersey Housing & Mortgage Finance Agency                                          | CUSIP: 64613AAR3<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   3595000 | PA      | $3561556.07   | 0.41%             | 2024-10-01      | Fixed         | 3.15%                 | No            | 2                  | On Loan: No      |
| State of Washington                                                                   | State of Washington                                                                   | CUSIP: 939720S41<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1591404.60   | 0.18%             | 2044-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Delaware River & Bay Authority                                                        | Delaware River & Bay Authority                                                        | CUSIP: 246317JA0<br>LEI: 549300DIIIT0MBXYHJ34 | Long             | DBT              | MUN               | US        |    300000 | PA      | $344739.78    | 0.04%             | 2035-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority                                                  | CUSIP: 19648FDH4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $545551.75    | 0.06%             | 2036-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                    | Tennessee Energy Acquisition Corp.                                                    | CUSIP: 880443JE7<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2482311.25   | 0.28%             | 2049-11-01      | Variable      | 4.00%                 | No            | 2                  | On Loan: No      |
| State of Arkansas                                                                     | State of Arkansas                                                                     | CUSIP: 041042UT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499949.60    | 0.06%             | 2024-10-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Florida Development Finance Corp.                                                     | Florida Development Finance Corp.                                                     | CUSIP: 340618DF1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1994458.40   | 0.23%             | 2057-07-01      | Variable      | 7.25%                 | Yes           | 2                  | On Loan: No      |
| Mackay Municipal Opportunities Fund LP                                                | Mackay Municipal Opportunities Fund LP                                                | CUSIP: N/A<br>LEI: 549300L3TM1Y49HRGT03       | Long             |  | PF                | US        |      4654 | NS      | $85979229.73  | 9.80%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                         | Allentown Neighborhood Improvement Zone Development Authority                         | CUSIP: 018444BZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $244502.33    | 0.03%             | 2042-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Georgia State Road & Tollway Authority                                                | Georgia State Road & Tollway Authority                                                | CUSIP: 37358MEP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1151677.40   | 0.13%             | 2032-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Irvine CA                                                                     | City of Irvine                                                                        | CUSIP: 46360RTZ0<br>LEI: 549300PJ9FL2XGFR8J79 | Long             | DBT              | MUN               | US        |    200000 | PA      | $202565.40    | 0.02%             | 2042-09-02      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                    | Health & Educational Facilities Authority of the State of Missouri                    | CUSIP: 60637ARH7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $885682.30    | 0.10%             | 2053-06-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Florida Development Finance Corp.                                                     | Florida Development Finance Corp.                                                     | CUSIP: 34061UBE7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    750000 | PA      | $755920.73    | 0.09%             | 2034-07-01      | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| Hempstead Town Local Development Corp.                                                | Hempstead Town Local Development Corp.                                                | CUSIP: 424685AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022247.90   | 0.12%             | 2047-02-01      | Fixed         | 6.24%                 | No            | 2                  | On Loan: No      |
| Fairfax County Industrial Development Authority                                       | Fairfax County Industrial Development Authority                                       | CUSIP: 30382VAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $907104.00    | 0.10%             | 2039-05-15      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                        | New Jersey Transportation Trust Fund Authority                                        | CUSIP: 6461364G3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1946662.50   | 0.22%             | 2035-12-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Hale Center Education Facilities Corp.                                                | Hale Center Education Facilities Corp.                                                | CUSIP: 405423BS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1110380.88   | 0.13%             | 2032-03-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Central Plains Energy Project                                                         | Central Plains Energy Project                                                         | CUSIP: 154872AT2<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1346805.50   | 0.15%             | 2049-12-01      | Variable      | 4.00%                 | No            | 2                  | On Loan: No      |
| Metropolitan St Louis Sewer District                                                  | Metropolitan St Louis Sewer District                                                  | CUSIP: 592481GX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1458249.10   | 0.17%             | 2033-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Chicago IL                                                                    | City of Chicago                                                                       | CUSIP: 167486F87<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035581.80   | 0.12%             | 2027-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| DWS Municipal Income Trust                                                            | DWS Municipal Income Trust                                                            | CUSIP: 233368109<br>LEI: TEL2CK71Z3LE1OCHIB43 | Long             |  | RF                | US        |     66923 | NS      | $576207.03    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Guam Government Waterworks Authority                                                  | Guam Government Waterworks Authority                                                  | CUSIP: 40065FBR4<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1000000 | PA      | $1007517.90   | 0.11%             | 2035-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| San Antonio Water System                                                              | San Antonio Water System                                                              | CUSIP: 79642GAY8<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050361.20   | 0.12%             | 2043-05-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Chicago O'Hare International Airport                                                  | Chicago O'Hare International Airport                                                  | CUSIP: 167593X98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049778.40   | 0.12%             | 2053-01-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Bonterra Community Development District                                               | Bonterra Community Development District                                               | CUSIP: 098541AU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $92612.76     | 0.01%             | 2047-05-01      | Fixed         | 4.12%                 | No            | 2                  | On Loan: No      |
| County of Ward ND                                                                     | County of Ward                                                                        | CUSIP: 934023EW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1727018.80   | 0.20%             | 2053-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Kentucky Public Energy Authority                                                      | Kentucky Public Energy Authority                                                      | CUSIP: 74440DBD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2581503.08   | 0.29%             | 2049-01-01      | Variable      | 4.00%                 | No            | 2                  | On Loan: No      |
| Las Vegas Valley Water District                                                       | Las Vegas Valley Water District                                                       | CUSIP: 5178405Z3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038184.40   | 0.12%             | 2033-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Commonwealth of Massachusetts Transportation Fund Revenue                             | Commonwealth of Massachusetts Transportation Fund                                     | CUSIP: 57604THJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062583.20   | 0.12%             | 2049-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Chicago IL                                                                    | City of Chicago                                                                       | CUSIP: 167486WN5<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020370.90   | 0.12%             | 2033-01-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Will County Community High School District No. 210 Lincoln-Way                        | Will County Community High School District No. 210 Lincoln-Way                        | CUSIP: 969073MX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $177605.00    | 0.02%             | 2032-01-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority                                                            | CUSIP: 594479GE1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1351672.81   | 0.15%             | 2038-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                    | Tennessee Energy Acquisition Corp.                                                    | CUSIP: 880443BT2<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046965.70   | 0.12%             | 2026-09-01      | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| BNY Mellon Strategic Municipal Bond Fund, Inc.                                        | BNY Mellon Strategic Municipal Bond Fund, Inc.                                        | CUSIP: 09662E109<br>LEI: 54930044KK4C1VDJ7M52 | Long             |  | RF                | US        |    127431 | NS      | $736551.18    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Foothill-Eastern Transportation Corridor Agency                                       | Foothill-Eastern Transportation Corridor Agency                                       | CUSIP: 345105HB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021356.40   | 0.12%             | 2042-01-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Bridgeport CT                                                                 | City of Bridgeport                                                                    | CUSIP: 108152HN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1876025.59   | 0.21%             | 2029-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Broward County FL Water & Sewer Utility Revenue                                       | Broward County                                                                        | CUSIP: 115117NJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $473314.65    | 0.05%             | 2047-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                           | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   1060310 | PA      | $1086682.03   | 0.12%             | 2029-07-01      | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| State of Illinois Sales Tax Revenue                                                   | State of Illinois Sales Tax                                                           | CUSIP: 452227MB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1770815.80   | 0.20%             | 2033-06-15      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| New York Liberty Development Corp.                                                    | New York Liberty Development Corp.                                                    | CUSIP: 531127AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1099535.00   | 0.13%             | 2035-10-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Chester County Industrial Development Authority                                       | Chester County Industrial Development Authority                                       | CUSIP: 165588CX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101242.23    | 0.01%             | 2034-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Broadway Station Metropolitan District No. 3                                          | Broadway Station Metropolitan District No. 3                                          | CUSIP: 111571AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $427371.20    | 0.05%             | 2039-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Jersey Economic Development Authority                                             | New Jersey Economic Development Authority                                             | CUSIP: 64578JBA3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    890000 | PA      | $873309.56    | 0.10%             | 2029-07-01      | Fixed         | 3.12%                 | No            | 2                  | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                  | Colorado Educational & Cultural Facilities Authority                                  | CUSIP: 19645RPL9<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    550000 | PA      | $550404.31    | 0.06%             | 2030-04-01      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| Arizona Health Facilities Authority                                                   | Arizona Health Facilities Authority                                                   | CUSIP: 040506NP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500200.85    | 0.06%             | 2043-02-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Western Nassau County Water Authority                                                 | Western Nassau County Water Authority                                                 | CUSIP: 958792EZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $742828.32    | 0.08%             | 2051-04-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74445QCR9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      6730 | PA      | $63.64        | 0.00%             | 2062-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority                                                            | CUSIP: 59447PYT2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002327.30   | 0.11%             | 2039-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Chicago Board of Education                                                            | Chicago Board of Education                                                            | CUSIP: 167510AA4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1141500.47   | 0.13%             | 2046-04-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Oklahoma Development Finance Authority                                                | Oklahoma Development Finance Authority                                                | CUSIP: 67884XCJ4<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1868318.80   | 0.21%             | 2048-08-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Neuberger Berman Municipal Fund, Inc.                                                 | Neuberger Berman Municipal Fund, Inc.                                                 | CUSIP: 64124P101<br>LEI: 549300IIZWX8QVUHXO20 | Long             |  | RF                | US        |      6391 | NS      | $66594.22     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Virginia Small Business Financing Authority                                           | Virginia Small Business Financing Authority                                           | CUSIP: 928104NW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2225000 | PA      | $2068051.17   | 0.24%             | 2038-01-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Development Authority of Burke County (The)                                           | Development Authority of Burke County (The)                                           | CUSIP: 121342QC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $412271.85    | 0.05%             | 2032-10-01      | Fixed         | 2.20%                 | No            | 2                  | On Loan: No      |
| Temecula Public Financing Authority                                                   | Temecula Public Financing Authority                                                   | CUSIP: 87972YFY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106732.39    | 0.01%             | 2032-09-01      | Fixed         | 5.75%                 | Yes           | 2                  | On Loan: No      |
| Port Authority of New York & New Jersey                                               | Port Authority of New York & New Jersey                                               | CUSIP: 73358WTU8<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2037855.20   | 0.23%             | 2032-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Maricopa County Industrial Development Authority                                      | Maricopa County Industrial Development Authority                                      | CUSIP: 56681NEM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $113922.83    | 0.01%             | 2039-07-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Cathedral Pines Metropolitan District                                                 | Cathedral Pines Metropolitan District                                                 | CUSIP: 14918CAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2005000 | PA      | $2029746.71   | 0.23%             | 2046-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74445QCQ1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      6781 | PA      | $67.52        | 0.00%             | 2061-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74445QDS6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      7186 | PA      | $162.08       | 0.00%             | 2046-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Miami-Dade County Industrial Development Authority                                    | Miami-Dade County Industrial Development Authority                                    | CUSIP: 59333EEE9<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |    105000 | PA      | $105439.74    | 0.01%             | 2044-09-15      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| California Statewide Communities Development Authority                                | California Statewide Communities Development Authority                                | CUSIP: 13080SEW0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500802.50   | 0.17%             | 2044-12-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| South Carolina Public Service Authority                                               | South Carolina Public Service Authority                                               | CUSIP: 837151U31<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1631712.30   | 0.19%             | 2047-12-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74445QCD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      6882 | PA      | $122.43       | 0.00%             | 2050-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Invesco Advantage Municipal Income Trust II                                           | Invesco Advantage Municipal Income Trust II                                           | CUSIP: 46132E103<br>LEI: DA89O2CSN0WUDR74HM71 | Long             |  | RF                | US        |     17462 | NS      | $149998.58    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority                                                    | CUSIP: 64990FUD4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026085.70   | 0.12%             | 2045-02-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Connecticut State Development Authority                                               | Connecticut State Development Authority                                               | CUSIP: 207907AW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499925.55    | 0.06%             | 2026-04-01      | Fixed         | 7.95%                 | No            | 2                  | On Loan: No      |
| Hempstead Town Local Development Corp.                                                | Hempstead Town Local Development Corp.                                                | CUSIP: 424685AS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $967703.40    | 0.11%             | 2044-02-01      | Fixed         | 5.66%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74445QAG5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     83706 | PA      | $573.37       | 0.00%             | 2067-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| School District of Philadelphia (The)                                                 | School District of Philadelphia (The)                                                 | CUSIP: 717883XR8<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5409.83      | 0.00%             | 2038-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Chicago Transit Authority Sales Tax Receipts Fund                                     | Chicago Transit Authority Sales Tax Receipts Fund                                     | CUSIP: 16772PBU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2537994.75   | 0.29%             | 2046-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                            | CUSIP: 452022BR6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $974358.80    | 0.11%             | 2047-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority                                                  | CUSIP: 19648A4M4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $514241.80    | 0.06%             | 2035-01-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                           | CUSIP: 74514L3E5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     30863 | PA      | $30867.40     | 0.00%             | 2023-07-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Century Gardens at Tamiami Community Development District                             | Century Gardens at Tamiami Community Development District                             | CUSIP: 15652CAR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $89802.40     | 0.01%             | 2037-05-01      | Fixed         | 4.25%                 | No            | 2                  | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                     | New York City Transitional Finance Authority Building Aid                             | CUSIP: 64972H4U3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $584843.70    | 0.07%             | 2047-07-15      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| State of Illinois                                                                     | State of Illinois                                                                     | CUSIP: 4521526V8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025080.90   | 0.12%             | 2031-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| County of Broward FL Airport System Revenue                                           | County of Broward FL Airport System Revenue                                           | CUSIP: 114894WX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022424.20   | 0.12%             | 2036-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                              | Metropolitan Pier & Exposition Authority                                              | CUSIP: 592247J50<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   3300000 | PA      | $2395961.04   | 0.27%             | 2030-12-15      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Celebrate North Community Development Authority                                       | Celebrate North Community Development Authority                                       | CUSIP: 15101JAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $464750.00    | 0.05%             | 2018-03-01      | Fixed         | 4.69%                 | No            | 2                  | On Loan: No      |
| Southern California Public Power Authority                                            | Southern California Public Power Authority                                            | CUSIP: 842471AY0<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1493160.94   | 0.17%             | 2033-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| California Municipal Finance Authority                                                | California Municipal Finance Authority                                                | CUSIP: 13048DCW6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |     50000 | PA      | $47598.25     | 0.01%             | 2039-10-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| County of Miami-Dade FL Transit System                                                | County of Miami-Dade                                                                  | CUSIP: 59334PKS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $535114.85    | 0.06%             | 2045-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Commonwealth Financing Authority                                                      | Commonwealth Financing Authority                                                      | CUSIP: 20282EAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1967202.91   | 0.22%             | 2034-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| County of Clackamas OR                                                                | County of Clackamas                                                                   | CUSIP: 178890KS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1325152.38   | 0.15%             | 2028-06-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Uptown Development Authority                                                          | Uptown Development Authority                                                          | CUSIP: 916856GM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1218426.72   | 0.14%             | 2036-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Nassau County Local Economic Assistance Corp.                                         | Nassau County Local Economic Assistance Corp.                                         | CUSIP: 63166LCZ2<br>LEI: 549300FCI13UFG0Y6Y37 | Long             | DBT              | MUN               | US        |    650000 | PA      | $662727.00    | 0.08%             | 2034-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Sales Tax Securitization Corp.                                                        | Sales Tax Securitization Corp.                                                        | CUSIP: 79467BAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $789179.72    | 0.09%             | 2028-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Kansas City Industrial Development Authority                                          | Kansas City Industrial Development Authority                                          | CUSIP: 48504NAZ2<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    980000 | PA      | $1016104.77   | 0.12%             | 2037-03-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74443DAL5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $471318.75    | 0.05%             | 2035-02-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| North Texas Tollway Authority                                                         | North Texas Tollway Authority                                                         | CUSIP: 66285WJ64<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    500000 | PA      | $496464.65    | 0.06%             | 2039-01-01      | Fixed         | 4.12%                 | No            | 2                  | On Loan: No      |
| Sales Tax Securitization Corp.                                                        | Sales Tax Securitization Corp.                                                        | CUSIP: 79467BCY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $482528.20    | 0.06%             | 2038-01-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| New Jersey Economic Development Authority                                             | New Jersey Economic Development Authority                                             | CUSIP: 64577BTK0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    880000 | PA      | $910441.66    | 0.10%             | 2036-06-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Jersey Economic Development Authority                                             | New Jersey Economic Development Authority                                             | CUSIP: 64578JBH8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $521332.35    | 0.06%             | 2033-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Pennsylvania Turnpike Commission                                                      | Pennsylvania Turnpike Commission                                                      | CUSIP: 709224ZD4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034031.30   | 0.12%             | 2047-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                    | Health & Educational Facilities Authority of the State of Missouri                    | CUSIP: 60637AMK5<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    350000 | PA      | $309379.46    | 0.04%             | 2049-11-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Sacramento Area Flood Control Agency                                                  | Sacramento Area Flood Control Agency                                                  | CUSIP: 785840JP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $789856.80    | 0.09%             | 2041-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                                    | Rhode Island Health and Educational Building Corp.                                    | CUSIP: 7622436N8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019858.80   | 0.12%             | 2033-09-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                            | Tarrant County Cultural Education Facilities Finance Corp.                            | CUSIP: 87638QJT7<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007633.00   | 0.11%             | 2025-09-01      | Fixed         | 4.20%                 | No            | 2                  | On Loan: No      |
| City of Los Angeles Department of Airports                                            | City of Los Angeles Department of Airports                                            | CUSIP: 544445B65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1120547.60   | 0.13%             | 2035-05-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74445QCS7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      6629 | PA      | $59.75        | 0.00%             | 2063-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                           | Connecticut State Health & Educational Facilities Authority                           | CUSIP: 20775DPN6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1328117.70   | 0.15%             | 2042-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74445QCT5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      6579 | PA      | $56.73        | 0.00%             | 2064-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74443CAF0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $968429.90    | 0.11%             | 2042-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Illinois Municipal Electric Agency                                                    | Illinois Municipal Electric Agency                                                    | CUSIP: 452024JC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008604.10   | 0.11%             | 2034-02-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Ohio Water Development Authority                                                      | Ohio Water Development Authority                                                      | CUSIP: 67765QCX2<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1618122.90   | 0.18%             | 2034-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| State of Michigan Trunk Line Revenue                                                  | State of Michigan Trunk Line                                                          | CUSIP: 5946953A4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $837610.77    | 0.10%             | 2046-11-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Pennsylvania Turnpike Commission                                                      | Pennsylvania Turnpike Commission                                                      | CUSIP: 709224QF9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515256.85    | 0.06%             | 2041-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                              | Metropolitan Pier & Exposition Authority                                              | CUSIP: 592250CL6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    530000 | PA      | $512245.48    | 0.06%             | 2057-06-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| BlackRock MuniVest Fund, Inc.                                                         | BlackRock MuniVest Fund, Inc.                                                         | CUSIP: 09253R105<br>LEI: 68LQJ5NLUNQI2T9OLL41 | Long             |  | RF                | US        |     41753 | NS      | $292688.53    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| New Jersey Economic Development Authority                                             | New Jersey Economic Development Authority                                             | CUSIP: 64577XAF3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1066189.85   | 0.12%             | 2040-06-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Las Vegas Valley Water District                                                       | Las Vegas Valley Water District                                                       | CUSIP: 517845AW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2086864.20   | 0.24%             | 2041-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Illinois State Toll Highway Authority                                                 | Illinois State Toll Highway Authority                                                 | CUSIP: 452252PX1<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1586814.00   | 0.18%             | 2046-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| North Carolina Medical Care Commission                                                | North Carolina Medical Care Commission                                                | CUSIP: 65821DNF4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000169.80   | 0.23%             | 2033-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Reedy Creek Improvement District                                                      | Reedy Creek Improvement District                                                      | CUSIP: 758449QV7<br>LEI: 549300DLSKH6SZ96KV94 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1576449.45   | 0.18%             | 2035-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Massachusetts Development Finance Agency                                              | Massachusetts Development Finance Agency                                              | CUSIP: 57584YQK8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $846954.50    | 0.10%             | 2044-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74444UAV4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $536923.85    | 0.06%             | 2047-07-01      | Fixed         | 5.38%                 | No            | 2                  | On Loan: No      |
| Arizona Industrial Development Authority                                              | Arizona Industrial Development Authority                                              | CUSIP: 04052BEA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $946231.29    | 0.11%             | 2027-03-01      | Fixed         | 4.00%                 | Yes           | 2                  | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                    | South Carolina Jobs-Economic Development Authority                                    | CUSIP: 83704DAB2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $200000.00    | 0.02%             | 2035-02-01      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue               | New York City Transitional Finance Authority Future Tax Secured                       | CUSIP: 64971XNK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $957558.50    | 0.11%             | 2041-11-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| City of Lakeland FL Department of Electric Utilities                                  | City of Lakeland                                                                      | CUSIP: 51166FFX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $581442.15    | 0.07%             | 2048-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Westminster Public Schools                                                            | Westminster Public Schools                                                            | CUSIP: 960667AZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061182.20   | 0.12%             | 2048-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.                              | Texas Private Activity Bond Surface Transportation Corp.                              | CUSIP: 882667AW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $461556.05    | 0.05%             | 2037-12-31      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Macon-Bibb County Urban Development Authority                                         | Macon-Bibb County Urban Development Authority                                         | CUSIP: 555542NB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $394055.04    | 0.04%             | 2027-06-15      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Philadelphia Authority for Industrial Development                                     | Philadelphia Authority for Industrial Development                                     | CUSIP: 71781XBK8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    795000 | PA      | $853739.45    | 0.10%             | 2027-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Jefferson Sales Tax District                                                          | Jefferson Sales Tax District                                                          | CUSIP: 474176KL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1577021.25   | 0.18%             | 2037-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Suffolk County Water Authority                                                        | Suffolk County Water Authority                                                        | CUSIP: 864784GM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $304555.69    | 0.03%             | 2045-06-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                              | New Jersey Higher Education Student Assistance Authority                              | CUSIP: 646080TB7<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    855000 | PA      | $853584.21    | 0.10%             | 2047-12-01      | Fixed         | 4.25%                 | No            | 2                  | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                  | New Hope Cultural Education Facilities Finance Corp.                                  | CUSIP: 64542RCQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $613582.68    | 0.07%             | 2034-04-01      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| New Jersey Educational Facilities Authority                                           | New Jersey Educational Facilities Authority                                           | CUSIP: 646066EF3<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025247.10   | 0.12%             | 2025-06-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Chicago O'Hare International Airport                                                  | Chicago O'Hare International Airport                                                  | CUSIP: 167593JV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000295.20   | 0.11%             | 2032-01-01      | Fixed         | 3.88%                 | No            | 2                  | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority                                                  | CUSIP: 19648AQ99<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506438.25    | 0.06%             | 2043-08-01      | Fixed         | 8.00%                 | No            | 2                  | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                           | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | STIV             | MUN               | PR        |    263008 | PA      | $115394.58    | 0.01%             | 2043-11-01      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| Louisiana Public Facilities Authority                                                 | Louisiana Public Facilities Authority                                                 | CUSIP: 54639TCG5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1432698.40   | 0.16%             | 2042-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Chicago Transit Authority Sales Tax Receipts Fund                                     | Chicago Transit Authority Sales Tax Receipts Fund                                     | CUSIP: 16772PCD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1510885.05   | 0.17%             | 2055-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| North Range Metropolitan District No. 1                                               | North Range Metropolitan District No. 1                                               | CUSIP: 661765AU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $798001.82    | 0.09%             | 2038-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| El Paso Downtown Development Corp.                                                    | El Paso Downtown Development Corp.                                                    | CUSIP: 283738AQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1136504.85   | 0.13%             | 2026-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| County of Palm Beach FL                                                               | County of Palm Beach                                                                  | CUSIP: 696547GJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $163173.36    | 0.02%             | 2039-04-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Capital Trust Agency, Inc.                                                            | Capital Trust Agency, Inc.                                                            | CUSIP: 14052WBB2<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    580000 | PA      | $580649.72    | 0.07%             | 2029-07-01      | Fixed         | 5.35%                 | No            | 2                  | On Loan: No      |
| Lexington County Health Services District, Inc.                                       | Lexington County Health Services District, Inc.                                       | CUSIP: 529050DZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2033424.40   | 0.23%             | 2041-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                                 | City of Chicago IL Waterworks Revenue                                                 | CUSIP: 167736D79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036207.20   | 0.12%             | 2028-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| BNY Mellon Strategic Municipals, Inc.                                                 | BNY Mellon Strategic Municipals, Inc.                                                 | CUSIP: 05588W108<br>LEI: 549300FH0LKMOBY7N332 | Long             |  | RF                | US        |     20359 | NS      | $124393.49    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Foothill-Eastern Transportation Corridor Agency                                       | Foothill-Eastern Transportation Corridor Agency                                       | CUSIP: 345105HZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1254858.80   | 0.14%             | 2035-01-15      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Development Authority for Fulton County                                               | Fulton County Development Authority                                                   | CUSIP: 36004PAJ3<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007771.70   | 0.11%             | 2043-04-01      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| Onondaga County Trust for Cultural Resources                                          | Onondaga County Trust for Cultural Resources                                          | CUSIP: 68276FDP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1302826.68   | 0.15%             | 2043-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Mesa Del Sol Public Improvement District No. 1                                        | Mesa Del Sol Public Improvement District No. 1                                        | CUSIP: 59065CAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $794940.32    | 0.09%             | 2033-10-01      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| Clifton Higher Education Finance Corp.                                                | Clifton Higher Education Finance Corp.                                                | CUSIP: 187145BR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $91182.54     | 0.01%             | 2047-12-01      | Fixed         | 4.40%                 | No            | 2                  | On Loan: No      |
| Oregon State Facilities Authority                                                     | Oregon State Facilities Authority                                                     | CUSIP: 68608JSR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012835.50   | 0.12%             | 2045-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| California Municipal Finance Authority                                                | California Municipal Finance Authority                                                | CUSIP: 13048VCB2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $870563.10    | 0.10%             | 2047-12-31      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Renaissance Public School Academy                                                     | Renaissance Public School Academy                                                     | CUSIP: 75972RAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $249261.98    | 0.03%             | 2037-05-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                  | Colorado Educational & Cultural Facilities Authority                                  | CUSIP: 19645RZQ7<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $480118.10    | 0.05%             | 2039-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Indiana Finance Authority                                                             | Indiana Finance Authority                                                             | CUSIP: 45470CAF6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $886188.90    | 0.10%             | 2030-11-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| County of Hamilton OH                                                                 | County of Hamilton                                                                    | CUSIP: 407272Y23<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1962769.40   | 0.22%             | 2045-09-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74442EBB5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    450000 | PA      | $453607.65    | 0.05%             | 2045-03-01      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| Upper Merion Area School District/PA                                                  | Upper Merion Area School District                                                     | CUSIP: 915899PG7<br>LEI: 549300VSHSYXQGHRSD87 | Long             | DBT              | MUN               | US        |    500000 | PA      | $535048.55    | 0.06%             | 2034-01-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Grand Bay at Doral Community Development District                                     | Grand Bay at Doral Community Development District                                     | CUSIP: 38522UAQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $490984.55    | 0.06%             | 2039-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| South Carolina Ports Authority                                                        | South Carolina Ports Authority                                                        | CUSIP: 837123HK7<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2075847.80   | 0.24%             | 2038-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Houston TX                                                                    | City of Houston                                                                       | CUSIP: 442331U93<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035765.40   | 0.12%             | 2033-03-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Ascension Parish Industrial Development Board, Inc.                                   | Ascension Parish Industrial Development Board, Inc.                                   | CUSIP: 04350RAF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1169117.11   | 0.13%             | 2036-07-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Texas City Industrial Development Corp.                                               | Texas City Industrial Development Corp.                                               | CUSIP: 882275AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1418004.79   | 0.16%             | 2045-12-01      | Fixed         | 4.12%                 | No            | 2                  | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                                  | County of Jefferson AL Sewer Revenue                                                  | CUSIP: 472682QL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513894.65    | 0.06%             | 2048-10-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Oklahoma City Airport Trust                                                           | Oklahoma City Airport Trust                                                           | CUSIP: 6785354C6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019797.90   | 0.12%             | 2043-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Sugar Land TX                                                                 | City of Sugar Land                                                                    | CUSIP: 864856EA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $814983.68    | 0.09%             | 2029-02-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Sales Tax Securitization Corp.                                                        | Sales Tax Securitization Corp.                                                        | CUSIP: 79467BBE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2106262.00   | 0.24%             | 2034-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                            | CUSIP: 45203KAP0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1878149.70   | 0.21%             | 2047-02-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Sterling Hills West Metropolitan District                                             | Sterling Hills West Metropolitan District                                             | CUSIP: 85933MBQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $131163.46    | 0.01%             | 2039-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Iowa Tobacco Settlement Authority                                                     | Iowa Tobacco Settlement Authority                                                     | CUSIP: 888805CJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4655000 | PA      | $504309.20    | 0.06%             | 2065-06-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Florida Development Finance Corp.                                                     | Florida Development Finance Corp.                                                     | CUSIP: 34061YAD2<br>LEI: 549300HC854CNBLMWC48 | Long             | STIV             | MUN               | US        |   1710000 | PA      | $1528362.26   | 0.17%             | 2049-01-01      | Variable      | 6.50%                 | Yes           | 2                  | On Loan: No      |
| Coachella Valley Water District                                                       | Coachella Valley Water District                                                       | CUSIP: 18985DAS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1895000 | PA      | $2038842.63   | 0.23%             | 2051-08-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Chicago Board of Education                                                            | Chicago Board of Education                                                            | CUSIP: 167505QY5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $2065794.32   | 0.24%             | 2044-12-01      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| Moon Area School District                                                             | Moon Area School District                                                             | CUSIP: 615401MG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1557711.60   | 0.18%             | 2028-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Hackberry TX                                                                  | City of Hackberry                                                                     | CUSIP: 404518AY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $235252.00    | 0.03%             | 2038-09-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Central Platte Valley Metropolitan District                                           | Central Platte Valley Metropolitan District                                           | CUSIP: 154876AX4<br>LEI: 5493008TIE8XL32HT863 | Long             | DBT              | MUN               | US        |    625000 | PA      | $639395.88    | 0.07%             | 2038-12-01      | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                        | New Jersey Transportation Trust Fund Authority                                        | CUSIP: 646136XH9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1311987.96   | 0.15%             | 2030-12-15      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Grand River Hospital District                                                         | Grand River Hospital District                                                         | CUSIP: 386448EH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2188763.60   | 0.25%             | 2030-12-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| New York City Municipal Water Finance Authority                                       | New York City Municipal Water Finance Authority                                       | CUSIP: 64972GB60<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1096204.60   | 0.12%             | 2052-06-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                                  | Pennsylvania Higher Educational Facilities Authority                                  | CUSIP: 70917SR39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1099569.60   | 0.13%             | 2027-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue                   | Metropolitan Washington Airports Authority Dulles Toll Road Revenue                   | CUSIP: 592643DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2130000 | PA      | $1843939.94   | 0.21%             | 2049-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Invesco Municipal Opportunity Trust                                                   | Invesco Municipal Opportunity Trust                                                   | CUSIP: 46132C107<br>LEI: WERC5RXCUSU16MOTZ848 | Long             |  | RF                | US        |     17008 | NS      | $168549.28    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Arizona Industrial Development Authority                                              | Arizona Industrial Development Authority                                              | CUSIP: 04052BQU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $522125.64    | 0.06%             | 2041-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                     | New York City Transitional Finance Authority Building Aid                             | CUSIP: 64972H5U2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030334.20   | 0.12%             | 2034-07-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Monongalia County Commission Excise Tax District                                      | Monongalia County Commission Excise Tax District                                      | CUSIP: 61022CAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007717.70   | 0.11%             | 2037-06-01      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                        | New Jersey Transportation Trust Fund Authority                                        | CUSIP: 6461367G0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $518036.65    | 0.06%             | 2040-06-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Metropolitan Water Reclamation District of Greater Chicago                            | Metropolitan Water Reclamation District of Greater Chicago                            | CUSIP: 167560UM1<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |   1905000 | PA      | $1997430.41   | 0.23%             | 2041-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| South Carolina Public Service Authority                                               | South Carolina Public Service Authority                                               | CUSIP: 837151K32<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    730000 | PA      | $707715.73    | 0.08%             | 2055-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                              | Cleveland-Cuyahoga County Port Authority                                              | CUSIP: 18610TAD2<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    710000 | PA      | $719477.58    | 0.08%             | 2037-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Kansas City Industrial Development Authority                                          | Kansas City Industrial Development Authority                                          | CUSIP: 48504NBB4<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1050641.31   | 0.12%             | 2039-03-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                  | New Hope Cultural Education Facilities Finance Corp.                                  | CUSIP: 64542RDJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2505000 | PA      | $2129250.00   | 0.24%             | 2047-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Dallas Fort Worth International Airport                                               | Dallas Fort Worth International Airport                                               | CUSIP: 2350367P9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003941.30   | 0.11%             | 2036-11-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| State of Connecticut Special Tax Revenue                                              | State of Connecticut Special Tax                                                      | CUSIP: 207758F24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1238704.75   | 0.14%             | 2038-05-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Town of Shoals IN                                                                     | Town of Shoals                                                                        | CUSIP: 82489FAA2<br>LEI: 5493006DNS1L0C0NCJ71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506626.10    | 0.06%             | 2043-11-01      | Fixed         | 7.25%                 | No            | 2                  | On Loan: No      |
| City of Austin TX Airport System Revenue                                              | City of Austin                                                                        | CUSIP: 052398FR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033452.20   | 0.12%             | 2035-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| School District of Philadelphia (The)                                                 | School District of Philadelphia (The)                                                 | CUSIP: 717883XT4<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |    995000 | PA      | $1026649.36   | 0.12%             | 2038-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Port New Orleans Board of Commissioners                                               | Port New Orleans Board of Commissioners                                               | CUSIP: 734782CY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1286148.02   | 0.15%             | 2038-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Washington Health Care Facilities Authority                                           | Washington Health Care Facilities Authority                                           | CUSIP: 93978HSL0<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    500000 | PA      | $523155.30    | 0.06%             | 2032-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Mesquite TX Waterworks & Sewer System Revenue                                 | City of Mesquite                                                                      | CUSIP: 590775CR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1214456.32   | 0.14%             | 2033-03-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| State of Connecticut Special Tax Revenue                                              | State of Connecticut Special Tax                                                      | CUSIP: 207758H55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1475342.10   | 0.17%             | 2039-11-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74445QAC4<br>LEI: 5493004S6D3NA627K012 | Long             | STIV             | MUN               | US        |    194116 | PA      | $89894.93     | 0.01%             | 2051-07-01      | Variable      | 1372.50%              | Yes           | 2                  | On Loan: No      |
| Poway Unified School District Public Financing Authority                              | Poway Unified School District Public Financing Authority                              | CUSIP: 73885QDN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013962.60   | 0.12%             | 2041-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Independent Cities Finance Authority                                                  | Independent Cities Finance Authority                                                  | CUSIP: 45385LHE6<br>LEI: 549300ZZZYTBUL6FR983 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $978584.80    | 0.11%             | 2036-09-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Westchester County Local Development Corp.                                            | Westchester County Local Development Corp.                                            | CUSIP: 95737TBC9<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    750000 | PA      | $752776.95    | 0.09%             | 2042-05-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| King County Public Hospital District No. 4                                            | King County Public Hospital District No. 4                                            | CUSIP: 494794FC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $695909.73    | 0.08%             | 2038-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Volterra Public Improvement District                                                  | Volterra Public Improvement District                                                  | CUSIP: 92871AAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $977842.18    | 0.11%             | 2033-10-01      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                | Maine Health & Higher Educational Facilities Authority                                | CUSIP: 56042RMB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $734588.47    | 0.08%             | 2035-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Utah Charter School Finance Authority                                                 | Utah Charter School Finance Authority                                                 | CUSIP: 91754TUX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $458252.35    | 0.05%             | 2048-06-15      | Fixed         | 5.38%                 | Yes           | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                            | CUSIP: 45204FLY9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999260.30    | 0.11%             | 2039-07-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                  | Colorado Educational & Cultural Facilities Authority                                  | CUSIP: 19645RB75<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $516207.00    | 0.06%             | 2028-12-15      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| California School Finance Authority                                                   | California School Finance Authority                                                   | CUSIP: 13059TBA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $355944.58    | 0.04%             | 2045-11-01      | Fixed         | 6.75%                 | Yes           | 2                  | On Loan: No      |
| Texas Water Development Board                                                         | Texas Water Development Board                                                         | CUSIP: 8828543K6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2023565.80   | 0.23%             | 2038-08-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Chicago Board of Education                                                            | Chicago Board of Education                                                            | CUSIP: 167505XR2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979521.50    | 0.11%             | 2040-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                            | CUSIP: 45201QCX0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2022218.40   | 0.23%             | 2036-11-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                                 | City of Chicago                                                                       | CUSIP: 167736C21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019103.10   | 0.12%             | 2031-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Authority | Louisiana Local Government Environmental Facilities & Community Development Authority | CUSIP: 54628CAT9<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1235991.27   | 0.14%             | 2041-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                     | City & County of Denver                                                               | CUSIP: 249182TK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1100164.00   | 0.13%             | 2041-11-15      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                           | Metropolitan Washington Airports Authority Aviation                                   | CUSIP: 592647KM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512787.05    | 0.06%             | 2046-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| County of Palm Beach FL Airport System Revenue                                        | County of Palm Beach                                                                  | CUSIP: 696499DP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1339404.87   | 0.15%             | 2023-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Florida Development Finance Corp.                                                     | Florida Development Finance Corp.                                                     | CUSIP: 34061YAH3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2625027.60   | 0.30%             | 2049-01-01      | Fixed         | 7.38%                 | Yes           | 2                  | On Loan: No      |
| Lake Ashton Community Development District                                            | Lake Ashton Community Development District                                            | CUSIP: 507507AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $379930.63    | 0.04%             | 2037-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Austin Convention Enterprises, Inc.                                                   | Austin Convention Enterprises, Inc.                                                   | CUSIP: 052409DR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $327066.88    | 0.04%             | 2034-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Utah Charter School Finance Authority                                                 | Utah Charter School Finance Authority                                                 | CUSIP: 91754TVG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $774819.36    | 0.09%             | 2027-07-15      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| Chicago Board of Education                                                            | Chicago Board of Education                                                            | CUSIP: 167505QR0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $498858.85    | 0.06%             | 2039-12-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                               | Knox County Health Educational & Housing Facility Board                               | CUSIP: 49952MCF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $171550.00    | 0.02%             | 2025-05-01      | Fixed         | 5.25%                 | Yes           | 2                  | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                             | Golden State Tobacco Securitization Corp.                                             | CUSIP: 38122ND90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513726.05    | 0.06%             | 2051-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                 | Pennsylvania Economic Development Financing Authority                                 | CUSIP: 70870JCJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $888935.10    | 0.10%             | 2045-04-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| E-470 Public Highway Authority                                                        | E-470 Public Highway Authority                                                        | CUSIP: 26822LGT5<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $494411.90    | 0.06%             | 2037-09-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Coweta Public Works Authority                                                         | Coweta Public Works Authority                                                         | CUSIP: 223666EF1<br>LEI: 549300XZFKFKBSB4TT38 | Long             | DBT              | MUN               | US        |    940000 | PA      | $972406.50    | 0.11%             | 2027-08-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Clark County School District                                                          | Clark County School District                                                          | CUSIP: 181059N51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $907919.52    | 0.10%             | 2031-06-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Chicago Board of Education                                                            | Chicago Board of Education                                                            | CUSIP: 167505PL4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    575000 | PA      | $551863.96    | 0.06%             | 2042-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Riverside County Redevelopment Successor Agency                                       | Riverside County Redevelopment Successor Agency                                       | CUSIP: 76913ACP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $719608.00    | 0.08%             | 2030-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Black Belt Energy Gas District                                                        | Black Belt Energy Gas District                                                        | CUSIP: 09182TAF4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $988422.70    | 0.11%             | 2052-10-01      | Variable      | 4.00%                 | No            | 2                  | On Loan: No      |
| Main Street Natural Gas, Inc.                                                         | Main Street Natural Gas, Inc.                                                         | CUSIP: 56035DBP6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1518048.42   | 0.17%             | 2034-05-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| San Joaquin Hills Transportation Corridor Agency                                      | San Joaquin Hills Transportation Corridor Agency                                      | CUSIP: 798111GJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2200188.48   | 0.25%             | 2044-01-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                  | New Hope Cultural Education Facilities Finance Corp.                                  | CUSIP: 64542RAY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1506519.60   | 0.17%             | 2046-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of New York NY                                                                   | City of New York                                                                      | CUSIP: 64966QXV7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1160284.97   | 0.13%             | 2042-08-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Decatur Hospital Authority                                                            | Decatur Hospital Authority                                                            | CUSIP: 243323BM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $265852.52    | 0.03%             | 2031-09-01      | Fixed         | 6.62%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                            | CUSIP: 45204FTV7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1687224.53   | 0.19%             | 2044-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority                                                            | CUSIP: 59447PL58<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2551887.25   | 0.29%             | 2033-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Miami Beach Health Facilities Authority                                               | Miami Beach Health Facilities Authority                                               | CUSIP: 593211EW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006015.90   | 0.11%             | 2039-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| State of Illinois                                                                     | State of Illinois                                                                     | CUSIP: 452152ST9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1511984.40   | 0.17%             | 2026-07-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                        | New Jersey Transportation Trust Fund Authority                                        | CUSIP: 64613CCK2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3864775.56   | 0.44%             | 2048-06-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport          | San Francisco City & County Airport Comm-San Francisco International Airport          | CUSIP: 79766DLZ0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036324.90   | 0.12%             | 2039-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Texas Municipal Gas Acquisition and Supply Corp. I                                    | Texas Municipal Gas Acquisition and Supply Corp. I                                    | CUSIP: 88256CEX3<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1116100.08   | 0.13%             | 2026-12-15      | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| City of Chicago IL                                                                    | City of Chicago                                                                       | CUSIP: 167486M55<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1159625.38   | 0.13%             | 2036-01-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Illinois Sports Facilities Authority (The)                                            | Illinois Sports Facilities Authority (The)                                            | CUSIP: 452143FE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021301.30   | 0.12%             | 2032-06-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                  | Colorado Educational & Cultural Facilities Authority                                  | CUSIP: 19645UCB8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068350.00   | 0.12%             | 2035-03-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Delaware River & Bay Authority                                                        | Delaware River & Bay Authority                                                        | CUSIP: 246317JB8<br>LEI: 549300DIIIT0MBXYHJ34 | Long             | DBT              | MUN               | US        |    375000 | PA      | $425867.36    | 0.05%             | 2036-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Black Belt Energy Gas District                                                        | Black Belt Energy Gas District                                                        | CUSIP: 09182TBD8<br>LEI: 549300I8V0Z68JQCB679 | Long             | STIV             | MUN               | US        |    500000 | PA      | $475433.50    | 0.05%             | 2053-04-01      | Floating      | 4.31%                 | No            | 2                  | On Loan: No      |
| Philadelphia Authority for Industrial Development                                     | Philadelphia Authority for Industrial Development                                     | CUSIP: 71780TAX1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    850000 | PA      | $822094.08    | 0.09%             | 2037-11-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Indiana Finance Authority                                                             | Indiana Finance Authority                                                             | CUSIP: 45470YEM9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3043073.70   | 0.35%             | 2033-11-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Verandah West Community Development District                                          | Verandah West Community Development District                                          | CUSIP: 922947AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $484888.11    | 0.06%             | 2033-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| South Dakota Health & Educational Facilities Authority                                | South Dakota Health & Educational Facilities Authority                                | CUSIP: 83755VZW7<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1202236.93   | 0.14%             | 2045-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Los Angeles Department of Airports                                            | City of Los Angeles Department of Airports                                            | CUSIP: 544445EL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1580249.85   | 0.18%             | 2034-05-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| State of Illinois                                                                     | State of Illinois                                                                     | CUSIP: 452152T84<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $923780.20    | 0.11%             | 2037-12-01      | Fixed         | 4.25%                 | No            | 2                  | On Loan: No      |
| Yonkers Economic Development Corp.                                                    | Yonkers Economic Development Corp.                                                    | CUSIP: 98608MAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $256476.78    | 0.03%             | 2049-10-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Chicago O'Hare International Airport                                                  | Chicago O'Hare International Airport                                                  | CUSIP: 167590EY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $514152.45    | 0.06%             | 2033-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                  | Colorado Educational & Cultural Facilities Authority                                  | CUSIP: 19645UHK3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $402637.00    | 0.05%             | 2041-07-01      | Fixed         | 4.00%                 | Yes           | 2                  | On Loan: No      |
| State of California                                                                   | State of California                                                                   | CUSIP: 13063DS82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094999.20   | 0.12%             | 2052-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Development Authority of Burke County (The)                                           | Development Authority of Burke County (The)                                           | CUSIP: 121342PU7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    500000 | PA      | $497222.60    | 0.06%             | 2032-10-01      | Variable      | 2.25%                 | No            | 2                  | On Loan: No      |
| State of Illinois                                                                     | State of Illinois                                                                     | CUSIP: 452153DA4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031769.70   | 0.12%             | 2042-03-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| City of Houston TX Airport System Revenue                                             | City of Houston                                                                       | CUSIP: 4423487G7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $598770.72    | 0.07%             | 2024-07-01      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| Philadelphia Authority for Industrial Development                                     | Philadelphia Authority for Industrial Development                                     | CUSIP: 71781XAL7<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.06%             | 2033-01-01      | Fixed         | 8.00%                 | No            | 2                  | On Loan: No      |
| Texas Water Development Board                                                         | Texas Water Development Board                                                         | CUSIP: 882854B35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1515460.05   | 0.17%             | 2037-10-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                             | Maryland Health & Higher Educational Facilities Authority                             | CUSIP: 574218YA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500932.80    | 0.06%             | 2045-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Illinois State Toll Highway Authority                                                 | Illinois State Toll Highway Authority                                                 | CUSIP: 452252PN3<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057614.90   | 0.12%             | 2040-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Board of Water Light & Sinking Fund Commissioners of The City of Dalton (The)         | Board of Water Light & Sinking Fund Commissioners of The City of Dalton (The)         | CUSIP: 235586DC5<br>LEI: 549300F2NIJXYBEBL710 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1062286.17   | 0.12%             | 2039-03-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| E-470 Public Highway Authority                                                        | E-470 Public Highway Authority                                                        | CUSIP: 26822LDW1<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |    480000 | PA      | $370006.32    | 0.04%             | 2030-09-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Kentucky Economic Development Finance Authority                                       | Kentucky Economic Development Finance Authority                                       | CUSIP: 49126KKC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $205225.72    | 0.02%             | 2037-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Bay Area Toll Authority                                                               | Bay Area Toll Authority                                                               | CUSIP: 072024ST0<br>LEI: 5493001FUZGUQMIP5D78 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1008617.40   | 0.11%             | 2036-04-01      | Floating      | 4.91%                 | No            | 2                  | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue                   | Metropolitan Washington Airports Authority Dulles Toll Road Revenue                   | CUSIP: 592643BM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $697032.45    | 0.08%             | 2041-10-01      | Variable      | 6.50%                 | No            | 2                  | On Loan: No      |
| Central Texas Regional Mobility Authority                                             | Central Texas Regional Mobility Authority                                             | CUSIP: 155498GH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2055233.80   | 0.23%             | 2043-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority                                                            | CUSIP: 59447TVA8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1864659.60   | 0.21%             | 2044-02-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Boggy Creek Improvement District                                                      | Boggy Creek Improvement District                                                      | CUSIP: 097206AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $790364.35    | 0.09%             | 2043-05-01      | Fixed         | 5.12%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74445QCV0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      6427 | PA      | $48.50        | 0.00%             | 2066-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Intermountain Power Agency                                                            | Intermountain Power Agency                                                            | CUSIP: 45884AA94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $773969.55    | 0.09%             | 2036-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Sacramento City Unified School District                                               | Sacramento City Unified School District                                               | CUSIP: 785870E85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $1065093.07   | 0.12%             | 2047-08-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Michigan State Building Authority                                                     | Michigan State Building Authority                                                     | CUSIP: 594615FY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3116744.10   | 0.36%             | 2041-04-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| State of Illinois                                                                     | State of Illinois                                                                     | CUSIP: 452153AW9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $486591.65    | 0.06%             | 2046-03-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Louisiana Public Facilities Authority                                                 | Louisiana Public Facilities Authority                                                 | CUSIP: 546398T57<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505811.00    | 0.06%             | 2033-12-15      | Fixed         | 8.12%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74445QCJ7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      7237 | PA      | $98.33        | 0.00%             | 2055-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Private Colleges & Universities Authority                                             | Private Colleges & Universities Authority                                             | CUSIP: 74265LD47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1359004.27   | 0.15%             | 2044-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Main Street Natural Gas, Inc.                                                         | Main Street Natural Gas, Inc.                                                         | CUSIP: 56035DDP4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1410880.50   | 0.16%             | 2052-08-01      | Variable      | 4.00%                 | Yes           | 2                  | On Loan: No      |
| Port of Corpus Christi Authority of Nueces County                                     | Port of Corpus Christi Authority of Nueces County                                     | CUSIP: 733911DF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088505.50   | 0.12%             | 2036-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Development Authority for Fulton County                                               | Development Authority for Fulton County                                               | CUSIP: 36005GAV5<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |    500000 | PA      | $517299.00    | 0.06%             | 2037-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Lodi Unified School District                                                          | Lodi Unified School District                                                          | CUSIP: 540261MW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $959594.75    | 0.11%             | 2046-08-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Hoover Industrial Development Board                                                   | Hoover Industrial Development Board                                                   | CUSIP: 439241AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1115785.26   | 0.13%             | 2049-10-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| Wayne County Airport Authority                                                        | Wayne County Airport Authority                                                        | CUSIP: 944514VH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1579078.50   | 0.18%             | 2037-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority                                                    | CUSIP: 649838FX2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    560000 | PA      | $598475.47    | 0.07%             | 2027-07-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| County of Prince George's MD                                                          | County of Prince George's                                                             | CUSIP: 74172VAR9<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1403399.51   | 0.16%             | 2048-08-01      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| Clifton Higher Education Finance Corp.                                                | Clifton Higher Education Finance Corp.                                                | CUSIP: 187145BJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500295.85    | 0.06%             | 2042-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                           | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     49930 | PA      | $42139.27     | 0.00%             | 2035-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                                  | City of Colorado Springs                                                              | CUSIP: 196632VT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2054557.20   | 0.23%             | 2044-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp.                                             | CUSIP: 650116AP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $914071.70    | 0.10%             | 2037-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| State of Washington                                                                   | State of Washington                                                                   | CUSIP: 939720S33<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1818168.44   | 0.21%             | 2043-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Arkansas Development Finance Authority                                                | Arkansas Development Finance Authority                                                | CUSIP: 04108WCC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1574661.42   | 0.18%             | 2049-09-01      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| Energy Harbor Corp.                                                                   | Energy Harbor Corp.                                                                   | CUSIP: 29279N102<br>LEI: 5493003HK03UVPUSUP12 | Long             | EC               | CORP              | US        |     32339 | NS      | $2554781.00   | 0.29%             |  |  |  | No            | 2                  | On Loan: No      |
| Cape Girardeau County Industrial Development Authority                                | Cape Girardeau County Industrial Development Authority                                | CUSIP: 139404HT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $63092.43     | 0.01%             | 2046-03-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Water Valley Metropolitan District No. 02                                             | Water Valley Metropolitan District No. 02                                             | CUSIP: 94114PAN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $556124.36    | 0.06%             | 2040-12-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| South Carolina Public Service Authority                                               | South Carolina Public Service Authority                                               | CUSIP: 837151K40<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1020534.69   | 0.12%             | 2055-12-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Denver Health & Hospital Authority                                                    | Denver Health & Hospital Authority                                                    | CUSIP: 24918EDN7<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1473345.87   | 0.17%             | 2039-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Majorca Isles Community Development District                                          | Majorca Isles Community Development District                                          | CUSIP: 560851AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $873451.12    | 0.10%             | 2035-05-01      | Fixed         | 5.38%                 | No            | 2                  | On Loan: No      |
| California Municipal Finance Authority                                                | California Municipal Finance Authority                                                | CUSIP: 13049AAG8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    850000 | PA      | $854459.36    | 0.10%             | 2046-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Chicago Park District                                                                 | Chicago Park District                                                                 | CUSIP: 167615XK4<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |    680000 | PA      | $697806.34    | 0.08%             | 2024-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Oregon State Facilities Authority                                                     | Oregon State Facilities Authority                                                     | CUSIP: 68608JYL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $48517.37     | 0.01%             | 2046-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74442EBZ2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    665000 | PA      | $660160.46    | 0.08%             | 2027-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74442PJV8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    345000 | PA      | $212175.00    | 0.02%             | 2048-01-01      | Fixed         | 6.38%                 | Yes           | 2                  | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority                                                    | CUSIP: 64990GMC3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $683065.50    | 0.08%             | 2040-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| California County Tobacco Securitization Agency                                       | California County Tobacco Securitization Agency                                       | CUSIP: 13016NEZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $81277.16     | 0.01%             | 2049-06-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| City of El Paso TX                                                                    | City of El Paso                                                                       | CUSIP: 283734D24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058668.00   | 0.12%             | 2036-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                        | New Jersey Transportation Trust Fund Authority                                        | CUSIP: 64613CCL0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    250000 | PA      | $267566.73    | 0.03%             | 2050-06-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| City of Tampa FL                                                                      | City of Tampa                                                                         | CUSIP: 87515ECB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013219.10   | 0.12%             | 2046-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Florida Development Finance Corp.                                                     | Florida Development Finance Corp.                                                     | CUSIP: 34061UAV0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511297.05    | 0.06%             | 2044-06-15      | Fixed         | 8.50%                 | No            | 2                  | On Loan: No      |
| Capital Trust Agency, Inc.                                                            | Capital Trust Agency, Inc.                                                            | CUSIP: 14054CAE9<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    400000 | PA      | $388889.36    | 0.04%             | 2027-06-15      | Fixed         | 4.38%                 | Yes           | 2                  | On Loan: No      |
| Chicago Board of Education                                                            | Chicago Board of Education                                                            | CUSIP: 167510AT3<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504340.90    | 0.06%             | 2038-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Kansas City MO                                                                | City of Kansas City                                                                   | CUSIP: 485106YP7<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |    780000 | PA      | $850495.15    | 0.10%             | 2027-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Southeast Alabama Gas Supply District (The)                                           | Southeast Alabama Gas Supply District (The)                                           | CUSIP: 84131TAR3<br>LEI: 549300BL04JIB2GJZ178 | Long             | STIV             | MUN               | US        |   1710000 | PA      | $1682614.86   | 0.19%             | 2049-06-01      | Floating      | 3.61%                 | No            | 2                  | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                             | Maryland Health & Higher Educational Facilities Authority                             | CUSIP: 5742184J9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $916279.70    | 0.10%             | 2048-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Painted Prairie Public Improvement Authority                                          | Painted Prairie Public Improvement Authority                                          | CUSIP: 69578NAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $939340.10    | 0.11%             | 2039-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                              | Metropolitan Pier & Exposition Authority                                              | CUSIP: 592247GA2<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $775652.60    | 0.09%             | 2029-06-15      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Southwestern Illinois Development Authority                                           | Southwestern Illinois Development Authority                                           | CUSIP: 84553AAD4<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031249.20   | 0.12%             | 2043-11-01      | Fixed         | 7.12%                 | No            | 2                  | On Loan: No      |
| Chesapeake Bay Bridge & Tunnel District                                               | Chesapeake Bay Bridge & Tunnel District                                               | CUSIP: 16514PAD1<br>LEI: 549300JGWE66ZSSOYN09 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002858.00   | 0.11%             | 2046-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Chicago O'Hare International Airport                                                  | Chicago O'Hare International Airport                                                  | CUSIP: 167593SV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2522611.75   | 0.29%             | 2046-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Allegheny County Industrial Development Authority                                     | Allegheny County Industrial Development Authority                                     | CUSIP: 01730CAK4<br>LEI: 5493001680EYSTWFLS08 | Long             | DBT              | MUN               | US        |     95000 | PA      | $95811.64     | 0.01%             | 2038-07-15      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| County of St Lucie FL                                                                 | County of St Lucie                                                                    | CUSIP: 792070BH6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    500000 | PA      | $500000.00    | 0.06%             | 2028-09-01      | Variable      | 3.55%                 | No            | 2                  | On Loan: No      |
| Escrow OHST Water Development Revenue                                                 | Escrow OHST Water Development Revenue                                                 | CUSIP: 677ESCAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $0.00         | 0.00%             | 2023-12-01      | Fixed         | 3.75%                 | No            | 2                  | On Loan: No      |
| City of Fresno CA Airport Revenue                                                     | City of Fresno CA Airport Revenue                                                     | CUSIP: 358100EQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $643864.64    | 0.07%             | 2027-07-01      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| Philadelphia Authority for Industrial Development                                     | Philadelphia Authority for Industrial Development                                     | CUSIP: 71781XDC4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $925513.80    | 0.11%             | 2047-11-01      | Fixed         | 6.60%                 | No            | 2                  | On Loan: No      |
| Macon County School District No. 61 Decatur                                           | Macon County School District No. 61 Decatur                                           | CUSIP: 555597HR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000163.30   | 0.11%             | 2040-01-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                            | CUSIP: 45204EFA1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    315000 | PA      | $334488.33    | 0.04%             | 2034-02-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Maine Municipal Bond Bank                                                             | Maine Municipal Bond Bank                                                             | CUSIP: 56045RYX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1661605.81   | 0.19%             | 2031-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Summit Academy/MI                                                                     | Summit Academy                                                                        | CUSIP: 86589HAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $449169.85    | 0.05%             | 2035-11-01      | Fixed         | 6.38%                 | No            | 2                  | On Loan: No      |
| Las Vegas Convention & Visitors Authority                                             | Las Vegas Convention & Visitors Authority                                             | CUSIP: 51771FAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041956.40   | 0.12%             | 2043-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Rhode Island Commerce Corp.                                                           | Rhode Island Commerce Corp.                                                           | CUSIP: 76218NAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1560447.84   | 0.18%             | 2041-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74445QCU2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      6528 | PA      | $53.04        | 0.00%             | 2065-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Tennergy Corp.                                                                        | Tennergy Corp.                                                                        | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058551.90   | 0.12%             | 2053-10-01      | Variable      | 5.50%                 | No            | 2                  | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                        | Buckeye Tobacco Settlement Financing Authority                                        | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $869287.20    | 0.10%             | 2055-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| King County School District No. 406 Tukwila                                           | King County School District No. 406 Tukwila                                           | CUSIP: 495116JG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2190000 | PA      | $2285056.95   | 0.26%             | 2030-12-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                            | Pennsylvania Turnpike Commission Oil Franchise Tax                                    | CUSIP: 709221VJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045804.00   | 0.12%             | 2043-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Clark County School District No. 114 Evergreen                                        | Clark County School District No. 114 Evergreen                                        | CUSIP: 181234M93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2085581.00   | 0.24%             | 2034-12-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74445QCN8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      6933 | PA      | $77.37        | 0.00%             | 2059-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Collegiate Charter School of Lowell                                                   | Collegiate Charter School of Lowell                                                   | CUSIP: 547649AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $117105.88    | 0.01%             | 2039-06-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                            | CUSIP: 45204FNM3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $866797.70    | 0.10%             | 2043-08-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Illinois State University                                                             | Illinois State University                                                             | CUSIP: 452272E78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1103925.00   | 0.13%             | 2033-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                     | City & County of Denver                                                               | CUSIP: 249182QP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1102433.90   | 0.13%             | 2038-11-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| State of Illinois                                                                     | State of Illinois                                                                     | CUSIP: 452153AQ2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    660000 | PA      | $665455.89    | 0.08%             | 2036-03-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Utility Debt Securitization Authority                                                 | Utility Debt Securitization Authority                                                 | CUSIP: 91802RAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254676.53    | 0.03%             | 2031-12-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New York Liberty Development Corp.                                                    | New York Liberty Development Corp.                                                    | CUSIP: 649519DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1947255.20   | 0.22%             | 2040-11-15      | Fixed         | 5.38%                 | Yes           | 2                  | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp.                                             | CUSIP: 650116AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1703002.35   | 0.19%             | 2050-01-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| City of Long Beach NY                                                                 | City of Long Beach                                                                    | CUSIP: 542519CV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1089305.52   | 0.12%             | 2027-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| University of Illinois                                                                | University of Illinois                                                                | CUSIP: 914353U47<br>LEI: 549300VD8PPC4Q5HK850 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1462387.05   | 0.17%             | 2036-04-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| County of Hillsborough FL                                                             | County of Hillsborough                                                                | CUSIP: 432299AV7<br>LEI: 549300L0R7XNYJEJGF23 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2448878.13   | 0.28%             | 2038-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Town of Rumford ME                                                                    | Town of Rumford                                                                       | CUSIP: 781433AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502255.25    | 0.06%             | 2026-10-01      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| California Statewide Communities Development Authority                                | California Statewide Communities Development Authority                                | CUSIP: 13080SCJ1<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    850000 | PA      | $887126.13    | 0.10%             | 2043-10-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Arizona Industrial Development Authority                                              | Arizona Industrial Development Authority                                              | CUSIP: 04052BQW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $269352.62    | 0.03%             | 2061-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Wildwood Utility Dependent District                                                   | Wildwood Utility Dependent District                                                   | CUSIP: 968214AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $842821.13    | 0.10%             | 2036-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                        | New Jersey Transportation Trust Fund Authority                                        | CUSIP: 646136U74<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    805000 | PA      | $807455.25    | 0.09%             | 2044-06-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                | Maine Health & Higher Educational Facilities Authority                                | CUSIP: 56042RGC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1615000 | PA      | $1694800.54   | 0.19%             | 2035-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74445QCH1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      7338 | PA      | $104.85       | 0.00%             | 2054-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74445QCF5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      7490 | PA      | $118.74       | 0.00%             | 2052-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                                    | City of Houston                                                                       | CUSIP: 44244CJ57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1252128.35   | 0.14%             | 2029-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Massachusetts Development Finance Agency                                              | Massachusetts Development Finance Agency                                              | CUSIP: 57584XFW6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010449.00   | 0.12%             | 2045-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Onondaga Civic Development Corp.                                                      | Onondaga Civic Development Corp.                                                      | CUSIP: 682832DA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $235840.83    | 0.03%             | 2040-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| King County School District No. 210 Federal Way                                       | King County School District No. 210 Federal Way                                       | CUSIP: 494890B62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2215000 | PA      | $2305581.98   | 0.26%             | 2033-12-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Pennsylvania Turnpike Commission                                                      | Pennsylvania Turnpike Commission                                                      | CUSIP: 709225GL4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    500000 | PA      | $537798.00    | 0.06%             | 2052-12-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Rampart Range Metropolitan District No. 1                                             | Rampart Range Metropolitan District No. 1                                             | CUSIP: 75157TAA7<br>LEI: 549300YG458KQEHMQF33 | Long             | DBT              | MUN               | US        |    425000 | PA      | $452284.66    | 0.05%             | 2042-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                  | Triborough Bridge & Tunnel Authority                                                  | CUSIP: 89602N4C5<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1543859.25   | 0.18%             | 2045-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Lathrop CA                                                                    | City of Lathrop                                                                       | CUSIP: 51825PBH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $934871.30    | 0.11%             | 2049-09-01      | Fixed         | 5.60%                 | No            | 2                  | On Loan: No      |
| New Jersey Turnpike Authority                                                         | New Jersey Turnpike Authority                                                         | CUSIP: 646140EU3<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1896563.90   | 0.22%             | 2052-01-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| County of Burleigh ND                                                                 | County of Burleigh                                                                    | CUSIP: 12139LAA0<br>LEI: 549300O9YPNGKFXM8354 | Long             | DBT              | MUN               | US        |    500000 | PA      | $489732.00    | 0.06%             | 2026-04-15      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| Copper Ridge Metropolitan District                                                    | Copper Ridge Metropolitan District                                                    | CUSIP: 217558AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $450109.40    | 0.05%             | 2039-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| County of Hamilton OH                                                                 | County of Hamilton                                                                    | CUSIP: 407272V91<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1124184.50   | 0.13%             | 2041-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                 | Pennsylvania Economic Development Financing Authority                                 | CUSIP: 708686EM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $268362.84    | 0.03%             | 2040-12-01      | Fixed         | 10.00%                | Yes           | 2                  | On Loan: No      |
| Henderson Public Improvement Trust/NV                                                 | Henderson Public Improvement Trust                                                    | CUSIP: 42521RAS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037153.00   | 0.12%             | 2034-01-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority                                                    | CUSIP: 64990FKY9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058760.80   | 0.12%             | 2041-03-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Garland TX Electric Utility System Revenue                                    | City of Garland                                                                       | CUSIP: 366133RN8<br>LEI: 549300O5KXJ5HAWVEN53 | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1235380.33   | 0.14%             | 2038-03-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| East Hempfield Township Industrial Development Authority                              | East Hempfield Township Industrial Development Authority                              | CUSIP: 273007CN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $272300.27    | 0.03%             | 2039-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Lyons-Decatur Northeast Schools                                                       | Lyons-Decatur Northeast Schools                                                       | CUSIP: 122873AW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077048.00   | 0.12%             | 2052-12-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| City of Middleburg Heights OH                                                         | City of Middleburg Heights                                                            | CUSIP: 596126DQ2<br>LEI: 549300YPL4J3W5PGVS22 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $928729.00    | 0.11%             | 2041-08-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Pennsylvania Turnpike Commission                                                      | Pennsylvania Turnpike Commission                                                      | CUSIP: 709225BB1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $927981.40    | 0.11%             | 2045-12-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| University of Wisconsin Hospitals & Clinics                                           | University of Wisconsin Hospitals & Clinics                                           | CUSIP: 915260DG5<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034804.50   | 0.12%             | 2043-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Pico Rivera Water Authority                                                           | Pico Rivera Water Authority                                                           | CUSIP: 719889AS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1610271.40   | 0.18%             | 2029-05-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                        | Metropolitan Nashville Airport Authority (The)                                        | CUSIP: 592190QY1<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045295.00   | 0.12%             | 2047-07-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| City of Shakopee MN Senior Housing Revenue                                            | City of Shakopee MN Senior Housing Revenue                                            | CUSIP: 81919TAA4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1720000 | PA      | $1691382.64   | 0.19%             | 2058-11-01      | Variable      | 5.85%                 | Yes           | 2                  | On Loan: No      |
| Hillsborough County Aviation Authority                                                | Hillsborough County Aviation Authority                                                | CUSIP: 432308H64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2046109.20   | 0.23%             | 2043-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Will County Community High School District No. 210 Lincoln-Way                        | Will County Community High School District No. 210 Lincoln-Way                        | CUSIP: 969073MN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.11%             | 2027-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| County of San Bernardino CA                                                           | County of San Bernardino                                                              | CUSIP: 796844SH2<br>LEI: 254900RTS8DDNPA7MX91 | Long             | DBT              | MUN               | US        |    700000 | PA      | $634954.67    | 0.07%             | 2042-09-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| N/A                                                                                   | U.S. Treasury Long Bond                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -5 | NC      | $27800.75     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Industrial Development Authority of the City of Phoenix (The)                         | Industrial Development Authority of the City of Phoenix (The)                         | CUSIP: 71885MBH4<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    645000 | PA      | $670030.90    | 0.08%             | 2036-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Foothill-Eastern Transportation Corridor Agency                                       | Foothill-Eastern Transportation Corridor Agency                                       | CUSIP: 345105JJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1177830.88   | 0.13%             | 2043-01-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Kentucky Municipal Power Agency                                                       | Kentucky Municipal Power Agency                                                       | CUSIP: 491501EL2<br>LEI: 2549001MTI3IE05Z7959 | Long             | DBT              | MUN               | US        |    765000 | PA      | $816127.47    | 0.09%             | 2032-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Hampshire Business Finance Authority                                              | New Hampshire Business Finance Authority                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | MUN               | US        |    478944 | PA      | $464702.35    | 0.05%             | 2034-01-20      | Fixed         | 4.12%                 | No            | 2                  | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                 | Pennsylvania Economic Development Financing Authority                                 | CUSIP: 70868YAZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048783.50   | 0.12%             | 2062-12-31      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| South Tahoe Joint Powers Financing Authority                                          | South Tahoe Joint Powers Financing Authority                                          | CUSIP: 84049BHK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013308.20   | 0.12%             | 2034-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74445QCM0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      6984 | PA      | $81.62        | 0.00%             | 2058-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74446HAB5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $830492.70    | 0.09%             | 2037-12-01      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority                                                  | CUSIP: 19648FWU4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $514100.85    | 0.06%             | 2052-11-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority                                                            | CUSIP: 594479BT3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    275000 | PA      | $239232.51    | 0.03%             | 2029-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Philadelphia Authority for Industrial Development                                     | Philadelphia Authority for Industrial Development                                     | CUSIP: 71781XAP8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506708.45    | 0.06%             | 2033-06-15      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| Peralta Community College District                                                    | Peralta Community College District                                                    | CUSIP: 713575YS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $850239.96    | 0.10%             | 2039-08-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| State of Illinois                                                                     | State of Illinois                                                                     | CUSIP: 452152Q61<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031148.60   | 0.12%             | 2026-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Calexico Unified School District                                                      | Calexico Unified School District                                                      | CUSIP: 129577LU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $969825.54    | 0.11%             | 2052-08-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| FSU Financial Assistance, Inc.                                                        | FSU Financial Assistance, Inc.                                                        | CUSIP: 302644ED7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001529.30   | 0.11%             | 2030-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                    | Tobacco Settlement Financing Corp.                                                    | CUSIP: 888808HM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1655765.54   | 0.19%             | 2036-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Carson City NV                                                                        | Carson City NV                                                                        | CUSIP: 145810DT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $244863.34    | 0.03%             | 2037-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| California Community Choice Financing Authority                                       | California Community Choice Financing Authority                                       | CUSIP: 13013JBJ4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    500000 | PA      | $497659.40    | 0.06%             | 2053-05-01      | Variable      | 4.00%                 | No            | 2                  | On Loan: No      |
| Scranton-Lackawanna Health and Welfare Authority                                      | Scranton-Lackawanna Health and Welfare Authority                                      | CUSIP: 810694L72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $883049.80    | 0.10%             | 2046-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Central Texas Regional Mobility Authority                                             | Central Texas Regional Mobility Authority                                             | CUSIP: 155498AV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $919419.76    | 0.10%             | 2027-01-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| San Antonio Independent School District/TX                                            | San Antonio Independent School District                                               | CUSIP: 796269ZZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1816405.15   | 0.21%             | 2048-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Washington Convention & Sports Authority                                              | Washington Convention & Sports Authority                                              | CUSIP: 93878LCH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508435.85    | 0.06%             | 2035-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Susquehanna Area Regional Airport Authority                                           | Susquehanna Area Regional Airport Authority                                           | CUSIP: 86909RBG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $285593.47    | 0.03%             | 2035-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Clifton Higher Education Finance Corp.                                                | Clifton Higher Education Finance Corp.                                                | CUSIP: 187145CE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1399803.15   | 0.16%             | 2049-12-01      | Fixed         | 4.60%                 | No            | 2                  | On Loan: No      |
| New York Liberty Development Corp.                                                    | New York Liberty Development Corp.                                                    | CUSIP: 649519EL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $567081.37    | 0.06%             | 2042-02-15      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| New York Counties Tobacco Trust VI                                                    | New York Counties Tobacco Trust VI                                                    | CUSIP: 64945JAZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $626202.16    | 0.07%             | 2035-06-01      | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                           | New Hampshire Health and Education Facilities Authority Act                           | CUSIP: 64461XFR1<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    215000 | PA      | $227193.21    | 0.03%             | 2037-08-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| South Jersey Port Corp.                                                               | South Jersey Port Corp.                                                               | CUSIP: 838530RF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016702.90   | 0.12%             | 2037-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                           | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     61305 | PA      | $62535.44     | 0.01%             | 2027-07-01      | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                              | New Jersey Higher Education Student Assistance Authority                              | CUSIP: 646080TV3<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    500000 | PA      | $538845.75    | 0.06%             | 2028-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74447DAB3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $483225.85    | 0.06%             | 2042-02-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                           | CUSIP: 74514L3F2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     61865 | PA      | $62374.52     | 0.01%             | 2025-07-01      | Fixed         | 5.38%                 | No            | 2                  | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                               | City of Philadelphia, Airport Revenue                                                 | CUSIP: 717817WU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $924392.70    | 0.11%             | 2040-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| State of Washington                                                                   | State of Washington                                                                   | CUSIP: 93974EAP1<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1868057.81   | 0.21%             | 2036-08-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Chicago Transit Authority Sales Tax Receipts Fund                                     | Chicago Transit Authority Sales Tax Receipts Fund                                     | CUSIP: 16772PDK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1885000 | PA      | $1925724.86   | 0.22%             | 2046-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Mediterra South Community Development District                                        | Mediterra South Community Development District                                        | CUSIP: 58500YAX6<br>LEI: 549300K93D7HYW1USW52 | Long             | DBT              | MUN               | US        |    385000 | PA      | $379436.71    | 0.04%             | 2034-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Anaheim Public Financing Authority                                                    | Anaheim Public Financing Authority                                                    | CUSIP: 03255LGV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $659147.46    | 0.08%             | 2046-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| BlackRock Long-Term Municipal Advantage Trust                                         | BlackRock Long-Term Municipal Advantage Trust                                         | CUSIP: 09250B103<br>LEI: G3XW7SJTEWPATVFP0M68 | Long             |  | RF                | US        |     18027 | NS      | $169453.80    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                                    | Southeastern Pennsylvania Transportation Authority                                    | CUSIP: 842039DW6<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |   2090000 | PA      | $2266811.91   | 0.26%             | 2029-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                        | New Jersey Transportation Trust Fund Authority                                        | CUSIP: 64613CAE8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $448313.70    | 0.05%             | 2042-06-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Harbor Point Infrastructure Improvement District                                      | Harbor Point Infrastructure Improvement District                                      | CUSIP: 41154VAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $971014.90    | 0.11%             | 2039-04-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                              | Metropolitan Pier & Exposition Authority                                              | CUSIP: 592250DM3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1323792.86   | 0.15%             | 2050-06-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                     | City & County of Denver CO Airport System Revenue                                     | CUSIP: 249182LX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2072993.80   | 0.24%             | 2043-12-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Virginia Small Business Financing Authority                                           | Virginia Small Business Financing Authority                                           | CUSIP: 928104PS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $447673.05    | 0.05%             | 2040-01-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Kentucky Economic Development Finance Authority                                       | Kentucky Economic Development Finance Authority                                       | CUSIP: 49126KKF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1354739.18   | 0.15%             | 2045-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Stonebrier Community Development District                                             | Stonebrier Community Development District                                             | CUSIP: 861779AN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101422.74    | 0.01%             | 2037-05-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                           | Connecticut State Health & Educational Facilities Authority                           | CUSIP: 20775DGX4<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    375000 | PA      | $417381.38    | 0.05%             | 2033-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Texas Transportation Commission State Highway 249 System                              | Texas Transportation Commission State Highway 249 System                              | CUSIP: 88283NAK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $440589.49    | 0.05%             | 2040-08-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue                   | Metropolitan Washington Airports Authority Dulles Toll Road Revenue                   | CUSIP: 592643CY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $730167.90    | 0.08%             | 2035-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| City of Houston TX Airport System Revenue                                             | City of Houston                                                                       | CUSIP: 442349GA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1275730.80   | 0.15%             | 2041-07-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Putnam County Development Authority/FL                                                | Putnam County Development Authority                                                   | CUSIP: 746507AV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $727054.91    | 0.08%             | 2042-03-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Santa Ana Financing Authority                                                         | Santa Ana Financing Authority                                                         | CUSIP: 801109BH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $222071.29    | 0.03%             | 2024-07-01      | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| Black Belt Energy Gas District                                                        | Black Belt Energy Gas District                                                        | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $2033787.02   | 0.23%             | 2053-02-01      | Variable      | 5.25%                 | No            | 2                  | On Loan: No      |
| Perris Union High School District                                                     | Perris Union High School District                                                     | CUSIP: 714398KX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $880217.30    | 0.10%             | 2037-09-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Onondaga Civic Development Corp.                                                      | Onondaga Civic Development Corp.                                                      | CUSIP: 682832DB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $497370.10    | 0.06%             | 2045-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Washington State Convention Center Public Facilities District                         | Washington State Convention Center Public Facilities District                         | CUSIP: 93976ADW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $988749.50    | 0.11%             | 2058-07-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Iowa Finance Authority                                                                | Iowa Finance Authority                                                                | CUSIP: 46246SAE5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1431180.32   | 0.16%             | 2042-08-01      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| Hempstead Town Local Development Corp.                                                | Hempstead Town Local Development Corp.                                                | CUSIP: 424685AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $739798.80    | 0.08%             | 2051-02-01      | Fixed         | 4.60%                 | No            | 2                  | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                           | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     42853 | PA      | $35166.26     | 0.00%             | 2037-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| SA Energy Acquisition Public Facility Corp.                                           | SA Energy Acquisition Public Facility Corp.                                           | CUSIP: 785138AV0<br>LEI: 5493006HRL5XH4QOE746 | Long             | DBT              | MUN               | US        |    290000 | PA      | $306276.77    | 0.03%             | 2027-08-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                            | CUSIP: 45204EJR0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2032758.40   | 0.23%             | 2034-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| City of Chicago IL                                                                    | City of Chicago                                                                       | CUSIP: 16752QAU2<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    800000 | PA      | $800434.72    | 0.09%             | 2028-04-15      | Fixed         | 4.83%                 | Yes           | 2                  | On Loan: No      |
| University of South Carolina                                                          | University of South Carolina                                                          | CUSIP: 914849HP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3170623.20   | 0.36%             | 2043-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Mission Economic Development Corp.                                                    | Mission Economic Development Corp.                                                    | CUSIP: 605156AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $482013.15    | 0.05%             | 2031-10-01      | Fixed         | 4.62%                 | Yes           | 2                  | On Loan: No      |
| City of Deephaven MN                                                                  | City of Deephaven                                                                     | CUSIP: 24380HAR3<br>LEI: 5493005IOLNBTFT2MD86 | Long             | DBT              | MUN               | US        |    250000 | PA      | $246472.25    | 0.03%             | 2040-07-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Grand Parkway Transportation Corp.                                                    | Grand Parkway Transportation Corp.                                                    | CUSIP: 38611TBP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062888.00   | 0.12%             | 2038-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| N/A                                                                                   | U.S. Treasury 10 Year Ultra Note                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -40 | NC      | $145918.60    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Lincoln Park Metropolitan District                                                    | Lincoln Park Metropolitan District                                                    | CUSIP: 534550BE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1910733.35   | 0.22%             | 2042-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue                                | Triborough Bridge & Tunnel Authority Sales Tax                                        | CUSIP: 896035BD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1096372.60   | 0.12%             | 2052-05-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Arlington Higher Education Finance Corp.                                              | Arlington Higher Education Finance Corp.                                              | CUSIP: 041806PT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $74952.53     | 0.01%             | 2048-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Lathrop CA                                                                    | City of Lathrop                                                                       | CUSIP: 518252EU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507231.00    | 0.06%             | 2040-09-02      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Jersey Economic Development Authority                                             | New Jersey Economic Development Authority                                             | CUSIP: 64577BM84<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103353.27    | 0.01%             | 2032-07-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Port Authority of New York & New Jersey                                               | Port Authority of New York & New Jersey                                               | CUSIP: 73358WZH0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   4535000 | PA      | $4716526.98   | 0.54%             | 2041-10-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                  | New Hope Cultural Education Facilities Finance Corp.                                  | CUSIP: 64542RCL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025663.60   | 0.12%             | 2039-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Port of Seattle WA                                                                    | Port of Seattle                                                                       | CUSIP: 735389V96<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    500000 | PA      | $514778.70    | 0.06%             | 2047-08-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Las Vegas Valley Water District                                                       | Las Vegas Valley Water District                                                       | CUSIP: 5178406B5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2025000 | PA      | $2079156.60   | 0.24%             | 2039-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp.                                             | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1917375.80   | 0.22%             | 2046-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74445QCP3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      6882 | PA      | $72.41        | 0.00%             | 2060-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| King County School District No. 406 Tukwila                                           | King County School District No. 406 Tukwila                                           | CUSIP: 495116HT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1626317.94   | 0.19%             | 2031-12-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| State of California                                                                   | State of California                                                                   | CUSIP: 13063DQ68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    855000 | PA      | $951130.39    | 0.11%             | 2042-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                             | Maryland Health & Higher Educational Facilities Authority                             | CUSIP: 574218XZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008945.60   | 0.12%             | 2040-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                           | Metropolitan Washington Airports Authority Aviation Revenue                           | CUSIP: 592647DC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1467748.63   | 0.17%             | 2036-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Denver Convention Center Hotel Authority                                              | Denver Convention Center Hotel Authority                                              | CUSIP: 249189DN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506558.05    | 0.06%             | 2034-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| State of Hawaii Airports System Revenue                                               | State of Hawaii Airports System Revenue                                               | CUSIP: 419794A51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012809.30   | 0.12%             | 2048-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                               | Puerto Rico Sales Tax Financing Corp. Sales Tax                                       | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2000000 | PA      | $1820860.00   | 0.21%             | 2058-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Jersey Economic Development Authority                                             | New Jersey Economic Development Authority                                             | CUSIP: 645912DT0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    350000 | PA      | $351843.52    | 0.04%             | 2049-10-01      | Fixed         | 6.30%                 | Yes           | 2                  | On Loan: No      |
| BlackRock MuniYield Quality Fund, Inc.                                                | BlackRock MuniYield Quality Fund, Inc.                                                | CUSIP: 09254F100<br>LEI: TFKEE3VA3GBE5LOK5U77 | Long             |  | RF                | US        |     29817 | NS      | $345877.20    | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Delaware State Economic Development Authority                                         | Delaware State Economic Development Authority                                         | CUSIP: 246387RM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031992.70   | 0.12%             | 2035-09-01      | Fixed         | 6.75%                 | Yes           | 2                  | On Loan: No      |
| Development Authority of Burke County (The)                                           | Development Authority of Burke County (The)                                           | CUSIP: 121342PP8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $999668.50    | 0.11%             | 2045-11-01      | Variable      | 3.00%                 | No            | 2                  | On Loan: No      |
| Lee County Industrial Development Authority/FL                                        | Lee County Industrial Development Authority                                           | CUSIP: 52349KBL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99995.72     | 0.01%             | 2042-06-15      | Fixed         | 5.75%                 | Yes           | 2                  | On Loan: No      |
| State of Illinois Sales Tax Revenue                                                   | State of Illinois Sales Tax                                                           | CUSIP: 452227MD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2032413.00   | 0.23%             | 2030-06-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Georgia Ports Authority                                                               | Georgia Ports Authority                                                               | CUSIP: 373586HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $823401.15    | 0.09%             | 2047-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New York City Municipal Water Finance Authority                                       | New York City Municipal Water Finance Authority                                       | CUSIP: 64972GPZ1<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2025000 | PA      | $2109283.74   | 0.24%             | 2048-06-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Kansas City MO Sanitary Sewer System Revenue                                  | City of Kansas City MO Sanitary Sewer System Revenue                                  | CUSIP: 48507TGM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $757479.58    | 0.09%             | 2032-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Authority | Louisiana Local Government Environmental Facilities & Community Development Authority | CUSIP: 54628CEP3<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022011.10   | 0.12%             | 2043-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                               | Knox County Health Educational & Housing Facility Board                               | CUSIP: 49952MCG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $21150.00     | 0.00%             | 2034-05-01      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| Private Colleges & Universities Authority                                             | Private Colleges & Universities Authority                                             | CUSIP: 74265L2K3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053916.90   | 0.12%             | 2051-10-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Salt Verde Financial Corp.                                                            | Salt Verde Financial Corp.                                                            | CUSIP: 79575EAR9<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   1995000 | PA      | $2086303.77   | 0.24%             | 2032-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| North Sumter County Utility Dependent District                                        | North Sumter County Utility Dependent District                                        | CUSIP: 66272REG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047208.00   | 0.12%             | 2052-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Heritage Todd Creek Metropolitan District                                             | Heritage Todd Creek Metropolitan District                                             | CUSIP: 427257AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750815.03    | 0.09%             | 2044-12-01      | Fixed         | 6.12%                 | No            | 2                  | On Loan: No      |
| City of Peoria AZ                                                                     | City of Peoria                                                                        | CUSIP: 712838UA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1241500.00   | 0.14%             | 2033-07-15      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority                                                            | CUSIP: 59447PH20<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1481638.86   | 0.17%             | 2036-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                  | Colorado Educational & Cultural Facilities Authority                                  | CUSIP: 19645RZ53<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055764.50   | 0.12%             | 2037-12-15      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Territory of Guam                                                                     | Territory of Guam                                                                     | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    250000 | PA      | $218710.30    | 0.02%             | 2042-01-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| California Statewide Communities Development Authority                                | California Statewide Communities Development Authority                                | CUSIP: 13080SEX8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004714.30   | 0.11%             | 2054-12-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74445QCG3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      7388 | PA      | $111.64       | 0.00%             | 2053-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Santa Monica-Malibu Unified School District                                           | Santa Monica-Malibu Unified School District                                           | CUSIP: 802498YR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $395981.40    | 0.05%             | 2044-08-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Allegheny County Higher Education Building Authority                                  | Allegheny County Higher Education Building Authority                                  | CUSIP: 01728RMS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $304302.47    | 0.03%             | 2037-10-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| San Joaquin Hills Transportation Corridor Agency                                      | San Joaquin Hills Transportation Corridor Agency                                      | CUSIP: 798111DE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $298521.73    | 0.03%             | 2034-01-15      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Wildwood Utility Dependent District                                                   | Wildwood Utility Dependent District                                                   | CUSIP: 968214BD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057981.50   | 0.12%             | 2046-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Michigan City School Building Corp.                                                   | Michigan City School Building Corp.                                                   | CUSIP: 594381GA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1960000 | PA      | $2014621.08   | 0.23%             | 2025-01-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Idaho Housing & Finance Association                                                   | Idaho Housing & Finance Association                                                   | CUSIP: 45129GDE2<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    370000 | PA      | $388299.50    | 0.04%             | 2039-07-01      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| Brookhaven Development Authority                                                      | Brookhaven Development Authority                                                      | CUSIP: 113073AW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $961263.80    | 0.11%             | 2044-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Hernando County School District                                                       | Hernando County School District                                                       | CUSIP: 42766MEK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065040.50   | 0.12%             | 2031-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                 | Pennsylvania Economic Development Financing Authority                                 | CUSIP: 708686EK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $268362.84    | 0.03%             | 2040-12-01      | Fixed         | 10.00%                | Yes           | 2                  | On Loan: No      |
| Town of Westlake TX                                                                   | Town of Westlake                                                                      | CUSIP: 96048SAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200004.18    | 0.02%             | 2035-09-01      | Fixed         | 6.12%                 | No            | 2                  | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                           | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     71485 | PA      | $38760.28     | 0.00%             | 2033-07-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Port of Tacoma WA                                                                     | Port of Tacoma                                                                        | CUSIP: 735439QH7<br>LEI: 549300MLYO8L64QKXV81 | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1527605.86   | 0.17%             | 2031-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority                                                            | CUSIP: 59447TSN4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $917161.30    | 0.10%             | 2048-11-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                                    | Rhode Island Health and Educational Building Corp.                                    | CUSIP: 762197E64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $574692.84    | 0.07%             | 2050-11-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                            | CUSIP: 45204EUT3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    425000 | PA      | $442958.59    | 0.05%             | 2027-08-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                          | Los Angeles Department of Water & Power Water System                                  | CUSIP: 544525C89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1098599.00   | 0.13%             | 2042-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Main Street Natural Gas, Inc.                                                         | Main Street Natural Gas, Inc.                                                         | CUSIP: 56035DCW0<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1093852.76   | 0.12%             | 2026-12-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Harvest Junction Metropolitan District                                                | Harvest Junction Metropolitan District                                                | CUSIP: 417536AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1010181.60   | 0.12%             | 2037-12-01      | Fixed         | 5.38%                 | No            | 2                  | On Loan: No      |
| State of California                                                                   | State of California                                                                   | CUSIP: 13063DB80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1308212.83   | 0.15%             | 2028-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Town of Westlake TX                                                                   | Town of Westlake                                                                      | CUSIP: 96048SAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $173830.49    | 0.02%             | 2025-09-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                | Maine Health & Higher Educational Facilities Authority                                | CUSIP: 56042RH47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $496057.10    | 0.06%             | 2039-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| La Paz County Industrial Development Authority                                        | La Paz County Industrial Development Authority                                        | CUSIP: 50376HAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $948980.40    | 0.11%             | 2038-06-15      | Fixed         | 5.75%                 | Yes           | 2                  | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                             | City of Salt Lake City, Airport Revenue                                               | CUSIP: 795576HM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023805.00   | 0.12%             | 2048-07-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Hannibal Industrial Development Authority                                             | Hannibal Industrial Development Authority                                             | CUSIP: 410632CN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $650999.10    | 0.07%             | 2042-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                        | New Jersey Transportation Trust Fund Authority                                        | CUSIP: 6461364X6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2078727.00   | 0.24%             | 2043-06-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Red River Health Facilities Development Corp.                                         | Red River Health Facilities Development Corp.                                         | CUSIP: 75687RAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $610000.00    | 0.07%             | 2047-12-15      | Fixed         | 7.25%                 | No            | 2                  | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                             | Maryland Health & Higher Educational Facilities Authority                             | CUSIP: 5742182Q5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1087549.14   | 0.12%             | 2045-05-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| PEFA, Inc.                                                                            | PEFA, Inc.                                                                            | CUSIP: 70556CAB0<br>LEI: 549300RSE249DJNRHY07 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512099.35    | 0.06%             | 2049-09-01      | Variable      | 5.00%                 | No            | 2                  | On Loan: No      |
| Greater Orlando Aviation Authority                                                    | Greater Orlando Aviation Authority                                                    | CUSIP: 392274R57<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1685266.55   | 0.19%             | 2046-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| State of Colorado                                                                     | State of Colorado                                                                     | CUSIP: 196711UY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1770429.75   | 0.20%             | 2040-12-15      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Invesco Trust for Investment Grade Municipals                                         | Invesco Trust for Investment Grade Municipals                                         | CUSIP: 46131M106<br>LEI: V0VF67S6NRLBDK357F71 | Long             |  | RF                | US        |     10819 | NS      | $108730.95    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Pioneer Municipal High Income Advantage Fund, Inc.                                    | Pioneer Municipal High Income Advantage Fund, Inc.                                    | CUSIP: 723762100<br>LEI: UE8ZNXHQH48NNA19I459 | Long             |  | RF                | US        |     37184 | NS      | $301190.40    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Port of Portland OR Airport Revenue                                                   | Port of Portland                                                                      | CUSIP: 735240T86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $435909.47    | 0.05%             | 2040-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Tacoma Consolidated Local Improvement Districts                                       | Tacoma Consolidated Local Improvement Districts                                       | CUSIP: 873472EH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $183222.08    | 0.02%             | 2043-04-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| TSASC, Inc./NY                                                                        | TSASC, Inc.                                                                           | CUSIP: 898526FQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    970000 | PA      | $872188.89    | 0.10%             | 2045-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Idaho Housing & Finance Association                                                   | Idaho Housing & Finance Association                                                   | CUSIP: 45129GDF9<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    415000 | PA      | $430081.27    | 0.05%             | 2049-07-01      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| Central Platte Valley Metropolitan District                                           | Central Platte Valley Metropolitan District                                           | CUSIP: 154876AZ9<br>LEI: 5493008TIE8XL32HT863 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507838.25    | 0.06%             | 2043-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Town of Davie FL                                                                      | Town of Davie                                                                         | CUSIP: 23867PBU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2013378.60   | 0.23%             | 2048-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Southern California Public Power Authority                                            | Southern California Public Power Authority                                            | CUSIP: 842471AX2<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    565000 | PA      | $603204.57    | 0.07%             | 2029-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Muskogee Industrial Trust                                                             | Muskogee Industrial Trust                                                             | CUSIP: 62813NBC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1065739.27   | 0.12%             | 2032-09-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| City of Kansas City MO Sanitary Sewer System Revenue                                  | City of Kansas City MO Sanitary Sewer System Revenue                                  | CUSIP: 48507TGP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $386484.25    | 0.04%             | 2034-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74445QCA6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      7085 | PA      | $149.11       | 0.00%             | 2047-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Ocean Shores Local Improvement District                                               | Ocean Shores Local Improvement District                                               | CUSIP: 67501KAK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $71745.71     | 0.01%             | 2031-02-01      | Fixed         | 7.25%                 | No            | 2                  | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority                                                    | CUSIP: 65000BAS7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $456557.25    | 0.05%             | 2048-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| City of Chicago IL Wastewater Transmission Revenue                                    | City of Chicago                                                                       | CUSIP: 167727TP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1960000 | PA      | $1961402.38   | 0.22%             | 2028-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New York Liberty Development Corp.                                                    | New York Liberty Development Corp.                                                    | CUSIP: 649519DD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1507558.20   | 0.17%             | 2044-11-15      | Fixed         | 7.25%                 | Yes           | 2                  | On Loan: No      |
| Maricopa County Pollution Control Corp.                                               | Maricopa County Pollution Control Corp.                                               | CUSIP: 566854EM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $380715.90    | 0.04%             | 2035-06-01      | Fixed         | 2.40%                 | No            | 2                  | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                              | Metropolitan Pier & Exposition Authority                                              | CUSIP: 592250EW0<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    500000 | PA      | $436209.55    | 0.05%             | 2042-12-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Idaho Health Facilities Authority                                                     | Idaho Health Facilities Authority                                                     | CUSIP: 451295WA3<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    300000 | PA      | $302394.24    | 0.03%             | 2034-07-01      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| Commonwealth Financing Authority                                                      | Commonwealth Financing Authority                                                      | CUSIP: 20282EAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070046.70   | 0.12%             | 2035-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority                                                  | CUSIP: 19648FJZ8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $910721.40    | 0.10%             | 2039-08-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Sacramento City Financing Authority                                                   | Sacramento City Financing Authority, Series E                                         | CUSIP: 785849VB3<br>LEI: 549300D8GE38KYE3NW14 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2740194.75   | 0.31%             | 2026-12-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| California Health Facilities Financing Authority                                      | California Health Facilities Financing Authority                                      | CUSIP: 13032UYR3<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $963187.50    | 0.11%             | 2046-05-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| California School Finance Authority                                                   | California School Finance Authority                                                   | CUSIP: 13058TLK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105860.40    | 0.01%             | 2041-08-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Chicago Board of Education                                                            | Chicago Board of Education                                                            | CUSIP: 167510AC0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104981.63    | 0.01%             | 2034-04-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| Verve Metropolitan District No. 1                                                     | Verve Metropolitan District No. 1                                                     | CUSIP: 92538YAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $933828.80    | 0.11%             | 2041-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Montgomery County Higher Education and Health Authority                               | Montgomery County Higher Education and Health Authority                               | CUSIP: 613603YU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $680532.13    | 0.08%             | 2037-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                            | CUSIP: 45204EUS5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    700000 | PA      | $725121.18    | 0.08%             | 2026-08-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Chicago IL Wastewater Transmission Revenue                                    | City of Chicago IL Wastewater Transmission Revenue                                    | CUSIP: 167727WT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $675179.02    | 0.08%             | 2034-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Puerto Rico Electric Power Authority                                                  | Puerto Rico Electric Power Authority                                                  | CUSIP: 74526QA28<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |   2000000 | PA      | $1465000.00   | 0.17%             | 2042-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Texas Water Development Board                                                         | Texas Water Development Board                                                         | CUSIP: 8828548A3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1110659.80   | 0.13%             | 2041-08-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| California Pollution Control Financing Authority                                      | California Pollution Control Financing Authority                                      | CUSIP: 13054WAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999944.90    | 0.11%             | 2037-07-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| City of New York NY                                                                   | City of New York                                                                      | CUSIP: 64966QG53<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1112761.40   | 0.13%             | 2042-09-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                           | New Hampshire Health and Education Facilities Authority Act                           | CUSIP: 64461XBR5<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1136112.43   | 0.13%             | 2037-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Delaware Transportation Authority                                                     | Delaware Transportation Authority                                                     | CUSIP: 246430AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1521918.00   | 0.17%             | 2055-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| California School Finance Authority                                                   | California School Finance Authority                                                   | CUSIP: 13058TJC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1210407.63   | 0.14%             | 2040-06-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority                                                            | CUSIP: 59447TFG3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    500000 | PA      | $514296.55    | 0.06%             | 2035-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                                 | City of Chicago                                                                       | CUSIP: 167736C70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004647.50   | 0.11%             | 2044-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Chicago Board of Education                                                            | Chicago Board of Education                                                            | CUSIP: 167510AE6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058992.20   | 0.12%             | 2036-04-01      | Fixed         | 6.10%                 | No            | 2                  | On Loan: No      |
| Will County Community High School District No. 210 Lincoln-Way                        | Will County Community High School District No. 210 Lincoln-Way                        | CUSIP: 969073MW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $408728.32    | 0.05%             | 2031-01-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Washington Health Care Facilities Authority                                           | Washington Health Care Facilities Authority                                           | CUSIP: 93978HLK9<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1845550.80   | 0.21%             | 2038-03-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Chesapeake Hospital Authority                                                         | Chesapeake Hospital Authority                                                         | CUSIP: 16532VBN3<br>LEI: 549300MDFV8QY288K198 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984707.60    | 0.11%             | 2037-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| City of Chicago IL                                                                    | City of Chicago                                                                       | CUSIP: 167486ZY8<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    880000 | PA      | $928721.64    | 0.11%             | 2038-01-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| California Community Choice Financing Authority                                       | California Community Choice Financing Authority                                       | CUSIP: 13013JBM7<br>LEI: 549300X8VKJ215S2R571 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1005558.50   | 0.11%             | 2053-12-01      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| City of Kansas City MO Sanitary Sewer System Revenue                                  | City of Kansas City MO Sanitary Sewer System Revenue                                  | CUSIP: 48507TGK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $664813.08    | 0.08%             | 2030-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Las Vegas Convention & Visitors Authority                                             | Las Vegas Convention & Visitors Authority                                             | CUSIP: 51771FAU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $669467.03    | 0.08%             | 2049-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                            | CUSIP: 45203KAN5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    225000 | PA      | $214680.15    | 0.02%             | 2037-02-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| M-S-R Energy Authority                                                                | M-S-R Energy Authority                                                                | CUSIP: 55374SAB6<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |    300000 | PA      | $371029.32    | 0.04%             | 2034-11-01      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| Upper Illinois River Valley Development Authority                                     | Upper Illinois River Valley Development Authority                                     | CUSIP: 91588XAG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $526392.09    | 0.06%             | 2045-01-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| City of Atlantic Beach FL                                                             | City of Atlantic Beach                                                                | CUSIP: 048251BR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502282.15    | 0.06%             | 2043-11-15      | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| Danbury Higher Education Authority, Inc.                                              | Danbury Higher Education Authority, Inc.                                              | CUSIP: 236035BH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019548.20   | 0.12%             | 2043-08-15      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| California Municipal Finance Authority                                                | California Municipal Finance Authority                                                | CUSIP: 13048TR88<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034894.70   | 0.12%             | 2037-02-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Development Authority of Burke County (The)                                           | Development Authority of Burke County (The)                                           | CUSIP: 121342PL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $856147.70    | 0.10%             | 2045-11-01      | Fixed         | 4.12%                 | No            | 2                  | On Loan: No      |
| Oregon State Facilities Authority                                                     | Oregon State Facilities Authority                                                     | CUSIP: 68608JYM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $724340.95    | 0.08%             | 2046-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74445QCC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      6984 | PA      | $133.07       | 0.00%             | 2049-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority                                                  | CUSIP: 19648FKT0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1679990.20   | 0.19%             | 2049-08-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                            | CUSIP: 45201QDA9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    570000 | PA      | $576309.96    | 0.07%             | 2036-11-01      | Fixed         | 3.90%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74445QCE8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      7540 | PA      | $127.87       | 0.00%             | 2051-01-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| City of Akron OH                                                                      | City of Akron                                                                         | CUSIP: 010047ED6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $858325.16    | 0.10%             | 2026-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Pioneer Municipal High Income Fund Trust                                              | Pioneer Municipal High Income Fund Trust                                              | CUSIP: 723763108<br>LEI: 1SKUXW31ZFWF61CETQ82 | Long             |  | RF                | US        |    111999 | NS      | $960951.42    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| New Jersey Economic Development Authority                                             | New Jersey Economic Development Authority                                             | CUSIP: 64578CAG6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    170000 | PA      | $170431.53    | 0.02%             | 2023-09-15      | Fixed         | 5.12%                 | No            | 2                  | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                  | New Hope Cultural Education Facilities Finance Corp.                                  | CUSIP: 64542YAL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2212963.50   | 0.25%             | 2048-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| County of Clark NV                                                                    | County of Clark                                                                       | CUSIP: 180848XH1<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1613096.66   | 0.18%             | 2043-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                  | Triborough Bridge & Tunnel Authority                                                  | CUSIP: 89602HEQ6<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1134811.70   | 0.13%             | 2052-05-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                           | Metropolitan Washington Airports Authority Aviation Revenue                           | CUSIP: 592647EQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1858275.87   | 0.21%             | 2042-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Harlandale Independent School District                                                | Harlandale Independent School District                                                | CUSIP: 412707LM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1476259.85   | 0.17%             | 2042-08-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| DTF Tax-Free Income, Inc.                                                             | DTF Tax-Free Income, Inc.                                                             | CUSIP: 23334J107<br>LEI: 549300UTPMUSB8BKGI82 | Long             |  | RF                | US        |     11444 | NS      | $124854.04    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                             | Harris County Cultural Education Facilities Finance Corp.                             | CUSIP: 414009LW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3047017.50   | 0.35%             | 2036-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74442ECA6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    535000 | PA      | $536967.68    | 0.06%             | 2037-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                             | City of Salt Lake City                                                                | CUSIP: 795576LF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $939326.30    | 0.11%             | 2039-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Delaware Valley Regional Finance Authority                                            | Delaware Valley Regional Finance Authority                                            | CUSIP: 246579GC4<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |    315000 | PA      | $381511.68    | 0.04%             | 2032-07-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| Port of Seattle WA                                                                    | Port of Seattle                                                                       | CUSIP: 735389J33<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1538070.15   | 0.18%             | 2044-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                 | Pennsylvania Economic Development Financing Authority                                 | CUSIP: 708686EB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $125000.00    | 0.01%             | 2038-12-01      | Fixed         | 6.40%                 | No            | 2                  | On Loan: No      |
| Indian Creek Local School District                                                    | Indian Creek Local School District                                                    | CUSIP: 454146DT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2330000 | PA      | $2419898.86   | 0.28%             | 2055-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| San Marcos Public Facilities Authority                                                | San Marcos Public Facilities Authority                                                | CUSIP: 79876ADS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $995036.69    | 0.11%             | 2033-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| County of Tuscarawas OH                                                               | County of Tuscarawas                                                                  | CUSIP: 90069GAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $495117.30    | 0.06%             | 2045-03-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                            | CUSIP: 45204EUU0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $519968.50    | 0.06%             | 2028-08-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority                                                  | CUSIP: 19648A5G6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2010083.00   | 0.23%             | 2045-05-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Industrial Development Authority of the County of Yavapai (The)                       | Industrial Development Authority of the County of Yavapai (The)                       | CUSIP: 98521VAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $313267.30    | 0.04%             | 2042-03-01      | Fixed         | 5.12%                 | Yes           | 2                  | On Loan: No      |
| New Jersey Economic Development Authority                                             | New Jersey Economic Development Authority                                             | CUSIP: 64578JBB1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $967021.00    | 0.11%             | 2030-07-01      | Fixed         | 3.38%                 | No            | 2                  | On Loan: No      |
| City of Baltimore MD                                                                  | City of Baltimore                                                                     | CUSIP: 05921PCF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1343884.65   | 0.15%             | 2042-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Garfield County Educational Facilities Authority                                      | Garfield County Educational Facilities Authority                                      | CUSIP: 365716AV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060780.20   | 0.12%             | 2031-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Mackay Municipal Credit Opportunities Fund LP                                         | Mackay Municipal Credit Opportunities Fund LP                                         | CUSIP: N/A<br>LEI: 54930003LWSSQY5WZG16       | Long             |  | PF                | US        |      4857 | NS      | $25438325.93  | 2.90%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Western Asset Managed Municipals Fund, Inc.                                           | Western Asset Managed Municipals Fund, Inc.                                           | CUSIP: 95766M105<br>LEI: 549300HVO8EY2T8K4F73 | Long             |  | RF                | US        |     78923 | NS      | $794754.61    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| North Carolina Medical Care Commission                                                | North Carolina Medical Care Commission                                                | CUSIP: 65820YSL1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    715000 | PA      | $578038.03    | 0.07%             | 2046-09-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Pennsylvania Turnpike Commission                                                      | Pennsylvania Turnpike Commission                                                      | CUSIP: 709224ZY8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2088136.20   | 0.24%             | 2037-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                           | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     55548 | PA      | $48283.11     | 0.01%             | 2033-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                | Maine Health & Higher Educational Facilities Authority                                | CUSIP: 56042RLD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075213.90   | 0.12%             | 2028-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| San Bernardino County Financing Authority                                             | San Bernardino County Financing Authority                                             | CUSIP: 796826BF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1687650.45   | 0.19%             | 2037-06-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| State of Illinois                                                                     | State of Illinois                                                                     | CUSIP: 452152VM0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1491750.60   | 0.17%             | 2039-02-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| California Health Facilities Financing Authority                                      | California Health Facilities Financing Authority                                      | CUSIP: 13032URP5<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3065723.10   | 0.35%             | 2048-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Invesco Municipal Trust                                                               | Invesco Municipal Trust                                                               | CUSIP: 46131J103<br>LEI: GKS5Y4B1VKHV66WSPK53 | Long             |  | RF                | US        |     21119 | NS      | $209078.10    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| South Jersey Transportation Authority                                                 | South Jersey Transportation Authority                                                 | CUSIP: 838536MM9<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |    350000 | PA      | $354542.20    | 0.04%             | 2041-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Village of Mount Pleasant WI                                                          | Village of Mount Pleasant                                                             | CUSIP: 622823AU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3107062.20   | 0.35%             | 2048-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                             | Maryland Health & Higher Educational Facilities Authority                             | CUSIP: 574218PJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2709042.03   | 0.31%             | 2038-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Iowa Finance Authority                                                                | Iowa Finance Authority                                                                | CUSIP: 46246SAU9<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $934436.00    | 0.11%             | 2050-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| California School Finance Authority                                                   | California School Finance Authority                                                   | CUSIP: 13058TLZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $903809.34    | 0.10%             | 2041-08-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| New Orleans Aviation Board                                                            | New Orleans Aviation Board                                                            | CUSIP: 64763KAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $535972.20    | 0.06%             | 2035-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority                                                            | CUSIP: 59447TGA5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030033.20   | 0.12%             | 2034-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74442EBF6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004250.80   | 0.11%             | 2045-07-01      | Fixed         | 5.62%                 | Yes           | 2                  | On Loan: No      |
| Louisiana Public Facilities Authority                                                 | Louisiana Public Facilities Authority                                                 | CUSIP: 54639UAA7<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    885000 | PA      | $890674.53    | 0.10%             | 2036-07-01      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| City of Chicago IL                                                                    | City of Chicago                                                                       | CUSIP: 167486VN6<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506432.90    | 0.06%             | 2040-01-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Round Lake IL Lakewood Grove Special Service Area No. 3 & 4                           | Round Lake IL Lakewood Grove Special Service Area No. 3 & 4                           | CUSIP: 77915CAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032211.10   | 0.12%             | 2033-03-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Miami-Dade County Industrial Development Authority                                    | Miami-Dade County Industrial Development Authority                                    | CUSIP: 59333ECR2<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |    320000 | PA      | $324393.73    | 0.04%             | 2044-09-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.                              | Texas Private Activity Bond Surface Transportation Corp.                              | CUSIP: 882667AJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1112265.40   | 0.13%             | 2040-12-31      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Greater Orlando Aviation Authority                                                    | Greater Orlando Aviation Authority                                                    | CUSIP: 392274F84<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000410.90   | 0.11%             | 2036-11-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| District of Columbia                                                                  | District of Columbia                                                                  | CUSIP: 25483VRM8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042219.90   | 0.12%             | 2033-04-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Howard County Housing Commission                                                      | Howard County Housing Commission                                                      | CUSIP: 442577BG6<br>LEI: 5493007CCS6UI1IIE878 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1614488.00   | 0.18%             | 2044-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Southwest Higher Education Authority, Inc.                                            | Southwest Higher Education Authority, Inc.                                            | CUSIP: 845040KC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $478742.75    | 0.05%             | 2042-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Massachusetts Educational Financing Authority                                         | Massachusetts Educational Financing Authority                                         | CUSIP: 57563RPY9<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066412.00   | 0.12%             | 2028-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                            | CUSIP: 45203HZS4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    550000 | PA      | $569379.36    | 0.06%             | 2042-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                | Maine Health & Higher Educational Facilities Authority                                | CUSIP: 56042RG97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506274.40    | 0.06%             | 2036-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                              | County of Miami-Dade                                                                  | CUSIP: 59333P4D7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502897.85    | 0.06%             | 2049-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| State of California                                                                   | State of California                                                                   | CUSIP: 13063DU89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $558349.25    | 0.06%             | 2042-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority                                                            | CUSIP: 45204FNF8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1312724.40   | 0.15%             | 2036-08-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| New Jersey Economic Development Authority                                             | New Jersey Economic Development Authority                                             | CUSIP: 6459165E3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037501.00   | 0.12%             | 2024-09-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Louisiana Public Facilities Authority                                                 | Louisiana Public Facilities Authority                                                 | CUSIP: 5463983G1<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028228.90   | 0.12%             | 2035-05-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                           | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     60594 | PA      | $45613.09     | 0.01%             | 2046-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                                 | New Jersey Health Care Facilities Financing Authority                                 | CUSIP: 64579F7P2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1183472.93   | 0.13%             | 2046-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New York Liberty Development Corp.                                                    | New York Liberty Development Corp.                                                    | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $910712.50    | 0.10%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Chattanooga-Hamilton County Hospital Authority                                        | Chattanooga-Hamilton County Hospital Authority                                        | CUSIP: 162362HY6<br>LEI: 549300BFNMBLLM3M6C70 | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1131792.17   | 0.13%             | 2044-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Alachua County Health Facilities Authority                                            | Alachua County Health Facilities Authority                                            | CUSIP: 010685KF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1342477.07   | 0.15%             | 2044-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Cathedral Pines Metropolitan District                                                 | Cathedral Pines Metropolitan District                                                 | CUSIP: 14918CAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $602357.14    | 0.07%             | 2031-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Virginia Small Business Financing Authority                                           | Virginia Small Business Financing Authority                                           | CUSIP: 928097AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1656508.88   | 0.19%             | 2052-12-31      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| George L Smith II Congress Center Authority                                           | George L Smith II Congress Center Authority                                           | CUSIP: 37255MAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $399155.70    | 0.05%             | 2054-01-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                           | CUSIP: 74514L3Q8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     18548 | PA      | $17198.20     | 0.00%             | 2024-07-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| City of Fishers IN Sewage Works Revenue                                               | City of Fishers                                                                       | CUSIP: 33803HGD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1333649.97   | 0.15%             | 2047-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                           | Metropolitan Washington Airports Authority Aviation Revenue                           | CUSIP: 5926467A5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $657904.47    | 0.07%             | 2044-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                           | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   1558579 | PA      | $1614760.63   | 0.18%             | 2031-07-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| California Health Facilities Financing Authority                                      | California Health Facilities Financing Authority                                      | CUSIP: 13032UNC8<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    155000 | PA      | $160970.49    | 0.02%             | 2036-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Paducah Electric Plant Board                                                          | Paducah Electric Plant Board                                                          | CUSIP: 695317DZ7<br>LEI: 549300XTPDPORT8VIQ62 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077794.50   | 0.12%             | 2035-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| State of Illinois                                                                     | State of Illinois                                                                     | CUSIP: 452153AB5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002147.40   | 0.11%             | 2023-03-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** Aspiriant Trust

**Signature:** Ben Schmidt

**Name of Signer:** Ben Schmidt

**Title:** Director