# EDGAR Filing Document

**Accession Number:** 0000879569
**File Stem:** 0001145549-23-008153
**Filing Date:** 2023-2
**Character Count:** 159466
**Document Hash:** 8c508957b6c4d1a1440c286b49f1672e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-008153.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001145549-23-008153

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes Fixed Income Securities, Inc.
- **CENTRAL INDEX KEY:** 0000879569
- **IRS NUMBER:** 251668690
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06447
- **FILM NUMBER:** 23652429

**BUSINESS ADDRESS:**
- **STREET 1:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086-7561
- **BUSINESS PHONE:** 8003417400

**MAIL ADDRESS:**
- **STREET 1:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086-7561

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED FIXED INCOME SECURITIES INC
- **DATE OF NAME CHANGE:** 20200616

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED HERMES FIXED INCOME SECURITIES INC
- **DATE OF NAME CHANGE:** 20200615

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED FIXED INCOME SECURITIES INC
- **DATE OF NAME CHANGE:** 20000810

## Series and Classes Contracts Data

### Federated Hermes Municipal Ultrashort Fund (Series ID: S000009738)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000026755 | Class A Shares       | FMUUX           |
| C000026756 | Institutional Shares | FMUSX           |
| C000212354 | Class R6 Shares      | FMULX           |

## Nport-Ex

Federated Hermes Municipal Ultrashort Fund

Portfolio of Investments

December 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—56.3% |  |
|  | **Alabama—6.0%** |  |
| $5000000 | Black Belt Energy Gas District, AL, Gas Prepay Revenue Bonds Project No. 4 (Series 2019A-1) TOBs, (Morgan Stanley <br> GTD), 4.000%, Mandatory Tender 12/1/2025<br>| $4944895 |
| &nbsp;&nbsp; 22500000<br><sup>1</sup> <br>| Black Belt Energy Gas District, AL, Gas Prepay Revenue Bonds Project No. 3 (Series 2018B-1) FRNs, (Goldman Sachs <br> Group, Inc. GTD), 3.660% (1-month USLIBOR x 0.67 +0.900%), Mandatory Tender 12/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22314301 |
| &nbsp;&nbsp;&nbsp; 4000000 | Black Belt Energy Gas District, AL, Gas Revenue Bonds Project No. 7 (Series 2021C-1) TOBs, (Goldman Sachs Group, Inc. <br> GTD), 4.000%, Mandatory Tender 12/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3950862 |
| &nbsp;&nbsp; 25500000<br><sup>1</sup> <br>| Black Belt Energy Gas District, AL, Gas Revenue Bonds Project No. 7 (Series 2021C-2) FRNs, (Goldman Sachs Group, Inc. <br> GTD), 4.010% (SIFMA 7-day +0.350%), Mandatory Tender 12/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24225334 |
| &nbsp;&nbsp;&nbsp; 3650000 | Selma, AL IDB (International Paper Co.), Gulf Opportunity Zone Revenue Refunding Bonds (Series 2019A) TOBs, 2.000%, <br> Mandatory Tender 10/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3512244 |
| &nbsp;&nbsp;&nbsp; 5250000 | Selma, AL IDB (International Paper Co.), Gulf Opportunity Zone Revenue Refunding Bonds (Series 2020A) TOBs, 1.375%, <br> Mandatory Tender 6/16/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4894152 |
| &nbsp;&nbsp; 30000000<br><sup>1</sup> <br>| Southeast Alabama Gas Supply District, Gas Supply Revenue Bonds Project No. 2 (Series 2018B) FRNs, (Morgan Stanley <br> GTD), 3.610% (1-month USLIBOR x 0.67 +0.850%), Mandatory Tender 6/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29515533 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93357321 |
|  | **Arizona—0.5%** |  |
| &nbsp;&nbsp;&nbsp; 4500000<br><sup>1</sup> <br>| Arizona Health Facilities Authority (Banner Health), (Series 2015B) FRNs, 3.910% (SIFMA 7-day +0.250%), Mandatory <br> Tender 11/4/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4347203 |
| &nbsp;&nbsp;&nbsp; 4000000 | Coconino County, AZ Pollution Control Corp. (Nevada Power Co.), Pollution Control Refunding Revenue Bonds <br> (Series 2017A) TOBs, 1.875%, Mandatory Tender 3/31/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3982483 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8329686 |
|  | **California—3.0%** |  |
| &nbsp;&nbsp;&nbsp; 7250000<br><sup>1</sup> <br>| Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (Series 2021B) FRNs, 3.940% <br> (SIFMA 7-day +0.280%), Mandatory Tender 4/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7252731 |
| &nbsp;&nbsp;&nbsp; 9000000<br><sup>1</sup> <br>| Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (Series 2021C) FRNs, 4.110% <br> (SIFMA 7-day +0.450%), Mandatory Tender 4/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8862513 |
| &nbsp;&nbsp;&nbsp; 7000000<br><sup>1</sup> <br>| Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (SIFMA Index Rate Bonds Series 2021D) <br> FRNs, 3.960% (SIFMA 7-day +0.300%), Mandatory Tender 4/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6803624 |
| &nbsp;&nbsp;&nbsp; 7000000<br><sup>1</sup> <br>| California Infrastructure & Economic Development Bank (California Academy of Sciences), Revenue Bonds (Series 2018D) <br> FRNs, 4.010% (SIFMA 7-day +0.350%), Mandatory Tender 8/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6902858 |
| &nbsp;&nbsp;&nbsp; 6750000<br><sup>1</sup> <br>| California Infrastructure & Economic Development Bank (Los Angeles County Museum of Art), Refunding Revenue Bonds <br> (Series 2021B) FRNs, 4.360% (SIFMA 7-day +0.700%), Mandatory Tender 6/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6510647 |
| &nbsp;&nbsp;&nbsp; 2000000<br><sup>2</sup> <br>| California Public Finance Authority (Kendal at Sonoma), Enso Village TEMPS-50 Senior Living Revenue Refunding Bonds <br> (Series B-3), 2.125%, 11/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1851621 |
| &nbsp;&nbsp;&nbsp; 3700000 | California State Pollution Control Financing Authority (American Water Capital Corp.), Revenue Refunding Bonds <br> (Series 2020) TOBs, 0.600%, Mandatory Tender 9/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3627575 |
| &nbsp;&nbsp;&nbsp; 2000000 | Western Placer, CA Unified School District, Community Facilities District No. 1 2020 Bond Anticipation Notes, <br> 2.000%, 6/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1919529 |
| &nbsp;&nbsp;&nbsp; 2730000 | Western Placer, CA Unified School District, Community Facilities District No. 2 2020 Bond Anticipation Notes, <br> 2.000%, 6/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2619625 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46350723 |
|  | **Colorado—1.0%** |  |
| &nbsp;&nbsp;&nbsp; 5000000<br><sup>1</sup> <br>| Colorado School of Mines Board of Trustees (Colorado School of Mines, CO), Institutional Enterprise Revenue Refunding <br> Bonds (Series 2022D) FRNs, 4.530% (SIFMA 7-day +0.870%), 12/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000008 |
| &nbsp;&nbsp;&nbsp; 6000000<br><sup>1</sup> <br>| Colorado State Health Facilities Authority (Intermountain Healthcare), Revenue Bonds (Series 2022D) FRNs, 4.210% <br> (SIFMA 7-day +0.550%), Mandatory Tender 8/17/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5930693 |
| &nbsp;&nbsp;&nbsp; 4000000<br><sup>1</sup> <br>| E-470 Public Highway Authority, CO, Senior Revenue SOFR Index Term Rate Bonds (Series 2021B) FRNs, 3.231% (SOFR x <br> 0.67 +0.350%), Mandatory Tender 9/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3969863 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14900564 |
|  | **Connecticut—0.9%** |  |
| &nbsp;&nbsp;&nbsp; 1200000 | Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation <br> Infrastructure Purposes (Series 2020A), 5.000%, 5/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1291043 |

---

**1**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Connecticut—continued** |  |
| $4000000 | Connecticut State Health & Educational Facilities (Yale University), Revenue Bonds (Series X-2) TOBs, 0.250%, Mandatory <br> Tender 2/9/2024<br>| $3843791 |
| &nbsp;&nbsp;&nbsp; 4150000 | Connecticut State HFA, Housing Mortgage Finance Program Bonds (Series 2020D-3) TOBs, 0.500%, Mandatory <br> Tender 11/15/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4011886 |
| &nbsp;&nbsp;&nbsp; 2000000 | Connecticut State, UT GO Refunding Bonds (Series 2022D), 5.000%, 9/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2075013 |
| &nbsp;&nbsp;&nbsp; 1000000 | Connecticut State, UT GO Refunding Bonds (Series 2022D), 5.000%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1060980 |
| &nbsp;&nbsp;&nbsp; 1500000<br><sup>1</sup> <br>| Connecticut State, UT GO SIFMA Index Bonds (Series 2013A) FRNs, 4.560% (SIFMA 7-day +0.900%), 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500762 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13783475 |
|  | **Florida—1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775000 | Escambia County, FL (International Paper Co.), Environmental Improvement Revenue Refunding Bonds (Series 2019B) <br> TOBs, 2.000%, Mandatory Tender 10/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745750 |
| &nbsp;&nbsp;&nbsp; 2700000 | Florida Development Finance Corp. (Lakeland Regional Health System), Healthcare Facilities Revenue Refunding Bonds <br> (Series 2021), 5.000%, 11/15/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2739374 |
| &nbsp;&nbsp;&nbsp; 1700000 | Florida Development Finance Corp. (Lakeland Regional Health System), Healthcare Facilities Revenue Refunding Bonds <br> (Series 2021), 5.000%, 11/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1781182 |
| &nbsp;&nbsp;&nbsp; 2500000 | Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2020A), 5.000%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2592133 |
| &nbsp;&nbsp;&nbsp; 1250000 | Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2020A), 5.000%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1323794 |
| &nbsp;&nbsp;&nbsp; 2800000 | Miami-Dade County, FL IDA (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2008), <br> 0.400%, 8/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2733077 |
| &nbsp;&nbsp; 11500000<br><sup>1</sup> <br>| Miami-Dade County, FL IDA (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2018B) FRNs, 4.035% <br> (SIFMA 7-day +0.375%), Mandatory Tender 7/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11151479 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23066789 |
|  | **Georgia—1.0%** |  |
| &nbsp;&nbsp;&nbsp; 6700000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project PCR Bonds (Fifth Series 1994) TOBs, <br> 2.150%, Mandatory Tender 6/13/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6539498 |
| &nbsp;&nbsp;&nbsp; 5650000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project PCR Bonds (First Series 2012) TOBs, <br> 2.875%, Mandatory Tender 8/19/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5575049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 724841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 699386 |
| &nbsp;&nbsp;&nbsp; 1000000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 997090 |
| &nbsp;&nbsp;&nbsp; 1100000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021C), (Citigroup, Inc. GTD), 4.000%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1093461 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15629325 |
|  | **Illinois—0.8%** |  |
| &nbsp;&nbsp;&nbsp; 2000000 | Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2022C), <br> 5.000%, 1/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2027245 |
| &nbsp;&nbsp;&nbsp; 2000000 | Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2022C), <br> 5.000%, 1/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2058275 |
| &nbsp;&nbsp;&nbsp; 3500000 | Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2022C), <br> 5.000%, 1/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3644833 |
| &nbsp;&nbsp;&nbsp; 5000000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5094827 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12825180 |
|  | **Indiana—0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Indiana Health Facility Financing Authority (Ascension Health Alliance Senior Credit Group), Revenue Bonds <br> (Series 2001A-2) TOBs, (United States Treasury PRF), 2.000%, Mandatory Tender 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99903 |
| &nbsp;&nbsp;&nbsp; 5900000 | Indiana Health Facility Financing Authority (Ascension Health Alliance Senior Credit Group), Revenue Bonds <br> (Series 2001A-2) TOBs, 2.000%, Mandatory Tender 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5894361 |
| &nbsp;&nbsp;&nbsp; 6745000<br><sup>1</sup> <br>| Indiana State Finance Authority (Deaconess Health System), Revenue Bonds (Series 2021B) FRNs, 3.960% (SIFMA 7-day <br> +0.300%), Mandatory Tender 3/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6574447 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12568711 |
|  | **Iowa—0.4%** |  |
| &nbsp;&nbsp;&nbsp; 3000000 | Iowa Finance Authority (Gevo NW Iowa RNG, LLC), Solid Waste Facility Revenue Bonds Renewable Gas Project <br> (Series 2021) TOBs, (Citibank N.A., New York LOC), 1.500%, Mandatory Tender 4/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2931311 |
| &nbsp;&nbsp;&nbsp; 3500000<br><sup>1</sup> <br>| Iowa Finance Authority (Lifespace Communities, Inc.), Revenue Bonds (Series 2021B) FRNs, 3.560% (SOFR x 0.70 <br> +0.550%), Mandatory Tender 5/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3305476 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6236787 |

---

**2**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Kentucky—1.4%** |  |
| $3500000 | Kentucky Housing Corp. (Cambridge Preservation LP), Multifamily Housing Revenue Bonds (Series 2021) TOBs, <br> (United States Treasury GTD), 0.300%, Mandatory Tender 2/1/2024<br>| $3350030 |
| &nbsp;&nbsp;&nbsp; 2500000 | Owen County, KY (American Water Capital Corp.), Revenue Refunding Bonds (Series 2020) TOBs, 0.700%, Mandatory <br> Tender 9/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2452040 |
| &nbsp;&nbsp; 13000000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds (Series 2018B) TOBs, (BP PLC GTD), 4.000%, Mandatory <br> Tender 1/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12905074 |
| &nbsp;&nbsp;&nbsp; 2500000 | Rural Water Financing Agency, KY, Public Projects Construction Notes (Series 2021A), 0.400%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2471888 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21179032 |
|  | **Louisiana—1.3%** |  |
| &nbsp;&nbsp;&nbsp; 3000000 | Louisiana Local Government Environmental Facilities Community Development Authority (East Baton Rouge Sewerage <br> Commission), Subordinate Lien Multi-Modal Revenue Refunding Bonds (Series 2020B) TOBs, 0.875%, Mandatory <br> Tender 2/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2830493 |
| &nbsp;&nbsp;&nbsp; 5025000 | Louisiana State Gas & Fuels Second Lien, Revenue Refunding Bonds (Series 2017D-1) TOBs, 0.600%, Mandatory <br> Tender 5/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4965158 |
| &nbsp;&nbsp;&nbsp; 6885000 | St. John the Baptist Parish, LA (Marathon Oil Corp.), Revenue Refunding Bonds (Series 2017B-1) TOBs, 2.125%, <br> Mandatory Tender 7/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6671810 |
| &nbsp;&nbsp;&nbsp; 6000000 | St. John the Baptist Parish, LA (Marathon Oil Corp.), Revenue Refunding Bonds (Series 2019 A-1) TOBs, 2.000%, <br> Mandatory Tender 4/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5962947 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20430408 |
|  | **Massachusetts—0.4%** |  |
| &nbsp;&nbsp;&nbsp; 3500000 | Massachusetts Department of Transportation, Subordinated Metropolitan Highway System Revenue Refunding Bonds <br> (Series 2019A) TOBs, 5.000%, Mandatory Tender 1/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500000 |
| &nbsp;&nbsp;&nbsp; 3250000<br><sup>1</sup> <br>| Massachusetts Development Finance Agency (Mass General Brigham), Revenue Bonds (Series 2019T-1) FRNs, 4.260% <br> (SIFMA 7-day +0.600%), Mandatory Tender 1/29/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3203948 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6703948 |
|  | **Michigan—0.4%** |  |
| &nbsp;&nbsp;&nbsp; 2000000 | Michigan State Finance Authority (Beaumont Health Spectrum Health System), Hospital Revenue Refunding Bonds <br> (Series 2022A), 5.000%, 4/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2051304 |
| &nbsp;&nbsp;&nbsp; 1000000 | Michigan State Finance Authority (Beaumont Health Spectrum Health System), Hospital Revenue Refunding Bonds <br> (Series 2022A), 5.000%, 4/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1046389 |
| &nbsp;&nbsp;&nbsp; 3125000<br><sup>1</sup> <br>| Michigan State Finance Authority (Beaumont Health Spectrum Health System), Hospital Revenue Refunding Bonds <br> (Series 2022C) FRNs, 4.410% (SIFMA 7-day +0.750%), Mandatory Tender 4/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3072103 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6169796 |
|  | **Minnesota—0.6%** |  |
| &nbsp;&nbsp;&nbsp; 5000000 | Minnesota Rural Water Finance Authority, Public Projects Construction Notes (Series 2022), 2.625%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4932072 |
| &nbsp;&nbsp;&nbsp; 5240000<br><sup>1</sup> <br>| Minnesota State HFA, Residential Housing Finance Bonds (Series 2018D) FRNs, 4.090% (SIFMA 7-day +0.430%), <br> Mandatory Tender 7/3/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5233459 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10165531 |
|  | **Montana—0.2%** |  |
| &nbsp;&nbsp;&nbsp; 2600000<br><sup>1</sup> <br>| Montana State University (The Board of Regents of), Facilities Refunding Revenue Bonds (Series 2018F) FRNs, 4.110% <br> (SIFMA 7-day +0.450%), Mandatory Tender 9/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2599803 |
|  | **Nebraska—0.9%** |  |
| &nbsp;&nbsp;&nbsp; 4955000<br><sup>1</sup> <br>| Douglas County, NE (Creighton University, NE), Educational Facilities Revenue Refunding Bonds (Series 2021B) FRNs, <br> 4.190% (SIFMA 7-day +0.530%), Mandatory Tender 9/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4878114 |
| &nbsp;&nbsp; 10000000 | Nebraska Public Power District, General Revenue Bonds (Series 2020A) TOBs, 0.600%, Mandatory Tender 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9861578 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14739692 |
|  | **Nevada—0.8%** |  |
| &nbsp;&nbsp;&nbsp; 5000000 | Clark County, NV Pollution Control (Nevada Power Co.), Pollution Control Refunding Revenue Bonds (Series 2017) TOBs, <br> 1.650%, Mandatory Tender 3/31/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4976512 |
| &nbsp;&nbsp;&nbsp; 1450000 | Clark County, NV School District, LT GO Building Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), <br> 3.000%, 6/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1458830 |
| &nbsp;&nbsp;&nbsp; 7000000 | Humboldt County, NV (Idaho Power Co.), PCR Refunding Bonds (Series 2003), 1.450%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6723606 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13158948 |

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**3**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **New Hampshire—0.5%** |  |
| $1500000 | National Finance Authority, NH (Waste Management, Inc.), Solid Waste Disposal Refunding Revenue Bonds <br> (Series 2019A-1) TOBs, 2.150%, Mandatory Tender 7/1/2024<br>| $1444885 |
| &nbsp;&nbsp;&nbsp; 4000000 | National Finance Authority, NH (Waste Management, Inc.), Solid Waste Disposal Refunding Revenue Bonds <br> (Series 2019A-3) TOBs, 2.150%, Mandatory Tender 7/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3853028 |
| &nbsp;&nbsp;&nbsp; 2000000 | National Finance Authority, NH (Waste Management, Inc.), Solid Waste Disposal Refunding Revenue Bonds <br> (Series 2019A-4) TOBs, 2.150%, Mandatory Tender 7/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1926514 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7224427 |
|  | **New Jersey—2.4%** |  |
| &nbsp;&nbsp;&nbsp; 2463000 | Camden, NJ BANs, 4.000%, 8/8/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2461941 |
| &nbsp;&nbsp;&nbsp; 7000000 | New Jersey EDA (New Jersey-American Water Co., Inc.), Water Facilities Refunding Revenue Bonds (Series 2020B) TOBs, <br> 1.200%, Mandatory Tender 6/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6930691 |
| &nbsp;&nbsp;&nbsp; 3100000 | New Jersey EDA (New Jersey-American Water Co., Inc.), Water Facilities Refunding Revenue Bonds (Series 2020E), <br> 0.850%, 12/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2846284 |
| &nbsp;&nbsp;&nbsp; 2250000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2021A), <br> 5.000%, 6/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2344050 |
| &nbsp;&nbsp;&nbsp; 2500000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2021A), <br> 5.000%, 6/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2646327 |
| &nbsp;&nbsp; 20000000<br><sup>1</sup> <br>| New Jersey Turnpike Authority, Revenue Refunding Bonds (Series 2017 C-6) FRNs, 3.634% (1-month USLIBOR x 0.70 <br> +0.750%), Mandatory Tender 1/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37229293 |
|  | **New Mexico—1.7%** |  |
| &nbsp;&nbsp;&nbsp; 5000000 | Farmington, NM (Public Service Co., NM), PCR Refunding Bonds San Juan Project (Series 2010C) TOBs, 1.150%, <br> Mandatory Tender 6/4/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4813976 |
| &nbsp;&nbsp;&nbsp; 3000000 | Farmington, NM (Public Service Co., NM), PCR Refunding Bonds San Juan Project (Series 2010D) TOBs, 1.100%, <br> Mandatory Tender 6/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2964676 |
| &nbsp;&nbsp;&nbsp; 4000000 | New Mexico State Hospital Equipment Loan Council (Presbyterian Healthcare Services), Hospital System Revenue Bonds <br> (Series 2019B) TOBs, 5.000%, Mandatory Tender 8/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4179499 |
| &nbsp;&nbsp;&nbsp; 1100000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds <br> (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 5/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100857 |
| &nbsp;&nbsp;&nbsp; 1150000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds <br> (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 11/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1152196 |
| &nbsp;&nbsp;&nbsp; 1600000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds <br> (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 5/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1605599 |
| &nbsp;&nbsp;&nbsp; 1685000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds <br> (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 11/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1693758 |
| &nbsp;&nbsp;&nbsp; 3725000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds <br> (Series 2019A), (Royal Bank of Canada GTD), 4.000%, 5/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3744568 |
| &nbsp;&nbsp;&nbsp; 4500000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Refunding and Acquisition Bonds (Series 2019A) <br> TOBs, (Royal Bank of Canada GTD), 5.000%, Mandatory Tender 5/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4612182 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25867311 |
|  | **New York—6.3%** |  |
| &nbsp;&nbsp; 16500000 | Chautauqua County, NY Capital Resource Corporation (NRG Energy, Inc.), Exempt Facilities Revenue Refunding Bonds <br> (Series 2020) TOBs, 1.300%, Mandatory Tender 4/3/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16385018 |
| &nbsp;&nbsp;&nbsp; 3300000<br><sup>1</sup> <br>| Long Island Power Authority, NY FRNs, 3.634% (1-month USLIBOR x 0.70 +0.750%), 5/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3298005 |
| &nbsp;&nbsp; 17000000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2019B) TOBs, 1.650%, Mandatory <br> Tender 9/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16431360 |
| &nbsp;&nbsp;&nbsp; 4010000 | Lowville, NY, (Series A) BANs, 3.250%, 8/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3995798 |
| &nbsp;&nbsp; 15000000 | Massena, NY Central School District BANs, 4.000%, 6/29/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15013404 |
| &nbsp;&nbsp;&nbsp; 6735000<br><sup>1</sup> <br>| Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Variable Rate <br> Refunding Bonds (Series 2005D-1) FRNs, 3.211% (SOFR x 0.67 +0.330%), Mandatory Tender 4/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6623872 |
| &nbsp;&nbsp;&nbsp; 2500000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds <br> (Series 2020A), 5.000%, 12/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2567326 |
| &nbsp;&nbsp;&nbsp; 1000000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds <br> (Series 2020C), 5.000%, 12/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1035356 |
| &nbsp;&nbsp;&nbsp; 1000000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds <br> (Series 2020C), 5.000%, 12/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1058608 |
| &nbsp;&nbsp;&nbsp; 4000000 | Newburgh, NY BANs, 4.250%, 3/28/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3999890 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **New York—continued** |  |
| $15000000 | Owego-Apalachin, NY CSD BANs, 4.000%, 6/28/2023 | $15043458 |
| &nbsp;&nbsp;&nbsp; 5690000<br><sup>1</sup> <br>| Triborough Bridge & Tunnel Authority, NY, General Revenue Variable Rate Refunding Bonds (Series 2005B-4A) FRNs, <br> 3.261% (SOFR x 0.67 +0.380%), Mandatory Tender 2/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5623078 |
| &nbsp;&nbsp;&nbsp; 6431957 | Vestal Fire District, NY BANs, 4.000%, 8/11/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6419547 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97494720 |
|  | **North Carolina—1.4%** |  |
| &nbsp;&nbsp;&nbsp; 4000000 | Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health (previously Carolinas HealthCare) System), Variable Rate <br> Health Care Revenue Bonds (Series 2018E) TOBs, 0.800%, Mandatory Tender 10/31/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3767243 |
| &nbsp;&nbsp;&nbsp; 3500000 | Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health (previously Carolinas HealthCare) System), Variable Rate <br> Health Care Revenue Bonds (Series 2021B) TOBs, 5.000%, Mandatory Tender 12/2/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3629925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | Columbus County, NC Industrial Facilities & Pollution Control Financing Authority (International Paper Co.), Recovery <br> Zone Facility Revenue Refunding Bonds (Series 2019B) TOBs, 2.000%, Mandatory Tender 10/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 817920 |
| &nbsp;&nbsp;&nbsp; 1000000 | Columbus County, NC Industrial Facilities & Pollution Control Financing Authority (International Paper Co.), Recovery <br> Zone Facility Revenue Refunding Bonds (Series 2020A) TOBs, 1.375%, Mandatory Tender 6/16/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 932219 |
| &nbsp;&nbsp; 13635000<br><sup>1</sup> <br>| University of North Carolina at Chapel Hill, General Revenue Refunding Bonds (Series 2019B) FRNs, 3.531% (SOFR x 0.67 <br> +0.650%), Mandatory Tender 6/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13483187 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22630494 |
|  | **North Dakota—0.9%** |  |
| &nbsp;&nbsp; 10000000 | Cass County Joint Water Resource District, ND, UT GO Temporary Refunding Improvement Bonds (Series 2021A), <br> 0.480%, 5/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9505296 |
| &nbsp;&nbsp;&nbsp; 4000000<br><sup>1</sup> <br>| North Dakota State HFA, Housing Finance Program Bonds (Series 2019B) FRNs, 3.860% (SIFMA 7-day +0.200%), <br> Mandatory Tender 7/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3999418 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13504714 |
|  | **Ohio—1.3%** |  |
| &nbsp;&nbsp;&nbsp; 4350000 | Cuyahoga, OH Metropolitan Housing Authority (Wade Park Apartments), Multifamily Housing Revenue Bonds <br> (Series 2022) TOBs, (United States Treasury COL), 4.750%, Mandatory Tender 12/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4473976 |
| &nbsp;&nbsp; 10390000 | Lancaster, OH Port Authority, Gas Supply Revenue Refunding Bonds (Series 2019) TOBs, (Royal Bank of Canada GTD), <br> 5.000%, Mandatory Tender 2/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10566275 |
| &nbsp;&nbsp;&nbsp; 4725000 | Ohio HFA Multifamily Housing (Seton Square North, OH), Revenue Bonds (Series 2021A) TOBs, (United States Treasury <br> COL), 0.400%, Mandatory Tender 4/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4677902 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19718153 |
|  | **Oregon—0.4%** |  |
| &nbsp;&nbsp;&nbsp; 3000000 | Multnomah County, OR Hospital Facilities Authority (Terwilliger Plaza, Inc.), Parkview Project TEMPS-50 Revenue and <br> Refunding Bonds (Series 2021B-2), 0.950%, 6/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2617951 |
| &nbsp;&nbsp;&nbsp; 1000000 | Multnomah County, OR Hospital Facilities Authority (Terwilliger Plaza, Inc.), Parkview Project TEMPS-65 Revenue and <br> Refunding Bonds (Series 2021B-1), 1.200%, 6/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850066 |
| &nbsp;&nbsp;&nbsp; 3500000 | Oregon State Housing and Community Services Department (Westwind Apartments), Housing Development Revenue <br> Bonds (Series 2021H) TOBs, (United States Treasury GTD), 0.250%, Mandatory Tender 3/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3476161 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6944178 |
|  | **Pennsylvania—6.3%** |  |
| &nbsp;&nbsp;&nbsp; 5500000<br><sup>1</sup> <br>| Allegheny County, PA Higher Education Building Authority (Carnegie Mellon University), Revenue Bonds (Series 2022A) <br> FRNs, 3.300% (SOFR x 0.70 +0.290%), Mandatory Tender 8/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5281024 |
| &nbsp;&nbsp;&nbsp; 2495000<br><sup>1</sup> <br>| Bethlehem, PA Area School District Authority, School Revenue Bonds (Series 2021A) FRNs, 3.231% (SOFR x 0.67 <br> +0.350%), Mandatory Tender 11/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2421358 |
| &nbsp;&nbsp;&nbsp; 3375000<br><sup>1</sup> <br>| Bethlehem, PA Area School District Authority, School Revenue Bonds (Series 2021B) FRNs, 3.231% (SOFR x 0.67 <br> +0.350%), Mandatory Tender 11/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3275349 |
| &nbsp;&nbsp; 15000000<br><sup>1</sup> <br>| Delaware Valley, PA Regional Finance Authority, Local Government Revenue Bonds (Series 2022C) FRNs, 3.371% (SOFR x <br> 0.67 +0.490%), Mandatory Tender 3/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14110515 |
| &nbsp;&nbsp;&nbsp; 9960000<br><sup>1</sup> <br>| Lehigh County, PA General Purpose Authority (Muhlenberg College), College Revenue Bonds (Series 2019) FRNs, 4.240% <br> (SIFMA 7-day +0.580%), Mandatory Tender 11/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9945355 |
| &nbsp;&nbsp;&nbsp; 1200000<br><sup>1</sup> <br>| North Penn, PA Water Authority, SIFMA Index Rate Water Revenue Refunding Bonds (Series 2019) FRNs, 4.120% (SIFMA <br> 7-day +0.460%), 11/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1199826 |
| &nbsp;&nbsp;&nbsp; 4000000<br><sup>1</sup> <br>| Northampton County, PA General Purpose Authority (St. Luke's University Health Network), Variable Rate Hospital <br> Revenue Bonds (Series 2018B) FRNs, 3.924% (1-month USLIBOR x 0.70 +1.040%), Mandatory Tender 8/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000728 |
| &nbsp;&nbsp; 10000000 | Pennsylvania Economic Development Financing Authority (PPL Electric Utilities Corp.), PCR Refunding Bonds <br> (Series 2008), 0.400%, 10/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9704896 |

---

**5**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Pennsylvania—continued** |  |
| $4900000 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds <br> (Series 2017A) TOBs, 0.580%, Mandatory Tender 8/1/2024<br>| $4594804 |
| &nbsp;&nbsp;&nbsp; 9000000<br><sup>1</sup> <br>| Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds <br> (Series 2021A) FRNs, 4.060% (SIFMA 7-day +0.400%), Mandatory Tender 6/3/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8747686 |
| &nbsp;&nbsp;&nbsp; 6000000<br><sup>1</sup> <br>| Pennsylvania HFA, SFM Revenue Bonds (Series 2018-127C) FRNs, 3.641% (1-month USLIBOR x 0.70 +0.570%), Mandatory <br> Tender 10/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6002170 |
| &nbsp;&nbsp;&nbsp; 5000000<br><sup>1</sup> <br>| Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (Series 2018B) FRNs, 4.360% <br> (SIFMA 7-day +0.700%), 12/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000322 |
| &nbsp;&nbsp; 17500000<br><sup>1</sup> <br>| Pittsburgh, PA Water & Sewer Authority, First Lien Revenue Refunding Bonds (Series 2018C) FRNs, (Assured Guaranty <br> Municipal Corp. INS), 4.310% (SIFMA 7-day +0.650%), Mandatory Tender 12/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17482570 |
| &nbsp;&nbsp;&nbsp; 6750000<br><sup>1</sup> <br>| Southcentral PA, General Authority (Wellspan Health Obligated Group), Revenue Bonds (Series 2019A) FRNs, 4.260% <br> (SIFMA 7-day +0.600%), Mandatory Tender 6/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6726691 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98493294 |
|  | **South Carolina—1.6%** |  |
| &nbsp;&nbsp; 25000000<br><sup>1</sup> <br>| Patriots Energy Group Financing Agency, Gas Supply Revenue Bonds (Series 2018B) FRNs, (Royal Bank of Canada GTD), <br> 3.620% (1-month USLIBOR x 0.67 +0.860%), Mandatory Tender 2/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24861972 |
|  | **Tennessee—0.8%** |  |
| &nbsp;&nbsp; 11700000 | Tennergy Corp., TN Gas Revenue, Gas Supply Revenue Bonds (Series 2019A) TOBs, (Royal Bank of Canada GTD), 5.000%, <br> Mandatory Tender 10/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11870418 |
|  | **Texas—6.7%** |  |
| &nbsp;&nbsp;&nbsp; 3000000 | Alvin, TX Independent School District, Variable Rate Unlimited Tax Schoolhouse Bonds (Series 2014B) TOBs, (Texas <br> Permanent School Fund Guarantee Program GTD), 0.450%, Mandatory Tender 8/15/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2951071 |
| &nbsp;&nbsp;&nbsp; 3400000 | Austin, TX Airport System, Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3507037 |
| &nbsp;&nbsp;&nbsp; 4000000 | Clear Creek, TX Independent School District, Variable Rate UT GO School Building Bonds (Series 2013B) TOBs, (Texas <br> Permanent School Fund Guarantee Program GTD), 0.280%, Mandatory Tender 8/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3773507 |
| &nbsp;&nbsp;&nbsp; 3500000 | Denton County, TX Housing Finance Authority (THF Pathway on Woodrow, LP), Multifamily Housing Revenue Bonds <br> (Series 2022) TOBs, (United States Treasury COL), 5.000%, Mandatory Tender 2/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3606446 |
| &nbsp;&nbsp;&nbsp; 5000000 | Dickinson, TX Independent School District, Variable Rate Unlimited Tax Refunding Bonds (Series 2013) TOBs, (Texas <br> Permanent School Fund Guarantee Program GTD), 0.250%, Mandatory Tender 8/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4907163 |
| &nbsp;&nbsp;&nbsp; 4465000 | Eanes, TX Independent School District, Variable Rate UT School Building Bonds (Series 2019B) TOBs, (Texas Permanent <br> School Fund Guarantee Program GTD), 1.750%, Mandatory Tender 8/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4334076 |
| &nbsp;&nbsp;&nbsp; 3600000 | El Paso, TX Independent School District, Variable Rate Maintenance Tax Notes (Series 2020) TOBs, 2.000%, Mandatory <br> Tender 8/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3535298 |
| &nbsp;&nbsp;&nbsp; 3910000 | Fort Bend, TX Independent School District, Variable Rate Unlimited Tax School Building and Refunding Bonds <br> (Series 2020B) TOBs, (Texas Permanent School Fund Guarantee Program GTD), 0.875%, Mandatory Tender 8/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3652887 |
| &nbsp;&nbsp;&nbsp; 5000000<br><sup>1</sup> <br>| Harris County, TX Cultural Education Facilities Finance Corp. (Baylor College of Medicine), Medical Facilities Mortgage <br> Revenue Refunding Bonds (Series 2019A) FRNs, 3.534% (1-month USLIBOR +0.650%), Mandatory Tender 7/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5003505 |
| &nbsp;&nbsp;&nbsp; 5000000<br><sup>1</sup> <br>| Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Bonds <br> (Series 2019C-2) FRNs, 4.230% (SIFMA 7-day +0.570%), Mandatory Tender 12/4/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4966925 |
| &nbsp;&nbsp;&nbsp; 4000000 | Harris County, TX Cultural Education Facilities Finance Corp. (Texas Medical Center), Revenue Bonds (Series 2020A) TOBs, <br> 0.900%, Mandatory Tender 5/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3706212 |
| &nbsp;&nbsp;&nbsp; 2750000<br><sup>1</sup> <br>| Harris County, TX Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Bonds <br> (Series 2022C) FRNs, 4.510% (SIFMA 7-day +0.850%), Mandatory Tender 12/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2701699 |
| &nbsp;&nbsp;&nbsp; 3750000 | Hutto, TX Independent School District, Unlimited Tax School Building Bonds (Series 2017) TOBs, (Texas Permanent School <br> Fund Guarantee Program GTD), 2.000%, Mandatory Tender 8/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3637735 |
| &nbsp;&nbsp;&nbsp; 3000000 | Matagorda County, TX Navigation District No. 1 (AEP Texas, Inc.), PCR Refunding Bonds (Central Power and Light <br> Company Project) (Series 1996) TOBs, 0.900%, Mandatory Tender 9/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2944977 |
| &nbsp;&nbsp;&nbsp; 8695000 | Midlothian, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2017B) TOBs, <br> (Texas Permanent School Fund Guarantee Program GTD), 2.000%, Mandatory Tender 8/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8644229 |
| &nbsp;&nbsp;&nbsp; 2650000 | Midlothian, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2017B) TOBs, <br> (United States Treasury PRF 8/1/2023@100), 2.000%, Mandatory Tender 8/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2634526 |
| &nbsp;&nbsp;&nbsp; 1120000 | Midlothian, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2017B) TOBs, <br> (United States Treasury PRF 8/1/2023@100), 2.000%, Mandatory Tender 8/1/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1113208 |
| &nbsp;&nbsp; 14985000 | Ponder, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2021) TOBs, (Texas <br> Permanent School Fund Guarantee Program GTD), 0.750%, Mandatory Tender 8/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14502252 |
| &nbsp;&nbsp;&nbsp; 3370000<br><sup>1</sup> <br>| San Antonio, TX Electric & Gas System, Junior Lien Revenue Refunding Bonds (Series 2022) FRNs, 4.530% (SIFMA 7-day <br> +0.870%), Mandatory Tender 12/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3370018 |

---

**6**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Texas—continued** |  |
| $4000000 | San Antonio, TX Water System, Water System Variable Rate Junior Lien Revenue Bonds (Series 2019A) TOBs, 2.625%, <br> Mandatory Tender 5/1/2024<br>| $3981410 |
| &nbsp;&nbsp;&nbsp; 2250000 | Texas Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue Refunding Bonds (Series 2021), (Macquarie Group <br> Ltd. GTD), 5.000%, 12/15/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2267102 |
| &nbsp;&nbsp;&nbsp; 2500000 | Texas Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue Refunding Bonds (Series 2021), (Macquarie Group <br> Ltd. GTD), 5.000%, 12/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2564377 |
| &nbsp;&nbsp; 11000000 | Texas State Department of Housing & Community Affairs (THF Park at Kirkstall Apartments, LP), Multifamily Housing <br> Revenue Bonds (Series 2021) TOBs, 0.650%, Mandatory Tender 12/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10274384 |
| &nbsp;&nbsp;&nbsp; 2675000 | Tomball, TX Independent School District, Variable Rate Unlimited Tax School Building Bonds (Series 2014B-1) TOBs, <br> 0.450%, Mandatory Tender 8/15/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2634715 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 105214759 |
|  | **Virginia—1.2%** |  |
| &nbsp;&nbsp;&nbsp; 3000000 | Chesapeake, VA EDA (Virginia Electric & Power Co.), PCR Refunding Bonds (Series 2008A) TOBs, 1.900%, Mandatory <br> Tender 6/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2966402 |
| &nbsp;&nbsp;&nbsp; 5500000 | Virginia Peninsula Port Authority (Dominion Terminal Associates), Coal Terminal Revenue Refunding Bonds (Series 2003) <br> TOBs, 3.800%, Mandatory Tender 10/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5512244 |
| &nbsp;&nbsp;&nbsp; 5000000 | Wise County, VA IDA (Virginia Electric & Power Co.), Solid Waste and Sewage Disposal Revenue Bonds (Series 2009A) <br> TOBs, 0.750%, Mandatory Tender 9/2/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4531827 |
| &nbsp;&nbsp;&nbsp; 5500000 | York County, VA EDA (Virginia Electric & Power Co.), PCR Refunding Bonds (Series 2009A) TOBs, 1.900%, Mandatory <br> Tender 6/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5438404 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18448877 |
|  | **Washington—1.5%** |  |
| &nbsp;&nbsp;&nbsp; 5000000<br><sup>1</sup> <br>| King County, WA Sewer System, Junior Lien Revenue Bonds (Series 2021A) FRNs, 3.890% (SIFMA 7-day +0.230%), <br> Mandatory Tender 1/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4867686 |
| &nbsp;&nbsp;&nbsp; 9250000<br><sup>1</sup> <br>| Seattle, WA Municipal Light & Power, Refunding Revenue Bonds (Series 2021B) FRNs, 3.910% (SIFMA 7-day +0.250%), <br> Mandatory Tender 11/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9069937 |
| &nbsp;&nbsp;&nbsp; 2500000 | Washington State Health Care Facilities Authority (CommonSpirit Health), Revenue Bonds (Series 2019B-1) TOBs, 5.000%, <br> Mandatory Tender 8/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2534790 |
| &nbsp;&nbsp;&nbsp; 7000000<br><sup>1</sup> <br>| Washington State Health Care Facilities Authority (Fred Hutchinson Cancer Research Center), Variable Rate SIFMA Index <br> Revenue Bonds (Series 2017C) FRNs, (United States Treasury PRF 1/29/2023@100), 4.710% (SIFMA 7-day +1.050%), <br> Mandatory Tender 7/3/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23472413 |
|  | **West Virginia—0.3%** |  |
| &nbsp;&nbsp;&nbsp; 5500000 | West Virginia EDA Solid Waste Disposal Facilities (Appalachian Power Co.), Revenue Bonds (Series 2011A) TOBs, 1.000%, <br> Mandatory Tender 9/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5063625 |
|  | **Wisconsin—1.1%** |  |
| &nbsp;&nbsp;&nbsp; 7500000 | Public Finance Authority (Duke Energy Progress LLC), PCR Refunding Bonds (Series 2022A-1) TOBs, 3.300%, Mandatory <br> Tender 10/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7514292 |
| &nbsp;&nbsp; 10375000<br><sup>1</sup> <br>| Wisconsin State, UT GO Bonds (Series 2022A) FRNs, 4.080% (SIFMA 7-day +0.420%), 5/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10239692 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17753984 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MUNICIPAL BONDS<br> (IDENTIFIED COST $898,128,888)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 877988351 |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—44.1% |  |
|  | **California—1.9%** |  |
| &nbsp;&nbsp;&nbsp; 8000000 | Los Angeles, CA Multi-Family Housing Revenue Bonds (CORE Related/GALA Rentals, LP), SPEAR's 3a7 (Series DBE-8081) <br> VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 4.060%, 1/5/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp; 12400000 | Nuveen California AMT-Free Quality Municipal Income Fund, (Series A) MuniFund Preferred Shares Weekly VRDPs, <br> 4.110%, 1/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12400000 |
| &nbsp;&nbsp; 10000000 | Nuveen California Quality Municipal Income Fund, RIB Floater Trust (Series 2022-FR-RI-005) VRENs, (Barclays Bank plc <br> LIQ)/(Barclays Bank plc LOC), 3.990%, 1/5/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30400000 |
|  | **Florida—0.6%** |  |
| &nbsp;&nbsp;&nbsp; 3970000 | Hillsborough County, FL HFA (Hillsborough FL TC, LP), SPEARs 3a-7 (Series DBE-8083) VRDNs, (Deutsche Bank AG LIQ)/<br> (Deutsche Bank AG LOC), 4.060%, 1/5/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3970000 |

---

**7**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Florida—continued** |  |
| $5365000 | Jacksonville, FL HFA (Millennia Jacksonville TC LP), SPEARs (Series DBE-8055) VRDNs, (Deutsche Bank AG LIQ)/(Deutsche <br> Bank AG LOC), 4.060%, 1/5/2023<br>| $5365000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9335000 |
|  | **Georgia—0.1%** |  |
| &nbsp;&nbsp;&nbsp; 2200000 | Bartow County, GA Development Authority (Georgia Power Co.), (Second Series 2022) Daily VRDNs, 3.900%, 1/3/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2200000 |
|  | **Kentucky—1.5%** |  |
| &nbsp;&nbsp;&nbsp; 4900000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021A-1) Daily VRDNs, 4.280%, 1/3/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4900000 |
| &nbsp;&nbsp; 18500000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021B-1) Daily VRDNs, 4.250%, 1/3/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18500000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23400000 |
|  | **Louisiana—4.2%** |  |
| &nbsp;&nbsp;&nbsp; 8133346 | Calcasieu Parish, LA Public Trust Authority (Le Jolliet LP), SPEARs 3a7 (Series DBE-8060) VRDNs, (Deutsche Bank AG LIQ)/<br> (Deutsche Bank AG LOC), 4.060%, 1/5/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8133346 |
| &nbsp;&nbsp; 56700000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (Nucor Corp. GTD), 4.100%, 1/4/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56700000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64833346 |
|  | **Mississippi—1.1%** |  |
| &nbsp;&nbsp; 13110000 | Mississippi Home Corp. (Mississippi Portfolio Partners), (Series 2022-XF-1135) Weekly VRDNs, (Deutsche Bank AG LIQ)/<br> (Deutsche Bank AG LOC), 3.960%, 1/5/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13110000 |
| &nbsp;&nbsp;&nbsp; 4000000 | Mississippi Home Corp. (Shady Lane Group LP), Tender Option Bond Trust Floater Certificates (Series 2022-XF1134) <br> Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 3.960%, 1/5/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17110000 |
|  | **Multi State—10.3%** |  |
| &nbsp;&nbsp; 57000000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series B) MuniFund Preferred Shares Weekly VRDPs, 4.110%, 1/2/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57000000 |
| &nbsp;&nbsp; 25000000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series C) MuniFund Preferred Shares Weekly VRDPs, 4.110%, 1/2/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp; 46975000 | Nuveen AMT-Free Quality Municipal Income Fund, (Series D) MuniFund Preferred Shares Weekly VRDPs, 4.110%, 1/2/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46975000 |
| &nbsp;&nbsp; 32000000 | Nuveen Muni High Income Opportunity Fund, SPEARs 3a7 (Series DBE-8088) Weekly VRDNs, (Deutsche Bank AG LIQ)/<br> (Deutsche Bank AG LOC), 3.960%, 1/5/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 160975000 |
|  | **Nevada—0.6%** |  |
| &nbsp;&nbsp;&nbsp; 6500000 | Nevada Housing Division (DWF V Summit Club Holdings LLC), Mizuho 3a-7 (2021-MIZ9091) VRENs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.910%, 1/5/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6500000 |
| &nbsp;&nbsp;&nbsp; 3100000 | Nevada Housing Division (Lake Mead West AHP LP), Tender Option Bond Trust Floater Certificates (Series 2021-XF1120) <br> Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 3.960%, 1/5/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3100000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9600000 |
|  | **New York—3.3%** |  |
| &nbsp;&nbsp;&nbsp; 2000000 | New York City, NY Municipal Water Finance Authority, (Series 2022D) Weekly VRENs, 4.000%, 1/2/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp; 6000000 | New York City, NY, (Series 2021-2) Weekly VRENs, 3.970%, 1/2/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000000 |
| &nbsp;&nbsp; 31500000 | New York City, NY, (Series 2021-3) Weekly VRENs, 3.860%, 1/2/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31500000 |
| &nbsp;&nbsp;&nbsp; 1400000 | New York City, NY, (Series B-3) Weekly VRENs, 4.000%, 1/2/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1400000 |
| &nbsp;&nbsp; 10000000 | New York State HFA (42nd and 10th Street Associates LLC), 3a-7 High Grade Trust (Series 2022-007) VRENs, (Barclays <br> Bank plc LIQ)/(Barclays Bank plc LOC), 4.060%, 1/5/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50900000 |
|  | **North Carolina—0.4%** |  |
| &nbsp;&nbsp;&nbsp; 5880000 | Selma, NC Housing Authority Multi Family Revenue (GREH Lizzie Mill, NC TC LLC), Tender Option Bond Certificates <br> (Series 2022-XF1133) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 3.960%, 1/5/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5880000 |
|  | **Ohio—1.4%** |  |
| &nbsp;&nbsp;&nbsp; 8885000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), (Series 2015-B) Weekly VRENs, 4.140%, 1/5/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8885000 |
| &nbsp;&nbsp;&nbsp; 8500000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), (Series B) VRENs, 3.910%, 1/2/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8500000 |
| &nbsp;&nbsp;&nbsp; 4000000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), (Series C) VRENs, 3.770%, 1/2/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2014B) VRENs, <br> 4.040%, 1/5/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21885000 |
|  | **Oklahoma—1.9%** |  |
| &nbsp;&nbsp;&nbsp; 9825000 | Oklahoma Development Finance Authority (INTEGRIS Obligated Group), (Series 2020B) Weekly VRENs, 4.210%, 1/2/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9825000 |

---

**8**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Oklahoma—continued** |  |
| $19700000 | Oklahoma Development Finance Authority (INTEGRIS Obligated Group), (Series 2020C) Weekly VRENs, 3.960%, 1/2/2023 | $19700000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29525000 |
|  | **Pennsylvania—1.1%** |  |
| &nbsp;&nbsp;&nbsp; 6870000 | Central Bradford Progress Authority, PA (Guthrie Healthcare System, PA), (Series 2021D) Weekly VRENs, 4.230%, 1/5/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6870000 |
| &nbsp;&nbsp;&nbsp; 9840000 | Pennsylvania Housing Finance Agency (Hershey Plaza, PA TC LP), SPEARs 3a7 (Series DBE-8057) VRDNs, (Deutsche Bank <br> AG LIQ)/(Deutsche Bank AG LOC), 4.060%, 1/5/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9840000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16710000 |
|  | **Tennessee—0.2%** |  |
| &nbsp;&nbsp;&nbsp; 2655000 | Memphis, TN Health, Educational and Housing Facility Board (Alco Pershing Partners LP), (Series 2022-XF1136) Weekly <br> VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 3.140%, 1/5/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2655000 |
|  | **Texas—11.7%** |  |
| &nbsp;&nbsp;&nbsp; 3000000 | Austin, TX Affordable Public Finance Authority (LDG Belmont LP), Tender Option Bond Trust Floater Certificates <br> (Series 2021-XF1102) Weekly VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 3.720%, 1/5/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp; 5500000 | Dallas, TX Housing Finance Corp. (LDG Ridge at Lancaster LP), (Series 2021-XF1109) Weekly VRDNs, (Deutsche Bank AG <br> LIQ)/(Deutsche Bank AG LOC), 3.960%, 1/5/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5500000 |
| &nbsp;&nbsp;&nbsp; 6090000 | North Central Texas HFDC (Gala at Waxahachie, LP), Tender Option Bond Trust Certificates (Series 2021-XF1099) Weekly <br> VRDNs, (Deutsche Bank AG LIQ)/(Deutsche Bank AG LOC), 3.860%, 1/5/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6090000 |
| &nbsp;&nbsp; 11425000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002A) Daily VRDNs, <br> 3.900%, 1/3/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11425000 |
| &nbsp;&nbsp;&nbsp; 6100000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2007) Daily VRDNs, <br> 3.930%, 1/3/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6100000 |
| &nbsp;&nbsp; 38500000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2002) Weekly VRDNs, <br> 4.510%, 1/4/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38500000 |
| &nbsp;&nbsp;&nbsp; 3250000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010A) Daily VRDNs, <br> 4.200%, 1/3/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3250000 |
| &nbsp;&nbsp;&nbsp; 7200000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010B) Daily VRDNs, <br> 4.200%, 1/3/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7200000 |
| &nbsp;&nbsp; 25600000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010C) Daily VRDNs, <br> 4.210%, 1/3/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25600000 |
| &nbsp;&nbsp; 70205000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010D) Weekly VRDNs, <br> 4.450%, 1/4/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70205000 |
| &nbsp;&nbsp;&nbsp; 5475000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010E) Weekly VRDNs, <br> 4.460%, 1/4/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5475000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 182345000 |
|  | **Wisconsin—3.8%** |  |
| &nbsp;&nbsp; 30625000 | Wisconsin Health & Educational Facilities Authority (Marshfield Clinic), (Series 2020C) Weekly VRENs, 4.230%, 1/5/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30625000 |
| &nbsp;&nbsp; 29000000 | Wisconsin Health & Educational Facilities Authority (Marshfield Clinic), (Series 2022A) Weekly VRENs, 4.230%, 1/5/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59625000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM MUNICIPALS<br> (IDENTIFIED COST $687,378,346)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 687378346 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—100.4%<br> (IDENTIFIED COST $1,585,507,234)<br>| &nbsp;&nbsp; 1565366697 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—(0.4)%<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5970856) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% | $1559395841 |

---

Securities that are subject to the federal alternative minimum tax (AMT) represent 12.9% of the Fund's portfolio as calculated based upon total market value.

*Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.*

*Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At December 31, 2022, this restricted security amounted to $1,851,621, which represented 0.1% of total net assets.*

**9**

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*Additional information on restricted securities held at December 31, 2022, is as follows:* 

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** | **Value** |
| California Public Finance Authority (Kendal at Sonoma), Enso Village TEMPS-50 Senior Living Revenue <br> Refunding Bonds (Series B-3), 2.125%, 11/15/2027<br>| 5/27/2021 | $2000000 | $1851621 |

---

*Assets, other than investments in securities, less liabilities.*

Note: The categories of investments are shown as a percentage of total net assets at December 31, 2022.

**Investment Valuation**

In calculating its net asset value (NAV), the Fund generally values investments as follows:

◾ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by Federated Investment Management Company (the "Adviser").

◾ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.

◾ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and ask quotations.

◾ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Adviser.

◾ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.

If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser's valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser's valuation committee ("Valuation Committee"), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

**Fair Valuation Procedures**

Pursuant to Rule 2a-5 under the Investment Company Act, the Fund's Board of Directors (the "Directors") has designated the Adviser as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Directors' oversight and certain reporting and other requirements intended to provide the Directors the information needed to oversee the Adviser's fair value determinations.

The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Directors periodically review the fair valuations made by the Valuation Committee. The Directors have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a "bid" evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a "mid" evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

**10**

------

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of December 31, 2022, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

The following acronym(s) are used throughout this portfolio:

---

| | |
|:---|:---|
| AMT | —Alternative Minimum Tax |
| BANs | —Bond Anticipation Notes |
| COL | —Collateralized |
| CSD | —Central School District |
| EDA | —Economic Development Authority |
| FRNs | —Floating Rate Notes |
| GO | —General Obligation |
| GTD | —Guaranteed |
| HFA | —Housing Finance Authority |
| HFDC | —Health Facility Development Corporation |
| IDA | —Industrial Development Authority |
| IDB | —Industrial Development Bond |
| INS | —Insured |
| LIBOR | —London Interbank Offered Rate |
| LIQ | —Liquidity Agreement |
| LOC | —Letter of Credit |
| LT | —Limited Tax |
| PCR | —Pollution Control Revenue |
| PRF | —Pre-refunded |
| SFM | —Single Family Mortgage |
| SIFMA | —Securities Industry and Financial Markets Association |
| SOFR | —Secured Overnight Financing Rate |
| SPEARs | —Short Puttable Exempt Adjustable Receipts |
| TEMPS | —Tax Exempt Mandatory Paydown Securities |
| TOBs | —Tender Option Bonds |
| UT | —Unlimited Tax |
| VRDNs | —Variable Rate Demand Notes |
| VRDPs | —Variable Rate Demand Preferreds |
| VRENs | —Variable Rate Extendible Notes |

---

**11**

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## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Federated Hermes Fixed Income Securities, Inc.

- **b. Investment Company Act file number:** 811-06447

- **c. CIK number of Registrant:** 0000879569

- **d. LEI of Registrant:** 254900OYMR6KVQBBZ575

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

  - **Street Address 1:** Federated Hermes Funds

  - **City:** Warrendale

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 15086-7561

  - **Telephone number:** 8003417400

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

- **a. Name of Series:** Federated Hermes Municipal Ultrashort Fund

- **b. EDGAR series identifier (if any):** S000009738

- **c. LEI of Series:** 6ZXTUV90KY21QB935D74

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

- **a. Date of fiscal year-end:** 2023-09-30

- **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:** $1572221760.42

**Total Liabilities:** $9956274.28

**Net Assets:** $1562265486.14

**Cash Not Reported:** $66529.16

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -6524.100000000000 | **1-Year:** -61416.500000000000 | **5-Year:** -44276.920000000000 | **10-Year:** -134958.380000000000 | **30-Year:** -124554.920000000000

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

- **3-Month:** -1466.190000000000 | **1-Year:** -1248.190000000000 | **5-Year:** -1699.520000000000 | **10-Year:** -108.536781300000 | **30-Year:** -16.907293300000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000026755 | 0.06%                | 0.56%                | 0.20%                |
| Class ID C000026756 | 0.08%                | 0.57%                | 0.22%                |
| Class ID C000212354 | 0.08%                | 0.58%                | 0.22%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1125583.11             | $-750695.42                                |
| Month 2  | $-706913.88              | $7606090.35                                |
| Month 3  | $-743221.32              | $896467.02                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BURKE CNTY GA DEV AUTH POLL CO | Development Authority of Burke County/The                                        | CUSIP: 121342QD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5650000 | PA      | $5575048.80   | 0.36%             | 2049-12-01      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH WT | New Jersey Economic Development Authority                                        | CUSIP: 645780FP7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6930690.90   | 0.44%             | 2034-11-01      | Variable      | 1.20%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452152P88<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5094827.50   | 0.33%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL INDL DEV AU | Miami-Dade County Industrial Development Authority                               | CUSIP: 59333GAN8<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |  11500000 | PA      | $11151478.70  | 0.71%             | 2048-11-01      | Variable      | 4.04%                 | No            |                  2 | On Loan: No      |
| MATAGORDA CNTY TX NAV DIST #1  | Matagorda County Navigation District No 1                                        | CUSIP: 576528DU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2944977.30   | 0.19%             | 2030-05-01      | Variable      | 0.90%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                                      | CUSIP: 56035DCT7<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    725000 | PA      | $724841.30    | 0.05%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST HLTH FAC FING AUTH  | Indiana Health Facility Financing Authority                                      | CUSIP: 454798UR8<br>LEI: 549300P2SI60HN6M7V39 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99902.92     | 0.01%             | 2036-11-15      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HGR EDU BLDG | Allegheny County Higher Education Building Authority                             | CUSIP: 01729EKZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5281024.10   | 0.34%             | 2033-02-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH  | Parish of St John the Baptist LA                                                 | CUSIP: 79020FAW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5962947.00   | 0.38%             | 2037-06-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| MEADE CNTY KY INDL BLDG REVENU | County of Meade KY                                                               | CUSIP: 583022AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18500000 | PA      | $18500000.00  | 1.18%             | 2061-08-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| MASSENA NY CENTRL SCH DIST     | Massena Central School District                                                  | CUSIP: 576186HY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15013404.00  | 0.96%             | 2023-06-29      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEI | Tender Option Bond Trust Receipts/Certificates                                   | CUSIP: 88035ABX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13110000 | PA      | $13110000.00  | 0.84%             | 2053-01-01      | Variable      | 3.96%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                 | State of Connecticut                                                             | CUSIP: 20772KRP6<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2075013.00   | 0.13%             | 2024-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST                   | State of Wisconsin                                                               | CUSIP: 97705MXV2<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |  10375000 | PA      | $10239692.36  | 0.66%             | 2025-05-01      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                              | CUSIP: 64966MU98<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400000.00   | 0.09%             | 2046-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| WSTRN PLACER CA UNIF SCH DIST  | Western Placer Unified School District                                           | CUSIP: 95921RBF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1919528.60   | 0.12%             | 2025-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                 | State of Connecticut                                                             | CUSIP: 20772KRQ4<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060979.90   | 0.07%             | 2025-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH PENN PA WTR AUTH         | North Penn Water Authority                                                       | CUSIP: 661524HZ4<br>LEI: 549300IX1LCUK2KJN052 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1199825.40   | 0.08%             | 2023-11-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEI | Tender Option Bond Trust Receipts/Certificates                                   | CUSIP: 88035ACZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2655000 | PA      | $2655000.00   | 0.17%             | 2048-08-01      | Variable      | 3.14%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712D6Y7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |  30625000 | PA      | $30625000.00  | 1.96%             | 2053-02-15      | Variable      | 4.23%                 | No            |                  2 | On Loan: No      |
| TENNERGY CORP TN GAS REVENUE   | Tennergy Corp/TN                                                                 | CUSIP: 880397BG8<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |  11700000 | PA      | $11870417.52  | 0.76%             | 2050-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BAY AREA CA TOLL AUTH TOLL BRI | Bay Area Toll Authority                                                          | CUSIP: 072024XT4<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6803624.10   | 0.44%             | 2056-04-01      | Variable      | 3.96%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MUNI ENERGY ACQU | New Mexico Municipal Energy Acquisition Authority                                | CUSIP: 647207BA6<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |   3725000 | PA      | $3744568.17   | 0.24%             | 2025-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA | Chicago O'Hare International Airport                                             | CUSIP: 167593Y97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2058275.00   | 0.13%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NUVEEN AMT FREE MUNI CREDIT IN | Nuveen AMT-Free Municipal Credit Income Fund                                     | CUSIP: 67071L791<br>LEI: 549300LBMO1C0IG71T03 | Long             | DBT              | MUN               | US        |  25000000 | PA      | $25000000.00  | 1.60%             | 2031-12-01      | Variable      | 4.11%                 | No            |                  2 | On Loan: No      |
| OWEN CNTY KY WTR FACS REVENUE  | County of Owen KY                                                                | CUSIP: 69068WAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2452040.00   | 0.16%             | 2040-06-01      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| MIDLOTHIAN TX INDEP SCH DIST   | Midlothian Independent School District                                           | CUSIP: 5978518C1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8695000 | PA      | $8644229.03   | 0.55%             | 2052-08-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP HLTHCAREF | Florida Development Finance Corp                                                 | CUSIP: 34061QAP2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2739374.37   | 0.18%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SELMA AL INDL DEV BRD REVENUE  | Selma Industrial Development Board                                               | CUSIP: 81647PAE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3650000 | PA      | $3512243.89   | 0.22%             | 2033-11-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| CAMDEN NJ                      | City of Camden NJ                                                                | CUSIP: 133051TK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2463000 | PA      | $2461940.91   | 0.16%             | 2023-08-08      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK SPEARS/LIFERS TR | Deutsche Bank Spears/Lifers Trust                                                | CUSIP: 25155W5Z8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  32000000 | PA      | $32000000.00  | 2.05%             | 2032-06-01      | Variable      | 3.96%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE     | City of Austin TX Airport System Revenue                                         | CUSIP: 052398GB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3507037.10   | 0.22%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SOL WST D | New Hampshire Business Finance Authority                                         | CUSIP: 63608RAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1926513.80   | 0.12%             | 2038-08-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA | Chicago O'Hare International Airport                                             | CUSIP: 167593Y89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2027244.80   | 0.13%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE | County of Miami-Dade FL Aviation Revenue                                         | CUSIP: 59333P5L8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2592132.50   | 0.17%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BAY AREA CA TOLL AUTH TOLL BRI | Bay Area Toll Authority                                                          | CUSIP: 072024XA5<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $8862513.30   | 0.57%             | 2056-04-01      | Variable      | 4.11%                 | No            |                  2 | On Loan: No      |
| YORK CNTY VA ECON DEV AUTH POL | York County Economic Development Authority                                       | CUSIP: 98659AAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5438404.40   | 0.35%             | 2033-05-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| PORT OF CORPUS CHRISTI TX AUTH | Port of Corpus Christi Authority of Nueces County                                | CUSIP: 733908AR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6100000 | PA      | $6100000.00   | 0.39%             | 2032-01-01      | Variable      | 3.93%                 | No            |                  2 | On Loan: No      |
| NEWBURGH CITY NY               | City of Newburgh NY                                                              | CUSIP: 650818FK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3999889.60   | 0.26%             | 2023-03-28      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S | Long Island Power Authority                                                      | CUSIP: 542691CR9<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |  17000000 | PA      | $16431360.20  | 1.05%             | 2049-09-01      | Variable      | 1.65%                 | No            |                  2 | On Loan: No      |
| SELMA AL INDL DEV BRD REVENUE  | Selma Industrial Development Board                                               | CUSIP: 81647PAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $4894151.85   | 0.31%             | 2034-05-01      | Variable      | 1.38%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 54628CNL2<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2830492.80   | 0.18%             | 2046-02-01      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| ESCAMBIA CNTY FL ENVRNMNTL IMP | County of Escambia FL                                                            | CUSIP: 29610QAG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $745750.42    | 0.05%             | 2033-11-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE | County of Miami-Dade FL Aviation Revenue                                         | CUSIP: 59333P5M6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1323794.00   | 0.08%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SEATTLE WA MUNI LIGHT & PWR RE | City of Seattle WA Municipal Light & Power Revenue                               | CUSIP: 812643WU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9250000 | PA      | $9069936.73   | 0.58%             | 2045-05-01      | Variable      | 3.91%                 | No            |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH  | Parish of St John the Baptist LA                                                 | CUSIP: 79020FAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6885000 | PA      | $6671810.11   | 0.43%             | 2037-06-01      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| BETHLEHEM PA AREA SCH DIST AUT | Bethlehem Area School District                                                   | CUSIP: 087368AM8<br>LEI: 549300TFB2HAL26FJP41 | Long             | DBT              | MUN               | US        |   3375000 | PA      | $3275349.08   | 0.21%             | 2031-07-01      | Variable      | 3.23%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SOL WST D | New Hampshire Business Finance Authority                                         | CUSIP: 63608RAF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3853027.60   | 0.25%             | 2033-07-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| HUMBOLDT CNTY NV POLL CONTROL  | County of Humboldt NV                                                            | CUSIP: 445199AL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6723606.40   | 0.43%             | 2024-12-01      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MUNI ENERGY ACQU | New Mexico Municipal Energy Acquisition Authority                                | CUSIP: 647207AZ2<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1693758.12   | 0.11%             | 2024-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIS | Port of Port Arthur Navigation District                                          | CUSIP: 735220AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5475000 | PA      | $5475000.00   | 0.35%             | 2040-11-01      | Variable      | 4.46%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH SOL WST FACS  | Iowa Finance Authority                                                           | CUSIP: 46246YAB8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2931310.80   | 0.19%             | 2042-01-01      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK SPEARS/LIFERS SE | Deutsche Bank Spears/Lifers Trust                                                | CUSIP: 25160RMD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3970000 | PA      | $3970000.00   | 0.25%             | 2061-07-01      | Variable      | 4.06%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIS | Port of Port Arthur Navigation District                                          | CUSIP: 735220AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  38500000 | PA      | $38500000.00  | 2.46%             | 2027-12-01      | Variable      | 4.51%                 | No            |                  2 | On Loan: No      |
| NUVEEN CA AMT-FREE QUALITY MUN | Nuveen California AMT-Free Quality Municipal Income Fund                         | CUSIP: 670651868<br>LEI: 5493005SR7RRUAG9VK19 | Long             | DBT              | MUN               | US        |  12400000 | PA      | $12400000.00  | 0.79%             | 2047-10-01      | Variable      | 4.11%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | Black Belt Energy Gas District                                                   | CUSIP: 09182TAN7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  25500000 | PA      | $24225334.05  | 1.55%             | 2052-10-01      | Variable      | 4.01%                 | No            |                  2 | On Loan: No      |
| MONTANA ST BRD OF RGTS HGR EDU | MONTANA STATE BOARD OF REGENTS                                                   | CUSIP: 61212LQZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2599802.92   | 0.17%             | 2035-11-15      | Variable      | 4.11%                 | No            |                  2 | On Loan: No      |
| NORTHAMPTON CNTY PA GEN PURPOS | NORTHAMPTON COUNTY GENERAL PURPOSE AUTHORITY                                     | CUSIP: 66353RCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4000728.00   | 0.26%             | 2048-08-15      | Variable      | 3.92%                 | No            |                  2 | On Loan: No      |
| FORT BEND TX INDEP SCH DIST    | Fort Bend Independent School District                                            | CUSIP: 346843RY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3910000 | PA      | $3652887.00   | 0.23%             | 2050-08-01      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIS | Port of Port Arthur Navigation District                                          | CUSIP: 735220AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25600000 | PA      | $25600000.00  | 1.64%             | 2040-04-01      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| DOUGLAS CNTY NE EDUCTNL FACS R | County of Douglas NE                                                             | CUSIP: 259226CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4955000 | PA      | $4878113.76   | 0.31%             | 2035-07-01      | Variable      | 4.19%                 | No            |                  2 | On Loan: No      |
| CLEAR CREEK TX INDEP SCH DIST  | CLEAR CREEK INDE FRN 2/38                                                        | CUSIP: 184541EF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3773506.80   | 0.24%             | 2038-02-15      | Variable      | 0.28%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MUNI ENERGY ACQU | New Mexico Municipal Energy Acquisition Authority                                | CUSIP: 647207AY5<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1605598.72   | 0.10%             | 2024-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE           | State of Ohio                                                                    | CUSIP: 67756CCG1<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   8885000 | PA      | $8885000.00   | 0.57%             | 2045-01-15      | Variable      | 4.14%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MUNI ENERGY ACQU | New Mexico Municipal Energy Acquisition Authority                                | CUSIP: 647207AX7<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1152196.04   | 0.07%             | 2023-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK SPEARS/LIFERS SE | Deutsche Bank Spears/Lifers Trust                                                | CUSIP: 25160RJM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8133346 | PA      | $8133346.00   | 0.52%             | 2061-08-01      | Variable      | 4.06%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX WTR REVENUE     | San Antonio Water System                                                         | CUSIP: 79642GCG5<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3981410.40   | 0.25%             | 2049-05-01      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI POLL CONTRO | Pactiv Evergreen Group Issuer Inc/Pactiv Evergreen Group Issuer LLC              | CUSIP: 74447HAB4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7514292.00   | 0.48%             | 2046-10-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SOL WST D | New Hampshire Business Finance Authority                                         | CUSIP: 63608RAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1444885.35   | 0.09%             | 2025-09-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| ALVIN TX INDEP SCH DIST        | Alvin Independent School District/TX                                             | CUSIP: 022447S72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2951071.20   | 0.19%             | 2036-02-15      | Variable      | 0.45%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH HLTHS | Oklahoma Development Finance Authority                                           | CUSIP: 67884XCU9<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   9825000 | PA      | $9825000.00   | 0.63%             | 2031-08-15      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| CENTRL BRADFORD PROGRESS AUTHP | Central Bradford Progress Authority                                              | CUSIP: 152691BE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6870000 | PA      | $6870000.00   | 0.44%             | 2041-12-01      | Variable      | 4.23%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIS | Port of Port Arthur Navigation District                                          | CUSIP: 735220AU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7200000 | PA      | $7200000.00   | 0.46%             | 2040-04-01      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST GAS & FUELS TAX R | State of Louisiana Gasoline & Fuels Tax Revenue                                  | CUSIP: 546475UV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5025000 | PA      | $4965157.78   | 0.32%             | 2043-05-01      | Variable      | 0.60%                 | No            |                  2 | On Loan: No      |
| CHAUTAUQUA CNTY NY CAPITAL RES | Chautauqua County Capital Resource Corp                                          | CUSIP: 16254PAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16500000 | PA      | $16385018.10  | 1.05%             | 2042-04-01      | Variable      | 1.30%                 | No            |                  2 | On Loan: No      |
| SAINT JAMES PARISH LA REVENUE  | Parish of St James LA                                                            | CUSIP: 790103AH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  56700000 | PA      | $56700000.00  | 3.63%             | 2040-11-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA OH MET HSG AUTH MF HS | Cuyahoga Metropolitan Housing Authority                                          | CUSIP: 23239TAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4350000 | PA      | $4473976.31   | 0.29%             | 2027-12-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| CHESAPEAKE VA ECON DEV AUTH PO | Chesapeake Economic Development Authority                                        | CUSIP: 16532YAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2966402.40   | 0.19%             | 2032-02-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| RURAL WTR FING AGY KY PUBLIC P | Rural Water Financing Agency                                                     | CUSIP: 781741AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2471887.75   | 0.16%             | 2023-05-01      | Fixed         | 0.40%                 | No            |                  2 | On Loan: No      |
| OREGON ST HSG & CMNTY SVCS DEP | State of Oregon Housing & Community Services Department                          | CUSIP: 68608ABH2<br>LEI: 549300N3PYWYJ0Z8N757 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3476161.15   | 0.22%             | 2024-03-01      | Variable      | 0.25%                 | No            |                  2 | On Loan: No      |
| WSTRN PLACER CA UNIF SCH DIST  | Western Placer Unified School District                                           | CUSIP: 95921RBG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2730000 | PA      | $2619624.74   | 0.17%             | 2025-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION& | Texas Municipal Gas Acquisition & Supply Corp III                                | CUSIP: 88256HBA5<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2564377.00   | 0.16%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                              | CUSIP: 64966QWQ9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6000000.00   | 0.38%             | 2042-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| E-470 CO PUBLIC HIGHWAY AUTH   | E-470 Public Highway Authority                                                   | CUSIP: 26822LMV3<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3969863.20   | 0.25%             | 2039-09-01      | Variable      | 3.23%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & | California Infrastructure & Economic Development Bank                            | CUSIP: 13034AQ78<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6902857.50   | 0.44%             | 2047-08-01      | Variable      | 4.01%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH HS | CT HSG FIN AUTH FRN 5/60                                                         | CUSIP: 20775HCQ4<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   4150000 | PA      | $4011886.76   | 0.26%             | 2060-05-15      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| BARTOW CNTY GA DEV AUTH SOLIDW | Bartow County Development Authority                                              | CUSIP: 06964KAA4<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2200000.00   | 0.14%             | 2062-11-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R | State of Connecticut Special Tax Revenue                                         | CUSIP: 207758ZM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1291042.80   | 0.08%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CO | Burke County Development Authority                                               | CUSIP: 121342PX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6700000 | PA      | $6539498.15   | 0.42%             | 2032-10-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST              | Rib Floater Trust Various States                                                 | CUSIP: 76252PSA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.64%             | 2040-12-01      | Variable      | 3.99%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIS | Port of Port Arthur Navigation District                                          | CUSIP: 735220AT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3250000.00   | 0.21%             | 2040-04-01      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JES8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |  29000000 | PA      | $29000000.00  | 1.86%             | 2053-02-15      | Variable      | 4.23%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEI | Tender Option Bond Trust Receipts/Certificates                                   | CUSIP: 88034XUG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6090000 | PA      | $6090000.00   | 0.39%             | 2061-01-01      | Variable      | 3.86%                 | No            |                  2 | On Loan: No      |
| INDIANA ST HLTH FAC FING AUTH  | Indiana Health Facility Financing Authority                                      | CUSIP: 454798US6<br>LEI: 549300P2SI60HN6M7V39 | Long             | DBT              | MUN               | US        |   5900000 | PA      | $5894361.37   | 0.38%             | 2036-11-15      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEI | Tender Option Bond Trust Receipts/Certificates                                   | CUSIP: 88034YKP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3100000.00   | 0.20%             | 2061-11-01      | Variable      | 3.96%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF | PA HSG FIN AGY-127C                                                              | CUSIP: 70879QCP6<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6002170.20   | 0.38%             | 2047-10-01      | Variable      | 3.64%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA | Harris County Cultural Education Facilities Finance Corp                         | CUSIP: 414008CJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5003504.50   | 0.32%             | 2046-11-15      | Variable      | 3.53%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A | WASHINGTON HEALTH CARE FACILITIES AUTHORITY                                      | CUSIP: 93978HRM9<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7000000.00   | 0.45%             | 2042-01-01      | Variable      | 4.71%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST RURAL WTR FIN AUT | Minnesota Rural Water Finance Authority Inc                                      | CUSIP: 60411PBC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4932072.00   | 0.32%             | 2023-12-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA | Harris County Cultural Education Facilities Finance Corp                         | CUSIP: 414009RU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2701699.00   | 0.17%             | 2049-07-01      | Variable      | 4.51%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | BLACK BELT ENERGY GAS DISTRICT                                                   | CUSIP: 09182RAG6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  22500000 | PA      | $22314300.75  | 1.43%             | 2048-12-01      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK SPEARS/LIFERS SE | Deutsche Bank Spears/Lifers Trust                                                | CUSIP: 25160RHW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5365000 | PA      | $5365000.00   | 0.34%             | 2058-11-01      | Variable      | 4.06%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE-MECKLENBURG NC HOSP  | Charlotte-Mecklenburg Hospital Authority/The                                     | CUSIP: 160853VF1<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3629925.25   | 0.23%             | 2050-01-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HUTTO TX INDEP SCH DIST        | Hutto Independent School District                                                | CUSIP: 448492S90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3637735.13   | 0.23%             | 2055-02-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & | California Infrastructure & Economic Development Bank                            | CUSIP: 13034AN48<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   6750000 | PA      | $6510647.03   | 0.42%             | 2050-12-01      | Variable      | 4.36%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A | Washington Health Care Facilities Authority                                      | CUSIP: 93978HUZ6<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2534790.50   | 0.16%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| S E ALABAMA ST GAS SPLY DIST G | SOUTHEAST ALABAMA GAS SUPPLY DISTRICT/THE                                        | CUSIP: 84131TAR3<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |  30000000 | PA      | $29515533.00  | 1.89%             | 2049-06-01      | Variable      | 3.61%                 | No            |                  2 | On Loan: No      |
| SOUTHCENTRL PA GEN AUTH REVENU | General Authority of Southcentral Pennsylvania                                   | CUSIP: 84129NMF3<br>LEI: 549300QBNU5LBV4QX812 | Long             | DBT              | MUN               | US        |   6750000 | PA      | $6726690.90   | 0.43%             | 2049-06-01      | Variable      | 4.26%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                            | CUSIP: 59261AM20<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   6735000 | PA      | $6623872.50   | 0.42%             | 2035-11-01      | Variable      | 3.21%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH | KENTUCKY PUBLIC ENERGY AUTHORITY                                                 | CUSIP: 74440DBD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13000000 | PA      | $12905074.00  | 0.83%             | 2049-01-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE           | State of Ohio                                                                    | CUSIP: 67756CFH6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4000000.00   | 0.26%             | 2051-01-15      | Variable      | 3.77%                 | No            |                  2 | On Loan: No      |
| LANCASTER OH PORT AUTH GAS REV | Lancaster Port Authority                                                         | CUSIP: 514401BA5<br>LEI: 5493007EGWLFDZJFF129 | Long             | DBT              | MUN               | US        |  10390000 | PA      | $10566274.66  | 0.68%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA | Harris County Cultural Education Facilities Finance Corp                         | CUSIP: 414009MR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4966925.00   | 0.32%             | 2049-12-01      | Variable      | 4.23%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH HLTHS | Oklahoma Development Finance Authority                                           | CUSIP: 67884XCT2<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |  19700000 | PA      | $19700000.00  | 1.26%             | 2031-08-15      | Variable      | 3.96%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST HOSP EQUIPMENT L | New Mexico Hospital Equipment Loan Council                                       | CUSIP: 647370JT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4179498.80   | 0.27%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA | Harris County Cultural Education Facilities Finance Corp                         | CUSIP: 414009PW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3706211.60   | 0.24%             | 2050-05-15      | Variable      | 0.90%                 | No            |                  2 | On Loan: No      |
| BAY AREA CA TOLL AUTH TOLL BRI | Bay Area Toll Authority                                                          | CUSIP: 072024WZ1<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   7250000 | PA      | $7252731.08   | 0.46%             | 2056-04-01      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| CASS CNTY ND JT WTR RESOURCE D | Cass County Joint Water Resource District                                        | CUSIP: 14805PAZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9505296.00   | 0.61%             | 2024-05-01      | Fixed         | 0.48%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE-MECKLENBURG NC HOSPA | Charlotte-Mecklenburg Hospital Authority/The                                     | CUSIP: 160853VG9<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3767243.20   | 0.24%             | 2048-01-15      | Variable      | 0.80%                 | No            |                  2 | On Loan: No      |
| PORT OF CORPUS CHRISTI TX AUTH | Port of Corpus Christi Authority of Nueces County                                | CUSIP: 733908AL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11425000 | PA      | $11425000.00  | 0.73%             | 2029-07-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH REVENUE       | Iowa Finance Authority                                                           | CUSIP: 46247SBP8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3305476.65   | 0.21%             | 2056-05-15      | Variable      | 3.56%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FIN AUTH SEN | California Public Finance Authority                                              | CUSIP: 13057GAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1851620.80   | 0.12%             | 2027-11-15      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| COLUMBUS CNTY NC INDL FACS & P | Columbus County Industrial Facilities & Pollution Control Financing Authority    | CUSIP: 199048AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $817919.81    | 0.05%             | 2033-11-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE           | STATE OF OHIO                                                                    | CUSIP: 67756CCC0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.03%             | 2045-01-15      | Variable      | 4.04%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION& | Texas Municipal Gas Acquisition & Supply Corp III                                | CUSIP: 88256HAY4<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2267102.48   | 0.15%             | 2023-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FINGA | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70869MAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9704896.00   | 0.62%             | 2023-10-01      | Fixed         | 0.40%                 | No            |                  2 | On Loan: No      |
| MULTNOMAH CNTY OR HOSP FACS AU | Hospital Facilities Authority of Multnomah County Oregon                         | CUSIP: 62551PDC8<br>LEI: 549300GAP0JIG7V33754 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $850065.30    | 0.05%             | 2028-06-01      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEI | Tender Option Bond Trust Receipts/Certificates                                   | CUSIP: 88034Y2D1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5880000 | PA      | $5880000.00   | 0.38%             | 2062-01-01      | Variable      | 3.96%                 | No            |                  2 | On Loan: No      |
| NEBRASKA ST PUBLIC PWR DIST RE | Nebraska Public Power District                                                   | CUSIP: 63968A4D4<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9861578.00   | 0.63%             | 2051-01-01      | Variable      | 0.60%                 | No            |                  2 | On Loan: No      |
| OWEGO APALACHIN NY CENTRL SCHD | Owego Apalachin Central School District                                          | CUSIP: 690632HL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15043458.00  | 0.96%             | 2023-06-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MUNI ENERGY ACQU | New Mexico Municipal Energy Acquisition Authority                                | CUSIP: 647207AW9<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100857.56   | 0.07%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DICKINSON TX INDEP SCH DIST    | Dickinson Independent School District                                            | CUSIP: 253363UD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4907162.50   | 0.31%             | 2037-08-01      | Variable      | 0.25%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV POLL CONTROL REV | County of Clark NV                                                               | CUSIP: 181008BC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4976512.00   | 0.32%             | 2036-01-01      | Variable      | 1.65%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEPT OF TRANS | Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue      | CUSIP: 57563CDJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3500000.00   | 0.22%             | 2039-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING  | Pennsylvania Economic Development Financing Authority                            | CUSIP: 708692BJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4900000 | PA      | $4594803.99   | 0.29%             | 2037-08-01      | Variable      | 0.58%                 | No            |                  2 | On Loan: No      |
| BETHLEHEM PA AREA SCH DIST AUT | Bethlehem Area School District                                                   | CUSIP: 087368AL0<br>LEI: 549300TFB2HAL26FJP41 | Long             | DBT              | MUN               | US        |   2495000 | PA      | $2421358.33   | 0.15%             | 2030-01-01      | Variable      | 3.23%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R | Massachusetts Development Finance Agency                                         | CUSIP: 57584YPF0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3203948.48   | 0.21%             | 2049-07-01      | Variable      | 4.26%                 | No            |                  2 | On Loan: No      |
| MIDLOTHIAN TX INDEP SCH DIST   | Midlothian Independent School District                                           | CUSIP: 5978517Z1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1113207.98   | 0.07%             | 2052-08-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV SCH DIST         | Clark County School District                                                     | CUSIP: 181059M78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1458830.07   | 0.09%             | 2025-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA | Chicago O'Hare International Airport                                             | CUSIP: 167593Z21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3644832.80   | 0.23%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN  | New York City Municipal Water Finance Authority                                  | CUSIP: 64972GZW7<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.13%             | 2033-06-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIS | Port of Port Arthur Navigation District                                          | CUSIP: 735220AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  70205000 | PA      | $70205000.00  | 4.49%             | 2040-11-01      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| MULTNOMAH CNTY OR HOSP FACS AU | Hospital Facilities Authority of Multnomah County Oregon                         | CUSIP: 62551PDD6<br>LEI: 549300GAP0JIG7V33754 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2617951.20   | 0.17%             | 2027-06-01      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| VESTAL NY FIRE DIST            | Vestal Fire District                                                             | CUSIP: 925450DN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6431957 | PA      | $6419546.54   | 0.41%             | 2023-08-11      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A | Texas Department of Housing & Community Affairs                                  | CUSIP: 88275AEG1<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |  11000000 | PA      | $10274383.90  | 0.66%             | 2025-12-01      | Variable      | 0.65%                 | No            |                  2 | On Loan: No      |
| EANES TX INDEP SCH DIST        | Eanes Independent School District                                                | CUSIP: 270083S66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4465000 | PA      | $4334075.93   | 0.28%             | 2039-08-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| NUVEEN AMT-FREE QUALITY MUNICI | Nuveen AMT-Free Quality Municipal Income Fund                                    | CUSIP: 670657774<br>LEI: 549300OTYQOOXS64NI63 | Long             | DBT              | MUN               | US        |  46975000 | PA      | $46975000.00  | 3.01%             | 2029-03-01      | Variable      | 4.11%                 | No            |                  2 | On Loan: No      |
| COLORADO ST SCH OF MINES INSTN | Colorado School of Mines                                                         | CUSIP: 19658QGG6<br>LEI: 549300TQMFMDZTM5HY46 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000008.50   | 0.32%             | 2025-12-01      | Variable      | 4.53%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                              | CUSIP: 64966QWL0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  31500000 | PA      | $31500000.00  | 2.02%             | 2042-04-01      | Variable      | 3.86%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH | West Virginia Economic Development Authority                                     | CUSIP: 95648VBG3<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5063625.05   | 0.32%             | 2041-01-01      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| NUVEEN AMT FREE MUNI CREDIT IN | Nuveen AMT-Free Municipal Credit Income Fund                                     | CUSIP: 67071L825<br>LEI: 549300LBMO1C0IG71T03 | Long             | DBT              | MUN               | US        |  57000000 | PA      | $57000000.00  | 3.65%             | 2029-03-01      | Variable      | 4.11%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE           | State of Ohio                                                                    | CUSIP: 67756CFG8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8500000.00   | 0.54%             | 2049-01-15      | Variable      | 3.91%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | Black Belt Energy Gas District                                                   | CUSIP: 09182TAM9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3950862.00   | 0.25%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST HSG CORP MF REVENU | Kentucky Housing Corp                                                            | CUSIP: 491312EJ9<br>LEI: 549300NTBUU903EKQ287 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3350029.90   | 0.21%             | 2024-08-01      | Variable      | 0.30%                 | No            |                  2 | On Loan: No      |
| FARMINGTON NM POLL CONTROL REV | City of Farmington NM                                                            | CUSIP: 311450FR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4813976.50   | 0.31%             | 2040-06-01      | Variable      | 1.15%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST              | Rib Floater Trust Various States                                                 | CUSIP: 76252PSF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.64%             | 2041-11-01      | Variable      | 4.06%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN | California Pollution Control Financing Authority                                 | CUSIP: 13055JAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3627575.46   | 0.23%             | 2040-08-01      | Variable      | 0.60%                 | No            |                  2 | On Loan: No      |
| DELAWARE VLY PA REGL FIN AUTH  | Delaware Valley Regional Finance Authority                                       | CUSIP: 246579LL8<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $14110515.00  | 0.90%             | 2057-03-01      | Variable      | 3.37%                 | No            |                  2 | On Loan: No      |
| LEHIGH CNTY PA GEN PURPOSE AUT | Lehigh County General Purpose Authority                                          | CUSIP: 52480RFF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9960000 | PA      | $9945354.82   | 0.64%             | 2037-11-01      | Variable      | 4.24%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE   | Michigan Finance Authority                                                       | CUSIP: 59447T3W1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   3125000 | PA      | $3072102.50   | 0.20%             | 2047-04-15      | Variable      | 4.41%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEI | Tender Option Bond Trust Receipts/Certificates                                   | CUSIP: 88034X5B4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.19%             | 2061-07-01      | Variable      | 3.72%                 | No            |                  2 | On Loan: No      |
| PENINSULA VA PORTS AUTH COAL T | Peninsula Ports Authority                                                        | CUSIP: 707162BE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5512243.55   | 0.35%             | 2033-10-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                         | CUSIP: 650116ED4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035356.00   | 0.07%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOMBALL TX INDEP SCH DIST      | Tomball Independent School District                                              | CUSIP: 889855YG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2675000 | PA      | $2634714.77   | 0.17%             | 2036-02-15      | Variable      | 0.45%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL INDL DEV AU | Miami-Dade County Industrial Development Authority                               | CUSIP: 59333GAJ7<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2733077.20   | 0.17%             | 2023-08-01      | Variable      | 0.40%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE    | Indiana Finance Authority                                                        | CUSIP: 45506EDH3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   6745000 | PA      | $6574446.60   | 0.42%             | 2039-03-01      | Variable      | 3.96%                 | No            |                  2 | On Loan: No      |
| COCONINO CNTY AZ POLL CONTROLC | Coconino County Pollution Control Corp                                           | CUSIP: 191855BK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3982482.80   | 0.25%             | 2032-09-01      | Variable      | 1.88%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING  | Pennsylvania Economic Development Financing Authority                            | CUSIP: 708692BT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $8747685.90   | 0.56%             | 2041-06-01      | Variable      | 4.06%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY                                   | CUSIP: 6461367Q8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2646326.75   | 0.17%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FARMINGTON NM POLL CONTROL REV | City of Farmington NM                                                            | CUSIP: 311450FS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2964675.60   | 0.19%             | 2040-06-01      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI | PENNSYLVANIA TURNPIKE COMMISSION                                                 | CUSIP: 709224L56<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000322.00   | 0.32%             | 2023-12-01      | Variable      | 4.36%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MUNI ENERGY ACQU | New Mexico Municipal Energy Acquisition Authority                                | CUSIP: 647207BB4<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4612181.85   | 0.30%             | 2039-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP HLTHCAREF | Florida Development Finance Corp                                                 | CUSIP: 34061QAR8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1781181.63   | 0.11%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL  | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20775DJU7<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3843790.80   | 0.25%             | 2037-07-01      | Variable      | 0.25%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                                      | CUSIP: 56035DCW0<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1093460.94   | 0.07%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALG | Black Belt Energy Gas District                                                   | CUSIP: 09182RAR2<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4944895.00   | 0.32%             | 2049-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU | NEW JERSEY TURNPIKE AUTHORITY                                                    | CUSIP: 646140BM4<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20000000.00  | 1.28%             | 2030-01-01      | Variable      | 3.63%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST HLTH FACS AUTH      | Arizona Health Facilities Authority                                              | CUSIP: 040507QA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4347202.95   | 0.28%             | 2046-01-01      | Variable      | 3.91%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER/RESIDUAL TRUST  | Mizuho Floater/Residual Trust                                                    | CUSIP: 60700HLD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6500000.00   | 0.42%             | 2050-08-01      | Variable      | 3.91%                 | No            |                  2 | On Loan: No      |
| MIDLOTHIAN TX INDEP SCH DIST   | Midlothian Independent School District                                           | CUSIP: 5978518B3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2634526.39   | 0.17%             | 2052-08-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL  | TRIBOROUGH BRIDGE & TUNNEL AUTHORITY                                             | CUSIP: 89602RGJ8<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   5690000 | PA      | $5623078.20   | 0.36%             | 2032-01-01      | Variable      | 3.26%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY       | MN HSG FIN AGY-D-REF                                                             | CUSIP: 60416SYR5<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   5240000 | PA      | $5233458.91   | 0.33%             | 2045-01-01      | Variable      | 4.09%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S | Long Island Power Authority                                                      | CUSIP: 542691GG9<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3298005.48   | 0.21%             | 2033-05-01      | Variable      | 3.63%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE   | Michigan Finance Authority                                                       | CUSIP: 59447T3E1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046388.90   | 0.07%             | 2025-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH DAKOTA ST HSG FIN AGY    | North Dakota Housing Finance Agency                                              | CUSIP: 658909TY2<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3999418.00   | 0.26%             | 2043-01-01      | Variable      | 3.86%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                                      | CUSIP: 56035DCV2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997090.10    | 0.06%             | 2025-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEI | Tender Option Bond Trust Receipts/Certificates                                   | CUSIP: 88035ABS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4000000.00   | 0.26%             | 2054-08-01      | Variable      | 3.96%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                         | CUSIP: 650116EF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058608.20   | 0.07%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                         | CUSIP: 650116DD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2567325.50   | 0.16%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS CNTY NC INDL FACS & P | Columbus County Industrial Facilities & Pollution Control Financing Authority    | CUSIP: 199048AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $932219.40    | 0.06%             | 2034-05-01      | Variable      | 1.38%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC & GAS REVE | City of San Antonio TX Electric & Gas Systems Revenue                            | CUSIP: 79625GFV0<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   3370000 | PA      | $3370018.20   | 0.22%             | 2048-02-01      | Variable      | 4.53%                 | No            |                  2 | On Loan: No      |
| EL PASO TX INDEP SCH DIST      | El Paso Independent School District                                              | CUSIP: 283770NB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3535297.92   | 0.23%             | 2040-02-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| DENTON CNTY TX HSG FIN CORP    | Denton County Housing Finance Corp                                               | CUSIP: 248795BC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3606445.50   | 0.23%             | 2026-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                             | CUSIP: 19648FVM3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5930692.80   | 0.38%             | 2061-05-15      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| KING CNTY WA SWR REVENUE       | County of King WA Sewer Revenue                                                  | CUSIP: 495290EF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4867686.00   | 0.31%             | 2040-01-01      | Variable      | 3.89%                 | No            |                  2 | On Loan: No      |
| PITTSBURGH PA WTR & SWR AUTH   | PITTSBURGH WATER & SEWER AUTHORITY                                               | CUSIP: 725304UC1<br>LEI: 54930034DVH6W22T1E86 | Long             | DBT              | MUN               | US        |  17500000 | PA      | $17482570.00  | 1.12%             | 2040-09-01      | Variable      | 4.31%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE   | Michigan Finance Authority                                                       | CUSIP: 59447T3D3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2051304.40   | 0.13%             | 2024-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK SPEARS/LIFERS SE | Deutsche Bank Spears/Lifers Trust                                                | CUSIP: 25160RLX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8000000.00   | 0.51%             | 2058-10-01      | Variable      | 4.06%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                 | STATE OF CONNECTICUT                                                             | CUSIP: 20772JLZ3<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500761.85   | 0.10%             | 2023-03-01      | Variable      | 4.56%                 | No            |                  2 | On Loan: No      |
| UNIV OF NORTH CAROLINA NC AT C | University of North Carolina at Chapel Hill                                      | CUSIP: 914713U34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13635000 | PA      | $13483186.55  | 0.86%             | 2034-12-01      | Variable      | 3.53%                 | No            |                  2 | On Loan: No      |
| MEADE CNTY KY INDL BLDG REVENU | County of Meade KY                                                               | CUSIP: 583022AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4900000 | PA      | $4900000.00   | 0.31%             | 2061-08-01      | Variable      | 4.32%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                                      | CUSIP: 56035DCU4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    700000 | PA      | $699385.68    | 0.04%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK SPEARS/LIFERS SE | Deutsche Bank Spears/Lifers Trust                                                | CUSIP: 25160RJC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9840000 | PA      | $9840000.00   | 0.63%             | 2057-05-01      | Variable      | 4.06%                 | No            |                  2 | On Loan: No      |
| PONDER TX INDEP SCH DIST       | Ponder Independent School District                                               | CUSIP: 732402JP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14985000 | PA      | $14502252.23  | 0.93%             | 2051-02-15      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH WT | New Jersey Economic Development Authority                                        | CUSIP: 645780FS1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $2846284.53   | 0.18%             | 2025-12-01      | Fixed         | 0.85%                 | No            |                  2 | On Loan: No      |
| WISE CNTY VA INDL DEV AUTH SOL | Wise County Industrial Development Authority                                     | CUSIP: 977228AE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4531826.50   | 0.29%             | 2040-10-01      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEI | Tender Option Bond Trust Receipts/Certificates                                   | CUSIP: 88034YAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5500000.00   | 0.35%             | 2061-07-01      | Variable      | 3.96%                 | No            |                  2 | On Loan: No      |
| LOWVILLE NY                    | Village of Lowville NY                                                           | CUSIP: 548831EP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4010000 | PA      | $3995798.18   | 0.26%             | 2023-08-24      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY MF HSG REV | Ohio Housing Finance Agency                                                      | CUSIP: 676900VM2<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   4725000 | PA      | $4677902.15   | 0.30%             | 2024-04-01      | Variable      | 0.40%                 | No            |                  2 | On Loan: No      |
| PATRIOTS ENERGY GROUP FING AGY | PATRIOT ENERGY ETC-B                                                             | CUSIP: 70342PAL8<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |  25000000 | PA      | $24861972.50  | 1.59%             | 2048-10-01      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY                                   | CUSIP: 6461367P0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2344049.55   | 0.15%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** Federated Hermes Fixed Income Securities, Inc.

**Signature:** Stephen Van Meter

**Name of Signer:** Federated Hermes Fixed Income Securities, Inc.

**Title:** Chief Compliance Officer