# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0002071691-25-007837
**Filing Date:** 2025-11
**Character Count:** 286142
**Document Hash:** 4b7ff7269c24597510116e446a0d6b5a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-007837.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002071691-25-007837

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS MUNICIPAL SERIES TRUST
- **CENTRAL INDEX KEY:** 0000751656

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04096
- **FILM NUMBER:** 251530049

**BUSINESS ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 18006372929

**MAIL ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS MANAGED MULTI STATE MUNICIPAL BOND TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS MANAGED MULTI STATE TAX EXEMPT TRUST
- **DATE OF NAME CHANGE:** 19890410

## Series and Classes Contracts Data

### MFS Municipal Intermediate Fund (Series ID: S000071695)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000227169 | Class C      | MIUCX           |
| C000227170 | Class A      | MIUAX           |
| C000227171 | Class I      | MIUIX           |
| C000227172 | Class R6     | MIURX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** MFS Municipal Series Trust

- **b. Investment Company Act file number:** 811-04096

- **c. CIK number of Registrant:** 0000751656

- **d. LEI of Registrant:** 5493001Q9KE7H84Z5340

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

  - **Street Address 1:** 111 Huntington Avenue

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

  - **Telephone number:** 617-954-5000

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

- **a. Name of Series:** MFS Municipal Intermediate Fund

- **b. EDGAR series identifier (if any):** S000071695

- **c. LEI of Series:** 549300PSMWF1MUF80F76

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $326976624.15

**Total Liabilities:** $5964574.19

**Net Assets:** $321012049.96

**Delayed Delivery Securities:** $4547066.40

**Cash Not Reported:** $3992.92

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -547.57469390 | **1-Year:** -9102.75268850 | **5-Year:** -52009.54545310 | **10-Year:** -92870.17280740 | **30-Year:** -10874.17127700

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

- **3-Month:** -161.36016890 | **1-Year:** -2331.21208280 | **5-Year:** -8679.53498150 | **10-Year:** -10330.35183460 | **30-Year:** -845.58199760

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000227171 | -0.01%               | 0.87%                | 1.84%                |
| Class ID C000227170 | -0.14%               | 0.85%                | 1.82%                |
| Class ID C000227172 | -0.12%               | 0.87%                | 1.85%                |
| Class ID C000227169 | -0.09%               | 0.79%                | 1.65%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-80668.38               | $-1027266.93                               |
| Month 2  | $7619.10                 | $1616703.38                                |
| Month 3  | $5652.82                 | $4600625.58                                |

### Schedule of Portfolio Investments

| Name                                                                                      | Title                                                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Pecos Barstow Toyah Independent School District                                           | Pecos Barstow Toyah Independent School District, Series 2023                                 | CUSIP: 705227HN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1556069.03   | 0.48%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Steel Valley School District                                                              | Steel Valley School District, Series 2024                                                    | CUSIP: 858151MR1<br>LEI: 549300BYA5FSMYFPGP34 | Long             | DBT              | MUN               | US        |    650000 | PA      | $695503.06    | 0.22%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Series 2024A                                       | CUSIP: 57585BBR8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505071.15    | 0.16%             | 2034-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| EHOVE Joint Vocational School District                                                    | EHOVE Joint Vocational School District, Series 2025                                          | CUSIP: 282407BU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $393101.56    | 0.12%             | 2036-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                     | North Carolina Housing Finance Agency                                                        | CUSIP: 658207C52<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    780000 | PA      | $690927.67    | 0.22%             | 2032-07-01      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority                                        | CUSIP: 70868YAJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1089511.30   | 0.34%             | 2033-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westmoreland County Industrial Development Authority PA                                   | Westmoreland County Industrial Development Authority                                         | CUSIP: 961008RR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $497527.80    | 0.15%             | 2026-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The)                                               | CUSIP: 592190QN5<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1284955.95   | 0.40%             | 2033-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                             | Doylestown Hospital Authority, Series 2019A                                                  | CUSIP: 261333HD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $9188.47      | 0.00%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                | Chicago Board of Education                                                                   | CUSIP: 167505YL4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    225000 | PA      | $188030.34    | 0.06%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority, Series 2025                                                      | CUSIP: 594479KF3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    330000 | PA      | $361372.64    | 0.11%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Series 2025                                        | CUSIP: 57585BJP4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1233872.62   | 0.38%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Pollution Control Corp.                                                   | Maricopa County Pollution Control Corp.                                                      | CUSIP: 566854EL5<br>LEI: 549300QPXP6T4Y6I1D83 | Long             | DBT              | MUN               | US        |     15000 | PA      | $14560.49     | 0.00%             | 2043-06-01      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                                 | Orange County Health Facilities Authority                                                    | CUSIP: 68450LGL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $971617.90    | 0.30%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                         | Territory of Guam                                                                            | CUSIP: 40065HDV9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    175000 | PA      | $175374.73    | 0.05%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority                                                     | CUSIP: 63607DAE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1249454 | PA      | $1266723.47   | 0.39%             | 2041-06-20      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No. 15                                             | Village Community Development District No. 15, Series 2024                                   | CUSIP: 92708KAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100540.27    | 0.03%             | 2029-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District, Series 2024 C                                                | CUSIP: 09182TDU8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    365000 | PA      | $396148.37    | 0.12%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority                                                                   | CUSIP: 45204FSD8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    855000 | PA      | $896803.52    | 0.28%             | 2030-05-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of St Louis Missouri (The)                   | Industrial Development Authority of the City of St Louis Missouri (The), Series 2024A        | CUSIP: 85237JAA2<br>LEI: 549300WTUL8KX1FOUZ40 | Long             | DBT              | MUN               | US        |    360000 | PA      | $364860.94    | 0.11%             | 2034-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| City of Erie Higher Education Building Authority                                          | City of Erie Higher Education Building Authority, Series 2025 XX1                            | CUSIP: 295435DW8<br>LEI: 549300JDMWBZICIGLV66 | Long             | DBT              | MUN               | US        |    400000 | PA      | $403231.80    | 0.13%             | 2033-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                               | Ohio Housing Finance Agency, Series 2025A                                                    | CUSIP: 676900XN8<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    250000 | PA      | $255934.88    | 0.08%             | 2043-08-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                      | Chicago O'Hare International Airport                                                         | CUSIP: 1675932A9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $217193.00    | 0.07%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp.                                                                     | CUSIP: 12008ETU0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    750000 | PA      | $790181.18    | 0.25%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                                    | Downtown Revitalization Public Infrastructure District, Series 2025C                         | CUSIP: 26118TBW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    181000 | PA      | $182115.09    | 0.06%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Structured Pass-Through Certificates                                                | FHLMC Structured Pass-Through Certificates                                                   | CUSIP: 3137HCXR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | MUN               | US        |    356088 | PA      | $365439.40    | 0.11%             | 2040-10-25      | Variable      | 4.69%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                    | California Statewide Communities Development Authority                                       | CUSIP: 13078RGW4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |     80000 | PA      | $82679.24     | 0.03%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                           | Indianapolis Local Public Improvement Bond Bank, Series 2023E                                | CUSIP: 45528U6V8<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    500000 | PA      | $534273.25    | 0.17%             | 2038-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority, Series 2025A                          | CUSIP: 70870JGX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1142029.45   | 0.36%             | 2060-03-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Decatur Housing Authority                                                                 | Decatur Housing Authority, Series 2025                                                       | CUSIP: 24311PAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    426000 | PA      | $431917.52    | 0.13%             | 2028-08-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority                                                                   | CUSIP: 45204FRQ0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    655000 | PA      | $679243.25    | 0.21%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                 | New York Transportation Development Corp.                                                    | CUSIP: 650116CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252610.98    | 0.08%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Energy Research & Development Authority                                    | New York State Energy Research & Development Authority, Series 2004B                         | CUSIP: 649845JB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1246373.96   | 0.39%             | 2032-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bromley Park Metropolitan District No. 3                                                  | Bromley Park Metropolitan District No. 3, Series 2024                                        | CUSIP: 11222PAL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    905000 | PA      | $972567.48    | 0.30%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                               | District of Columbia Housing Finance Agency, Series 2024                                     | CUSIP: 25477TAX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    327000 | PA      | $341795.18    | 0.11%             | 2028-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Loramie Local School District                                                        | Fort Loramie Local School District                                                           | CUSIP: 347790AW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $394455.06    | 0.12%             | 2045-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                                      | County of Jefferson                                                                          | CUSIP: 472682ZH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $807622.80    | 0.25%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Baldwin County Industrial Development Authority                                           | Baldwin County Industrial Development Authority, Series 2025 B                               | CUSIP: 05786PAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $135284.62    | 0.04%             | 2055-06-01      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                              | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      1000 | PA      | $901.57       | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Charleston County Airport District                                                        | Charleston County Airport District, Series 2024A                                             | CUSIP: 160070EH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $781319.85    | 0.24%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Princeton TX                                                                      | City of Princeton, Series 2024                                                               | CUSIP: 742400CM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $478763.60    | 0.15%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Higher Education Supplement Loan Authority                              | Connecticut State Higher Education Supplement Loan Authority                                 | CUSIP: 207743XG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1639443.96   | 0.51%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority                                                                     | CUSIP: 74448FAA9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    305000 | PA      | $312435.53    | 0.10%             | 2036-04-28      | Fixed         | 6.81%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                              | CUSIP: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    597000 | PA      | $488344.27    | 0.15%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority, Series 2022                           | CUSIP: 70868YAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $822506.73    | 0.26%             | 2042-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                               | Oklahoma Turnpike Authority, Series 2025B                                                    | CUSIP: 679111F41<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |    325000 | PA      | $369758.45    | 0.12%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority                                                                    | CUSIP: 45470EAF2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    200000 | PA      | $201257.86    | 0.06%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha Airport Authority                                                                   | Omaha Airport Authority, Series 2024                                                         | CUSIP: 681725NA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088509.80   | 0.34%             | 2036-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp.                                                        | Mission Economic Development Corp., Series 2025                                              | CUSIP: 605155BW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $253785.23    | 0.08%             | 2064-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio                                                  | MFS Institutional Money Market Portfolio, Class A                                            | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | STIV             | RF                | US        |  14607457 | NS      | $14608917.72  | 4.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                              | Greater Asheville Regional Airport Authority                                                 | CUSIP: 39160CBG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $342626.11    | 0.11%             | 2039-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Series 2024A                                              | CUSIP: 34061XAG7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    520000 | PA      | $524937.24    | 0.16%             | 2054-10-01      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| William Penn School District Authority                                                    | William Penn School District Authority, Series 2025B                                         | CUSIP: 969257BE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $233495.08    | 0.07%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Convention Enterprises, Inc.                                                       | Austin Convention Enterprises, Inc.                                                          | CUSIP: 052409EA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95086.41     | 0.03%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                         | Iowa Student Loan Liquidity Corp., Series 2023 B                                             | CUSIP: 462590NY2<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1239315.90   | 0.39%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                                       | Idaho Housing & Finance Association, Series 2024 A                                           | CUSIP: 45129GLK9<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    220000 | PA      | $225781.07    | 0.07%             | 2031-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Beach Development Authority                                                      | Virginia Beach Development Authority, Series 2023B-3                                         | CUSIP: 92774NBF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $757362.23    | 0.24%             | 2029-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Mirabelle Metropolitan District No. 2                                                     | Mirabelle Metropolitan District No. 2, Series 2025A                                          | CUSIP: 60458HAU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $752218.06    | 0.23%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                      | City of Baltimore                                                                            | CUSIP: 05922KK57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $450773.51    | 0.14%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                 | City of Houston, Series 2024B                                                                | CUSIP: 442349HY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $584733.88    | 0.18%             | 2038-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                   | Knox County Health Educational & Housing Facility Board                                      | CUSIP: 49952MEG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $755540.63    | 0.24%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                                        | Allegheny County Airport Authority, Series 2025A                                             | CUSIP: 01728LKN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1412573.52   | 0.44%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Urban Residential Finance Authority                                               | Atlanta Urban Residential Finance Authority, Series 2025                                     | CUSIP: 04785VBX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    187000 | PA      | $189422.21    | 0.06%             | 2029-02-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                         | Southeast Energy Authority A Cooperative District, Series 2024C                              | CUSIP: 84136HAH6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1341668.87   | 0.42%             | 2055-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Adams County General Authority                                                            | Adams County General Authority, Series 2024A                                                 | CUSIP: 006114AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $1042770.37   | 0.32%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                                     | New Mexico Mortgage Finance Authority                                                        | CUSIP: 647201TX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $89207.40     | 0.03%             | 2053-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                         | CUSIP: 74526QZN5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    165000 | PA      | $113025.00    | 0.04%             | 2022-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District                                                               | CUSIP: 09182NBR0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    185000 | PA      | $191219.77    | 0.06%             | 2051-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, Series 2024 A                                            | CUSIP: 65000B4T2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    375000 | PA      | $392197.84    | 0.12%             | 2040-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp.                                                                     | CUSIP: 12008ESX5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    300000 | PA      | $317852.76    | 0.10%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                                   | New York City Housing Development Corp.                                                      | CUSIP: 64972E3D9<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    560000 | PA      | $560047.38    | 0.17%             | 2062-11-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                         | Idaho Health Facilities Authority, Series 2025 C                                             | CUSIP: 451295H69<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    480000 | PA      | $525243.36    | 0.16%             | 2060-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority                                                                    | CUSIP: 45506EBY8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     30000 | PA      | $29917.00     | 0.01%             | 2025-11-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, Series 2025                                          | CUSIP: 13048V4M7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    388000 | PA      | $395546.48    | 0.12%             | 2035-09-01      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                              | Michigan State Housing Development Authority                                                 | CUSIP: 594650UD3<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    515000 | PA      | $518793.75    | 0.16%             | 2042-12-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority                                             | Massachusetts Educational Financing Authority                                                | CUSIP: 57563RTD1<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    220000 | PA      | $216399.13    | 0.07%             | 2038-07-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Series 2025B                                                      | CUSIP: 45506ENE9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    530000 | PA      | $558343.13    | 0.17%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                         | Oregon State Facilities Authority, Series A                                                  | CUSIP: 68607MAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $447453.74    | 0.14%             | 2035-09-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                                | Finance Authority of Maine, Series 2015R-3                                                   | CUSIP: 56042CAZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $406472.32    | 0.13%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                                    | Patriots Energy Group Financing Agency, Series 2023 SUB B-1                                  | CUSIP: 70342PAR5<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |    650000 | PA      | $709422.16    | 0.22%             | 2054-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Series 2025 A                                                     | CUSIP: 45506ENW9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    780000 | PA      | $823958.07    | 0.26%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                                 | City of Salt Lake City, Series 2023A                                                         | CUSIP: 795576LU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088776.50   | 0.34%             | 2037-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chandler Industrial Development Authority                                                 | Chandler Industrial Development Authority                                                    | CUSIP: 158862CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1276326.47   | 0.40%             | 2052-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark Department of Aviation                                                    | County of Clark Department of Aviation                                                       | CUSIP: 18085PSZ8<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    455000 | PA      | $462438.20    | 0.14%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                                        | Port of Seattle, Series 2018A                                                                | CUSIP: 735389D47<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    750000 | PA      | $763407.00    | 0.24%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                            | State of Maryland Department of Transportation, Series 2024 A                                | CUSIP: 57421FBK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113286.80   | 0.35%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health & Educational Facilities Authority                                          | CUSIP: 97712JCB7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    195000 | PA      | $195040.09    | 0.06%             | 2028-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| St. Clair County Community Unit School District No. 187 Cahokia                           | St. Clair County Community Unit School District No. 187 Cahokia, Series 2024A                | CUSIP: 788550MF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $126424.55    | 0.04%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                               | Connecticut State Health & Educational Facilities Authority                                  | CUSIP: 20774YV79<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990577.80    | 0.31%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                    | North Carolina Medical Care Commission, Series 2024B-1                                       | CUSIP: 65820YSZ0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65020.26     | 0.02%             | 2028-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Series 2024A                                                       | CUSIP: 74442EMD9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $908109.80    | 0.28%             | 2039-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| County of Trimble KY                                                                      | County of Trimble, Series 2023 A                                                             | CUSIP: 896221AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $348701.78    | 0.11%             | 2054-06-01      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                           | California Community Choice Financing Authority, Series 2023 F                               | CUSIP: 13013JDD5<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    395000 | PA      | $432554.94    | 0.13%             | 2054-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                              | West Virginia Economic Development Authority, Series 2025                                    | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    230000 | PA      | $232482.44    | 0.07%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| Steel Valley School District                                                              | Steel Valley School District, Series 2024                                                    | CUSIP: 858151MS9<br>LEI: 549300BYA5FSMYFPGP34 | Long             | DBT              | MUN               | US        |    845000 | PA      | $894682.54    | 0.28%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                                           | Pennsylvania Higher Education Assistance Agency, Series 2024-1A                              | CUSIP: 70878CBG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    631000 | PA      | $676251.85    | 0.21%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                      | Guam Government Waterworks Authority                                                         | CUSIP: 40065FDE1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    380000 | PA      | $383398.23    | 0.12%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Higher Education Student Loan Corp.                                              | Kentucky Higher Education Student Loan Corp.                                                 | CUSIP: 49130NFM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $529277.20    | 0.16%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                             | Palm Beach County Health Facilities Authority                                                | CUSIP: 69651ABT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $377107.54    | 0.12%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico                                                                  | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    292016 | PA      | $312386.80    | 0.10%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Gary Chicago International Airport Authority                                              | Gary Chicago International Airport Authority, Series 2025                                    | CUSIP: 367066BP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $520880.93    | 0.16%             | 2042-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                                     | Duluth Economic Development Authority                                                        | CUSIP: 26444VAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $123500.99    | 0.04%             | 2026-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                               | New Hampshire Health and Education Facilities Authority Act, Series 2017 A                   | CUSIP: 64461XDZ5<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    255000 | PA      | $260545.15    | 0.08%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brazos Higher Education Authority, Inc.                                                   | Brazos Higher Education Authority, Inc., Series 2024-1A                                      | CUSIP: 10623ACR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $466484.21    | 0.15%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                         | Iowa Student Loan Liquidity Corp.                                                            | CUSIP: 462590MS6<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |      5000 | PA      | $4826.03      | 0.00%             | 2039-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority                                                                     | CUSIP: 74444UAT9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    670000 | PA      | $726875.23    | 0.23%             | 2037-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                | Chicago Board of Education                                                                   | CUSIP: 167501WF8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50746.87     | 0.02%             | 2026-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Monroe & St Clair Counties Community Unit School District No. 4 Columbia/IL               | Monroe & St Clair Counties Community Unit School District No. 4 Columbia                     | CUSIP: 610251EM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300179.67    | 0.09%             | 2040-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Capital Area Finance Authority                                                            | Capital Area Finance Authority, Series 2023                                                  | CUSIP: 13973GBJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $285689.20    | 0.09%             | 2054-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                           | Allegheny County Hospital Development Authority, Series 2018A                                | CUSIP: 01728A3W4<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |    245000 | PA      | $253317.73    | 0.08%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                        | South Carolina Jobs-Economic Development Authority                                           | CUSIP: 83703FJN3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001572.90   | 0.31%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Series 2025C-2                                                    | CUSIP: 45506EPE7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100187.86    | 0.03%             | 2032-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                           | California Community Choice Financing Authority, Series 2025C                                | CUSIP: 13013JHD1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    490000 | PA      | $525926.90    | 0.16%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                    | California Statewide Communities Development Authority                                       | CUSIP: 13080SJN5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90056.44     | 0.03%             | 2034-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority                                                     | CUSIP: 63607WBE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     99570 | PA      | $90831.52     | 0.03%             | 2041-01-20      | Variable      | 4.17%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission                                                   | Missouri Housing Development Commission, Series 2023 E                                       | CUSIP: 60637B7E4<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |    275000 | PA      | $309012.22    | 0.10%             | 2054-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, Series 2025A                                       | CUSIP: 644684HC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $309062.86    | 0.10%             | 2040-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                                   | Michigan Strategic Fund, Series 2001                                                         | CUSIP: 59468PAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302262.39    | 0.09%             | 2027-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                                | Stamford Housing Authority, Series 2025 D                                                    | CUSIP: 852640AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $476095.85    | 0.15%             | 2030-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                                           | Pennsylvania Higher Education Assistance Agency                                              | CUSIP: 70878CAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $4493.38      | 0.00%             | 2042-06-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                    | California Statewide Communities Development Authority                                       | CUSIP: 13080SEW0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    130000 | PA      | $129995.02    | 0.04%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                                        | Matching Fund Special Purpose Securitization Corp.                                           | CUSIP: 57665NAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |    100000 | PA      | $100000.00    | 0.03%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pacific County Public Healthcare Services District No. 3                                  | Pacific County Public Healthcare Services District No. 3, Series 2024                        | CUSIP: 694133CU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $538514.55    | 0.17%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                                  | Village of Bridgeview                                                                        | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $227844.81    | 0.07%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                                      | Massachusetts Housing Finance Agency                                                         | CUSIP: 57587GSH9<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    415000 | PA      | $441031.66    | 0.14%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Rhode Island Student Loan Authority                                                       | Rhode Island Student Loan Authority                                                          | CUSIP: 762323CP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $712560.13    | 0.22%             | 2042-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Columbus Metropolitan Housing Authority                                                   | Columbus Metropolitan Housing Authority, Series 2024                                         | CUSIP: 19951AAU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525220.35    | 0.16%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus Metropolitan Housing Authority                                                   | Columbus Metropolitan Housing Authority, Series 2024                                         | CUSIP: 19951AAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $189365.44    | 0.06%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Series 2025B                                                       | CUSIP: 74439YFW6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    185000 | PA      | $196563.02    | 0.06%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                   | Knox County Health Educational & Housing Facility Board, Series 2024A-1                      | CUSIP: 499526AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052273.10   | 0.33%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa Municipal Airport Trust Trustees/OK                                                 | Tulsa Municipal Airport Trust Trustees, Series 2025                                          | CUSIP: 899661EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $571859.65    | 0.18%             | 2035-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Minnesota Office of Higher Education                                                      | Minnesota Office of Higher Education                                                         | CUSIP: 60416MCA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $947659.40    | 0.30%             | 2042-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Delaware Valley Regional Finance Authority                                                | Delaware Valley Regional Finance Authority                                                   | CUSIP: 246579JK3<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |    795000 | PA      | $743050.49    | 0.23%             | 2037-06-01      | Floating      | 3.72%                 | No            |                  2 | On Loan: No      |
| Cumberland County Industrial Facilities & Pollution Control Financing Authority           | Cumberland County Industrial Facilities & Pollution Control Financing Authority, Series 2024 | CUSIP: 230589AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50007.27     | 0.02%             | 2027-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                    | California Statewide Communities Development Authority, Series 2024C-2                       | CUSIP: 13080SY73<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    900000 | PA      | $889888.86    | 0.28%             | 2040-09-02      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                                           | Chester County Industrial Development Authority                                              | CUSIP: 165588DP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80364.78     | 0.03%             | 2037-12-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                                      | Tennessee Housing Development Agency                                                         | CUSIP: 880461XD5<br>LEI: 25490004PSQYQLFJGI76 | Long             | DBT              | MUN               | US        |    645000 | PA      | $603879.19    | 0.19%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, Series 2023 B                                      | CUSIP: 63610TAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55770.26     | 0.02%             | 2038-12-15      | Fixed         | 9.58%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                             | Palm Beach County Health Facilities Authority                                                | CUSIP: 696507VH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $758155.73    | 0.24%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Galveston TX Wharves & Terminal Revenue                                           | City of Galveston, Series 2023                                                               | CUSIP: 364568JC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $826317.98    | 0.26%             | 2032-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                                                       | Columbus Regional Airport Authority, Series 2025 A                                           | CUSIP: 199546CR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $224660.59    | 0.07%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Series 2024 A                                                      | CUSIP: 74439YEW7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1175088.20   | 0.37%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                        | Tennessee Energy Acquisition Corp.                                                           | CUSIP: 880443EE2<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |     80000 | PA      | $81498.18     | 0.03%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District Water System Revenue                                 | North Texas Municipal Water District Water System, Series 2025                               | CUSIP: 662903J87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065622.40   | 0.33%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                                     | New York State Housing Finance Agency                                                        | CUSIP: 64987JYU9<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65011.80     | 0.02%             | 2062-05-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| Columbus Metropolitan Housing Authority                                                   | Columbus Metropolitan Housing Authority, Series 2024                                         | CUSIP: 199518AP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $978808.90    | 0.30%             | 2041-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Municipal Gas Authority of Georgia                                                        | Municipal Gas Authority of Georgia, Series 2025                                              | CUSIP: 373295LY8<br>LEI: DZK31GUXG7KOG1CHBL95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023927.80   | 0.32%             | 2050-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Airports System Revenue                                                   | State of Hawaii Airports System, Series 2025C                                                | CUSIP: 419794L34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $830689.28    | 0.26%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Municipal Authority                                                             | Lancaster Municipal Authority, Series 2025A                                                  | CUSIP: 514350AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1570687.13   | 0.49%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                    | North Carolina Medical Care Commission, Series 2025                                          | CUSIP: 65820YUG9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258335.40    | 0.08%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lee FL Airport Revenue                                                          | County of Lee, Series 2024                                                                   | CUSIP: 523470HU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $384841.04    | 0.12%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financing Authority                                 | Florida Higher Educational Facilities Financing Authority                                    | CUSIP: 34073TKW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $453425.15    | 0.14%             | 2038-06-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Chesapeake Economic Development Authority                                                 | Chesapeake Economic Development Authority                                                    | CUSIP: 16532YAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $309812.60    | 0.10%             | 2032-02-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                           | California Community Choice Financing Authority, Series 2024 H                               | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1868681.59   | 0.58%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Series 2019                                                      | CUSIP: 451889AT6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    435000 | PA      | $435093.66    | 0.14%             | 2044-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Savannah Georgia Convention Center Authority                                              | Savannah Georgia Convention Center Authority, Series 2025A                                   | CUSIP: 804828AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525433.95    | 0.16%             | 2040-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Central Valley Energy Authority                                                           | Central Valley Energy Authority, Series 2025                                                 | CUSIP: 15569DAA0<br>LEI: 254900G5IPQ9MA3FRJ55 | Long             | DBT              | MUN               | US        |    470000 | PA      | $514618.75    | 0.16%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue                 | Wisconsin Housing & Economic Development Authority Home Ownership, Series 2024 C             | CUSIP: 97689QWD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $1077490.89   | 0.34%             | 2055-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                 | City of Houston, Series 2024B                                                                | CUSIP: 442349HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $535435.85    | 0.17%             | 2034-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| York County Economic Development Authority                                                | York County Economic Development Authority                                                   | CUSIP: 98659AAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $619625.19    | 0.19%             | 2033-05-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                         | Southeast Energy Authority A Cooperative District                                            | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    215000 | PA      | $233476.95    | 0.07%             | 2053-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                       | Pennsylvania Housing Finance Agency                                                          | CUSIP: 70879QSZ7<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    490000 | PA      | $520167.19    | 0.16%             | 2053-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                   | Knox County Health Educational & Housing Facility Board                                      | CUSIP: 499652AM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70089.50     | 0.02%             | 2027-12-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority                                             | Massachusetts Educational Financing Authority, Series 2024C                                  | CUSIP: 57563RUC1<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079355.40   | 0.34%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                     | Metropolitan Transportation Authority                                                        | CUSIP: 59261AQH3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502822.25    | 0.16%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health & Educational Facilities Authority                                          | CUSIP: 97712D8R0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $969473.00    | 0.30%             | 2040-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority, Series VV                                              | CUSIP: 74526YGW9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $9984.79      | 0.00%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cuyahoga Metropolitan Housing Authority                                                   | Cuyahoga Metropolitan Housing Authority                                                      | CUSIP: 23239TAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200511.44    | 0.06%             | 2027-12-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                   | Knox County Health Educational & Housing Facility Board, Series 2024 B-1                     | CUSIP: 499526BF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $307302.75    | 0.10%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport              | San Francisco City & County Airport Comm-San Francisco International Airport, Series 2024 A  | CUSIP: 79766DWR6<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060509.30   | 0.33%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND                                                                    | City of Grand Forks                                                                          | CUSIP: 38546WDL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $825518.85    | 0.26%             | 2039-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                    | North Carolina Medical Care Commission, Series 2021 A                                        | CUSIP: 65821DYC9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    145000 | PA      | $146288.83    | 0.05%             | 2030-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                               | Virginia Small Business Financing Authority                                                  | CUSIP: 928103AG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $491200.05    | 0.15%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                                    | Berks County Municipal Authority (The), Series 2024A-3                                       | CUSIP: 084538JH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $723381.44    | 0.23%             | 2039-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.                                  | Texas Private Activity Bond Surface Transportation Corp., Series 2023                        | CUSIP: 882667CG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $184644.29    | 0.06%             | 2038-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Northeastern Illinois University                                                          | Northeastern Illinois University                                                             | CUSIP: 66442RDL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $433112.76    | 0.13%             | 2037-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                      | New Hope Cultural Education Facilities Finance Corp., Series 2020A                           | CUSIP: 64542UFG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $343738.78    | 0.11%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EP Essential Housing WF PFC                                                               | EP Essential Housing WF PFC, Series 2024                                                     | CUSIP: 29416AAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $774422.20    | 0.24%             | 2034-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                              | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     23000 | PA      | $22469.34     | 0.01%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| City of Garden City KS                                                                    | City of Garden City, Series 2025                                                             | CUSIP: 36508AAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $158451.68    | 0.05%             | 2033-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| EP Royal Estates PFC                                                                      | EP Royal Estates PFC, Series 2024                                                            | CUSIP: 29415NAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $98140.20     | 0.03%             | 2039-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority                                  | Chester County Health and Education Facilities Authority                                     | CUSIP: 165579HA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $404613.98    | 0.13%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority                                                     | CUSIP: 63610FBJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1140474.69   | 0.36%             | 2042-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                         | CUSIP: 74526QZM7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    100000 | PA      | $68500.00     | 0.02%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                              | Michigan State Housing Development Authority                                                 | CUSIP: 594654SG1<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    295000 | PA      | $312269.09    | 0.10%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency                                                     | CUSIP: 57584XNM9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     90000 | PA      | $86528.55     | 0.03%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                         | North Carolina Turnpike Authority                                                            | CUSIP: 65830VAH3<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    985000 | PA      | $526179.71    | 0.16%             | 2040-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Vermont Student Assistance Corp.                                                          | Vermont Student Assistance Corp.                                                             | CUSIP: 92428CMV3<br>LEI: 549300VHYVRSKNFRSZ91 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079256.50   | 0.34%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Everett Housing Authority/WA                                                              | Everett Housing Authority                                                                    | CUSIP: 30002GAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $203059.35    | 0.06%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                    | Ohio Air Quality Development Authority, Series 2014C                                         | CUSIP: 677525XB8<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    810000 | PA      | $811229.42    | 0.25%             | 2027-12-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Jacksonville Housing Authority                                                            | Jacksonville Housing Authority, Series 2024                                                  | CUSIP: 46940XAJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1480282.67   | 0.46%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                               | New Hampshire Health and Education Facilities Authority Act, Series 2024 B                   | CUSIP: 64461XKK0<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    100000 | PA      | $107772.58    | 0.03%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                         | Southeast Energy Authority A Cooperative District                                            | CUSIP: 84136FAV9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    750000 | PA      | $768492.60    | 0.24%             | 2051-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| St Johns County Industrial Development Authority                                          | St Johns County Industrial Development Authority                                             | CUSIP: 79041LAF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $189043.65    | 0.06%             | 2026-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, Series 2024A                                         | CUSIP: 13048RAP2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    655000 | PA      | $653330.86    | 0.20%             | 2054-03-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                                                | Monroe County Industrial Development Corp., Series 2022                                      | CUSIP: 610758AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640959 | PA      | $660831.74    | 0.21%             | 2040-11-01      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health & Educational Facilities Authority                                          | CUSIP: 97712JGK3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    200000 | PA      | $215695.44    | 0.07%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                                           | Pennsylvania Higher Education Assistance Agency, Series 2025-1A                              | CUSIP: 70878CBS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $430428.24    | 0.13%             | 2046-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority                                                                     | CUSIP: 74443CAB9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90089.29     | 0.03%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                                  | New Jersey Higher Education Student Assistance Authority                                     | CUSIP: 646080WP2<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    440000 | PA      | $437890.42    | 0.14%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Baldwin County Industrial Development Authority                                           | Baldwin County Industrial Development Authority, Series 2025A                                | CUSIP: 05786PAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $475586.61    | 0.15%             | 2055-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                      | Chicago O'Hare International Airport                                                         | CUSIP: 167593Z96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $437360.12    | 0.14%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Poplar Bluff Regional Transportation Development District Sales Tax Revenue               | Poplar Bluff Regional Transportation Development District Sales Tax                          | CUSIP: 733060AH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $69463.58     | 0.02%             | 2031-12-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Memphis-Shelby County Industrial Development Board                                        | Memphis-Shelby County Industrial Development Board                                           | CUSIP: 58611YAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $74705.91     | 0.02%             | 2037-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority                                                     | CUSIP: 63607WAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    268304 | PA      | $265238.58    | 0.08%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL                                                                   | County of Palm Beach, Series 2025 A                                                          | CUSIP: 696547HU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $686856.06    | 0.21%             | 2035-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Allentown Commercial and Industrial Development Authority                                 | Allentown Commercial and Industrial Development Authority, Series 2023                       | CUSIP: 01843AAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517572.00    | 0.16%             | 2038-06-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority                                             | Massachusetts Educational Financing Authority                                                | CUSIP: 57563RTU3<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125293.26    | 0.04%             | 2044-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Series 2017                                                      | CUSIP: 45203PAD6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    385000 | PA      | $395187.29    | 0.12%             | 2043-12-01      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, Series 2022 A                                            | CUSIP: 65000BLN6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511297.40    | 0.16%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                   | Municipal Electric Authority of Georgia                                                      | CUSIP: 62620HGJ5<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    250000 | PA      | $266846.73    | 0.08%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Memorial City Redevelopment Authority                                                     | Memorial City Redevelopment Authority, Series 2025                                           | CUSIP: 58602FAW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1416565.03   | 0.44%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gunnison County Housing Authority                                                         | Gunnison County Housing Authority, Series 2025                                               | CUSIP: 402884AJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1110801.70   | 0.35%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Series 2024                                        | CUSIP: 04062PCA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     67000 | PA      | $67764.39     | 0.02%             | 2045-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority                                                     | CUSIP: 644684EN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $107410.97    | 0.03%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County Community College District No. 508                                            | Cook County Community College District No. 508, Series 2024                                  | CUSIP: 213187ED5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057418.20   | 0.33%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                             | Palm Beach County Health Facilities Authority, Series 2025                                   | CUSIP: 69651ACP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $617201.02    | 0.19%             | 2037-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, Series 2019 A-4                                    | CUSIP: 63608RAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    855000 | PA      | $855217.77    | 0.27%             | 2038-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                | Chicago Board of Education, Series 2016 A                                                    | CUSIP: 167505QY5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    390000 | PA      | $390105.85    | 0.12%             | 2044-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp.                                                              | Alaska Housing Finance Corp.                                                                 | CUSIP: 01170RNT5<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    305000 | PA      | $323913.39    | 0.10%             | 2052-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Dorchester SC                                                                   | County of Dorchester, Series 2023                                                            | CUSIP: 258149AE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $270118.13    | 0.08%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                                       | Port of Portland, Series THIRTY A                                                            | CUSIP: 7352404B6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $533749.75    | 0.17%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                   | Municipal Electric Authority of Georgia                                                      | CUSIP: 62620HGH9<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    250000 | PA      | $269529.98    | 0.08%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Department of Housing & Community Affairs                                           | Texas Department of Housing & Community Affairs, Series 2025A                                | CUSIP: 882750D33<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1386854.00   | 0.43%             | 2056-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                               | New Hampshire Health and Education Facilities Authority Act, Series 2024                     | CUSIP: 64461XKZ7<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069821.60   | 0.33%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                               | Ohio Housing Finance Agency                                                                  | CUSIP: 676900WC3<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    205000 | PA      | $205629.10    | 0.06%             | 2026-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority, Series 2025                                       | CUSIP: 64578TAA2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    170000 | PA      | $175663.18    | 0.05%             | 2035-01-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                           | California Community Choice Financing Authority, Series 2024C                                | CUSIP: 13013JEB8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    285000 | PA      | $307241.37    | 0.10%             | 2055-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Los Angeles                                                                       | Port of Los Angeles, Series 2024 A 2                                                         | CUSIP: 544552C83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $870602.77    | 0.27%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority                                                       | CUSIP: 13048RAL1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |     50000 | PA      | $49543.57     | 0.02%             | 2041-10-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                                            | Lee County Industrial Development Authority, Series 2024B-2                                  | CUSIP: 52349EES5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25177.22     | 0.01%             | 2029-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Dowdell Public Utility District/TX                                                        | Dowdell Public Utility District                                                              | CUSIP: 260655RL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $197333.12    | 0.06%             | 2026-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Topeka KS                                                                         | City of Topeka, Kansas Health Care Facilities                                                | CUSIP: 890585BR2<br>LEI: 549300NFEU1XBKVICM54 | Long             | DBT              | MUN               | US        |    700000 | PA      | $725039.42    | 0.23%             | 2033-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                              | Greater Asheville Regional Airport Authority, Series 2022A                                   | CUSIP: 39160CAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $342309.41    | 0.11%             | 2038-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp.                                                            | CUSIP: 34061WBF0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $496534.55    | 0.15%             | 2028-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| California School Finance Authority                                                       | California School Finance Authority, Series 2021 A                                           | CUSIP: 13058TMY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $311604.02    | 0.10%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority                                                     | CUSIP: 04052BSW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $465802.59    | 0.15%             | 2033-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Rhode Island Student Loan Authority                                                       | Rhode Island Student Loan Authority, Series 2024B                                            | CUSIP: 762323DL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $137073.34    | 0.04%             | 2043-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Series 2025 B-2                                                  | CUSIP: 45204FM85<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    625000 | PA      | $681551.75    | 0.21%             | 2044-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                                  | City of Pompano Beach, Series 2015                                                           | CUSIP: 732203AT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $799957.60    | 0.25%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Kalispell MT                                                                      | City of Kalispell, Series 2025B2                                                             | CUSIP: 48343AAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $382338.60    | 0.12%             | 2030-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority                                                                     | CUSIP: 74442PZC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1210636.58   | 0.38%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brazos Higher Education Authority, Inc.                                                   | Brazos Higher Education Authority, Inc., Series 2024-1A                                      | CUSIP: 10623ACQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $538967.90    | 0.17%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Norman Regional Hospital Authority                                                        | Norman Regional Hospital Authority                                                           | CUSIP: 656178DN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $239202.05    | 0.07%             | 2037-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                   | Knox County Health Educational & Housing Facility Board                                      | CUSIP: 49952MCY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004646.00   | 0.31%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon Coast Community College District                                                   | Oregon Coast Community College District, Series 2024                                         | CUSIP: 68583NCJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $413266.87    | 0.13%             | 2041-06-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                                       | Idaho Housing & Finance Association, Series 2024 A                                           | CUSIP: 45129GLL7<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    425000 | PA      | $425445.27    | 0.13%             | 2035-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                             | New York State Environmental Facilities Corp.                                                | CUSIP: 649852AS9<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252307.18    | 0.08%             | 2050-09-01      | Variable      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Private Colleges & Universities Authority                                                 | Private Colleges & Universities Authority                                                    | CUSIP: 74265LT81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $983984.27    | 0.31%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL Airport System Revenue                                            | County of Palm Beach, Series 2024 B                                                          | CUSIP: 696499FT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523411.95    | 0.16%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| St. Clair County Community Unit School District No. 187 Cahokia                           | St. Clair County Community Unit School District No. 187 Cahokia, Series 2024A                | CUSIP: 788550LV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30829.61     | 0.01%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                               | New Hampshire Health and Education Facilities Authority Act, Series 2024 B                   | CUSIP: 64461XKM6<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    135000 | PA      | $128885.31    | 0.04%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                        | South Carolina Jobs-Economic Development Authority, Series 2025                              | CUSIP: 837031H63<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100892.16    | 0.03%             | 2062-03-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Series 2025                                                        | CUSIP: 74442PL78<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    141000 | PA      | $70888.24     | 0.02%             | 2037-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                           | Indianapolis Local Public Improvement Bond Bank, Series 2025 B-2                             | CUSIP: 45528VFY0<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1250505.35   | 0.39%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                                      | Chicago Midway International Airport, Series 2023A                                           | CUSIP: 167562SC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086856.90   | 0.34%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Columbus-Franklin County Finance Authority                                                | Columbus-Franklin County Finance Authority, Series 2025 A                                    | CUSIP: 199097JP2<br>LEI: 549300NX3ODQN2ETOO82 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1137706.75   | 0.35%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Erie Sewer Authority                                                                      | Erie Sewer Authority, Series 2025                                                            | CUSIP: 295533RW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $872423.03    | 0.27%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport              | San Francisco City & County Airport Comm-San Francisco International Airport, Series 2024 A  | CUSIP: 79766DWH8<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    240000 | PA      | $261259.22    | 0.08%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                                         | City of Dallas, Series 2023                                                                  | CUSIP: 235380AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100048.24    | 0.03%             | 2053-08-15      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                    | Ohio Air Quality Development Authority                                                       | CUSIP: 677525WS2<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511254.65    | 0.16%             | 2040-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, Series 2023C                                       | CUSIP: 63607YBK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30399.35     | 0.01%             | 2038-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority                                        | CUSIP: 70869PJW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151772.70    | 0.05%             | 2028-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Housing Authority                                                             | Los Angeles Housing Authority, Series 2024C                                                  | CUSIP: 544562CR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    141842 | PA      | $143977.71    | 0.04%             | 2034-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                                           | Pennsylvania Higher Education Assistance Agency                                              | CUSIP: 70878CAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $204380.88    | 0.06%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Jersey Transportation Authority                                                     | South Jersey Transportation Authority                                                        | CUSIP: 838536MH0<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |    375000 | PA      | $408811.69    | 0.13%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, Series 2024                                              | CUSIP: 65000B7W2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    560000 | PA      | $584056.03    | 0.18%             | 2044-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority                                                                     | CUSIP: 74448FAC5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    605000 | PA      | $594469.43    | 0.19%             | 2039-09-25      | Fixed         | 4.10%                 | Yes           |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                              | New Mexico Finance Authority, Series 2025 A-2                                                | CUSIP: 64711PRZ5<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |    600000 | PA      | $607028.34    | 0.19%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                                      | Massachusetts Housing Finance Agency                                                         | CUSIP: 57587GUQ6<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000722.50   | 0.31%             | 2027-06-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                             | Allentown Neighborhood Improvement Zone Development Authority                                | CUSIP: 018444BN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10066.21     | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                                 | Michigan State Hospital Finance Authority, Series SUB 2025B2                                 | CUSIP: 59465HXF8<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |    945000 | PA      | $1049747.96   | 0.33%             | 2055-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Memorial City Redevelopment Authority                                                     | Memorial City Redevelopment Authority, Series 2025                                           | CUSIP: 58602FAX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $671769.69    | 0.21%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority                                                         | CUSIP: 19648FSP0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    125000 | PA      | $124897.48    | 0.04%             | 2026-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Okaloosa FL                                                                     | County of Okaloosa, Series 2025                                                              | CUSIP: 678226AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001817.50   | 0.31%             | 2035-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                         | Iowa Student Loan Liquidity Corp.                                                            | CUSIP: 462590MT4<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |    115000 | PA      | $88921.63     | 0.03%             | 2044-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, Series 2025A                                       | CUSIP: 644684GZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $267863.35    | 0.08%             | 2037-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Indiana Secondary Market for Education Loans, Inc.                                        | Indiana Secondary Market for Education Loans, Inc.                                           | CUSIP: 45505NAH7<br>LEI: 549300M19IK303TD4597 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059076.80   | 0.33%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                               | Washington State Housing Finance Commission, Series MTEBS 2024                               | CUSIP: 93979AAC3<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    105000 | PA      | $108028.71    | 0.03%             | 2034-07-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport              | San Francisco City & County Airport Comm-San Francisco International Airport, Series 2024 A  | CUSIP: 79766DWG0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |     90000 | PA      | $96374.55     | 0.03%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority                                                     | CUSIP: 63607WBD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    214076 | PA      | $206224.06    | 0.06%             | 2041-01-20      | Variable      | 4.17%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                                     | City of Farmington                                                                           | CUSIP: 311450GC8<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014005.60   | 0.32%             | 2040-06-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                 | City of Houston, Series 2023A                                                                | CUSIP: 442349GK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1099746.60   | 0.34%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily ML Certificates                                                         | FHLMC Multifamily Structured Pass-Through Certificates, Series 2024-ML21, Class AUS          | CUSIP: 3137HC2E1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    381514 | PA      | $388071.86    | 0.12%             | 2041-08-25      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| STC Metropolitan District No. 2                                                           | STC Metropolitan District No. 2, Series 2025A-1                                              | CUSIP: 85780TAW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1380592.05   | 0.43%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Owen KY                                                                         | County of Owen, Series 2020                                                                  | CUSIP: 69068WAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $281808.40    | 0.09%             | 2040-06-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Series 2025                                                        | CUSIP: 74442PJ71<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    435000 | PA      | $469896.79    | 0.15%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Bellwood IL                                                                    | Village of Bellwood, Series 2024                                                             | CUSIP: 080031AD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $782539.95    | 0.24%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Horace ND                                                                         | City of Horace, Series 2024B                                                                 | CUSIP: 440365JC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160064.38    | 0.05%             | 2026-08-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp., Series 2025A                                                       | CUSIP: 12008EWL6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1288793.88   | 0.40%             | 2035-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Missouri Development Finance Board                                                        | Missouri Development Finance Board                                                           | CUSIP: 60636SHL1<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150648.66    | 0.05%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vermont Student Assistance Corp.                                                          | Vermont Student Assistance Corp.                                                             | CUSIP: 92428CNA8<br>LEI: 549300VHYVRSKNFRSZ91 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1834736.05   | 0.57%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Housing Authority                                                             | Los Angeles Housing Authority, Series 2024 B                                                 | CUSIP: 544562CQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     56737 | PA      | $57591.29     | 0.02%             | 2034-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bonds | Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bonds    | CUSIP: 592041WA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $973199.10    | 0.30%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado                     | Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado, Series 2025 A         | CUSIP: 844090AD2<br>LEI: 549300X0RZRBWLO0J697 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1349674.50   | 0.42%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, Series 2024B                                       | CUSIP: 63610TAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103267.71    | 0.03%             | 2034-05-15      | Fixed         | 8.33%                 | No            |                  2 | On Loan: No      |
| Deutsche Intermediate Tax-Free Fund                                                       | Chicago O'Hare International Airport                                                         | CUSIP: 167590EY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $175288.38    | 0.05%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                                | Finance Authority of Maine, Series CL A 2024A-1                                              | CUSIP: 56042TDS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $1049598.85   | 0.33%             | 2031-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Westchester County Industrial Development Agency                                          | Westchester County Industrial Development Agency, Series 2023                                | CUSIP: 95737QAG7<br>LEI: 549300YOPFLG4RJ5YO58 | Long             | DBT              | MUN               | US        |    589603 | PA      | $589860.13    | 0.18%             | 2046-06-01      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission                                                  | CUSIP: 67756DD94<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    600000 | PA      | $633877.08    | 0.20%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nashville Metropolitan Development & Housing Agency                                       | Nashville Metropolitan Development & Housing Agency                                          | CUSIP: 591874AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505646.10    | 0.16%             | 2036-06-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, Series 2025A                                           | CUSIP: 19648FZG2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    975000 | PA      | $1061039.85   | 0.33%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Series 2025A                                                      | CUSIP: 45506ENK5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    120000 | PA      | $122132.63    | 0.04%             | 2029-05-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| City of Venice FL                                                                         | City of Venice, Series 2024 B-2                                                              | CUSIP: 922687AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130412.40    | 0.04%             | 2030-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Coconino County Pollution Control Corp.                                                   | Coconino County Pollution Control Corp.                                                      | CUSIP: 191855BN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $155554.06    | 0.05%             | 2032-09-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| County of Pasco FL                                                                        | County of Pasco                                                                              | CUSIP: 70252AAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1105333.20   | 0.34%             | 2038-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                                            | Texas Public Finance Authority                                                               | CUSIP: 8827568B8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75480.42     | 0.02%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EP Cimarron Ventanas PFC                                                                  | EP Cimarron Ventanas PFC, Series 2024                                                        | CUSIP: 26879QAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $151236.82    | 0.05%             | 2039-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                         | Southeast Energy Authority A Cooperative District, Series 2024A                              | CUSIP: 84136HAU7<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    515000 | PA      | $542826.69    | 0.17%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                            | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    150000 | PA      | $159205.41    | 0.05%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority                                        | CUSIP: 70869PJY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $867666.10    | 0.27%             | 2038-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                         | CUSIP: 74526QZZ8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    260000 | PA      | $178100.00    | 0.06%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority, Series 2023B-2                        | CUSIP: 70869PPD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035907.10   | 0.32%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Series 2024A                                                           | CUSIP: 25483VB86<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    250000 | PA      | $256108.43    | 0.08%             | 2034-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California School Finance Authority                                                       | California School Finance Authority                                                          | CUSIP: 13058TSD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $639784.82    | 0.20%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                                            | Lee County Industrial Development Authority, Series 2024 B1                                  | CUSIP: 52349EER7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30259.40     | 0.01%             | 2029-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District                                                               | CUSIP: 09182NCB4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    315000 | PA      | $320572.79    | 0.10%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Rock Island County School District No. 41 Rock Island/Milan                               | Rock Island County School District No. 41 Rock Island, Series 2025 A                         | CUSIP: 772436GD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045007.30   | 0.33%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                                   | Energy Southeast A Cooperative District, Series 2023B-1                                      | CUSIP: 292723AY9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |    345000 | PA      | $386550.45    | 0.12%             | 2054-04-01      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                        | South Carolina Jobs-Economic Development Authority, Series 2025B-2                           | CUSIP: 83703EMU6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    410000 | PA      | $455682.82    | 0.14%             | 2049-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Series 2023N                                       | CUSIP: 57584Y6D6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507298.00    | 0.16%             | 2036-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority                                                                     | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    105000 | PA      | $84000.00     | 0.03%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District                                                               | CUSIP: 09182TBT3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    345000 | PA      | $367963.99    | 0.11%             | 2053-11-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                             | Palm Beach County Health Facilities Authority                                                | CUSIP: 696507VG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $230322.71    | 0.07%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City Center West Residential Metropolitan District No. 2                                  | City Center West Residential Metropolitan District No. 2                                     | CUSIP: 17776QAL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    302000 | PA      | $323411.44    | 0.10%             | 2040-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                                    | Berks County Municipal Authority (The), Series 2024 A-1A                                     | CUSIP: 084538JD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    126000 | PA      | $124323.68    | 0.04%             | 2034-06-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority                                                     | CUSIP: 04052BTB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500683.10    | 0.16%             | 2033-07-01      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| County of Warren OH                                                                       | County of Warren, Series 2024                                                                | CUSIP: 93515PEJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $666482.77    | 0.21%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                                       | Idaho Housing & Finance Association, Series 2023A                                            | CUSIP: 45129GLA1<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    350000 | PA      | $361798.99    | 0.11%             | 2043-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                    | North Carolina Medical Care Commission, Series 2021 A                                        | CUSIP: 65821DYA3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    125000 | PA      | $128480.49    | 0.04%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Love Field Airport Modernization Corp.                                                    | Love Field Airport Modernization Corp., Series 2017                                          | CUSIP: 54714CBL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010479.90   | 0.31%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                                  | Arlington Higher Education Finance Corp., Series 2025                                        | CUSIP: 041807PT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $875335.88    | 0.27%             | 2040-06-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX                                                                     | City of Fort Worth, Series 2025                                                              | CUSIP: 349507ER0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $808779.71    | 0.25%             | 2043-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Affordable Housing Opportunities Trust                                                    | Affordable Housing Opportunities Trust, Series AH-01-1, Class A                              | CUSIP: 00826SAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $229590.13    | 0.07%             | 2039-05-01      | Fixed         | 3.53%                 | Yes           |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                        | South Carolina Jobs-Economic Development Authority, Series 2025C                             | CUSIP: 837036GB2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    665000 | PA      | $702579.42    | 0.22%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bondurant IA                                                                      | City of Bondurant, Series 2025B                                                              | CUSIP: 098041PU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082512.50   | 0.34%             | 2038-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                                   | Michigan Strategic Fund                                                                      | CUSIP: 594698TD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979876.40    | 0.31%             | 2053-06-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Series 2012                                                      | CUSIP: 45203PAE4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    670000 | PA      | $687728.54    | 0.21%             | 2043-12-01      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, Series 2025A                                       | CUSIP: 644684GX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $122388.88    | 0.04%             | 2035-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                          | Commonwealth Financing Authority, Series 2018                                                | CUSIP: 20282EAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $618265.31    | 0.19%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                | Chicago Board of Education                                                                   | CUSIP: 167505WP7<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $518670.80    | 0.16%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Series 2025 A                                             | CUSIP: 34061UNE4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    750000 | PA      | $768612.68    | 0.24%             | 2035-06-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport              | San Francisco City & County Airport Comm-San Francisco International Airport, Series 2023 C  | CUSIP: 79766DVR7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    750000 | PA      | $836009.25    | 0.26%             | 2037-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                          | Maricopa County Industrial Development Authority, Series 2025A                               | CUSIP: 56681NJE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054585.90   | 0.33%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carthage Independent School District                                                      | Carthage Independent School District, Series 2024                                            | CUSIP: 146735FA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256265.85    | 0.08%             | 2038-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                                        | Greater Orlando Aviation Authority, Series 2015A                                             | CUSIP: 3922745F9<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1006386.60   | 0.31%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Power Agency                                                              | Texas Municipal Power Agency, Series 2025                                                    | CUSIP: 882555C78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $468656.08    | 0.15%             | 2045-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chattanooga Health Educational & Housing Facility Board                                   | Chattanooga Health Educational & Housing Facility Board                                      | CUSIP: 162410DN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500106.65    | 0.16%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                 | New York Transportation Development Corp., Series 2023                                       | CUSIP: 650116GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $172414.09    | 0.05%             | 2040-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Missouri Development Finance Board                                                        | Missouri Development Finance Board, Series 2025A                                             | CUSIP: 60636SLU6<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |    285000 | PA      | $311360.62    | 0.10%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Student Loan Authority                                                       | Rhode Island Student Loan Authority, Series 2024 A                                           | CUSIP: 762323DC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1086493.76   | 0.34%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeKalb County Development Authority                                                       | DeKalb County Development Authority, Series 2024A                                            | CUSIP: 240463KA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251757.08    | 0.08%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                    | California Statewide Communities Development Authority                                       | CUSIP: 13080SEV2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    715000 | PA      | $715492.92    | 0.22%             | 2034-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                                            | Tennergy Corp.                                                                               | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    685000 | PA      | $739267.34    | 0.23%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority                                                                   | CUSIP: 45204FNC5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     21398 | PA      | $1069.89      | 0.00%             | 2027-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Series 2025D-5                                                    | CUSIP: 45470YGH8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1104179.00   | 0.34%             | 2054-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority                                                         | CUSIP: 19648FWM2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1085457.10   | 0.34%             | 2037-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Rhode Island Student Loan Authority                                                       | Rhode Island Student Loan Authority, Series 2025A                                            | CUSIP: 762323DS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066493.30   | 0.33%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Strongsville OH                                                                   | City of Strongsville                                                                         | CUSIP: 863370WZ1<br>LEI: 549300LHSNZ8QAGXUZ59 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1855199.24   | 0.58%             | 2025-12-10      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jacksonville Public Educational Building Authority                                        | Jacksonville Public Educational Building Authority, Series 2024 A                            | CUSIP: 469480BQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1388923.29   | 0.43%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL Airport System Revenue                                            | County of Palm Beach, Series 2024 B                                                          | CUSIP: 696499FU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $521400.15    | 0.16%             | 2044-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority                                                                   | CUSIP: 59447T4A8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    325000 | PA      | $327560.51    | 0.10%             | 2044-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Local Government Finance Commission                                               | Florida Local Government Finance Commission, Series 2025 B-2                                 | CUSIP: 34077UAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1312494.95   | 0.41%             | 2031-11-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Parkdale Community Authority                                                              | Parkdale Community Authority, Series 2025A                                                   | CUSIP: 700890AP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $420060.81    | 0.13%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of Houston of Harris County Texas                                          | Port Authority of Houston of Harris County Texas                                             | CUSIP: 734262FT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006572.90   | 0.31%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                                       | North Carolina State Education Assistance Authority, Series 2025A                            | CUSIP: 658262HC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1290630.75   | 0.40%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Trimble KY                                                                      | County of Trimble, Series 2023A                                                              | CUSIP: 896221AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $212253.26    | 0.07%             | 2054-06-01      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| Indiana County Industrial Development Authority                                           | Indiana County Industrial Development Authority                                              | CUSIP: 45469NEA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $485240.76    | 0.15%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                              | Michigan State Housing Development Authority, Series 2024A                                   | CUSIP: 59465PEV6<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    800000 | PA      | $801526.64    | 0.25%             | 2030-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Maricopa County & Phoenix Industrial Development Authorities                              | Maricopa County & Phoenix Industrial Development Authorities, Series 2023 A                  | CUSIP: 566736EK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $308246.18    | 0.10%             | 2055-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                   | Municipal Electric Authority of Georgia                                                      | CUSIP: 62620HGG1<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    250000 | PA      | $271800.03    | 0.08%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                    | North Carolina Medical Care Commission, Series 2024 A                                        | CUSIP: 65820YSV9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515360.50    | 0.16%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                    | North Carolina Medical Care Commission, Series 2025                                          | CUSIP: 65820YUH7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    330000 | PA      | $342642.43    | 0.11%             | 2037-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp.                                                                        | Utah Housing Corp.                                                                           | CUSIP: 91743PEH4<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |    614335 | PA      | $627834.95    | 0.20%             | 2052-09-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matagorda County Navigation District No. 1                                                | Matagorda County Navigation District No. 1, Series 1996                                      | CUSIP: 576528DV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $521888.95    | 0.16%             | 2030-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                         | Philadelphia Authority for Industrial Development                                            | CUSIP: 71780CBN9<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103458.49    | 0.03%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, Series 2024                                        | CUSIP: 63608TAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100001.30    | 0.03%             | 2033-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                              | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     39000 | PA      | $36208.04     | 0.01%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Series 2015                                                        | CUSIP: 74442PAU9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    155000 | PA      | $154589.81    | 0.05%             | 2045-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                            | County of Allen                                                                              | CUSIP: 01757LHA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $548827.85    | 0.17%             | 2051-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA                                                                     | City of Shreveport, Series 2024                                                              | CUSIP: 8254346K4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043175.70   | 0.32%             | 2041-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                      | New Hope Cultural Education Facilities Finance Corp., Series 2025                            | CUSIP: 64542UGY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $629307.14    | 0.20%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                               | Shelby County Health Educational & Housing Facilities Board                                  | CUSIP: 82169JAP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $470338.00    | 0.15%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                                   | New York City Housing Development Corp., Series 2024 D-1                                     | CUSIP: 64972KFL4<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    625000 | PA      | $611120.69    | 0.19%             | 2044-11-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| New Hampshire Housing Finance Authority                                                   | New Hampshire Housing Finance Authority, Series 2024 1                                       | CUSIP: 64469MTJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $491498.91    | 0.15%             | 2044-07-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| City of Jackson TN                                                                        | City of Jackson                                                                              | CUSIP: 46874THA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $380035.38    | 0.12%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                         | Iowa Student Loan Liquidity Corp., Series 2024B                                              | CUSIP: 462590PJ3<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |    350000 | PA      | $374376.14    | 0.12%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                | Utah Infrastructure Agency                                                                   | CUSIP: 917466DB7<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    125000 | PA      | $124917.96    | 0.04%             | 2025-10-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Housing Finance Agency                                                           | Oklahoma Housing Finance Agency, Series 2023D                                                | CUSIP: 67886MD55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $522263.49    | 0.16%             | 2054-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                               | District of Columbia Housing Finance Agency, Series 2024 A2                                  | CUSIP: 254768YN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1305341.75   | 0.41%             | 2046-09-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                               | Virginia Small Business Financing Authority                                                  | CUSIP: 928104LZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180468.16    | 0.06%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Vancouver Housing Authority                                                               | Vancouver Housing Authority, Series 2024 A                                                   | CUSIP: 92162PAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $222893.81    | 0.07%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority                                        | CUSIP: 70869PLQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85136.72     | 0.03%             | 2034-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                                            | Texas Public Finance Authority                                                               | CUSIP: 88277PAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $126058.33    | 0.04%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Higher Education Authority, Inc.                                              | North Texas Higher Education Authority, Inc., Series 2025A                                   | CUSIP: 66286UAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $426501.84    | 0.13%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                                      | Kansas Development Finance Authority, Series MTEBS 2024 J-1                                  | CUSIP: 48542XAC5<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |    180338 | PA      | $177240.15    | 0.06%             | 2041-11-01      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                   | Municipal Electric Authority of Georgia                                                      | CUSIP: 62620HGK2<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    500000 | PA      | $529175.55    | 0.16%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Development Authority                                                  | Los Angeles County Development Authority                                                     | CUSIP: 54465JAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    221000 | PA      | $223190.75    | 0.07%             | 2043-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                              | West Virginia Economic Development Authority                                                 | CUSIP: 95648VBK4<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    330000 | PA      | $326909.65    | 0.10%             | 2037-06-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, Series 2024A                                       | CUSIP: 63610TAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $600037.02    | 0.19%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Washoe NV                                                                       | County of Washoe, Series 2016 F                                                              | CUSIP: 940865BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $116399.88    | 0.04%             | 2036-03-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. IV                                         | Texas Municipal Gas Acquisition & Supply Corp. IV, Series 2023B                              | CUSIP: 88256PAT7<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |    930000 | PA      | $1046975.77   | 0.33%             | 2054-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Austin Convention Enterprises, Inc.                                                       | Austin Convention Enterprises, Inc.                                                          | CUSIP: 052409DL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $146604.37    | 0.05%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                                     | Connecticut Housing Finance Authority                                                        | CUSIP: 20775HXT5<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    515000 | PA      | $540862.17    | 0.17%             | 2052-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Austin Convention Enterprises, Inc.                                                       | Austin Convention Enterprises, Inc.                                                          | CUSIP: 052409EC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75637.06     | 0.02%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                             | Main Street Natural Gas, Inc., Series 2024E                                                  | CUSIP: 56035DJJ2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $546603.60    | 0.17%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                               | Washington State Housing Finance Commission, Series 2023A                                    | CUSIP: 939783Q58<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    795000 | PA      | $823076.22    | 0.26%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lavon TX                                                                          | City of Lavon, Series 2025                                                                   | CUSIP: 51946PCJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    741000 | PA      | $748976.49    | 0.23%             | 2032-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health & Educational Facilities Authority                                          | CUSIP: 97712JEB5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    400000 | PA      | $399847.68    | 0.12%             | 2030-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority                                                                   | CUSIP: 45203H5E8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     70000 | PA      | $67399.22     | 0.02%             | 2037-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Klickitat County Public Utility District No. 1                                            | Klickitat County Public Utility District No. 1, Series 2025                                  | CUSIP: 498622LH0<br>LEI: 549300D4CB0RTDWA5V46 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1528834.23   | 0.48%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Series 2020                                                      | CUSIP: 45203EAG4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    250000 | PA      | $256400.73    | 0.08%             | 2040-05-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                             | Main Street Natural Gas, Inc.                                                                | CUSIP: 56035DFK3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    455000 | PA      | $488112.22    | 0.15%             | 2053-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Beach Development Authority                                                      | Virginia Beach Development Authority                                                         | CUSIP: 92774NAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $97911.75     | 0.03%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia                                                                         | CUSIP: 25483VUW2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    250000 | PA      | $223703.53    | 0.07%             | 2049-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Delaware State Housing Authority                                                          | Delaware State Housing Authority, Series BDS 2023                                            | CUSIP: 24639AAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $756132.06    | 0.24%             | 2041-01-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health & Educational Facilities Authority                                          | CUSIP: 97712JHA4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    155000 | PA      | $158892.41    | 0.05%             | 2033-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Infirmary Health System Special Care Facilities Financing Authority of Mobile             | Infirmary Health System Special Care Facilities Financing Authority of Mobile                | CUSIP: 45663NBX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1084293.73   | 0.34%             | 2037-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District, Series 2025 A                                                | CUSIP: 09182TEV5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    730000 | PA      | $759331.25    | 0.24%             | 2056-05-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade Seaport Department                                                   | County of Miami-Dade Seaport Department                                                      | CUSIP: 59335KET0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074229.40   | 0.33%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pasco Local Improvement District                                                          | Pasco Local Improvement District                                                             | CUSIP: 702562AN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $479446.73    | 0.15%             | 2042-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health & Educational Facilities Authority, Series 2024 B                           | CUSIP: 97712JJA2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1092732.30   | 0.34%             | 2054-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Dutchess County Local Development Corp.                                                   | Dutchess County Local Development Corp.                                                      | CUSIP: 267045LW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $346255.01    | 0.11%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Alabama Gas Supply District (The)                                               | Southeast Alabama Gas Supply District (The), Series 2024 B                                   | CUSIP: 84131TBT8<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |    500000 | PA      | $542070.25    | 0.17%             | 2049-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Series 2025                                                        | CUSIP: 74441XJG5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    770000 | PA      | $792932.60    | 0.25%             | 2067-07-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                         | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    130000 | PA      | $89050.00     | 0.03%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                    | Arkansas Development Finance Authority                                                       | CUSIP: 04108VBS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125262.06    | 0.04%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Middle-Income Housing Authority                                                           | Middle-Income Housing Authority, Series 2025A                                                | CUSIP: 595727AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $237412.98    | 0.07%             | 2035-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Plaza at Noah's Ark Community Improvement District                                        | Plaza at Noah's Ark Community Improvement District                                           | CUSIP: 72813LAL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $124155.15    | 0.04%             | 2026-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority (The)                                                 | Camden County Improvement Authority (The), Series 2024                                       | CUSIP: 13281RAF0<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |    375000 | PA      | $378034.99    | 0.12%             | 2027-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                                     | School District of Philadelphia (The), Series 2023 A                                         | CUSIP: 717883ZZ8<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |    410000 | PA      | $451390.32    | 0.14%             | 2038-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                    | Ohio Air Quality Development Authority                                                       | CUSIP: 677525WV5<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    145000 | PA      | $148002.33    | 0.05%             | 2039-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico                                                                  | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     29854 | PA      | $28331.45     | 0.01%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority                                                                     | CUSIP: 74442EKK5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1159704.26   | 0.36%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                        | Tennessee Energy Acquisition Corp.                                                           | CUSIP: 880443JF4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    750000 | PA      | $782961.38    | 0.24%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Convention Enterprises, Inc.                                                       | Austin Convention Enterprises, Inc.                                                          | CUSIP: 052409DN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $222245.12    | 0.07%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Housing Authority                                                            | Philadelphia Housing Authority, Series 2017                                                  | CUSIP: 71783PAR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $368340.33    | 0.11%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Memphis-Shelby County Industrial Development Board                                        | Memphis-Shelby County Industrial Development Board                                           | CUSIP: 58611YAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $93635.95     | 0.03%             | 2027-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Rhode Island Housing & Mortgage Finance Corp.                                             | Rhode Island Housing & Mortgage Finance Corp.                                                | CUSIP: 76221R4E0<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |    640000 | PA      | $679730.05    | 0.21%             | 2052-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico                                                                  | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     40591 | PA      | $36347.88     | 0.01%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Series A-2                                                         | CUSIP: 74445MAF6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $750000.00    | 0.23%             | 2025-10-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, Series 2023                                     | CUSIP: 677510BZ1<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    200000 | PA      | $201415.46    | 0.06%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tempe Industrial Development Authority                                                    | Tempe Industrial Development Authority                                                       | CUSIP: 87972MBK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $245181.06    | 0.08%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Ohio WV                                                                         | County of Ohio, Series 2024                                                                  | CUSIP: 677321BS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $318268.56    | 0.10%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                    | Maine Health & Higher Educational Facilities Authority, Series 2017 B                        | CUSIP: 56042RMD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500313.00    | 0.16%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                             | Main Street Natural Gas, Inc.                                                                | CUSIP: 56035DEE8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $529749.25    | 0.17%             | 2052-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                      | Guam Government Waterworks Authority                                                         | CUSIP: 40065FCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    300000 | PA      | $300308.31    | 0.09%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority                                                     | CUSIP: 63607WAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155472 | PA      | $150912.09    | 0.05%             | 2041-07-20      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency                                                     | CUSIP: 57584YM30<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99789.31     | 0.03%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Series BDS 2024                                    | CUSIP: 04062AAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    797730 | PA      | $810546.89    | 0.25%             | 2041-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                                     | New Mexico Mortgage Finance Authority                                                        | CUSIP: 647201VB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $509734.44    | 0.16%             | 2053-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                         | Southeast Energy Authority A Cooperative District                                            | CUSIP: 84136FBT3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060041.20   | 0.33%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County (The)                                               | Development Authority of Burke County (The)                                                  | CUSIP: 121342QG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251301.08    | 0.08%             | 2032-10-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                             | Main Street Natural Gas, Inc.                                                                | CUSIP: 56035DEN8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065382.10   | 0.33%             | 2053-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Series 2025 A3                                                   | CUSIP: 45204FQ73<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1653760.35   | 0.52%             | 2064-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                              | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    164000 | PA      | $158271.79    | 0.05%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Railroad Corp.                                                                     | Alaska Railroad Corp., Series 2025                                                           | CUSIP: 01176AAM5<br>LEI: 549300SM5ZU2HV31E004 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1414842.52   | 0.44%             | 2039-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                             | Main Street Natural Gas, Inc., Series 2025 A                                                 | CUSIP: 56035DJZ6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    975000 | PA      | $1060695.09   | 0.33%             | 2055-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority (The)                                                       | Atlanta Development Authority (The), Series 2024A-1                                          | CUSIP: 04780NMW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $187376.86    | 0.06%             | 2034-04-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima (The)                              | Industrial Development Authority of the County of Pima (The), Series 2023B                   | CUSIP: 721905QE0<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    330000 | PA      | $368149.06    | 0.11%             | 2055-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Vancouver Housing Authority                                                               | Vancouver Housing Authority, Series 2024                                                     | CUSIP: 921626PT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $867297.46    | 0.27%             | 2034-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                                   | Capital Trust Authority, Series 2025A                                                        | CUSIP: 14054WBT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $196964.68    | 0.06%             | 2040-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                 | New York Transportation Development Corp., Series 2023                                       | CUSIP: 650116GT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $780156.00    | 0.24%             | 2041-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Delaware State Housing Authority                                                          | Delaware State Housing Authority, Series 2024 A                                              | CUSIP: 246395ZM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $1034049.26   | 0.32%             | 2055-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Indiana County Industrial Development Authority                                           | Indiana County Industrial Development Authority                                              | CUSIP: 45469NDZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $478408.04    | 0.15%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                         | Territory of Guam                                                                            | CUSIP: 40065HDU1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     60000 | PA      | $60583.49     | 0.02%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Series 2025A                                                       | CUSIP: 74442ENQ9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    695000 | PA      | $717081.68    | 0.22%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                                     | Toll Road Investors Partnership II LP                                                        | CUSIP: 88948ABD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $424787.60    | 0.13%             | 2028-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency                                                     | CUSIP: 57584XKJ9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    990000 | PA      | $995632.80    | 0.31%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                                       | California School Finance Authority                                                          | CUSIP: 13058TPT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516029.05    | 0.16%             | 2032-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Territory of Guam                                                                         | Territory of Guam                                                                            | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     30000 | PA      | $27866.01     | 0.01%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority                                                                     | CUSIP: 74444VBL3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    535000 | PA      | $542373.00    | 0.17%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Brazos Higher Education Authority, Inc.                                                   | Brazos Higher Education Authority, Inc., Series 2024-1A                                      | CUSIP: 10623ACS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $161377.47    | 0.05%             | 2045-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp.                                                             | Florida Housing Finance Corp., Series 2023 B                                                 | CUSIP: 34074HGZ9<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |    450000 | PA      | $452875.01    | 0.14%             | 2027-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Warren OH                                                                       | County of Warren, Series 2024A                                                               | CUSIP: 935158BD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $238168.70    | 0.07%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                                     | New York State Housing Finance Agency                                                        | CUSIP: 64987JSF9<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    895000 | PA      | $888302.89    | 0.28%             | 2060-11-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp.                                                                        | Utah Housing Corp., Series 2024A                                                             | CUSIP: 917437EP6<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |    105000 | PA      | $114921.52    | 0.04%             | 2054-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                                   | City of Philadelphia, Series 2017 B                                                          | CUSIP: 717817UK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $787005.76    | 0.25%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.                                  | Texas Private Activity Bond Surface Transportation Corp., Series 2023                        | CUSIP: 882667CJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $666148.91    | 0.21%             | 2040-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                                     | Toll Road Investors Partnership II LP                                                        | CUSIP: 88948ABM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    219865 | PA      | $74512.39     | 0.02%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Mississippi Home Corp.                                                                    | Mississippi Home Corp., Series 2024 E                                                        | CUSIP: 60535QX54<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |    125000 | PA      | $150564.36    | 0.05%             | 2044-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Series 2025A                                                     | CUSIP: 45204FK46<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    555000 | PA      | $555803.36    | 0.17%             | 2041-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Las Varas Public Facility Corp.                                                           | Las Varas Public Facility Corp., Series 2025                                                 | CUSIP: 51766FAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $671071.06    | 0.21%             | 2035-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                                       | Idaho Housing & Finance Association                                                          | CUSIP: 45129GDE2<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    735000 | PA      | $746981.68    | 0.23%             | 2039-07-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico                                                                  | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     49801 | PA      | $35568.73     | 0.01%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                                  | City of Pompano Beach                                                                        | CUSIP: 732203BC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $90297.46     | 0.03%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                             | Doylestown Hospital Authority, Series 2024                                                   | CUSIP: 261333HH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106552.12    | 0.03%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                                            | Texas Public Finance Authority, Series 2023                                                  | CUSIP: 88277PAV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1110843.60   | 0.35%             | 2034-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                                | Finance Authority of Maine, Series 2024                                                      | CUSIP: 56042CAY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $98456.47     | 0.03%             | 2047-12-01      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| Middleton Community Development District A                                                | Middleton Community Development District A, Series 2024                                      | CUSIP: 596681AH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $101783.81    | 0.03%             | 2039-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                               | Metropolitan Washington Airports Authority Aviation, Series 2025A                            | CUSIP: 592647NR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    960000 | PA      | $1074486.62   | 0.33%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                      | New Hope Cultural Education Facilities Finance Corp., Series 2025B-3                         | CUSIP: 64542UHK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $205945.67    | 0.06%             | 2030-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Dallas Housing Finance Corp.                                                      | City of Dallas Housing Finance Corp.                                                         | CUSIP: 235298BR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $145015.40    | 0.05%             | 2044-02-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                         | CUSIP: 74526QXN7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     70000 | PA      | $47950.00     | 0.01%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Waco Independent School District                                                          | Waco Independent School District                                                             | CUSIP: 929845VU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $470702.80    | 0.15%             | 2036-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                              | Mississippi Development Bank                                                                 | CUSIP: 60534TQH1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |     65000 | PA      | $66090.80     | 0.02%             | 2040-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Genesee County Funding Corp. (The)                                                        | Genesee County Funding Corp. (The)                                                           | CUSIP: 371669AF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $713589.71    | 0.22%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, Series 2023A                                       | CUSIP: 63610TAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $929934.08    | 0.29%             | 2038-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| City of Whiting IN                                                                        | City of Whiting                                                                              | CUSIP: 96634RAW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $799635.23    | 0.25%             | 2045-11-01      | Variable      | 4.40%                 | No            |                  2 | On Loan: No      |
| City of Celina TX                                                                         | City of Celina, Series 2025                                                                  | CUSIP: 15114CKK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $791159.93    | 0.25%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Spokane WA Airport Revenue                                                      | County of Spokane, Series 2024 B                                                             | CUSIP: 848661JT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1154737.26   | 0.36%             | 2044-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                                   | New York City Housing Development Corp., Series 2024 CL D                                    | CUSIP: 64966TGV0<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103396.25    | 0.03%             | 2031-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grand Parkway Transportation Corp.                                                        | Grand Parkway Transportation Corp., Series 2018 A                                            | CUSIP: 38611TBQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $367703.93    | 0.11%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sierra Vista Industrial Development Authority                                             | Sierra Vista Industrial Development Authority, Series 2023                                   | CUSIP: 82652UAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508277.15    | 0.16%             | 2038-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL Airport System Revenue                                            | County of Palm Beach, Series 2024 B                                                          | CUSIP: 696499FS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $526717.35    | 0.16%             | 2042-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Dorchester SC                                                                   | County of Dorchester, Series 2023                                                            | CUSIP: 258149AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $415685.87    | 0.13%             | 2033-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                        | City of Chicago                                                                              | CUSIP: 167486P45<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019056.20   | 0.32%             | 2038-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                | Chicago Board of Education, Series 2023A                                                     | CUSIP: 167505ZC3<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511410.60    | 0.16%             | 2036-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                                  | City of Pompano Beach                                                                        | CUSIP: 732203BF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $520404.28    | 0.16%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| King County Housing Authority                                                             | King County Housing Authority, Series 2025                                                   | CUSIP: 494759TA1<br>LEI: 549300TZU8KSWALVD392 | Long             | DBT              | MUN               | US        |    865000 | PA      | $893128.50    | 0.28%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Series 2017A                                                       | CUSIP: 74443UAW3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253203.15    | 0.08%             | 2030-05-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                               | Virginia Small Business Financing Authority, Series 2022                                     | CUSIP: 928104PZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $715978.02    | 0.22%             | 2038-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp., Series 2025                                                        | CUSIP: 12008QAA7<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    340000 | PA      | $364016.92    | 0.11%             | 2041-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                              | Chicago Board of Education Dedicated Capital Improvement Tax, Series 2016                    | CUSIP: 167510AE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $468402.98    | 0.15%             | 2036-04-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                            | Wayne County Airport Authority, Series 2025 B                                                | CUSIP: 944514T99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $762246.03    | 0.24%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Waco Independent School District                                                          | Waco Independent School District                                                             | CUSIP: 929845VT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $95999.02     | 0.03%             | 2035-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                               | District of Columbia Housing Finance Agency, Series 2025 B                                   | CUSIP: 25477TBB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $114889.06    | 0.04%             | 2029-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority Parking System Revenue              | Pennsylvania Economic Development Financing Authority Parking System, Series 2024 C          | CUSIP: 70870EFH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1103206.50   | 0.34%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Urban Residential Finance Authority                                               | Atlanta Urban Residential Finance Authority, Series 2024A                                    | CUSIP: 04785WAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044000.30   | 0.33%             | 2043-09-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)                     | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2013           | CUSIP: 71884RAA0<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1599752.96   | 0.50%             | 2035-12-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                        | Tennessee Energy Acquisition Corp., Series 2025A                                             | CUSIP: 880443JM9<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    750000 | PA      | $811113.68    | 0.25%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charleston Housing Authority/SC                                                           | Charleston Housing Authority, Series 2025                                                    | CUSIP: 160340AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $556246.47    | 0.17%             | 2035-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                                | Finance Authority of Maine, Series CL A SER 2025A1                                           | CUSIP: 56042TEP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $445026.18    | 0.14%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                      | New Hope Cultural Education Facilities Finance Corp., Series 2025                            | CUSIP: 64542UGZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $486345.95    | 0.15%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority                                                                   | CUSIP: 45203KAN5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1101496.55   | 0.34%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                 | City of Houston, Series 2023A                                                                | CUSIP: 442349GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $706269.24    | 0.22%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Energy Research & Development Authority                                    | New York State Energy Research & Development Authority                                       | CUSIP: 649845HY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $694832.43    | 0.22%             | 2034-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                                | Southern California Public Power Authority, Series 2024 A                                    | CUSIP: 84247PND9<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    190000 | PA      | $204396.41    | 0.06%             | 2055-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                    | North Carolina Medical Care Commission, Series 2024 A                                        | CUSIP: 65820YTM8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    900000 | PA      | $941340.87    | 0.29%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                                  | New Jersey Higher Education Student Assistance Authority, Series 2024 B                      | CUSIP: 646080YA3<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084221.40   | 0.34%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lehigh County General Purpose Authority                                                   | Lehigh County General Purpose Authority, Series 2024                                         | CUSIP: 52480RGG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022981.40   | 0.32%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Series 2025                                                        | CUSIP: 74442PJ55<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    335000 | PA      | $367961.82    | 0.11%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                                    | Berks County Municipal Authority (The), Series 2024 A-2A                                     | CUSIP: 084538JF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    104000 | PA      | $108705.50    | 0.03%             | 2034-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)                     | Industrial Development Authority of the City of Phoenix Arizona (The)                        | CUSIP: 71885DCR1<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    200000 | PA      | $201977.06    | 0.06%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Margaretta Local School District                                                          | Margaretta Local School District                                                             | CUSIP: 566575AM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $393251.43    | 0.12%             | 2037-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                    | Ohio Air Quality Development Authority                                                       | CUSIP: 677525WU7<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    170000 | PA      | $173334.91    | 0.05%             | 2030-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                                   | Michigan Strategic Fund                                                                      | CUSIP: 594698QR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003730.00   | 0.31%             | 2035-06-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia                                                                         | CUSIP: 25483WAK8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    100000 | PA      | $92726.17     | 0.03%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Series 2025B                                                       | CUSIP: 74439YFX4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    175000 | PA      | $189725.25    | 0.06%             | 2035-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Gahanna-Jefferson City School District                                                    | Gahanna-Jefferson City School District                                                       | CUSIP: 362671CB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258339.78    | 0.08%             | 2043-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Alabama State University                                                                  | Alabama State University, Series 2025                                                        | CUSIP: 010632QK6<br>LEI: 549300JCR3DWTI08FS98 | Long             | DBT              | MUN               | US        |    650000 | PA      | $722736.50    | 0.23%             | 2038-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FW Chaparral PFC                                                                          | FW Chaparral PFC, Series 2025                                                                | CUSIP: 302701AD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $813289.11    | 0.25%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                    | Arkansas Development Finance Authority                                                       | CUSIP: 04109KFX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $134760.52    | 0.04%             | 2028-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                               | District of Columbia Housing Finance Agency, Series 2025A                                    | CUSIP: 25477PQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1309862.63   | 0.41%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte County Industrial Development Authority/FL                                      | Charlotte County Industrial Development Authority, Series 2025                               | CUSIP: 16080TAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $408546.04    | 0.13%             | 2035-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Travis County Housing Finance Corp.                                                       | Travis County Housing Finance Corp.                                                          | CUSIP: 89438UBM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $335582.10    | 0.10%             | 2045-06-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                        | South Carolina Jobs-Economic Development Authority                                           | CUSIP: 83704CAX6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    280000 | PA      | $280595.45    | 0.09%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, Series 2024                                        | CUSIP: 63608TAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    156000 | PA      | $156552.93    | 0.05%             | 2030-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| City of Godley TX                                                                         | City of Godley                                                                               | CUSIP: 380316AP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $922228.57    | 0.29%             | 2042-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Gahanna-Jefferson City School District                                                    | Gahanna-Jefferson City School District                                                       | CUSIP: 362671CA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259823.33    | 0.08%             | 2042-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                         | Territory of Guam                                                                            | CUSIP: 40065NCC9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    270000 | PA      | $270729.35    | 0.08%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Higher Education Facilities Authority                                          | Washington Higher Education Facilities Authority                                             | CUSIP: 9397815N6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $966651.50    | 0.30%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                              | Chicago Board of Education Dedicated Capital Improvement Tax                                 | CUSIP: 167510BE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013213.00   | 0.32%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health & Educational Facilities Authority                                          | CUSIP: 97712JCA9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    290000 | PA      | $289602.70    | 0.09%             | 2027-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Margaretta Local School District                                                          | Margaretta Local School District                                                             | CUSIP: 566575AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $556227.35    | 0.17%             | 2036-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                               | Ohio Housing Finance Agency                                                                  | CUSIP: 67756Q2H9<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $531091.80    | 0.17%             | 2054-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                              | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     20000 | PA      | $18795.20     | 0.01%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No. 15                                             | Village Community Development District No. 15                                                | CUSIP: 92708KAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030002.10   | 0.32%             | 2033-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                                    | Berks County Municipal Authority (The), Series 2024 B-1                                      | CUSIP: 084538JK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     23000 | PA      | $16222.34     | 0.01%             | 2044-06-30      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health & Educational Facilities Authority                                          | CUSIP: 97712JCC5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    310000 | PA      | $310556.51    | 0.10%             | 2029-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority                                                                    | CUSIP: 45471FAD3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    800000 | PA      | $829037.04    | 0.26%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brazos Higher Education Authority, Inc.                                                   | Brazos Higher Education Authority, Inc., Series 2023-1A                                      | CUSIP: 10623ACL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $276294.91    | 0.09%             | 2043-04-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                                                     | County of Hamilton, Series 2023A                                                             | CUSIP: 40727RCJ5<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    750000 | PA      | $781872.83    | 0.24%             | 2038-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Series 2025 A                                                      | CUSIP: 74439YGE5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    855000 | PA      | $904839.83    | 0.28%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisa Industrial Development Authority                                                   | Louisa Industrial Development Authority                                                      | CUSIP: 546068AX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $86341.22     | 0.03%             | 2035-11-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico                                                                  | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     38698 | PA      | $38263.09     | 0.01%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DeKalb County Housing Authority                                                           | DeKalb County Housing Authority, Series 2024                                                 | CUSIP: 240471PE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $837267.40    | 0.26%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                          | California Health Facilities Financing Authority, Series 2025 C3                             | CUSIP: 13032U4R6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1687867.05   | 0.53%             | 2050-10-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Oregon Health & Science University                                                        | Oregon Health & Science University                                                           | CUSIP: 685869EV7<br>LEI: 549300XTWOAGON8L2G98 | Long             | DBT              | MUN               | US        |    115000 | PA      | $105496.70    | 0.03%             | 2039-07-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority                                                       | CUSIP: 13048RAF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200089.14    | 0.06%             | 2044-12-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| City of Galveston TX Wharves & Terminal Revenue                                           | City of Galveston, Series 2023                                                               | CUSIP: 364568JH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $362051.07    | 0.11%             | 2037-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District, Series 2023C                                                 | CUSIP: 09182TDB0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    250000 | PA      | $276429.43    | 0.09%             | 2054-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Passaic County Improvement Authority (The)                                                | Passaic County Improvement Authority (The), Series 2025                                      | CUSIP: 70275QAK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $612095.76    | 0.19%             | 2033-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| EHOVE Joint Vocational School District                                                    | EHOVE Joint Vocational School District, Series 2025                                          | CUSIP: 282407BV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $417590.85    | 0.13%             | 2037-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tulsa County Home Finance Authority                                                       | Tulsa County Home Finance Authority, Series 2025A                                            | CUSIP: 899517JU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $967112.04    | 0.30%             | 2056-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Series 2025 B                                      | CUSIP: 57585BKC1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    270000 | PA      | $294723.68    | 0.09%             | 2055-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                           | California Community Choice Financing Authority                                              | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    770000 | PA      | $821522.39    | 0.26%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Forsyth MT                                                                        | City of Forsyth, Series 2010A                                                                | CUSIP: 346668DP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $420748.89    | 0.13%             | 2032-10-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority                                                    | CUSIP: 645780FT9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    260000 | PA      | $262224.22    | 0.08%             | 2034-11-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Lamar Consolidated Independent School District                                            | Lamar Consolidated Independent School District                                               | CUSIP: 513174G97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $104134.35    | 0.03%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico                                                                  | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     42214 | PA      | $36435.78     | 0.01%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tazewell County School District No. 52 Washington                                         | Tazewell County School District No. 52 Washington, Series 2025                               | CUSIP: 877690EH6<br>LEI: 549300QOXDTJ5PAYVW27 | Long             | DBT              | MUN               | US        |    225000 | PA      | $263641.01    | 0.08%             | 2042-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                 | New York Transportation Development Corp.                                                    | CUSIP: 650116DM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $288078.12    | 0.09%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Adams & Arapahoe Counties Joint School District 28J Aurora                                | Adams & Arapahoe Counties Joint School District 28J Aurora                                   | CUSIP: 005484DA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $577364.60    | 0.18%             | 2043-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Savannah Georgia Convention Center Authority                                              | Savannah Georgia Convention Center Authority, Series 2025B                                   | CUSIP: 804828AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $866109.88    | 0.27%             | 2040-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico                                                                  | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    160102 | PA      | $105867.70    | 0.03%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico                                                                  | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     40810 | PA      | $45224.05     | 0.01%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** MFS Municipal Series Trust

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer