# EDGAR Filing Document

**Accession Number:** 0000357204
**File Stem:** 0001752724-25-203739
**Filing Date:** 2025-8
**Character Count:** 78447
**Document Hash:** d0a0d58ee16d5592f875ed3725da330a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203739.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203739

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Segall Bryant & Hamill Trust
- **CENTRAL INDEX KEY:** 0000357204

**ORGANIZATION NAME:**
- **EIN:** 510263765
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03373
- **FILM NUMBER:** 251253473

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 303-623-2577

**MAIL ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WESTCORE TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WESTCORE FUNDS INC
- **DATE OF NAME CHANGE:** 19860506

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SUNMONT WEST FUND INC
- **DATE OF NAME CHANGE:** 19820520

## Series and Classes Contracts Data

### Segall Bryant & Hamill Municipal Opportunities Fund (Series ID: S000055877)

| Class ID   | Class Name                                                              | Ticker Symbol   |
|:---|:---|:---|
| C000176020 | Segall Bryant & Hamill Municipal Opportunities Fund-Retail Class        | WTTAX           |
| C000176021 | Segall Bryant & Hamill Municipal Opportunities Fund-Institutional Class | WITAX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Segall Bryant & Hamill Trust

- **b. Investment Company Act file number:** 811-03373

- **c. CIK number of Registrant:** 0000357204

- **d. LEI of Registrant:** 549300D12PXTPNG46V56

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

  - **Street Address 1:** 225 Pictoria Drive

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 513-587-3400

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

- **a. Name of Series:** SBH MUNICIPAL OPPORTUNITIES

- **b. EDGAR series identifier (if any):** S000055877

- **c. LEI of Series:** 5493006SDZ7HG2FYRE78

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**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:** $190433339.59

**Total Liabilities:** $5280048.12

**Net Assets:** $185153291.47

**Cash Not Reported:** $5110152.45

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 486.04108088 | **1-Year:** 6009.51295330 | **5-Year:** 15233.91276639 | **10-Year:** 40596.46371623 | **30-Year:** 6954.55427634

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

- **3-Month:** 0.00000000 | **1-Year:** 1001.56160099 | **5-Year:** 1530.06729009 | **10-Year:** 1877.99086500 | **30-Year:** 3392.22024039

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000176020 | -0.45%               | 0.07%                | 0.90%                |
| Class ID C000176021 | -0.44%               | 0.08%                | 0.92%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-63823.08               | $-1150785.43                               |
| Month 2  | $-275407.78              | $-94107.40                                 |
| Month 3  | $-61230.84               | $1229601.93                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BRET HARTE CALIF UN HIGH SCH DIST                                                  | BRET HARTE CALIF UN HIGH SCH DIST GO REF 0%, Due 8/1/2036                          | CUSIP: 107349EN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $504991.21    | 0.27%             | 2036-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WEST HARRIS CNTY TEX MUN UTIL DIST NO 5                                            | West Harris County Texas Municipal District #5 3.3750%, Due 09/01/2027             | CUSIP: 953082EK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $103302.92    | 0.06%             | 2027-09-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| OSAGE CNTY MO REORG SCH DIST NO R-II                                               | Osage County School District No R-II 5.5%, Due 3/1/2041                            | CUSIP: 687654EL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $435629.14    | 0.24%             | 2041-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO HIGH PERFORMANCE TRAN ENTERPRISE                                          | CO High Performance Transportation Enter Enterprise Revenue                        | CUSIP: 19648DAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750392.03    | 0.41%             | 2044-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HSG FIN AGY                                                           | PENNSYLVANIA HSG FIN AGY SINGLE FAMILY MTG 3.2%, DUE 10/1/2041                     | CUSIP: 7087964A2<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    180000 | PA      | $148670.59    | 0.08%             | 2041-10-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| FORT WORTH TEX                                                                     | City of Fort Worth TX 5.5%, DUE 3/1/2042                                           | CUSIP: 349507EQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $425952.60    | 0.23%             | 2042-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHAMBERS CNTY TEX IMPT DIST NO 1                                                   | Chambers County Texas Impt Dist #1 2.0%, Due 09/01/2028                            | CUSIP: 157792MR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1348818.42   | 0.73%             | 2028-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| KING CNTY WASH PUB HOSP DIST NO 2                                                  | KING CNTY WASH PUB HOSP DIST NO 002 5.25%, Due 12/1/2045                           | CUSIP: 494791UA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2420170.53   | 1.31%             | 2045-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHESAPEAKE VA REDEV & HSG AUTH                                                     | Chesapeake Redevelopment & Housing Authority 5%, Due 05/1/2043                     | CUSIP: 165328BA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1035396.19   | 0.56%             | 2043-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND HSG & MTG FIN CORP                                                    | Rhode Island Housing & Mortgage Finance Corp 5.25%, DUE 10/01/2049                 | CUSIP: 76221SDM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $304306.32    | 0.16%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTG AGY                                                                | NEW YORK ST MTG AGY HOMEOWNER MTG REV 3.55%, DUE 10/01/2041                        | CUSIP: 649883Y82<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |     10000 | PA      | $8418.93      | 0.00%             | 2041-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NORFOLK VA REDEV & HSG AUTH                                                        | Norfolk Redevelopment & Housing Authority 5%, Due 05/1/2043                        | CUSIP: 655904BX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $329744.35    | 0.18%             | 2043-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                       | U.S. Treasury Notes 0.25%, Due 08/11/2025                                          | CUSIP: 91282CAJ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5957929.68   | 3.22%             | 2025-08-31      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| FAYETTE CNTY GA DEV AUTH                                                           | Fayette County Development Authority 5%, Due 10/1/2041                             | CUSIP: 31222PAS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $656127.17    | 0.35%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHWEST TEX INDPT SCH DIST                                                       | Northwest Independent School District 5%, DUE 2/15/2043                            | CUSIP: 667826HB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1149698.88   | 0.62%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HSG FIN AGY                                                           | PENNSYLVANIA HSG FIN AGY SINGLE FAMILY MTG 3.9%, DUE 10/01/2035                    | CUSIP: 708796U47<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1505122.97   | 0.81%             | 2035-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT HSG & CMNTY AFFAIRS                                                  | Texas Department of Housing & Community Affairs 3.625%, Due 9/1/2044               | CUSIP: 88275FRB7<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |    915000 | PA      | $766241.68    | 0.41%             | 2044-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HSG & FIN AUTH                                                          | Georgia Housing & Finance Authority 3.6%, DUE 6/1/2044                             | CUSIP: 3735397Y5<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |    100000 | PA      | $85319.15     | 0.05%             | 2044-06-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| LOVE FIELD ARPT MODERNIZATION CORP                                                 | Lower CO River TX Authority Transmission 4.0%, DUE 05/15/2042                      | CUSIP: 54714CBJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $403908.16    | 0.22%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                             | Freddie Mac Structured Pass-Through Certificates 4.618%, Due 08/25/2041            | CUSIP: 3137HC2E1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | MUN               | US        |   4977311 | PA      | $5108114.27   | 2.76%             | 2041-08-25      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                                | Public Fin Auth WI Eductnl FAC Rev 5.625% Due 06/01/2050                           | CUSIP: 74443DGD7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5750000 | PA      | $5632945.53   | 3.04%             | 2050-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TEX                                                                    | SAN ANTONIO TEX ELEC & GAS REV VAR Due 12/1/2045                                   | CUSIP: 79625GDH3<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1708810.57   | 0.92%             | 2045-12-01      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| NOBLESVILLE IND HIGH SCH BLDG CORP                                                 | NOBLESVILLE IND HIGH SCH BLDG CORP 6%, Due 1/15/2043                               | CUSIP: 655158HM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $923049.72    | 0.50%             | 2043-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH                                                        | Connecticut ST HSG Fin Auth. 3.50% Due 05/15/2040                                  | CUSIP: 20775CCZ5<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |     50000 | PA      | $43664.31     | 0.02%             | 2051-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WINK-LOVING TEX INDPT SCH DIST                                                     | Wink-Loving Independent School District 5%, Due 2/15/2034                          | CUSIP: 974170EU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $379452.86    | 0.20%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY                                                            | New York State Housing Finance Agency 2.35%, Due 11/1/2041                         | CUSIP: 64987JGU9<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    500000 | PA      | $351384.90    | 0.19%             | 2041-11-01      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY MO CONS SCH DIST NO 4                                                 | Jackson County Consolidated School District No 4 5.75%, DUE 3/1/2041               | CUSIP: 467484SW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $447363.36    | 0.24%             | 2041-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| EHOVE OHIO JT VOCATIONAL SCH DIST                                                  | EHOVE Joint Vocational School District 5.5%, DUE 12/1/2040                         | CUSIP: 282407BY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $569175.80    | 0.31%             | 2040-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FLA HSG FIN AUTH                                                          | Lee County Florida Housing Authority Due 12/01/2042                                | CUSIP: 52349HBH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003368.10   | 0.54%             | 2042-12-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| COLLEGE PK GA HSG AUTH                                                             | COLLEGE PK GA HSG AUTH MULTIFAMILY HSG VAR 04/01/2044                              | CUSIP: 194307AA2<br>LEI: 254900MBEB941P9KPB50 | Long             | DBT              | MUN               | US        |   2035000 | PA      | $2042865.68   | 1.10%             | 2044-04-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMN                                                        | WASHINGTON ST HSG FIN COMMN SINGLE FAMIL 3.25% Due 12/1/2032                       | CUSIP: 93978TZC6<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    885000 | PA      | $857092.41    | 0.46%             | 2032-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| EHOVE OHIO JT VOCATIONAL SCH DIST                                                  | EHOVE Joint Vocational School District 5.5%, DUE 12/1/2041                         | CUSIP: 282407BZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $938760.59    | 0.51%             | 2041-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH                                              | SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH SOLID WASTE VAR, DUE 12/15/2027              | CUSIP: 83704DAP1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2994984.30   | 1.62%             | 2027-12-15      | Variable      | 3.70%                 | Yes           |                  2 | On Loan: No      |
| CALIFORNIA ST DEPT VET AFFAIRS                                                     | CALIFORNIA ST DEPT VET AFFAIRSHOME PUR REV REV BD 3.375%, DUE 12/01/2041           | CUSIP: 130658NK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $87525.20     | 0.05%             | 2041-12-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SOUTHERN BOONE CNTY MO R-I SCH DIST                                                | SOUTHERN BOONE CNTY MO R-I SCHDIST GO BLDG 6%, Due 3/1/2044                        | CUSIP: 842392FT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2520000 | PA      | $2824554.35   | 1.53%             | 2044-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LA PAZ CNTY ARIZ INDL DEV AUTH                                                     | LA PAZ CNTY INDL DEV AUTHARPT FACS 7.125% Due 11/15/2045                           | CUSIP: 50376GAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $680545.91    | 0.37%             | 2045-11-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| HARRIS CNTY TEX MUN UTIL DIST NO 504                                               | Harris County Municipal Utility District No 504 3.125%, DUE 9/1/2049               | CUSIP: 41423REQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $151599.58    | 0.08%             | 2049-09-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| NEBRASKA INVT FIN AUTH                                                             | NEBRASKA INVT FIN AUTH SINGLE FAMILY HSG 3.05%, Due 9/1/2042                       | CUSIP: 63968MUT4<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |    635000 | PA      | $494267.55    | 0.27%             | 2042-09-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| OREGON COAST CMNTY COLLEGE DIST                                                    | Oregon Coast Community College District 0%, Due 6/15/2038                          | CUSIP: 68583NCF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $109350.70    | 0.06%             | 2038-06-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| LONG IS PWR AUTH N Y                                                               | LONG IS PWR AUTH N Y ELEC SYS REV .85%, Due 9/1/2050                               | CUSIP: 542691DM9<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994550.60    | 0.54%             | 2050-09-01      | Variable      | 0.85%                 | No            |                  2 | On Loan: No      |
| NOBLESVILLE IND HIGH SCH BLDG CORP                                                 | NOBLESVILLE IND HIGH SCH BLDG CORP 6%, Due 7/15/2038                               | CUSIP: 655158HK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $431404.31    | 0.23%             | 2038-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BARTOW CNTY GA DEV AUTH                                                            | BARTOW CNTY GA DEV 1.800%, Due 09/01/2029                                          | CUSIP: 069643BL7<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3476823.48   | 1.88%             | 2029-09-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| THUNDERBIRD COLO WTR & SANTN DIST                                                  | Thunderbird CO Water & Sanitation District 5.25%, Due 12/1/2038                    | CUSIP: 886054BB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $183852.52    | 0.10%             | 2038-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHAFFEY CALIF UN HIGH SCH DIST                                                     | Chaffey Joint Union High School District 0%, Due 08/01/2037                        | CUSIP: 157411VS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $302444.75    | 0.16%             | 2037-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY HSG DEV CORP                                                     | New York City Housing Development Corp 3%, Due 11/1/2039                           | CUSIP: 64972EHJ1<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    395000 | PA      | $324412.67    | 0.18%             | 2039-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY MO CONS SCH DIST NO 4                                                 | Jackson County Consolidated School District No 4 5.75%, DUE 3/1/2043               | CUSIP: 467484SY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $275823.43    | 0.15%             | 2043-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MID-BAY BRIDGE AUTH                                                     | Mid-Bay Bridge Authority 5%, due 10/1/2035                                         | CUSIP: 342814DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1185342.80   | 0.64%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEBRASKA INVT FIN AUTH                                                             | Nebraska Investment Finance Authority 5%, DUE 3/1/2049                             | CUSIP: 63968M7F0<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1730945.48   | 0.93%             | 2049-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTG AGY                                                                | NEW YORK ST MTG AGY HOMEOWNER 1.65%, Due 4/1/2030                                  | CUSIP: 64988YKA4<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |    775000 | PA      | $704096.10    | 0.38%             | 2030-04-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| DENVER COLO URBAN RENEWAL AUTH                                                     | Denver Colorado Urban Renewal Authority Tax Incr 9th & Co Urban Redevelopment Area | CUSIP: 249301FX5<br>LEI: 54930040L61W75KRAG79 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1937146.60   | 1.05%             | 2039-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| METROPOLITAN GOVT NASHVILLE & DAVIDSON CNTY TENN HEALTH & EDL FACS BRD MULTIFAMILY | Metro Govt Nashville & Davidson Co Health & Ed 5%, Due 10/1/2028                   | CUSIP: 592113CQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2765000 | PA      | $2867183.34   | 1.55%             | 2028-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMN                                                        | WASHINGTON ST HSG FIN COMMN PROG BDS 3.5%, DUE 12/01/2055                          | CUSIP: 93978TPH6<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    535000 | PA      | $521703.54    | 0.28%             | 2033-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| OREGON COAST CMNTY COLLEGE DIST                                                    | Oregon Coast Community College District 0%, Due 6/15/2041                          | CUSIP: 68583NCJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $159878.94    | 0.09%             | 2041-06-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| TEXAS TRANSN COMMN                                                                 | TEXAS TRANSN COMMN GO MOBILITY 0.65%, Due 10/01/2041                               | CUSIP: 882830BJ0<br>LEI: 5493006JSGNPGVJS7691 | Long             | DBT              | MUN               | US        |    685000 | PA      | $667462.22    | 0.36%             | 2041-10-01      | Variable      | 0.65%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA HSG DEV AUTH                                                          | South Dakota Housing Development Authority 3.5%, Due 5/1/2051                      | CUSIP: 83756CD36<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |    500000 | PA      | $498171.65    | 0.27%             | 2051-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND HSG & MTG FIN CORP                                                    | Rhode Island Housing & Mortgage Finance Corp 5%, Due 4/1/2049                      | CUSIP: 76221SGK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $612329.36    | 0.33%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KING CNTY WASH                                                                     | KING CNTY WASH SWR REV JR LIEN .875%, Due 1/1/2042                                 | CUSIP: 495290BD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $958650.03    | 0.52%             | 2042-01-01      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HIGHER EDL FACS AUTH                                               | PENNSYLVANIA ST 3.000% Due 05/01/2037                                              | CUSIP: 70917SXU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $12575.80     | 0.01%             | 2037-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TRAVIS CNTY TEX MUN UTIL DIST NO 21                                                | Travis County TX Municipal Utility District No. 21 3.50%, DUE 09/01/2033           | CUSIP: 89440LAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $203476.88    | 0.11%             | 2033-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HSG & FIN AUTH                                                          | GEORGIA ST HSG & FIN AUTH REV SINGLE FAMILY MTG BD 3.55%, DUE 12/01/2042           | CUSIP: 3735397X7<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |     70000 | PA      | $60653.28     | 0.03%             | 2042-12-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| FAYETTE CNTY GA DEV AUTH                                                           | Fayette County Dev Authority 5%, Due 10/1/2040                                     | CUSIP: 31222PAR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $481133.22    | 0.26%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY                                       | California County California 4.0%, Due 06/01/2034                                  | CUSIP: 13016NES9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $147104.46    | 0.08%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY & CHATTANOOGA TENN SPORTS AUTH                                       | HAMILTON CNTY & CHATTANOOGA TENN SPORTS AUTH 5.5%, DUE 12/1/2039                   | CUSIP: 407081AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $1037067.79   | 0.56%             | 2039-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PACIFIC CNTY WASH PUB HEALTHCARE SVCS DIST NO 3                                    | Pacific County Public Healthcare District No 3 5.25%, Due 12/1/2044                | CUSIP: 694133CV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $611934.18    | 0.33%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH                                                                | INDIANA ST FIN AUTH ENVIRONMENTAL REV 3.75%, Due 06/01/2031                        | CUSIP: 455054BH8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   5750000 | PA      | $5779142.73   | 3.12%             | 2031-06-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH                                                        | Connecticut Housing Finance Authority 3%, Due 5/15/2051                            | CUSIP: 20775HLT8<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    570000 | PA      | $559591.63    | 0.30%             | 2051-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PEFA INC IOWA                                                                      | BURKE CNTY GA DEV 2.200%, Due 10/01/2032                                           | CUSIP: 70556CAB0<br>LEI: 549300RSE249DJNRHY07 | Long             | DBT              | MUN               | US        |    595000 | PA      | $602260.67    | 0.33%             | 2049-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| GROSSE ILE TWP MICH SCH DIST                                                       | Grosse Ile Township School District/MI 5%, DUE 05/01/2040                          | CUSIP: 398892KY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $215129.46    | 0.12%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OSAGE CNTY MO REORG SCH DIST NO R-II                                               | Osage County School District No R-II 5.5%, Due 3/1/2044                            | CUSIP: 687654EP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $558030.11    | 0.30%             | 2044-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SUNFIELD MUN UTIL DIST NO 3 TEX                                                    | SUNFIELD MUN UTIL 3.000%, Due 09/01/2036                                           | CUSIP: 867342HR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $467561.70    | 0.25%             | 2036-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PASADENA CALIF PUB FING AUTH                                                       | Pasadena Public Financing Authority 0%, Due 6/1/2041                               | CUSIP: 702274DL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $142990.08    | 0.08%             | 2041-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HSG & FIN AUTH                                                          | Georgia Housing & Finance Authority 3.35%, DUE 12/01/2041                          | CUSIP: 3735393E3<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |    280000 | PA      | $236120.78    | 0.13%             | 2041-12-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO MTG FIN AUTH                                                            | New Mexico Mortgage Finance Authority 1.7%, Due 1/1/2030                           | CUSIP: 647201LH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $178425.92    | 0.10%             | 2030-01-01      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| GROSSE ILE TWP MICH SCH DIST                                                       | Grosse Ile Township School District/MI 5%, DUE 05/01/2041                          | CUSIP: 398892KZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $265876.38    | 0.14%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEWAUKAN N D PUB SCH DIST NO 5                                                  | Minnewaukan Public School District No 5 2.7%, Due 8/1/2026                         | CUSIP: 604244AL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $123634.65    | 0.07%             | 2026-08-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIF PUB PWR AUTH                                                        | Southern California Public Power Authority 5.000%, Due 11/01/2033                  | CUSIP: 842471AY0<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    500000 | PA      | $528505.00    | 0.29%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY MET SWR DIST                                        | Louisville and Jefferson Co Metro Sewer District 3.%, DUE 5/15/2046                | CUSIP: 546589ZR6<br>LEI: 5493004O4I11L8BK0A22 | Long             | DBT              | MUN               | US        |    265000 | PA      | $191370.41    | 0.10%             | 2046-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST HSG DEV AUTH                                                           | VIRGINIA ST HSG DEV AUTH COMWLTH MTG 3.45%, DUE 4/1/2038                           | CUSIP: 92812UG44<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    400000 | PA      | $361520.32    | 0.20%             | 2038-04-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| OREGON COAST CMNTY COLLEGE DIST                                                    | Oregon Coast Community College District 0%, Due 6/15/2040                          | CUSIP: 68583NCH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $645357.36    | 0.35%             | 2040-06-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY & CHATTANOOGA TENN SPORTS AUTH                                       | HAMILTON CNTY & CHATTANOOGA TENN SPORTS AUTH 5.5%, DUE 12/1/2038                   | CUSIP: 407081AM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $920678.48    | 0.50%             | 2038-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FORT WORTH TEX                                                                     | City of Fort Worth TX 5.5%, DUE 3/1/2043                                           | CUSIP: 349507ER0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $221640.24    | 0.12%             | 2043-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WHITMAN CNTY WASH PUB HOSP DIST NO 1A PULLMAN                                      | WHITMAN CNTY WASH PUB HOSP DIST NO 1A PULLMAN 5.5%, Due 12/1/2036                  | CUSIP: 966474EE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $550894.85    | 0.30%             | 2036-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KAUFMAN CNTY TEX MUN UTIL DIST NO 5                                                | KAUFMAN CNTY TEX MUN UTIL 3.000%, Due 03/01/2035                                   | CUSIP: 48618LKF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $399196.94    | 0.22%             | 2035-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING AUTH                                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PRO 5%, DUE 2/1/2055                | CUSIP: 13013JEP7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1812078.78   | 0.98%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTIFAMILY VAR RATE CTFS RELATING TO MUN SECS            | FED HOME LN MTG CORP MULTIFAMILY VAR RATE CTFS VAR  11/25/2042                     | CUSIP: 31350ADR6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1982650.60   | 1.07%             | 2042-11-25      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH BRDG & TUNL AUTH N Y                                                    | TRIBOROUGH BRDG & TUNL AUTH NY PAYROLL TAX 2%, Due 5/15/2045                       | CUSIP: 89602HAD9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985387.80    | 0.53%             | 2045-05-15      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| PASADENA CALIF PUB FING AUTH                                                       | Pasadena Public Financing Authority 0%, Due 6/1/2040                               | CUSIP: 702274DK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $254236.30    | 0.14%             | 2040-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FORT WORTH TEX                                                                     | City of Fort Worth TX 5.5%, DUE 3/1/2044                                           | CUSIP: 349507ES8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2195000 | PA      | $2299602.73   | 1.24%             | 2044-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                       | U.S. Treasury Notes 4.5%, Due 11/15/2025                                           | CUSIP: 91282CFW6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    245000 | PA      | $245122.02    | 0.13%             | 2025-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NORTHGLENN COLO URBAN RENEWAL AUTH                                                 | Northglenn Urban Renewal Authority 4.0%, Due 12/01/2035                            | CUSIP: 66644KAV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $513496.31    | 0.28%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY MO CONS SCH DIST NO 4                                                 | Jackson County Consolidated School District No 4 5.75%, DUE 3/1/2045               | CUSIP: 467484TA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $548464.20    | 0.30%             | 2045-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN                                                          | PENNSYLVANIA ST TPK COMMN TPK REV 6%, Due 12/1/2030                                | CUSIP: 709223XV8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    510000 | PA      | $543377.36    | 0.29%             | 2030-12-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY                                                            | UTAH INFRA AGY TELECO REVE BDS 2021 4.000%, Due 10/15/2036                         | CUSIP: 917467CB6<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |    200000 | PA      | $188290.24    | 0.10%             | 2036-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE CMNTY DEV DIST NO 7 FLA                                                    | VILLAGE CMNTY DEV DIST 4.000%. Due 05/01/2036                                      | CUSIP: 92707VAP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $955554.02    | 0.52%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT GTR CINCINNATI DEV AUTH OHIO                                                  | Port Greater Cincinnati Ohio Development Auth 5.250%, Due 12/01/2035               | CUSIP: 734195AS9<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $951717.60    | 0.51%             | 2035-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| INDIANA ST HSG & CMNTY DEV AUTH                                                    | Indiana Housing & Community Development Authority 5%, DUE 7/1/2044                 | CUSIP: 45505T2W0<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |    750000 | PA      | $754502.85    | 0.41%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHGLENN COLO URBAN RENEWAL AUTH                                                 | Northglenn Urban Renewal Authority 4.0%, Due 12/01/2034                            | CUSIP: 66644KAU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $395216.08    | 0.21%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HSG DEV COMMN                                                          | Missouri Housing Development Commission 3.1%, DUE 11/1/2041                        | CUSIP: 60637BMD9<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |     20000 | PA      | $16355.06     | 0.01%             | 2041-11-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO MTG FIN AUTH                                                            | NEW MEXICO MTG FIN AUTH MULTIFAMILY HSG REV BDS VAR, DUE 02/01/2042                | CUSIP: 64719HEP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $900365.04    | 0.49%             | 2042-02-01      | Variable      | 3.73%                 | No            |                  2 | On Loan: No      |
| SUNFIELD MUN UTIL DIST NO 3 TEX                                                    | SUNFIELD MUN UTIL 3.000%, Due 09/01/2035                                           | CUSIP: 867342HQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $465314.12    | 0.25%             | 2035-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                                | PUBLIC FIN AUTH WIS REV AIR CARGO 5% Due 7/1/2025                                  | CUSIP: 74442PYU3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    260000 | PA      | $260000.00    | 0.14%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                                                           | MINNESOTA ST HSG FIN AGY RESIDENTIAL 1.85%, Due 7/1/2032                           | CUSIP: 60416TGQ5<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    470000 | PA      | $402365.83    | 0.22%             | 2032-07-01      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| Ipmi 3 Llc                                                                         | IPMI 3 LLC 3.900%, Due 12/01/2028                                                  | CUSIP: 44988XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9000000 | PA      | $8194523.94   | 4.43%             | 2028-12-01      | Fixed         | 3.90%                 | Yes           |                  2 | On Loan: No      |
| COOL WTR MUN UTIL DIST TEX                                                         | Cool Water Municipal Utility District 7%, Due 08/15/2030                           | CUSIP: 21640ABJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $434872.61    | 0.23%             | 2030-08-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ADMINISTRATORS OF THE TULANE EDL FD LA                                             | Administrators of the Tulane Educational Fund 5%, due 10/1/2047                    | CUSIP: 007110AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $151341.29    | 0.08%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRISONBURG VA REDEV & HSG AUTH                                                   | HARRISONBURG VA REDEV & HSG AUTH VAR 12/1/2027                                     | CUSIP: 415690NX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $701606.43    | 0.38%             | 2027-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| RENDEZVOUS RESIDENTIAL MET DIST COLO                                               | RENDEZVOUS RESIDENTIAL 2.250% Due 12/01/2031                                       | CUSIP: 75969DAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $461925.88    | 0.25%             | 2031-12-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA HSG FIN CORP                                                               | FLA HSG FIN CORP MULTIFAMILY VAR, DUE 5/1/2028                                     | CUSIP: 34074HHJ4<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |    360000 | PA      | $361322.57    | 0.20%             | 2028-05-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y                                                                       | NEW YORK N Y GO BDS 2015 VAR 06/01/2044                                            | CUSIP: 64966LU25<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   8765000 | PA      | $8765000.00   | 4.73%             | 2044-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                                | PUBLIC FIN AUTH WIS REV AIR CARGO 5% Due 7/1/2028                                  | CUSIP: 74442PYX7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $517520.00    | 0.28%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHAMBERS CNTY TEX IMPT DIST NO 1                                                   | Chambers County Texas Impt Dist #1 2.0%, Due 09/01/2029                            | CUSIP: 157792MS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1318862.49   | 0.71%             | 2029-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ORLANDO FLA UTILS COMMN                                                            | ORLANDO FLA UTILS COMMN UTIL VAR Due 10/1/2046                                     | CUSIP: 686507JQ8<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1008512.44   | 0.54%             | 2046-10-01      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| COLORADO EDL & CULTURAL FACS AUTH                                                  | Colorado Education & Cultural Facilities Authorized Revenue                        | CUSIP: 19645RA76<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |     50000 | PA      | $44959.15     | 0.02%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WAYNE CNTY MICH ARPT AUTH                                                          | WAYNE CNTY MICH ARPT AUTH REV BDS 2025 5.25%, DUE 12/01/2043                       | CUSIP: 944514S33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057162.50   | 0.57%             | 2043-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                             | FHLMC Pass Through Due 05/25/2041                                                  | CUSIP: 3137HFP74<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | MUN               | US        |   3470964 | PA      | $3314789.98   | 1.79%             | 2041-05-25      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| WINK-LOVING TEX INDPT SCH DIST                                                     | Wink-Loving Independent School District 5%, Due 2/15/2033                          | CUSIP: 974170ET5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501112.90    | 0.27%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                       | U.S. Treasury Notes 5%, Due 9/30/2025                                              | CUSIP: 91282CJB8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5007714.85   | 2.70%             | 2025-09-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRAVIS CNTY TEX MUN UTIL DIST NO 21                                                | Travis County TX Municipal Utility District No. 21 3.0%, Due 09/01/2027            | CUSIP: 89440LAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $98604.51     | 0.05%             | 2027-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                                | PUBLIC FIN AUTH WIS AIR CAR 2021 2.012% Due 7/1/2025                               | CUSIP: 74442PRU1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1085000.00   | 0.59%             | 2025-07-01      | Fixed         | 2.01%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                                | PUBLIC FIN AUTH WIS REV AIR CARGO 5% Due 7/1/2026                                  | CUSIP: 74442PYV1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    450000 | PA      | $455202.45    | 0.25%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS HSG DEV AUTH                                                              | ILLINOIS HSG DEV AUTH MULTIFAMILY HSG 5% Due 2/1/2027                              | CUSIP: 45203LEL3<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2019483.40   | 1.09%             | 2027-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| DOUGLAS CNTY NEB SAN & IMPT DIST NO 425                                            | DOUGLAS CNTY NEB SAN & IMPT DIST NO 425 4.9%, Due 11/1/2033                        | CUSIP: 25930FAU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4079689.60   | 2.20%             | 2033-11-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HSG FIN AGY                                                           | PENNSYLVANIA HSG FIN AGY SINGLE FAMILY MTG 3.8%, DUE 10/01/2035                    | CUSIP: 708796X69<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |     50000 | PA      | $48771.97     | 0.03%             | 2035-10-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| LONG IS PWR AUTH N Y                                                               | Long Island Power Authority 1.50% Due 09/01/2051                                   | CUSIP: 542691EX4<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   4385000 | PA      | $4286437.92   | 2.32%             | 2026-09-01      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| SUNFIELD MUN UTIL DIST NO 3 TEX                                                    | SUNFIELD MUN UTIL 3.000%, Due 09/01/2037                                           | CUSIP: 867342HS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $464733.83    | 0.25%             | 2037-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HSG FIN AGY                                                           | PENNSYLVANIA HSG FIN AGY SINGLE FAMILY MTG 3.2%, DUE 4/1/2040                      | CUSIP: 7087963C9<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    175000 | PA      | $148687.14    | 0.08%             | 2040-04-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY                                                                | Ohio Housing Finance Agency 7.5%, DUE 3/1/2049                                     | CUSIP: 67756UBB3<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   2395000 | PA      | $2858880.37   | 1.54%             | 2049-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH                                                             | BURKE CNTY GA DEV 2.200%, Due 10/01/2032                                           | CUSIP: 121342QC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1596102.79   | 0.86%             | 2032-10-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| PHARR TEX                                                                          | Pharr Texax Intl Toll Bridge System Revenue 4.00 % Due 08/15/2033                  | CUSIP: 717194AJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5054.84      | 0.00%             | 2033-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                                | PUBLIC FIN AUTH WIS REV AIR CARGO 5% Due 7/1/2027                                  | CUSIP: 74442PYW9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $256081.50    | 0.14%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA HSG FIN CORP                                                               | FLA HSG FIN CORP MULTIFAMILY MTG REV BDS VAR, DUE 7/1/2058                         | CUSIP: 34074HHF2<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2017596.80   | 1.09%             | 2058-07-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY HSG DEV CORP                                                     | EW YORK N Y CITY HSG DEV CORPMULTIFAMILY 3.4%, Due 11/1/2062                       | CUSIP: 64972E3D9<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2499942.00   | 1.35%             | 2062-11-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIF PUB PWR AUTH                                                        | Southern California Power Auth Natural Gas Variable, Due 11/01/2038                | CUSIP: 842471AZ7<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   5550000 | PA      | $5335809.96   | 2.88%             | 2038-11-01      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HSG & FIN AUTH                                                          | Georgia Housing & Finance Authority 5%, Due 12/1/2042                              | CUSIP: 37353PMD8<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1280417.13   | 0.69%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS GA HSG AUTH                                                               | Columbus County Housing Authority 5%, Due 4/1/2028                                 | CUSIP: 199123CN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $929897.55    | 0.50%             | 2028-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY                                                            | NEW YORK ST HSG FIN AGY REV AFFORDABLE 1.8%, Due 11/1/2030                         | CUSIP: 64987D6B5<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    560000 | PA      | $495350.91    | 0.27%             | 2030-11-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                       | U.S. Treasury Notes 4.875%, Due 11/30/2025                                         | CUSIP: 91282CJL6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8000000 | PA      | $8016875.04   | 4.33%             | 2025-11-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FING AUTH                                                  | VIRGINIA SMALL BUSIN 5.000% Due 12/31/2057                                         | CUSIP: 928104QL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $388088.52    | 0.21%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY MO CONS SCH DIST NO 4                                                 | Jackson County Consolidated School District No 4 5.75%, DUE 3/1/2044               | CUSIP: 467484SZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $577118.01    | 0.31%             | 2044-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PACIFIC CNTY WASH PUB HEALTHCARE SVCS DIST NO 3                                    | Pacific County Public Healthcare District No 3 5.25%, Due 12/1/2039                | CUSIP: 694133CU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525931.30    | 0.28%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WYOMING CMNTY DEV AUTH                                                             | WYOMING CMNTY DEV AUTH HSG 3.2%, Due 12/10/2041                                    | CUSIP: 98322QLS4<br>LEI: 549300UQ62NB8FGTHW65 | Long             | DBT              | MUN               | US        |   1110000 | PA      | $914824.59    | 0.49%             | 2041-12-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND HSG & MTG FIN CORP                                                    | Rhode Island Housing & Mortgage Finance Corp 5%, Due 4/1/2044                      | CUSIP: 76221SGH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1454859.10   | 0.79%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KNOXVILLE TENN CMNTY DEV CORP                                                      | KNOXVILLE TENN CMNTY DEV CORP MULTIFAMILY REV  HSG VAR, DUE 12/01/2029             | CUSIP: 499743CX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1384649.06   | 0.75%             | 2029-12-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| OREGON COAST CMNTY COLLEGE DIST                                                    | Oregon Coast Community College District 0%, Due 6/15/2027                          | CUSIP: 68583NBU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103546.85    | 0.06%             | 2027-06-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY                                                            | NY ST HSG FIN AGY REV AFFORDABLE 1%, Due 10/31/2061                                | CUSIP: 64987JRB9<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    320000 | PA      | $308707.68    | 0.17%             | 2061-05-01      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FLA HSG FIN AUTH                                                       | ORANGE CNTY FLA HSG FIN AUTH MULTIFAMILY VAR, Due 6/1/2028                         | CUSIP: 684906HV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3016587.60   | 1.63%             | 2028-06-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| LEANDER TEX INDPT SCH DIST                                                         | Leander Independent School District TX 0%, DUE 08/15/2035                          | CUSIP: 521841GU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $241428.64    | 0.13%             | 2035-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LA PAZ CNTY ARIZ INDL DEV AUTH                                                     | LA PAZ CNTY INDL DEV AUTHARPT FACS 7.000% Due 11/15/2038                           | CUSIP: 50376GAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1519781.76   | 0.82%             | 2038-11-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| CHAMBERS CNTY TEX IMPT DIST NO 1                                                   | Chambers County Texas Impt Dist #1 2.0%, Due 09/01/2027                            | CUSIP: 157792MQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1381955.27   | 0.75%             | 2027-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HAYS CNTY TEX DEV DIST NO 1                                                        | HAYS CNTY TEX DEV DIST NO 1 5%, Due 04/01/2036                                     | CUSIP: 421025FU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $112570.27    | 0.06%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHAFFEY CALIF UN HIGH SCH DIST                                                     | Chaffey Joint Union High School District 0%, Due 08/01/2036                        | CUSIP: 157411VR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $288893.75    | 0.16%             | 2036-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY N C INDL FACS & POLLUTN CTL FING AUTH                              | CUMBERLAND CNTY N C INDL FACS  POLLUTN CTL FING VAR, DUE 12/01/2027                | CUSIP: 230589AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3001158.30   | 1.62%             | 2027-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| KENTUCKY INC KY PUB ENERGY AUTH                                                    | KENTUCKY INC KY PUB ENERGY AUTH GAS SUPLLY REV VAR  06/01/2055                     | CUSIP: 74440DFN9<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    500000 | PA      | $528577.80    | 0.29%             | 2055-06-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| NEVADA HSG DIV                                                                     | NEVADA HSG DIV SINGLE FAMILY MTG REV 7%, Due 4/1/2049                              | CUSIP: 641279ZJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2381134.20   | 1.29%             | 2049-04-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| DENVER COLO URBAN RENEWAL AUTH                                                     | Denver Colorado Urban Renewal Authority Tax Incr 9th & Co Urban Redevelopment Area | CUSIP: 249301FY3<br>LEI: 54930040L61W75KRAG79 | Long             | DBT              | MUN               | US        |    900000 | PA      | $871715.97    | 0.47%             | 2039-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| PENNSYLVANIA HSG FIN AGY                                                           | Pennsylvania Housing Finance Agency 3.45%, DUE 10/01/2032                          | CUSIP: 7087965V5<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    620000 | PA      | $614694.97    | 0.33%             | 2032-10-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV                                   | MARYLAND ST CMNTY 1.0500% Due 3/1/2029                                             | CUSIP: 57419TPU9<br>LEI: 549300Q5BSL77YR7NP93 | Long             | DBT              | MUN               | US        |    500000 | PA      | $448629.50    | 0.24%             | 2029-03-01      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY MO CONS SCH DIST NO 4                                                 | Jackson County Consolidated School District No 4 5.75%, DUE 3/1/2040               | CUSIP: 467484SV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $551975.10    | 0.30%             | 2040-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH                                                                  | Illinois Finance Authority 5%, due 2/15/2045                                       | CUSIP: 45204EPQ5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $98680.48     | 0.05%             | 2045-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** SBH Municipal Bond Fund

**Signature:** Daniel D. Bauer

**Name of Signer:** Daniel D. Bauer

**Title:** Assistant Treasurer