# EDGAR Filing Document

**Accession Number:** 0000879569
**File Stem:** 0001193125-26-065550
**Filing Date:** 2026-2
**Character Count:** 182616
**Document Hash:** dfc88ac58d4a4ebcd02ad3ee9c983e22
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-065550.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0001193125-26-065550

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**PERIOD START**: 20260930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes Fixed Income Securities, Inc.
- **CENTRAL INDEX KEY:** 0000879569

**ORGANIZATION NAME:**
- **EIN:** 251668690
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06447
- **FILM NUMBER:** 26667768

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

Federated Hermes Municipal Ultrashort Fund

Portfolio of Investments

December 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—71.5% |  |
|  | **Alabama—4.6%** |  |
| $2000000 | Alabama HFA (Fred Marshall Court Ltd), Multifamily Housing Revenue Bonds (Series 2025F), (United States Treasury GTD), <br> 3.150%, 12/1/2028<br>| &nbsp;&nbsp; $2001794 |
| &nbsp;&nbsp; 1000000 | Black Belt Energy Gas District, AL, Gas Revenue Bonds (Series 2022B-1), (Goldman Sachs Group, Inc. GTD), 4.000%, <br> Mandatory Tender 10/1/2027<br>| &nbsp;&nbsp; 1007907 |
| &nbsp;&nbsp; 25500000<br><sup>1</sup> <br>| Black Belt Energy Gas District, AL, Gas Revenue Bonds Project No.7 (Series 2021C-2) FRNs, (Goldman Sachs Group, Inc. <br> GTD), 3.670% (SIFMA 7-day +0.350%), Mandatory Tender 12/1/2026<br>| &nbsp;&nbsp; 25278762 |
| &nbsp;&nbsp; 1775000 | Black Belt Energy Gas District, AL, Gas Supply Revenue Bonds (Series 2025E), (BP PLC GTD), 5.000%, 5/1/2029 | &nbsp;&nbsp; 1866398 |
| &nbsp;&nbsp; 2100000 | Black Belt Energy Gas District, AL, Gas Supply Revenue Bonds (Series 2025E), (BP PLC GTD), 5.000%, 5/1/2030 | &nbsp;&nbsp; 2243279 |
| &nbsp;&nbsp; 1750000 | Jefferson County, AL (Jefferson County, AL Sewer System), Sewer Revenue Warrants (Series 2024), 5.000%, 10/1/2026 | &nbsp;&nbsp; 1776333 |
| &nbsp;&nbsp; 1250000 | Jefferson County, AL (Jefferson County, AL Sewer System), Sewer Revenue Warrants (Series 2024), 5.000%, 10/1/2027 | &nbsp;&nbsp; 1293936 |
| &nbsp;&nbsp; 4000000 | Mobile, AL IDB (Alabama Power Co.), Pollution Control Revenue Bonds (Series 2007A), 3.375%, Mandatory <br> Tender 6/26/2029<br>| &nbsp;&nbsp; 4046321 |
| &nbsp;&nbsp; 25000000 | Mobile, AL IDB (Alabama Power Co.), Pollution Control Revenue Bonds (Series 2007B), 3.920%, Mandatory <br> Tender 6/2/2026<br>| &nbsp;&nbsp; 25080495 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64595225 |
|  | **Arizona—1.5%** |  |
| &nbsp;&nbsp; 3780000<br><sup>1</sup> <br>| Arizona Health Facilities Authority (Banner Health), (Series 2015B) FRNs, 3.570% (SIFMA 7-day +0.250%), Mandatory <br> Tender 11/4/2026<br>| &nbsp;&nbsp; 3759216 |
| &nbsp;&nbsp; 1000000 | Arizona State IDA (TWG Glendale LP), Unity at West Glendale Multifamily Housing Revenue Bonds (Series 2024), (United <br> States Treasury GTD), 5.000%, Mandatory Tender 9/1/2026<br>| &nbsp;&nbsp; 1006624 |
| &nbsp;&nbsp; 2500000 | Chandler, AZ IDA (Intel Corp.), Industrial Development Revenue Bonds (Series 2019), 4.000%, Mandatory Tender 6/1/2029 | &nbsp;&nbsp; 2534493 |
| &nbsp;&nbsp; 1000000 | Coconino County, AZ Pollution Control Corp. (Nevada Power Co.), Pollution Control Refunding Revenue Bonds <br> (Series 2017B), 3.750%, Mandatory Tender 3/31/2026<br>| &nbsp;&nbsp; 1001095 |
| &nbsp;&nbsp; 8000000 | Maricopa County, AZ, IDA (Banner Health), Revenue Bonds (Series 2023A-1), 5.000%, Mandatory Tender 5/15/2026 | &nbsp;&nbsp; 8050899 |
| &nbsp;&nbsp; 1000000 | Phoenix, AZ IDA (Memorial Towers (TC2) Senior Housing LP), Multifamily Housing Revenue Bonds (Series 2024A), <br> 3.350%, 12/1/2027<br>| &nbsp;&nbsp; 1006394 |
| &nbsp;&nbsp; 3500000 | Phoenix, AZ IDA (Republic Services, Inc.), (Series 2013), 3.450%, Mandatory Tender 2/2/2026 | &nbsp;&nbsp; 3499958 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20858679 |
|  | **Arkansas—0.3%** |  |
| &nbsp;&nbsp; 3500000 | Arkansas Development Finance Authority (APP Fair Oaks Partners, LLLP), Collateralized Multifamily Housing Bonds <br> (Series 2023), (United States Treasury GTD), 3.550%, Mandatory Tender 6/1/2027<br>| &nbsp;&nbsp; 3522559 |
|  | **California—7.3%** |  |
| &nbsp;&nbsp; 9000000<br><sup>1</sup> <br>| Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (Series 2021C) FRNs, 3.770% (SIFMA 7-day <br> +0.450%), Mandatory Tender 4/1/2026<br>| &nbsp;&nbsp; 8987611 |
| &nbsp;&nbsp; 7000000<br><sup>1</sup> <br>| Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (Series 2021D) FRNs, 3.620% (SIFMA 7-day <br> +0.300%), Mandatory Tender 4/1/2027<br>| &nbsp;&nbsp; 6940882 |
| &nbsp;&nbsp; 6750000<br><sup>1</sup> <br>| California Infrastructure & Economic Development Bank (Los Angeles County Museum of Art), Refunding Revenue Bonds <br> (Series 2021B) FRNs, 4.020% (SIFMA 7-day +0.700%), Mandatory Tender 6/1/2026<br>| &nbsp;&nbsp; 6740150 |
| &nbsp;&nbsp; 8500000 | California Municipal Finance Authority (Republic Services, Inc.), (Series 2021A), 3.450%, Mandatory Tender 4/1/2026 | &nbsp;&nbsp; 8498811 |
| &nbsp;&nbsp; 15000000 | California Municipal Finance Authority (Republic Services, Inc.), (Series 2021-B), 3.850%, Mandatory Tender 1/15/2026 | &nbsp;&nbsp; 14998986 |
| &nbsp;&nbsp; 12000000 | California Municipal Finance Authority (Waste Management, Inc.), (Series 2020B), (Waste Management Holdings, Inc. <br> GTD), 3.850%, Mandatory Tender 6/1/2026<br>| &nbsp;&nbsp; 11997200 |
| &nbsp;&nbsp; 13000000 | California Municipal Finance Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2017A), <br> (Waste Management Holdings, Inc. GTD), 3.450%, Mandatory Tender 12/1/2026<br>| &nbsp;&nbsp; 13003373 |
| &nbsp;&nbsp; 3000000 | California Municipal Finance Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2022A), <br> (Waste Management Holdings, Inc. GTD), 3.450%, Mandatory Tender 10/2/2028<br>| &nbsp;&nbsp; 3009046 |
| &nbsp;&nbsp; 7000000 | California PCFA (Republic Services, Inc.), (Series 2017 A-2), 3.450%, Mandatory Tender 1/15/2026 | &nbsp;&nbsp; 7000160 |
| &nbsp;&nbsp; 10000000 | California PCFA (Republic Services, Inc.), (Series 2023), 3.800%, Mandatory Tender 2/17/2026 | &nbsp;&nbsp; 9996980 |
| &nbsp;&nbsp; 1000000 | Los Angeles, CA Department of Airports, Subordinate Refunding Revenue Bonds (Series 2025F), 5.000%, 5/15/2028 | &nbsp;&nbsp; 1049355 |

---

**1**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **California—continued** |  |
| $9300000 | San Diego, CA Housing Authority (Bernardo Family Housing, LP), SkyLINE Multifamily Housing Revenue Bonds <br> (Series 2023B), (United States Treasury GTD), 5.000%, Mandatory Tender 11/1/2026<br>| &nbsp;&nbsp; $9422122 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 101644676 |
|  | **Colorado—1.1%** |  |
| &nbsp;&nbsp; 3100000 | Colorado Housing and Finance Authority (OPG Eagle Point Partners, LLC), Multifamily Housing Revenue Bonds <br> (Series 2024), (United States Treasury GTD), 3.500%, Mandatory Tender 11/1/2026<br>| &nbsp;&nbsp; 3104878 |
| &nbsp;&nbsp; 4000000 | Colorado State Health Facilities Authority (CommonSpirit Health), Revenue Bonds (Series 2025A), 5.000%, 9/1/2029 | &nbsp;&nbsp; 4287213 |
| &nbsp;&nbsp; 6000000<br><sup>1</sup> <br>| Colorado State Health Facilities Authority (Intermountain Healthcare Obligated Group), Revenue Bonds (Series 2022D) <br> FRNs, 3.870% (SIFMA 7-day +0.550%), Mandatory Tender 8/17/2026<br>| &nbsp;&nbsp; 5996955 |
| &nbsp;&nbsp; 2500000<br><sup>1</sup> <br>| E-470 Public Highway Authority, CO, Senior Revenue SOFR Index Term Rate Bonds (Series 2024B) FRNs, 3.276% (SOFR x <br> 0.67 +0.750%), Mandatory Tender 9/1/2026<br>| &nbsp;&nbsp; 2495481 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15884527 |
|  | **Connecticut—0.4%** |  |
| &nbsp;&nbsp; 3000000 | Connecticut State Health & Educational Facilities (Yale University), Revenue Bonds (Series 2017C-2), 2.800%, Mandatory <br> Tender 2/3/2026<br>| &nbsp;&nbsp; 2999944 |
| &nbsp;&nbsp; 2000000 | Stamford, CT Housing Authority (Mozaic Concierge Living), Entrance Fee Principal Redemption Bonds (Series 2025D), <br> 4.250%, 10/1/2030<br>| &nbsp;&nbsp; 2020496 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5020440 |
|  | **District of Columbia—0.6%** |  |
| &nbsp;&nbsp; 1005000 | Metropolitan Washington, DC Airports Authority, Airport System Revenue and Refunding Bonds (Series 2017A), <br> 5.000%, 10/1/2026<br>| &nbsp;&nbsp; 1022003 |
| &nbsp;&nbsp; 4705000 | Metropolitan Washington, DC Airports Authority, Airport System Revenue and Refunding Bonds (Series 2021A), <br> 5.000%, 10/1/2026<br>| &nbsp;&nbsp; 4784603 |
| &nbsp;&nbsp; 550000 | Metropolitan Washington, DC Airports Authority, Airport System Revenue and Refunding Bonds (Series 2025A), <br> 5.000%, 10/1/2027<br>| &nbsp;&nbsp; 569891 |
| &nbsp;&nbsp; 1165000 | Metropolitan Washington, DC Airports Authority, Airport System Revenue and Refunding Bonds (Series 2025A), <br> 5.000%, 10/1/2028<br>| &nbsp;&nbsp; 1232175 |
| &nbsp;&nbsp; 1275000 | Metropolitan Washington, DC Airports Authority, Airport System Revenue and Refunding Bonds (Series 2025A), <br> 5.000%, 10/1/2029<br>| &nbsp;&nbsp; 1369095 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8977767 |
|  | **Florida—1.8%** |  |
| &nbsp;&nbsp; 1390000 | Alachua County, FL Health Facilities Authority (Oak Hammock at The University of Florida), Revenue Bonds TEMPS-50 <br> (Series 2025B-3), 3.625%, 10/1/2030<br>| &nbsp;&nbsp; 1392408 |
| &nbsp;&nbsp; 3500000 | Broward County, FL HFA (St. Joseph Manor II, LLLP), Multifamily Housing Revenue Bonds (Series 2023), (United States <br> Treasury COL), 3.500%, Mandatory Tender 4/1/2026<br>| &nbsp;&nbsp; 3499762 |
| &nbsp;&nbsp; 1500000 | Florida Development Finance Corp. (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds (Series 2025A), <br> 3.400%, Mandatory Tender 9/1/2028<br>| &nbsp;&nbsp; 1506288 |
| &nbsp;&nbsp; 5000000 | Florida Local Government Finance Commission (Ponte Vedra Pine Company LLC), Fleet Landing at Nocatee Senior Living <br> Revenue Bonds TEMPS-70 (Series 2025B-3), 4.200%, 11/15/2030<br>| &nbsp;&nbsp; 5031101 |
| &nbsp;&nbsp; 4000000 | Lee County, FL HFA (Amaryllis Park Place III, LLC), Multifamily Housing Revenue Bonds (Series 2025), 4.000%, Mandatory <br> Tender 11/1/2027<br>| &nbsp;&nbsp; 4027117 |
| &nbsp;&nbsp; 4000000 | Lee County, FL HFA (Lofts on Lemon II, LLC), Multifamily Housing Revenue Bonds (Series 2025B), (United States Treasury <br> GTD), 3.125%, Mandatory Tender 10/1/2028<br>| &nbsp;&nbsp; 4005932 |
| &nbsp;&nbsp; 2850000 | Lee County, FL HFA (MHP Lee I, LLC), Ekos on Evans Multifamily Housing Revenue Bonds (Series 2025), 3.500%, <br> Mandatory Tender 12/1/2027<br>| &nbsp;&nbsp; 2866889 |
| &nbsp;&nbsp; 2000000 | South Miami, FL Health Facilities Authority (Baptist Health System of South Florida), Revenue Bonds (Series 2025B), <br> 5.000%, Mandatory Tender 8/15/2030<br>| &nbsp;&nbsp; 2156403 |
| &nbsp;&nbsp; 900000 | Venice, FL (Village on the Isle), TEMPS-50 Retirement Community Revenue Improvement Bonds (Series 2024B-3), <br> 4.250%, 1/1/2030<br>| &nbsp;&nbsp; 901830 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25387730 |
|  | **Georgia—2.7%** |  |
| &nbsp;&nbsp; 5750000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project Pollution Control Revenue Bonds (Fifth <br> Series 1994), 3.700%, Mandatory Tender 6/13/2028<br>| &nbsp;&nbsp; 5835964 |
| &nbsp;&nbsp; 3000000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project Pollution Control Revenue Bonds (First <br> Series 1996), 3.875%, Mandatory Tender 3/6/2026<br>| &nbsp;&nbsp; 3004362 |
| &nbsp;&nbsp; 3000000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project Pollution Control Revenue Bonds (First <br> Series 2013), 3.375%, Mandatory Tender 3/12/2027<br>| &nbsp;&nbsp; 3012601 |

---

**2**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Georgia—continued** |  |
| $5000000 | Burke County, GA Development Authority (Georgia Power Co.), Vogtle Project Pollution Control Revenue Bonds (Second <br> Series 2008), 3.375%, Mandatory Tender 3/12/2027<br>| &nbsp;&nbsp; $5021002 |
| &nbsp;&nbsp; 2250000 | Columbus, GA Housing Authority (HACG RAD II, LP), Multifamily Housing Revenue Bonds (Series 2025), (United States <br> Treasury GTD), 3.300%, Mandatory Tender 11/1/2027<br>| &nbsp;&nbsp; 2262282 |
| &nbsp;&nbsp; 6495000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2021A), (Royal Bank of Canada GTD), 4.000%, <br> Mandatory Tender 9/1/2027<br>| &nbsp;&nbsp; 6557539 |
| &nbsp;&nbsp; 350000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2024B), (Royal Bank of Canada GTD), <br> 5.000%, 3/1/2026<br>| &nbsp;&nbsp; 350995 |
| &nbsp;&nbsp; 400000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2024B), (Royal Bank of Canada GTD), <br> 5.000%, 3/1/2027<br>| &nbsp;&nbsp; 408004 |
| &nbsp;&nbsp; 700000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2024B), (Royal Bank of Canada GTD), <br> 5.000%, 3/1/2028<br>| &nbsp;&nbsp; 726360 |
| &nbsp;&nbsp; 265000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2024B), (Royal Bank of Canada GTD), <br> 5.000%, 9/1/2026<br>| &nbsp;&nbsp; 268156 |
| &nbsp;&nbsp; 425000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2024B), (Royal Bank of Canada GTD), <br> 5.000%, 9/1/2027<br>| &nbsp;&nbsp; 437254 |
| &nbsp;&nbsp; 2500000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2024D-1), (Toronto Dominion Bank GTD), 5.000%, <br> Mandatory Tender 4/1/2031<br>| &nbsp;&nbsp; 2685915 |
| &nbsp;&nbsp; 1500000 | Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds (Series 2025B), (Citigroup, Inc. GTD), 5.000%, 12/1/2029 | &nbsp;&nbsp; 1589863 |
| &nbsp;&nbsp; 3500000 | Monroe County, GA Development Authority (Georgia Power Co.), Scherer Project Pollution Control Revenue Bonds (First <br> Series 2013), 3.875%, Mandatory Tender 3/6/2026<br>| &nbsp;&nbsp; 3505089 |
| &nbsp;&nbsp; 1750000 | Monroe County, GA Development Authority (Georgia Power Co.), Scherer Project Pollution Control Revenue Bonds <br> (Second Series 2009), 3.875%, Mandatory Tender 3/6/2026<br>| &nbsp;&nbsp; 1752545 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37417931 |
|  | **Illinois—2.1%** |  |
| &nbsp;&nbsp; 1500000 | Chicago, IL (New City Redevelopment, LP), Multifamily Housing Revenue Bonds (Series 2024), (United States Treasury <br> GTD), 3.500%, Mandatory Tender 8/1/2026<br>| &nbsp;&nbsp; 1502760 |
| &nbsp;&nbsp; 3500000 | Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2022C), <br> 5.000%, 1/1/2026<br>| &nbsp;&nbsp; 3500000 |
| &nbsp;&nbsp; 2000000 | Illinois Housing Development Authority (6900 Crandon LIHTC, LLC), Multifamily Housing Revenue Bonds (Series 2023), <br> (United States Treasury GTD), 5.000%, Mandatory Tender 2/1/2026<br>| &nbsp;&nbsp; 2002995 |
| &nbsp;&nbsp; 2170000 | Illinois Housing Development Authority (South Shore HHDC LIHTC, LLC), Multifamily Housing Revenue Bonds <br> (Series 2023), (United States Treasury GTD), 5.000%, Mandatory Tender 2/1/2026<br>| &nbsp;&nbsp; 2173882 |
| &nbsp;&nbsp; 7000000 | Illinois State Solid Waste Development Authority (Waste Management, Inc.), (Series 2019), 3.450%, Mandatory <br> Tender 11/2/2026<br>| &nbsp;&nbsp; 7006897 |
| &nbsp;&nbsp; 3500000 | Illinois State, UT GO Bonds (Series 2023D), 5.000%, 7/1/2026 | &nbsp;&nbsp; 3538226 |
| &nbsp;&nbsp; 5000000 | Illinois State, UT GO Bonds (Series 2023D), 5.000%, 7/1/2027 | &nbsp;&nbsp; 5160313 |
| &nbsp;&nbsp; 1000000 | Illinois State, UT GO Bonds (Series 2024B), 5.000%, 5/1/2026 | &nbsp;&nbsp; 1007152 |
| &nbsp;&nbsp; 1000000 | Illinois State, UT GO Bonds (Series 2024B), 5.000%, 5/1/2027 | &nbsp;&nbsp; 1028369 |
| &nbsp;&nbsp; 2000000 | Illinois State, UT GO Bonds (Series 2024B), 5.000%, 5/1/2028 | &nbsp;&nbsp; 2097091 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29017685 |
|  | **Indiana—1.5%** |  |
| &nbsp;&nbsp; 2000000 | Indiana Finance Authority (Indiana University Health Obligated Group), Revenue Bonds (Series 2025D-1), 5.000%, <br> Mandatory Tender 10/1/2029<br>| &nbsp;&nbsp; 2136276 |
| &nbsp;&nbsp; 5895000<br><sup>1</sup> <br>| Indiana State Finance Authority (Deaconess Health System), Revenue Bonds (Series 2021B) FRNs, 3.620% (SIFMA 7-day <br> +0.300%), Mandatory Tender 3/1/2027<br>| &nbsp;&nbsp; 5869114 |
| &nbsp;&nbsp; 4845000 | Indiana State Finance Authority (Republic Services, Inc.), (Series 2010A), 3.450%, Mandatory Tender 3/2/2026 | &nbsp;&nbsp; 4845055 |
| &nbsp;&nbsp; 3000000 | Indianapolis, IN Local Public Improvement Bond Bank (Indianapolis, IN Airport Authority), Revenue Bonds (Series 2025B-2), <br> 5.000%, 1/1/2028<br>| &nbsp;&nbsp; 3118583 |
| &nbsp;&nbsp; 1000000 | Indianapolis, IN Local Public Improvement Bond Bank (Indianapolis, IN Airport Authority), Revenue Bonds (Series 2025B-2), <br> 5.000%, 1/1/2029<br>| &nbsp;&nbsp; 1059038 |
| &nbsp;&nbsp; 4000000 | Rockport, IN (Indiana Michigan Power Co.), Pollution Control Revenue Refunding Bonds (Series 2025A), 3.700%, <br> Mandatory Tender 6/1/2029<br>| &nbsp;&nbsp; 4081770 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21109836 |
|  | **Iowa—0.3%** |  |
| &nbsp;&nbsp; 3500000<br><sup>1</sup> <br>| Iowa Finance Authority (Lifespace Communities, Inc.), Revenue Bonds (Series 2021B) FRNs, 3.189% (SOFR x 0.70 <br> +0.550%), Mandatory Tender 5/15/2026<br>| &nbsp;&nbsp; 3455689 |

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**3**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Kentucky—1.7%** |  |
| $3155000 | Kentucky Economic Development Finance Authority (Republic Services, Inc.), (Series 2010A), 3.450%, Mandatory <br> Tender 3/2/2026<br>| &nbsp;&nbsp; $3155000 |
| &nbsp;&nbsp; 7795000 | Kentucky Housing Corp. (Beecher IV, LLC), Multifamily Housing Revenue Bonds (Series 2023), (United States Treasury <br> COL), 5.000%, Mandatory Tender 9/1/2026<br>| &nbsp;&nbsp; 7820414 |
| &nbsp;&nbsp; 600000 | Kentucky Public Energy Authority, Gas Supply Revenue Refunding Bonds (Series 2025A), (Morgan Stanley GTD), <br> 5.000%, 12/1/2026<br>| &nbsp;&nbsp; 609735 |
| &nbsp;&nbsp; 750000 | Kentucky Public Energy Authority, Gas Supply Revenue Refunding Bonds (Series 2025A), (Morgan Stanley GTD), <br> 5.000%, 12/1/2027<br>| &nbsp;&nbsp; 774541 |
| &nbsp;&nbsp; 1000000 | Kentucky Public Energy Authority, Gas Supply Revenue Refunding Bonds (Series 2025A), (Morgan Stanley GTD), <br> 5.000%, 12/1/2028<br>| &nbsp;&nbsp; 1048827 |
| &nbsp;&nbsp; 250000 | Kentucky Public Energy Authority, Gas Supply Revenue Refunding Bonds (Series 2025A), (Morgan Stanley GTD), <br> 5.000%, 6/1/2026<br>| &nbsp;&nbsp; 251808 |
| &nbsp;&nbsp; 320000 | Kentucky Public Energy Authority, Gas Supply Revenue Refunding Bonds (Series 2025A), (Morgan Stanley GTD), <br> 5.000%, 6/1/2027<br>| &nbsp;&nbsp; 327677 |
| &nbsp;&nbsp; 450000 | Kentucky Public Energy Authority, Gas Supply Revenue Refunding Bonds (Series 2025A), (Morgan Stanley GTD), <br> 5.000%, 6/1/2028<br>| &nbsp;&nbsp; 468241 |
| &nbsp;&nbsp; 5000000 | Rural Water Financing Agency, KY, Public Projects Construction Notes (Series 2024A), 3.700%, 5/1/2027 | &nbsp;&nbsp; 4963603 |
| &nbsp;&nbsp; 5000000 | Rural Water Financing Agency, KY, Public Projects Construction Notes (Series 2025A), 2.750%, 5/1/2028 | &nbsp;&nbsp; 4945636 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24365482 |
|  | **Louisiana—1.4%** |  |
| &nbsp;&nbsp; 2600000 | Louisiana State Housing Corporation (Benoit Townhomes, LLC), Multifamily Housing Revenue Bonds (Series 2024), (United <br> States Treasury GTD), 3.750%, Mandatory Tender 8/1/2026<br>| &nbsp;&nbsp; 2608490 |
| &nbsp;&nbsp; 7565000 | Louisiana State Housing Corporation (NSAEB 603, LLC), Multifamily Housing Revenue Bonds (Series 2025), (United States <br> Treasury GTD), 3.150%, Mandatory Tender 4/1/2029<br>| &nbsp;&nbsp; 7582273 |
| &nbsp;&nbsp; 2500000 | Louisiana State Offshore Terminal Authority (Loop LLC), Deepwater Port Revenue Bonds (Series 2007B-2A), 4.200%, <br> Mandatory Tender 10/1/2026<br>| &nbsp;&nbsp; 2510459 |
| &nbsp;&nbsp; 1500000 | St. James Parish, LA (NuStar Logistics LP), Revenue Bonds (Series 2011), 3.700%, Mandatory Tender 6/1/2030 | &nbsp;&nbsp; 1519118 |
| &nbsp;&nbsp; 5500000 | St. John the Baptist Parish, LA (Marathon Oil Corp.), Revenue Refunding Bonds (Series 2019 A-1), 4.050%, Mandatory <br> Tender 7/1/2026<br>| &nbsp;&nbsp; 5532551 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19752891 |
|  | **Massachusetts—0.2%** |  |
| &nbsp;&nbsp; 3250000<br><sup>1</sup> <br>| Massachusetts Development Finance Agency (Mass General Brigham), Revenue Bonds (Series 2019T-1) FRNs, 3.920% <br> (SIFMA 7-day +0.600%), Mandatory Tender 1/29/2026<br>| &nbsp;&nbsp; 3251171 |
|  | **Michigan—1.5%** |  |
| &nbsp;&nbsp; 3125000<br><sup>1</sup> <br>| Michigan State Finance Authority (Beaumont Health Spectrum Health System), Hospital Revenue Refunding Bonds <br> (Series 2022C) FRNs, 4.070% (SIFMA 7-day +0.750%), Mandatory Tender 4/15/2027<br>| &nbsp;&nbsp; 3116782 |
| &nbsp;&nbsp; 3500000 | Michigan State Housing Development Authority (Countryside TH Limited Dividend Housing Association, LLC), Multifamily <br> Housing Revenue Bonds (Series 2025), (United States Treasury GTD), 2.920%, Mandatory Tender 5/1/2027<br>| &nbsp;&nbsp; 3491145 |
| &nbsp;&nbsp; 3920000 | Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2025G), 5.000%, 12/1/2028 | &nbsp;&nbsp; 4120325 |
| &nbsp;&nbsp; 10000000 | Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2025G), 5.000%, 12/1/2029 | &nbsp;&nbsp; 10682369 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21410621 |
|  | **Minnesota—0.7%** |  |
| &nbsp;&nbsp; 4500000 | Hennepin County, MN Housing and Redevelopment Authority (CB South Haven Summit Point LP), Multifamily Housing <br> Revenue Bonds (Series 2025), (United States Treasury GTD), 3.150%, Mandatory Tender 8/1/2028<br>| &nbsp;&nbsp; 4505159 |
| &nbsp;&nbsp; 2500000 | Washington County, MN Community Development Agency (CB Newport Housing LP), Multifamily Housing Revenue Bonds <br> (Series 2025), (United States Treasury GTD), 3.150%, Mandatory Tender 8/1/2028<br>| &nbsp;&nbsp; 2502866 |
| &nbsp;&nbsp; 2600000 | Woodbury, MN Housing and Redevelopment Authority (Woodbury AH II, LLLP), Multifamily Housing and Revenue Bonds <br> (Series 2025), (United States Treasury GTD), 3.200%, Mandatory Tender 2/1/2028<br>| &nbsp;&nbsp; 2612344 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9620369 |
|  | **Missouri—1.2%** |  |
| &nbsp;&nbsp; 6300000 | Kansas City, MO Planned Industrial Expansion Authority (The Depot on Old Santa Fe, LP), Multifamily Housing Revenue <br> Bonds (Series 2023), (United States Treasury GTD), 5.000%, Mandatory Tender 7/1/2027<br>| &nbsp;&nbsp; 6424757 |
| &nbsp;&nbsp; 10000000 | Missouri State Public Utilities Commission, Interim Construction Notes (Series 2024), 4.000%, 5/1/2026 | &nbsp;&nbsp; 10005574 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16430331 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Nevada—0.5%** |  |
| $2000000 | Clark County, NV (Nevada Power Co.), Pollution Control Refunding Revenue Bonds (Series 2017), 3.750%, Mandatory <br> Tender 3/1/2026<br>| &nbsp;&nbsp; $2002191 |
| &nbsp;&nbsp; 3000000 | Director of the State of Nevada Department of Business and Industry (Republic Services, Inc.), Solid Waste Disposal <br> Revenue Bonds (Series 2001), 3.450%, Mandatory Tender 6/1/2026<br>| &nbsp;&nbsp; 3000064 |
| &nbsp;&nbsp; 1000000 | Washoe County, NV (Sierra Pacific Power Co.), Gas and Water Facilities Refunding Revenue Bonds (Series 2016B), 3.625%, <br> Mandatory Tender 10/1/2029<br>| &nbsp;&nbsp; 1011640 |
| &nbsp;&nbsp; 1000000 | Washoe County, NV (Sierra Pacific Power Co.), Water Facilities Refunding Revenue Bonds (Series 2016G), 3.625%, <br> Mandatory Tender 10/1/2029<br>| &nbsp;&nbsp; 1011640 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7025535 |
|  | **New Hampshire—0.2%** |  |
| &nbsp;&nbsp; 2500000 | New Hampshire Health and Education Facilities Authority (Dartmouth College, NH), Revenue Bonds (Series 2015D), <br> 3.300%, Mandatory Tender 8/3/2027<br>| &nbsp;&nbsp; 2508290 |
|  | **New Jersey—3.1%** |  |
| &nbsp;&nbsp; 5000000 | Beach Haven, NJ BANs, 5.000%, 4/30/2026 | &nbsp;&nbsp; 5032162 |
| &nbsp;&nbsp; 4000000 | Camden County, NJ Improvement Authority (Northgate Preservation Urban Renewal, LLC), Multifamily Housing Revenue <br> Bonds (Series 2023), (United States Treasury GTD), 5.000%, Mandatory Tender 3/1/2026<br>| &nbsp;&nbsp; 4012550 |
| &nbsp;&nbsp; 4500000 | Dover, NJ BANs, 3.500%, 1/21/2026 | &nbsp;&nbsp; 4500426 |
| &nbsp;&nbsp; 4001800 | Dunellen, NJ BANs, 4.000%, 1/15/2026 | &nbsp;&nbsp; 4002656 |
| &nbsp;&nbsp; 3000000 | East Orange, NJ BANs, 3.500%, 9/23/2026 | &nbsp;&nbsp; 3006055 |
| &nbsp;&nbsp; 6000000 | New Jersey Higher Education Assistance Authority, Senior Student Loan Revenue Bonds (Series 2025-2), (United States <br> Treasury GTD), 5.000%, Mandatory Tender 6/2/2026<br>| &nbsp;&nbsp; 6038719 |
| &nbsp;&nbsp; 3170000 | New Jersey Housing & Mortgage Finance Agency (New Irvine Turner Apartments Urban Renewal, LLC), Multifamily <br> Conduit Revenue Bonds (Series 2024C), (United States Treasury GTD), 3.670%, 2/1/2026<br>| &nbsp;&nbsp; 3171583 |
| &nbsp;&nbsp; 2478000 | North Arlington, NJ BANs, 3.750%, 7/30/2026 | &nbsp;&nbsp; 2483123 |
| &nbsp;&nbsp; 8310303 | Orange Township, NJ BANs, 3.700%, 3/18/2026 | &nbsp;&nbsp; 8317550 |
| &nbsp;&nbsp; 2000000 | Ridgefield Park, NJ BANs, 3.800%, 4/2/2026 | &nbsp;&nbsp; 2001371 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42566195 |
|  | **New Mexico—0.4%** |  |
| &nbsp;&nbsp; 4000000 | Farmington, NM (Public Service Co., NM), Pollution Control Revenue Refunding Bonds San Juan Project (Series 2010C), <br> 3.875%, Mandatory Tender 6/1/2029<br>| &nbsp;&nbsp; 4065403 |
| &nbsp;&nbsp; 2000000 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Bonds (Series 2025), (Royal Bank of Canada <br> GTD), 5.000%, Mandatory Tender 11/1/2030<br>| &nbsp;&nbsp; 2134799 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6200202 |
|  | **New York—5.4%** |  |
| &nbsp;&nbsp; 3505000 | Alden Village, NY BANs, 3.250%, 9/3/2026 | &nbsp;&nbsp; 3510806 |
| &nbsp;&nbsp; 2000000 | Belfast, NY Central School District BANs, 4.000%, 6/25/2026 | &nbsp;&nbsp; 2009120 |
| &nbsp;&nbsp; 8728000 | Binghamton, NY BANs, 4.125%, 4/10/2026 | &nbsp;&nbsp; 8760798 |
| &nbsp;&nbsp; 5000000 | Bolivar-Richburg, NY Central School District BANs, 3.750%, 6/25/2026 | &nbsp;&nbsp; 5013493 |
| &nbsp;&nbsp; 5500000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2025B), 3.000%, Mandatory <br> Tender 9/1/2028<br>| &nbsp;&nbsp; 5510635 |
| &nbsp;&nbsp; 5000000 | Lowville, NY Central School District BANs, 4.000%, 6/26/2026 | &nbsp;&nbsp; 5020763 |
| &nbsp;&nbsp; 2000000 | Monroe County, NY IDA (Andrews Terrace Community Partners, LP), Multifamily Housing Revenue Bonds (Series 2023B-2), <br> (United States Treasury GTD), 5.000%, Mandatory Tender 7/1/2027<br>| &nbsp;&nbsp; 2058883 |
| &nbsp;&nbsp; 7500000 | New York City Housing Development Corp., Multifamily Housing Revenue Bonds (Series 2024B-2), 3.700%, Mandatory <br> Tender 7/3/2028<br>| &nbsp;&nbsp; 7603680 |
| &nbsp;&nbsp; 4000000 | New York State HFA, Revenue Bonds (Series 2025D-2), 3.150%, Mandatory Tender 11/1/2029 | &nbsp;&nbsp; 4006679 |
| &nbsp;&nbsp; 2975000 | Oakfield-Alabama, NY Central School District BANs, 3.750%, 7/8/2026 | &nbsp;&nbsp; 2984811 |
| &nbsp;&nbsp; 9000000 | Salmon River, NY Central School District RANs, 3.250%, 6/26/2026 | &nbsp;&nbsp; 9010256 |
| &nbsp;&nbsp; 3500000 | Sherrill, NY City School District RANs, 3.750%, 6/18/2026 | &nbsp;&nbsp; 3509985 |
| &nbsp;&nbsp; 10000000 | Warsaw, NY Central School District BANs, 3.750%, 6/25/2026 | &nbsp;&nbsp; 10036673 |
| &nbsp;&nbsp; 3500000 | Warwick, NY, (Series C) BANs, 3.500%, 11/20/2026 | &nbsp;&nbsp; 3506444 |
| &nbsp;&nbsp; 2500000 | Yonkers, NY BANs, 3.500%, 12/3/2026 | &nbsp;&nbsp; 2508518 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75051544 |

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**5**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **North Carolina—1.5%** |  |
| $16000000 | Cumberland County, NC Industrial Facilities & PCFA (Project Aero), (Series 2025), (United States Treasury COL), 3.125%, <br> Mandatory Tender 12/1/2026<br>| &nbsp;&nbsp; $15988925 |
| &nbsp;&nbsp; 5000000 | Durham, NC Housing Authority (Page Road Apartments, LP), Multifamily Housing Revenue Bonds (Series 2025), (United <br> States Treasury GTD), 3.150%, Mandatory Tender 7/1/2028<br>| &nbsp;&nbsp; 5013562 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21002487 |
|  | **North Dakota—0.2%** |  |
| &nbsp;&nbsp; 3000000 | North Dakota HFA (Pleasant Valley TC Apartments, LP), Multifamily Housing Revenue Bonds (Series 2025), (United States <br> Treasury GTD), 3.000%, Mandatory Tender 5/1/2028<br>| &nbsp;&nbsp; 3001576 |
|  | **Ohio—1.9%** |  |
| &nbsp;&nbsp; 4000000 | Cuyahoga, OH Metropolitan Housing Authority (Wade Park Apartments), Multifamily Housing Revenue Bonds <br> (Series 2025), (United States Treasury GTD), 3.750%, Mandatory Tender 6/1/2026<br>| &nbsp;&nbsp; 4008220 |
| &nbsp;&nbsp; 3000000 | Cuyahoga, OH Metropolitan Housing Authority (Woodhill Station East, LLC), Multifamily Housing Revenue Bonds <br> (Series 2024), (United States Treasury GTD), 3.450%, Mandatory Tender 2/1/2027<br>| &nbsp;&nbsp; 3014614 |
| &nbsp;&nbsp; 3000000 | Lancaster, OH Port Authority, Gas Supply Revenue Refunding Bonds (Series 2024A), (Royal Bank of Canada GTD), 5.000%, <br> Mandatory Tender 8/1/2030<br>| &nbsp;&nbsp; 3187952 |
| &nbsp;&nbsp; 5500000 | Lorain, OH Metropolitan Housing Authority (Wilkes Villa, LLC), Multifamily Housing Revenue Bonds (Series 2025A), (United <br> States Treasury GTD), 3.220%, Mandatory Tender 6/1/2028<br>| &nbsp;&nbsp; 5514723 |
| &nbsp;&nbsp; 3700000 | Ohio HFA (Beechwood RAD, LLC), Multifamily Housing Revenue Bonds (Series 2025), (United States Treasury GTD), <br> 3.370%, Mandatory Tender 3/1/2027<br>| &nbsp;&nbsp; 3715685 |
| &nbsp;&nbsp; 2735000 | Ohio HFA (Cedar Redevelopment Phase IV LLC), Multifamily Housing Revenue Bonds (Series 2024), (United States Treasury <br> GTD), 3.600%, Mandatory Tender 6/1/2027<br>| &nbsp;&nbsp; 2736547 |
| &nbsp;&nbsp; 3700000 | Ohio HFA (Terrace Gardens Owner, LP), Multifamily Housing Revenue Bonds (Series 2024A), 4.000%, Mandatory <br> Tender 12/1/2026<br>| &nbsp;&nbsp; 3732949 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25910690 |
|  | **Oklahoma—0.6%** |  |
| &nbsp;&nbsp; 2500000 | Oklahoma HFA (Astoria Creek, LLC), Collateralized Revenue Bonds (Series 2025), (United States Treasury GTD), 3.150%, <br> Mandatory Tender 2/1/2028<br>| &nbsp;&nbsp; 2504084 |
| &nbsp;&nbsp; 2000000 | Oklahoma HFA (Lakeshore Pointe, LLC), Collateralized Revenue Bonds (Series 2024), (United States Treasury GTD), <br> 3.350%, Mandatory Tender 12/1/2026<br>| &nbsp;&nbsp; 2006543 |
| &nbsp;&nbsp; 3000000 | Oklahoma HFA (Reserve at Chisholm Creek LP), Multifamily Housing Revenue Bonds (Series 2025), (United States Treasury <br> GTD), 3.000%, Mandatory Tender 4/1/2029<br>| &nbsp;&nbsp; 3000387 |
| &nbsp;&nbsp; 1250000 | Oklahoma HFA (Towne Square Apartments, LP), Trinity Trails Project Collateralized Revenue Bonds (Series 2025), (United <br> States Treasury GTD), 3.200%, Mandatory Tender 4/1/2028<br>| &nbsp;&nbsp; 1251739 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8762753 |
|  | **Pennsylvania—3.7%** |  |
| &nbsp;&nbsp; 5500000<br><sup>1</sup> <br>| Allegheny County, PA Higher Education Building Authority (Carnegie Mellon University), Revenue Bonds (Series 2022A) <br> FRNs, 2.929% (SOFR x 0.70 +0.290%), Mandatory Tender 8/1/2027<br>| &nbsp;&nbsp; 5479126 |
| &nbsp;&nbsp; 15000000<br><sup>1</sup> <br>| Delaware Valley, PA Regional Finance Authority, Local Government Revenue Bonds (Series 2022C) FRNs, 3.016% (SOFR x <br> 0.67 +0.490%), Mandatory Tender 3/1/2027<br>| &nbsp;&nbsp; 14970504 |
| &nbsp;&nbsp; 6750000 | Pennsylvania Economic Development Financing Authority (Republic Services, Inc.), (Series 2019 B-2), 3.850%, Mandatory <br> Tender 1/15/2026<br>| &nbsp;&nbsp; 6749544 |
| &nbsp;&nbsp; 16500000 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds <br> (Series 2019A), 3.875%, Mandatory Tender 8/3/2026<br>| &nbsp;&nbsp; 16526763 |
| &nbsp;&nbsp; 8500000 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds <br> (Series 2021A), 4.000%, Mandatory Tender 7/1/2026<br>| &nbsp;&nbsp; 8506548 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52232485 |
|  | **South Carolina—0.3%** |  |
| &nbsp;&nbsp; 4000000 | South Carolina State Public Service Authority (Santee Cooper), Revenue and Refunding Bonds (Series 2025B), <br> 5.000%, 12/1/2026<br>| &nbsp;&nbsp; 4081621 |
|  | **Tennessee—3.5%** |  |
| &nbsp;&nbsp; 2000000 | Chattanooga, TN Health, Educational & Housing Facility Board (DGA Shallowford, LC), Collateralized Multifamily Housing <br> Bonds (Series 2023), (United States Treasury GTD), 3.800%, Mandatory Tender 12/1/2026<br>| &nbsp;&nbsp; 2015105 |
| &nbsp;&nbsp; 2000000 | Chattanooga, TN Health, Educational & Housing Facility Board (Espero Chattanooga LP), Multifamily Housing Bonds <br> (Series 2023), (United States Treasury GTD), 3.000%, Mandatory Tender 11/1/2027<br>| &nbsp;&nbsp; 2002141 |
| &nbsp;&nbsp; 2500000 | Chattanooga, TN Health, Educational & Housing Facility Board (One Westside Phase 1B, LP), Multifamily Housing Revenue <br> Bonds (Series 2024), (United States Treasury GTD), 3.600%, Mandatory Tender 6/1/2028<br>| &nbsp;&nbsp; 2524679 |
| &nbsp;&nbsp; 2750000 | Chattanooga, TN Health, Educational & Housing Facility Board (One Westside Phase 2B, LP), Multifamily Housing Revenue <br> Bonds (Series 2025), (United States Treasury GTD), 2.950%, Mandatory Tender 5/1/2029<br>| &nbsp;&nbsp; 2748749 |

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**6**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Tennessee—continued** |  |
| $4250000 | Dickson, TN Health and Educational Facilities Board (BTT Development IV, LP and Housing Associates, LP), Multifamily <br> Housing Bonds (Series 2024), (United States Treasury GTD), 3.000%, Mandatory Tender 4/1/2027<br>| &nbsp;&nbsp; $4253085 |
| &nbsp;&nbsp; 1500000 | Franklin, TN Health and Educational Facilities Board (APP Harpeth Partners, LLLP), Multifamily Housing Bonds <br> (Series 2025), (United States Treasury GTD), 3.600%, Mandatory Tender 5/1/2027<br>| &nbsp;&nbsp; 1512515 |
| &nbsp;&nbsp; 3000000 | Johnson City, TN Health & Education Facilities Board (Roan Hill, LP), Tapestry at Roan Hill Collateralized Multifamily <br> Housing Bonds (Series 2023), (United States Treasury GTD), 3.600%, Mandatory Tender 12/1/2026<br>| &nbsp;&nbsp; 3016793 |
| &nbsp;&nbsp; 6000000 | Kingsport, TN IDB (Model City III, LP), Multifamily Housing Revenue Bonds (Series 2025), (United States Treasury GTD), <br> 2.950%, Mandatory Tender 9/1/2028<br>| &nbsp;&nbsp; 5986810 |
| &nbsp;&nbsp; 5000000 | Knoxville, TN Community Development Corp. (DGA Grosvenor Square LP), Collateralized Multifamily Housing Bonds <br> (Series 2022), (United States Treasury GTD), 4.000%, Mandatory Tender 6/1/2026<br>| &nbsp;&nbsp; 5011464 |
| &nbsp;&nbsp; 3250000 | Knoxville, TN Community Development Corp. (DGA Hardin Valley LP), Multifamily Housing Bonds (Series 2024), (United <br> States Treasury GTD), 3.500%, Mandatory Tender 12/1/2027<br>| &nbsp;&nbsp; 3277968 |
| &nbsp;&nbsp; 1750000 | Knoxville, TN Community Development Corp. (DGA Holston LP), Willow Place Collateralized Multifamily Housing Bonds <br> (Series 2022), (United States Treasury GTD), 3.750%, Mandatory Tender 6/1/2026<br>| &nbsp;&nbsp; 1753956 |
| &nbsp;&nbsp; 700000 | Knoxville, TN Community Development Corp. (DGA Holston LP), Willow Place Collateralized Multifamily Housing Bonds <br> (Series 2022), (United States Treasury GTD), 3.750%, Mandatory Tender 6/1/2026<br>| &nbsp;&nbsp; 702100 |
| &nbsp;&nbsp; 4500000 | Memphis, TN Health, Educational and Housing Facility Board (APP Greenbriar Partners, LLLP), Collateralized Multifamily <br> Housing Bonds (Series 2023), (United States Treasury GTD), 3.550%, Mandatory Tender 6/1/2027<br>| &nbsp;&nbsp; 4532111 |
| &nbsp;&nbsp; 3000000 | Metropolitan Government of Nashville & Davidson County, TN Health & Educational Facilities Board (301 Ben Allen LP), <br> Multifamily Housing Revenue Bonds (Series 2022B), (United States Treasury COL), 3.850%, Mandatory Tender 2/1/2026<br>| &nbsp;&nbsp; 3001289 |
| &nbsp;&nbsp; 1800000 | Metropolitan Nashville, TN Airport Authority, Subordinate Airport Revenue Bonds (Series 2019B), 5.000%, 7/1/2028 | &nbsp;&nbsp; 1885207 |
| &nbsp;&nbsp; 5000000 | Tennergy Corp., TN Gas Revenue, Gas Supply Revenue Bonds (Series 2024A), (Royal Bank of Canada GTD), 5.000%, <br> Mandatory Tender 12/1/2029<br>| &nbsp;&nbsp; 5257134 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49481106 |
|  | **Texas—12.3%** |  |
| &nbsp;&nbsp; 9600000 | Argyle, TX Independent School District, UT GO School Building Bonds (Series 2025B-2), (Texas Permanent School Fund <br> Guarantee Program GTD), 4.000%, Mandatory Tender 8/15/2028<br>| &nbsp;&nbsp; 9917895 |
| &nbsp;&nbsp; 1500000 | Boerne, TX Independent School District, UT GO School Building Bonds (Series 2024), (Texas Permanent School Fund <br> Guarantee Program GTD), 4.000%, Mandatory Tender 2/1/2028<br>| &nbsp;&nbsp; 1539416 |
| &nbsp;&nbsp; 6250000 | Capital Area, TX Housing Finance Corp. (Katy Elgin, LP), Multifamily Housing Revenue Bonds (Series 2024), 3.125%, <br> Mandatory Tender 9/1/2027<br>| &nbsp;&nbsp; 6281028 |
| &nbsp;&nbsp; 13500000 | Dallas-Fort Worth, TX International Airport, Joint Revenue Refunding Bonds (Series 2025A-2), 5.000%, Mandatory <br> Tender 11/1/2029<br>| &nbsp;&nbsp; 14291383 |
| &nbsp;&nbsp; 5000000 | Denton, TX Independent School District, UT GO School Building Bonds (Series 2025B), (Texas Permanent School Fund <br> Guarantee Program GTD), 4.000%, Mandatory Tender 8/15/2030<br>| &nbsp;&nbsp; 5290126 |
| &nbsp;&nbsp; 4200000 | Eagle Mountain-Saginaw, TX Independent School District, UT GO School Building Bonds (Series 2011), (Texas Permanent <br> School Fund Guarantee Program GTD), 4.000%, Mandatory Tender 8/1/2027<br>| &nbsp;&nbsp; 4275460 |
| &nbsp;&nbsp; 50000 | Eagle Mountain-Saginaw, TX Independent School District, UT GO School Building Bonds (Series 2011), (United States <br> Treasury PRF 8/1/2027@100), 4.000%, Mandatory Tender 8/1/2027<br>| &nbsp;&nbsp; 51056 |
| &nbsp;&nbsp; 20000000 | Ector County, TX Independent School District, UT GO School Building Bonds (Series 2024B), (Texas Permanent School <br> Fund Guarantee Program GTD), 4.000%, Mandatory Tender 8/15/2027<br>| &nbsp;&nbsp; 20371718 |
| &nbsp;&nbsp; 5500000 | Fort Bend, TX Independent School District, UT GO Refunding Bonds (Series 2025B), (Texas Permanent School Fund <br> Guarantee Program GTD), 3.800%, Mandatory Tender 8/1/2028<br>| &nbsp;&nbsp; 5623185 |
| &nbsp;&nbsp; 12000000 | Fort Bend, TX Independent School District, UT GO School Building and Refunding Bonds (Series 2024B), (Texas Permanent <br> School Fund Guarantee Program GTD), 4.000%, Mandatory Tender 8/1/2027<br>| &nbsp;&nbsp; 12223064 |
| &nbsp;&nbsp; 2750000<br><sup>1</sup> <br>| Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Hospital Revenue Bonds <br> (Series 2022C) FRNs, 4.170% (SIFMA 7-day +0.850%), Mandatory Tender 12/1/2026<br>| &nbsp;&nbsp; 2750158 |
| &nbsp;&nbsp; 6000000 | Housing Options, Inc. (Dallas, TX Housing Authority) (The Culbreath, LP), Multifamily Housing Revenue Bonds <br> (Series 2025), (United States Treasury GTD), 3.750%, Mandatory Tender 11/1/2028<br>| &nbsp;&nbsp; 6092356 |
| &nbsp;&nbsp; 6000000 | Houston, TX Airport System (United Airlines, Inc.), Special Facilities Revenue Refunding Bonds <br> (Series 2025B: Terminal Improvement Projects), 5.250%, 7/15/2026<br>| &nbsp;&nbsp; 6044381 |
| &nbsp;&nbsp; 1790000 | Houston, TX Airport System, Subordinate Lien Revenue Refunding Bonds (Series 2025A), 5.000%, 7/1/2030 | &nbsp;&nbsp; 1934977 |
| &nbsp;&nbsp; 3700000 | Houston, TX Housing Finance Corp. (Cordova Apartments, LP), Multifamily Housing Revenue Bonds (Series 2024), (United <br> States Treasury GTD), 3.650%, Mandatory Tender 2/1/2028<br>| &nbsp;&nbsp; 3733669 |
| &nbsp;&nbsp; 1000000 | Houston, TX, Public Improvement and Refunding Bonds (Series 2023), 5.000%, 3/1/2026 | &nbsp;&nbsp; 1003907 |
| &nbsp;&nbsp; 925000 | Houston, TX, Public Improvement and Refunding Bonds (Series 2023), 5.000%, 3/1/2028 | &nbsp;&nbsp; 973080 |
| &nbsp;&nbsp; 5000000 | Mesquite, TX Housing Finance Corp. (Palladium Bruton Road, Ltd.), Multifamily Housing Revenue Bonds (Series 2024), <br> (United States Treasury GTD), 3.350%, Mandatory Tender 8/1/2027<br>| &nbsp;&nbsp; 5009817 |

---

**7**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Texas—continued** |  |
| $5500000 | Mission, TX Economic Development Corp. (Republic Services, Inc.), (Series 2020 A), 3.450%, Mandatory Tender 2/2/2026 | &nbsp;&nbsp; $5500746 |
| &nbsp;&nbsp; 1000000 | Mission, TX Economic Development Corp. (Republic Services, Inc.), 3.500%, Mandatory Tender 1/1/2026 | &nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp; 7250000 | New Caney, TX Independent School District, UT GO School Building Bonds (Series 2018), (Texas Permanent School Fund <br> Guarantee Program GTD), 4.000%, Mandatory Tender 8/15/2027<br>| &nbsp;&nbsp; 7383594 |
| &nbsp;&nbsp; 5100000 | North East, TX Independent School District, UT GO Refunding Bonds (Series 2024), (Texas Permanent School Fund <br> Guarantee Program GTD), 3.750%, Mandatory Tender 8/1/2027<br>| &nbsp;&nbsp; 5160345 |
| &nbsp;&nbsp; 7500000 | North Texas Tollway Authority, First Tier Revenue Refunding Bonds (Series 2023A), 5.000%, 1/1/2026 | &nbsp;&nbsp; 7500000 |
| &nbsp;&nbsp; 6415000 | Northside, TX Independent School District, UT GO School Building and Refunding Bonds (Series 2024B), (Texas Permanent <br> School Fund Guarantee Program GTD), 3.450%, Mandatory Tender 8/1/2027<br>| &nbsp;&nbsp; 6461260 |
| &nbsp;&nbsp; 6500000 | Northside, TX Independent School District, UT GO School Building Bonds (Series 2020), (Texas Permanent School Fund <br> Guarantee Program GTD), 3.550%, Mandatory Tender 6/1/2028<br>| &nbsp;&nbsp; 6578530 |
| &nbsp;&nbsp; 4500000 | San Antonio, TX Housing Finance Corp. (Palladium San Antonio, Ltd), Multifamily Housing Revenue Bonds (Series 2024), <br> 3.450%, Mandatory Tender 7/1/2027<br>| &nbsp;&nbsp; 4531741 |
| &nbsp;&nbsp; 2500000 | Tarrant County, TX Cultural Education Facilities Finance Corp. (Texas Health Resources System), Revenue Bonds <br> (Series 2025B), 5.000%, Mandatory Tender 11/15/2029<br>| &nbsp;&nbsp; 2695622 |
| &nbsp;&nbsp; 2500000 | Texas A & M University System Board of Regents, Revenue Financing System Bonds (Series 2024A), 5.000%, 5/15/2026 | &nbsp;&nbsp; 2522650 |
| &nbsp;&nbsp; 375000 | Texas Municipal Gas Acquisition & Supply Corp VI, Gas Supply Revenue Bonds (Series 2025), (Bank of America Corp. <br> GTD), 5.000%, 1/1/2028<br>| &nbsp;&nbsp; 387243 |
| &nbsp;&nbsp; 2500000 | Texas Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue Refunding Bonds (Series 2021), (Macquarie Group <br> Ltd. GTD), 5.000%, 12/15/2026<br>| &nbsp;&nbsp; 2543960 |
| &nbsp;&nbsp; 3750000 | Texas State Department of Housing & Community Affairs (Palladium Old FM 471 W, Ltd), Multifamily Housing Revenue <br> Bonds (Series 2024), 3.050%, Mandatory Tender 9/1/2027<br>| &nbsp;&nbsp; 3758013 |
| &nbsp;&nbsp; 4000000 | Texas State Transportation Commission (Central Texas Turnpike System), First Tier Revenue Refunding Bonds <br> (Series 2024B), 5.000%, Mandatory Tender 8/15/2030<br>| &nbsp;&nbsp; 4316363 |
| &nbsp;&nbsp; 4009000 | The Texas Home Collaborative (Texarkana, TX Housing Authority) (1518 Apartments Ltd), Multifamily Housing Revenue <br> Bonds (Series 2023), 5.000%, Mandatory Tender 10/1/2026<br>| &nbsp;&nbsp; 4035169 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 171781912 |
|  | **Utah—1.0%** |  |
| &nbsp;&nbsp; 3750000 | Salt Lake City, UT Department of Airports, Airport Revenue Bonds (Series 2025A), 5.000%, 7/1/2030 | &nbsp;&nbsp; 4071786 |
| &nbsp;&nbsp; 8000000 | Utah State Housing Corporation (Daybreak I Holdings, LP), Multifamily Housing Revenue Bonds (Series 2025), (United <br> States Treasury GTD), 2.950%, Mandatory Tender 4/1/2029<br>| &nbsp;&nbsp; 7986255 |
| &nbsp;&nbsp; 2000000 | Utah State Housing Corporation (SSL Affordable Phase I, LLC), Multifamily Housing Revenue Bonds (Series 2025), (United <br> States Treasury GTD), 3.240%, Mandatory Tender 12/1/2029<br>| &nbsp;&nbsp; 2004978 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14063019 |
|  | **Virginia—1.5%** |  |
| &nbsp;&nbsp; 4500000 | Alexandria, VA Redevelopment and Housing Authority (431 S. Columbus St. Owner 2, LLC), Multifamily Housing Revenue <br> Bonds (Series 2024), (United States Treasury GTD), 3.200%, Mandatory Tender 6/1/2027<br>| &nbsp;&nbsp; 4504292 |
| &nbsp;&nbsp; 1650000 | Harrisonburg, VA Redevelopment & Housing Authority (Wesley Apartments), Multifamily Housing Revenue Bonds <br> (Series 2023), (United States Treasury GTD), 4.000%, Mandatory Tender 12/1/2026<br>| &nbsp;&nbsp; 1665140 |
| &nbsp;&nbsp; 1500000 | Louisa, VA IDA (Virginia Electric & Power Co.), Pollution Control Refunding Revenue Bonds (Series 2008B), 3.125%, <br> Mandatory Tender 10/1/2030<br>| &nbsp;&nbsp; 1505289 |
| &nbsp;&nbsp; 5500000 | Norfolk, VA Redevelopment and Housing Authority (Standard Braywood Manor Venture LP), Multifamily Housing Revenue <br> Bonds (Series 2023), (United States Treasury COL), 5.000%, Mandatory Tender 5/1/2026<br>| &nbsp;&nbsp; 5533855 |
| &nbsp;&nbsp; 2000000 | Virginia Beach, VA Development Authority (Westminster-Canterbury on Chesapeake Bay), Residential Care Facility <br> Revenue Bonds TEMPS-50 (Series 2023B-3), 5.375%, 9/1/2029<br>| &nbsp;&nbsp; 2022868 |
| &nbsp;&nbsp; 6250000 | Wise County, VA IDA (Virginia Electric & Power Co.), Solid Waste and Sewage Disposal Revenue Bonds (Series 2010A), <br> 3.800%, Mandatory Tender 5/28/2027<br>| &nbsp;&nbsp; 6325015 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21556459 |
|  | **Washington—1.9%** |  |
| &nbsp;&nbsp; 4000000 | King County, WA Housing Authority (New Kirkland Heights LLLP), Affordable Housing Revenue Bonds Kirkland Heights <br> Project (Series 2023A-1), 5.000%, 1/1/2028<br>| &nbsp;&nbsp; 4004142 |
| &nbsp;&nbsp; 5000000<br><sup>1</sup> <br>| King County, WA Sewer System, Junior Lien Revenue Bonds (Series 2021A) FRNs, 3.550% (SIFMA 7-day +0.230%), <br> Mandatory Tender 1/1/2027<br>| &nbsp;&nbsp; 4959728 |
| &nbsp;&nbsp; 3000000 | Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2025B), 5.000%, 10/1/2030 | &nbsp;&nbsp; 3267388 |
| &nbsp;&nbsp; 9250000<br><sup>1</sup> <br>| Seattle, WA (Seattle, WA Municipal Light & Power), Refunding Revenue Bonds (Series 2021B) FRNs, 3.570% (SIFMA 7-day <br> +0.250%), Mandatory Tender 11/1/2026<br>| &nbsp;&nbsp; 9201827 |

---

**8**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Washington—continued** |  |
| $4801000 | Washington State Housing Finance Commission (Ardea TWG, LLLP), Ardea at Totem Lake Apartments Multifamily Housing <br> Revenue Bonds (Series 2023), (United States Treasury GTD), 5.000%, Mandatory Tender 2/1/2027<br>| &nbsp;&nbsp; $4838258 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26271343 |
|  | **West Virginia—1.2%** |  |
| &nbsp;&nbsp; 4200000 | West Virginia EDA (Appalachian Power Co.), Solid Waste Disposal Facilities Revenue Bonds (Series 2009A), 3.700%, <br> Mandatory Tender 6/1/2028<br>| &nbsp;&nbsp; 4276751 |
| &nbsp;&nbsp; 4000000 | West Virginia EDA (Appalachian Power Co.), Solid Waste Disposal Facilities Revenue Bonds (Series 2011A), 3.300%, <br> Mandatory Tender 9/1/2028<br>| &nbsp;&nbsp; 4030394 |
| &nbsp;&nbsp; 8750000 | West Virginia EDA (Appalachian Power Co.), Solid Waste Disposal Facilities Revenue Refunding Bonds (Series 2015A), <br> 3.375%, Mandatory Tender 6/15/2028<br>| &nbsp;&nbsp; 8847341 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17154486 |
|  | **Wisconsin—1.4%** |  |
| &nbsp;&nbsp; 7500000 | Public Finance Authority (Duke Energy Progress LLC), Pollution Control Revenue Refunding Bonds (Series 2022A-1), <br> 3.300%, Mandatory Tender 10/1/2026<br>| &nbsp;&nbsp; 7510151 |
| &nbsp;&nbsp; 4500000 | Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health), Revenue Bonds (Series 2018B-2), 5.000%, <br> Mandatory Tender 6/24/2026<br>| &nbsp;&nbsp; 4544690 |
| &nbsp;&nbsp; 7500000<br><sup>2</sup> <br>| Wisconsin Health & Educational Facilities Authority (Forensic Science and Protective Medicine Collaboration, Inc.), <br> Revenue Bonds (Series 2024), 5.000%, 8/1/2027<br>| &nbsp;&nbsp; 7562710 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19617551 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MUNICIPAL BONDS <br>(IDENTIFIED COST $997,223,493)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 999992863 |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—28.2% |  |
|  | **Alabama—0.5%** |  |
| &nbsp;&nbsp; 7150000 | Walker County, AL Economic and IDA (Alabama Power Co.), (First Series 2023) Daily VRDNs, 2.600%, 1/2/2026 | &nbsp;&nbsp; 7150000 |
|  | **Arizona—0.2%** |  |
| &nbsp;&nbsp; 2260000 | Arizona State IDA (Marana Leased Housing Associates I, LLP), (Series 2023-XF3174) Weekly VRDNs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.600%, 1/1/2026<br>| &nbsp;&nbsp; 2260000 |
|  | **California—2.0%** |  |
| &nbsp;&nbsp; 18400000 | Nuveen California AMT-Free Quality Municipal Income Fund, (Series A) MuniFund Preferred Shares Weekly VRDPs, <br> 3.770%, 1/1/2026<br>| &nbsp;&nbsp; 18400000 |
| &nbsp;&nbsp; 10000000 | Nuveen California Quality Municipal Income Fund, RIB Floater Trust (Series 2022-FR-RI-005) (Series 2 Preferred Shares) <br> VRENs, (Barclays Bank plc LIQ)/(Barclays Bank plc LOC), 3.670%, 1/1/2026<br>| &nbsp;&nbsp; 10000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28400000 |
|  | **District Of Columbia—0.3%** |  |
| &nbsp;&nbsp; 5000000 | District of Columbia HFA (Southern Avenue Owner LLC), SPEARs 3a-7 (Series DBE-8178) Daily VRDNs, (Deutsche Bank AG <br> LIQ)/(Deutsche Bank AG LOC), 2.650%, 1/2/2026<br>| &nbsp;&nbsp; 5000000 |
|  | **Florida—0.1%** |  |
| &nbsp;&nbsp; 1700000 | Miami-Dade County, FL HFA (Cordoba FL TC, LP), Mizuho 3a-7 (2021-MIZ9072) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho <br> Bank Ltd. LIQ), 3.550%, 1/1/2026<br>| &nbsp;&nbsp; 1700000 |
|  | **Georgia—0.6%** |  |
| &nbsp;&nbsp; 4400000 | Bartow County, GA Development Authority (Georgia Power Co.), (Second Series 2022) Daily VRDNs, 2.550%, 1/2/2026 | &nbsp;&nbsp; 4400000 |
| &nbsp;&nbsp; 1400000 | Burke County, GA Development Authority (Georgia Power Co.), (Third Series 2012) Daily VRDNs, 2.600%, 1/2/2026 | &nbsp;&nbsp; 1400000 |
| &nbsp;&nbsp; 2000000 | Monroe County, GA Development Authority (Georgia Power Co.), Pollution Control Revenue Bonds (First Series 1997) <br> Daily VRDNs, 2.500%, 1/2/2026<br>| &nbsp;&nbsp; 2000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7800000 |
|  | **Illinois—0.7%** |  |
| &nbsp;&nbsp; 9640000 | Chicago, IL O'Hare International Airport, (Series 2023-XF1457) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 2.900%, 1/2/2026<br>| &nbsp;&nbsp; 9640000 |
|  | **Indiana—1.5%** |  |
| &nbsp;&nbsp; 18000000 | Indiana State Finance Authority Environmental (ArcelorMittal SA), (Series 2006) Weekly VRDNs, (Banco Bilbao Vizcaya <br> Argentaria SA LOC), 2.530%, 1/7/2026<br>| &nbsp;&nbsp; 18000000 |
| &nbsp;&nbsp; 2535000 | Indiana State Finance Authority Environmental (Duke Energy Indiana, LLC), (Series 2009A-5) Daily VRDNs, (Sumitomo <br> Mitsui Banking Corp. LOC), 2.350%, 1/2/2026<br>| &nbsp;&nbsp; 2535000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20535000 |
|  | **Kentucky—0.5%** |  |
| &nbsp;&nbsp; 3150000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2020B-1) Daily VRDNs, 2.950%, 1/2/2026 | &nbsp;&nbsp; 3150000 |

---

**9**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Kentucky—continued** |  |
| $3795000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021A-1) Daily VRDNs, 2.950%, 1/2/2026 | &nbsp;&nbsp; $3795000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6945000 |
|  | **Massachusetts—0.1%** |  |
| &nbsp;&nbsp; 1500000 | Massachusetts Development Finance Agency (Children's Hospital of Boston), (Series 2024 U-1) Daily VRDNs, (TD Bank, <br> N.A. LOC), 2.450%, 1/2/2026<br>| &nbsp;&nbsp; 1500000 |
|  | **Multi State—4.5%** |  |
| &nbsp;&nbsp; 6700000 | Invesco Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 2.970%, 1/2/2026<br>| &nbsp;&nbsp; 6700000 |
| &nbsp;&nbsp; 1700000 | Invesco Value Municipal Income Trust, PUTTERs 3a-7 (VMTP 5027) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 2.970%, 1/2/2026<br>| &nbsp;&nbsp; 1700000 |
| &nbsp;&nbsp; 20370000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series B) MuniFund Preferred Shares Weekly VRDPs, 3.770%, 1/1/2026 | &nbsp;&nbsp; 20370000 |
| &nbsp;&nbsp; 13800000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series C) MuniFund Preferred Shares Weekly VRDPs, 3.770%, 1/1/2026 | &nbsp;&nbsp; 13800000 |
| &nbsp;&nbsp; 16550000 | Nuveen AMT-Free Quality Municipal Income Fund, (Series D) MuniFund Preferred Shares Weekly VRDPs, 3.770%, 1/1/2026 | &nbsp;&nbsp; 16550000 |
| &nbsp;&nbsp; 3800000 | PIMCO Flexible Municipal Income Fund, PUTTERs 3a-7 (Series 5046) MuniFund Term Preferred Shares Daily VRDNs, <br> (JPMorgan Chase Bank, N.A. LIQ), 2.970%, 1/2/2026<br>| &nbsp;&nbsp; 3800000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62920000 |
|  | **New York—4.4%** |  |
| &nbsp;&nbsp; 1900000 | New York City, NY Transitional Finance Authority, (Fiscal 2013 Series A Subseries A-4) Daily VRDNs, (JPMorgan Chase <br> Bank, N.A. LIQ), 2.500%, 1/2/2026<br>| &nbsp;&nbsp; 1900000 |
| &nbsp;&nbsp; 1500000 | New York City, NY Transitional Finance Authority, Future Tax Secured Subordinate Bonds (Series 2013C-4) Daily VRDNs, <br> (JPMorgan Chase Bank, N.A. LIQ), 2.500%, 1/2/2026<br>| &nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp; 15300000 | New York City, NY, (Fiscal 2020, Series B-3) Weekly VRENs, 2.500%, 1/1/2026 | &nbsp;&nbsp; 15300000 |
| &nbsp;&nbsp; 5500000 | New York City, NY, (Series 2021-3) Weekly VRENs, 2.550%, 1/1/2026 | &nbsp;&nbsp; 5500000 |
| &nbsp;&nbsp; 10000000 | New York State HFA (42nd and 10th Street Associates LLC), 3a-7 High Grade Trust (Series 2022-007) VRENs, (Barclays Bank <br> plc LIQ)/(Barclays Bank plc LOC), 3.770%, 1/1/2026<br>| &nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp; 2000000 | Nuveen New York AMT-Free Quality Municipal Income Fund, 800 (Series A) MuniFund Preferred Shares Weekly VRDPs, <br> 3.770%, 1/1/2026<br>| &nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp; 24900000 | Triborough Bridge & Tunnel Authority, NY (Central Business District Tolling Program), MS 3a-7 (Series 2025-MS0041) <br> Weekly VRDNs, (Morgan Stanley GTD)/(Morgan Stanley LIQ), 3.720%, 1/1/2026<br>| &nbsp;&nbsp; 24900000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61100000 |
|  | **Ohio—1.8%** |  |
| &nbsp;&nbsp; 8500000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), (Series B) VRENs, 3.550%, 1/1/2026 | &nbsp;&nbsp; 8500000 |
| &nbsp;&nbsp; 8315000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), (Series C) VRENs, 3.550%, 1/1/2026 | &nbsp;&nbsp; 8315000 |
| &nbsp;&nbsp; 8300000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Hospital Revenue Bonds (Series 2014B) VRENs, <br> 3.550%, 1/1/2026<br>| &nbsp;&nbsp; 8300000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25115000 |
|  | **Oklahoma—0.5%** |  |
| &nbsp;&nbsp; 7125000 | Oklahoma Development Finance Authority (INTEGRIS Obligated Group), R-Float (Series 2020B) Weekly VRENs, <br> 3.900%, 1/1/2026<br>| &nbsp;&nbsp; 7125000 |
|  | **Pennsylvania—0.4%** |  |
| &nbsp;&nbsp; 6170000 | Central Bradford, PA Progress Authority (Guthrie Healthcare System, PA), R-Float (Series 2021D) Weekly VRENs, <br> 3.960%, 1/1/2026<br>| &nbsp;&nbsp; 6170000 |
|  | **Texas—10.1%** |  |
| &nbsp;&nbsp; 5000000 | Harris County, TX Cultural Education Facilities Finance Corp. (Baylor College of Medicine), R-Float (Series 2024B) Weekly <br> VRENs, 3.720%, 1/1/2026<br>| &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp; 1925000 | Harris County, TX Cultural Education Facilities Finance Corp. (Texas Children's Hospital), (Series 2021C) Daily VRDNs, <br> (Bank of America N.A. LIQ), 2.550%, 1/2/2026<br>| &nbsp;&nbsp; 1925000 |
| &nbsp;&nbsp; 14500000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2002) Weekly VRDNs, <br> 2.620%, 1/7/2026<br>| &nbsp;&nbsp; 14500000 |
| &nbsp;&nbsp; 6500000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010A) Daily VRDNs, <br> 2.570%, 1/2/2026<br>| &nbsp;&nbsp; 6500000 |
| &nbsp;&nbsp; 2755000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010B) Daily VRDNs, <br> 2.570%, 1/2/2026<br>| &nbsp;&nbsp; 2755000 |
| &nbsp;&nbsp; 41300000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010D) Weekly VRDNs, <br> 2.520%, 1/7/2026<br>| &nbsp;&nbsp; 41300000 |

---

**10**

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---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Texas—continued** |  |
| $68850000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010E) Weekly VRDNs, <br> 3.620%, 1/7/2026<br>| &nbsp;&nbsp; $68850000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 140830000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM MUNICIPALS <br>(IDENTIFIED COST $394,190,000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 394190000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—99.7% <br>(IDENTIFIED COST $1,391,413,493)<br>| &nbsp;&nbsp; 1394182863 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—0.3%<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4497343 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS—100% | &nbsp;&nbsp; $1398680206 |

---

Securities that are subject to the federal alternative minimum tax (AMT) represent 22.7% of the Fund's portfolio as calculated based upon total market value.

---

| | |
|:---|:---|
| 1 | *Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are* <br> *not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do* <br> *not indicate a reference rate and spread in their description above.*<br>|
| 2 | *Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under* <br> *the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At December 31, 2025, these restricted securities amounted to $7,562,710,* <br> *which represented 0.5% of net assets.*<br>|
| 3 | *Assets, other than investments in securities, less liabilities.* |

---

Additional information on restricted securities held at December 31, 2025, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Date**<br>| **Cost** | **Value** |
| Wisconsin Health & Educational Facilities Authority (Forensic Science and Protective Medicine Collaboration, Inc.), <br> Revenue Bonds (Series 2024), 5.000%, 8/1/2027<br>| &nbsp;&nbsp; 2/22/2024 | &nbsp;&nbsp; $7541151 | &nbsp;&nbsp; $7562710 |

---

Note: The categories of investments are shown as a percentage of net assets at December 31, 2025.

**Investment Valuation** 

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

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

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

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

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

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

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

**Fair Valuation Procedures** 

Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, the Fund's Board of Directors (the "Directors") has designated the Adviser as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Directors' oversight and certain reporting and other requirements intended to provide the Directors the information needed to oversee the Adviser's fair value determinations.

**11**

------

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

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

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

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

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

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

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

As of December 31, 2025, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

---

| | |
|:---|:---|
| The following acronym(s) are used throughout this portfolio: | The following acronym(s) are used throughout this portfolio: |
| AMT | —Alternative Minimum Tax |
| BANs | —Bond Anticipation Notes |
| COL | —Collateralized |
| EDA | —Economic Development Authority |
| FRNs | —Floating Rate Notes |
| GO | —General Obligation |
| GTD | —Guaranteed |
| HFA | —Housing Finance Authority |
| IDA | —Industrial Development Authority |
| IDB | —Industrial Development Bond |
| LIQ | —Liquidity Agreement |
| LLP | —Limited Liability Partnership |
| LOC | —Letter of Credit |
| LP | —Limited Partnership |
| PCFA | —Pollution Control Financing Authority |
| PRF | —Pre-refunded |
| PUTTERs | —Puttable Tax-Exempt Receipts |
| RANs | —Revenue Anticipation Notes |
| SIFMA | —Securities Industry and Financial Markets Association |
| SOFR | —Secured Overnight Financing Rate |
| SPEARs | —Short Puttable Exempt Adjustable Receipts |
| TEMPS | —Tax Exempt Mandatory Paydown Securities |
| UT | —Unlimited Tax |
| VMTP | —Variable Municipal Term Preferred |
| VRDNs | —Variable Rate Demand Notes |
| VRDPs | —Variable Rate Demand Preferreds |
| VRENs | —Variable Rate Extendible Notes |

---

**12**

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## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Warrendale

  - **State:** PA

  - **Foreign country:** US

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

  - **Telephone number:** 8003417400

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

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

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

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

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1402374361.48

**Total Liabilities:** $3680968.45

**Net Assets:** $1398693393.03

**Cash Not Reported:** $704611.78

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -7920.446105000000 | **1-Year:** -65736.961880000000 | **5-Year:** -59341.512440000000 | **10-Year:** -61827.850200000000 | **30-Year:** -83196.787870000000

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

- **3-Month:** -2571.880303000000 | **1-Year:** -3593.756245000000 | **5-Year:** -1980.188608000000 | **10-Year:** -1600.941979000000 | **30-Year:** -3659.292080000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000026755 | 0.14%                | 0.24%                | 0.24%                |
| Class ID C000026756 | 0.16%                | 0.25%                | 0.26%                |
| Class ID C000212354 | 0.06%                | 0.25%                | 0.36%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $23181.97                | $-1912715.05                               |
| Month 2  | $-91688.14               | $366352.14                                 |
| Month 3  | $111582.93               | $436199.45                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NORTH DAKOTA ST HSG FIN AGY MF | North Dakota Housing Finance Agency                                              | CUSIP: 65888RBU3<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3001576.20   | 0.21%             | 2044-05-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| NUVEEN AMT FREE MUNI CREDIT IN | Nuveen AMT-Free Municipal Credit Income Fund                                     | CUSIP: 67071L825<br>LEI: 549300LBMO1C0IG71T03 | Long             | DBT              | MUN               | US        |  20370000 | PA      | $20370000.00  | 1.46%             | 2029-03-01      | Variable      | 3.77%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI | Washington State Housing Finance Commission                                      | CUSIP: 93978PPU5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   4801000 | PA      | $4838258.16   | 0.35%             | 2043-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                              | CUSIP: 64966QWL0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5500000.00   | 0.39%             | 2042-04-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| COCONINO CNTY AZ POLL CONTROLC | Coconino County Pollution Control Corp                                           | CUSIP: 191855BM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001095.30   | 0.07%             | 2039-03-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| ARKANSAS ST DEV FIN AUTH MF HS | Arkansas Development Finance Authority                                           | CUSIP: 041080JT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3522559.25   | 0.25%             | 2027-12-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R | Massachusetts Development Finance Agency                                         | CUSIP: 57584YPF0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3251171.30   | 0.23%             | 2049-07-01      | Variable      | 3.92%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE PUTTERS/DRIVER | JPMorgan Chase Putters/Drivers Trust                                             | CUSIP: 46640KB94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3800000.00   | 0.27%             | 2026-01-28      | Variable      | 2.97%                 | No            |                  2 | On Loan: No      |
| FRANKLIN TN HLTH & EDUCTNL FAC | FRANKLIN HLTH & 3.6 11/29                                                        | CUSIP: 354737AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1512514.95   | 0.11%             | 2029-11-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| DIRECTOR OF THE ST OF NEVADA D | State of Nevada Department of Business & Industry                                | CUSIP: 25459JAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000063.60   | 0.21%             | 2026-12-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| OAKFIELD-ALABAMA NY CENTRL SCH | Oakfield-Alabama Central School District                                         | CUSIP: 672138HL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2975000 | PA      | $2984811.25   | 0.21%             | 2026-07-08      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| RIDGEFIELD PARK NJ             | Village of Ridgefield Park NJ                                                    | CUSIP: 765871ES3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001370.60   | 0.14%             | 2026-04-02      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER/RESIDUAL TRUST  | Mizuho Floater/Residual Trust                                                    | CUSIP: 60700HJC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700000.00   | 0.12%             | 2034-05-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH | West Virginia Economic Development Authority                                     | CUSIP: 95648VBY4<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4030394.00   | 0.29%             | 2041-01-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HLTH SYS R | Indiana Finance Authority                                                        | CUSIP: 45470YGD7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2136275.80   | 0.15%             | 2064-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HSG OPTIONS INC TX MF REVENUE  | Housing Options Inc/TX                                                           | CUSIP: 44183TAM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6092356.20   | 0.44%             | 2045-11-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CO | Development Authority of Burke County/The                                        | CUSIP: 121342QM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5750000 | PA      | $5835964.23   | 0.42%             | 2032-10-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE           | State of Ohio                                                                    | CUSIP: 67756CFH6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   8315000 | PA      | $8315000.00   | 0.59%             | 2051-01-15      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TN HLTH EDUCTNL &H | Chattanooga Health Educational & Housing Facility Board                          | CUSIP: 162404DR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2015104.60   | 0.14%             | 2029-12-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY GA DEV AUTH POLL C | Development Authority of Monroe County/The                                       | CUSIP: 610530FW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3505089.35   | 0.25%             | 2043-04-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| BELFAST NY CENTRL SCH DIST     | Belfast Central School District/NY                                               | CUSIP: 077680DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2009120.20   | 0.14%             | 2026-06-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VENICE FL                      | City of Venice FL                                                                | CUSIP: 922687AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $901829.52    | 0.06%             | 2030-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MF HSG REVENUE      | City of Chicago IL                                                               | CUSIP: 167570TV2<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502760.00   | 0.11%             | 2027-08-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH MF HS | Illinois Housing Development Authority                                           | CUSIP: 45203LEM1<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   2170000 | PA      | $2173882.13   | 0.16%             | 2027-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| YONKERS NY                     | City of Yonkers NY                                                               | CUSIP: 9860824N2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2508517.50   | 0.18%             | 2026-12-03      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & | California Infrastructure & Economic Development Bank                            | CUSIP: 13034AN48<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   6750000 | PA      | $6740150.40   | 0.48%             | 2050-12-01      | Variable      | 4.02%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BK SPEARS/LIFERS TR   | Deutsche Bank Spears/Lifers Trust                                                | CUSIP: 25156SJZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.36%             | 2030-05-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | Black Belt Energy Gas District                                                   | CUSIP: 09182TBC0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007907.40   | 0.07%             | 2053-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MUNI ENERGY ACQU | New Mexico Municipal Energy Acquisition Authority                                | CUSIP: 647207BL2<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2134799.20   | 0.15%             | 2054-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA BEACH VA DEV AUTH RSD | Virginia Beach Development Authority                                             | CUSIP: 92774NBF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2022868.00   | 0.14%             | 2029-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I | Indianapolis Local Public Improvement Bond Bank                                  | CUSIP: 45528VFU8<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059037.90   | 0.08%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY GA DEV AUTH POLL C | Development Authority of Monroe County/The                                       | CUSIP: 610530ED5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.14%             | 2032-04-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue          | CUSIP: 64971QZA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1900000.00   | 0.14%             | 2039-08-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST              | Rib Floater Trust Various States                                                 | CUSIP: 76252PSA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.71%             | 2040-12-01      | Variable      | 3.67%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIS | Port of Port Arthur Navigation District                                          | CUSIP: 735220AT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6500000.00   | 0.46%             | 2040-04-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH | West Virginia Economic Development Authority                                     | CUSIP: 95648VBS7<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   8750000 | PA      | $8847341.13   | 0.63%             | 2040-03-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| KING CNTY WA HSG AUTH AFFORDAB | King County Housing Authority                                                    | CUSIP: 49477AAA6<br>LEI: 549300TZU8KSWALVD392 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4004142.00   | 0.29%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOBILE AL INDL DEV BRD POLL CO | Industrial Development Board of the City of Mobile Alabama                       | CUSIP: 607167EA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4046321.20   | 0.29%             | 2034-06-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| NORTH ARLINGTON NJ             | Borough of North Arlington NJ                                                    | CUSIP: 657254MW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2478000 | PA      | $2483122.77   | 0.18%             | 2026-07-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MESQUITE TX HSG FIN CORP       | Mesquite Housing Finance Corp/The                                                | CUSIP: 590746AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5009817.00   | 0.36%             | 2029-08-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| BARTOW CNTY GA DEV AUTH SOLIDW | Bartow County Development Authority                                              | CUSIP: 06964KAA4<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4400000.00   | 0.31%             | 2062-11-01      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| SAINT JAMES PARISH LA REVENUE  | Parish of St James LA                                                            | CUSIP: 790103AZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1519118.25   | 0.11%             | 2041-08-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| WARSAW NY CENTRL SCH DIST      | Warsaw Central School District/NY                                                | CUSIP: 936466EN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10036673.00  | 0.72%             | 2026-06-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CO | Development Authority of Burke County/The                                        | CUSIP: 121342QK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5021002.00   | 0.36%             | 2048-11-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA HSG FIN AGY COLLATERA | OKLAHOMA HSG FIN AG 3.35                                                         | CUSIP: 67886UAR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2006543.20   | 0.14%             | 2027-12-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| WARWICK NY                     | Town of Warwick NY                                                               | CUSIP: 936614DZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3506443.85   | 0.25%             | 2026-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BEACH HAVEN NJ                 | Borough of Beach Haven NJ                                                        | CUSIP: 073347EL6<br>LEI: 549300Y82Z4LXPF4YX04 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5032162.00   | 0.36%             | 2026-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JGV9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4544689.95   | 0.32%             | 2054-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH EAST TX INDEP SCH DIST   | North East Independent School District/TX                                        | CUSIP: 659155QL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5100000 | PA      | $5160345.24   | 0.37%             | 2049-08-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647NJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $569890.86    | 0.04%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647NK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1232174.72   | 0.09%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HSG & MTGE FIN A | New Jersey Housing & Mortgage Finance Agency                                     | CUSIP: 646127FM7<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   3170000 | PA      | $3171583.10   | 0.23%             | 2026-02-01      | Fixed         | 3.67%                 | No            |                  2 | On Loan: No      |
| KINGSPORT TN INDL DEV BRD COLL | Industrial Development Board Of The City Of Kingsport Tennessee/The              | CUSIP: 496451AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5986809.60   | 0.43%             | 2029-09-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| E-470 CO PUBLIC HIGHWAY AUTH   | E-470 Public Highway Authority                                                   | CUSIP: 26822LMX9<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2495480.75   | 0.18%             | 2039-09-01      | Variable      | 3.27%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL  | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20775DUY6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2999943.60   | 0.21%             | 2057-07-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                             | CUSIP: 19648FVM3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5996955.00   | 0.43%             | 2061-05-15      | Variable      | 3.87%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH | Kentucky Public Energy Authority                                                 | CUSIP: 74440DFJ8<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    450000 | PA      | $468241.29    | 0.03%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                             | CUSIP: 19648FB52<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4287212.80   | 0.31%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN | California Pollution Control Financing Authority                                 | CUSIP: 130536RL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7000159.60   | 0.50%             | 2042-11-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452153JH3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007151.90   | 0.07%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH | Kentucky Public Energy Authority                                                 | CUSIP: 74440DFK5<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048826.90   | 0.07%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE    | City of Houston TX Airport System Revenue                                        | CUSIP: 442349JC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1934977.29   | 0.14%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HLTH & EDU FA | New Hampshire Health and Education Facilities Authority Act                      | CUSIP: 64461XKA2<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2508290.50   | 0.18%             | 2038-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST HSG CORP MF HSG R | Louisiana Housing Corp                                                           | CUSIP: 54627CCH4<br>LEI: 549300VL35TBE7RSJH61 | Long             | DBT              | MUN               | US        |   7565000 | PA      | $7582273.16   | 0.54%             | 2030-04-01      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH  | Kentucky Economic Development Finance Authority                                  | CUSIP: 49126RAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3155000 | PA      | $3155000.00   | 0.23%             | 2031-04-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY AFFORD | New York State Housing Finance Agency                                            | CUSIP: 64987J6Y2<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4006679.20   | 0.29%             | 2065-05-01      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH | Kentucky Public Energy Authority                                                 | CUSIP: 74440DFG4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    320000 | PA      | $327676.54    | 0.02%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FARMINGTON NM POLL CONTROL REV | City of Farmington NM                                                            | CUSIP: 311450GE4<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4065402.40   | 0.29%             | 2040-06-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| CAMDEN CNTY NJ IMPT AUTH MF RE | Camden County Improvement Authority/The                                          | CUSIP: 13281RAF0<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4012550.00   | 0.29%             | 2027-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER OH PORT AUTH GAS REV | Lancaster Port Authority                                                         | CUSIP: 514401BN7<br>LEI: 5493007EGWLFDZJFF129 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3187951.50   | 0.23%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH | Kentucky Public Energy Authority                                                 | CUSIP: 74440DFH2<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    750000 | PA      | $774541.43    | 0.06%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP | Metropolitan Nashville Airport Authority/The                                     | CUSIP: 592190NT5<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1885206.60   | 0.13%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX HSG TRUST PUBLI | San Antonio Housing Trust Public Facility Corp                                   | CUSIP: 79626VAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4531741.20   | 0.32%             | 2029-07-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL | Chandler Industrial Development Authority                                        | CUSIP: 158862CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2534492.75   | 0.18%             | 2049-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| KNOXVILLE TN CMNTY DEV CORP MF | Knoxville's Community Development Corp                                           | CUSIP: 499743CT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $702100.21    | 0.05%             | 2027-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| JOHNSON CITY TN HLTH & EDUCTNL | Johnson City Health & Educational Facilities Board                               | CUSIP: 47827TAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3016792.80   | 0.22%             | 2027-12-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST OFFSHORE TERMINAL | Louisiana Offshore Terminal Authority                                            | CUSIP: 546510FW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2510458.75   | 0.18%             | 2037-10-01      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                                      | CUSIP: 56035DHZ8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2685915.50   | 0.19%             | 2054-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX HSG FIN CORP MF HSG | Houston Housing Finance Corp                                                     | CUSIP: 442396EN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3733669.26   | 0.27%             | 2048-02-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST PUBLIC UTILITIES C | Missouri Public Utilities Commission                                             | CUSIP: 606374AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10005574.00  | 0.72%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROCKPORT IN POLL CONTROL REVEN | City of Rockport IN                                                              | CUSIP: 773835BY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4081769.60   | 0.29%             | 2047-06-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HSG FIN AUTH MF HS | Colorado Housing and Finance Authority                                           | CUSIP: 19647PDN0<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3104878.16   | 0.22%             | 2043-11-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIS | Port of Port Arthur Navigation District                                          | CUSIP: 735220AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14500000 | PA      | $14500000.00  | 1.04%             | 2027-12-01      | Variable      | 3.67%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIS | Port of Port Arthur Navigation District                                          | CUSIP: 735220AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  68850000 | PA      | $68850000.00  | 4.92%             | 2040-11-01      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| HENNEPIN CNTY MN HSG & REDEV A | Hennepin County Housing & Redevelopment Authority                                | CUSIP: 42552RAN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4505159.25   | 0.32%             | 2046-02-01      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647NL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1369094.75   | 0.10%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHERRILL NY CITY SCH DIST      | Sherrill City School District                                                    | CUSIP: 824263KX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3509985.15   | 0.25%             | 2026-06-18      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL HSG FIN AUTH MF HS | Lee County Housing Finance Authority                                             | CUSIP: 52349HBK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4005932.00   | 0.29%             | 2029-10-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| FORT BEND TX INDEP SCH DIST    | Fort Bend Independent School District                                            | CUSIP: 346843WS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5623184.60   | 0.40%             | 2055-08-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| SEATTLE WA MUNI LIGHT & PWR RE | City of Seattle WA Municipal Light & Power Revenue                               | CUSIP: 812643WU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9250000 | PA      | $9201826.93   | 0.66%             | 2045-05-01      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SO | California Municipal Finance Authority                                           | CUSIP: 13048RAN7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $11997200.40  | 0.86%             | 2041-11-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| NORTHSIDE TX INDEP SCH DIST    | Northside Independent School District                                            | CUSIP: 66702RK92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6415000 | PA      | $6461260.49   | 0.46%             | 2054-08-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE    | Indiana Finance Authority                                                        | CUSIP: 45506EDH3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   5895000 | PA      | $5869114.47   | 0.42%             | 2039-03-01      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTAN | New Jersey Higher Education Student Assistance Authority                         | CUSIP: 646080YZ8<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6038719.20   | 0.43%             | 2056-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV POLL CONTROL REV | County of Clark NV                                                               | CUSIP: 181008BE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002190.60   | 0.14%             | 2036-01-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE   | Michigan Finance Authority                                                       | CUSIP: 59447T3W1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   3125000 | PA      | $3116782.50   | 0.22%             | 2047-04-15      | Variable      | 4.07%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R | Massachusetts Development Finance Agency                                         | CUSIP: 57584Y8H5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.11%             | 2048-03-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION  | Central Texas Turnpike System                                                    | CUSIP: 88283KBQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4316362.80   | 0.31%             | 2042-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | Black Belt Energy Gas District                                                   | CUSIP: 09182TFW2<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2243278.80   | 0.16%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAYNE CNTY MI ARPT AUTH REVENU | Wayne County Airport Authority                                                   | CUSIP: 9445142S6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3920000 | PA      | $4120324.54   | 0.29%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH | West Virginia Economic Development Authority                                     | CUSIP: 95648VBW8<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4276750.80   | 0.31%             | 2042-12-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| NUVEEN AMT-FREE QUALITY MUNICI | Nuveen AMT-Free Quality Municipal Income Fund                                    | CUSIP: 670657774<br>LEI: 549300OTYQOOXS64NI63 | Long             | DBT              | MUN               | US        |  16550000 | PA      | $16550000.00  | 1.18%             | 2029-03-01      | Floating      | 3.77%                 | No            |                  2 | On Loan: No      |
| DUNELLEN NJ                    | Borough of Dunellen NJ                                                           | CUSIP: 265417BM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4001800 | PA      | $4002656.39   | 0.29%             | 2026-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST A & M UNIV REVENUES   | Texas A&M University                                                             | CUSIP: 88213ATE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2522649.75   | 0.18%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOLIVAR-RICHBURG NY CENTRL SCH | Bolivar-Richburg Central School District                                         | CUSIP: 097649FL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5013492.50   | 0.36%             | 2026-06-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIS | Port of Port Arthur Navigation District                                          | CUSIP: 735220AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  41300000 | PA      | $41300000.00  | 2.95%             | 2040-11-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST HSG CORP MF REVENU | Kentucky Housing Corp                                                            | CUSIP: 49131CAA0<br>LEI: 549300NTBUU903EKQ287 | Long             | DBT              | MUN               | US        |   7795000 | PA      | $7820414.04   | 0.56%             | 2043-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH MF HS | Illinois Housing Development Authority                                           | CUSIP: 45203LEL3<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002994.40   | 0.14%             | 2027-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP SOL W | Mission Economic Development Corp                                                | CUSIP: 605155BM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.07%             | 2026-01-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| EAGLE MOUNTAIN & SAGINAW TX IN | Eagle Mountain & Saginaw Independent School District                             | CUSIP: 269696SK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4275460.14   | 0.31%             | 2050-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| ECTOR CNTY TX INDEP SCH DIST   | Ector County Independent School District                                         | CUSIP: 279263SF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20371718.00  | 1.46%             | 2049-08-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| BOERNE TX INDEP SCH DIST       | Boerne Independent School District                                               | CUSIP: 097067NQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1539415.65   | 0.11%             | 2054-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA | Chicago O'Hare International Airport                                             | CUSIP: 167593Z21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3500000.00   | 0.25%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TN HLTH EDUCTNL &H | Chattanooga Health Educational & Housing Facility Board                          | CUSIP: 162404DT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2524678.50   | 0.18%             | 2048-06-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP  | New York City Housing Development Corp                                           | CUSIP: 64972KDQ5<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7603680.00   | 0.54%             | 2064-05-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY NC INDL FACS & | Cumberland County Industrial Facilities & Pollution Control Financing Authority  | CUSIP: 230589AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16000000 | PA      | $15988924.80  | 1.14%             | 2027-12-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A | South Carolina Public Service Authority                                          | CUSIP: 8371515X3<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4081621.20   | 0.29%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY MN CMNTY DEV A | Washington County Community Development Agency                                   | CUSIP: 93778DAE6<br>LEI: 5493005S0NC4J4L8DM18 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2502866.25   | 0.18%             | 2046-02-01      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | Black Belt Energy Gas District                                                   | CUSIP: 09182TFV4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1866397.77   | 0.13%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL HSG FIN AUTH M | Broward County Housing Finance Authority                                         | CUSIP: 115027QZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3499762.00   | 0.25%             | 2041-04-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| WAYNE CNTY MI ARPT AUTH REVENU | Wayne County Airport Authority                                                   | CUSIP: 9445142T4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10682369.00  | 0.76%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE PUTTERS/DRIVER | JPMorgan Chase Putters/Drivers Trust                                             | CUSIP: 46640KYX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6700000 | PA      | $6700000.00   | 0.48%             | 2027-06-01      | Variable      | 2.97%                 | No            |                  2 | On Loan: No      |
| ORANGE TWP NJ                  | City of Orange Township NJ                                                       | CUSIP: 685312NS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8310303 | PA      | $8317549.58   | 0.59%             | 2026-03-18      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| KNOXVILLE TN CMNTY DEV CORP MF | Knoxville's Community Development Corp                                           | CUSIP: 499743CQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5011464.50   | 0.36%             | 2027-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY GA DEV AUTH POLL C | Development Authority of Monroe County/The                                       | CUSIP: 610530FY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1752544.68   | 0.13%             | 2048-10-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| SALMON RIVER NY CENTRL SCH DIS | Salmon River Central School District                                             | CUSIP: 795472LB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9010256.40   | 0.64%             | 2026-06-26      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO PLANNED INDL EX | Kansas City Planned Industrial Expansion Authority                               | CUSIP: 48507MAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6300000 | PA      | $6424757.01   | 0.46%             | 2045-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TX INTERNATI | Dallas Fort Worth International Airport                                          | CUSIP: 23503CFK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13500000 | PA      | $14291383.50  | 1.02%             | 2050-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| RURAL WTR FING AGY KY PUBLIC P | Rural Water Financing Agency                                                     | CUSIP: 781741JR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4945636.00   | 0.35%             | 2028-05-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CO | Development Authority of Burke County/The                                        | CUSIP: 121342QL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3012601.20   | 0.22%             | 2053-11-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A | Texas Department of Housing & Community Affairs                                  | CUSIP: 88275AEU0<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3758012.63   | 0.27%             | 2029-09-01      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| EAGLE MOUNTAIN & SAGINAW TX IN | Eagle Mountain & Saginaw Independent School District                             | CUSIP: 269696SJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51056.42     | 0.00%             | 2050-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MEMPHIS TN HLTH EDUCTNL & HSG  | Health Educational and Housing Facility Board of the City of Memphis/the         | CUSIP: 586169GE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4532110.65   | 0.32%             | 2027-12-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE           | State of Ohio                                                                    | CUSIP: 67756CCC0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   8300000 | PA      | $8300000.00   | 0.59%             | 2045-01-15      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| FLORIDA LOC GOVT FIN COMMISSIO | Florida Local Government Finance Commission                                      | CUSIP: 34077UAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5031101.50   | 0.36%             | 2030-11-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TN HLTH EDUCTNL &H | Chattanooga Health Educational & Housing Facility Board                          | CUSIP: 162404DS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002141.20   | 0.14%             | 2043-12-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| FORT BEND TX INDEP SCH DIST    | Fort Bend Independent School District                                            | CUSIP: 346843VT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12223064.40  | 0.87%             | 2054-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH REVENUE       | Iowa Finance Authority                                                           | CUSIP: 46247SBP8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3455689.30   | 0.25%             | 2056-05-15      | Variable      | 3.18%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE PUTTERS/DRIVER | JPMorgan Chase Putters/Drivers Trust                                             | CUSIP: 46640KYR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700000.00   | 0.12%             | 2027-03-20      | Variable      | 2.97%                 | No            |                  2 | On Loan: No      |
| HARRISONBURG VA REDEV & HSG AU | Harrisonburg Redevelopment & Housing Authority                                   | CUSIP: 415690NW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1665139.91   | 0.12%             | 2028-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP SOL W | Mission Economic Development Corp                                                | CUSIP: 605155BQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5500745.80   | 0.39%             | 2050-05-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA | Harris County Cultural Education Facilities Finance Corp                         | CUSIP: 414009RU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2750158.40   | 0.20%             | 2049-07-01      | Variable      | 4.17%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIS | Port of Port Arthur Navigation District                                          | CUSIP: 735220AU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2755000 | PA      | $2755000.00   | 0.20%             | 2040-04-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| NEW CANEY TX INDEP SCH DIST    | New Caney Independent School District                                            | CUSIP: 643154LB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7250000 | PA      | $7383593.58   | 0.53%             | 2050-02-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH | Maricopa County Industrial Development Authority                                 | CUSIP: 56682HDU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8050899.20   | 0.58%             | 2053-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY NY INDL DEV AGY MF | Monroe County Industrial Development Corp                                        | CUSIP: 61075NAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2058883.00   | 0.15%             | 2028-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION& | Texas Municipal Gas Acquisition & Supply Corp III                                | CUSIP: 88256HBB3<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2543959.50   | 0.18%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL BRADFORD PROGRESS AUTHP | Central Bradford Progress Authority                                              | CUSIP: 152691BE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6170000 | PA      | $6170000.00   | 0.44%             | 2041-12-01      | Variable      | 3.96%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA HSG FIN AGY COLLATERA | Oklahoma Housing Finance Agency                                                  | CUSIP: 67886UAS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1251738.38   | 0.09%             | 2042-10-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEI | Tender Option Bond Trust Receipts/Certificates                                   | CUSIP: 88035E5E9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9640000 | PA      | $9640000.00   | 0.69%             | 2027-07-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH HLTHS | Oklahoma Development Finance Authority                                           | CUSIP: 67884XCU9<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   7125000 | PA      | $7125000.00   | 0.51%             | 2031-08-15      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| DENTON TX INDEP SCH DIST       | Denton Independent School District                                               | CUSIP: 249002NL6<br>LEI: 5493005I9W678SUI0Z07 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5290125.50   | 0.38%             | 2055-08-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY MF HSG REV | Ohio Housing Finance Agency                                                      | CUSIP: 676900XK4<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3715684.67   | 0.27%             | 2028-03-01      | Variable      | 3.37%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI POLL CONTRO | Pactiv Evergreen Group Issuer Inc/Pactiv Evergreen Group Issuer LLC              | CUSIP: 74447HAB4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7510150.50   | 0.54%             | 2046-10-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| ALABAMA ST HSG FIN AUTH MF HSG | Alabama Housing Finance Authority                                                | CUSIP: 01030PHD1<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001793.60   | 0.14%             | 2028-12-01      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH MF HS | Michigan State Housing Development Authority                                     | CUSIP: 59465FAF7<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3491144.65   | 0.25%             | 2029-05-01      | Variable      | 2.92%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION  | Texas Municipal Gas Acquisition & Supply Corp VI                                 | CUSIP: 88256FAB8<br>LEI: 254900OCOQCKZZ4U6C83 | Long             | DBT              | MUN               | US        |    375000 | PA      | $387242.78    | 0.03%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NUVEEN NY AMT FREE QUALITY MUN | Nuveen New York AMT-Free Quality Municipal Income Fund                           | CUSIP: 670656867<br>LEI: 549300V4X2BF3UXSCQ58 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.14%             | 2047-05-01      | Floating      | 3.77%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                                      | CUSIP: 56035DGW6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    350000 | PA      | $350994.56    | 0.03%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALACHUA CNTY FL HLTH FACS AUTH | Alachua County Health Facilities Authority                                       | CUSIP: 010684BQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1392407.62   | 0.10%             | 2030-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JHF3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7562710.50   | 0.54%             | 2027-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| OKLAHOMA HSG FIN AGY COLLATERA | Oklahoma Housing Finance Agency                                                  | CUSIP: 67886UAV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2504084.00   | 0.18%             | 2044-07-01      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I | Indianapolis Local Public Improvement Bond Bank                                  | CUSIP: 45528VFT1<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3118582.80   | 0.22%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA HSG AUTH MF HSG R | San Diego Housing Authority Inc                                                  | CUSIP: 79728FLH2<br>LEI: 549300X9H1ODNOOT1Q87 | Long             | DBT              | MUN               | US        |   9300000 | PA      | $9422122.02   | 0.67%             | 2057-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | Black Belt Energy Gas District                                                   | CUSIP: 09182TAN7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  25500000 | PA      | $25278762.00  | 1.81%             | 2052-10-01      | Variable      | 3.67%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                                      | CUSIP: 56035DGX4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    265000 | PA      | $268155.62    | 0.02%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452153GB9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3538226.30   | 0.25%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NUVEEN CA AMT-FREE QUALITY MUN | Nuveen California AMT-Free Quality Municipal Income Fund                         | CUSIP: 670651868<br>LEI: 5493005SR7RRUAG9VK19 | Long             | DBT              | MUN               | US        |  18400000 | PA      | $18400000.00  | 1.32%             | 2047-10-01      | Floating      | 3.77%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SO | California Municipal Finance Authority                                           | CUSIP: 13048RAJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8498810.85   | 0.61%             | 2041-07-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEI | Tender Option Bond Trust Receipts/Certificates                                   | CUSIP: 88035GT24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2260000 | PA      | $2260000.00   | 0.16%             | 2026-03-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| CAPITAL AREA HSG FIN CORP TX   | Capital Area Housing Finance Corp                                                | CUSIP: 139726CZ4<br>LEI: 549300XICE1XLI0VXV87 | Long             | DBT              | MUN               | US        |   6250000 | PA      | $6281028.13   | 0.45%             | 2029-09-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE      | North Texas Tollway Authority                                                    | CUSIP: 66285WM60<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7500000.00   | 0.54%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWVILLE NY CENTRL SCH DIST    | Lowville Academy Central School District                                         | CUSIP: 548837DL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5020763.50   | 0.36%             | 2026-06-26      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DURHAM NC HSG AUTH MF HSG REVE | Durham Housing Authority                                                         | CUSIP: 266785AV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5013562.50   | 0.36%             | 2059-07-01      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| LORAIN OH MET HSG AUTH MF HSG  | Lorain Metropolitan Housing Authority                                            | CUSIP: 543719AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5514723.50   | 0.39%             | 2029-06-01      | Variable      | 3.22%                 | No            |                  2 | On Loan: No      |
| MEADE CNTY KY INDL BLDG REVENU | County of Meade KY                                                               | CUSIP: 583022AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3795000.00   | 0.27%             | 2061-08-01      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| NORFOLK VA REDEV & HSG AUTH MF | Norfolk Redevelopment & Housing Authority                                        | CUSIP: 655904BX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5533854.70   | 0.40%             | 2043-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452153GC7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5160313.00   | 0.37%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                                      | CUSIP: 56035DDH2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   6495000 | PA      | $6557539.06   | 0.47%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue          | CUSIP: 64971QV26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.11%             | 2036-11-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| BAY AREA CA TOLL AUTH TOLL BRI | Bay Area Toll Authority                                                          | CUSIP: 072024XT4<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6940881.50   | 0.50%             | 2056-04-01      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST HSG FIN AGY MF HSG | Oklahoma Housing Finance Agency                                                  | CUSIP: 678901EH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000387.00   | 0.21%             | 2047-10-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| S MIAMI FL HLTH FACS AUTH      | City Of South Miami Health Facilities Authority Inc                              | CUSIP: 838810EM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2156403.20   | 0.15%             | 2065-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SO | California Municipal Finance Authority                                           | CUSIP: 13048RAL1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3009045.60   | 0.22%             | 2041-10-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HGR EDU BLDG | Allegheny County Higher Education Building Authority                             | CUSIP: 01729EKZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5479125.85   | 0.39%             | 2033-02-01      | Variable      | 2.92%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA OH MET HSG AUTH MF HS | Cuyahoga Metropolitan Housing Authority                                          | CUSIP: 23239TAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3014613.90   | 0.22%             | 2028-02-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| COLUMBUS GA HSG AUTH           | Columbus County Housing Authority                                                | CUSIP: 199123CM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2262282.08   | 0.16%             | 2028-11-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST DEV FIN AUTH SOL W | Illinois Development Finance Authority                                           | CUSIP: 451889AT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7006897.10   | 0.50%             | 2044-11-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| WISE CNTY VA INDL DEV AUTH SOL | Wise County Industrial Development Authority                                     | CUSIP: 977228AF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6250000 | PA      | $6325015.63   | 0.45%             | 2040-11-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| DELAWARE VLY PA REGL FIN AUTH  | Delaware Valley Regional Finance Authority                                       | CUSIP: 246579LL8<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $14970504.00  | 1.07%             | 2057-03-01      | Variable      | 3.01%                 | No            |                  2 | On Loan: No      |
| WASHOE CNTY NV WTR FAC REVENUE | County of Washoe NV                                                              | CUSIP: 940865BJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011640.30   | 0.07%             | 2036-03-01      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN | California Pollution Control Financing Authority                                 | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9996980.00   | 0.71%             | 2043-07-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| WOODBURY MN HSG & REDEV AUTH M | WOODBURY HSNG & REDEV                                                            | CUSIP: 97914AAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2612343.50   | 0.19%             | 2046-02-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| EAST ORANGE NJ                 | City of East Orange NJ                                                           | CUSIP: 274137Y51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3006054.90   | 0.21%             | 2026-09-23      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST              | Rib Floater Trust Various States                                                 | CUSIP: 76252PSF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.71%             | 2041-11-01      | Variable      | 3.77%                 | No            |                  2 | On Loan: No      |
| UTAH ST HSG CORP MF REVENUE    | Utah Housing Corp                                                                | CUSIP: 917434DM1<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $7986254.40   | 0.57%             | 2046-04-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY MF HSG REV | Ohio Housing Finance Agency                                                      | CUSIP: 676900XC2<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3732948.87   | 0.27%             | 2027-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| DOVER NJ                       | Town of Dover NJ                                                                 | CUSIP: 260237LX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4500426.15   | 0.32%             | 2026-01-21      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                                      | CUSIP: 56035DHA3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    700000 | PA      | $726359.83    | 0.05%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE           | State of Ohio                                                                    | CUSIP: 67756CFG8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8500000.00   | 0.61%             | 2049-01-15      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647JV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4705000 | PA      | $4784603.42   | 0.34%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE    | City of Houston TX Airport System Revenue                                        | CUSIP: 442349JX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6044381.40   | 0.43%             | 2026-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARGYLE TX INDEP SCH DIST       | Argyle Independent School District                                               | CUSIP: 040319X34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9600000 | PA      | $9917895.36   | 0.71%             | 2057-08-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH MF HS | Arizona Industrial Development Authority                                         | CUSIP: 04062PCA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006624.40   | 0.07%             | 2045-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| KNOXVILLE TN CMNTY DEV CORP MF | Knoxville's Community Development Corp                                           | CUSIP: 499743CS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1753955.70   | 0.13%             | 2027-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SO | California Municipal Finance Authority                                           | CUSIP: 13048RAF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $13003373.50  | 0.93%             | 2044-12-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TN HLTH EDUCTNL &H | Chattanooga Health Educational & Housing Facility Board                          | CUSIP: 162404DU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2748749.30   | 0.20%             | 2044-05-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| WALKER CNTY AL ECON & INDL DEV | Walker County Economic & Industrial Development Authority                        | CUSIP: 931542AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7150000 | PA      | $7150000.00   | 0.51%             | 2063-08-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH | Kentucky Public Energy Authority                                                 | CUSIP: 74440DFE9<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251808.23    | 0.02%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHSIDE TX INDEP SCH DIST    | Northside Independent School District                                            | CUSIP: 66702RR79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6578529.75   | 0.47%             | 2050-06-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| ALDEN VLG NY                   | Village of Alden NY                                                              | CUSIP: 014325BM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3505000 | PA      | $3510806.03   | 0.25%             | 2026-09-03      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SOL WS | Florida Development Finance Corp                                                 | CUSIP: 34061XAH5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1506288.00   | 0.11%             | 2050-09-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| TEXAS HOME COLLABORATIVE       | Texas Home Collaborative                                                         | CUSIP: 88248CAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4009000 | PA      | $4035168.75   | 0.29%             | 2041-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ECON DEV R | Indiana Finance Authority                                                        | CUSIP: 45505RBN4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   4845000 | PA      | $4845055.23   | 0.35%             | 2028-05-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452153JJ9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028368.50   | 0.07%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BINGHAMTON NY                  | City of Binghamton NY                                                            | CUSIP: 0904912J9<br>LEI: 5493006D246GNK3OOC75 | Long             | DBT              | MUN               | US        |   8728000 | PA      | $8760798.08   | 0.63%             | 2026-04-10      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL HSG FIN AUTH MF HS | Lee County Housing Finance Authority                                             | CUSIP: 52349HBG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4027116.80   | 0.29%             | 2044-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ENVRNMNTL  | Indiana Finance Authority                                                        | CUSIP: 455054AD8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |  18000000 | PA      | $18000000.00  | 1.29%             | 2030-08-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| TENNERGY CORP TN GAS REVENUE   | Tennergy Corp/TN                                                                 | CUSIP: 880397CJ1<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5257134.50   | 0.38%             | 2054-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX                     | City of Houston TX                                                               | CUSIP: 442332CP5<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003906.60   | 0.07%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING  | Pennsylvania Economic Development Financing Authority                            | CUSIP: 708692BV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6750000 | PA      | $6749543.70   | 0.48%             | 2049-04-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| MEADE CNTY KY INDL BLDG REVENU | County of Meade KY                                                               | CUSIP: 583022AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3150000.00   | 0.23%             | 2060-07-01      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH MF HS | Industrial Development Authority of the City of Phoenix Arizona/The              | CUSIP: 718903RU3<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006393.90   | 0.07%             | 2027-12-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| KING CNTY WA SWR REVENUE       | County of King WA Sewer Revenue                                                  | CUSIP: 495290EF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4959728.00   | 0.35%             | 2040-01-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST HSG CORP MF HSG R | Louisiana Housing Corp                                                           | CUSIP: 54627CBW2<br>LEI: 549300VL35TBE7RSJH61 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2608490.56   | 0.19%             | 2027-08-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A | City of Los Angeles Department of Airports                                       | CUSIP: 5444457L7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049354.60   | 0.08%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHOE CNTY NV GAS & WTR FACS  | County of Washoe NV                                                              | CUSIP: 940797AN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011640.30   | 0.07%             | 2036-03-01      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING  | Pennsylvania Economic Development Financing Authority                            | CUSIP: 708692BT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8506548.40   | 0.61%             | 2041-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647EC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1022003.49   | 0.07%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                                      | CUSIP: 56035DGY2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    400000 | PA      | $408004.16    | 0.03%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE  | County of Jefferson AL Sewer Revenue                                             | CUSIP: 472682YW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1293936.38   | 0.09%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BAY AREA CA TOLL AUTH TOLL BRI | Bay Area Toll Authority                                                          | CUSIP: 072024XA5<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $8987611.50   | 0.64%             | 2056-04-01      | Variable      | 3.77%                 | No            |                  2 | On Loan: No      |
| LOUISA VA INDL DEV AUTH POLL C | Louisa Industrial Development Authority                                          | CUSIP: 546068AZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505289.00   | 0.11%             | 2035-11-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| DICKSON TN HLTH EDUCTNL & HSG  | Dickson Health & Educational Facilities Board/TN                                 | CUSIP: 253514AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4253085.08   | 0.30%             | 2028-04-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CO | Development Authority of Burke County/The                                        | CUSIP: 121342NQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400000.00   | 0.10%             | 2052-11-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                                      | CUSIP: 56035DKA9<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1589863.05   | 0.11%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                                      | CUSIP: 56035DGZ9<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    425000 | PA      | $437253.77    | 0.03%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE     | Port of Seattle WA                                                               | CUSIP: 7353893M8<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3267387.90   | 0.23%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STAMFORD CT HSG AUTH           | Stamford Housing Authority                                                       | CUSIP: 852640AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2020496.20   | 0.14%             | 2030-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH | Kentucky Public Energy Authority                                                 | CUSIP: 74440DFF6<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    600000 | PA      | $609734.88    | 0.04%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE  | County of Jefferson AL Sewer Revenue                                             | CUSIP: 472682YV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1776332.60   | 0.13%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX                     | City of Houston TX                                                               | CUSIP: 442332CR1<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |    925000 | PA      | $973080.21    | 0.07%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RURAL WTR FING AGY KY PUBLIC P | Rural Water Financing Agency                                                     | CUSIP: 781741AV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4963603.00   | 0.35%             | 2027-05-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ENVRNMNTL  | Indiana Finance Authority                                                        | CUSIP: 455054AF3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2535000 | PA      | $2535000.00   | 0.18%             | 2040-10-01      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| NUVEEN AMT FREE MUNI CREDIT IN | Nuveen AMT-Free Municipal Credit Income Fund                                     | CUSIP: 67071L791<br>LEI: 549300LBMO1C0IG71T03 | Long             | DBT              | MUN               | US        |  13800000 | PA      | $13800000.00  | 0.99%             | 2031-12-01      | Variable      | 3.71%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY MF HSG REV | Ohio Housing Finance Agency                                                      | CUSIP: 676900XE8<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   2735000 | PA      | $2736547.19   | 0.20%             | 2045-06-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEI | Tender Option Bond Trust Receipts/Certificates                                   | CUSIP: 88035PHF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24900000 | PA      | $24900000.00  | 1.78%             | 2026-05-01      | Variable      | 3.72%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA OH MET HSG AUTH MF HS | Cuyahoga Metropolitan Housing Authority                                          | CUSIP: 23239TAG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4008220.40   | 0.29%             | 2027-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                              | CUSIP: 64966MU98<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  15300000 | PA      | $15300000.00  | 1.09%             | 2046-10-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA | Harris County Cultural Education Facilities Finance Corp                         | CUSIP: 414009RB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1925000.00   | 0.14%             | 2041-10-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452153JK6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2097091.20   | 0.15%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA | Harris County Cultural Education Facilities Finance Corp                         | CUSIP: 414008CX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.36%             | 2046-11-15      | Variable      | 3.72%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE | City of Salt Lake City UT Airport Revenue                                        | CUSIP: 795576MJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $4071786.00   | 0.29%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH SOL W | Industrial Development Authority of the City of Phoenix Arizona/The              | CUSIP: 71884RAA0<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3499957.65   | 0.25%             | 2035-12-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL HSG FIN AUTH MF HS | Lee County Housing Finance Authority                                             | CUSIP: 52349HBH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2866889.39   | 0.20%             | 2042-12-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| MOBILE AL INDL DEV BRD POLL CO | Industrial Development Board of the City of Mobile Alabama                       | CUSIP: 607167DV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25000000 | PA      | $25080495.00  | 1.79%             | 2034-06-01      | Variable      | 3.92%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON  | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | CUSIP: 592113CD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3001289.40   | 0.21%             | 2048-02-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638TJT1<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2695621.75   | 0.19%             | 2064-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST HSG CORP MF REVENUE    | Utah Housing Corp                                                                | CUSIP: 917434DP4<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2004978.40   | 0.14%             | 2044-06-01      | Variable      | 3.24%                 | No            |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH  | Parish of St John the Baptist LA                                                 | CUSIP: 79020FAW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5532550.65   | 0.40%             | 2037-06-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SO | California Municipal Finance Authority                                           | CUSIP: 13048RAK3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $14998986.00  | 1.07%             | 2051-07-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| KNOXVILLE TN CMNTY DEV CORP MF | Knoxville's Community Development Corp                                           | CUSIP: 499743CX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3277968.20   | 0.23%             | 2029-12-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S | Long Island Power Authority                                                      | CUSIP: 542691LD0<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5510634.80   | 0.39%             | 2055-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING  | Pennsylvania Economic Development Financing Authority                            | CUSIP: 708692BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16500000 | PA      | $16526763.00  | 1.18%             | 2038-08-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA VA REDEV & HSG AUTH | Alexandria Redevelopment & Housing Authority                                     | CUSIP: 015330FC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4504291.65   | 0.32%             | 2054-12-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CO | Development Authority of Burke County/The                                        | CUSIP: 121342QE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3004362.30   | 0.21%             | 2032-10-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-24

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

**Signature:** Stephen Van Meter

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

**Title:** Chief Compliance Officer