# EDGAR Filing Document

**Accession Number:** 0001342947
**File Stem:** 0001752724-23-070072
**Filing Date:** 2023-3
**Character Count:** 149897
**Document Hash:** 42a87c11f447dc4c6e5405d501d95ce3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-070072.hdr.sgml**: 20230328

**ACCESSION NUMBER**: 0001752724-23-070072

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230328

**DATE AS OF CHANGE**: 20230328

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BBH Trust
- **CENTRAL INDEX KEY:** 0001342947
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21829
- **FILM NUMBER:** 23769218

**BUSINESS ADDRESS:**
- **STREET 1:** 50 POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 800-575-1265

**MAIL ADDRESS:**
- **STREET 1:** 140 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005

## Series and Classes Contracts Data

### BBH Intermediate Municipal Bond Fund (Series ID: S000034202)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000105434 | Class N Shares |  |
| C000105435 | Class I Shares |  |

## Nport-Ex

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

PORTFOLIO OF INVESTMENTS

January 31, 2023 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity<br> Date | Interest<br> Rate | Value |
|  | **MUNICIPAL BONDS (93.9%)** |  |  |  |
|  | **Arizona (2.3%)** |  |  |  |
| $3000000 | County of Yavapai Industrial Development Authority, Revenue Bonds | 06/01/27 | 1.300% | $2658729 |
| 3000000 | Salt Verde Financial Corp., Revenue Bonds | 12/01/32 | 5.000 | 3272504 |
| 10000000 | Salt Verde Financial Corp., Revenue Bonds | 12/01/37 | 5.000 | 10596378 |
|  | **Total Arizona** |  |  | **16527611** |
|  | **California (9.2%)** |  |  |  |
| 3750000 | Allan Hancock Joint Community College District, General Obligation |  |  |  |
|  | Bonds<sup>1</sup> | 08/01/42 | 0.000 | 2977800 |
| 1000000 | Anaheim City School District, General Obligation Bonds, NPFG<sup>1</sup> | 08/01/26 | 0.000 | 915594 |
| 2140000 | Anaheim City School District, General Obligation Bonds, AGM, NPFG<sup>1</sup> | 08/01/29 | 0.000 | 1793805 |
| 3195000 | Anaheim Public Financing Authority, Revenue Bonds, AGM<sup>1</sup> | 09/01/30 | 0.000 | 2533833 |
| 1000000 | Antelope Valley Community College District, General Obligation Bonds<sup>1</sup> | 08/01/32 | 0.000 | 756268 |
| 1000000 | Antelope Valley Community College District, General Obligation Bonds<sup>1</sup> | 08/01/34 | 0.000 | 670595 |
| 1000000 | Antelope Valley Community College District, General Obligation Bonds<sup>1</sup> | 08/01/36 | 0.000 | 585068 |
| 1000000 | Antelope Valley Community College District, General Obligation Bonds<sup>1</sup> | 08/01/38 | 0.000 | 514942 |
| 2000000 | Center Unified School District, General Obligation Bonds, BAM<sup>1</sup> | 08/01/31 | 0.000 | 1543165 |
| 1040000 | Chaffey Joint Union High School District, General Obligation Bonds<sup>1</sup> | 08/01/33 | 0.000 | 754938 |
| 1000000 | Chaffey Joint Union High School District, General Obligation Bonds<sup>1</sup> | 02/01/34 | 0.000 | 710335 |
| 1450000 | Chino Valley Unified School District, General Obligation Bonds<sup>1</sup> | 08/01/34 | 0.000 | 980147 |
| 2200000 | Chino Valley Unified School District, General Obligation Bonds<sup>1</sup> | 08/01/35 | 0.000 | 1403245 |
| 1015000 | Downey Unified School District, General Obligation Bonds<sup>1</sup> | 08/01/33 | 0.000 | 729109 |
| 1000000 | Downey Unified School District, General Obligation Bonds<sup>1</sup> | 08/01/35 | 0.000 | 652013 |
| 2000000 | Glendale Community College District, General Obligation Bonds<sup>1</sup> | 08/01/32 | 0.000 | 1487282 |
| 2500000 | Glendale Community College District, General Obligation Bonds<sup>1</sup> | 08/01/33 | 0.000 | 1784996 |
| 3350000 | Glendale Community College District, General Obligation Bonds<sup>1</sup> | 08/01/35 | 0.000 | 2160233 |
| 5240000 | Glendale Community College District, General Obligation Bonds<sup>1</sup> | 08/01/36 | 0.000 | 3192525 |
| 1900000 | Glendale Community College District, General Obligation Bonds<sup>1</sup> | 08/01/37 | 0.000 | 1095585 |
| 1000000 | Grossmont Healthcare District, General Obligation Bonds, AMBAC<sup>1</sup> | 07/15/30 | 0.000 | 808604 |
| 1660000 | Lake Tahoe Unified School District, General Obligation Bonds, NPFG<sup>1</sup> | 08/01/27 | 0.000 | 1455047 |
| 1110000 | Lake Tahoe Unified School District, General Obligation Bonds, NPFG<sup>1</sup> | 08/01/30 | 0.000 | 873943 |
| 2000000 | Lake Tahoe Unified School District, General Obligation Bonds, AGM<sup>1</sup> | 08/01/45 | 0.000 | 1639702 |
| 755000 | Long Beach Bond Finance Authority, Revenue Bonds (3-Month USD- LIBOR + 1.450%)<sup>2</sup> | 11/15/27 | 4.536 | 742693 |
| 8365000 | Northern California Gas Authority No 1, Revenue Bonds (3-Month USD- LIBOR + 0.720%)<sup>2</sup> | 07/01/27 | 3.905 | 8314314 |
| 1725000 | Oak Grove School District, General Obligation Bonds<sup>1</sup> | 08/01/31 | 0.000 | 1308210 |
| 1030000 | Oak Grove School District, General Obligation Bonds<sup>1</sup> | 08/01/32 | 0.000 | 778192 |
| 1050000 | Oak Park Unified School District, General Obligation Bonds, AGM<sup>1</sup> | 08/01/28 | 0.000 | 893734 |
| 1310000 | Palmdale Elementary School District, General Obligation Bonds, AGM<sup>1</sup> | 08/01/36 | 0.000 | 806639 |
| 975000 | Placer Union High School District, General Obligation Bonds, AGM<sup>1</sup> | 08/01/30 | 0.000 | 790671 |
| 6300000 | Rio Hondo Community College District, General Obligation Bonds<sup>1</sup> | 08/01/36 | 0.000 | 3889558 |
| 9500000 | Rio Hondo Community College District, General Obligation Bonds<sup>1</sup> | 08/01/43 | 0.000 | 3737817 |
| 775000 | Roseville Joint Union High School District, General Obligation Bonds, AGM<sup>1</sup> | 08/01/30 | 0.000 | 628482 |
| 1035000 | Roseville Joint Union High School District, General Obligation Bonds<sup>1</sup> | 08/01/33 | 0.000 | 702184 |
| 1385000 | Rowland Unified School District, General Obligation Bonds<sup>1</sup> | 08/01/33 | 0.000 | 862098 |

---

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity <br> Date | Interest<br> Rate | Value |
|  | **MUNICIPAL BONDS (continued)** |  |  |  |
|  | **California (continued)** |  |  |  |
| $6500000 | Rowland Unified School District, General Obligation Bonds<sup>1</sup> | 08/01/34 | 0.000% | $4264285 |
| 2415000 | San Diego Unified School District, General Obligation Bonds<sup>1</sup> | 07/01/34 | 0.000 | 1565463 |
| 3000000 | San Diego Unified School District, General Obligation Bonds<sup>1</sup> | 07/01/37 | 0.000 | 1679501 |
| 1975000 | San Mateo Union High School District, General Obligation Bonds<sup>1</sup> | 09/01/41 | 0.000 | 1925860 |
| 1095000 | Santa Rita Union School District, General Obligation Bonds, AGM<sup>1</sup> | 08/01/33 | 0.000 | 775177 |
| 1040000 | Windsor Unified School District, General Obligation Bonds<sup>1</sup> | 08/01/33 | 0.000 | 731900 |
|  | **Total California** |  |  | **66415552** |
|  | **Colorado (0.9%)** |  |  |  |
| 3000000 | City & County of Denver Airport System Revenue, Revenue Bonds | 11/15/36 | 5.750 | 3787883 |
| 1750000 | Colorado Health Facilities Authority, Revenue Bonds | 01/01/38 | 4.000 | 1803673 |
| 666223 | Colorado Housing & Finance Authority, Revenue Bonds, GNMA | 11/01/48 | 4.200 | 665538 |
|  | **Total Colorado** |  |  | **6257094** |
|  | **Connecticut (3.3%)** |  |  |  |
| 165000 | Connecticut Housing Finance Authority, Revenue Bonds | 05/15/30 | 2.000 | 153644 |
| 450000 | Connecticut Housing Finance Authority, Revenue Bonds | 11/15/30 | 2.050 | 418629 |
| 400000 | Connecticut Housing Finance Authority, Revenue Bonds | 05/15/31 | 2.100 | 373188 |
| 2385000 | Connecticut Housing Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 05/15/42 | 4.250 | 2421088 |
| 6030000 | Connecticut Housing Finance Authority, Revenue Bonds | 11/15/45 | 3.500 | 6039857 |
| 3800000 | Connecticut State Health & Educational Facilities Authority, Revenue Bonds<sup>2,3</sup> | 07/01/35 | 0.375 | 3639185 |
| 10000000 | Connecticut State Health & Educational Facilities Authority, Revenue Bonds<sup>2,3</sup> | 07/01/49 | 1.100 | 9547472 |
| 1085000 | State of Connecticut Special Tax Revenue, Revenue Bonds | 05/01/36 | 4.000 | 1139561 |
|  | **Total Connecticut** |  |  | **23732624** |
|  | **District of Columbia (1.9%)** |  |  |  |
| 3000000 | Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds | 10/01/28 | 5.000 | 3335514 |
| 2000000 | Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds | 10/01/29 | 5.000 | 2257564 |
| 3055000 | Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds | 10/01/30 | 5.000 | 3478887 |
| 2840000 | Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds | 10/01/31 | 5.000 | 3032690 |
| 1170000 | Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds | 10/01/34 | 5.000 | 1286244 |
|  | **Total District of Columbia** |  |  | **13390899** |
|  | **Florida (4.7%)** |  |  |  |
| 2600000 | City of Jacksonville, Revenue Bonds | 10/01/31 | 5.000 | 3139803 |
| 2660000 | County of Broward Airport System Revenue, Revenue Bonds | 10/01/27 | 5.000 | 2897517 |
| 3050000 | County of Broward Airport System Revenue, Revenue Bonds | 10/01/31 | 5.000 | 3392787 |
| 2975000 | Florida Housing Finance Corp., Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/50 | 4.000 | 3012362 |
| 3000000 | Florida Housing Finance Corp., Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/54 | 5.500 | 3267364 |

---

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity<br> Date | Interest<br> Rate | Value |
|  | **MUNICIPAL BONDS (continued)** |  |  |  |
|  | **Florida (continued)** |  |  |  |
| $1920000 | Greater Orlando Aviation Authority, Revenue Bonds | 10/01/32 | 5.000% | $2197988 |
| 2500000 | Greater Orlando Aviation Authority, Revenue Bonds | 10/01/36 | 5.000 | 2698959 |
| 5850000 | Greater Orlando Aviation Authority, Revenue Bonds | 10/01/36 | 5.000 | 6187321 |
| 3275000 | Greater Orlando Aviation Authority, Revenue Bonds | 10/01/38 | 5.000 | 3516973 |
| 3275000 | Hillsborough County Aviation Authority, Revenue Bonds | 10/01/36 | 4.000 | 3281221 |
|  | **Total Florida** |  |  | **33592295** |
| 5000000 | **Georgia (2.4%)** Development Authority of Burke County, Revenue Bonds<sup>2,3</sup> | 01/01/40 | 1.500 | 4769541 |
| 1200000 | Development Authority of Burke County, Revenue Bonds<sup>2,3</sup> | 11/01//45 | 3.000 | 1200000 |
| 2715000 | Development Authority of Burke County, Revenue Bonds<sup>2,3</sup> | 11/01/45 | 3.250 | 2713159 |
| 650000 | Development Authority of Burke County, Revenue Bonds<sup>2,3</sup> | 12/01/49 | 1.700 | 630871 |
| 1140000 | Georgia Municipal Electric Authority, Revenue Bonds | 01/01/31 | 5.000 | 1264340 |
| 1000000 | Georgia Municipal Electric Authority, Revenue Bonds | 01/01/33 | 5.000 | 1100675 |
| 500000 | Georgia Municipal Electric Authority, Revenue Bonds | 01/01/34 | 5.000 | 548842 |
| 1750000 | Monroe County Development Authority, Revenue Bonds | 07/01/25 | 2.250 | 1687404 |
| 3850000 | Monroe County Development Authority, Revenue Bonds<sup>2,3</sup> | 01/01/39 | 1.500 | 3672546 |
|  | **Total Georgia** |  |  | **17587378** |
|  | **Hawaii (0.2%)** |  |  |  |
| 1600000 | State of Hawaii Airports System Revenue, Revenue Bonds | 07/01/32 | 5.000 | 1795161 |
|  | **Total Hawaii** |  |  | **1795161** |
|  | **Illinois (1.5%)** |  |  |  |
| 3130000 | Illinois Finance Authority, Revenue Bonds | 07/15/32 | 3.000 | 3130822 |
| 3915000 | Illinois Finance Authority, Revenue Bonds | 02/15/36 | 5.000 | 4133087 |
| 2470000 | Illinois Finance Authority, Revenue Bonds | 08/15/36 | 4.000 | 2508242 |
| 870000 | Railsplitter Tobacco Settlement Authority, Revenue Bonds | 06/01/28 | 5.000 | 938344 |
|  | **Total Illinois** |  |  | **10710495** |
|  | **Indiana (1.9%)** |  |  |  |
| 1300000 | Indiana Finance Authority, Revenue Bonds<sup>2,4</sup> | 02/01/23 | 1.250 | 1300000 |
| 2850000 | Indiana Housing & Community Development Authority, Revenue Bonds | 01/01/49 | 3.750 | 2871078 |
| 2045000 | Indiana Housing & Community Development Authority, Revenue Bonds, GNMA | 07/01/49 | 3.250 | 2031891 |
| 7000000 | Indiana Housing & Community Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/52 | 4.750 | 7409369 |
|  | **Total Indiana** |  |  | **13612338** |
|  | **Iowa (1.3%)** |  |  |  |
| 255000 | Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/46 | 4.000 | 256101 |
| 420000 | Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/49 | 3.500 | 420771 |
| 3225000 | Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/50 | 3.750 | 3249276 |
| 5385000 | Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/52 | 3.000 | 5286779 |
|  | **Total Iowa** |  |  | **9212927** |

---

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity <br> Date | Interest<br> Rate | Value |
|  | **MUNICIPAL BONDS (continued)** |  |  |  |
|  | **Kentucky (2.5%)** |  |  |  |
| $5000000 | County of Trimble, Revenue Bonds | 11/01/27 | 1.350% | $4606791 |
| 7355000 | Kentucky Public Energy Authority, Revenue Bonds<sup>2,3</sup> | 12/01/49 | 4.000 | 7375273 |
| 6500000 | Kentucky Public Energy Authority, Revenue Bonds (SOFR + 1.200%)<sup>2</sup> | 08/01/52 | 4.081 | 6201821 |
|  | **Total Kentucky** |  |  | **18183885** |
|  | **Massachusetts (1.5%)** |  |  |  |
| 1500000 | Commonwealth of Massachusetts, General Obligation Bonds, AGC (3- Month USD-LIBOR + 0.570%)<sup>2</sup> | 05/01/37 | 3.545 | 1473491 |
| 2500000 | Commonwealth of Massachusetts, General Obligation Bonds, NPFG (3- Month USD-LIBOR + 0.570%)<sup>2</sup> | 05/01/37 | 3.545 | &nbsp;&nbsp;&nbsp;&nbsp;2455906 |
| 5000000 | Massachusetts Clean Water Trust, Revenue Bonds (U.S. Consumer Price Index + 0.990%)<sup>2</sup> | 08/01/23 | 7.772 | 5086860 |
| 1180000 | Massachusetts Development Finance Agency, Revenue Bonds | 07/01/35 | 4.000 | 1213253 |
| 370000 | Massachusetts Housing Finance Agency, Revenue Bonds | 06/01/34 | 3.300 | 367232 |
| 485000 | Massachusetts Housing Finance Agency, Revenue Bonds | 12/01/36 | 3.450 | 471016 |
|  | **Total Massachusetts** |  |  | **11067758** |
|  | **Michigan (1.0%)** |  |  |  |
| 65000 | Detroit City School District, General Obligation Bonds, BHAC, FGIC | 05/01/25 | 5.250 | 67270 |
| 325000 | Detroit City School District, General Obligation Bonds, AGM | 05/01/27 | 5.250 | 362853 |
| 1550000 | Detroit City School District, General Obligation Bonds, AGM | 05/01/30 | 5.250 | 1845535 |
| 3940000 | Detroit City School District, General Obligation Bonds, AGM | 05/01/32 | 5.250 | 4682818 |
|  | **Total Michigan** |  |  | **6958476** |
|  | **Minnesota (3.6%)** |  |  |  |
| 1400000 | Becker Independent School District No 726, General Obligation Bonds<sup>1</sup> | 02/01/32 | 0.000 | 1065691 |
| 3420000 | Becker Independent School District No 726, General Obligation Bonds<sup>1</sup> | 02/01/34 | 0.000 | 2418774 |
| 2770000 | Becker Independent School District No 726, General Obligation Bonds<sup>1</sup> | 02/01/35 | 0.000 | 1857258 |
| 2000000 | Becker Independent School District No 726, General Obligation Bonds<sup>1</sup> | 02/01/36 | 0.000 | 1263727 |
| 1300000 | Duluth Independent School District No 709, General Obligation Bonds<sup>1</sup> | 02/01/31 | 0.000 | 996381 |
| 1050000 | Duluth Independent School District No 709, General Obligation Bonds<sup>1</sup> | 02/01/32 | 0.000 | 773509 |
| 1035000 | Duluth Independent School District No 709, General Obligation Bonds<sup>1</sup> | 02/01/33 | 0.000 | 730492 |
| 1435000 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/28 | 1.300 | 1294732 |
| 1000000 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/36 | 5.350 | 1070081 |
| 733543 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 03/01/47 | 2.930 | 704222 |
| 575665 | Minnesota Housing Finance Agency, Revenue Bonds, FHA, FHLMC, FNMA, GNMA | 01/01/49 | 3.600 | 561442 |
| 1527727 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 03/01/49 | 3.450 | 1484760 |
| 647250 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 06/01/49 | 3.150 | 624622 |
| 3466700 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/50 | 2.470 | 3215897 |

---

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity <br> Date | Interest<br> Rate | Value |
|  | **MUNICIPAL BONDS (continued)** |  |  |  |
|  | **Minnesota (continued)** |  |  |  |
| $1635000 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/50 | 3.750% | $1645702 |
| 1795000 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/51 | 3.000 | 1770034 |
| 3500000 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/53 | 5.000 | 3733423 |
| 1000000 | Sartell-St Stephen Independent School District No 748, General Obligation Bonds<sup>1</sup> | 02/01/33 | 0.000 | 723350 |
|  | **Total Minnesota** |  |  | **25934097** |
|  | **Mississippi (0.1%)** |  |  |  |
| 1000000 | Mississippi Business Finance Corp., Revenue Bonds<sup>2,3</sup> | 03/01/27 | 2.200 | 976149 |
|  | **Total Mississippi** |  |  | **976149** |
|  | **Missouri (1.4%)** |  |  |  |
| 3000000 | Missouri Housing Development Commission, Revenue Bonds, FHLMC, FNMA, GNMA | 11/01/52 | 4.750 | 3158662 |
| 6000000 | Missouri Housing Development Commission, Revenue Bonds, FHLMC, FNMA, GNMA<sup>5</sup> | 05/01/53 | 5.750 | 6619317 |
|  | **Total Missouri** |  |  | **9777979** |
|  | **Montana (0.9%)** |  |  |  |
| 785000 | Montana Board of Housing, Revenue Bonds | 12/01/43 | 4.000 | 791304 |
| 2240000 | Montana Board of Housing, Revenue Bonds | 12/01/51 | 3.000 | 2205304 |
| 1985000 | Montana Board of Housing, Revenue Bonds | 06/01/52 | 3.000 | 1952000 |
| 1620000 | Montana Board of Housing, Revenue Bonds | 12/01/52 | 5.000 | 1722160 |
|  | **Total Montana** |  |  | **6670768** |
|  | **Nebraska (2.1%)** |  |  |  |
| 1560000 | Central Plains Energy Project, Revenue Bonds<sup>2,3</sup> | 03/01/50 | 5.000 | 1577053 |
| 11150000 | Central Plains Energy Project, Revenue Bonds<sup>2,3</sup> | 05/01/53 | 5.000 | 11781364 |
| 2075000 | Nebraska Investment Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 09/01/49 | 4.000 | 2078971 |
|  | **Total Nebraska** |  |  | **15437388** |
|  | **New Hampshire (0.1%)** |  |  |  |
| 1000000 | New Hampshire Business Finance Authority, Revenue Bonds | 08/01/24 | 3.125 | 986692 |
|  | **Total New Hampshire** |  |  | **986692** |
|  | **New Jersey (3.1%)** |  |  |  |
| 3830000 | New Jersey Economic Development Authority, Revenue Bonds (SIFMA |  |  |  |
|  | Municipal Swap Index Yield + 1.550%)<sup>2</sup> | 09/01/27 | 3.210 | 3830324 |
| 2485000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds<sup>1</sup> | 12/15/28 | 0.000 | 2062698 |
| 4405000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds<sup>1</sup> | 12/15/30 | 0.000 | 3382873 |
| 11490000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds<sup>1</sup> | 12/15/31 | 0.000 | 8458931 |
| 3535000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds, AGM<sup>1</sup> | 12/15/33 | 0.000 | 2404510 |

---

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity<br> Date | Interest<br> Rate | Value |
|  | **MUNICIPAL BONDS (continued)** |  |  |  |
|  | **New Jersey (continued)** |  |  |  |
| $1265000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds<sup>1</sup> | 12/15/34 | 0.000% | $803290 |
| 1750000 | Township of Ewing, General Obligation Bonds | 08/01/29 | 2.000 | 1676242 |
|  | **Total New Jersey** |  |  | **22618868** |
|  | **New Mexico (1.5%)** |  |  |  |
| 8600000 | City of Farmington, Revenue Bonds | 04/01/29 | 1.800 | 7436723 |
| 1120000 | New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/49 | 4.000 | 1131875 |
| 2445000 | New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/51 | 3.500 | 2447768 |
|  | **Total New Mexico** |  |  | **11016366** |
|  | **New York (4.5%)** |  |  |  |
| 860000 | City of New York, General Obligation Bonds | 08/01/37 | 4.000 | 878246 |
| 9230000 | Metropolitan Transportation Authority, Revenue Bonds (SOFR + 0.330%)<sup>2</sup> | 11/01/35 | 3.211 | 9207544 |
| 750000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | 02/01/38 | 4.000 | 766686 |
| 3750000 | New York State Dormitory Authority, Revenue Bonds | 03/15/36 | 4.000 | 3878242 |
| 3440000 | Port Authority of New York & New Jersey, Revenue Bonds | 08/01/31 | 5.000 | 3951354 |
| 5655000 | Port Authority of New York & New Jersey, Revenue Bonds | 10/01/31 | 2.000 | 4874185 |
| 1320000 | Port Authority of New York & New Jersey, Revenue Bonds | 10/15/34 | 5.000 | 1499158 |
| 1500000 | Port Authority of New York & New Jersey, Revenue Bonds | 07/15/35 | 5.000 | 1663125 |
| 1395000 | Port Authority of New York & New Jersey, Revenue Bonds | 08/01/36 | 5.000 | 1559451 |
| 2725000 | Triborough Bridge & Tunnel Authority, Revenue Bonds<sup>1</sup> | 11/15/30 | 0.000 | 2127749 |
| 3500000 | Triborough Bridge & Tunnel Authority, Revenue Bonds<sup>1</sup> | 11/15/36 | 0.000 | 2048217 |
|  | **Total New York** |  |  | **32453957** |
|  | **North Carolina (2.6%)** |  |  |  |
| 1200000 | Charlotte-Mecklenburg Hospital Authority, Revenue Bonds | 01/15/37 | 4.000 | 1222964 |
| 475000 | North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/23 | 2.800 | 474040 |
| 1540000 | North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/28 | 1.100 | 1388545 |
| 4790000 | North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/48 | 4.000 | 4839628 |
| 3740000 | North Carolina Housing Finance Agency, Revenue Bonds, FNMA, GNMA | 01/01/50 | 4.000 | 3789952 |
| 2185000 | North Carolina Housing Finance Agency, Revenue Bonds | 07/01/50 | 4.000 | 2217924 |
| 2120000 | Raleigh Durham Airport Authority, Revenue Bonds | 05/01/34 | 5.000 | 2362311 |
| 2250000 | University of North Carolina at Chapel Hill, Revenue Bonds (SOFR + 0.650%)<sup>2</sup> | 12/01/41 | 3.531 | 2256274 |
|  | **Total North Carolina** |  |  | **18551638** |
|  | **North Dakota (2.1%)** |  |  |  |
| 890000 | North Dakota Housing Finance Agency, Revenue Bonds | 01/01/49 | 4.250 | 903475 |
| 3050000 | North Dakota Housing Finance Agency, Revenue Bonds | 07/01/49 | 4.250 | 3101484 |
| 3975000 | North Dakota Housing Finance Agency, Revenue Bonds | 01/01/53 | 4.000 | 4061695 |

---

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity <br> Date | Interest<br> Rate | Value |
|  | **MUNICIPAL BONDS (continued)** |  |  |  |
|  | **North Dakota (continued)** |  |  |  |
| $6200000 | North Dakota Housing Finance Agency, Revenue Bonds<sup>5</sup> | 07/01/53 | 5.750% | $6854931 |
|  | **Total North Dakota** |  |  | **14921585** |
|  | **Ohio (1.0%)** |  |  |  |
| 6100000 | Ohio Air Quality Development Authority, Revenue Bonds<sup>2,3</sup> | 11/01/39 | 4.250 | 6245009 |
| 1000000 | State of Ohio, Revenue Bonds | 01/01/36 | 4.000 | 1037043 |
|  | **Total Ohio** |  |  | **7282052** |
|  | **Oklahoma (0.8%)** |  |  |  |
| 3035000 | Oklahoma Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 09/01/49 | 4.000 | 3073368 |
| 2570000 | Oklahoma Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 09/01/50 | 3.250 | 2553535 |
|  | **Total Oklahoma** |  |  | **5626903** |
|  | **Oregon (1.8%)** |  |  |  |
| 3150000 | Clackamas & Washington Counties School District No 3, General Obligation Bonds<sup>1</sup> | 06/15/36 | 0.000 | 1821396 |
| 1670000 | Lane County School District No 1 Pleasant Hill, General Obligation Bonds<sup>1</sup> | 06/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;0.000 | 1469420 |
| 1445000 | Multnomah & Clackamas Counties School District No 10JT Gresham- Barlow, General Obligation Bonds<sup>1</sup> | 06/15/32 | 0.000 | 1034315 |
| 1500000 | Salem-Keizer School District No 24J, General Obligation Bonds<sup>1</sup> | 06/15/28 | 0.000 | 1285474 |
| 1045000 | Salem-Keizer School District No 24J, General Obligation Bonds<sup>1</sup> | 06/15/31 | 0.000 | 791201 |
| 1000000 | Salem-Keizer School District No 24J, General Obligation Bonds<sup>1</sup> | 06/15/33 | 0.000 | 697975 |
| 1045000 | Salem-Keizer School District No 24J, General Obligation Bonds<sup>1</sup> | 06/15/35 | 0.000 | 661177 |
| 2225000 | Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds<sup>1</sup> | 06/15/33 | 0.000 | 1499204 |
| 3250000 | Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds<sup>1</sup> | 06/15/34 | 0.000 | 2082971 |
| 1500000 | Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds<sup>1</sup> | 06/15/31 | 0.000 | 1129944 |
| 1055000 | Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds<sup>1</sup> | 06/15/33 | 0.000 | 725768 |
|  | **Total Oregon** |  |  | **13198845** |
|  | **Other Territory (0.1%)** |  |  |  |
| 945000 | FHLMC Multifamily VRD Certificates, Revenue Bonds | 05/15/27 | 2.304 | 886059 |
|  | **Total Other Territory** |  |  | **886059** |
|  | **Pennsylvania (4.6%)** |  |  |  |
| 5780000 | Bethlehem Area School District Authority, Revenue Bonds (SOFR + 0.350%)<sup>2</sup> | 07/01/31 | 3.231 | 5631137 |
| 1000000 | New Kensington-Arnold School District, General Obligation Bonds, BAM | 05/15/28 | 2.500 | 993382 |
| 10700000 | Pennsylvania Economic Development Financing Authority, Revenue Bonds<sup>2,3</sup> | 08/01/37 | 0.580 | 10165842 |
| 1610000 | School District of Philadelphia, General Obligation Bonds | 09/01/28 | 5.000 | 1798255 |

---

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  | **MUNICIPAL BONDS (continued)** |  |  |  |
|  | **Pennsylvania (continued)** |  |  |  |
| $1090000 | School District of Philadelphia, General Obligation Bonds | 09/01/34 | 5.000% | $1258858 |
| 2500000 | School District of Philadelphia, General Obligation Bonds | 09/01/34 | 5.000 | 2651740 |
| 1470000 | School District of Philadelphia, General Obligation Bonds | 09/01/36 | 4.000 | 1513468 |
| 2210000 | State Public School Building Authority, Revenue Bonds, AGM | 06/01/32 | 5.000 | 2364809 |
| 6255000 | State Public School Building Authority, Revenue Bonds, AGM | 06/01/33 | 5.000 | 6679146 |
|  | **Total Pennsylvania** |  |  | **33056637** |
|  | **South Carolina (1.2%)** |  |  |  |
| 850000 | South Carolina State Housing Finance & Development Authority, Revenue Bonds | 07/01/34 | 2.650 | 775629 |
| 7355000 | South Carolina State Housing Finance & Development Authority, Revenue Bonds | 01/01/52 | 4.000 | 7515199 |
|  | **Total South Carolina** |  |  | **8290828** |
|  | **South Dakota (2.6%)** |  |  |  |
| 1500000 | South Dakota Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 11/01/32 | 3.400 | 1512271 |
| 215000 | South Dakota Housing Development Authority, Revenue Bonds | 11/01/44 | 4.000 | 215083 |
| 1660000 | South Dakota Housing Development Authority, Revenue Bonds | 11/01/46 | 3.500 | 1658051 |
| 1920000 | South Dakota Housing Development Authority, Revenue Bonds | 11/01/48 | 4.500 | 1961860 |
| 2780000 | South Dakota Housing Development Authority, Revenue Bonds | 11/01/49 | 4.000 | 2819558 |
| 5385000 | South Dakota Housing Development Authority, Revenue Bonds | 11/01/50 | 3.750 | 5423862 |
| 5000000 | South Dakota Housing Development Authority, Revenue Bonds | 05/01/53 | 5.000 | 5315308 |
|  | **Total South Dakota** |  |  | **18905993** |
|  | **Tennessee (2.5%)** |  |  |  |
| 1200000 | <br> Metropolitan Nashville Airport Authority, Revenue Bonds | 07/01/34 | 5.250 | 1388949 |
| 1125000 | Metropolitan Nashville Airport Authority, Revenue Bonds | 07/01/35 | 5.250 | 1287304 |
| 4000000 | New Memphis Arena Public Building Authority, Revenue Bonds<sup>1</sup> | 04/01/29 | 0.000 | 3604148 |
| 1750000 | New Memphis Arena Public Building Authority, Revenue Bonds<sup>1</sup> | 04/01/33 | 0.000 | 1230463 |
| 3000000 | New Memphis Arena Public Building Authority, Revenue Bonds<sup>1</sup> | 04/01/35 | 0.000 | 1904913 |
| 1000000 | Tennessee Energy Acquisition Corp., Revenue Bonds | 11/01/28 | 5.000 | 1078086 |
| 1410000 | Tennessee Housing Development Agency, Revenue Bonds | 01/01/43 | 4.000 | 1423168 |
| 1275000 | Tennessee Housing Development Agency, Revenue Bonds | 07/01/48 | 4.000 | 1285435 |
| 1635000 | Tennessee Housing Development Agency, Revenue Bonds | 07/01/49 | 4.250 | 1658554 |
| 3000000 | Tennessee Housing Development Agency, Revenue Bonds | 01/01/53 | 5.000 | 3169026 |
|  | **Total Tennessee** |  |  | **18030046** |
|  | **Texas (18.0%)** |  |  |  |
| 1395000 | <br> City of Austin Airport System Revenue, Revenue Bonds | 11/15/31 | 5.000 | 1594993 |
| 1120000 | City of Houston Airport System Revenue, Revenue Bonds | 07/01/24 | 5.000 | 1150208 |
| 1170000 | City of Houston Airport System Revenue, Revenue Bonds | 07/01/25 | 5.000 | 1225892 |
| 3820000 | City of Houston Airport System Revenue, Revenue Bonds | 07/01/28 | 5.000 | 4201988 |
| 2000000 | City of Houston Airport System Revenue, Revenue Bonds | 07/01/31 | 5.000 | 2248102 |
| 8000000 | City of San Antonio Electric & Gas Systems Revenue, Revenue Bonds<sup>2,3</sup> | 02/01/49 | 2.000 | 7679456 |
| 3720000 | Fort Bend Independent School District, General Obligation Bonds<sup>2,3</sup> | 08/01/51 | 0.720 | 3367073 |

---

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount |  | Maturity <br> Date | Interest <br> Rate | Value |
|  | **MUNICIPAL BONDS (continued)** |  |  |  |
|  | **Texas (continued)** |  |  |  |
| $1750000 | Goose Creek Consolidated Independent School District, General Obligation Bonds<sup>2,3</sup> | 02/15/35 | 0.600% | $1632161 |
| 2000000 | Harris County Cultural Education Facilities Finance Corp., Revenue Bonds | 10/01/37 | 4.000 | 2065469 |
| 5570000 | Harris County Cultural Education Facilities Finance Corp., Revenue Bonds<sup>2,3</sup> | 06/01/50 | 5.000 | 6215418 |
| 3380000 | Little Elm Independent School District, General Obligation Bonds<sup>2,3</sup> | 08/15/48 | 0.680 | 3224991 |
| 1025000 | Love Field Airport Modernization Corp., Revenue Bonds | 11/01/25 | 5.000 | 1081596 |
| 5900000 | Medina Valley Independent School District, General Obligation Bonds<sup>2,3</sup> | 02/15/51 | 0.820 | 5441624 |
| 7800000 | Northside Independent School District, General Obligation Bonds<sup>2,3</sup> | 06/01/50 | 0.700 | 7364550 |
| 5000000 | Northside Independent School District, General Obligation Bonds<sup>2,3</sup> | 06/01/52 | 2.000 | 4778536 |
| 3955000 | State of Texas, General Obligation Bonds | 08/01/30 | 4.500 | 4384427 |
| 4850000 | Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds<sup>2,3</sup> | 11/15/52 | 5.000 | 5540344 |
| 520000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 09/01/35 | 2.150 | 427902 |
| 2030000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 07/01/37 | 2.150 | 1639221 |
| 800000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 07/01/37 | 4.400 | 838481 |
| 9504577 | Texas Department of Housing & Community Affairs, Revenue Bonds, FHLMC, FNMA, GNMA | 09/01/47 | 2.835 | 9082748 |
| 1325000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 03/01/50 | 4.000 | 1349525 |
| 1900000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 03/01/51 | 3.500 | 1903669 |
| 2500000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 01/01/53 | 5.750 | 2773844 |
| 3500000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 03/01/53 | 6.000 | 3973852 |
| 11805000 | Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Bonds (3- Month USD-LIBOR + 0.700%)<sup>2</sup> | 12/15/26 | 3.895 | 11739648 |
| 8425000 | Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Bonds | 12/15/26 | 6.250 | 8953848 |
| 3300000 | Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.550%)<sup>2</sup> | 09/15/27 | 2.210 | 3220706 |
| 10745000 | Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (3- Month USD-LIBOR + 0.690%)<sup>2</sup> | 09/15/27 | 3.838 | 10641793 |
| 10365000 | Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (3- Month USD-LIBOR + 0.870%)<sup>2</sup> | 09/15/27 | 4.065 | 10330745 |
|  | **Total Texas** |  |  | **130072810** |
|  | **Virginia (1.6%)** |  |  |  |
| 2750000 | Amelia County Industrial Development Authority, Revenue Bonds | 04/01/27 | 1.450 | 2468688 |
| 1445000 | Virginia Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 12/01/31 | 1.900 | 1246379 |

---

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount |  | Maturity<br> Date | Interest<br> Rate | Value |
|  | **MUNICIPAL BONDS (continued)<br> Virginia (continued)** |  |  |  |
| $8700000 | <br>Wise County Industrial Development Authority, Revenue Bonds<sup>2,3</sup> | <br>10/01/40 | 0.750% | $7991782 |
|  | **Total Virginia** |  |  | **11706849** |
|  | **Washington (1.4%)** |  |  |  |
| 425000 | <br>Port of Seattle, Revenue Bonds | <br>06/01/27 | 3.750 | 426168 |
| 5050000 | Port of Seattle, Revenue Bonds | 08/01/34 | 5.000 | 5722068 |
| 1415000 | Port of Seattle, Revenue Bonds | 08/01/35 | 5.000 | 1578362 |
| 1705000 | Port of Seattle, Revenue Bonds | 04/01/39 | 5.000 | 1810808 |
| 20000 | Washington State Housing Finance Commission, Revenue Bonds | 06/01/44 | 3.500 | 19961 |
| 555000 | Washington State Housing Finance Commission, Revenue Bonds, FHLMC, FNMA, GNMA | <br>12/01/47 | 4.000 | 556255 |
|  | **Total Washington** |  |  | **10113622** |
|  | **Wisconsin (1.2%)** |  |  |  |
| 300000 | <br>County of Milwaukee Airport Revenue, Revenue Bonds | <br>12/01/28 | 5.250 | 305761 |
| 5000000 | Public Finance Authority, Revenue Bonds<sup>2,3</sup> | 10/01/46 | 3.700 | 5188443 |
| 3000000 | Wisconsin Health & Educational Facilities Authority, Revenue Bonds | 08/15/36 | 4.000 | 3062131 |
|  | **Total Wisconsin** |  |  | **8556335** |
|  | Wyoming (0.5%) |  |  |  |
| 2040000 | <br>Wyoming Community Development Authority, Revenue Bonds | <br>12/01/48 | 4.000 | 2062545 |
| 1305000 | Wyoming Community Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | <br>06/01/50 | 3.000 | 1288091 |
|  | **Total Wyoming** |  |  | **3350636** |
|  | &nbsp;&nbsp;**Total Municipal Bonds**<br> **(Cost $683,743,131)** |  |  | **677467595** |
|  | **U.S. TREASURY BILLS (7.1%)** |  |  |  |
| 51700000 | <br>U.S. Treasury Bill<sup>1</sup> | 02/21/23 | 0.000 | 51572541 |
|  | &nbsp;&nbsp;**Total U.S. Treasury Bills**<br> **(Cost $51,572,541)** |  |  | **51572541** |
| **TOTAL INVESTMENTS (Identified cost $735,315,672)<sup>6</sup>** | **TOTAL INVESTMENTS (Identified cost $735,315,672)<sup>6</sup>** | **TOTAL INVESTMENTS (Identified cost $735,315,672)<sup>6</sup>** | **101.0%** | $**729040136** |
| **LIABILITIES IN EXCESS OF OTHER ASSETS** | **LIABILITIES IN EXCESS OF OTHER ASSETS** |  | **(1.0)%** | **(7413181)** |
| **NET ASSETS** | **NET ASSETS** |  | **100.00%** | $**721626955** |

---

<sup>1</sup> Security issued with zero coupon. Income is recognized through accretion of discount.

<sup>2</sup> Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the January 31, 2023 coupon or interest rate.

<sup>3</sup> This variable rate security is based on a predetermined schedule and the rate at period end also represents the reference rate at period end.

<sup>4</sup> Variable rate demand note. The maturity date reflects the demand repayment dates. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the coupon or interest rate as of January 31, 2023.

<sup>5</sup> Represent a security purchased on a when-issued basis.

<sup>6</sup> The aggregate cost for federal income tax purposes is $735,315,672, the aggregate gross unrealized appreciation is $10,680,496 and the aggregate gross unrealized depreciation is $16,956,032, resulting in net unrealized depreciation of $6,275,536.

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AGM | Assured Guaranty Municipal Corporation. |
| AMBAC | AMBAC Financial Group, Inc. |
| BAM | Build America Mutual. |
| BHAC | Berkshire Hathaway Assurance Corporation. |
| FGIC | Financial Guaranty Insurance Company. |
| FHA | Federal Housing Administration. |
| FHLMC | Federal Home Loan Mortgage Corporation. |
| FNMA | Federal National Mortgage Association. |
| GNMA | Government National Mortgage Association. |
| LIBOR | London Interbank Offered Rate. |
| NPFG | National Public Finance Guarantee Corporation. |
| SIFMA | Securities Industry and Financial Markets Association. |
| SOFR | Secured Overnight Financing Rate. |

---

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

**FAIR VALUE MEASUREMENTS**

BBH Intermediate Municipal Bond Fund (the "Fund") is required to disclose information regarding the fair value measurements of the Fund's assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure requirement established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including, for example, the risk inherent in a particular valuation technique used to measure fair value, including the model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund's own considerations about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Authoritative guidance establishes three levels of the fair value hierarchy as follows:

— Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities.

— Level 2 – significant other observable inputs (including quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk, etc.).

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

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires judgment by the investment adviser. The investment adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the investment adviser's perceived risk of that instrument.

Financial assets within Level 1 are based on quoted market prices in active markets. The Fund does not adjust the quoted price for these instruments.

Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include municipal bonds, investment-grade corporate bonds, U.S. Treasury notes and bonds, and certain non-U.S. sovereign obligations and over-the-counter derivatives. As Level 2 financial assets include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

Financial assets classified within Level 3 have significant unobservable inputs, as they trade infrequently. Level 3 financial assets include private equity and certain corporate debt securities.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon the actual sale of those investments.

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of January 31, 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments, at value | Unadjusted Quoted<br> Prices in Active Markets<br> for Identical Investments<br> (Level 1) | Significant Other<br> Observable Inputs<br> (Level 2) | Significant<br> Unobservable Inputs<br> (Level 3) | Balance as of<br> January 31, 2023 |
| Municipal Bonds\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $677467595 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $677467595 |
| U.S. Treasury Bills | - | 51572541 | – | 51572541 |
| &nbsp;&nbsp;&nbsp;**Total Investments, at value** | $**-** | $**729040136** | $**-** | $**729040136** |

---

\* For geographical breakdown of municipal bond investments, refer to the Portfolio Investments.

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

Portfolio holdings are shown as of the date indicated. Since market conditions fluctuate suddenly and frequently, the portfolio holdings may change and this list is not indicative of future portfolio composition. These portfolio holdings are not intended to be and do not constitute recommendations that others buy, sell, or hold any of the securities listed.

**For more complete information on the Fund, call 1-800-575-1265 for a prospectus or visit www.bbhfunds.com. You should consider the Fund's investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the Fund's prospectus, which you should read carefully before investing.**

The BBH Funds are managed by a separately identifiable department within Brown Brothers Harriman & Co. Shares of the Fund are distributed by ALPS Distributors, Inc., located at 1290 Broadway, Suite 1000, Denver, CO 80203.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-21829

- **c. CIK number of Registrant:** 0001342947

- **d. LEI of Registrant:** 5493002QM4WBFYUZ3Y95

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

  - **Street Address 1:** 50 Post Office Square

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 800-575-1265

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

- **a. Name of Series:** BBH Intermediate Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000034202

- **c. LEI of Series:** 549300DPCM9UOCN3CJ45

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

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $750323543.97

**Total Liabilities:** $29804915.46

**Net Assets:** $720518628.51

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1085.00000000 | **1-Year:** 22222.00000000 | **5-Year:** 134456.00000000 | **10-Year:** 179261.00000000 | **30-Year:** 17384.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000105435 | 3.93%                | 0.63%                | 2.51%                |
| Class ID C000105434 | 3.91%                | 0.61%                | 2.49%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2721517.11             | $27377466.74                               |
| Month 2  | $-2944376.85             | $6012761.16                                |
| Month 3  | $-290852.98              | $15977756.94                               |

**Designated Index Information**

- **Index Name:** municipal_fund_security_portfolio

- **Index Identifier:** n/a

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MET TRANSPRTN AUT V/R 11/01/35 | MET TRANSPRTN AUTH NY REVENUE REGD V/R B/E 3.21100000                 | CUSIP: 59261AM20<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   9230000 | NS      | $9207544.33   | 1.28%             | 2035-11-01      | Variable      | 3.21%                 | No            |                  2 | On Loan: No      |
| LITTLE ELM TX IND V/R 08/15/48 | LITTLE ELM TX INDEP SCH DIST REGD V/R B/E PSF-GTD 0.68000000          | CUSIP: 5370963S6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3380000 | NS      | $3224991.17   | 0.45%             | 2048-08-15      | Variable      | 0.68%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY  4% 10/01/36 | HILLSBOROUGH CNTY FL AVIATION REGD B/E AMT 4.00000000                 | CUSIP: 432308N83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3275000 | NS      | $3281220.54   | 0.46%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALLAN HANCOCK JT C 0% 08/01/42 | ALLAN HANCOCK JT CMNTY CLG CA REGD OID B/E 0.00000000                 | CUSIP: 016730DA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | NS      | $2977800.00   | 0.41%             | 2042-08-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA S 2.8% 07/01/23 | NORTH CAROLINA ST HSG FIN AGY REGD N/C B/E AMT GNMA/FN 2.80000000     | CUSIP: 658207UK9<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    475000 | NS      | $474040.26    | 0.07%             | 2023-07-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST HSG 3.25% 09/01/50 | OKLAHOMA ST HSG FIN AGY SF MTG REGD B/E GNMA/FN 3.25000000            | CUSIP: 67886MUJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2570000 | NS      | $2553534.52   | 0.35%             | 2050-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NEBRASKA ST INVEST 4% 09/01/49 | NEBRASKA ST INVESTMENT FIN AUT REGD B/E AMT GNMA/FN 4.00000000        | CUSIP: 63968MTQ2<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |   2075000 | NS      | $2078970.72   | 0.29%             | 2049-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRA ZCP 12/15/28 | NEW JERSEY ST TRANSPRTN TRUST REGD N/C ZCP OID B/E 0.00000000         | CUSIP: 646136XF3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2485000 | NS      | $2062697.86   | 0.29%             | 2028-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST HSG  1.9% 12/01/31 | VIRGINIA ST HSG DEV AUTH REGD B/E GNMA/FN 1.90000000                  | CUSIP: 92812WBU7<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1445000 | NS      | $1246378.68   | 0.17%             | 2031-12-01      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| STATE PUBLIC SCH B 5% 06/01/33 | STATE PUBLIC SCH BLDG AUTH PA REGD B/E AGM ST 5.00000000              | CUSIP: 85732GUH1<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   6255000 | NS      | $6679146.55   | 0.93%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUT 3.75% 01/01/50 | IOWA ST FIN AUTH SF MTGE REVEN REGD B/E GNMA/FN 3.75000000            | CUSIP: 462467A43<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   3225000 | NS      | $3249276.51   | 0.45%             | 2050-01-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH S 4% 07/01/46 | IOWA ST FIN AUTH SF MTGE REVEN REGD B/E GNMA/FN 4.00000000            | CUSIP: 462467PY1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    255000 | NS      | $256100.89    | 0.04%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW MEMPHIS ARENA  0% 04/01/29 | NEW MEMPHIS ARENA PUBLIC BLDG REGD N/C OID B/E 0.00000000             | CUSIP: 64704CAT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | NS      | $3604148.00   | 0.50%             | 2029-04-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA BON V/R 11/15/27 | LONG BEACH CA BOND FIN AUTH NA REGD V/R B/E 4.53600000                | CUSIP: 54241ABC6<br>LEI: 549300BKBZ5U7OZH3S21 | Long             | DBT              | MUN               | US        |    755000 | NS      | $742692.75    | 0.10%             | 2027-11-15      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| MONTANA ST BRD OF  3% 06/01/52 | MONTANA ST BRD OF HSG SF MTGE REGD B/E 3.00000000                     | CUSIP: 61212WQM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1985000 | NS      | $1952000.37   | 0.27%             | 2052-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST D 4% 07/01/35 | MASSACHUSETTS ST DEV FIN AGY R REGD B/E 4.00000000                    | CUSIP: 57584X8S3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1180000 | NS      | $1213253.11   | 0.17%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG 2% 05/15/30 | CONNECTICUT ST HSG FIN AUTH HS REGD B/E AMT 2.00000000                | CUSIP: 20775HBQ5<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    165000 | NS      | $153644.24    | 0.02%             | 2030-05-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL 4% 05/01/36 | CONNECTICUT ST SPL TAX OBLIG R REGD B/E 4.00000000                    | CUSIP: 207758ZZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | NS      | $1139560.74   | 0.16%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW Y 2% 10/01/31 | PORT AUTH OF NEW YORK & NEW JE REGD N/C B/E AMT 2.00000000            | CUSIP: 73358XCT7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   5655000 | NS      | $4874185.31   | 0.68%             | 2031-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN INDEP S ZCP 02/01/33 | DULUTH MN INDEP SCH DIST #709 REGD ZCP OID B/E SD CRED 0.00000000     | CUSIP: 264471LN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | NS      | $730492.03    | 0.10%             | 2033-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW KENSINGTON A 2.5% 05/15/28 | NEW KENSINGTON ARNOLD PA SCH D REGD OID B/E BAM ST 2.50000000         | CUSIP: 646224QY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | NS      | $993382.30    | 0.14%             | 2028-05-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH S 3% 01/01/52 | IOWA ST FIN AUTH SF MTGE REVEN REGD B/E GNMA/FN 3.00000000            | CUSIP: 462467U74<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   5385000 | NS      | $5286778.68   | 0.73%             | 2052-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DOWNEY CA UNIF SC ZCP 08/01/33 | DOWNEY CA UNIF SCH DIST REGD ZCP OID B/E 0.00000000                   | CUSIP: 261005PV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | NS      | $729109.01    | 0.10%             | 2033-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| GLENDALE CA CMNTY ZCP 08/01/37 | GLENDALE CA CMNTY CLG DIST REGD ZCP OID B/E 0.00000000                | CUSIP: 378394HR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | NS      | $1095585.41   | 0.15%             | 2037-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| BECKER MN INDEP S ZCP 02/01/35 | BECKER MN INDEP SCH DIST #726 REGD ZCP OID B/E SD CRED 0.00000000     | CUSIP: 075671ML8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2770000 | NS      | $1857257.85   | 0.26%             | 2035-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY GA DE V/R 01/01/39 | MONROE CNTY GA DEV AUTH POLL C REGD V/R B/E 1.50000000                | CUSIP: 610530FE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3850000 | NS      | $3672546.19   | 0.51%             | 2039-01-01      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH F 4% 01/01/38 | COLORADO ST HLTH FACS AUTH REV REGD B/E 4.00000000                    | CUSIP: 19648FLP7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1750000 | NS      | $1803673.20   | 0.25%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHINO VLY CA UNIF ZCP 08/01/34 | CHINO VLY CA UNIF SCH DIST REGD ZCP OID B/E 0.00000000                | CUSIP: 169583JJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | NS      | $980147.08    | 0.14%             | 2034-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRA ZCP 12/15/31 | NEW JERSEY ST TRANSPRTN TRUST REGD N/C ZCP OID B/E 0.00000000         | CUSIP: 646136XJ5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  11490000 | NS      | $8458931.11   | 1.17%             | 2031-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| EWING TWP NJ 2% 08/01/29       | EWING TWP NJ REGD B/E 2.00000000                                      | CUSIP: 300551MR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | NS      | $1676242.58   | 0.23%             | 2029-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST HSG  3.25% 07/01/49 | INDIANA ST HSG & CMNTY DEV AUT REGD B/E GNMA CO 3.25000000            | CUSIP: 45505TRP8<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   2045000 | NS      | $2031891.14   | 0.28%             | 2049-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AU V/R 11/01/37 | INDIANA ST FIN AUTH HLTH SYS R REGD V/R B/E 1.25000000                | CUSIP: 45470YBL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | NS      | $1300000.00   | 0.18%             | 2037-11-01      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| MONTANA ST BRD OF  4% 12/01/43 | MONTANA ST BRD OF HSG SF MTGE REGD B/E 4.00000000                     | CUSIP: 61212WFN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | NS      | $791304.02    | 0.11%             | 2043-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW MEMPHIS ARENA ZCP 04/01/35 | NEW MEMPHIS ARENA PUBLIC BLDG REGD ZCP OID B/E 0.00000000             | CUSIP: 64704CAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | NS      | $1904913.00   | 0.26%             | 2035-04-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC  5% 10/01/31 | MET WASHINGTON DC ARPTS AUTH A REGD B/E AMT 5.00000000                | CUSIP: 592647CY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2840000 | NS      | $3032689.46   | 0.42%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST  4% 01/01/52 | SOUTH CAROLINA ST HSG FIN & DE REGD B/E 4.00000000                    | CUSIP: 83712DV78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7355000 | NS      | $7515198.52   | 1.04%             | 2052-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SALEM-KEIZER OR S ZCP 06/15/28 | SALEM-KEIZER OR SCH DIST #24J REGD N/C ZCP OID B/E SCH BD 0.00000000  | CUSIP: 794173FU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | NS      | $1285473.90   | 0.18%             | 2028-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY GA  2.25% 07/01/25 | MONROE CNTY GA DEV AUTH POLL C REGD B/E 2.25000000                    | CUSIP: 610530FR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | NS      | $1687403.90   | 0.23%             | 2025-07-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST 3.3% 06/01/34 | MASSACHUSETTS ST HSG FIN AGY H REGD B/E AMT 3.30000000                | CUSIP: 57587AQ92<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    370000 | NS      | $367232.14    | 0.05%             | 2034-06-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| WYOMING ST CMNTY D 3% 06/01/50 | WYOMING ST CMNTY DEV AUTH HSG REGD B/E GNMA/FH 3.00000000             | CUSIP: 98322QYW1<br>LEI: 549300UQ62NB8FGTHW65 | Long             | DBT              | MUN               | US        |   1305000 | NS      | $1288091.64   | 0.18%             | 2050-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SY 5% 07/01/32 | HAWAII ST ARPTS SYS REVENUE REGD B/E AMT 5.00000000                   | CUSIP: 419794C42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | NS      | $1795160.80   | 0.25%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST HSG  4.75% 07/01/52 | INDIANA ST HSG & CMNTY DEV AUT REGD OID B/E GNMA/FN 4.75000000        | CUSIP: 45505TXV8<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   7000000 | NS      | $7409369.10   | 1.03%             | 2052-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX EL V/R 02/01/49 | SAN ANTONIO TX ELEC & GAS REVE REGD V/R B/E 2.00000000                | CUSIP: 79625GEY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | NS      | $7679456.00   | 1.07%             | 2049-02-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRI ZCP 11/15/30 | TRIBOROUGH NY BRIDGE & TUNNEL REGD N/C ZCP OID B/E 0.00000000         | CUSIP: 89602HER4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2725000 | NS      | $2127748.67   | 0.30%             | 2030-11-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HS 4% 11/01/44 | SOUTH DAKOTA ST HSG DEV AUTH REGD B/E AMT 4.00000000                  | CUSIP: 83756CFR1<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |    215000 | NS      | $215083.16    | 0.03%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF H 6% 03/01/53 | TEXAS ST DEPT OF HSG & CMNTY A REGD B/E GNMA CO 6.00000000            | CUSIP: 88275FVW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | NS      | $3973852.05   | 0.55%             | 2053-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GLENDALE CA CMNTY ZCP 08/01/32 | GLENDALE CA CMNTY CLG DIST REGD ZCP OID B/E 0.00000000                | CUSIP: 378394HL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | NS      | $1487281.60   | 0.21%             | 2032-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH  4% 08/15/36 | WISCONSIN ST HLTH & EDUCTNL FA REGD B/E 4.00000000                    | CUSIP: 97712DE36<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   3000000 | NS      | $3062131.20   | 0.42%             | 2036-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & C 5.75% 11/15/36 | DENVER CITY & CNTY CO ARPT REV REGD N/C B/E AMT 5.75000000            | CUSIP: 249182TE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | NS      | $3787882.80   | 0.53%             | 2036-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV  4% 07/01/48 | TENNESSEE HSG DEV AGY RSDL FIN REGD B/E 4.00000000                    | CUSIP: 880461SC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | NS      | $1285434.86   | 0.18%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECO V/R 09/01/27 | NEW JERSEY ST ECON DEV AUTH RE REGD V/R B/E ST APPR 3.21000000        | CUSIP: 645918W41<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3830000 | NS      | $3830324.02   | 0.53%             | 2027-09-01      | Variable      | 3.21%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CU V/R 06/01/50 | HARRIS CNTY TX CULTURAL EDU FA REGD V/R B/E 5.00000000                | CUSIP: 414009RT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5570000 | NS      | $6215417.62   | 0.86%             | 2050-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST HSG FI 4% 09/01/49 | OKLAHOMA ST HSG FIN AGY SF MTG REGD B/E GNMA/FN 4.00000000            | CUSIP: 67886MSA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | NS      | $3073368.17   | 0.43%             | 2049-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENE V/R 05/01/53 | CENTRL PLAINS ENERGY PROJ NE G REGD V/R B/E 5.00000000                | CUSIP: 154871CU9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |  11150000 | NS      | $11781364.29  | 1.64%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| WINDSOR CA UNIF S ZCP 08/01/33 | WINDSOR CA UNIF SCH DIST REGD N/C ZCP OID B/Q B/E 0.00000000          | CUSIP: 973517HY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | NS      | $731900.10    | 0.10%             | 2033-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV V/R 11/01/45 | BURKE CNTY GA DEV AUTH POLL CO REGD V/R B/E 3.00000000                | CUSIP: 121342PP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | NS      | $1200000.00   | 0.17%             | 2045-11-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| BECKER MN INDEP S ZCP 02/01/32 | BECKER MN INDEP SCH DIST #726 REGD ZCP OID B/E SD CRED 0.00000000     | CUSIP: 075671MH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | NS      | $1065690.78   | 0.15%             | 2032-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS V/R 09/15/27 | TEXAS ST MUNI GAS ACQUISITION REGD N/C V/R B/E 3.83800000             | CUSIP: 88255QBH1<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |  10745000 | NS      | $10641793.20  | 1.48%             | 2027-09-15      | Variable      | 3.84%                 | No            |                  2 | On Loan: No      |
| GLENDALE CA CMNTY ZCP 08/01/35 | GLENDALE CA CMNTY CLG DIST REGD ZCP OID B/E 0.00000000                | CUSIP: 378394HP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3350000 | NS      | $2160233.10   | 0.30%             | 2035-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE  3.125% 08/01/24 | NEW HAMPSHIRE ST BUSINESS FIN REGD N/C B/E AMT 3.12500000             | CUSIP: 64468VAF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | NS      | $986691.60    | 0.14%             | 2024-08-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| LAKE TAHOE CA UNI ZCP 08/01/30 | LAKE TAHOE CA UNIF SCH DIST REGD N/C ZCP OID B/Q B/E NATL 0.00000000  | CUSIP: 511012HN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | NS      | $873943.52    | 0.12%             | 2030-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| OAK GROVE CA SCH D 0% 08/01/31 | OAK GROVE CA SCH DIST REGD OID B/E 0.00000000                         | CUSIP: 671205X56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | NS      | $1308209.81   | 0.18%             | 2031-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC  5% 10/01/34 | MET WASHINGTON DC ARPTS AUTH A REGD B/E AMT 5.00000000                | CUSIP: 592647GF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | NS      | $1286243.95   | 0.18%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC  5% 10/01/30 | MET WASHINGTON DC ARPTS AUTH A REGD N/C B/E AMT 5.00000000            | CUSIP: 592647LB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3055000 | NS      | $3478887.36   | 0.48%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HS 3.45% 03/01/49 | MINNESOTA ST HSG FIN AGY HOMEO REGD B/E GNMA/FN 3.45000000            | CUSIP: 60416QHL1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1527727 | NS      | $1484760.16   | 0.21%             | 2049-03-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SC 5% 09/01/34 | PHILADELPHIA PA SCH DIST REGD B/E ST AID 5.00000000                   | CUSIP: 717883YJ5<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1090000 | NS      | $1258858.22   | 0.17%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SC 5% 09/01/28 | PHILADELPHIA PA SCH DIST REGD N/C B/E ST AID 5.00000000               | CUSIP: 717883UV2<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1610000 | NS      | $1798254.72   | 0.25%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI G 6.25% 12/15/26 | TEXAS ST MUNI GAS ACQUISITION REGD N/C OID B/E 6.25000000             | CUSIP: 88256CEX3<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |   8425000 | NS      | $8953848.20   | 1.24%             | 2026-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINA 5% 12/01/32 | SALT VERDE AZ FINANCIAL CORP S REGD N/C OID B/E 5.00000000            | CUSIP: 79575EAR9<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   3000000 | NS      | $3272503.80   | 0.45%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKE TAHOE CA UNI ZCP 08/01/27 | LAKE TAHOE CA UNIF SCH DIST REGD N/C ZCP OID B/Q B/E NATL 0.00000000  | CUSIP: 511012HK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1660000 | NS      | $1455047.44   | 0.20%             | 2027-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HSG  4.2% 11/01/48 | COLORADO ST HSG & FIN AUTH REGD B/E GNMA CO 4.20000000                | CUSIP: 196479V48<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |    666222 | NS      | $665537.69    | 0.09%             | 2048-11-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| DETROIT MI CITY 5.25% 05/01/30 | DETROIT MI CITY SCH DIST REGD N/C B/E AGM Q-S 5.25000000              | CUSIP: 251129Z39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | NS      | $1845534.63   | 0.26%             | 2030-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GLENDALE CA CMNTY ZCP 08/01/36 | GLENDALE CA CMNTY CLG DIST REGD ZCP OID B/E 0.00000000                | CUSIP: 378394HQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5240000 | NS      | $3192525.54   | 0.44%             | 2036-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| STATE PUBLIC SCH B 5% 06/01/32 | STATE PUBLIC SCH BLDG AUTH PA REGD B/E AGM ST 5.00000000              | CUSIP: 85732GUG3<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   2210000 | NS      | $2364808.95   | 0.33%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI CITY 5.25% 05/01/25 | DETROIT MI CITY SCH DIST REGD N/C BHAC-CR 5.25000000                  | CUSIP: 2511294G4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | NS      | $67270.27     | 0.01%             | 2025-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST H 2.1% 05/15/31 | CONNECTICUT ST HSG FIN AUTH HS REGD B/E AMT 2.10000000                | CUSIP: 20775HBS1<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    400000 | NS      | $373188.36    | 0.05%             | 2031-05-15      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINA 5% 12/01/37 | SALT VERDE AZ FINANCIAL CORP S REGD N/C OID B/E 5.00000000            | CUSIP: 79575EAS7<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |  10000000 | NS      | $10596378.00  | 1.47%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIO HONDO CA CMNT ZCP 08/01/43 | RIO HONDO CA CMNTY CLG DIST REGD ZCP OID B/E 0.00000000               | CUSIP: 767121ES1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9500000 | NS      | $3737816.80   | 0.52%             | 2043-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| YAVAPAI CNTY AZ  1.3% 06/01/27 | YAVAPAI CNTY AZ INDL DEV AUTH REGD N/C B/E AMT 1.30000000             | CUSIP: 98521UAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | NS      | $2658729.00   | 0.37%             | 2027-06-01      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| TEXAS ST 4.5% 08/01/30         | TEXAS ST REGD B/E AMT 4.50000000                                      | CUSIP: 882724RU3<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   3955000 | NS      | $4384426.78   | 0.61%             | 2030-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE T 5.25% 07/01/34 | MET NASHVILLE TN ARPT AUTH ARP REGD B/E AMT 5.25000000                | CUSIP: 592190QP0<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1200000 | NS      | $1388948.64   | 0.19%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDIANA ST HSG  3.75% 01/01/49 | INDIANA ST HSG & CMNTY DEV AUT REGD B/E 3.75000000                    | CUSIP: 45505TQU8<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   2850000 | NS      | $2871077.46   | 0.40%             | 2049-01-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST V/R 05/01/37  | MASSACHUSETTS ST REGD V/R B/E AGC 3.54500000                          | CUSIP: 57582PCU2<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1500000 | NS      | $1473491.25   | 0.20%             | 2037-05-01      | Variable      | 3.54%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ENERGY A 5% 11/01/28 | TENNESSEE ENERGY ACQUISITION C REGD N/C B/E 5.00000000                | CUSIP: 88044TAG4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   1000000 | NS      | $1078086.30   | 0.15%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN CA GAS AUTH V/R 07/01/27 | NTHRN CA GAS AUTH #1 GAS PROJ REGD V/R B/E 3.90500000                 | CUSIP: 66483PAH4<br>LEI: 549300TLE6LHZ4MKO832 | Long             | DBT              | MUN               | US        |   8365000 | NS      | $8314313.96   | 1.15%             | 2027-07-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST  4% 01/01/50 | NORTH CAROLINA ST HSG FIN AGY REGD B/E GNMA FN 4.00000000             | CUSIP: 65821FHT6<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   3740000 | NS      | $3789951.81   | 0.53%             | 2050-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SY 5% 07/01/28 | HOUSTON TX ARPT SYS REVENUE REGD N/C B/E AMT 5.00000000               | CUSIP: 442349FH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3820000 | NS      | $4201987.78   | 0.58%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA 5% 08/01/34 | PORT OF SEATTLE WA REVENUE REGD B/E AMT 5.00000000                    | CUSIP: 735389U89<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   5050000 | NS      | $5722068.14   | 0.79%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST E V/R 08/01/37 | PENNSYLVANIA ST ECON DEV FING REGD V/R B/E AMT 0.58000000             | CUSIP: 708692BJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10700000 | NS      | $10165842.09  | 1.41%             | 2037-08-01      | Variable      | 0.58%                 | No            |                  2 | On Loan: No      |
| DETROIT MI CITY 5.25% 05/01/32 | DETROIT MI CITY SCH DIST REGD N/C B/E AGM Q-S 5.25000000              | CUSIP: 251129Z47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3940000 | NS      | $4682818.44   | 0.65%             | 2032-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MARION & POLK CNT ZCP 06/15/33 | MARION & POLK CNTYS OR SCH DIS REGD ZCP OID B/E 0.00000000            | CUSIP: 569203PY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | NS      | $697975.10    | 0.10%             | 2033-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT O 5.75% 01/01/53 | TEXAS ST DEPT OF HSG & CMNTY A REGD B/E GNMA CO 5.75000000            | CUSIP: 882750SX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | NS      | $2773844.50   | 0.38%             | 2053-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG 3.6% 01/01/49 | MINNESOTA ST HSG FIN AGY HOMEO REGD B/E GNMA/FN 3.60000000            | CUSIP: 60416QHJ6<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    575665 | NS      | $561442.11    | 0.08%             | 2049-01-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL AR 5% 10/01/31 | BROWARD CNTY FL ARPT SYS REVEN REGD B/E AMT 5.00000000                | CUSIP: 114894YG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3050000 | NS      | $3392787.06   | 0.47%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA JT U ZCP 08/01/33 | ROSEVILLE CA JT UNION HIGH SCH REGD ZCP OID B/E 0.00000000            | CUSIP: 777849SW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | NS      | $702183.74    | 0.10%             | 2033-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA S 1.1% 01/01/28 | NORTH CAROLINA ST HSG FIN AGY REGD N/C B/E GNMA/FN 1.10000000         | CUSIP: 658207E76<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1540000 | NS      | $1388545.16   | 0.19%             | 2028-01-01      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW Y 5% 10/15/34 | PORT AUTH OF NEW YORK & NEW JE REGD B/E AMT 5.00000000                | CUSIP: 73358XCE0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1320000 | NS      | $1499158.06   | 0.21%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM A 4% 03/15/36 | NEW YORK ST DORM AUTH ST PERSO REGD B/E 4.00000000                    | CUSIP: 64990FYD0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3750000 | NS      | $3878242.13   | 0.54%             | 2036-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLI V/R 12/01/49 | KENTUCKY ST PUBLIC ENERGY AUTH REGD V/R B/E 4.00000000                | CUSIP: 74440DBR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7355000 | NS      | $7375273.32   | 1.02%             | 2049-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| US T BILL ZCP 02/21/23         | UNITED STATES TREASURY BILL ZCP 0.00000000                            | CUSIP: 912796Y60<br>LEI: N/A                  | Long             | STIV             | UST               | US        |  51700000 | PA      | $51572541.01  | 7.16%             | 2023-02-21      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NORTH DAKOTA ST 4.25% 01/01/49 | NORTH DAKOTA ST HSG FIN AGY REGD B/E 4.25000000                       | CUSIP: 658909SW7<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |    890000 | NS      | $903474.78    | 0.13%             | 2049-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MT 3.5% 01/01/51 | NEW MEXICO ST MTGE FIN AUTH REGD B/E GNMA FN 3.50000000               | CUSIP: 647201KP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2445000 | NS      | $2447768.47   | 0.34%             | 2051-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HS 2.93% 03/01/47 | MINNESOTA ST HSG FIN AGY HOMEO REGD B/E GNMA/FN 2.93000000            | CUSIP: 60416QGQ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    733543 | NS      | $704222.10    | 0.10%             | 2047-03-01      | Fixed         | 2.93%                 | No            |                  2 | On Loan: No      |
| MONTANA ST BRD OF  3% 12/01/51 | MONTANA ST BRD OF HSG SF MTGE REGD B/E 3.00000000                     | CUSIP: 61212WPF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2240000 | NS      | $2205303.74   | 0.31%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BU V/R 03/01/27 | MISSISSIPPI ST BUSINESS FIN CO REGD V/R B/E AMT 2.20000000            | CUSIP: 60527MAM1<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   1000000 | NS      | $976148.60    | 0.14%             | 2027-03-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS 5% 11/15/31 | AUSTIN TX ARPT SYS REVENUE REGD N/C B/E AMT 5.00000000                | CUSIP: 052398HG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1395000 | NS      | $1594993.20   | 0.22%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF 3.5% 03/01/51 | TEXAS ST DEPT OF HSG & CMNTY A REGD B/E GNMA 3.50000000               | CUSIP: 88275FSG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | NS      | $1903669.09   | 0.26%             | 2051-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV V/R 01/01/40 | BURKE CNTY GA DEV AUTH POLL CO REGD V/R B/E 1.50000000                | CUSIP: 121342NR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | NS      | $4769540.50   | 0.66%             | 2040-01-01      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| JACKSONVILLE FL SP 5% 10/01/31 | JACKSONVILLE FL SPL REVENUE REGD N/C B/E 5.00000000                   | CUSIP: 469487TG7<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |   2600000 | NS      | $3139803.16   | 0.44%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF H 4% 03/01/50 | TEXAS ST DEPT OF HSG & CMNTY A REGD B/E GNMA CO 4.00000000            | CUSIP: 88275FRD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | NS      | $1349524.96   | 0.19%             | 2050-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRA ZCP 12/15/34 | NEW JERSEY ST TRANSPRTN TRUST REGD N/C ZCP OID B/E 0.00000000         | CUSIP: 646136WR8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1265000 | NS      | $803289.93    | 0.11%             | 2034-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ANTELOPE VLY CA C ZCP 08/01/38 | ANTELOPE VLY CA CMNTY CLG DIST REGD ZCP OID B/E 0.00000000            | CUSIP: 03667PJM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | NS      | $514942.20    | 0.07%             | 2038-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ANAHEIM CA CITY S ZCP 08/01/29 | ANAHEIM CA CITY SCH DIST REGD N/C ZCP OID B/E AGM-CR 0.00000000       | CUSIP: 03254CEL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2140000 | NS      | $1793804.92   | 0.25%             | 2029-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG D 4.25% 07/01/49 | TENNESSEE HSG DEV AGY RSDL FIN REGD B/E 4.25000000                    | CUSIP: 880461VZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1635000 | NS      | $1658553.97   | 0.23%             | 2049-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FARMINGTON NM PO 1.8% 04/01/29 | FARMINGTON NM POLL CONTROL REV REGD N/C B/E 1.80000000                | CUSIP: 311450FZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8600000 | NS      | $7436722.72   | 1.03%             | 2029-04-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALI V/R 11/01/39 | OHIO ST AIR QUALITY DEV AUTH REGD V/R B/E AMT 4.25000000              | CUSIP: 677525WV5<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   6100000 | NS      | $6245008.59   | 0.87%             | 2039-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| CHINO VLY CA UNIF ZCP 08/01/35 | CHINO VLY CA UNIF SCH DIST REGD ZCP OID B/E 0.00000000                | CUSIP: 169583JK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | NS      | $1403245.14   | 0.19%             | 2035-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA UNIF ZCP 07/01/34 | SAN DIEGO CA UNIF SCH DIST REGD ZCP OID B/E 0.00000000                | CUSIP: 7973553Z5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2415000 | NS      | $1565462.65   | 0.22%             | 2034-07-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AU 5% 02/15/36 | ILLINOIS ST FIN AUTH REVENUE REGD B/E 5.00000000                      | CUSIP: 45204EFB9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3915000 | NS      | $4133087.03   | 0.57%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANTA RITA CA UNI ZCP 08/01/33 | SANTA RITA CA UNION SCH DIST REGD N/C ZCP OID B/Q B/E AGM 0.00000000  | CUSIP: 802564FL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | NS      | $775176.89    | 0.11%             | 2033-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX C V/R 11/15/52 | TARRANT CNTY TX CULTURAL EDU F REGD V/R B/E 5.00000000                | CUSIP: 87638QSG5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   4850000 | NS      | $5540343.67   | 0.77%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT O 2.15% 07/01/37 | TEXAS ST DEPT OF HSG & CMNTY A REGD B/E GNMA 2.15000000               | CUSIP: 882750RQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2030000 | NS      | $1639221.14   | 0.23%             | 2037-07-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| MULTNOMAH CLACKAM ZCP 06/15/32 | MULTNOMAH CLACKAMAS CNTYS OR S REGD ZCP OID B/E SCH BD 0.00000000     | CUSIP: 625482HN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1445000 | NS      | $1034315.11   | 0.14%             | 2032-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| DOWNEY CA UNIF SC ZCP 08/01/35 | DOWNEY CA UNIF SCH DIST REGD ZCP OID B/E 0.00000000                   | CUSIP: 261005PX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | NS      | $652013.50    | 0.09%             | 2035-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE T 5.25% 07/01/35 | MET NASHVILLE TN ARPT AUTH ARP REGD B/E AMT 5.25000000                | CUSIP: 592190QQ8<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1125000 | NS      | $1287303.41   | 0.18%             | 2035-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENE V/R 03/01/50 | CENTRL PLAINS ENERGY PROJ NE G REGD V/R B/E 5.00000000                | CUSIP: 154871CT2<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1560000 | NS      | $1577053.45   | 0.22%             | 2050-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS V/R 09/15/27 | TEXAS ST MUNI GAS ACQUISITION REGD V/R B/E 4.06500000                 | CUSIP: 88255QAC3<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |  10365000 | NS      | $10330744.71  | 1.43%             | 2027-09-15      | Variable      | 4.07%                 | No            |                  2 | On Loan: No      |
| ANTELOPE VLY CA C ZCP 08/01/34 | ANTELOPE VLY CA CMNTY CLG DIST REGD ZCP OID B/E 0.00000000            | CUSIP: 03667PJH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | NS      | $670594.70    | 0.09%             | 2034-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| BETHLEHEM PA AREA V/R 07/01/31 | BETHLEHEM PA AREA SCH DIST AUT REGD V/R B/E ST AID 3.23100000         | CUSIP: 087368AM8<br>LEI: 549300TFB2HAL26FJP41 | Long             | DBT              | MUN               | US        |   5780000 | NS      | $5631136.68   | 0.78%             | 2031-07-01      | Variable      | 3.23%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRI ZCP 11/15/36 | TRIBOROUGH NY BRIDGE & TUNNEL REGD N/C ZCP OID B/E 0.00000000         | CUSIP: 89602HET0<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   3500000 | NS      | $2048217.15   | 0.28%             | 2036-11-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI CITY 5.25% 05/01/27 | DETROIT MI CITY SCH DIST REGD N/C B/E AGM Q-S 5.25000000              | CUSIP: 251129Y89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | NS      | $362852.98    | 0.05%             | 2027-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AU 4% 08/15/36 | ILLINOIS ST FIN AUTH REVENUE REGD B/E 4.00000000                      | CUSIP: 45204FBA2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2470000 | NS      | $2508242.02   | 0.35%             | 2036-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVI 5% 10/01/32 | GTR ORLANDO FL AVIATION AUTH A REGD B/E AMT 5.00000000                | CUSIP: 392275AY9<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1920000 | NS      | $2197988.16   | 0.31%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST  4.5% 11/01/48 | SOUTH DAKOTA ST HSG DEV AUTH REGD B/E 4.50000000                      | CUSIP: 83756CWQ4<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |   1920000 | NS      | $1961860.22   | 0.27%             | 2048-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RALEIGH DURHAM NC  5% 05/01/34 | RALEIGH DURHAM NC ARPT AUTH AR REGD B/E AMT 5.00000000                | CUSIP: 751073MC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2120000 | NS      | $2362311.55   | 0.33%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOVE FIELD TX ARPT 5% 11/01/25 | LOVE FIELD TX ARPT MODERNIZATI REGD N/C B/E AMT 5.00000000            | CUSIP: 54714CBA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | NS      | $1081595.68   | 0.15%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW Y 5% 08/01/31 | PORT AUTH OF NEW YORK & NEW JE REGD N/C B/E AMT 5.00000000            | CUSIP: 73358XFD9<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   3440000 | NS      | $3951353.94   | 0.55%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME L 2.304% 05/15/27 | FEDERAL HOME LOAN MTGE CORP VA REGD N/C B/E AMT 2.30400000            | CUSIP: 31350AAU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | NS      | $886058.65    | 0.12%             | 2027-05-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| MONTANA ST BRD OF  5% 12/01/52 | MONTANA ST BRD OF HSG SF MTGE REGD B/E 5.00000000                     | CUSIP: 61212WRS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | NS      | $1722159.79   | 0.24%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HSG 5.75% 05/01/53 | MISSOURI ST HSG DEV COMMISSION REGD B/E GNMA/FN 5.75000000            | CUSIP: 60637B2T6<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |   6000000 | NS      | $6619317.60   | 0.92%             | 2053-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRA ZCP 12/15/33 | NEW JERSEY ST TRANSPRTN TRUST REGD N/C ZCP OID B/E AGM 0.00000000     | CUSIP: 646136EW7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3535000 | NS      | $2404510.18   | 0.33%             | 2033-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| RAILSPLITTER IL TO 5% 06/01/28 | RAILSPLITTER IL TOBACCO SETTLE REGD B/E 5.00000000                    | CUSIP: 75076PBA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | NS      | $938344.07    | 0.13%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC  5% 10/01/29 | MET WASHINGTON DC ARPTS AUTH A REGD N/C B/E AMT 5.00000000            | CUSIP: 592647LA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | NS      | $2257564.40   | 0.31%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF 4.4% 07/01/37 | TEXAS ST DEPT OF HSG & CMNTY A REGD B/E GNMA CO 4.40000000            | CUSIP: 882750ST0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | NS      | $838481.04    | 0.12%             | 2037-07-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| MILWAUKEE CNTY  5.25% 12/01/28 | MILWAUKEE CNTY WI ARPT REVENUE REGD B/E AMT 5.25000000                | CUSIP: 602248HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | NS      | $305760.63    | 0.04%             | 2028-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA 5% 08/01/35 | PORT OF SEATTLE WA REVENUE REGD B/E AMT 5.00000000                    | CUSIP: 735389U97<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1415000 | NS      | $1578362.03   | 0.22%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HS 5.35% 07/01/36 | MINNESOTA ST HSG FIN AGY REGD B/E AMT GNMA/FN 5.35000000              | CUSIP: 60416TXU7<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1000000 | NS      | $1070081.30   | 0.15%             | 2036-07-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CLACKA ZCP 06/15/33 | WASHINGTON CLACKAMAS & YAMHILL REGD ZCP OID B/E SCH BD 0.00000000     | CUSIP: 937440EV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | NS      | $725767.84    | 0.10%             | 2033-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HS 3.15% 06/01/49 | MINNESOTA ST HSG FIN AGY HOMEO REGD B/E GNMA/FN 3.15000000            | CUSIP: 60416QHN7<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    647250 | NS      | $624622.33    | 0.09%             | 2049-06-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| PORT SEATTLE WA 3.75% 06/01/27 | PORT SEATTLE WA SPL FAC REVENU REGD OID B/E AMT 3.75000000            | CUSIP: 735397CN9<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    425000 | NS      | $426167.99    | 0.06%             | 2027-06-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH W V/R 10/01/46 | PUBLIC FIN AUTH WI POLL CONTRO REGD V/R B/E 3.70000000                | CUSIP: 74447HAA6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5000000 | NS      | $5188443.00   | 0.72%             | 2046-10-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV  4% 01/01/43 | TENNESSEE HSG DEV AGY RSDL FIN REGD B/E 4.00000000                    | CUSIP: 880461TK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | NS      | $1423168.27   | 0.20%             | 2043-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH DAKOTA ST 4.25% 07/01/49 | NORTH DAKOTA ST HSG FIN AGY REGD B/E 4.25000000                       | CUSIP: 658909TX4<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   3050000 | NS      | $3101484.61   | 0.43%             | 2049-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRA ZCP 12/15/30 | NEW JERSEY ST TRANSPRTN TRUST REGD N/C ZCP OID B/E 0.00000000         | CUSIP: 646136XH9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   4405000 | NS      | $3382872.61   | 0.47%             | 2030-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF  5% 01/01/34 | MUNI ELEC AUTH OF GEORGIA REGD B/E 5.00000000                         | CUSIP: 626207Y57<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    500000 | NS      | $548841.50    | 0.08%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HL V/R 07/01/35 | CONNECTICUT ST HLTH & EDUCTNL REGD V/R B/E 0.37500000                 | CUSIP: 20775DLZ3<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   3800000 | NS      | $3639184.38   | 0.51%             | 2035-07-01      | Variable      | 0.38%                 | No            |                  2 | On Loan: No      |
| DULUTH MN INDEP S ZCP 02/01/32 | DULUTH MN INDEP SCH DIST #709 REGD ZCP OID B/E SD CRED 0.00000000     | CUSIP: 264471LM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | NS      | $773509.17    | 0.11%             | 2032-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVI 5% 10/01/36 | GTR ORLANDO FL AVIATION AUTH A REGD B/E AMT 5.00000000                | CUSIP: 392274W93<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   5850000 | NS      | $6187320.95   | 0.86%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARION & POLK CNT ZCP 06/15/31 | MARION & POLK CNTYS OR SCH DIS REGD ZCP OID B/E 0.00000000            | CUSIP: 569203PW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | NS      | $791201.16    | 0.11%             | 2031-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST  3.5% 11/01/46 | SOUTH DAKOTA ST HSG DEV AUTH REGD B/E 3.50000000                      | CUSIP: 83756CPQ2<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |   1660000 | NS      | $1658050.99   | 0.23%             | 2046-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA JT U ZCP 08/01/30 | ROSEVILLE CA JT UNION HIGH SCH REGD N/C ZCP OID B/E AGM 0.00000000    | CUSIP: 777849MJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | NS      | $628481.76    | 0.09%             | 2030-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST  4.25% 05/15/42 | CONNECTICUT ST HSG FIN AUTH HS REGD B/E GNMA/FN 4.25000000            | CUSIP: 20775CN34<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   2385000 | NS      | $2421088.15   | 0.34%             | 2042-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF  5% 01/01/31 | MUNI ELEC AUTH OF GEORGIA REGD B/E 5.00000000                         | CUSIP: 626207Y24<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1140000 | NS      | $1264340.48   | 0.18%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST  4% 07/01/48 | NORTH CAROLINA ST HSG FIN AGY REGD B/E GNMA/FN 4.00000000             | CUSIP: 658207VD4<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   4790000 | NS      | $4839627.75   | 0.67%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HL V/R 07/01/49 | CONNECTICUT ST HLTH & EDUCTNL REGD V/R B/E 1.10000000                 | CUSIP: 20775DRT1<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |  10000000 | NS      | $9547472.00   | 1.33%             | 2049-07-01      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| ANAHEIM CA PUBLIC ZCP 09/01/30 | ANAHEIM CA PUBLIC FING AUTH LE REGD N/C ZCP OID B/E AGM 0.00000000    | CUSIP: 03255LBQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3195000 | NS      | $2533833.09   | 0.35%             | 2030-09-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ANTELOPE VLY CA C ZCP 08/01/36 | ANTELOPE VLY CA CMNTY CLG DIST REGD ZCP OID B/E 0.00000000            | CUSIP: 03667PJK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | NS      | $585067.80    | 0.08%             | 2036-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HS 2.47% 01/01/50 | MINNESOTA ST HSG FIN AGY HOMEO REGD B/E GNMA/FN 2.47000000            | CUSIP: 60416QHT4<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   3466700 | NS      | $3215896.81   | 0.45%             | 2050-01-01      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MTGE 4% 01/01/49 | NEW MEXICO ST MTGE FIN AUTH REGD B/E GNMA/FN 4.00000000               | CUSIP: 647201BD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | NS      | $1131875.02   | 0.16%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTER CA JT UNIF ZCP 08/01/31 | CENTER CA JT UNIF SCH DIST REGD ZCP OID B/E BAM 0.00000000            | CUSIP: 151488AQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | NS      | $1543164.80   | 0.21%             | 2031-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ANTELOPE VLY CA C ZCP 08/01/32 | ANTELOPE VLY CA CMNTY CLG DIST REGD N/C ZCP OID B/E 0.00000000        | CUSIP: 03667PJF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | NS      | $756268.20    | 0.10%             | 2032-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVI 5% 10/01/36 | GTR ORLANDO FL AVIATION AUTH A REGD B/E AMT 5.00000000                | CUSIP: 3922742A3<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   2500000 | NS      | $2698959.00   | 0.37%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH 3.5% 01/01/49 | IOWA ST FIN AUTH SF MTGE REVEN REGD B/E GNMA/FN 3.50000000            | CUSIP: 462467YJ4<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    420000 | NS      | $420771.25    | 0.06%             | 2049-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ANAHEIM CA CITY S ZCP 08/01/26 | ANAHEIM CA CITY SCH DIST REGD N/C ZCP OID B/E NATL 0.00000000         | CUSIP: 03254CDT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | NS      | $915593.60    | 0.13%             | 2026-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA 5% 04/01/39 | PORT OF SEATTLE WA REVENUE REGD B/E AMT 5.00000000                    | CUSIP: 735389H92<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1705000 | NS      | $1810808.04   | 0.25%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKE TAHOE CA UNIF 0% 08/01/45 | LAKE TAHOE CA UNIF SCH DIST REGD N/C OID B/Q B/E AGM 0.00000000       | CUSIP: 511012LW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | NS      | $1639701.80   | 0.23%             | 2045-08-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST  4% 07/01/50 | NORTH CAROLINA ST HSG FIN AGY REGD B/E 4.00000000                     | CUSIP: 658207ZW8<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2185000 | NS      | $2217924.02   | 0.31%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL AR 5% 10/01/27 | BROWARD CNTY FL ARPT SYS REVEN REGD N/C B/E AMT 5.00000000            | CUSIP: 114894YC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2660000 | NS      | $2897516.99   | 0.40%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP FAC R 4% 01/01/36 | OHIO ST HOSP FAC REVENUE REGD B/E 4.00000000                          | CUSIP: 677561KN1<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1000000 | NS      | $1037043.30   | 0.14%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH DAKOTA ST HS 4% 01/01/53 | NORTH DAKOTA ST HSG FIN AGY REGD B/E 4.00000000                       | CUSIP: 658909M37<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   3975000 | NS      | $4061695.15   | 0.56%             | 2053-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HS 3.5% 06/01/44 | WASHINGTON ST HSG FIN COMMISSI REGD B/E AMT 3.50000000                | CUSIP: 93978TRW1<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |     20000 | NS      | $19961.29     | 0.00%             | 2044-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT  2.835% 09/01/47 | TEXAS ST DEPT OF HSG & CMNTY A REGD B/E GNMA\FN 2.83500000            | CUSIP: 88275FNY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9504577 | NS      | $9082747.88   | 1.26%             | 2047-09-01      | Fixed         | 2.83%                 | No            |                  2 | On Loan: No      |
| OAK PARK CA UNIF  ZCP 08/01/28 | OAK PARK CA UNIF SCH DIST REGD N/C ZCP OID B/Q B/E AGM 0.00000000     | CUSIP: 671556GN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | NS      | $893734.49    | 0.12%             | 2028-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY T 4% 02/01/38 | NEW YORK CITY NY TRANSITIONAL REGD B/E 4.00000000                     | CUSIP: 64971XXR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | NS      | $766685.70    | 0.11%             | 2038-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RIO HONDO CA CMNT ZCP 08/01/36 | RIO HONDO CA CMNTY CLG DIST REGD N/C ZCP OID B/E 0.00000000           | CUSIP: 767121DG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6300000 | NS      | $3889557.63   | 0.54%             | 2036-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SY 5% 07/01/31 | HOUSTON TX ARPT SYS REVENUE REGD B/E AMT 5.00000000                   | CUSIP: 442349DT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | NS      | $2248102.40   | 0.31%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV  5% 01/01/53 | TENNESSEE HSG DEV AGY RSDL FIN REGD B/E 5.00000000                    | CUSIP: 88046KBD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | NS      | $3169026.30   | 0.44%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHAFFEY CA JT UNI ZCP 08/01/33 | CHAFFEY CA JT UNION HIGH SCH D REGD ZCP OID B/E 0.00000000            | CUSIP: 157411RY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | NS      | $754938.29    | 0.10%             | 2033-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| GLENDALE CA CMNTY ZCP 08/01/33 | GLENDALE CA CMNTY CLG DIST REGD ZCP OID B/E 0.00000000                | CUSIP: 378394HM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | NS      | $1784995.75   | 0.25%             | 2033-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST  V/R 08/01/23 | MASSACHUSETTS ST WTR POLLUTN AREGD N/C V/R B/E 7.77148400             | CUSIP: 57604PA95<br>LEI: 549300SYPEROLSQU0261 | Long             | DBT              | MUN               | US        |   5000000 | NS      | $5086859.50   | 0.71%             | 2023-08-01      | Variable      | 7.77%                 | No            |                  2 | On Loan: No      |
| NORTHSIDE TX INDE V/R 06/01/52 | NORTHSIDE TX INDEP SCH DIST REGD V/R B/E PSF-GTD 2.00000000           | CUSIP: 66702RC26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | NS      | $4778536.00   | 0.66%             | 2052-06-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SY 5% 07/01/24 | HOUSTON TX ARPT SYS REVENUE REGD N/C B/E AMT 5.00000000               | CUSIP: 442349AF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | NS      | $1150207.52   | 0.16%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHSIDE TX INDE V/R 06/01/50 | NORTHSIDE TX INDEP SCH DIST REGD V/R B/E PSF-GTD 0.70000000           | CUSIP: 66702RYW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7800000 | NS      | $7364550.18   | 1.02%             | 2050-06-01      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST  2.05% 11/15/30 | CONNECTICUT ST HSG FIN AUTH HS REGD B/E AMT 2.05000000                | CUSIP: 20775HBR3<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    450000 | NS      | $418629.20    | 0.06%             | 2030-11-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS V/R 12/15/26 | TEXAS ST MUNI GAS ACQUISITION REGD V/R B/E 3.89500000                 | CUSIP: 88256CAW9<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |  11805000 | NS      | $11739647.52  | 1.63%             | 2026-12-15      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| PLACER CA UNION H ZCP 08/01/30 | PLACER CA UNION HIGH SCH DIST REGD N/C ZCP OID B/E AGM 0.00000000     | CUSIP: 726008CV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | NS      | $790670.60    | 0.11%             | 2030-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| AMELIA CNTY VA  1.45% 04/01/27 | AMELIA CNTY VA INDL DEV AUTH S REGD N/C B/E AMT 1.45000000            | CUSIP: 023445AA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | NS      | $2468688.20   | 0.34%             | 2027-04-01      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| OAK GROVE CA SCH D 0% 08/01/32 | OAK GROVE CA SCH DIST REGD OID B/E 0.00000000                         | CUSIP: 671205X64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | NS      | $778192.30    | 0.11%             | 2032-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ROWLAND CA UNIF S ZCP 08/01/34 | ROWLAND CA UNIF SCH DIST REGD N/C ZCP OID B/E 0.00000000              | CUSIP: 779631EJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | NS      | $4264285.35   | 0.59%             | 2034-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS V/R 09/15/27 | TEXAS ST MUNI GAS ACQUISITION REGD V/R B/E 2.21000000                 | CUSIP: 88255QAE9<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |   3300000 | NS      | $3220706.28   | 0.45%             | 2027-09-15      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HSG 4.75% 11/01/52 | MISSOURI ST HSG DEV COMMISSION REGD B/E GNMA/FN 4.75000000            | CUSIP: 60637BV31<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |   3000000 | NS      | $3158661.90   | 0.44%             | 2052-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SARTELL MN INDEP  ZCP 02/01/33 | SARTELL MN INDEP SCH DIST #748 REGD ZCP OID B/E SD CRED 0.00000000    | CUSIP: 803820LB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | NS      | $723350.00    | 0.10%             | 2033-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| LANE CNTY OR SCH  ZCP 06/15/27 | LANE CNTY OR SCH DIST #1 PLEAS REGD N/C ZCP OID B/E SCH BD 0.00000000 | CUSIP: 515282FN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1670000 | NS      | $1469420.31   | 0.20%             | 2027-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HS 4% 11/01/49 | SOUTH DAKOTA ST HSG DEV AUTH REGD B/E 4.00000000                      | CUSIP: 83756CZA6<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |   2780000 | NS      | $2819557.45   | 0.39%             | 2049-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG  4% 12/01/47 | WASHINGTON ST HSG FIN COMMISSI REGD B/E GNMA/FN 4.00000000            | CUSIP: 93978TZG7<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    555000 | NS      | $556254.36    | 0.08%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BECKER MN INDEP S ZCP 02/01/34 | BECKER MN INDEP SCH DIST #726 REGD ZCP OID B/E SD CRED 0.00000000     | CUSIP: 075671MK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3420000 | NS      | $2418773.80   | 0.34%             | 2034-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MEDINA VLY TX IND V/R 02/15/51 | MEDINA VLY TX INDEP SCH DIST REGD V/R B/E PSF-GTD 0.82000000          | CUSIP: 584887SX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5900000 | NS      | $5441624.28   | 0.76%             | 2051-02-15      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA  2.65% 07/01/34 | SOUTH CAROLINA ST HSG FIN & DE REGD B/E 2.65000000                    | CUSIP: 83712DF84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | NS      | $775629.08    | 0.11%             | 2034-07-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV V/R 12/01/49 | BURKE CNTY GA DEV AUTH POLL CO REGD V/R B/E 1.70000000                | CUSIP: 121342PZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | NS      | $630871.41    | 0.09%             | 2049-12-01      | Variable      | 1.70%                 | No            |                  2 | On Loan: No      |
| DULUTH MN INDEP S ZCP 02/01/31 | DULUTH MN INDEP SCH DIST #709 REGD ZCP OID B/E SD CRED 0.00000000     | CUSIP: 264471LL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | NS      | $996381.36    | 0.14%             | 2031-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY O ZCP 06/15/34 | WASHINGTON CNTY OR SCH DIST #4 REGD ZCP OID B/E SCH BD 0.00000000     | CUSIP: 938429T31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | NS      | $2082971.15   | 0.29%             | 2034-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY 4% 08/01/37        | NEW YORK NY REGD B/E 4.00000000                                       | CUSIP: 64966QXQ8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    860000 | NS      | $878245.42    | 0.12%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHAFFEY CA JT UNI ZCP 02/01/34 | CHAFFEY CA JT UNION HIGH SCH D REGD ZCP OID B/E 0.00000000            | CUSIP: 157411UM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | NS      | $710335.30    | 0.10%             | 2034-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CUL 4% 10/01/37 | HARRIS CNTY TX CULTURAL EDU FA REGD B/E 4.00000000                    | CUSIP: 414009LX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | NS      | $2065469.40   | 0.29%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROWLAND CA UNIF S ZCP 08/01/33 | ROWLAND CA UNIF SCH DIST REGD ZCP OID B/E 0.00000000                  | CUSIP: 779631HM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | NS      | $862097.54    | 0.12%             | 2033-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SC 4% 09/01/36 | PHILADELPHIA PA SCH DIST REGD B/E ST AID 4.00000000                   | CUSIP: 717883WC2<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1470000 | NS      | $1513467.90   | 0.21%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HSG FIN 4% 07/01/50 | FLORIDA ST HSG FIN CORP REVENU REGD B/E GNMA/FN 4.00000000            | CUSIP: 34074MTL5<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   2975000 | NS      | $3012362.13   | 0.42%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY O ZCP 06/15/33 | WASHINGTON CNTY OR SCH DIST #4 REGD ZCP OID B/E SCH BD 0.00000000     | CUSIP: 938429T23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2225000 | NS      | $1499203.89   | 0.21%             | 2033-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA UNIF ZCP 07/01/37 | SAN DIEGO CA UNIF SCH DIST REGD ZCP OID B/E 0.00000000                | CUSIP: 7973554C5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | NS      | $1679500.80   | 0.23%             | 2037-07-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST 3.75% 11/01/50 | SOUTH DAKOTA ST HSG DEV AUTH REGD B/E 3.75000000                      | CUSIP: 83756CZZ1<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |   5385000 | NS      | $5423861.93   | 0.75%             | 2050-11-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GOOSE CREEK TX CO V/R 02/15/35 | GOOSE CREEK TX CONSOL INDEP SC REGD V/R B/E PSF-GTD 0.60000000        | CUSIP: 3826043G9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | NS      | $1632160.95   | 0.23%             | 2035-02-15      | Variable      | 0.60%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AU 3% 07/15/32 | ILLINOIS ST FIN AUTH REVENUE REGD B/E 3.00000000                      | CUSIP: 45204EZU5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3130000 | NS      | $3130821.94   | 0.43%             | 2032-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW Y 5% 07/15/35 | PORT AUTH OF NEW YORK & NEW JE REGD B/E AMT 5.00000000                | CUSIP: 73358W5L4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1500000 | NS      | $1663125.15   | 0.23%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HS 3.75% 01/01/50 | MINNESOTA ST HSG FIN AGY REGD B/E GNMA/FN 3.75000000                  | CUSIP: 60416ST42<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1635000 | NS      | $1645701.89   | 0.23%             | 2050-01-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG F 3% 01/01/51 | MINNESOTA ST HSG FIN AGY REGD B/E GNMA/FN 3.00000000                  | CUSIP: 60416TBJ6<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1795000 | NS      | $1770033.70   | 0.25%             | 2051-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SY 5% 07/01/25 | HOUSTON TX ARPT SYS REVENUE REGD N/C B/E AMT 5.00000000               | CUSIP: 442349AG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | NS      | $1225891.72   | 0.17%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISE CNTY VA INDL V/R 10/01/40 | WISE CNTY VA INDL DEV AUTH SOL REGD V/R B/E 0.75000000                | CUSIP: 977228AE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8700000 | NS      | $7991781.72   | 1.11%             | 2040-10-01      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| SAN MATEO CA UNION 0% 09/01/41 | SAN MATEO CA UNION HIGH SCH DI REGD OID B/E 0.00000000                | CUSIP: 799017GU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1975000 | NS      | $1925859.83   | 0.27%             | 2041-09-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| MARION & POLK CNT ZCP 06/15/35 | MARION & POLK CNTYS OR SCH DIS REGD ZCP OID B/E 0.00000000            | CUSIP: 569203QA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | NS      | $661177.56    | 0.09%             | 2035-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| WYOMING ST CMNTY D 4% 12/01/48 | WYOMING ST CMNTY DEV AUTH HSG REGD B/E 4.00000000                     | CUSIP: 98322QSY4<br>LEI: 549300UQ62NB8FGTHW65 | Long             | DBT              | MUN               | US        |   2040000 | NS      | $2062544.65   | 0.29%             | 2048-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HSG F 5.5% 01/01/54 | FLORIDA ST HSG FIN CORP REVENU REGD B/E GNMA/FN 5.50000000            | CUSIP: 34074MD99<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   3000000 | NS      | $3267363.60   | 0.45%             | 2054-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS & WASHI ZCP 06/15/36 | CLACKAMAS & WASHINGTON CNTYS O REGD ZCP OID B/E SCH BD 0.00000000     | CUSIP: 178882PZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3150000 | NS      | $1821395.84   | 0.25%             | 2036-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLI V/R 08/01/52 | KENTUCKY ST PUBLIC ENERGY AUTH REGD V/R B/E 4.08100000                | CUSIP: 74440DDT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | NS      | $6201820.95   | 0.86%             | 2052-08-01      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| TRIMBLE CNTY KY 1.35% 11/01/27 | TRIMBLE CNTY KY POLL CONTROL R REGD N/C B/E AMT 1.35000000            | CUSIP: 896224BB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | NS      | $4606790.50   | 0.64%             | 2027-11-01      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG F 5% 07/01/53 | MINNESOTA ST HSG FIN AGY REGD B/E GNMA/FN 5.00000000                  | CUSIP: 60416TVY1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   3500000 | NS      | $3733422.70   | 0.52%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CLACKA ZCP 06/15/31 | WASHINGTON CLACKAMAS & YAMHILL REGD ZCP OID B/E SCH BD 0.00000000     | CUSIP: 937440ET8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | NS      | $1129943.70   | 0.16%             | 2031-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| GROSSMONT CA HLTH ZCP 07/15/30 | GROSSMONT CA HLTHCARE DIST REGD N/C ZCP OID B/E AMBAC 0.00000000      | CUSIP: 399223AX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | NS      | $808604.10    | 0.11%             | 2030-07-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PALMDALE CA SCH D ZCP 08/01/36 | PALMDALE CA SCH DIST REGD ZCP OID B/E AGM 0.00000000                  | CUSIP: 696735RU5<br>LEI: 549300YBE1L2RGBY7L18 | Long             | DBT              | MUN               | US        |   1310000 | NS      | $806639.44    | 0.11%             | 2036-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SC 5% 09/01/34 | PHILADELPHIA PA SCH DIST REGD B/E ST AID 5.00000000                   | CUSIP: 717883TK8<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   2500000 | NS      | $2651739.75   | 0.37%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC  5% 10/01/28 | MET WASHINGTON DC ARPTS AUTH A REGD N/C B/E AMT 5.00000000            | CUSIP: 592647KZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | NS      | $3335513.70   | 0.46%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV V/R 11/01/45 | BURKE CNTY GA DEV AUTH POLL CO REGD V/R B/E 3.25000000                | CUSIP: 121342PN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2715000 | NS      | $2713158.69   | 0.38%             | 2045-11-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE-MECKLENB 4% 01/15/37 | CHARLOTTE-MECKLENBURG NC HOSP REGD OID B/E 4.00000000                 | CUSIP: 160853UG0<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   1200000 | NS      | $1222963.68   | 0.17%             | 2037-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG 1.3% 07/01/28 | MINNESOTA ST HSG FIN AGY REGD N/C B/E GNMA/FN 1.30000000              | CUSIP: 60416TEY0<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1435000 | NS      | $1294732.48   | 0.18%             | 2028-07-01      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| BECKER MN INDEP S ZCP 02/01/36 | BECKER MN INDEP SCH DIST #726 REGD ZCP OID B/E SD CRED 0.00000000     | CUSIP: 075671MM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | NS      | $1263727.00   | 0.18%             | 2036-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF NORTH CAR V/R 12/01/41 | UNIV OF NORTH CAROLINA NC AT C REGD V/R B/E 3.53100000                | CUSIP: 914713U26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | NS      | $2256273.68   | 0.31%             | 2041-12-01      | Variable      | 3.53%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW Y 5% 08/01/36 | PORT AUTH OF NEW YORK & NEW JE REGD B/E AMT 5.00000000                | CUSIP: 73358XFJ6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1395000 | NS      | $1559450.83   | 0.22%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVI 5% 10/01/38 | GTR ORLANDO FL AVIATION AUTH A REGD B/E AMT 5.00000000                | CUSIP: 3922742C9<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   3275000 | NS      | $3516973.05   | 0.49%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HS 5% 05/01/53 | SOUTH DAKOTA ST HSG DEV AUTH REGD B/E 5.00000000                      | CUSIP: 83756CW27<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |   5000000 | NS      | $5315308.00   | 0.74%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT O 2.15% 09/01/35 | TEXAS ST DEPT OF HSG & CMNTY A REGD B/E GNMA 2.15000000               | CUSIP: 88275FSC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | NS      | $427902.33    | 0.06%             | 2035-09-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST V/R 05/01/37  | MASSACHUSETTS ST REGD V/R B/E NATL 3.54500000                         | CUSIP: 57582PCV0<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2500000 | NS      | $2455906.25   | 0.34%             | 2037-05-01      | Variable      | 3.54%                 | No            |                  2 | On Loan: No      |
| NEW MEMPHIS ARENA ZCP 04/01/33 | NEW MEMPHIS ARENA PUBLIC BLDG REGD ZCP OID B/E 0.00000000             | CUSIP: 64704CAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | NS      | $1230463.33   | 0.17%             | 2033-04-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF  5% 01/01/33 | MUNI ELEC AUTH OF GEORGIA REGD B/E 5.00000000                         | CUSIP: 626207Y40<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | NS      | $1100675.20   | 0.15%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH DAKOTA ST 5.75% 07/01/53 | NORTH DAKOTA ST HSG FIN AGY REGD B/E 5.75000000                       | CUSIP: 658909X68<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   6200000 | NS      | $6854930.80   | 0.95%             | 2053-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS S 3.45% 12/01/36 | MASSACHUSETTS ST HSG FIN AGY H REGD B/E AMT 3.45000000                | CUSIP: 57587AR26<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    485000 | NS      | $471015.90    | 0.07%             | 2036-12-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST  3.4% 11/01/32 | SOUTH DAKOTA ST HSG DEV AUTH REGD B/E GNMA/FN 3.40000000              | CUSIP: 83756CQJ7<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |   1500000 | NS      | $1512270.90   | 0.21%             | 2032-11-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST H 3.5% 11/15/45 | CONNECTICUT ST HSG FIN AUTH HS REGD B/E 3.50000000                    | CUSIP: 20775C6N9<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   6030000 | NS      | $6039857.24   | 0.84%             | 2045-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FORT BEND TX INDE V/R 08/01/51 | FORT BEND TX INDEP SCH DIST REGD V/R B/E PSF-GTD 0.72000000           | CUSIP: 346843SZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3720000 | NS      | $3367072.81   | 0.47%             | 2051-08-01      | Variable      | 0.72%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-02

**Name of Applicant:** BBH Trust

**Signature:** Charles Schreiber

**Name of Signer:** Charles Schreiber

**Title:** Treasurer