# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0001752724-25-205202
**Filing Date:** 2025-8
**Character Count:** 381548
**Document Hash:** 63568023dbf7377fb414957ebd3f80d1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-205202.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-205202

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04096
- **FILM NUMBER:** 251255747

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

MIU-Q1

![](img7a55e3cb1.gif)

**Quarterly Report**

June 30, 2025

MFS<sup>®</sup> Municipal <br>Intermediate Fund

![](imgf4f2a5732.gif)

------

**Portfolio of Investments**

6/30/25 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by jurisdiction.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – 96.6% | Municipal Bonds – 96.6% | Municipal Bonds – 96.6% |
| Alabama – 3.7% | Alabama – 3.7% | Alabama – 3.7% |
| Alabama State University Board of Trustees, General Tuition & Fee Rev., AGM, 5.25%, 9/01/2038  | $650000 | &nbsp;&nbsp;&nbsp; $694689 |
| Baldwin County, AL, Industrial Development Authority, County Solid Waste Disposal Rev. (Novelis Corp. Project), "A", 5%, <br> 6/01/2055 (Put Date 6/01/2032)<br>| 465000 | &nbsp;&nbsp;&nbsp; 468786 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "A", 4%, 6/01/2051 (Put Date 12/01/2031) | 185000 | &nbsp;&nbsp;&nbsp; 187209 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C", 5.5%, 10/01/2054 (Put Date 6/01/2032) | 250000 | &nbsp;&nbsp;&nbsp; 269857 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C", 5%, 5/01/2055 (Put Date 7/01/2031) | 365000 | &nbsp;&nbsp;&nbsp; 382314 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "F", 5.5%, 11/01/2053 (Put Date 12/01/2028) | 345000 | &nbsp;&nbsp;&nbsp; 362532 |
| Black Belt Energy Gas District, AL, Gas Supply Rev., "D-1", 4%, 7/01/2052 (Put Date 6/01/2027) | 315000 | &nbsp;&nbsp;&nbsp; 317634 |
| Energy Southeast, AL, Cooperative District Energy Supply Rev., "B-1", 5.75%, 4/01/2054 (Put Date 11/01/2031) | 345000 | &nbsp;&nbsp;&nbsp; 376749 |
| Jacksonville, AL, Public Educational Building Authority Rev. (Jacksonville State University Foundation), "A", BAM, 5%, <br> 8/01/2037 <br>| 1275000 | &nbsp;&nbsp;&nbsp; 1367492 |
| Jefferson County, AL, Sewer Rev. Warrants, 5%, 10/01/2038  | 750000 | &nbsp;&nbsp;&nbsp; 789972 |
| Mobile, AL, Infirmary Health System Special Care Facilities Financing Authority Rev. (Infirmary Health System, Inc.), "A", 4%, <br> 2/01/2037 <br>| 1110000 | &nbsp;&nbsp;&nbsp; 1063387 |
| Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), "A", 5.25%, 1/01/2054 (Put Date 7/01/2029) | 1000000 | &nbsp;&nbsp;&nbsp; 1048930 |
| Southeast Alabama Energy Authority, Commodity Supply Rev. (Project No. 2), "A", 4%, 12/01/2051 (Put Date 12/01/2031) | 750000 | &nbsp;&nbsp;&nbsp; 741277 |
| Southeast Alabama Energy Authority, Commodity Supply Rev. (Project No. 3), "A-1", 5.5%, 1/01/2053 (Put Date 12/01/2029) | 215000 | &nbsp;&nbsp;&nbsp; 229425 |
| Southeast Alabama Energy Authority, Cooperative District Energy Supply Rev., "A", 5%, 11/01/2035  | 515000 | &nbsp;&nbsp;&nbsp; 532068 |
| Southeast Alabama Energy Authority, Cooperative District Energy Supply Rev., "C", 5%, 10/01/2055 (Put Date 11/01/2032) | 1230000 | &nbsp;&nbsp;&nbsp; 1296234 |
| Southeast Alabama Gas Supply District Refunding Rev. (Project No. 2), "B", 5%, 6/01/2049 (Put Date 5/01/2032) | 500000 | &nbsp;&nbsp;&nbsp; 527090 |
|  |  | &nbsp;&nbsp;&nbsp; $10655645 |
| Alaska – 0.1% | Alaska – 0.1% | Alaska – 0.1% |
| Alaska Housing Finance Corp., General Mortgage Rev. II, "C", 5.75%, 12/01/2052  | $305000 | &nbsp;&nbsp;&nbsp; $322924 |
| Arizona – 2.6% | Arizona – 2.6% | Arizona – 2.6% |
| Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), 4.5%, 7/01/2033  | $465000 | &nbsp;&nbsp;&nbsp; $461190 |
| Arizona Industrial Development Authority, Education Rev. (Benjamin Franklin Charter School Projects), "A", 4.43%, 7/01/2033  | 500000 | &nbsp;&nbsp;&nbsp; 493585 |
| Arizona Industrial Development Authority, Multi-Family (Hacienda Del Rio Project), FNMA, 4.5%, 6/01/2041  | 797730 | &nbsp;&nbsp;&nbsp; 783632 |
| Arizona Industrial Development Authority, Multi-Family Housing Rev. (Unity at West Glendale Project), 5%, <br> 3/01/2045 (Put Date 9/01/2026)<br>| 67000 | &nbsp;&nbsp;&nbsp; 67980 |
| Chandler, AZ, Industrial Development Authority Rev. (Intel Corp. Project), 5%, 9/01/2052 (Put Date 9/01/2027) | 1255000 | &nbsp;&nbsp;&nbsp; 1277309 |
| Coconino County, AZ, Pollution Control Refunding Rev. (Nevada Power Co. Projects), "A", 4.125%, <br> 9/01/2032 (Put Date 3/31/2026)<br>| 155000 | &nbsp;&nbsp;&nbsp; 155019 |
| Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional School Projects), "A", 5%, <br> 7/01/2035 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1047179 |
| Maricopa County, AZ, Pollution Control Corp. Rev. (Public Service Co. of New Mexico Palo Verde Project), "B", 0.875%, <br> 6/01/2043 (Put Date 10/01/2026)<br>| 15000 | &nbsp;&nbsp;&nbsp; 14460 |
| Phoenix, AZ, Industrial Development Authority, Single Family Mortgage Rev., "A", GNMA, 6.5%, 3/01/2055  | 285000 | &nbsp;&nbsp;&nbsp; 316815 |
| Phoenix, AZ, Industrial Development Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), VRDN, 4.1%, <br> 12/01/2035 (Put Date 8/01/2025)<br>| 1600000 | &nbsp;&nbsp;&nbsp; 1600296 |
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC - <br> Arizona State University Project), "A", 5%, 7/01/2026 <br>| 200000 | &nbsp;&nbsp;&nbsp; 202234 |
| Pima County, AZ, Industrial Development Authority, Single Family Mortgage Rev., "B", GNMA, 6.5%, 1/01/2055  | 335000 | &nbsp;&nbsp;&nbsp; 370801 |
| Sierra Vista, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 5.25%, <br> 6/15/2038 <br>| 500000 | &nbsp;&nbsp;&nbsp; 506136 |
| Tempe, AZ, Industrial Development Authority Rev. (Friendship Village of Tempe Project), "A", 4%, 12/01/2026  | 245000 | &nbsp;&nbsp;&nbsp; 244939 |
|  |  | &nbsp;&nbsp;&nbsp; $7541575 |
| Arkansas – 0.1% | Arkansas – 0.1% | Arkansas – 0.1% |
| Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4%, 7/01/2028  | $135000 | &nbsp;&nbsp;&nbsp; $133711 |
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), "B", 4%, 7/01/2027  | 125000 | &nbsp;&nbsp;&nbsp; 124794 |
|  |  | &nbsp;&nbsp;&nbsp; $258505 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| California – 4.7% | California – 4.7% | California – 4.7% |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5.25%, <br> 1/01/2054 (Put Date 10/01/2031)<br>| $770000 | &nbsp;&nbsp;&nbsp; $806900 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5%, <br> 8/01/2055 (Put Date 10/01/2032)<br>| 285000 | &nbsp;&nbsp;&nbsp; 300378 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "F", 5.5%, <br> 10/01/2054 (Put Date 11/01/2030)<br>| 395000 | &nbsp;&nbsp;&nbsp; 423517 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "H", 5%, <br> 1/01/2056 (Put Date 8/01/2033)<br>| 1675000 | &nbsp;&nbsp;&nbsp; 1795618 |
| California Health Facilities Financing Authority Rev. (Providence St. Joseph Health), "C", 5.25%, <br> 10/01/2050 (Put Date 10/01/2035) (w)<br>| 1500000 | &nbsp;&nbsp;&nbsp; 1654901 |
| California Municipal Finance Authority, Refunding Rev. (California Baptist University), "A", 5%, 11/01/2035  | 250000 | &nbsp;&nbsp;&nbsp; 254953 |
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), "A", 3.875%, <br> 3/01/2054 (Put Date 3/01/2034)<br>| 655000 | &nbsp;&nbsp;&nbsp; 624042 |
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), "A", 4.125%, <br> 10/01/2041 (Put Date 10/01/2025)<br>| 50000 | &nbsp;&nbsp;&nbsp; 50005 |
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), "A", 4.1%, <br> 12/01/2044 (Put Date 12/01/2025)<br>| 200000 | &nbsp;&nbsp;&nbsp; 200014 |
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), "A", 5%, 8/01/2032 (n) | 500000 | &nbsp;&nbsp;&nbsp; 513470 |
| California School Finance Authority, Charter School Rev. (Aspire Public Schools-Obligated Group-Issue No. 5), "A", 4%, <br> 8/01/2036 <br>| 325000 | &nbsp;&nbsp;&nbsp; 306761 |
| California School Finance Authority, Charter School Rev. (Partnerships to Uplift Communities Project), 5%, 8/01/2033  | 620000 | &nbsp;&nbsp;&nbsp; 632873 |
| California Statewide Communities Development Authority Rev, "C-2", 4.375%, 9/02/2040  | 900000 | &nbsp;&nbsp;&nbsp; 866616 |
| California Statewide Communities Development Authority Rev. (Adventist Health System West), "A", 4.125%, 3/01/2034  | 90000 | &nbsp;&nbsp;&nbsp; 88858 |
| California Statewide Communities Development Authority Rev. (American Baptist Homes of the West), 5%, 10/01/2027  | 90000 | &nbsp;&nbsp;&nbsp; 90327 |
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), "A", 5.25%, <br> 12/01/2034 <br>| 715000 | &nbsp;&nbsp;&nbsp; 715353 |
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), "A", 5.25%, <br> 12/01/2044 <br>| 130000 | &nbsp;&nbsp;&nbsp; 126399 |
| California Statewide Communities Development Authority Rev. (University of California, Irvine East Campus Apartments Phase <br> IV-A CHF Irvine LLC), 5%, 5/15/2030 <br>| 80000 | &nbsp;&nbsp;&nbsp; 81927 |
| Central Valley, CA, Energy Authority, Commodity Supply Rev., 5%, 12/01/2055 (Put Date 8/01/2035) | 470000 | &nbsp;&nbsp;&nbsp; 500970 |
| Los Angeles County, CA, Development Authority, Multi-Family Housing Mortgage Rev. (2111 Firestone), "E", 5%, <br> 7/01/2043 (Put Date 7/01/2026)<br>| 221000 | &nbsp;&nbsp;&nbsp; 224035 |
| Los Angeles, CA, Harbor Department Refunding Rev., "A-2", AGM, 5%, 8/01/2036  | 780000 | &nbsp;&nbsp;&nbsp; 844237 |
| Los Angeles, CA, Housing Authority, Multi-Family Housing Rev. (M-TEBS) + (Homekey Portfolio), "B", 3.75%, 4/01/2034  | 56737 | &nbsp;&nbsp;&nbsp; 56397 |
| Los Angeles, CA, Housing Authority, Multi-Family Housing Rev. (M-TEBS) + (Homekey Portfolio), "C", 3.75%, 4/01/2034  | 141842 | &nbsp;&nbsp;&nbsp; 142803 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "A", 5%, 5/01/2029  | 90000 | &nbsp;&nbsp;&nbsp; 95406 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "A", 5%, 5/01/2030  | 240000 | &nbsp;&nbsp;&nbsp; 256483 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "A", 5%, 5/01/2039  | 1000000 | &nbsp;&nbsp;&nbsp; 1033904 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "C", 5.5%, 5/01/2037  | 750000 | &nbsp;&nbsp;&nbsp; 822530 |
| Southern California Public Power Authority, Clean Energy Project Rev., "A", 5%, 4/01/2055 (Put Date 9/01/2030) | 190000 | &nbsp;&nbsp;&nbsp; 199818 |
|  |  | &nbsp;&nbsp;&nbsp; $13709495 |
| Colorado – 2.9% | Colorado – 2.9% | Colorado – 2.9% |
| Adams County, CO, Bromley Park Metropolian District No. 3 General Obligation, AGM, 5%, 12/01/2039  | $905000 | &nbsp;&nbsp;&nbsp; $935571 |
| Boulder County, CO, STC Metropolitan District No.2, Limited Tax General Obligation & First Lien Special Refunding Rev., "A-1", <br> AGM, 5%, 12/01/2036 <br>| 1285000 | &nbsp;&nbsp;&nbsp; 1355202 |
| Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2026  | 125000 | &nbsp;&nbsp;&nbsp; 124721 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A", 5.25%, 11/01/2037  | 1000000 | &nbsp;&nbsp;&nbsp; 1069507 |
| Colorado Health Facilities Authority Rev. (Covenant Living Communities & Services), "A", 5%, 12/01/2035  | 975000 | &nbsp;&nbsp;&nbsp; 1048133 |
| Colorado Middle-Income Housing Authority, NHP Foundation (602 Galena Street-Frisco, CO), "A", 4.5%, 7/01/2035 (w) | 235000 | &nbsp;&nbsp;&nbsp; 232079 |
| Douglas County, CO, Mirabelle Metropolitan District No. 2, "A", AGM, 5%, 12/01/2040  | 720000 | &nbsp;&nbsp;&nbsp; 740425 |
| Erie, CO, Parkdale Community Authority, Limited Tax Supported Refunding Rev. (District No. 1), "A", AGM, 5%, 12/01/2036  | 390000 | &nbsp;&nbsp;&nbsp; 414277 |
| Gunnison County, CO, Housing Authority, General Rev. (Whetstone Housing Project), BAM, 5%, 6/01/2035  | 1000000 | &nbsp;&nbsp;&nbsp; 1085577 |
| Southern Ute Indian Tribe, CO, Souther Ute Indian Reservation, "A", 5%, 4/01/2035  | 1250000 | &nbsp;&nbsp;&nbsp; 1322992 |
|  |  | &nbsp;&nbsp;&nbsp; $8328484 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Connecticut – 1.6% | Connecticut – 1.6% | Connecticut – 1.6% |
| Connecticut Health & Educational Facilities Authority Rev. (Masonicare), "F", 4%, 7/01/2030  | $1000000 | &nbsp;&nbsp;&nbsp; $977680 |
| Connecticut Higher Education Supplemental Loan Authority Rev. (CHESLA Loan Program), "B", 5%, 11/15/2031  | 1530000 | &nbsp;&nbsp;&nbsp; 1613670 |
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), "E-1", GNMA, 5.5%, 11/15/2052  | 515000 | &nbsp;&nbsp;&nbsp; 539038 |
| Great Pond Improvement District, CT, Special Obligation Rev. (Great Pond Phase II Project), 5%, 10/01/2035 (n) | 890000 | &nbsp;&nbsp;&nbsp; 890270 |
| Stamford, CT, Housing Authority Rev. (Mozaic Concierge Living Project), "D", 4.25%, 10/01/2030  | 470000 | &nbsp;&nbsp;&nbsp; 473046 |
|  |  | &nbsp;&nbsp;&nbsp; $4493704 |
| Delaware – 0.6% | Delaware – 0.6% | Delaware – 0.6% |
| Delaware Housing Authority, Multi-Family Rev. (Luther Towers Apartments), 4.65%, 1/01/2041  | $735000 | &nbsp;&nbsp;&nbsp; $735317 |
| Delaware Housing Authority, Senior Single Family Rev., "A", GNMA, 5.75%, 1/01/2055  | 970000 | &nbsp;&nbsp;&nbsp; 1046431 |
|  |  | &nbsp;&nbsp;&nbsp; $1781748 |
| District of Columbia – 1.6% | District of Columbia – 1.6% | District of Columbia – 1.6% |
| District of Columbia Rev. (Rocketship DC Obligated Group), "A", 5%, 6/01/2034 (n) | $250000 | &nbsp;&nbsp;&nbsp; $253246 |
| District of Columbia Rev. (Rocketship DC Obligated Group), "A", 5%, 6/01/2049 (n) | 250000 | &nbsp;&nbsp;&nbsp; 220989 |
| District of Columbia, Housing Finance Agency (Belmont Crossing Phase II), 5%, 3/01/2029 (Put Date 2/01/2028) | 110000 | &nbsp;&nbsp;&nbsp; 115287 |
| District of Columbia, Housing Finance Agency, Multi-Family Development Program, "A-2", 4.1%, <br> 9/01/2046 (Put Date 9/01/2030)<br>| 1250000 | &nbsp;&nbsp;&nbsp; 1285100 |
| District of Columbia, Housing Finance Agency, Multi-Family Housing Mortgage Rev. (Edmonson), 5%, <br> 12/01/2028 (Put Date 12/01/2027)<br>| 327000 | &nbsp;&nbsp;&nbsp; 341933 |
| District of Columbia, Housing Finance Agency, Multi-Family Housing Rev. (2911 Rhode Island Avenue Apartments Project), "A", <br> FHA, 5%, 3/01/2028 <br>| 1250000 | &nbsp;&nbsp;&nbsp; 1307272 |
| District of Columbia, Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045  | 100000 | &nbsp;&nbsp;&nbsp; 91148 |
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., "A", 5%, 10/01/2034 (w) | 960000 | &nbsp;&nbsp;&nbsp; 1037960 |
|  |  | &nbsp;&nbsp;&nbsp; $4652935 |
| Florida – 5.4% | Florida – 5.4% | Florida – 5.4% |
| Florida Capital Trust Authority, Educational Facilities Rev. (Madrone-Florida Tech Student Housing I, LLC-Florida Institute of <br> Technology Project), "A", 4.75%, 7/01/2040 <br>| $200000 | &nbsp;&nbsp;&nbsp; $191731 |
| Florida Development Finance Corp., Senior Living Rev. (Mayflower Retirement Community Project), "A", 4%, 6/01/2028 (n) | 500000 | &nbsp;&nbsp;&nbsp; 493416 |
| Florida Development Finance Corp., Solid Waste Disposal Rev. (GFL Solid Waste Southeast LLC Project), "A", 4.375%, <br> 10/01/2054 (Put Date 10/01/2031)<br>| 520000 | &nbsp;&nbsp;&nbsp; 517941 |
| Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), "A", 4.75%, 6/01/2038 (n) | 500000 | &nbsp;&nbsp;&nbsp; 444982 |
| Florida Housing Finance Corp., Multi-Family Mortgage Rev. (Northside Transit Village III), "B", GNMA, 5%, <br> 2/01/2027 (Put Date 2/01/2026)<br>| 450000 | &nbsp;&nbsp;&nbsp; 454384 |
| Greater Orlando, FL, Aviation Authority Airport Facilities Rev., "A", 5%, 10/01/2031  | 1500000 | &nbsp;&nbsp;&nbsp; 1501727 |
| Jacksonville, FL, Housing Authority, General Rev. (Westwood Apartments), 5%, 2/01/2034  | 1380000 | &nbsp;&nbsp;&nbsp; 1450581 |
| Lee County, FL, Airport Rev., 5.25%, 10/01/2043  | 365000 | &nbsp;&nbsp;&nbsp; 376733 |
| Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), "B-1", 4.75%, <br> 11/15/2029 <br>| 30000 | &nbsp;&nbsp;&nbsp; 30158 |
| Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), "B-2", 4.375%, <br> 11/15/2029 <br>| 25000 | &nbsp;&nbsp;&nbsp; 25084 |
| Miami-Dade County, FL, Housing Finance Authority, Multi-Family Rev. (Quail Roost Transit Village I), 5%, <br> 9/01/2026 (Put Date 9/01/2025)<br>| 500000 | &nbsp;&nbsp;&nbsp; 501337 |
| Miami-Dade County, FL, Seaport Refunding Rev., "A", 5%, 10/01/2036  | 1000000 | &nbsp;&nbsp;&nbsp; 1050253 |
| Orange County, FL, Health Facilities Authority Rev. (Presbyterian Retirement Communities Obligated Group Project), "A", 4%, <br> 8/01/2036 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 957418 |
| Palm Beach County, FL, Airport System Rev., "B", 5.25%, 10/01/2042  | 500000 | &nbsp;&nbsp;&nbsp; 518674 |
| Palm Beach County, FL, Airport System Rev., "B", 5.25%, 10/01/2043  | 500000 | &nbsp;&nbsp;&nbsp; 515696 |
| Palm Beach County, FL, Airport System Rev., "B", 5.25%, 10/01/2044  | 500000 | &nbsp;&nbsp;&nbsp; 513117 |
| Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, <br> 6/01/2026 <br>| 230000 | &nbsp;&nbsp;&nbsp; 230093 |
| Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, <br> 6/01/2031 <br>| 750000 | &nbsp;&nbsp;&nbsp; 747474 |
| Palm Beach County, FL, Health Facilities Authority, Hospital Rev. (Jupiter Medical Center Project), "A", 5%, 11/01/2033  | 350000 | &nbsp;&nbsp;&nbsp; 371233 |
| Palm Beach County, FL, State Rev. (Provident Group - PBAU Properties II LLC - Palm Beach Atlantic University Project), "A", <br> 5.5%, 10/01/2035 <br>| 625000 | &nbsp;&nbsp;&nbsp; 678851 |
| Pasco County, FL, Capital Improvement Cigarette Tax Allocation, "A", AGM, 5.5%, 9/01/2038  | 1000000 | &nbsp;&nbsp;&nbsp; 1084015 |

---

------

*Portfolio of Investments (unaudited) – continued*

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| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Florida – continued | Florida – continued | Florida – continued |
| Pompano Beach, FL (John Knox Village Project), 5%, 9/01/2039  | $800000 | &nbsp;&nbsp;&nbsp; $791687 |
| Pompano Beach, FL, Refunding Rev. (John Knox Village Project), 4%, 9/01/2040  | 100000 | &nbsp;&nbsp;&nbsp; 89485 |
| Pompano Beach, FL, Rev. (John Knox Village Project), "A", 4%, 9/01/2036  | 550000 | &nbsp;&nbsp;&nbsp; 519898 |
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), "A", 4%, 12/15/2026  | 190000 | &nbsp;&nbsp;&nbsp; 187635 |
| Venice, FL, Retirement Community Improvement Rev. (Village on the Isle Project), "B2", 4.5%, 1/01/2030  | 130000 | &nbsp;&nbsp;&nbsp; 130177 |
| Wildwood, FL, Middleton Community Development District A, Special Assessment Rev., 4.2%, 5/01/2039  | 105000 | &nbsp;&nbsp;&nbsp; 100350 |
| Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 3.75%, 5/01/2029  | 100000 | &nbsp;&nbsp;&nbsp; 99725 |
| Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 4.375%, 5/01/2033  | 1000000 | &nbsp;&nbsp;&nbsp; 1015822 |
|  |  | &nbsp;&nbsp;&nbsp; $15589677 |
| Georgia – 3.1% | Georgia – 3.1% | Georgia – 3.1% |
| Atlanta, GA, Development Authority Rev. (Westside Gulch Area Project), "A-1", 5%, 4/01/2034 (n) | $185000 | &nbsp;&nbsp;&nbsp; $185364 |
| Atlanta, GA, Urban Residential Finance Authority, Multi-Family Housing Rev. (North Block), 3.4%, <br> 2/01/2029 (Put Date 2/01/2028)<br>| 187000 | &nbsp;&nbsp;&nbsp; 188472 |
| Atlanta, GA, Urban Residential Finance Authority, Multi-Family Mortgage (Trinity Towers), "A", 4.85%, 9/01/2043  | 1000000 | &nbsp;&nbsp;&nbsp; 1003139 |
| Burke County, GA, Development Authority, Pollution Control Rev. (Georgia Power Co. Plant Vogtle Project), 3.8%, <br> 10/01/2032 (Put Date 5/21/2026)<br>| 250000 | &nbsp;&nbsp;&nbsp; 251095 |
| Decatur, GA, Housing Authority, Multi-Family Housing Rev. (Calvin Court Project), 3.6%, 8/01/2028 (Put Date 8/01/2027) | 426000 | &nbsp;&nbsp;&nbsp; 430725 |
| DeKalb County, GA, Development Authority Rev. (Globe Academy, Inc. Project), "A", 5%, 6/01/2040  | 250000 | &nbsp;&nbsp;&nbsp; 249270 |
| DeKalb County, GA, Housing Authority, Affordable Multi-Family Rev. (Park at 500 Project), 4%, 3/01/2034  | 840000 | &nbsp;&nbsp;&nbsp; 825520 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "A", 5%, 6/01/2053 (Put Date 6/01/2030) | 1000000 | &nbsp;&nbsp;&nbsp; 1048279 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "A", 5%, 6/01/2055 (Put Date 6/01/2032) | 975000 | &nbsp;&nbsp;&nbsp; 1036872 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "B", 5%, 12/01/2052 (Put Date 6/01/2029) | 500000 | &nbsp;&nbsp;&nbsp; 519035 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "C", 5%, 9/01/2053 (Put Date 9/01/2030) | 455000 | &nbsp;&nbsp;&nbsp; 481180 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "E", 5%, 5/01/2055 (Put Date 12/01/2032) | 500000 | &nbsp;&nbsp;&nbsp; 526219 |
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), "A", AGM, 5%, 7/01/2037  | 250000 | &nbsp;&nbsp;&nbsp; 267980 |
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), "A", AGM, 5%, 7/01/2038  | 250000 | &nbsp;&nbsp;&nbsp; 265485 |
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), "A", AGM, 5%, 7/01/2039  | 250000 | &nbsp;&nbsp;&nbsp; 262821 |
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), "A", AGM, 5%, 7/01/2040  | 500000 | &nbsp;&nbsp;&nbsp; 522052 |
| Georgia Private Colleges & Universities Authority Rev. (Emory University), "B", 4%, 9/01/2039  | 985000 | &nbsp;&nbsp;&nbsp; 956990 |
|  |  | &nbsp;&nbsp;&nbsp; $9020498 |
| Guam – 0.4% | Guam – 0.4% | Guam – 0.4% |
| Guam Government Business Privilege Tax Refunding, "F", 4%, 1/01/2042  | $30000 | &nbsp;&nbsp;&nbsp; $26555 |
| Guam Government Business Privilege Tax Rev., "D", 5%, 11/15/2031  | 270000 | &nbsp;&nbsp;&nbsp; 270564 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2036  | 60000 | &nbsp;&nbsp;&nbsp; 60424 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2046  | 175000 | &nbsp;&nbsp;&nbsp; 172333 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040  | 380000 | &nbsp;&nbsp;&nbsp; 381246 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046  | 300000 | &nbsp;&nbsp;&nbsp; 297488 |
|  |  | &nbsp;&nbsp;&nbsp; $1208610 |
| Hawaii – 0.3% | Hawaii – 0.3% | Hawaii – 0.3% |
| Hawaii Airports System Rev., "C", 5%, 7/01/2043  | $800000 | &nbsp;&nbsp;&nbsp; $804743 |
| Idaho – 0.8% | Idaho – 0.8% | Idaho – 0.8% |
| Idaho Health Facilities Authority Rev. (St. Luke's Health System Project), "C", 5%, 3/01/2060 (Put Date 3/01/2035) | $480000 | &nbsp;&nbsp;&nbsp; $522015 |
| Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Compass Public Charter School, Inc. Project), "A", 6%, <br> 7/01/2039 (n)<br>| 735000 | &nbsp;&nbsp;&nbsp; 744333 |
| Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Sage International School of Middleton Project), "A", 4%, <br> 5/01/2031 <br>| 220000 | &nbsp;&nbsp;&nbsp; 222592 |
| Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Sage International School of Middleton Project), "A", 4%, <br> 5/01/2035 <br>| 425000 | &nbsp;&nbsp;&nbsp; 418011 |
| Idaho Housing and Finance Association, Nonprofit Facilities Rev. (White Pine Charter School Project), "A", 5.5%, 5/01/2043  | 350000 | &nbsp;&nbsp;&nbsp; 358481 |
|  |  | &nbsp;&nbsp;&nbsp; $2265432 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Illinois – 5.7% | Illinois – 5.7% | Illinois – 5.7% |
| Bellwood, IL, Tax Increment Rev., Taxable (Workforce Housing Project), 5%, 12/01/2036  | $750000 | &nbsp;&nbsp;&nbsp; $769041 |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | 245000 | &nbsp;&nbsp;&nbsp; 224325 |
| Chicago, IL, Board of Education, "A", NPFG, 5.5%, 12/01/2026  | 50000 | &nbsp;&nbsp;&nbsp; 50749 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 6.1%, 4/01/2036  | 455000 | &nbsp;&nbsp;&nbsp; 469251 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2041  | 1000000 | &nbsp;&nbsp;&nbsp; 1012205 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", 7%, 12/01/2044  | 390000 | &nbsp;&nbsp;&nbsp; 391985 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., "A", 5%, 12/01/2030  | 500000 | &nbsp;&nbsp;&nbsp; 512560 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., "A", 5.25%, 12/01/2036  | 500000 | &nbsp;&nbsp;&nbsp; 515773 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., "B", 4%, 12/01/2041  | 225000 | &nbsp;&nbsp;&nbsp; 194558 |
| Chicago, IL, General Obligation, "A", 5.25%, 1/01/2038  | 1000000 | &nbsp;&nbsp;&nbsp; 1022291 |
| Chicago, IL, Midway Airport Rev., "A", BAM, 5.5%, 1/01/2040  | 1000000 | &nbsp;&nbsp;&nbsp; 1073081 |
| Chicago, IL, O'Hare International Airport Rev., Special Facilities, 5%, 7/01/2033  | 170000 | &nbsp;&nbsp;&nbsp; 174341 |
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, "C", 5%, 1/01/2033  | 400000 | &nbsp;&nbsp;&nbsp; 427553 |
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, "C", 5%, 1/01/2034  | 200000 | &nbsp;&nbsp;&nbsp; 212022 |
| Cook County, IL, Community College District No. 508, Unlimited Tax General Obligation Refunding Dedicated Rev. (City <br> Colleges), BAM, 5%, 12/01/2038 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1046654 |
| Illinois Finance Authority Refunding Rev. (Silver Cross Hospital & Medical Centers), "B-2", 5%, 8/15/2044 (Put Date 8/15/2035) | 625000 | &nbsp;&nbsp;&nbsp; 653266 |
| Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2032  | 655000 | &nbsp;&nbsp;&nbsp; 667633 |
| Illinois Finance Authority Rev. (OSF Healthcare System), "A", 4.125%, 11/15/2037  | 70000 | &nbsp;&nbsp;&nbsp; 66167 |
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), "A", 5.625%, 5/15/2030  | 855000 | &nbsp;&nbsp;&nbsp; 889413 |
| Illinois Finance Authority Rev. (UChicago Medicine), "A-3", 5%, 8/15/2064 (Put Date 8/15/2035) | 1500000 | &nbsp;&nbsp;&nbsp; 1610029 |
| Illinois Finance Authority Rev., Taxable (Christian Horizons Obligated Group), "B", 3.25%, 5/15/2027 (a)(d) | 26004 | &nbsp;&nbsp;&nbsp; 7541 |
| Illinois Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 4.25%, <br> 11/01/2044 (Put Date 11/03/2025)<br>| 435000 | &nbsp;&nbsp;&nbsp; 434935 |
| Illinois Finance Authority, Student Housing & Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago <br> Project), "A", 5%, 2/15/2037 <br>| 1100000 | &nbsp;&nbsp;&nbsp; 1087639 |
| Illinois Finance Authority, Surface Freight Transfer Facilities Rev. (Centerpoint Joliet Terminal Railroad Project), 4.8%, <br> 12/01/2043 (Put Date 7/02/2035) (w)<br>| 385000 | &nbsp;&nbsp;&nbsp; 389757 |
| Illinois Finance Authority, Surface Freight Transfer Facilities Rev. (Centerpoint Joliet Terminal Railroad Project), 4.8%, <br> 12/01/2043 (Put Date 7/02/2035) (w)<br>| 670000 | &nbsp;&nbsp;&nbsp; 678278 |
| Illinois Finance Authority, Water Facilities Refunding Rev. (American Water Capital Corp. Project), 3.875%, <br> 5/01/2040 (Put Date 9/01/2028)<br>| 250000 | &nbsp;&nbsp;&nbsp; 245506 |
| Monroe & St. Clair Counties, IL, Community Unit School District No. 4, Columbia Debt Certificates, 5.5%, 7/01/2040 (w) | 300000 | &nbsp;&nbsp;&nbsp; 300443 |
| Rock Island County, IL, School District No. 41, General Obligation, "A", AGM, 5%, 1/01/2043  | 1000000 | &nbsp;&nbsp;&nbsp; 1029326 |
| St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, "A", AGM, 5%, 1/01/2027  | 30000 | &nbsp;&nbsp;&nbsp; 30901 |
| St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, "A", AGM, 5%, 1/01/2037  | 115000 | &nbsp;&nbsp;&nbsp; 125341 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 150000 | &nbsp;&nbsp;&nbsp; 157122 |
|  |  | &nbsp;&nbsp;&nbsp; $16469686 |
| Indiana – 2.7% | Indiana – 2.7% | Indiana – 2.7% |
| Beech Grove, IN, Central Schools Building Corp., "B", 2%, 7/15/2025  | $100000 | &nbsp;&nbsp;&nbsp; $99912 |
| Gary/Chicago International Airport Authority, IN, Development Zone Rev., AGM, 5.25%, 2/01/2042  | 490000 | &nbsp;&nbsp;&nbsp; 511649 |
| Indiana Finance Authority Refunding Rev., Taxable (BHI Senior Living), "B", 2.45%, 11/15/2025  | 30000 | &nbsp;&nbsp;&nbsp; 29715 |
| Indiana Finance Authority Rev. (Marquette Project), "A", 5%, 3/01/2036  | 780000 | &nbsp;&nbsp;&nbsp; 814293 |
| Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 5%, 10/01/2026  | 200000 | &nbsp;&nbsp;&nbsp; 200641 |
| Indiana Finance Authority, Health System Rev. (Indiana University Health), "D-5", 5%, 10/01/2054 (Put Date 10/01/2037) (w) | 1000000 | &nbsp;&nbsp;&nbsp; 1084352 |
| Indiana Finance Authority, Senior Living Rev. (Indiana Masonic Home Project), "A", 4.3%, 5/01/2029  | 120000 | &nbsp;&nbsp;&nbsp; 121283 |
| Indiana Finance Authority, Senior Living Rev. (Indiana Masonic Home Project), "B", 5%, 5/01/2035  | 530000 | &nbsp;&nbsp;&nbsp; 550827 |
| Indiana Finance Authority, Student Housing Rev. (CHF - Tippecanoe LLC - Student Housing Project), "A", 5%, 6/01/2038  | 800000 | &nbsp;&nbsp;&nbsp; 819813 |
| Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., "1A", 5%, 6/01/2031  | 1000000 | &nbsp;&nbsp;&nbsp; 1042801 |
| Indianapolis, IN, Local Public Improvement Bond Bank (Indianapolis Airport Authority Project), "B", 5%, 1/01/2033  | 1130000 | &nbsp;&nbsp;&nbsp; 1213634 |
| Indianapolis, IN, Local Public Improvement Bond Bank Rev. (Convention Center Hotel), "E", 5.5%, 3/01/2038  | 500000 | &nbsp;&nbsp;&nbsp; 528078 |
| Whiting, IN, Environmental Facilities Rev. (BP Products North America, Inc. Project), 4.4%, 11/01/2045 (Put Date 6/10/2031) | 750000 | &nbsp;&nbsp;&nbsp; 761721 |
|  |  | &nbsp;&nbsp;&nbsp; $7778719 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Iowa – 0.9% | Iowa – 0.9% | Iowa – 0.9% |
| Bondurant, IA, General Obligation, Annual Appropriation Coprorate Purpose, "B", 5.25%, 6/01/2038  | $1000000 | &nbsp;&nbsp;&nbsp; $1058838 |
| Iowa Student Loan Liquidity Corp. Rev., "B", 5%, 12/01/2033  | 1150000 | &nbsp;&nbsp;&nbsp; 1217065 |
| Iowa Student Loan Liquidity Corp. Rev., "B", 5%, 12/01/2034  | 350000 | &nbsp;&nbsp;&nbsp; 366918 |
| Iowa Student Loan Liquidity Corp. Rev., "B", 3%, 12/01/2039  | 5000 | &nbsp;&nbsp;&nbsp; 4739 |
| Iowa Student Loan Liquidity Corp. Rev., "C", 3.5%, 12/01/2044  | 115000 | &nbsp;&nbsp;&nbsp; 86070 |
|  |  | &nbsp;&nbsp;&nbsp; $2733630 |
| Kansas – 0.3% | Kansas – 0.3% | Kansas – 0.3% |
| Kansas Development Finance Authority, Multi-Family Mortgage-Backed (Sycamore Village), FNMA, 4.17%, 11/01/2041  | $180768 | &nbsp;&nbsp;&nbsp; $167026 |
| Topeka, KS, Health Care Facilities Rev. (Brewster Place), "A", 5.75%, 12/01/2033  | 700000 | &nbsp;&nbsp;&nbsp; 720522 |
|  |  | &nbsp;&nbsp;&nbsp; $887548 |
| Kentucky – 0.5% | Kentucky – 0.5% | Kentucky – 0.5% |
| Kentucky Higher Education Student Loan Corp. Rev., "A-1", 5%, 6/01/2031  | $500000 | &nbsp;&nbsp;&nbsp; $521134 |
| Owen County, KY, Water Facilities Refunding Rev. (Kentucky-American Water Co. Project), 3.875%, <br> 6/01/2040 (Put Date 9/01/2028)<br>| 275000 | &nbsp;&nbsp;&nbsp; 270877 |
| Trimble County, KY, Environmental Facilities Rev. (Kentucky Utilities Co. Project), "A", 4.7%, 6/01/2054 (Put Date 6/01/2027) | 210000 | &nbsp;&nbsp;&nbsp; 211907 |
| Trimble County, KY, Environmental Facilities Rev. (Louisville Gas & Electric Co. Project), "A", 4.7%, <br> 6/01/2054 (Put Date 6/01/2027)<br>| 345000 | &nbsp;&nbsp;&nbsp; 348133 |
|  |  | &nbsp;&nbsp;&nbsp; $1352051 |
| Louisiana – 0.5% | Louisiana – 0.5% | Louisiana – 0.5% |
| Capital Area Finance Authority, LA, Single Family Mortgage Rev., GNMA, 6.5%, 4/01/2054  | $255000 | &nbsp;&nbsp;&nbsp; $283585 |
| Shreveport, LA, General Obligation, AGM, 5%, 3/01/2041  | 1000000 | &nbsp;&nbsp;&nbsp; 1025206 |
|  |  | &nbsp;&nbsp;&nbsp; $1308791 |
| Maine – 0.7% | Maine – 0.7% | Maine – 0.7% |
| Maine Finance Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc. Project), 4.625%, <br> 12/01/2047 (Put Date 6/01/2035)<br>| $100000 | &nbsp;&nbsp;&nbsp; $97377 |
| Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), "A-1", AGM, 5.25%, 12/01/2031  | 965000 | &nbsp;&nbsp;&nbsp; 1033658 |
| Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), "A-1", AGM, 5%, 12/01/2037  | 430000 | &nbsp;&nbsp;&nbsp; 436325 |
| Maine Health & Higher Educational Facilities Authority Rev. (University of New England), "B", 4%, 7/01/2037  | 500000 | &nbsp;&nbsp;&nbsp; 488148 |
|  |  | &nbsp;&nbsp;&nbsp; $2055508 |
| Maryland – 0.6% | Maryland – 0.6% | Maryland – 0.6% |
| Baltimore, MD, Project Rev. (Water Projects), "A", 4%, 7/01/2038  | $450000 | &nbsp;&nbsp;&nbsp; $439447 |
| Maryland Department of Transportation, Special Transportation Project Rev. (Baltimore/Washington Internation Thurgood <br> Marshall Airport), AGM, 5%, 8/01/2034 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1077939 |
| Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland Medical System), "B", 5%, <br> 7/01/2045 (Put Date 7/01/2031)<br>| 235000 | &nbsp;&nbsp;&nbsp; 257477 |
|  |  | &nbsp;&nbsp;&nbsp; $1774863 |
| Massachusetts – 2.3% | Massachusetts – 2.3% | Massachusetts – 2.3% |
| Massachusetts Development Finance Agency Rev. (Bentley University), 5%, 7/01/2040  | $990000 | &nbsp;&nbsp;&nbsp; $992247 |
| Massachusetts Development Finance Agency Rev. (Brown University), "B", 5%, 8/15/2055 (Put Date 8/15/2031) | 270000 | &nbsp;&nbsp;&nbsp; 288211 |
| Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2026  | 100000 | &nbsp;&nbsp;&nbsp; 99521 |
| Massachusetts Development Finance Agency Rev. (Merrimack College Student Housing Project), "A", 4.25%, 7/01/2034  | 500000 | &nbsp;&nbsp;&nbsp; 494832 |
| Massachusetts Development Finance Agency Rev. (Simmons University), "N", 5.25%, 10/01/2036  | 500000 | &nbsp;&nbsp;&nbsp; 502481 |
| Massachusetts Development Finance Agency Rev. (South Shore Hospital), "I", 4%, 7/01/2036  | 90000 | &nbsp;&nbsp;&nbsp; 84453 |
| Massachusetts Development Finance Agency Rev. (Williams College), "N", 0.45%, 7/01/2041 (Put Date 7/01/2025) | 45000 | &nbsp;&nbsp;&nbsp; 45000 |
| Massachusetts Development Finance Agency, Refunding Rev. (Lasell Village, Inc.), 5%, 7/01/2034  | 1140000 | &nbsp;&nbsp;&nbsp; 1218697 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "B", 3.625%, 7/01/2038  | 220000 | &nbsp;&nbsp;&nbsp; 212338 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "B", 4.25%, 7/01/2044  | 125000 | &nbsp;&nbsp;&nbsp; 122882 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "C", 5%, 7/01/2032  | 1000000 | &nbsp;&nbsp;&nbsp; 1061991 |
| Massachusetts Housing Finance Agency, "D-3", FHA, 3.35%, 6/01/2027  | 1000000 | &nbsp;&nbsp;&nbsp; 1001258 |
| Massachusetts Housing Finance Agency, Single Family Housing Rev., "225", 5.5%, 12/01/2052  | 450000 | &nbsp;&nbsp;&nbsp; 475688 |
|  |  | &nbsp;&nbsp;&nbsp; $6599599 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Michigan – 2.2% | Michigan – 2.2% | Michigan – 2.2% |
| Michigan Finance Authority, Higher Education Facilities, Limited Obligation Rev. (Kalamazoo College Project), 5%, 12/01/2036  | $330000 | &nbsp;&nbsp;&nbsp; $350961 |
| Michigan Finance Authority, Hospital Refunding Rev. (Corewell Health), "B-2", 5%, 8/15/2055 (Put Date 6/01/2035) | 945000 | &nbsp;&nbsp;&nbsp; 1018255 |
| Michigan Finance Authority, Hospital Rev. (Bronson Healthcare Group, Inc.), "B", 5%, 11/15/2044 (Put Date 11/16/2026) | 325000 | &nbsp;&nbsp;&nbsp; 331327 |
| Michigan Housing Development Authority, Multi-Family Housing Rev. (Clark Road Senior Apartments Project), 4.5%, <br> 12/01/2042 (Put Date 4/01/2026)<br>| 515000 | &nbsp;&nbsp;&nbsp; 519738 |
| Michigan Housing Development Authority, Rental Housing Rev., "A", 3.7%, 4/01/2030  | 800000 | &nbsp;&nbsp;&nbsp; 798949 |
| Michigan Housing Development Authority, Single Family Mortgage Rev., "D", 5.5%, 6/01/2053  | 295000 | &nbsp;&nbsp;&nbsp; 310982 |
| Michigan Strategic Fund (Waste Management, Inc.), 4.125%, 8/01/2027  | 300000 | &nbsp;&nbsp;&nbsp; 301747 |
| Michigan Strategic Fund Limited Obligation Rev. (DTE Electric Co. Exempt Facilities Project), "DT", 3.875%, <br> 6/01/2053 (Put Date 6/03/2030)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 964297 |
| Michigan Strategic Fund Limited Obligation Rev. (I-75 Improvement Project), AGM, 4.125%, 6/30/2035  | 1000000 | &nbsp;&nbsp;&nbsp; 994334 |
| Wayne County, MI, Airport Authority Rev., "B", 5.25%, 12/01/2039 (w) | 700000 | &nbsp;&nbsp;&nbsp; 746617 |
|  |  | &nbsp;&nbsp;&nbsp; $6337207 |
| Minnesota – 0.4% | Minnesota – 0.4% | Minnesota – 0.4% |
| Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), "A", 3%, 7/01/2026  | $125000 | &nbsp;&nbsp;&nbsp; $122840 |
| Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 4%, 11/01/2042  | 1000000 | &nbsp;&nbsp;&nbsp; 924033 |
|  |  | &nbsp;&nbsp;&nbsp; $1046873 |
| Mississippi – 0.1% | Mississippi – 0.1% | Mississippi – 0.1% |
| Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, <br> 12/01/2040 <br>| $65000 | &nbsp;&nbsp;&nbsp; $66115 |
| Mississippi Home Corp., Single Family Mortgage Rev., "E", GNMA, 7.5%, 6/01/2044  | 125000 | &nbsp;&nbsp;&nbsp; 149157 |
|  |  | &nbsp;&nbsp;&nbsp; $215272 |
| Missouri – 0.5% | Missouri – 0.5% | Missouri – 0.5% |
| Missouri Development Finance Board, Infrastructure Facilities Rev. (City of Independence, Missouri-Public Safety Projects), "A", <br> AGM, 5%, 12/01/2036 <br>| $285000 | &nbsp;&nbsp;&nbsp; $304703 |
| Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 5%, 3/01/2026  | 150000 | &nbsp;&nbsp;&nbsp; 150800 |
| Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), "E", <br> GNMA, 6.5%, 5/01/2054 <br>| 290000 | &nbsp;&nbsp;&nbsp; 323224 |
| Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3%, 5/01/2026  | 125000 | &nbsp;&nbsp;&nbsp; 123695 |
| Poplar Bluff, MO, Transportation Development District Convertible Transportation Refunding & Improvement Rev., "B", <br> 3.375%, 12/01/2031 <br>| 70000 | &nbsp;&nbsp;&nbsp; 67458 |
| St. Louis, MO, Industrial Development Authority, Tax Increment & Special District Rev. (Union Station Phase 2 Redevelopment <br> Project), "A", 4.875%, 6/15/2034 <br>| 360000 | &nbsp;&nbsp;&nbsp; 358667 |
|  |  | &nbsp;&nbsp;&nbsp; $1328547 |
| Montana – 0.3% | Montana – 0.3% | Montana – 0.3% |
| Forsyth, MT, Pollution Control Rev. (Avista Corp. Colstrip Project), "A", 3.875%, 10/01/2032  | $410000 | &nbsp;&nbsp;&nbsp; $408879 |
| Kalispell, MT, Refunding Rev. (Immanuel Living at Buffalo Hill Project), "B-2", 4.25%, 5/15/2030  | 380000 | &nbsp;&nbsp;&nbsp; 381444 |
|  |  | &nbsp;&nbsp;&nbsp; $790323 |
| Nebraska – 0.4% | Nebraska – 0.4% | Nebraska – 0.4% |
| Omaha, NE, Airport Authority, Facilities Rev., AGM, 5%, 12/15/2036  | $1000000 | &nbsp;&nbsp;&nbsp; $1060304 |
| Nevada – 0.2% | Nevada – 0.2% | Nevada – 0.2% |
| Clark County, NV, Jet Aviation Fuel Tax Refunding Rev., "A", 5%, 7/01/2026  | $455000 | &nbsp;&nbsp;&nbsp; $462999 |
| Washoe County, NV, Water Facilities Rev. (Sierra Pacific Power Company Projects), "F", 4.125%, <br> 3/01/2036 (Put Date 10/01/2029)<br>| 115000 | &nbsp;&nbsp;&nbsp; 115234 |
|  |  | &nbsp;&nbsp;&nbsp; $578233 |
| New Hampshire – 2.7% | New Hampshire – 2.7% | New Hampshire – 2.7% |
| National Finance Authority, NH, Affordable Housing Certificates, "1-A", 4.75%, 6/20/2041 (Put Date 6/01/2035) | $1250000 | &nbsp;&nbsp;&nbsp; $1254809 |
| National Finance Authority, NH, Lease Rent Rev. (Centurion Biosquare, Inc.), "A", 5.88%, 12/15/2038  | 915000 | &nbsp;&nbsp;&nbsp; 918935 |
| National Finance Authority, NH, Lease Rent Rev. (Centurion Foundation West Main Street LLC), "A", 5%, 5/15/2034  | 590000 | &nbsp;&nbsp;&nbsp; 588087 |
| National Finance Authority, NH, Lease Rent Rev., Taxable (Centurion Biosquare, Inc.), "B", 9.58%, 12/15/2038  | 55000 | &nbsp;&nbsp;&nbsp; 55021 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| New Hampshire – continued | New Hampshire – continued | New Hampshire – continued |
| National Finance Authority, NH, Lease Rent Rev., Taxable (Centurion Foundation West Main Street, LLC), "B", 8.33%, <br> 5/15/2034 <br>| $100000 | &nbsp;&nbsp;&nbsp; $102142 |
| National Finance Authority, NH, Lease Rev. (NCCD - UNR Properties LLC - University of Nevada, Reno Project), "A", BAM, <br> 5.25%, 12/01/2042 <br>| 1070000 | &nbsp;&nbsp;&nbsp; 1123239 |
| National Finance Authority, NH, Multi-Family Housing Rev., 4.45%, 7/01/2044  | 490000 | &nbsp;&nbsp;&nbsp; 476320 |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.375%, 9/20/2036  | 269296 | &nbsp;&nbsp;&nbsp; 260765 |
| National Finance Authority, NH, Municipal Certificates, "A-1", 4.168%, 1/20/2041  | 214540 | &nbsp;&nbsp;&nbsp; 203709 |
| National Finance Authority, NH, Municipal Certificates, "A-2", 4.168%, 1/20/2041  | 99786 | &nbsp;&nbsp;&nbsp; 89763 |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.25%, 7/20/2041  | 155975 | &nbsp;&nbsp;&nbsp; 148769 |
| National Finance Authority, NH, Rev., Taxable (Centurion Foundation), "C", 11%, 12/15/2038  | 30000 | &nbsp;&nbsp;&nbsp; 30011 |
| National Finance Authority, NH, Special Rev. (Caldwell Ranch Project, Branch & Fort Bend Counties, TX), 4.875%, 12/01/2033  | 100000 | &nbsp;&nbsp;&nbsp; 99327 |
| National Finance Authority, NH, Special Rev. (Highland Project, Montgomery County, TX), 5.125%, 12/15/2030  | 156000 | &nbsp;&nbsp;&nbsp; 156232 |
| New Hampshire Business Finance Authority, Water Facility Rev. (Pennichuck Water Works, Inc. Project), "A", 5%, 4/01/2027  | 105000 | &nbsp;&nbsp;&nbsp; 107415 |
| New Hampshire Business Finance Authority, Water Facility Rev. (Pennichuck Water Works, Inc. Project), "A", 5.75%, 4/01/2035  | 110000 | &nbsp;&nbsp;&nbsp; 120099 |
| New Hampshire Business Finance Authority, Water Facility Rev. (Pennichuck Water Works, Inc. Project), "A", 5.75%, 4/01/2037  | 245000 | &nbsp;&nbsp;&nbsp; 262680 |
| New Hampshire Business Finance Authority, Water Facility Rev. (Pennichuck Water Works, Inc. Project), "A", 5.75%, 4/01/2040  | 290000 | &nbsp;&nbsp;&nbsp; 302167 |
| New Hampshire Health & Education Facilities Authority Rev. (Dartmouth Hitchcock Obligated Group), "A", 5%, 8/01/2038  | 255000 | &nbsp;&nbsp;&nbsp; 257679 |
| New Hampshire Health & Education Facilities Authority, Education Loan Rev. (Granite Edvance Corp. Issue), "B", 5%, <br> 11/01/2033 <br>| 100000 | &nbsp;&nbsp;&nbsp; 105848 |
| New Hampshire Health & Education Facilities Authority, Education Loan Rev. (Granite Edvance Corp. Issue), "B", 4%, <br> 11/01/2044 <br>| 135000 | &nbsp;&nbsp;&nbsp; 122892 |
| New Hampshire Heath & Education Facility Authority Rev. (Riverwoods at Exeter), 5%, 10/01/2038  | 1000000 | &nbsp;&nbsp;&nbsp; 1049264 |
|  |  | &nbsp;&nbsp;&nbsp; $7835173 |
| New Jersey – 1.2% | New Jersey – 1.2% | New Jersey – 1.2% |
| Camden County, NJ, Improvement Authority, Multi-Family Housing Rev. (Northgate I Apartments Project), 5%, <br> 3/01/2027 (Put Date 3/01/2026)<br>| $375000 | &nbsp;&nbsp;&nbsp; $379232 |
| New Jersey Economic Development Authority, Dock & Wharf Facility Rev. (Repauno Port & Rail Terminal Project), 6.375%, <br> 1/01/2035 <br>| 170000 | &nbsp;&nbsp;&nbsp; 173186 |
| New Jersey Economic Development Authority, Water Facilities Rev. (American Water Co., Inc. Project), "B", 3.75%, <br> 11/01/2034 (Put Date 6/01/2028)<br>| 260000 | &nbsp;&nbsp;&nbsp; 259912 |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 5%, 12/01/2033  | 1000000 | &nbsp;&nbsp;&nbsp; 1056137 |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 4%, 12/01/2041  | 490000 | &nbsp;&nbsp;&nbsp; 483198 |
| Passaic County, NJ, Improvement Authority, Charter School Rev. (Paterson Charter School for Science & Technology Inc., <br> Project), 4.125%, 7/01/2033 <br>| 600000 | &nbsp;&nbsp;&nbsp; 600326 |
| South Jersey, NJ, Transportation Authority, System Rev., "A", BAM, 5%, 11/01/2037  | 375000 | &nbsp;&nbsp;&nbsp; 395734 |
|  |  | &nbsp;&nbsp;&nbsp; $3347725 |
| New Mexico – 0.8% | New Mexico – 0.8% | New Mexico – 0.8% |
| Farmington, NM, Pollution Control Rev. (Public Service Company of New Mexico San Juan Project), "D", 3.9%, <br> 6/01/2040 (Put Date 6/01/2028)<br>| $1000000 | &nbsp;&nbsp;&nbsp; $1012317 |
| New Mexico Finance Authority, Public Project Revolving Rev., "A-2", 5%, 6/01/2034  | 600000 | &nbsp;&nbsp;&nbsp; 608521 |
| New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I, "E", GNMA, 6.25%, 9/01/2053  | 500000 | &nbsp;&nbsp;&nbsp; 543532 |
| New Mexico Mortgage Finance Authority, Single Family Mortgage Program, "D", GNMA, 5.25%, 3/01/2053  | 90000 | &nbsp;&nbsp;&nbsp; 94526 |
|  |  | &nbsp;&nbsp;&nbsp; $2258896 |
| New York – 4.5% | New York – 4.5% | New York – 4.5% |
| Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), "A", 5%, 7/01/2032  | $300000 | &nbsp;&nbsp;&nbsp; $314283 |
| Build NYC Resource Corp. Rev. (KIPP NYC Public Schools Facilities - Canal West Project), 5%, 7/01/2036  | 750000 | &nbsp;&nbsp;&nbsp; 779003 |
| Build NYC Resource Corp., Senior Airport Facilities Rev. (TRIPS Obligated Group), 5.5%, 7/01/2041  | 340000 | &nbsp;&nbsp;&nbsp; 359819 |
| Dutchess County, NY, Local Development Corp. Rev. (Nuvance Health), "B", 5%, 7/01/2028  | 330000 | &nbsp;&nbsp;&nbsp; 345153 |
| Genesse County, NY, Funding Corp. Rev. (Rochester Regional Health Project), "A", 5%, 12/01/2027  | 685000 | &nbsp;&nbsp;&nbsp; 713075 |
| Metropolitan Transportation Authority, NY, Transportation Refunding Rev. (Climate Bond Certified), "C-1", 4%, 11/15/2035  | 500000 | &nbsp;&nbsp;&nbsp; 496031 |
| Monroe County, NY, Industrial Development Agency Multi-Family Mortgage, 4.84%, 11/01/2040  | 642161 | &nbsp;&nbsp;&nbsp; 645044 |
| New York Dormitory Authority Rev. (New School), "B", 5%, 7/01/2042  | 500000 | &nbsp;&nbsp;&nbsp; 503150 |
| New York Dormitory Authority Rev. (Peca University), "A", 5.25%, 5/01/2040  | 375000 | &nbsp;&nbsp;&nbsp; 385440 |
| New York Dormitory Authority Rev. (White Plains Hospital Obligated Group), AGM, 5.25%, 10/01/2044  | 560000 | &nbsp;&nbsp;&nbsp; 588196 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| New York – continued | New York – continued | New York – continued |
| New York Energy Research & Development Authority, Pollution Control Rev. (New York State Electric & Gas Corp. Project), "C", <br> 4%, 4/01/2034 (Put Date 4/01/2034)<br>| $680000 | &nbsp;&nbsp;&nbsp; $680523 |
| New York Environmental Facilities Corp. Rev., Solid Waste Disposal (Casella Waste Management, Inc. Project), 2.75%, <br> 9/01/2050 (Put Date 9/02/2025) (n)<br>| 500000 | &nbsp;&nbsp;&nbsp; 497988 |
| New York Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development), "D-1", 4.35%, 11/01/2044  | 625000 | &nbsp;&nbsp;&nbsp; 584548 |
| New York Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development), "F-2-A", 3.4%, <br> 11/01/2062 (Put Date 12/22/2026)<br>| 560000 | &nbsp;&nbsp;&nbsp; 559987 |
| New York Housing Finance Agency 320 West 38th Street Housing Rev., "A", FHLMC, 3.57%, 5/01/2042 (Put Date 11/01/2031) | 570000 | &nbsp;&nbsp;&nbsp; 565013 |
| New York Housing Finance Agency Affordable Housing Rev., "A-2", 2.5%, 11/01/2060 (Put Date 5/01/2027) | 895000 | &nbsp;&nbsp;&nbsp; 881252 |
| New York Housing Finance Agency Affordable Housing Rev., "G-2", 3.45%, 5/01/2062 (Put Date 5/01/2027) | 65000 | &nbsp;&nbsp;&nbsp; 65000 |
| New York Housing Finance Agency Affordable Housing Rev., "A", 3.45%, 11/01/2063 (Put Date 5/01/2029) | 1000000 | &nbsp;&nbsp;&nbsp; 1000910 |
| New York Housing Finance Agency Personal Income Tax Rev., "A-2", 3.45%, 6/15/2054 (Put Date 12/15/2030) | 305000 | &nbsp;&nbsp;&nbsp; 305436 |
| New York State Energy Research & Development Authority, Pollution Control Rev. (Rochester Gas & Electric Corp. Project), "B", <br> 4%, 5/15/2032 (w)<br>| 545000 | &nbsp;&nbsp;&nbsp; 548264 |
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment Project), 5.625%, 4/01/2040 <br>| 165000 | &nbsp;&nbsp;&nbsp; 169578 |
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment Project), 5%, 10/01/2040 <br>| 250000 | &nbsp;&nbsp;&nbsp; 248636 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One <br> Project), 5.5%, 6/30/2041 <br>| 750000 | &nbsp;&nbsp;&nbsp; 776661 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport Project), "A", 5%, <br> 12/01/2032 <br>| 270000 | &nbsp;&nbsp;&nbsp; 284188 |
| New York, NY, Housing Development Corp., Multi-Family Mortgage Rev. (8 Spruce Street), "D", 4%, 12/15/2031  | 100000 | &nbsp;&nbsp;&nbsp; 102393 |
| Westchester County, NY, Industrial Development Agency, Multi-Family Housing Rev. (Armory Plaza Housing LP Project), 4.3%, <br> 6/01/2046 (Put Date 5/01/2041)<br>| 593603 | &nbsp;&nbsp;&nbsp; 578438 |
|  |  | &nbsp;&nbsp;&nbsp; $12978009 |
| North Carolina – 1.7% | North Carolina – 1.7% | North Carolina – 1.7% |
| Cumberland County, NC, Industrial Facilities and Pollution Control Financing Authority, Solid Waste Disposal Rev. (Project <br> Aero), 3.75%, 12/01/2027 (Put Date 11/01/2025)<br>| $50000 | &nbsp;&nbsp;&nbsp; $50019 |
| Greater Asheville, NC, Regional Airport Authority System Rev., AGM, 5.25%, 7/01/2039  | 320000 | &nbsp;&nbsp;&nbsp; 334931 |
| Greater Asheville, NC, Regional Airport Authority System Rev., "A", AGM, 5.25%, 7/01/2038  | 320000 | &nbsp;&nbsp;&nbsp; 335519 |
| North Carolina Housing Finance Agency, Home Ownership Refunding Rev., "45", GNMA, 1.9%, 7/01/2032  | 780000 | &nbsp;&nbsp;&nbsp; 680649 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "A", <br> 5%, 3/01/2028 <br>| 125000 | &nbsp;&nbsp;&nbsp; 128218 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "A", <br> 4%, 3/01/2030 <br>| 145000 | &nbsp;&nbsp;&nbsp; 144581 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Penick Village Project), "A", 5%, <br> 9/01/2034 <br>| 900000 | &nbsp;&nbsp;&nbsp; 926565 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes <br> Project), "A", 5%, 10/01/2039 <br>| 500000 | &nbsp;&nbsp;&nbsp; 511450 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes <br> Project), "B1", 4.25%, 10/01/2028 <br>| 65000 | &nbsp;&nbsp;&nbsp; 65034 |
| North Carolina State Education Assistance Authority, Tax-Exempt Student Loan Refunding Rev. (A Political Subdivision of the <br> State of North Carolina), "A", 5%, 6/01/2045 <br>| 1250000 | &nbsp;&nbsp;&nbsp; 1263316 |
| North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2040  | 985000 | &nbsp;&nbsp;&nbsp; 498342 |
|  |  | &nbsp;&nbsp;&nbsp; $4938624 |
| North Dakota – 0.3% | North Dakota – 0.3% | North Dakota – 0.3% |
| Grand Forks, ND, Healthcare System Rev. (Altru Health System), AGM, 3%, 12/01/2039  | $985000 | &nbsp;&nbsp;&nbsp; $798856 |
| Horace, ND, Temporary Refunding Improvement, "B", 4.85%, 8/01/2026  | 160000 | &nbsp;&nbsp;&nbsp; 160069 |
|  |  | &nbsp;&nbsp;&nbsp; $958925 |
| Ohio – 4.3% | Ohio – 4.3% | Ohio – 4.3% |
| Allen County, OH, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), "B-2", 5%, 10/01/2051 (Put Date 6/04/2030) | $500000 | &nbsp;&nbsp;&nbsp; $527864 |
| Columbus, OH, Metropolitan Housing Authority, Affordable Housing Rev. (Country Ridge Apartments Project), 4.375%, <br> 12/01/2041 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 949649 |
| Columbus, OH, Metropolitan Housing Authority, General Rev. (Orchards Project and the Eden Park Project), 5%, 12/01/2034  | 500000 | &nbsp;&nbsp;&nbsp; 517369 |
| Columbus, OH, Metropolitan Housing Authority, General Rev. (Waldren Woods Project), 4%, 6/01/2034  | 190000 | &nbsp;&nbsp;&nbsp; 184480 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Ohio – continued | Ohio – continued | Ohio – continued |
| Columbus, OH, Regional Airport Authority Rev. (John Glenn Columbus International Airport), "A", AGM, 5%, 1/01/2035  | $205000 | &nbsp;&nbsp;&nbsp; $219525 |
| Columbus-Franklin County, OH, Finance Authority, Development Rev. (Quarry Trails Phase III Project), "A", 4.25%, 5/15/2035  | 1115000 | &nbsp;&nbsp;&nbsp; 1119542 |
| Cuyahoga County, OH, Metropolitan Housing Authority, Multi-Family Housing Rev. (Wade Park Apartments), 4.75%, <br> 12/01/2027 (Put Date 12/01/2025)<br>| 200000 | &nbsp;&nbsp;&nbsp; 201073 |
| Ehove, OH, Joint Vocational School District, General Obligation School Improvement, 5.5%, 12/01/2036  | 350000 | &nbsp;&nbsp;&nbsp; 386707 |
| Ehove, OH, Joint Vocational School District, General Obligation School Improvement, 5.5%, 12/01/2037  | 375000 | &nbsp;&nbsp;&nbsp; 410597 |
| Erie & Sandusky Counties, OH, Margaretta Local School District (Ohio Certificates of Participation School Facilities Project), <br> BAM, 5.5%, 10/01/2037 <br>| 355000 | &nbsp;&nbsp;&nbsp; 386239 |
| Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), "A", 5.25%, 1/01/2038  | 750000 | &nbsp;&nbsp;&nbsp; 776678 |
| Margaretta, OH, Local School District Erie & Sandusky Counties, Certificates of Participation (School Facilities Project), BAM, <br> 5.5%, 10/01/2036 <br>| 500000 | &nbsp;&nbsp;&nbsp; 546464 |
| Ohio Air Quality Development Authority Refunding Rev. (American Electric Power Co. Project), "C", 3.65%, 12/01/2027  | 810000 | &nbsp;&nbsp;&nbsp; 806084 |
| Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), "A", 4.25%, <br> 11/01/2039 (Put Date 6/01/2027)<br>| 145000 | &nbsp;&nbsp;&nbsp; 146531 |
| Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), "B", 4%, 9/01/2030 (Put Date 6/01/2027) | 170000 | &nbsp;&nbsp;&nbsp; 171800 |
| Ohio Air Quality Development Authority Rev. (Dayton Power and Light Co. Project), "A", 4.25%, <br> 11/01/2040 (Put Date 6/01/2027)<br>| 500000 | &nbsp;&nbsp;&nbsp; 505555 |
| Ohio Higher Educational Facility Commission Rev. (Cleveland Institute of Music 2022 Project), 5%, 12/01/2032  | 600000 | &nbsp;&nbsp;&nbsp; 629585 |
| Ohio Housing Finance Agency, Multi-Family Housing Rev. (Haven's Edge Apartments Project), "A", 5.7%, 8/01/2043  | 250000 | &nbsp;&nbsp;&nbsp; 252936 |
| Ohio Housing Finance Agency, Multi-Family Housing Rev. (Thornwood Commons), 5%, 12/01/2026 (Put Date 12/01/2025) | 205000 | &nbsp;&nbsp;&nbsp; 206361 |
| Ohio Housing Finance Agency, Residential Mortgage Rev. (Mortgage-Backed Securities Program), "C", FNMA, 5.75%, <br> 3/01/2054 <br>| 535000 | &nbsp;&nbsp;&nbsp; 564712 |
| Ohio State Healthcare Facility Rev. (Otterbein Homes Obligated Group), 4%, 7/01/2036  | 200000 | &nbsp;&nbsp;&nbsp; 196555 |
| Stongsville City Cuyahoga County, OH, Various Purpose, 5%, 12/10/2025  | 1850000 | &nbsp;&nbsp;&nbsp; 1859539 |
| Warren County, OH, Healthcare Facilities Improvement & Refunding Rev. (Otterbein Homes Obligated Group), 5%, 7/01/2042  | 650000 | &nbsp;&nbsp;&nbsp; 652486 |
| Warren County, OH, Hospital Facilities Refunding Rev. (Community First Solutions Obligated Group), "A", 5%, 5/15/2044  | 240000 | &nbsp;&nbsp;&nbsp; 235183 |
|  |  | &nbsp;&nbsp;&nbsp; $12453514 |
| Oklahoma – 0.6% | Oklahoma – 0.6% | Oklahoma – 0.6% |
| Norman, OK, Regional Hospital Authority Refunding Rev., 4%, 9/01/2037  | $355000 | &nbsp;&nbsp;&nbsp; $284650 |
| Oklahoma Housing Finance Agency, Single Family Mortgage Rev. (Homeownership Loan Project), "D", GNMA, 6.5%, <br> 9/01/2054 <br>| 485000 | &nbsp;&nbsp;&nbsp; 539367 |
| Oklahoma Turnpike Authority, Turnpike System Refunding Second Senior Rev., "B", 5%, 1/01/2037 (w) | 325000 | &nbsp;&nbsp;&nbsp; 352540 |
| Tulsa, OK, Municipal Airport Trust Rev. (American Airlines, Inc. Project), 6.25%, 12/01/2035  | 500000 | &nbsp;&nbsp;&nbsp; 552268 |
|  |  | &nbsp;&nbsp;&nbsp; $1728825 |
| Oregon – 0.5% | Oregon – 0.5% | Oregon – 0.5% |
| Lincoln County, OR, Coast Community College District General Obligation, Convertible Capital Appreciation, 5% to 8/15/2024, <br> 5% to 6/15/2041 <br>| $380000 | &nbsp;&nbsp;&nbsp; $405026 |
| Oregon Facilities Authority, Lease Rent Rev. (Legacy Health System - Centurion Foundation), "A", 4.9%, 9/15/2035  | 430000 | &nbsp;&nbsp;&nbsp; 438015 |
| Oregon Health & Sciences University Rev., "B", 3.375%, 7/01/2039  | 115000 | &nbsp;&nbsp;&nbsp; 100931 |
| Portland, OR, International Airport Rev., 5.25%, 7/01/2041  | 500000 | &nbsp;&nbsp;&nbsp; 522490 |
|  |  | &nbsp;&nbsp;&nbsp; $1466462 |
| Pennsylvania – 7.8% | Pennsylvania – 7.8% | Pennsylvania – 7.8% |
| Adams County, PA, General Authority Rev. (Brethren Home Community Project), "A", 5%, 6/01/2034  | $990000 | &nbsp;&nbsp;&nbsp; $1034524 |
| Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), "A", AGM, 5%, 1/01/2036  | 1285000 | &nbsp;&nbsp;&nbsp; 1375242 |
| Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), "A", 5%, 4/01/2036  | 245000 | &nbsp;&nbsp;&nbsp; 250465 |
| Allegheny County, PA, Steel Valley School District, General Obligation Limited Tax, BAM, 5%, 11/01/2039  | 650000 | &nbsp;&nbsp;&nbsp; 682361 |
| Allegheny County, PA, Steel Valley School District, General Obligation Limited Tax, BAM, 5%, 11/01/2040  | 845000 | &nbsp;&nbsp;&nbsp; 879630 |
| Allentown, PA, Commercial & Industrial Development Authority, Education Facility Lease Rev. (Lincoln Leadership Academy <br> Charter School Project), 5.5%, 6/15/2038 (n)<br>| 500000 | &nbsp;&nbsp;&nbsp; 517139 |
| Allentown, PA, Neighborhood Improvement Zone, Development Authority Tax Refunding Rev., 5%, 5/01/2026  | 10000 | &nbsp;&nbsp;&nbsp; 10077 |
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), "A-2", 6%, 6/30/2034  | 104000 | &nbsp;&nbsp;&nbsp; 110056 |
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), "A-3", 5%, 6/30/2039  | 800000 | &nbsp;&nbsp;&nbsp; 738498 |
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), Convertible Capital Appreciation, "B-1", 0% to 11/15/2029, <br> 6% to 6/30/2044 <br>| 23000 | &nbsp;&nbsp;&nbsp; 16607 |
| Berks County, PA, Municipal Authority Rev., Taxable (Tower Health Project), "A-1", 8%, 6/30/2034  | 126000 | &nbsp;&nbsp;&nbsp; 128563 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Pennsylvania – continued | Pennsylvania – continued | Pennsylvania – continued |
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2030  | $455000 | &nbsp;&nbsp;&nbsp; $400880 |
| Chester County, PA, Industrial Development Authority, Educational Facilities Rev. (Avon Grove Charter School), "A", 4.75%, <br> 12/15/2037 <br>| 80000 | &nbsp;&nbsp;&nbsp; 79661 |
| Delaware Valley, PA, Regional Finance Authority, "C", FLR, 3.826% ((67% of SOFR - 3mo. + 0.26161%) + 0.75%), 6/01/2037  | 795000 | &nbsp;&nbsp;&nbsp; 738953 |
| Doylestown, PA, Hospital Authority Rev., 5%, 7/01/2031  | 100000 | &nbsp;&nbsp;&nbsp; 105395 |
| Doylestown, PA, Hospital Authority Rev., "A", 4%, 7/01/2045  | 10000 | &nbsp;&nbsp;&nbsp; 8689 |
| Erie, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), "XX1", 4%, <br> 5/01/2033 <br>| 400000 | &nbsp;&nbsp;&nbsp; 395757 |
| Indiana County, PA, Industrial Development Authority Rev. (Student Cooperative Association, Inc./Indiana University of <br> Pennsylvania Project), BAM, 5%, 5/01/2031 <br>| 440000 | &nbsp;&nbsp;&nbsp; 471461 |
| Indiana County, PA, Industrial Development Authority Rev. (Student Cooperative Association, Inc./Indiana University of <br> Pennsylvania Project), BAM, 5%, 5/01/2032 <br>| 450000 | &nbsp;&nbsp;&nbsp; 477795 |
| Lancaster, PA, Municipal Authority, Healthcare Facilities Rev. (Luthercare Project), "A", 4%, 12/01/2035  | 1585000 | &nbsp;&nbsp;&nbsp; 1547722 |
| Lehigh County, PA, General Purpose Authority, College Rev. (Muhlenberg College Project), 5%, 2/01/2040  | 1000000 | &nbsp;&nbsp;&nbsp; 1023909 |
| Pennsylvania Commonwealth Financing Authority, Tobacco Master Settlement Payment Rev., AGM, 4%, 6/01/2039  | 630000 | &nbsp;&nbsp;&nbsp; 588552 |
| Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), "B-2", 5%, 7/01/2038  | 1000000 | &nbsp;&nbsp;&nbsp; 1029628 |
| Pennsylvania Economic Development Financing Authority Rev. (Rapid Bridge Replacement Project), 5%, 12/31/2038  | 865000 | &nbsp;&nbsp;&nbsp; 861620 |
| Pennsylvania Economic Development Financing Authority, (UPMC) Rev., "A", 5%, 3/15/2060 (Put Date 3/15/2035) | 1035000 | &nbsp;&nbsp;&nbsp; 1084705 |
| Pennsylvania Economic Development Financing Authority, Junior Insured Parking Rev. (Capitol Region Parking System), "C", <br> AGM, 5%, 1/01/2033 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1086876 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), <br> 5%, 12/31/2033 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1070906 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), <br> AGM, 5.5%, 6/30/2042 <br>| 775000 | &nbsp;&nbsp;&nbsp; 812668 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement <br> Project), 5%, 12/31/2028 <br>| 150000 | &nbsp;&nbsp;&nbsp; 151679 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement <br> Project), 4%, 3/15/2034 <br>| 85000 | &nbsp;&nbsp;&nbsp; 85002 |
| Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 4.1%, <br> 8/01/2045 (Put Date 8/01/2025)<br>| 620000 | &nbsp;&nbsp;&nbsp; 620157 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "1A", 5%, 6/01/2033  | 631000 | &nbsp;&nbsp;&nbsp; 665306 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A", 5%, 6/01/2027  | 200000 | &nbsp;&nbsp;&nbsp; 204232 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A", 2.625%, 6/01/2042  | 5000 | &nbsp;&nbsp;&nbsp; 4399 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A-1", 4.75%, 6/01/2046  | 430000 | &nbsp;&nbsp;&nbsp; 423173 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "141A", 5.75%, 10/01/2053  | 535000 | &nbsp;&nbsp;&nbsp; 567211 |
| Pennsylvania School District Authority Rev. (William Penn School District Project), "B", BAM, 5%, 3/15/2043  | 225000 | &nbsp;&nbsp;&nbsp; 229329 |
| Philadelphia, PA, Airport Refunding Rev., "B", 5%, 7/01/2037  | 775000 | &nbsp;&nbsp;&nbsp; 778261 |
| Philadelphia, PA, Authority for Industrial Development, Charter School Rev. (Green Woods Charter School Project), "A", 5%, <br> 6/15/2032 <br>| 100000 | &nbsp;&nbsp;&nbsp; 102135 |
| Philadelphia, PA, Housing Authority, General Rev. (PHA Headquarters Project), 5%, 5/01/2039  | 355000 | &nbsp;&nbsp;&nbsp; 359401 |
| Philadelphia, PA, School District, "A", 5.25%, 9/01/2038  | 410000 | &nbsp;&nbsp;&nbsp; 441877 |
| Westmoreland County, PA, Industrial Development Authority Rev. (Redstone Presbyterian Seniorcare Obligated Group), 4%, <br> 5/15/2026 <br>| 500000 | &nbsp;&nbsp;&nbsp; 496239 |
|  |  | &nbsp;&nbsp;&nbsp; $22656740 |
| Puerto Rico – 0.7% | Puerto Rico – 0.7% | Puerto Rico – 0.7% |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.625%, 7/01/2029  | $292016 | &nbsp;&nbsp;&nbsp; $308021 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.75%, 7/01/2031  | 40810 | &nbsp;&nbsp;&nbsp; 44019 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2033  | 38698 | &nbsp;&nbsp;&nbsp; 37755 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2037  | 29854 | &nbsp;&nbsp;&nbsp; 28443 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2041  | 40591 | &nbsp;&nbsp;&nbsp; 36072 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2046  | 42214 | &nbsp;&nbsp;&nbsp; 36068 |
| Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, "A", 0%, 7/01/2033  | 49801 | &nbsp;&nbsp;&nbsp; 34429 |
| Puerto Rico Aqueduct and Sewer Authority Rev., "A", 5%, 7/01/2025 (n) | 500000 | &nbsp;&nbsp;&nbsp; 500000 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2021 (a)(d) | 100000 | &nbsp;&nbsp;&nbsp; 54625 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | 165000 | &nbsp;&nbsp;&nbsp; 90131 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | 260000 | &nbsp;&nbsp;&nbsp; 142025 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2023 (a)(d) | 15000 | &nbsp;&nbsp;&nbsp; 8194 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Puerto Rico – continued | Puerto Rico – continued | Puerto Rico – continued |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | $130000 | &nbsp;&nbsp;&nbsp; $71013 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034  | 10000 | &nbsp;&nbsp;&nbsp; 9827 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | 70000 | &nbsp;&nbsp;&nbsp; 38238 |
| Puerto Rico Electric Power Authority Rev., Taxable, "EEE", 6.05%, 7/01/2032 (a)(d) | 25000 | &nbsp;&nbsp;&nbsp; 13656 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053  | 1000 | &nbsp;&nbsp;&nbsp; 869 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.55%, 7/01/2040  | 23000 | &nbsp;&nbsp;&nbsp; 22046 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.75%, 7/01/2053  | 20000 | &nbsp;&nbsp;&nbsp; 18387 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 5%, 7/01/2058  | 164000 | &nbsp;&nbsp;&nbsp; 154181 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.784%, 7/01/2058  | 39000 | &nbsp;&nbsp;&nbsp; 35540 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2031  | 597000 | &nbsp;&nbsp;&nbsp; 465787 |
|  |  | &nbsp;&nbsp;&nbsp; $2149326 |
| Rhode Island – 1.3% | Rhode Island – 1.3% | Rhode Island – 1.3% |
| Rhode Island Housing & Mortgage Finance Corp., Homeownership Opportunity, "78-A", 5.5%, 10/01/2052  | $640000 | &nbsp;&nbsp;&nbsp; $676418 |
| Rhode Island Student Loan Authority, Education Loan Rev., "A", 5%, 12/01/2034  | 1000000 | &nbsp;&nbsp;&nbsp; 1045194 |
| Rhode Island Student Loan Authority, Education Loan Rev., "A", 4.125%, 12/01/2042  | 765000 | &nbsp;&nbsp;&nbsp; 718641 |
| Rhode Island Student Loan Authority, Education Loan Rev., "B", 4.125%, 12/01/2043  | 145000 | &nbsp;&nbsp;&nbsp; 131834 |
| Rhode Island Student Loan Authority, Education Loan Rev., "A", 5%, 12/01/2033  | 1015000 | &nbsp;&nbsp;&nbsp; 1069036 |
|  |  | &nbsp;&nbsp;&nbsp; $3641123 |
| South Carolina – 1.4% | South Carolina – 1.4% | South Carolina – 1.4% |
| Charleston County, SC, Airport District Rev., "A", 5.25%, 7/01/2044  | $750000 | &nbsp;&nbsp;&nbsp; $769310 |
| Dorchester County, SC, Summers Corner Improvement District Assessment Rev., 4.5%, 10/01/2033  | 415000 | &nbsp;&nbsp;&nbsp; 407673 |
| Dorchester County, SC, Summers Corner Improvement District Assessment Rev., 5.25%, 10/01/2043  | 280000 | &nbsp;&nbsp;&nbsp; 263537 |
| Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042  | 335000 | &nbsp;&nbsp;&nbsp; 299343 |
| Patriots Energy Group Financing Agency, SC, Gas Supply Rev., "B-1", 5.25%, 2/01/2054 (Put Date 3/01/2031) | 650000 | &nbsp;&nbsp;&nbsp; 697826 |
| South Carolina Jobs & Economic Development Authority, Economic Development Rev. (Foothill Affordable Housing Foundation <br> - Paddock Club and Fairway Projects), FHLMC, 4%, 3/01/2062 (Put Date 3/01/2035)<br>| 100000 | &nbsp;&nbsp;&nbsp; 96853 |
| South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), "B-2", 5%, <br> 11/01/2049 (Put Date 11/01/2032)<br>| 410000 | &nbsp;&nbsp;&nbsp; 434828 |
| South Carolina Jobs & Economic Development Authority, Residential Care Facilities Refunding Rev. (South Carolina Episcopal <br> Home at Still Hopes), "A", 5%, 4/01/2038 <br>| 280000 | &nbsp;&nbsp;&nbsp; 277583 |
| South Carolina Jobs-Economic Development Authority Rev. (Charleston Southern University), "C", 5%, 9/01/2032  | 665000 | &nbsp;&nbsp;&nbsp; 690537 |
|  |  | &nbsp;&nbsp;&nbsp; $3937490 |
| Tennessee – 3.3% | Tennessee – 3.3% | Tennessee – 3.3% |
| Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CDFI Phase I LLC, University of Tennessee at <br> Chattanooga), 5%, 10/01/2035 <br>| $500000 | &nbsp;&nbsp;&nbsp; $500690 |
| Jackson, TN, Hospital Rev. (Jackson-Madison County General Hospital), 4%, 4/01/2041  | 415000 | &nbsp;&nbsp;&nbsp; 366553 |
| Knox County, TN, Health Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 9/01/2036  | 1000000 | &nbsp;&nbsp;&nbsp; 1002855 |
| Knox County, TN, Health Educational & Housing Facility Board, Student Housing Rev. (Provident Group - UTK Properties LLC - <br> University of Tennessee Project), "A1", BAM, 5%, 7/01/2040 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1036979 |
| Knox County, TN, Health Educational & Housing Facility, Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036  | 750000 | &nbsp;&nbsp;&nbsp; 752981 |
| Knox County, TN, Health Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - <br> University of Tennessee Project), "B-1", BAM, 5%, 7/01/2044 <br>| 300000 | &nbsp;&nbsp;&nbsp; 303344 |
| Knox County, TN, Health, Educational & Housing Facility Board, Multi-Family Housing Rev. (Westview Towers Project), 3.95%, <br> 12/01/2027 (Put Date 12/01/2025)<br>| 70000 | &nbsp;&nbsp;&nbsp; 70103 |
| Memphis-Shelby County, TN, Economic Development Growth Engine Industrial Development Board Senior Tax Increment Rev. <br> (Graceland Project), "A", 4.75%, 7/01/2027 <br>| 100000 | &nbsp;&nbsp;&nbsp; 90971 |
| Memphis-Shelby County, TN, Economic Development Growth Engine Industrial Development Board Senior Tax Increment Rev. <br> (Graceland Project), "A", 5.5%, 7/01/2037 <br>| 100000 | &nbsp;&nbsp;&nbsp; 73382 |
| Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Lipscomb University <br> Project), "A", 5%, 10/01/2041 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 992987 |
| Metropolitan Nashville, TN, Airport Authority Improvement Rev., "B", 5.25%, 7/01/2033  | 1150000 | &nbsp;&nbsp;&nbsp; 1259271 |
| Nashville, TN, Metropolitan Development & Housing Agency Rev. (Fifth & Broadway Development), 5.125%, 6/01/2036 (n) | 500000 | &nbsp;&nbsp;&nbsp; 503343 |
| Shelby County, TN, Health, Educational & Housing Facility Board, Residential Care Facility Mortgage Rev. (Village at <br> Germantown), 5.25%, 12/01/2049 <br>| 550000 | &nbsp;&nbsp;&nbsp; 465116 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030) | 685000 | &nbsp;&nbsp;&nbsp; 718951 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Tennessee – continued | Tennessee – continued | Tennessee – continued |
| Tennessee Energy Acquisition Corp., Gas Project Rev., "A-1", 5%, 5/01/2053 (Put Date 5/01/2028) | $750000 | &nbsp;&nbsp;&nbsp; $773319 |
| Tennessee Energy Acquisition Corp., Gas Project Rev., "C", 5%, 2/01/2027  | 80000 | &nbsp;&nbsp;&nbsp; 81262 |
| Tennessee Housing Development Agency, Residential Finance Program Rev., "4", 4%, 7/01/2043  | 645000 | &nbsp;&nbsp;&nbsp; 579761 |
|  |  | &nbsp;&nbsp;&nbsp; $9571868 |
| Texas – 8.2% | Texas – 8.2% | Texas – 8.2% |
| Austin, TX, Convention Center (Convention Enterprises, Inc.), "A", 5%, 1/01/2029  | $145000 | &nbsp;&nbsp;&nbsp; $146239 |
| Austin, TX, Convention Center (Convention Enterprises, Inc.), "A", 5%, 1/01/2031  | 220000 | &nbsp;&nbsp;&nbsp; 221441 |
| Austin, TX, Convention Center (Convention Enterprises, Inc.), "B", 5%, 1/01/2026  | 95000 | &nbsp;&nbsp;&nbsp; 95076 |
| Austin, TX, Convention Center (Convention Enterprises, Inc.), "B", 5%, 1/01/2028  | 75000 | &nbsp;&nbsp;&nbsp; 75468 |
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., "1A", 5.125%, 4/01/2043  | 330000 | &nbsp;&nbsp;&nbsp; 339926 |
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., "1A", 4%, 4/01/2045  | 225000 | &nbsp;&nbsp;&nbsp; 194912 |
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., "1-A", 5%, 4/01/2033  | 500000 | &nbsp;&nbsp;&nbsp; 529656 |
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., "1-A", 5%, 4/01/2034  | 435000 | &nbsp;&nbsp;&nbsp; 457754 |
| Celina, TX, Special Assessment Refunding & Improvement Rev. (The Lakes at Mustang Ranch Public Improvement District <br> Major Improvement Area and Phases #2-7 Project), AGM, 5%, 9/01/2039 <br>| 750000 | &nbsp;&nbsp;&nbsp; 778329 |
| Dallas, TX, Housing Finance Corp., Multi-Family Housing Rev. (Highpoint at Wynnewood), 3.5%, <br> 2/01/2044 (Put Date 2/01/2026)<br>| 145000 | &nbsp;&nbsp;&nbsp; 144894 |
| Dallas, TX, Love Field Airport Modernization Corp., General Airport Rev., 5%, 11/01/2035  | 1000000 | &nbsp;&nbsp;&nbsp; 1006610 |
| Dallas, TX, Senior Lien Special Tax Rev. (Fair Park Venue Project), 6.25%, 8/15/2053 (Put Date 8/15/2028) | 100000 | &nbsp;&nbsp;&nbsp; 100031 |
| Dowdell, TX, Public Utility District, "A", BAM, 2%, 9/01/2026  | 200000 | &nbsp;&nbsp;&nbsp; 195960 |
| El Paso, TX, Residential Development Rev. (EL Paso Royal Apartments Project), 4.25%, 10/01/2039  | 100000 | &nbsp;&nbsp;&nbsp; 94626 |
| EP Cimarron Ventanas, TX, Residential Development Rev. (Home Essential Function Housing Program), 4.25%, 12/01/2034  | 765000 | &nbsp;&nbsp;&nbsp; 758460 |
| EP Cimarron Ventanas, TX, Residential Development Rev. (Lifestyles at Los Paseos), 4.125%, 12/01/2039  | 155000 | &nbsp;&nbsp;&nbsp; 147009 |
| Fort Bend County, TX, Lamar Consolidated Independent School District, Unlimited Tax Schoolhouse, 5%, 2/15/2037  | 95000 | &nbsp;&nbsp;&nbsp; 102659 |
| Fort Bend County, TX, Lamar Consolidated Independent School District, Unlimited Tax Schoolhouse, 5%, 2/15/2038  | 70000 | &nbsp;&nbsp;&nbsp; 74985 |
| Fort Worth, TX, Special Tax Rev. (Convention Center Venue Project), 5.5%, 3/01/2043 (w) | 755000 | &nbsp;&nbsp;&nbsp; 796849 |
| Galveston, TX, Wharves & Terminal Rev., 5.25%, 8/01/2032  | 750000 | &nbsp;&nbsp;&nbsp; 807821 |
| Galveston, TX, Wharves & Terminal Rev., 5.25%, 8/01/2037  | 340000 | &nbsp;&nbsp;&nbsp; 354245 |
| Houston, TX, Airport System Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Project), "B", 5.25%, 7/15/2034  | 500000 | &nbsp;&nbsp;&nbsp; 515146 |
| Houston, TX, Airport System Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), "B", 5.5%, 7/15/2038  | 545000 | &nbsp;&nbsp;&nbsp; 560556 |
| Houston, TX, Airport System Subordinate Lien Rev., "A", AGM, 5%, 7/01/2038  | 665000 | &nbsp;&nbsp;&nbsp; 690007 |
| Matagorda County, TX, Navigation District No. 1, Pollution Control Rev. (Central Power & Light Co.), 4.25%, 5/01/2030  | 500000 | &nbsp;&nbsp;&nbsp; 513199 |
| McLennan County, TX, Waco Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 3%, 8/15/2035  | 100000 | &nbsp;&nbsp;&nbsp; 91952 |
| McLennan County, TX, Waco Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 3%, 8/15/2036  | 500000 | &nbsp;&nbsp;&nbsp; 450097 |
| Memorial, TX, City Redevelopment Authority, Tax Increment Contract Rev., AGM, 5%, 9/01/2040 (w) | 1345000 | &nbsp;&nbsp;&nbsp; 1390564 |
| Memorial, TX, City Redevelopment Authority, Tax Increment Contract Rev., AGM, 5%, 9/01/2041 (w) | 645000 | &nbsp;&nbsp;&nbsp; 659714 |
| Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Graphic Packaging International, LLC Project), 5%, <br> 12/01/2064 (Put Date 6/01/2030)<br>| 245000 | &nbsp;&nbsp;&nbsp; 250401 |
| Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Waste Management, Inc. Project), VRDN, 3.95%, <br> 5/01/2046 (Put Date 9/01/2025)<br>| 225000 | &nbsp;&nbsp;&nbsp; 225007 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Bella Vida Forefront Living Project), "B-3", <br> 4.25%, 10/01/2030 <br>| 205000 | &nbsp;&nbsp;&nbsp; 205216 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), "A", 5%, <br> 1/01/2035 <br>| 350000 | &nbsp;&nbsp;&nbsp; 339435 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Westminster Project), 5%, 11/01/2034  | 585000 | &nbsp;&nbsp;&nbsp; 622856 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Westminster Project), 5%, 11/01/2035  | 455000 | &nbsp;&nbsp;&nbsp; 482080 |
| North Texas Municipal Water District, Water System Refunding Rev., 5%, 9/01/2043 (w) | 1000000 | &nbsp;&nbsp;&nbsp; 1046929 |
| Panola County, TX, Carthage Independent School District, Unlimited Tax School Building, Texas PSF, 5%, 8/15/2038  | 250000 | &nbsp;&nbsp;&nbsp; 254906 |
| Port Beaumont, TX, Industrial Development Authority, Facility Rev., Taxable (Jefferson Gulf Coast Energy Project), "B", 4.1%, <br> 1/01/2028 (n)<br>| 200000 | &nbsp;&nbsp;&nbsp; 176971 |
| Port Houston, TX, First Lien Rev., 4%, 10/01/2038  | 1000000 | &nbsp;&nbsp;&nbsp; 981246 |
| Princeton, TX, Special Assessment Rev. (Eastridge Public Improvement District Improvement Area No. 3 Project), 5%, 9/01/2044  | 500000 | &nbsp;&nbsp;&nbsp; 465905 |
| Reeves & Ward Counties, TX, Pecos-Barstow-Toyah Independent School District, Unlimited Tax School Building Bonds, Texas <br> PSF, 5%, 2/15/2038 <br>| 1550000 | &nbsp;&nbsp;&nbsp; 1560480 |
| Texas Department of Housing & Community Affairs, Residential Mortgage Rev., GNMA, 5.75%, 1/01/2056  | 1250000 | &nbsp;&nbsp;&nbsp; 1368222 |
| Texas Municipal Gas Acquisition & Supply Corp. IV, Gas Supply Rev., "B", 5.5%, 1/01/2054 (Put Date 1/01/2034) | 930000 | &nbsp;&nbsp;&nbsp; 1020091 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Texas – continued | Texas – continued | Texas – continued |
| Texas Private Activity Surface Transportation Corp. Rev. (NTE Mobility Partners Segments 3 LLC), 5.375%, 6/30/2038  | $175000 | &nbsp;&nbsp;&nbsp; $182650 |
| Texas Private Activity Surface Transportation Corp. Rev. (NTE Mobility Partners Segments 3 LLC), 5.5%, 6/30/2040  | 635000 | &nbsp;&nbsp;&nbsp; 659412 |
| Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2034  | 1000000 | &nbsp;&nbsp;&nbsp; 1090981 |
| Texas Public Finance Authority Rev. (Texas Southern University), "A", BAM, 5%, 5/01/2026  | 125000 | &nbsp;&nbsp;&nbsp; 126286 |
| Texas Public Finance Authority, Financing System Refunding Rev. (Midwestern State University), "A", 4%, 12/01/2033  | 75000 | &nbsp;&nbsp;&nbsp; 75119 |
| Travis County, TX, Housing Finance Corp., Multi-Family Housing Rev. (Airport Gateway Apartments), 4.125%, <br> 6/01/2045 (Put Date 6/01/2027)<br>| 335000 | &nbsp;&nbsp;&nbsp; 336235 |
|  |  | &nbsp;&nbsp;&nbsp; $23764613 |
| U.S. Virgin Islands – 0.0% | U.S. Virgin Islands – 0.0% | U.S. Virgin Islands – 0.0% |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2025  | $100000 | &nbsp;&nbsp;&nbsp; $100119 |
| Utah – 0.7% | Utah – 0.7% | Utah – 0.7% |
| Salt Lake City, UT, Airport Rev. (International Airport), "A", 5.25%, 7/01/2037  | $1000000 | &nbsp;&nbsp;&nbsp; $1068137 |
| Utah Downtown Revitalization, Public Infrastructure District Sales Tax Rev. (SEG Redevelopment Project), "C", 5%, 7/15/2035  | 181000 | &nbsp;&nbsp;&nbsp; 181626 |
| Utah Housing Corp., Mortgage-Backed Securities, "I", GNMA, 2.5%, 8/21/2051  | 12333 | &nbsp;&nbsp;&nbsp; 10130 |
| Utah Housing Corp., Mortgage-Backed Securities, "I", GNMA, 5%, 9/21/2052  | 650740 | &nbsp;&nbsp;&nbsp; 652295 |
| Utah Housing Corp., Single Family Mortgage Rev., "A", GNMA, 6.5%, 1/01/2054  | 110000 | &nbsp;&nbsp;&nbsp; 119955 |
| Utah Infrastructure Agency Telecommunications & Franchise Rev. (Pleasant Grove City Project), 2%, 10/15/2025  | 125000 | &nbsp;&nbsp;&nbsp; 124247 |
|  |  | &nbsp;&nbsp;&nbsp; $2156390 |
| Vermont – 1.0% | Vermont – 1.0% | Vermont – 1.0% |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 5%, 6/15/2032  | $1000000 | &nbsp;&nbsp;&nbsp; $1061743 |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 5%, 6/15/2032  | 1700000 | &nbsp;&nbsp;&nbsp; 1804962 |
|  |  | &nbsp;&nbsp;&nbsp; $2866705 |
| Virginia – 1.5% | Virginia – 1.5% | Virginia – 1.5% |
| Chesapeake, VA, Economic Development Authority, Pollution Control Rev. (Virginia Electric and Power Company Project), "A", <br> 3.65%, 2/01/2032 (Put Date 10/01/2027)<br>| $305000 | &nbsp;&nbsp;&nbsp; $309115 |
| James City County, VA, Economic Development Authority, Residential Care Facility Rev. (Williamsburg Landing), "C-3", 5.25%, <br> 12/01/2027 <br>| 750000 | &nbsp;&nbsp;&nbsp; 750381 |
| Louisa, VA, Industrial Development Authority, Pollution Control Refunding Rev. (Virginia Electric and Power Co. Project), "A", <br> 3.65%, 11/01/2035 (Put Date 10/01/2027)<br>| 85000 | &nbsp;&nbsp;&nbsp; 86147 |
| Virginia Beach, VA, Development Authority, Residential Care Facility Refunding Rev. (Westminster - Canterbury on Chesapeake <br> Bay), 5%, 9/01/2029 <br>| 95000 | &nbsp;&nbsp;&nbsp; 97443 |
| Virginia Beach, VA, Development Authority, Residential Care Facility Rev. (Westminster - Canterbury on Chesapeake Bay), <br> "B-3", 5.375%, 9/01/2029 <br>| 750000 | &nbsp;&nbsp;&nbsp; 757214 |
| Virginia Housing Development Authority, Rental Housing, "A", 3.65%, 3/01/2029  | 480000 | &nbsp;&nbsp;&nbsp; 480222 |
| Virginia Small Business Financing Authority Rev. (Hampton University), 5.25%, 10/01/2029  | 180000 | &nbsp;&nbsp;&nbsp; 180341 |
| Virginia Small Business Financing Authority Rev. (I-495 HOT Lanes Project), 5%, 12/31/2038  | 695000 | &nbsp;&nbsp;&nbsp; 708480 |
| Virginia Small Business Financing Authority, Residential Care Facility Rev. (Pinnacle Living), "C", 5%, 6/01/2042  | 500000 | &nbsp;&nbsp;&nbsp; 484460 |
| York, VA, Economic Development Authority, Pollution Control Rev. (Virginia Electric and Power Company Project), "A", 3.65%, <br> 5/01/2033 (Put Date 10/01/2027)<br>| 610000 | &nbsp;&nbsp;&nbsp; 618230 |
|  |  | &nbsp;&nbsp;&nbsp; $4472033 |
| Washington – 2.4% | Washington – 2.4% | Washington – 2.4% |
| Everett, WA, Housing Authority Refunding Rev. (Huntington Park Apartments Project), 4%, 7/01/2037  | $210000 | &nbsp;&nbsp;&nbsp; $195521 |
| Klickitat County, WA, Public Utility District No. 1 Electric System Refunding Rev., AGM, 5%, 12/01/2034  | 1350000 | &nbsp;&nbsp;&nbsp; 1499525 |
| Pacific County, WA, Public Healthcare Services District No. 3 Unlimited Tax General Obligation (Ocean Beach Hospital and <br> Medical Clinics), 5.25%, 12/01/2039 <br>| 500000 | &nbsp;&nbsp;&nbsp; 525931 |
| Seattle, WA, Port Intermediate Lien Refunding Rev., "A", 5%, 5/01/2033  | 750000 | &nbsp;&nbsp;&nbsp; 763133 |
| Spokane County, WA, Airport Rev., 5.25%, 1/01/2044  | 1115000 | &nbsp;&nbsp;&nbsp; 1142419 |
| Vancouver, WA, Housing Authority Rev. (Cougar Creek Project), "A", 4%, 10/01/2034  | 220000 | &nbsp;&nbsp;&nbsp; 219118 |
| Vancouver, WA, Housing Authority Rev. (Navalia and Alena Projects), 4%, 8/01/2034  | 880000 | &nbsp;&nbsp;&nbsp; 855776 |
| Washington Higher Education Facilities Authority Refunding Rev. (Gonzaga University Project), 4%, 4/01/2041  | 1000000 | &nbsp;&nbsp;&nbsp; 922316 |
| Washington State Housing Finance Commission, Multi-Family Rev. (Mill at First Hill Apartments Project), FNMA, 4.15%, <br> 7/01/2034 <br>| 105000 | &nbsp;&nbsp;&nbsp; 105770 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Washington – continued | Washington – continued | Washington – continued |
| Washington State Housing Finance Commission, Non-Profit Housing Rev. (Eastside Retirement Association DBA Emerald <br> Heights Project), "B-1", 5%, 7/01/2038 <br>| $795000 | &nbsp;&nbsp;&nbsp; $815674 |
|  |  | &nbsp;&nbsp;&nbsp; $7045183 |
| West Virginia – 0.3% | West Virginia – 0.3% | West Virginia – 0.3% |
| Ohio County, WV, Commission Tax Increment Refunding & Improvement Rev. (The Highlands Project), 5%, 6/01/2034  | $300000 | &nbsp;&nbsp;&nbsp; $311548 |
| West Virginia Economic Development Authority, Solid Waste Disposal Facilities Refunding Rev. (Wheeling Power Co. - Mitchell <br> Project), "A", 3%, 6/01/2037 (Put Date 6/18/2027)<br>| 330000 | &nbsp;&nbsp;&nbsp; 325262 |
| West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Appalachian Power Company - Amos <br> Project), "A", 1%, 1/01/2041 (Put Date 9/01/2025)<br>| 150000 | &nbsp;&nbsp;&nbsp; 149106 |
| West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Commercial Metals Co. Project), 4.625%, <br> 4/15/2055 (Put Date 5/15/2032)<br>| 230000 | &nbsp;&nbsp;&nbsp; 228956 |
|  |  | &nbsp;&nbsp;&nbsp; $1014872 |
| Wisconsin – 5.2% | Wisconsin – 5.2% | Wisconsin – 5.2% |
| Jefferson and Dodge Counties, WI, Watertown General Obligation Anticipation Notes, 4%, 10/01/2025  | $75000 | &nbsp;&nbsp;&nbsp; $75011 |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (Froedtert Health, Inc. Obligated Group), "A", 4%, <br> 4/01/2040 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 936998 |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), "B", 4%, 9/15/2027  | 290000 | &nbsp;&nbsp;&nbsp; 288609 |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), "B", 4%, 9/15/2028  | 195000 | &nbsp;&nbsp;&nbsp; 193894 |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), "B", 4%, 9/15/2029  | 310000 | &nbsp;&nbsp;&nbsp; 307641 |
| Wisconsin Health & Educational Facilities Authority Rev. (Bellin Memorial Hospital, Inc.), "A", 5%, 12/01/2037  | 200000 | &nbsp;&nbsp;&nbsp; 211739 |
| Wisconsin Health & Educational Facilities Authority Rev. (Fort HealthCare, Inc.), "B", 5%, 10/01/2054 (Put Date 10/03/2034) | 1000000 | &nbsp;&nbsp;&nbsp; 1090343 |
| Wisconsin Health & Educational Facilities Authority Rev. (Milwaukee Science Education Consortium, Inc.), "A", 4.5%, <br> 3/15/2033 <br>| 155000 | &nbsp;&nbsp;&nbsp; 157198 |
| Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2030  | 400000 | &nbsp;&nbsp;&nbsp; 395952 |
| Wisconsin Housing & Economic Development Authority, Home Ownership Rev., GNMA, 6%, 3/01/2055  | 995000 | &nbsp;&nbsp;&nbsp; 1084263 |
| Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 5.875%, 4/01/2045  | 155000 | &nbsp;&nbsp;&nbsp; 152632 |
| Wisconsin Public Finance Authority Rev., Taxable (Kāhala Nui Project), 5%, 11/15/2034  | 335000 | &nbsp;&nbsp;&nbsp; 365415 |
| Wisconsin Public Finance Authority Rev., Taxable (Kāhala Nui Project), 5%, 11/15/2036  | 435000 | &nbsp;&nbsp;&nbsp; 466221 |
| Wisconsin Public Finance Authority, Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5%, 7/01/2033  | 1125000 | &nbsp;&nbsp;&nbsp; 1189161 |
| Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), "B", 5.25%, 7/01/2028  | 90000 | &nbsp;&nbsp;&nbsp; 90072 |
| Wisconsin Public Finance Authority, Education Refunding Rev., Taxable, (Pinecrest Academy of Nevada - Sloan Canyon Campus <br> Project), "A", 4%, 7/15/2039 (n)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 890682 |
| Wisconsin Public Finance Authority, Education Rev. (Triad Educational Services, Inc.), 5%, 6/15/2032  | 1100000 | &nbsp;&nbsp;&nbsp; 1146980 |
| Wisconsin Public Finance Authority, Housing Rev. (Aggie Apartment Life Holding Corp. II LLC Project), 5%, 6/01/2034  | 1100000 | &nbsp;&nbsp;&nbsp; 1158288 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", 6.25%, <br> 8/01/2027 (a)(d)(n)<br>| 105000 | &nbsp;&nbsp;&nbsp; 101588 |
| Wisconsin Public Finance Authority, Multi-Family Affordable Housing Certificates (Dominium Holdings I), "B-1", 6.81%, <br> 4/28/2036 <br>| 305000 | &nbsp;&nbsp;&nbsp; 309980 |
| Wisconsin Public Finance Authority, Multi-Family Affordable Housing Certificates, "1-A", FHLMC, 4.1%, 9/25/2039 (n) | 805000 | &nbsp;&nbsp;&nbsp; 759036 |
| Wisconsin Public Finance Authority, Multi-Family Housing Rev. (Foothill Affordable Housing Foundation-Elliot Baymeadows <br> Apartments Project), FNMA, 4.5%, 7/01/2067 (Put Date 7/01/2035) (w)<br>| 770000 | &nbsp;&nbsp;&nbsp; 771300 |
| Wisconsin Public Finance Authority, Project Rev. (Eastern Michigan University Student Housing Project), "A-1", 5.25%, <br> 7/01/2037 <br>| 670000 | &nbsp;&nbsp;&nbsp; 717513 |
| Wisconsin Public Finance Authority, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), "A", 4%, <br> 10/01/2030 <br>| 535000 | &nbsp;&nbsp;&nbsp; 535269 |
| Wisconsin Public Finance Authority, Senior Living Rev. (Mary's Woods at Marylhurst Project), "A", 5%, 5/15/2030 (n) | 250000 | &nbsp;&nbsp;&nbsp; 252521 |
| Wisconsin Public Finance Authority, Student Housing Facilities Rev. (Campus Real Estate Holding Corp. LLC Project), "A", 5%, <br> 6/01/2035 <br>| 855000 | &nbsp;&nbsp;&nbsp; 887702 |
| Wisconsin Public Finance Authority, Student Housing Rev. (KSU Bixby Real Estate Foundation LLC Project), "B", 5.25%, <br> 6/15/2035 <br>| 175000 | &nbsp;&nbsp;&nbsp; 186598 |
| Wisconsin Public Finance Authority, Student Housing Rev. (KSU Bixby Real Estate Foundation, LLC Project), "B", 5%, 6/15/2030  | 185000 | &nbsp;&nbsp;&nbsp; 195101 |
| Wisconsin Public Finance Authority, Texas Infrastructure Program Improvement & Refunding Rev., Taxable (Astro Texas Land <br> Projects), Capital Appreciation, 0%, 12/15/2037 <br>| 141000 | &nbsp;&nbsp;&nbsp; 69699 |
|  |  | &nbsp;&nbsp;&nbsp; $14987406 |
| **Total Municipal Bonds**  |  | &nbsp;&nbsp; **$279281150** |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Other Municipal Bonds – 0.3% | Other Municipal Bonds – 0.3% | Other Municipal Bonds – 0.3% |
| Multi-Family Housing Revenue – 0.3% | Multi-Family Housing Revenue – 0.3% |  |
| Affordable Housing Opportunities Trust Certificates, AH-01, "A", 3.528%, 5/01/2039 (n) | $275000 | &nbsp;&nbsp;&nbsp; $220330 |
| Freddie Mac, 4.685%, 10/25/2040  | 356833 | &nbsp;&nbsp;&nbsp; 363479 |
| Freddie Mac, 4.519%, 8/25/2041  | 381948 | &nbsp;&nbsp;&nbsp; 391985 |
| **Total Other Municipal Bonds**  |  | &nbsp;&nbsp; **$975794** |
| Bonds – 0.2% | Bonds – 0.2% | Bonds – 0.2% |
| Transportation - Services – 0.2% | Transportation - Services – 0.2% |  |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2028 (n) | $500000 | &nbsp;&nbsp;&nbsp; $425336 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 219866 | &nbsp;&nbsp;&nbsp; 73457 |
| **Total Bonds**  |  | &nbsp;&nbsp; **$498793** |
| Contingent Value Instruments – 0.0% | Contingent Value Instruments – 0.0% | Contingent Value Instruments – 0.0% |
| General Obligations - General Purpose – 0.0% | General Obligations - General Purpose – 0.0% |  |
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043  | $160102 | &nbsp;&nbsp;&nbsp; $98463 |
| Mutual Funds (h) – 6.0% | Mutual Funds (h) – 6.0% | Mutual Funds (h) – 6.0% |
| Money Market Funds – 6.0% | Money Market Funds – 6.0% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v)  | 17205174 | &nbsp;&nbsp;&nbsp; $17206895 |
| Other Assets, Less Liabilities – (3.1)% |  | &nbsp;&nbsp;&nbsp; (8959044)<br>|
| **Net Assets – 100.0%** |  | &nbsp;&nbsp; **$289102051** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(d) In default.

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more
 of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $17,206,895 and $280,854,200, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933.
 These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers.
 At period end, the aggregate value of these securities was $8,664,461, representing 3.0% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(v) Affiliated issuer that is available only to investment companies managed by MFS. The
 rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(w) When-issued security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate <br> reported may not be the current rate. All reference rates are USD unless otherwise noted.<br>|
| FNMA | Federal National Mortgage Assn. |
| GNMA | Government National Mortgage Assn. |
| NPFG | National Public Finance Guarantee Corp. |
| PSF | Permanent School Fund |
| SOFR | Secured Overnight Financing Rate |
| VRDN | Variable rate demand note that may be puttable to the issuer at the option of the holder. The stated interest rate, which generally resets either <br> daily or weekly, represents the rate in effect at period end and may not be the current rate.<br>|

---

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

------

**Supplemental Information**

6/30/25 (unaudited)

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial

Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(1) Investment Valuations**

Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are

generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at

issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent's institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund's net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund's net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund's net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net

asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Municipal Bonds | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $280355407 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $280355407 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 498793 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 498793 |
| Investment Companies | &nbsp;&nbsp;&nbsp; 17206895 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17206895 |
| Total | &nbsp;&nbsp;&nbsp; $17206895 | &nbsp;&nbsp;&nbsp; $280854200 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $298061095 |

---

For further information regarding security characteristics, see the Portfolio of Investments.

------

*Supplemental Information (unaudited) – continued*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(2) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers for the period ended June 30, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning** <br>**Value**<br>| **Purchases** | **Sales** <br>**Proceeds**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation or** <br>**Depreciation**<br>| **Ending** <br>**Value**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $4971326 | &nbsp;&nbsp; $43204613 | &nbsp;&nbsp; $30970458 | &nbsp;&nbsp; $(144)<br>| &nbsp;&nbsp; $1558 | &nbsp;&nbsp; $17206895<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $124051 | &nbsp;&nbsp; $— |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

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

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

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

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $302125024.78

**Total Liabilities:** $12979406.38

**Net Assets:** $289145618.40

**Delayed Delivery Securities:** $11607099.90

**Cash Not Reported:** $5402.38

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -497.90479130 | **1-Year:** -8832.90039740 | **5-Year:** -47056.51958960 | **10-Year:** -86553.98316710 | **30-Year:** -9690.21595530

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

- **3-Month:** -165.91121150 | **1-Year:** -2025.98671630 | **5-Year:** -7219.98588410 | **10-Year:** -8381.41376230 | **30-Year:** -776.63514140

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000227171 | -0.47%               | 0.21%                | 0.86%                |
| Class ID C000227170 | -0.48%               | 0.30%                | 0.84%                |
| Class ID C000227172 | -0.46%               | 0.32%                | 0.87%                |
| Class ID C000227169 | -0.54%               | 0.12%                | 0.78%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-94448.14               | $-1510254.47                               |
| Month 2  | $-80977.07               | $-163793.78                                |
| Month 3  | $-5922.66                | $1658875.58                                |

### Schedule of Portfolio Investments

| Name                                                                                      | Title                                                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Pecos Barstow Toyah Independent School District                                           | Pecos Barstow Toyah Independent School District, Series 2023                                 | CUSIP: 705227HN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1560479.86   | 0.54%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Steel Valley School District                                                              | Steel Valley School District, Series 2024                                                    | CUSIP: 858151MR1<br>LEI: 549300BYA5FSMYFPGP34 | Long             | DBT              | MUN               | US        |    650000 | PA      | $682360.64    | 0.24%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Series 2024A                                       | CUSIP: 57585BBR8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $494832.55    | 0.17%             | 2034-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| EHOVE Joint Vocational School District                                                    | EHOVE Joint Vocational School District, Series 2025                                          | CUSIP: 282407BU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $386707.23    | 0.13%             | 2036-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                     | North Carolina Housing Finance Agency                                                        | CUSIP: 658207C52<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    780000 | PA      | $680649.06    | 0.24%             | 2032-07-01      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority                                        | CUSIP: 70868YAJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070905.70   | 0.37%             | 2033-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westmoreland County Industrial Development Authority PA                                   | Westmoreland County Industrial Development Authority                                         | CUSIP: 961008RR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $496239.20    | 0.17%             | 2026-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The)                                               | CUSIP: 592190QN5<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1259270.59   | 0.44%             | 2033-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                             | Doylestown Hospital Authority, Series 2019A                                                  | CUSIP: 261333HD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $8689.31      | 0.00%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                | Chicago Board of Education                                                                   | CUSIP: 167505YL4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    225000 | PA      | $194558.27    | 0.07%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority, Series 2025                                                      | CUSIP: 594479KF3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    330000 | PA      | $350961.44    | 0.12%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Series 2025                                        | CUSIP: 57585BJP4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1218696.94   | 0.42%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Pollution Control Corp.                                                   | Maricopa County Pollution Control Corp.                                                      | CUSIP: 566854EL5<br>LEI: 549300QPXP6T4Y6I1D83 | Long             | DBT              | MUN               | US        |     15000 | PA      | $14460.51     | 0.01%             | 2043-06-01      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                                 | Orange County Health Facilities Authority                                                    | CUSIP: 68450LGL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $957417.80    | 0.33%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                         | Territory of Guam                                                                            | CUSIP: 40065HDV9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    175000 | PA      | $172333.30    | 0.06%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No. 15                                             | Village Community Development District No. 15, Series 2024                                   | CUSIP: 92708KAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99724.75     | 0.03%             | 2029-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District, Series 2024 C                                                | CUSIP: 09182TDU8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    365000 | PA      | $382313.48    | 0.13%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority                                                                   | CUSIP: 45204FSD8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    855000 | PA      | $889412.64    | 0.31%             | 2030-05-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of St Louis Missouri (The)                   | Industrial Development Authority of the City of St Louis Missouri (The), Series 2024A        | CUSIP: 85237JAA2<br>LEI: 549300WTUL8KX1FOUZ40 | Long             | DBT              | MUN               | US        |    360000 | PA      | $358666.96    | 0.12%             | 2034-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| City of Erie Higher Education Building Authority                                          | City of Erie Higher Education Building Authority, Series 2025 XX1                            | CUSIP: 295435DW8<br>LEI: 549300JDMWBZICIGLV66 | Long             | DBT              | MUN               | US        |    400000 | PA      | $395756.76    | 0.14%             | 2033-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                               | Ohio Housing Finance Agency, Series 2025A                                                    | CUSIP: 676900XN8<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252935.70    | 0.09%             | 2043-08-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                      | Chicago O'Hare International Airport                                                         | CUSIP: 1675932A9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $212021.90    | 0.07%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp.                                                                     | CUSIP: 12008ETU0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    750000 | PA      | $779003.33    | 0.27%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                                    | Downtown Revitalization Public Infrastructure District, Series 2025C                         | CUSIP: 26118TBW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    181000 | PA      | $181625.74    | 0.06%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Structured Pass-Through Certificates                                                | FHLMC Structured Pass-Through Certificates                                                   | CUSIP: 3137HCXR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | MUN               | US        |    356833 | PA      | $363478.74    | 0.13%             | 2040-10-25      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                    | California Statewide Communities Development Authority                                       | CUSIP: 13078RGW4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |     80000 | PA      | $81927.15     | 0.03%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                           | Indianapolis Local Public Improvement Bond Bank, Series 2023E                                | CUSIP: 45528U6V8<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    500000 | PA      | $528077.60    | 0.18%             | 2038-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority, Series 2025A                          | CUSIP: 70870JGX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1084705.36   | 0.38%             | 2060-03-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Decatur Housing Authority                                                                 | Decatur Housing Authority, Series 2025                                                       | CUSIP: 24311PAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    426000 | PA      | $430724.60    | 0.15%             | 2028-08-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority                                                                   | CUSIP: 45204FRQ0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    655000 | PA      | $667633.12    | 0.23%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                 | New York Transportation Development Corp.                                                    | CUSIP: 650116CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $248635.93    | 0.09%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Energy Research & Development Authority                                    | New York State Energy Research & Development Authority, Series 2004B                         | CUSIP: 649845JB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $548263.51    | 0.19%             | 2032-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bromley Park Metropolitan District No. 3                                                  | Bromley Park Metropolitan District No. 3, Series 2024                                        | CUSIP: 11222PAL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    905000 | PA      | $935570.99    | 0.32%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                               | District of Columbia Housing Finance Agency, Series 2024                                     | CUSIP: 25477TAX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    327000 | PA      | $341932.52    | 0.12%             | 2028-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                                      | County of Jefferson                                                                          | CUSIP: 472682ZH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $789972.15    | 0.27%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                              | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      1000 | PA      | $868.71       | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Charleston County Airport District                                                        | Charleston County Airport District, Series 2024A                                             | CUSIP: 160070EH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $769309.95    | 0.27%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Princeton TX                                                                      | City of Princeton, Series 2024                                                               | CUSIP: 742400CM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $465904.75    | 0.16%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Higher Education Supplement Loan Authority                              | Connecticut State Higher Education Supplement Loan Authority                                 | CUSIP: 207743XG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1613669.58   | 0.56%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority                                                                     | CUSIP: 74448FAA9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    305000 | PA      | $309979.74    | 0.11%             | 2036-04-28      | Fixed         | 6.81%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                              | CUSIP: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    597000 | PA      | $465787.28    | 0.16%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority, Series 2022                           | CUSIP: 70868YAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $812667.87    | 0.28%             | 2042-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                               | Oklahoma Turnpike Authority, Series 2025B                                                    | CUSIP: 679111F41<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |    325000 | PA      | $352540.37    | 0.12%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority                                                                    | CUSIP: 45470EAF2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200641.28    | 0.07%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha Airport Authority                                                                   | Omaha Airport Authority, Series 2024                                                         | CUSIP: 681725NA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060303.90   | 0.37%             | 2036-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp.                                                        | Mission Economic Development Corp., Series 2025                                              | CUSIP: 605155BW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $250400.68    | 0.09%             | 2064-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio                                                  | MFS Institutional Money Market Portfolio, Class A                                            | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | STIV             | RF                | US        |  17145772 | NS      | $17147486.45  | 5.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                              | Greater Asheville Regional Airport Authority                                                 | CUSIP: 39160CBG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $334931.26    | 0.12%             | 2039-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Series 2024A                                              | CUSIP: 34061XAG7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    520000 | PA      | $517941.32    | 0.18%             | 2054-10-01      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| William Penn School District Authority                                                    | William Penn School District Authority, Series 2025B                                         | CUSIP: 969257BE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $229329.34    | 0.08%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Convention Enterprises, Inc.                                                       | Austin Convention Enterprises, Inc.                                                          | CUSIP: 052409EA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95076.40     | 0.03%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                         | Iowa Student Loan Liquidity Corp., Series 2023 B                                             | CUSIP: 462590NY2<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1217065.13   | 0.42%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                                       | Idaho Housing & Finance Association, Series 2024 A                                           | CUSIP: 45129GLK9<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    220000 | PA      | $222592.33    | 0.08%             | 2031-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Beach Development Authority                                                      | Virginia Beach Development Authority, Series 2023B-3                                         | CUSIP: 92774NBF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $757214.18    | 0.26%             | 2029-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Mirabelle Metropolitan District No. 2                                                     | Mirabelle Metropolitan District No. 2, Series 2025A                                          | CUSIP: 60458HAU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $740424.82    | 0.26%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                      | City of Baltimore                                                                            | CUSIP: 05922KK57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $439447.01    | 0.15%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                 | City of Houston, Series 2024B                                                                | CUSIP: 442349HY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $560555.88    | 0.19%             | 2038-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                   | Knox County Health Educational & Housing Facility Board                                      | CUSIP: 49952MEG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $752981.40    | 0.26%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                                        | Allegheny County Airport Authority, Series 2025A                                             | CUSIP: 01728LKN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1375241.95   | 0.48%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Urban Residential Finance Authority                                               | Atlanta Urban Residential Finance Authority, Series 2025                                     | CUSIP: 04785VBX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    187000 | PA      | $188472.25    | 0.07%             | 2029-02-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency                                                     | CUSIP: 57584YN47<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.02%             | 2041-07-01      | Variable      | 0.45%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                         | Southeast Energy Authority A Cooperative District, Series 2024C                              | CUSIP: 84136HAH6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1296234.27   | 0.45%             | 2055-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Adams County General Authority                                                            | Adams County General Authority, Series 2024A                                                 | CUSIP: 006114AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $1034524.16   | 0.36%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                                     | New Mexico Mortgage Finance Authority                                                        | CUSIP: 647201TX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $94525.97     | 0.03%             | 2053-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                         | CUSIP: 74526QZN5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    165000 | PA      | $90131.25     | 0.03%             | 2022-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District                                                               | CUSIP: 09182NBR0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    185000 | PA      | $187208.59    | 0.06%             | 2051-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, Series 2024 A                                            | CUSIP: 65000B4T2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    375000 | PA      | $385440.41    | 0.13%             | 2040-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp.                                                                     | CUSIP: 12008ESX5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    300000 | PA      | $314282.76    | 0.11%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                                   | New York City Housing Development Corp.                                                      | CUSIP: 64972E3D9<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    560000 | PA      | $559987.01    | 0.19%             | 2062-11-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                         | Idaho Health Facilities Authority, Series 2025 C                                             | CUSIP: 451295H69<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    480000 | PA      | $522015.41    | 0.18%             | 2060-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority                                                                    | CUSIP: 45506EBY8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     30000 | PA      | $29715.56     | 0.01%             | 2025-11-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                              | Michigan State Housing Development Authority                                                 | CUSIP: 594650UD3<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    515000 | PA      | $519738.10    | 0.18%             | 2042-12-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority                                             | Massachusetts Educational Financing Authority                                                | CUSIP: 57563RTD1<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    220000 | PA      | $212338.08    | 0.07%             | 2038-07-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Series 2025B                                                      | CUSIP: 45506ENE9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    530000 | PA      | $550826.77    | 0.19%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                         | Oregon State Facilities Authority, Series A                                                  | CUSIP: 68607MAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $438014.73    | 0.15%             | 2035-09-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                                    | Patriots Energy Group Financing Agency, Series 2023 SUB B-1                                  | CUSIP: 70342PAR5<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |    650000 | PA      | $697825.77    | 0.24%             | 2054-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Series 2025 A                                                     | CUSIP: 45506ENW9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    780000 | PA      | $814292.93    | 0.28%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                                 | City of Salt Lake City, Series 2023A                                                         | CUSIP: 795576LU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068137.30   | 0.37%             | 2037-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chandler Industrial Development Authority                                                 | Chandler Industrial Development Authority                                                    | CUSIP: 158862CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1277309.51   | 0.44%             | 2052-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark Department of Aviation                                                    | County of Clark Department of Aviation                                                       | CUSIP: 18085PSZ8<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    455000 | PA      | $462998.63    | 0.16%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                                        | Port of Seattle, Series 2018A                                                                | CUSIP: 735389D47<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    750000 | PA      | $763132.58    | 0.26%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                            | State of Maryland Department of Transportation, Series 2024 A                                | CUSIP: 57421FBK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077939.30   | 0.37%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health & Educational Facilities Authority                                          | CUSIP: 97712JCB7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    195000 | PA      | $193894.35    | 0.07%             | 2028-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| St. Clair County Community Unit School District No. 187 Cahokia                           | St. Clair County Community Unit School District No. 187 Cahokia, Series 2024A                | CUSIP: 788550MF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $125340.69    | 0.04%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                               | Connecticut State Health & Educational Facilities Authority                                  | CUSIP: 20774YV79<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $977679.50    | 0.34%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                    | North Carolina Medical Care Commission, Series 2024B-1                                       | CUSIP: 65820YSZ0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65034.32     | 0.02%             | 2028-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Series 2024A                                                       | CUSIP: 74442EMD9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $890682.20    | 0.31%             | 2039-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| County of Trimble KY                                                                      | County of Trimble, Series 2023 A                                                             | CUSIP: 896221AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $348132.70    | 0.12%             | 2054-06-01      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                           | California Community Choice Financing Authority, Series 2023 F                               | CUSIP: 13013JDD5<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    395000 | PA      | $423516.67    | 0.15%             | 2054-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                              | West Virginia Economic Development Authority, Series 2025                                    | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    230000 | PA      | $228956.42    | 0.08%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| Steel Valley School District                                                              | Steel Valley School District, Series 2024                                                    | CUSIP: 858151MS9<br>LEI: 549300BYA5FSMYFPGP34 | Long             | DBT              | MUN               | US        |    845000 | PA      | $879629.62    | 0.30%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                                           | Pennsylvania Higher Education Assistance Agency, Series 2024-1A                              | CUSIP: 70878CBG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    631000 | PA      | $665306.14    | 0.23%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                      | Guam Government Waterworks Authority                                                         | CUSIP: 40065FDE1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    380000 | PA      | $381246.21    | 0.13%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Higher Education Student Loan Corp.                                              | Kentucky Higher Education Student Loan Corp.                                                 | CUSIP: 49130NFM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $521134.15    | 0.18%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                             | Palm Beach County Health Facilities Authority                                                | CUSIP: 69651ABT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $371232.75    | 0.13%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico                                                                  | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    292016 | PA      | $308020.99    | 0.11%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Gary Chicago International Airport Authority                                              | Gary Chicago International Airport Authority, Series 2025                                    | CUSIP: 367066BP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $511649.03    | 0.18%             | 2042-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                                     | Duluth Economic Development Authority                                                        | CUSIP: 26444VAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $122840.15    | 0.04%             | 2026-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                               | New Hampshire Health and Education Facilities Authority Act, Series 2017 A                   | CUSIP: 64461XDZ5<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    255000 | PA      | $257679.34    | 0.09%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brazos Higher Education Authority, Inc.                                                   | Brazos Higher Education Authority, Inc., Series 2024-1A                                      | CUSIP: 10623ACR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $457753.68    | 0.16%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                         | Iowa Student Loan Liquidity Corp.                                                            | CUSIP: 462590MS6<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |      5000 | PA      | $4739.05      | 0.00%             | 2039-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority                                                                     | CUSIP: 74444UAT9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    670000 | PA      | $717513.18    | 0.25%             | 2037-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                | Chicago Board of Education                                                                   | CUSIP: 167501WF8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50748.81     | 0.02%             | 2026-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Monroe & St Clair Counties Community Unit School District No. 4 Columbia/IL               | Monroe & St Clair Counties Community Unit School District No. 4 Columbia                     | CUSIP: 610251EM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300442.77    | 0.10%             | 2040-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Watertown WI                                                                      | City of Watertown                                                                            | CUSIP: 942214E52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75010.48     | 0.03%             | 2025-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital Area Finance Authority                                                            | Capital Area Finance Authority, Series 2023                                                  | CUSIP: 13973GBJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $283584.53    | 0.10%             | 2054-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                           | Allegheny County Hospital Development Authority, Series 2018A                                | CUSIP: 01728A3W4<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |    245000 | PA      | $250465.44    | 0.09%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                    | California Statewide Communities Development Authority                                       | CUSIP: 13080SJN5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |     90000 | PA      | $88857.73     | 0.03%             | 2034-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority                                                     | CUSIP: 63607WBE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     99786 | PA      | $89762.40     | 0.03%             | 2041-01-20      | Variable      | 4.17%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission                                                   | Missouri Housing Development Commission, Series 2023 E                                       | CUSIP: 60637B7E4<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |    290000 | PA      | $323224.34    | 0.11%             | 2054-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, Series 2025A                                       | CUSIP: 644684HC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $302167.01    | 0.10%             | 2040-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                                   | Michigan Strategic Fund, Series 2001                                                         | CUSIP: 59468PAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $301747.08    | 0.10%             | 2027-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                                | Stamford Housing Authority, Series 2025 D                                                    | CUSIP: 852640AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $473046.35    | 0.16%             | 2030-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                                           | Pennsylvania Higher Education Assistance Agency                                              | CUSIP: 70878CAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $4398.50      | 0.00%             | 2042-06-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                    | California Statewide Communities Development Authority                                       | CUSIP: 13080SEW0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    130000 | PA      | $126398.86    | 0.04%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                                        | Matching Fund Special Purpose Securitization Corp.                                           | CUSIP: 57665NAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |    100000 | PA      | $100118.96    | 0.03%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pacific County Public Healthcare Services District No. 3                                  | Pacific County Public Healthcare Services District No. 3, Series 2024                        | CUSIP: 694133CU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525931.30    | 0.18%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                                  | Village of Bridgeview                                                                        | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $224325.28    | 0.08%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                                      | Massachusetts Housing Finance Agency                                                         | CUSIP: 57587GSH9<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    450000 | PA      | $475688.16    | 0.16%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Rhode Island Student Loan Authority                                                       | Rhode Island Student Loan Authority                                                          | CUSIP: 762323CP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $718640.69    | 0.25%             | 2042-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Columbus Metropolitan Housing Authority                                                   | Columbus Metropolitan Housing Authority, Series 2024                                         | CUSIP: 19951AAU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517369.20    | 0.18%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus Metropolitan Housing Authority                                                   | Columbus Metropolitan Housing Authority, Series 2024                                         | CUSIP: 19951AAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $184480.41    | 0.06%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Series 2025B                                                       | CUSIP: 74439YFW6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    185000 | PA      | $195101.33    | 0.07%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                   | Knox County Health Educational & Housing Facility Board, Series 2024A-1                      | CUSIP: 499526AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036979.00   | 0.36%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa Municipal Airport Trust Trustees/OK                                                 | Tulsa Municipal Airport Trust Trustees, Series 2025                                          | CUSIP: 899661EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $552268.20    | 0.19%             | 2035-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Minnesota Office of Higher Education                                                      | Minnesota Office of Higher Education                                                         | CUSIP: 60416MCA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $924032.40    | 0.32%             | 2042-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Delaware Valley Regional Finance Authority                                                | Delaware Valley Regional Finance Authority                                                   | CUSIP: 246579JK3<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |    795000 | PA      | $738952.66    | 0.26%             | 2037-06-01      | Floating      | 3.83%                 | No            |                  2 | On Loan: No      |
| Cumberland County Industrial Facilities & Pollution Control Financing Authority           | Cumberland County Industrial Facilities & Pollution Control Financing Authority, Series 2024 | CUSIP: 230589AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50019.31     | 0.02%             | 2027-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                    | California Statewide Communities Development Authority, Series 2024C-2                       | CUSIP: 13080SY73<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    900000 | PA      | $866616.21    | 0.30%             | 2040-09-02      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                                           | Chester County Industrial Development Authority                                              | CUSIP: 165588DP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $79661.32     | 0.03%             | 2037-12-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                                      | Tennessee Housing Development Agency                                                         | CUSIP: 880461XD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $579761.41    | 0.20%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, Series 2023 B                                      | CUSIP: 63610TAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55021.18     | 0.02%             | 2038-12-15      | Fixed         | 9.58%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                             | Palm Beach County Health Facilities Authority                                                | CUSIP: 696507VH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $747473.85    | 0.26%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Galveston TX Wharves & Terminal Revenue                                           | City of Galveston, Series 2023                                                               | CUSIP: 364568JC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $807820.65    | 0.28%             | 2032-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                                                       | Columbus Regional Airport Authority, Series 2025 A                                           | CUSIP: 199546CR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $219525.13    | 0.08%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Series 2024 A                                                      | CUSIP: 74439YEW7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1158287.46   | 0.40%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                        | Tennessee Energy Acquisition Corp.                                                           | CUSIP: 880443EE2<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |     80000 | PA      | $81262.21     | 0.03%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District Water System Revenue                                 | North Texas Municipal Water District Water System, Series 2025                               | CUSIP: 662903J87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046929.30   | 0.36%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                                     | New York State Housing Finance Agency                                                        | CUSIP: 64987JYU9<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |     65000 | PA      | $64999.97     | 0.02%             | 2062-05-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| Columbus Metropolitan Housing Authority                                                   | Columbus Metropolitan Housing Authority, Series 2024                                         | CUSIP: 199518AP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $949648.80    | 0.33%             | 2041-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Airports System Revenue                                                   | State of Hawaii Airports System, Series 2025C                                                | CUSIP: 419794L34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $804742.80    | 0.28%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Municipal Authority                                                             | Lancaster Municipal Authority, Series 2025A                                                  | CUSIP: 514350AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1547721.91   | 0.54%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Lee FL Airport Revenue                                                          | County of Lee, Series 2024                                                                   | CUSIP: 523470HU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $376733.44    | 0.13%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financing Authority                                 | Florida Higher Educational Facilities Financing Authority                                    | CUSIP: 34073TKW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $444982.30    | 0.15%             | 2038-06-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Chesapeake Economic Development Authority                                                 | Chesapeake Economic Development Authority                                                    | CUSIP: 16532YAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $309114.82    | 0.11%             | 2032-02-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                           | California Community Choice Financing Authority, Series 2024 H                               | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1795618.43   | 0.62%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Series 2019                                                      | CUSIP: 451889AT6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    435000 | PA      | $434935.40    | 0.15%             | 2044-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Central Valley Energy Authority                                                           | Central Valley Energy Authority, Series 2025                                                 | CUSIP: 15569DAA0<br>LEI: 254900G5IPQ9MA3FRJ55 | Long             | DBT              | MUN               | US        |    470000 | PA      | $500970.04    | 0.17%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue                 | Wisconsin Housing & Economic Development Authority Home Ownership, Series 2024 C             | CUSIP: 97689QWD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $1084263.34   | 0.37%             | 2055-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                 | City of Houston, Series 2024B                                                                | CUSIP: 442349HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515145.70    | 0.18%             | 2034-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| York County Economic Development Authority                                                | York County Economic Development Authority                                                   | CUSIP: 98659AAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $618229.63    | 0.21%             | 2033-05-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                         | Southeast Energy Authority A Cooperative District                                            | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    215000 | PA      | $229424.93    | 0.08%             | 2053-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                       | Pennsylvania Housing Finance Agency                                                          | CUSIP: 70879QSZ7<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    535000 | PA      | $567210.53    | 0.20%             | 2053-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                   | Knox County Health Educational & Housing Facility Board                                      | CUSIP: 499652AM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70102.96     | 0.02%             | 2027-12-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority                                             | Massachusetts Educational Financing Authority, Series 2024C                                  | CUSIP: 57563RUC1<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061990.70   | 0.37%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                     | Metropolitan Transportation Authority                                                        | CUSIP: 59261AQH3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    500000 | PA      | $496031.35    | 0.17%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health & Educational Facilities Authority                                          | CUSIP: 97712D8R0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $936998.30    | 0.32%             | 2040-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority, Series VV                                              | CUSIP: 74526YGW9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $9827.42      | 0.00%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cuyahoga Metropolitan Housing Authority                                                   | Cuyahoga Metropolitan Housing Authority                                                      | CUSIP: 23239TAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201073.40    | 0.07%             | 2027-12-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                   | Knox County Health Educational & Housing Facility Board, Series 2024 B-1                     | CUSIP: 499526BF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $303344.19    | 0.10%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport              | San Francisco City & County Airport Comm-San Francisco International Airport, Series 2024 A  | CUSIP: 79766DWR6<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033904.30   | 0.36%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND                                                                    | City of Grand Forks                                                                          | CUSIP: 38546WDL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $798855.69    | 0.28%             | 2039-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                    | North Carolina Medical Care Commission, Series 2021 A                                        | CUSIP: 65821DYC9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    145000 | PA      | $144581.23    | 0.05%             | 2030-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                               | Virginia Small Business Financing Authority                                                  | CUSIP: 928103AG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $484460.60    | 0.17%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                                    | Berks County Municipal Authority (The), Series 2024A-3                                       | CUSIP: 084538JH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $738498.40    | 0.26%             | 2039-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.                                  | Texas Private Activity Bond Surface Transportation Corp., Series 2023                        | CUSIP: 882667CG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $182649.60    | 0.06%             | 2038-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                      | New Hope Cultural Education Facilities Finance Corp., Series 2020A                           | CUSIP: 64542UFG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $339434.90    | 0.12%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EP Essential Housing WF PFC                                                               | EP Essential Housing WF PFC, Series 2024                                                     | CUSIP: 29416AAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $758459.71    | 0.26%             | 2034-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                              | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     23000 | PA      | $22045.71     | 0.01%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| EP Royal Estates PFC                                                                      | EP Royal Estates PFC, Series 2024                                                            | CUSIP: 29415NAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $94625.83     | 0.03%             | 2039-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority                                  | Chester County Health and Education Facilities Authority                                     | CUSIP: 165579HA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $400880.16    | 0.14%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority                                                     | CUSIP: 63610FBJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1123238.81   | 0.39%             | 2042-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                         | CUSIP: 74526QZM7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    100000 | PA      | $54625.00     | 0.02%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                              | Michigan State Housing Development Authority                                                 | CUSIP: 594654SG1<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    295000 | PA      | $310981.83    | 0.11%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency                                                     | CUSIP: 57584XNM9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     90000 | PA      | $84452.94     | 0.03%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                         | North Carolina Turnpike Authority                                                            | CUSIP: 65830VAH3<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    985000 | PA      | $498341.94    | 0.17%             | 2040-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Vermont Student Assistance Corp.                                                          | Vermont Student Assistance Corp.                                                             | CUSIP: 92428CMV3<br>LEI: 549300VHYVRSKNFRSZ91 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061742.60   | 0.37%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Everett Housing Authority/WA                                                              | Everett Housing Authority                                                                    | CUSIP: 30002GAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $195520.71    | 0.07%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                    | Ohio Air Quality Development Authority, Series 2014C                                         | CUSIP: 677525XB8<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    810000 | PA      | $806084.22    | 0.28%             | 2027-12-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Jacksonville Housing Authority                                                            | Jacksonville Housing Authority, Series 2024                                                  | CUSIP: 46940XAJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1450580.65   | 0.50%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                               | New Hampshire Health and Education Facilities Authority Act, Series 2024 B                   | CUSIP: 64461XKK0<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105848.21    | 0.04%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                         | Southeast Energy Authority A Cooperative District                                            | CUSIP: 84136FAV9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    750000 | PA      | $741276.53    | 0.26%             | 2051-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| St Johns County Industrial Development Authority                                          | St Johns County Industrial Development Authority                                             | CUSIP: 79041LAF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $187635.24    | 0.06%             | 2026-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, Series 2024A                                         | CUSIP: 13048RAP2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    655000 | PA      | $624042.41    | 0.22%             | 2054-03-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                                                | Monroe County Industrial Development Corp., Series 2022                                      | CUSIP: 610758AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    642161 | PA      | $645044.06    | 0.22%             | 2040-11-01      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health & Educational Facilities Authority                                          | CUSIP: 97712JGK3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    200000 | PA      | $211738.94    | 0.07%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                                           | Pennsylvania Higher Education Assistance Agency, Series 2025-1A                              | CUSIP: 70878CBS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $423172.68    | 0.15%             | 2046-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                    | Virginia Housing Development Authority, Series 2024 A                                        | CUSIP: 92812WNB6<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    480000 | PA      | $480222.19    | 0.17%             | 2029-03-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority                                                                     | CUSIP: 74443CAB9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90071.87     | 0.03%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                                  | New Jersey Higher Education Student Assistance Authority                                     | CUSIP: 646080WP2<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    490000 | PA      | $483197.97    | 0.17%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority                                       | Puerto Rico Commonwealth Aqueduct & Sewer Authority                                          | CUSIP: 745160TZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    500000 | PA      | $500000.00    | 0.17%             | 2025-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Baldwin County Industrial Development Authority                                           | Baldwin County Industrial Development Authority, Series 2025A                                | CUSIP: 05786PAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $468786.03    | 0.16%             | 2055-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                      | Chicago O'Hare International Airport                                                         | CUSIP: 167593Z96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $427552.80    | 0.15%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Poplar Bluff Regional Transportation Development District Sales Tax Revenue               | Poplar Bluff Regional Transportation Development District Sales Tax                          | CUSIP: 733060AH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $67457.94     | 0.02%             | 2031-12-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Memphis-Shelby County Industrial Development Board                                        | Memphis-Shelby County Industrial Development Board                                           | CUSIP: 58611YAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $73381.90     | 0.03%             | 2037-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority                                                     | CUSIP: 63607WAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    269296 | PA      | $260765.28    | 0.09%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL                                                                   | County of Palm Beach, Series 2025 A                                                          | CUSIP: 696547HU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $678851.13    | 0.23%             | 2035-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Allentown Commercial and Industrial Development Authority                                 | Allentown Commercial and Industrial Development Authority, Series 2023                       | CUSIP: 01843AAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517139.40    | 0.18%             | 2038-06-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority                                             | Massachusetts Educational Financing Authority                                                | CUSIP: 57563RTU3<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    125000 | PA      | $122881.85    | 0.04%             | 2044-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Series 2017                                                      | CUSIP: 45203PAD6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    385000 | PA      | $389756.56    | 0.13%             | 2043-12-01      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, Series 2022 A                                            | CUSIP: 65000BLN6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503149.55    | 0.17%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                   | Municipal Electric Authority of Georgia                                                      | CUSIP: 62620HGJ5<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    250000 | PA      | $262821.45    | 0.09%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Memorial City Redevelopment Authority                                                     | Memorial City Redevelopment Authority, Series 2025                                           | CUSIP: 58602FAW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1390564.16   | 0.48%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gunnison County Housing Authority                                                         | Gunnison County Housing Authority, Series 2025                                               | CUSIP: 402884AJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1085576.70   | 0.38%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Series 2024                                        | CUSIP: 04062PCA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     67000 | PA      | $67979.66     | 0.02%             | 2045-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority                                                     | CUSIP: 644684EN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $107414.92    | 0.04%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County Community College District No. 508                                            | Cook County Community College District No. 508, Series 2024                                  | CUSIP: 213187ED5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046654.40   | 0.36%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority                                                     | CUSIP: 63607DAE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1254808.50   | 0.43%             | 2041-06-20      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                | Chicago Board of Education, Series 2016 A                                                    | CUSIP: 167505QY5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    390000 | PA      | $391984.83    | 0.14%             | 2044-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp.                                                              | Alaska Housing Finance Corp.                                                                 | CUSIP: 01170RNT5<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    305000 | PA      | $322923.75    | 0.11%             | 2052-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Dorchester SC                                                                   | County of Dorchester, Series 2023                                                            | CUSIP: 258149AE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $263537.18    | 0.09%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                                       | Port of Portland, Series THIRTY A                                                            | CUSIP: 7352404B6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $522489.75    | 0.18%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                   | Municipal Electric Authority of Georgia                                                      | CUSIP: 62620HGH9<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    250000 | PA      | $265485.18    | 0.09%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Department of Housing & Community Affairs                                           | Texas Department of Housing & Community Affairs, Series 2025A                                | CUSIP: 882750D33<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1368222.13   | 0.47%             | 2056-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                               | New Hampshire Health and Education Facilities Authority Act, Series 2024                     | CUSIP: 64461XKZ7<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049263.50   | 0.36%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                               | Ohio Housing Finance Agency                                                                  | CUSIP: 676900WC3<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    205000 | PA      | $206361.24    | 0.07%             | 2026-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                                     | New York State Housing Finance Agency, Series 2024 A-2                                       | CUSIP: 649870NF5<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    305000 | PA      | $305435.69    | 0.11%             | 2054-06-15      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority, Series 2025                                       | CUSIP: 64578TAA2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    170000 | PA      | $173185.97    | 0.06%             | 2035-01-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                           | California Community Choice Financing Authority, Series 2024C                                | CUSIP: 13013JEB8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    285000 | PA      | $300377.57    | 0.10%             | 2055-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Los Angeles                                                                       | Port of Los Angeles, Series 2024 A 2                                                         | CUSIP: 544552C83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $844236.59    | 0.29%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority                                                       | CUSIP: 13048RAL1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50004.62     | 0.02%             | 2041-10-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                                            | Lee County Industrial Development Authority, Series 2024B-2                                  | CUSIP: 52349EES5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25084.49     | 0.01%             | 2029-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Dowdell Public Utility District/TX                                                        | Dowdell Public Utility District                                                              | CUSIP: 260655RL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $195959.92    | 0.07%             | 2026-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Topeka KS                                                                         | City of Topeka, Kansas Health Care Facilities                                                | CUSIP: 890585BR2<br>LEI: 549300NFEU1XBKVICM54 | Long             | DBT              | MUN               | US        |    700000 | PA      | $720522.11    | 0.25%             | 2033-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                              | Greater Asheville Regional Airport Authority, Series 2022A                                   | CUSIP: 39160CAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $335518.88    | 0.12%             | 2038-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp.                                                            | CUSIP: 34061WBF0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $493415.85    | 0.17%             | 2028-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| California School Finance Authority                                                       | California School Finance Authority, Series 2021 A                                           | CUSIP: 13058TMY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $306760.71    | 0.11%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority                                                     | CUSIP: 04052BSW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $461190.26    | 0.16%             | 2033-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Rhode Island Student Loan Authority                                                       | Rhode Island Student Loan Authority, Series 2024B                                            | CUSIP: 762323DL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $131834.41    | 0.05%             | 2043-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Series 2025 B-2                                                  | CUSIP: 45204FM85<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    625000 | PA      | $653266.25    | 0.23%             | 2044-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, Series 2025A                                         | CUSIP: 13048V3D8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $254952.65    | 0.09%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                                  | City of Pompano Beach, Series 2015                                                           | CUSIP: 732203AT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $791686.96    | 0.27%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Kalispell MT                                                                      | City of Kalispell, Series 2025B2                                                             | CUSIP: 48343AAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $381443.32    | 0.13%             | 2030-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority                                                                     | CUSIP: 74442PZC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1189161.11   | 0.41%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brazos Higher Education Authority, Inc.                                                   | Brazos Higher Education Authority, Inc., Series 2024-1A                                      | CUSIP: 10623ACQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $529656.55    | 0.18%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                         | CUSIP: 74526QKR2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     15000 | PA      | $8193.75      | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Norman Regional Hospital Authority                                                        | Norman Regional Hospital Authority                                                           | CUSIP: 656178DN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $284650.18    | 0.10%             | 2037-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                   | Knox County Health Educational & Housing Facility Board                                      | CUSIP: 49952MCY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002855.40   | 0.35%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon Coast Community College District                                                   | Oregon Coast Community College District, Series 2024                                         | CUSIP: 68583NCJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $405026.65    | 0.14%             | 2041-06-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                                       | Idaho Housing & Finance Association, Series 2024 A                                           | CUSIP: 45129GLL7<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    425000 | PA      | $418010.71    | 0.14%             | 2035-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                             | New York State Environmental Facilities Corp.                                                | CUSIP: 649852AS9<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    500000 | PA      | $497988.10    | 0.17%             | 2050-09-01      | Variable      | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Private Colleges & Universities Authority                                                 | Private Colleges & Universities Authority                                                    | CUSIP: 74265LT81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $956989.46    | 0.33%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL Airport System Revenue                                            | County of Palm Beach, Series 2024 B                                                          | CUSIP: 696499FT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515696.45    | 0.18%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| St. Clair County Community Unit School District No. 187 Cahokia                           | St. Clair County Community Unit School District No. 187 Cahokia, Series 2024A                | CUSIP: 788550LV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30901.28     | 0.01%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Industrial Development Authority                                         | Port of Beaumont Industrial Development Authority                                            | CUSIP: 73358SAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $176971.12    | 0.06%             | 2028-01-01      | Fixed         | 4.10%                 | Yes           |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                               | New Hampshire Health and Education Facilities Authority Act, Series 2024 B                   | CUSIP: 64461XKM6<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    135000 | PA      | $122891.74    | 0.04%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                        | South Carolina Jobs-Economic Development Authority, Series 2025                              | CUSIP: 837031H63<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    100000 | PA      | $96852.87     | 0.03%             | 2062-03-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Series 2025                                                        | CUSIP: 74442PL78<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    141000 | PA      | $69699.06     | 0.02%             | 2037-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                           | Indianapolis Local Public Improvement Bond Bank, Series 2025 B-2                             | CUSIP: 45528VFY0<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1213633.90   | 0.42%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                                      | Chicago Midway International Airport, Series 2023A                                           | CUSIP: 167562SC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073081.30   | 0.37%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Columbus-Franklin County Finance Authority                                                | Columbus-Franklin County Finance Authority, Series 2025 A                                    | CUSIP: 199097JP2<br>LEI: 549300NX3ODQN2ETOO82 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1119541.95   | 0.39%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                                     | New York State Housing Finance Agency, Series 2024 A                                         | CUSIP: 64987JQ20<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000910.00   | 0.35%             | 2063-11-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport              | San Francisco City & County Airport Comm-San Francisco International Airport, Series 2024 A  | CUSIP: 79766DWH8<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    240000 | PA      | $256483.08    | 0.09%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                                         | City of Dallas, Series 2023                                                                  | CUSIP: 235380AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100030.94    | 0.03%             | 2053-08-15      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                    | Ohio Air Quality Development Authority                                                       | CUSIP: 677525WS2<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505555.00    | 0.17%             | 2040-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, Series 2023C                                       | CUSIP: 63607YBK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30010.88     | 0.01%             | 2038-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority                                        | CUSIP: 70869PJW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151679.19    | 0.05%             | 2028-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Housing Authority                                                             | Los Angeles Housing Authority, Series 2024C                                                  | CUSIP: 544562CR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    141842 | PA      | $142802.47    | 0.05%             | 2034-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                                           | Pennsylvania Higher Education Assistance Agency                                              | CUSIP: 70878CAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $204232.44    | 0.07%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Beech Grove Central School Building Corp.                                                 | Beech Grove Central School Building Corp.                                                    | CUSIP: 076692DU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99911.99     | 0.03%             | 2025-07-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| South Jersey Transportation Authority                                                     | South Jersey Transportation Authority                                                        | CUSIP: 838536MH0<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |    375000 | PA      | $395734.16    | 0.14%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, Series 2024                                              | CUSIP: 65000B7W2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    560000 | PA      | $588195.44    | 0.20%             | 2044-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority                                                                     | CUSIP: 74448FAC5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    805000 | PA      | $759036.19    | 0.26%             | 2039-09-25      | Fixed         | 4.10%                 | Yes           |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                              | New Mexico Finance Authority, Series 2025 A-2                                                | CUSIP: 64711PRZ5<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |    600000 | PA      | $608521.32    | 0.21%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lamar Consolidated Independent School District                                            | Lamar Consolidated Independent School District                                               | CUSIP: 513174H21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $74985.10     | 0.03%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                                      | Massachusetts Housing Finance Agency                                                         | CUSIP: 57587GUQ6<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001257.80   | 0.35%             | 2027-06-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                             | Allentown Neighborhood Improvement Zone Development Authority                                | CUSIP: 018444BN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10076.63     | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                                 | Michigan State Hospital Finance Authority, Series SUB 2025B2                                 | CUSIP: 59465HXF8<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |    945000 | PA      | $1018254.98   | 0.35%             | 2055-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Memorial City Redevelopment Authority                                                     | Memorial City Redevelopment Authority, Series 2025                                           | CUSIP: 58602FAX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $659713.61    | 0.23%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority                                                         | CUSIP: 19648FSP0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    125000 | PA      | $124721.41    | 0.04%             | 2026-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                         | Iowa Student Loan Liquidity Corp.                                                            | CUSIP: 462590MT4<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |    115000 | PA      | $86069.70     | 0.03%             | 2044-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, Series 2025A                                       | CUSIP: 644684GZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $262680.38    | 0.09%             | 2037-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Indiana Secondary Market for Education Loans, Inc.                                        | Indiana Secondary Market for Education Loans, Inc.                                           | CUSIP: 45505NAH7<br>LEI: 549300M19IK303TD4597 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042800.70   | 0.36%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                               | Washington State Housing Finance Commission, Series MTEBS 2024                               | CUSIP: 93979AAC3<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    105000 | PA      | $105769.86    | 0.04%             | 2034-07-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport              | San Francisco City & County Airport Comm-San Francisco International Airport, Series 2024 A  | CUSIP: 79766DWG0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |     90000 | PA      | $95405.80     | 0.03%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority                                                     | CUSIP: 63607WBD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    214540 | PA      | $203709.06    | 0.07%             | 2041-01-20      | Variable      | 4.17%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                                     | City of Farmington                                                                           | CUSIP: 311450GC8<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012317.40   | 0.35%             | 2040-06-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily ML Certificates                                                         | FHLMC Multifamily Structured Pass-Through Certificates, Series 2024-ML21, Class AUS          | CUSIP: 3137HC2E1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    381948 | PA      | $391985.44    | 0.14%             | 2041-08-25      | Variable      | 4.52%                 | No            |                  2 | On Loan: No      |
| STC Metropolitan District No. 2                                                           | STC Metropolitan District No. 2, Series 2025A-1                                              | CUSIP: 85780TAW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1355201.61   | 0.47%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Owen KY                                                                         | County of Owen, Series 2020                                                                  | CUSIP: 69068WAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $270877.17    | 0.09%             | 2040-06-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Series 2025                                                        | CUSIP: 74442PJ71<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    435000 | PA      | $466220.86    | 0.16%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Bellwood IL                                                                    | Village of Bellwood, Series 2024                                                             | CUSIP: 080031AD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $769041.38    | 0.27%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Horace ND                                                                         | City of Horace, Series 2024B                                                                 | CUSIP: 440365JC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160069.36    | 0.06%             | 2026-08-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Missouri Development Finance Board                                                        | Missouri Development Finance Board                                                           | CUSIP: 60636SHL1<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150800.16    | 0.05%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vermont Student Assistance Corp.                                                          | Vermont Student Assistance Corp.                                                             | CUSIP: 92428CNA8<br>LEI: 549300VHYVRSKNFRSZ91 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1804962.42   | 0.62%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Housing Authority                                                             | Los Angeles Housing Authority, Series 2024 B                                                 | CUSIP: 544562CQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     56737 | PA      | $56397.17     | 0.02%             | 2034-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bonds | Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bonds    | CUSIP: 592041WA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992986.70    | 0.34%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado                     | Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado, Series 2025 A         | CUSIP: 844090AD2<br>LEI: 549300X0RZRBWLO0J697 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1322992.25   | 0.46%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, Series 2024B                                       | CUSIP: 63610TAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102141.83    | 0.04%             | 2034-05-15      | Fixed         | 8.33%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                      | Chicago O'Hare International Airport                                                         | CUSIP: 167590EY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $174340.83    | 0.06%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                                | Finance Authority of Maine, Series CL A 2024A-1                                              | CUSIP: 56042TDS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $1033657.63   | 0.36%             | 2031-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Westchester County Industrial Development Agency                                          | Westchester County Industrial Development Agency, Series 2023                                | CUSIP: 95737QAG7<br>LEI: 549300YOPFLG4RJ5YO58 | Long             | DBT              | MUN               | US        |    593603 | PA      | $578438.05    | 0.20%             | 2046-06-01      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission                                                  | CUSIP: 67756DD94<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    600000 | PA      | $629584.68    | 0.22%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nashville Metropolitan Development & Housing Agency                                       | Nashville Metropolitan Development & Housing Agency                                          | CUSIP: 591874AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503343.25    | 0.17%             | 2036-06-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, Series 2025A                                           | CUSIP: 19648FZG2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    975000 | PA      | $1048132.61   | 0.36%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Series 2025A                                                      | CUSIP: 45506ENK5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    120000 | PA      | $121282.60    | 0.04%             | 2029-05-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| City of Venice FL                                                                         | City of Venice, Series 2024 B-2                                                              | CUSIP: 922687AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130176.87    | 0.05%             | 2030-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Coconino County Pollution Control Corp.                                                   | Coconino County Pollution Control Corp.                                                      | CUSIP: 191855BN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $155018.80    | 0.05%             | 2032-09-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| County of Pasco FL                                                                        | County of Pasco                                                                              | CUSIP: 70252AAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084014.70   | 0.37%             | 2038-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                                            | Texas Public Finance Authority                                                               | CUSIP: 8827568B8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75119.21     | 0.03%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EP Cimarron Ventanas PFC                                                                  | EP Cimarron Ventanas PFC, Series 2024                                                        | CUSIP: 26879QAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $147008.63    | 0.05%             | 2039-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                         | Southeast Energy Authority A Cooperative District, Series 2024A                              | CUSIP: 84136HAU7<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    515000 | PA      | $532068.34    | 0.18%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                            | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    150000 | PA      | $157121.49    | 0.05%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority                                        | CUSIP: 70869PJY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $861619.58    | 0.30%             | 2038-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                 | Maryland Health & Higher Educational Facilities Authority, Series 2025B                      | CUSIP: 57421CHV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $257476.97    | 0.09%             | 2045-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                         | CUSIP: 74526QZZ8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    260000 | PA      | $142025.00    | 0.05%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority, Series 2023B-2                        | CUSIP: 70869PPD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029628.50   | 0.36%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Series 2024A                                                           | CUSIP: 25483VB86<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253245.75    | 0.09%             | 2034-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California School Finance Authority                                                       | California School Finance Authority                                                          | CUSIP: 13058TSD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $632872.75    | 0.22%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                                            | Lee County Industrial Development Authority, Series 2024 B1                                  | CUSIP: 52349EER7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30158.33     | 0.01%             | 2029-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| James City County Economic Development Authority                                          | James City County Economic Development Authority, Series 2024 C-3                            | CUSIP: 47029WEK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750381.38    | 0.26%             | 2027-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District                                                               | CUSIP: 09182NCB4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    315000 | PA      | $317634.25    | 0.11%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Rock Island County School District No. 41 Rock Island/Milan                               | Rock Island County School District No. 41 Rock Island, Series 2025 A                         | CUSIP: 772436GD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029325.80   | 0.36%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                                   | Energy Southeast A Cooperative District, Series 2023B-1                                      | CUSIP: 292723AY9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |    345000 | PA      | $376749.45    | 0.13%             | 2054-04-01      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                        | South Carolina Jobs-Economic Development Authority, Series 2025B-2                           | CUSIP: 83703EMU6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    410000 | PA      | $434828.00    | 0.15%             | 2049-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Series 2023N                                       | CUSIP: 57584Y6D6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502480.95    | 0.17%             | 2036-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority                                                                     | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    105000 | PA      | $101587.50    | 0.04%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District                                                               | CUSIP: 09182TBT3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    345000 | PA      | $362531.76    | 0.13%             | 2053-11-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                             | Palm Beach County Health Facilities Authority                                                | CUSIP: 696507VG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $230093.08    | 0.08%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                                    | Berks County Municipal Authority (The), Series 2024 A-1A                                     | CUSIP: 084538JD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    126000 | PA      | $128563.18    | 0.04%             | 2034-06-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority                                                     | CUSIP: 04052BTB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $493585.05    | 0.17%             | 2033-07-01      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| County of Warren OH                                                                       | County of Warren, Series 2024                                                                | CUSIP: 93515PEJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $652486.45    | 0.23%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                                       | Idaho Housing & Finance Association, Series 2023A                                            | CUSIP: 45129GLA1<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    350000 | PA      | $358481.41    | 0.12%             | 2043-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                    | North Carolina Medical Care Commission, Series 2021 A                                        | CUSIP: 65821DYA3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    125000 | PA      | $128217.80    | 0.04%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Love Field Airport Modernization Corp.                                                    | Love Field Airport Modernization Corp., Series 2017                                          | CUSIP: 54714CBL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006610.10   | 0.35%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX                                                                     | City of Fort Worth, Series 2025                                                              | CUSIP: 349507ER0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $796849.42    | 0.28%             | 2043-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Affordable Housing Opportunities Trust                                                    | Affordable Housing Opportunities Trust, Series AH-01-1, Class A                              | CUSIP: 00826SAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $220330.28    | 0.08%             | 2039-05-01      | Fixed         | 3.53%                 | Yes           |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                        | South Carolina Jobs-Economic Development Authority, Series 2025C                             | CUSIP: 837036GB2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    665000 | PA      | $690536.53    | 0.24%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bondurant IA                                                                      | City of Bondurant, Series 2025B                                                              | CUSIP: 098041PU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058837.80   | 0.37%             | 2038-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                                   | Michigan Strategic Fund                                                                      | CUSIP: 594698TD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $964297.00    | 0.33%             | 2053-06-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Series 2012                                                      | CUSIP: 45203PAE4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    670000 | PA      | $678277.65    | 0.23%             | 2043-12-01      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, Series 2025A                                       | CUSIP: 644684GX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $120099.00    | 0.04%             | 2035-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                          | Commonwealth Financing Authority, Series 2018                                                | CUSIP: 20282EAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $588551.61    | 0.20%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                | Chicago Board of Education                                                                   | CUSIP: 167505WP7<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512560.40    | 0.18%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport              | San Francisco City & County Airport Comm-San Francisco International Airport, Series 2023 C  | CUSIP: 79766DVR7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    750000 | PA      | $822530.25    | 0.28%             | 2037-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                          | Maricopa County Industrial Development Authority, Series 2025A                               | CUSIP: 56681NJE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047178.60   | 0.36%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carthage Independent School District                                                      | Carthage Independent School District, Series 2024                                            | CUSIP: 146735FA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254905.60    | 0.09%             | 2038-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chattanooga Health Educational & Housing Facility Board                                   | Chattanooga Health Educational & Housing Facility Board                                      | CUSIP: 162410DN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500690.25    | 0.17%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                 | New York Transportation Development Corp., Series 2023                                       | CUSIP: 650116GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $169578.34    | 0.06%             | 2040-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Great Pond Improvement District                                                           | Great Pond Improvement District, Series 2022                                                 | CUSIP: 39119YAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $890270.38    | 0.31%             | 2035-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Missouri Development Finance Board                                                        | Missouri Development Finance Board, Series 2025A                                             | CUSIP: 60636SLU6<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |    285000 | PA      | $304702.82    | 0.11%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Student Loan Authority                                                       | Rhode Island Student Loan Authority, Series 2024 A                                           | CUSIP: 762323DC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1069035.45   | 0.37%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeKalb County Development Authority                                                       | DeKalb County Development Authority, Series 2024A                                            | CUSIP: 240463KA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $249270.20    | 0.09%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                    | California Statewide Communities Development Authority                                       | CUSIP: 13080SEV2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    715000 | PA      | $715353.35    | 0.25%             | 2034-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                                            | Tennergy Corp.                                                                               | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    685000 | PA      | $718950.59    | 0.25%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority                                                                   | CUSIP: 45204FNC5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     26004 | PA      | $7541.14      | 0.00%             | 2027-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Series 2025D-5                                                    | CUSIP: 45470YGH8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084351.80   | 0.38%             | 2054-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority                                                         | CUSIP: 19648FWM2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069507.10   | 0.37%             | 2037-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Rhode Island Student Loan Authority                                                       | Rhode Island Student Loan Authority, Series 2025A                                            | CUSIP: 762323DS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045194.20   | 0.36%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Strongsville OH                                                                   | City of Strongsville                                                                         | CUSIP: 863370WZ1<br>LEI: 549300LHSNZ8QAGXUZ59 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1859538.79   | 0.64%             | 2025-12-10      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jacksonville Public Educational Building Authority                                        | Jacksonville Public Educational Building Authority, Series 2024 A                            | CUSIP: 469480BQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1367491.94   | 0.47%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL Airport System Revenue                                            | County of Palm Beach, Series 2024 B                                                          | CUSIP: 696499FU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513117.35    | 0.18%             | 2044-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority                                                                   | CUSIP: 59447T4A8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    325000 | PA      | $331327.49    | 0.11%             | 2044-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Parkdale Community Authority                                                              | Parkdale Community Authority, Series 2025A                                                   | CUSIP: 700890AP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $414277.19    | 0.14%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp.                                                                        | Utah Housing Corp.                                                                           | CUSIP: 91743PDT9<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |     12333 | PA      | $10130.41     | 0.00%             | 2051-08-21      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Port Authority of Houston of Harris County Texas                                          | Port Authority of Houston of Harris County Texas                                             | CUSIP: 734262FT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $981245.90    | 0.34%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                                       | North Carolina State Education Assistance Authority, Series 2025A                            | CUSIP: 658262HC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1263315.38   | 0.44%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Trimble KY                                                                      | County of Trimble, Series 2023A                                                              | CUSIP: 896221AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $211906.86    | 0.07%             | 2054-06-01      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| Indiana County Industrial Development Authority                                           | Indiana County Industrial Development Authority                                              | CUSIP: 45469NEA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $477794.88    | 0.17%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                              | Michigan State Housing Development Authority, Series 2024A                                   | CUSIP: 59465PEV6<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    800000 | PA      | $798948.80    | 0.28%             | 2030-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Maricopa County & Phoenix Industrial Development Authorities                              | Maricopa County & Phoenix Industrial Development Authorities, Series 2023 A                  | CUSIP: 566736EK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $316814.86    | 0.11%             | 2055-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                   | Municipal Electric Authority of Georgia                                                      | CUSIP: 62620HGG1<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    250000 | PA      | $267980.15    | 0.09%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                    | North Carolina Medical Care Commission, Series 2024 A                                        | CUSIP: 65820YSV9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511449.65    | 0.18%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp.                                                                        | Utah Housing Corp.                                                                           | CUSIP: 91743PEH4<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |    650740 | PA      | $652294.89    | 0.23%             | 2052-09-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matagorda County Navigation District No. 1                                                | Matagorda County Navigation District No. 1, Series 1996                                      | CUSIP: 576528DV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513199.10    | 0.18%             | 2030-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                         | Philadelphia Authority for Industrial Development                                            | CUSIP: 71780CBN9<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102135.18    | 0.04%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, Series 2024                                        | CUSIP: 63608TAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99327.08     | 0.03%             | 2033-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                              | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     39000 | PA      | $35539.59     | 0.01%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Series 2015                                                        | CUSIP: 74442PAU9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    155000 | PA      | $152631.48    | 0.05%             | 2045-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                            | County of Allen                                                                              | CUSIP: 01757LHA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $527864.30    | 0.18%             | 2051-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA                                                                     | City of Shreveport, Series 2024                                                              | CUSIP: 8254346K4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025206.50   | 0.35%             | 2041-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                      | New Hope Cultural Education Facilities Finance Corp., Series 2025                            | CUSIP: 64542UGY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $622855.76    | 0.22%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                               | Shelby County Health Educational & Housing Facilities Board                                  | CUSIP: 82169JAP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $465116.14    | 0.16%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                                   | New York City Housing Development Corp., Series 2024 D-1                                     | CUSIP: 64972KFL4<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    625000 | PA      | $584548.06    | 0.20%             | 2044-11-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| New Hampshire Housing Finance Authority                                                   | New Hampshire Housing Finance Authority, Series 2024 1                                       | CUSIP: 64469MTJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $476319.94    | 0.16%             | 2044-07-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| City of Jackson TN                                                                        | City of Jackson                                                                              | CUSIP: 46874THA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $366552.69    | 0.13%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                         | Iowa Student Loan Liquidity Corp., Series 2024B                                              | CUSIP: 462590PJ3<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |    350000 | PA      | $366918.30    | 0.13%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                | Utah Infrastructure Agency                                                                   | CUSIP: 917466DB7<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    125000 | PA      | $124246.46    | 0.04%             | 2025-10-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Housing Finance Agency                                                           | Oklahoma Housing Finance Agency, Series 2023D                                                | CUSIP: 67886MD55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $539366.66    | 0.19%             | 2054-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                               | District of Columbia Housing Finance Agency, Series 2024 A2                                  | CUSIP: 254768YN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1285099.88   | 0.44%             | 2046-09-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                               | Virginia Small Business Financing Authority                                                  | CUSIP: 928104LZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180340.63    | 0.06%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Vancouver Housing Authority                                                               | Vancouver Housing Authority, Series 2024 A                                                   | CUSIP: 92162PAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $219117.54    | 0.08%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority                                        | CUSIP: 70869PLQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85002.17     | 0.03%             | 2034-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                                            | Texas Public Finance Authority                                                               | CUSIP: 88277PAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $126285.65    | 0.04%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                         | CUSIP: 74526QZS4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     25000 | PA      | $13656.25     | 0.00%             | 2032-07-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                                      | Kansas Development Finance Authority, Series MTEBS 2024 J-1                                  | CUSIP: 48542XAC5<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |    180768 | PA      | $167025.77    | 0.06%             | 2041-11-01      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                   | Municipal Electric Authority of Georgia                                                      | CUSIP: 62620HGK2<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    500000 | PA      | $522052.20    | 0.18%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Development Authority                                                  | Los Angeles County Development Authority                                                     | CUSIP: 54465JAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    221000 | PA      | $224035.17    | 0.08%             | 2043-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                              | West Virginia Economic Development Authority                                                 | CUSIP: 95648VBK4<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    330000 | PA      | $325261.50    | 0.11%             | 2037-06-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, Series 2024A                                       | CUSIP: 63610TAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $588087.28    | 0.20%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Washoe NV                                                                       | County of Washoe, Series 2016 F                                                              | CUSIP: 940865BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115233.83    | 0.04%             | 2036-03-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. IV                                         | Texas Municipal Gas Acquisition & Supply Corp. IV, Series 2023B                              | CUSIP: 88256PAT7<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |    930000 | PA      | $1020091.33   | 0.35%             | 2054-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Austin Convention Enterprises, Inc.                                                       | Austin Convention Enterprises, Inc.                                                          | CUSIP: 052409DL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $146239.07    | 0.05%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                                     | Connecticut Housing Finance Authority                                                        | CUSIP: 20775HXT5<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    515000 | PA      | $539037.68    | 0.19%             | 2052-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Austin Convention Enterprises, Inc.                                                       | Austin Convention Enterprises, Inc.                                                          | CUSIP: 052409EC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75467.97     | 0.03%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                             | Main Street Natural Gas, Inc., Series 2024E                                                  | CUSIP: 56035DJJ2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $526218.55    | 0.18%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                    | California Statewide Communities Development Authority                                       | CUSIP: 13080SGT5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90327.04     | 0.03%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                               | Washington State Housing Finance Commission, Series 2023A                                    | CUSIP: 939783Q58<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    795000 | PA      | $815674.29    | 0.28%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health & Educational Facilities Authority                                          | CUSIP: 97712JEB5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    400000 | PA      | $395951.48    | 0.14%             | 2030-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority                                                                   | CUSIP: 45203H5E8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     70000 | PA      | $66167.12     | 0.02%             | 2037-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Klickitat County Public Utility District No. 1                                            | Klickitat County Public Utility District No. 1, Series 2025                                  | CUSIP: 498622LH0<br>LEI: 549300D4CB0RTDWA5V46 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1499525.46   | 0.52%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Series 2020                                                      | CUSIP: 45203EAG4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    250000 | PA      | $245506.18    | 0.08%             | 2040-05-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                             | Main Street Natural Gas, Inc.                                                                | CUSIP: 56035DFK3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    455000 | PA      | $481180.38    | 0.17%             | 2053-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Beach Development Authority                                                      | Virginia Beach Development Authority                                                         | CUSIP: 92774NAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $97443.18     | 0.03%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia                                                                         | CUSIP: 25483VUW2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    250000 | PA      | $220989.43    | 0.08%             | 2049-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Delaware State Housing Authority                                                          | Delaware State Housing Authority, Series BDS 2023                                            | CUSIP: 24639AAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $735317.01    | 0.25%             | 2041-01-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health & Educational Facilities Authority                                          | CUSIP: 97712JHA4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    155000 | PA      | $157198.23    | 0.05%             | 2033-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Infirmary Health System Special Care Facilities Financing Authority of Mobile             | Infirmary Health System Special Care Facilities Financing Authority of Mobile                | CUSIP: 45663NBX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1063386.77   | 0.37%             | 2037-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade Seaport Department                                                   | County of Miami-Dade Seaport Department                                                      | CUSIP: 59335KET0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050252.60   | 0.36%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp.                                                        | Mission Economic Development Corp., Series 2020 A                                            | CUSIP: 605155BR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225007.45    | 0.08%             | 2046-05-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health & Educational Facilities Authority, Series 2024 B                           | CUSIP: 97712JJA2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1090342.70   | 0.38%             | 2054-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Dutchess County Local Development Corp.                                                   | Dutchess County Local Development Corp.                                                      | CUSIP: 267045LW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $345152.84    | 0.12%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Alabama Gas Supply District (The)                                               | Southeast Alabama Gas Supply District (The), Series 2024 B                                   | CUSIP: 84131TBT8<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |    500000 | PA      | $527090.20    | 0.18%             | 2049-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Series 2025                                                        | CUSIP: 74441XJG5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    770000 | PA      | $771300.38    | 0.27%             | 2067-07-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                         | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    130000 | PA      | $71012.50     | 0.02%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                    | Arkansas Development Finance Authority                                                       | CUSIP: 04108VBS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $124794.08    | 0.04%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Middle-Income Housing Authority                                                           | Middle-Income Housing Authority, Series 2025A                                                | CUSIP: 595727AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $232079.42    | 0.08%             | 2035-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Plaza at Noah's Ark Community Improvement District                                        | Plaza at Noah's Ark Community Improvement District                                           | CUSIP: 72813LAL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $123695.15    | 0.04%             | 2026-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority (The)                                                 | Camden County Improvement Authority (The), Series 2024                                       | CUSIP: 13281RAF0<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |    375000 | PA      | $379231.73    | 0.13%             | 2027-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Orangeburg County Facilities Corp.                                                        | Orangeburg County Facilities Corp.                                                           | CUSIP: 685357AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $299343.30    | 0.10%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                                     | School District of Philadelphia (The), Series 2023 A                                         | CUSIP: 717883ZZ8<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |    410000 | PA      | $441876.52    | 0.15%             | 2038-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                    | Ohio Air Quality Development Authority                                                       | CUSIP: 677525WV5<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    145000 | PA      | $146530.55    | 0.05%             | 2039-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico                                                                  | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     29854 | PA      | $28443.49     | 0.01%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority                                                                     | CUSIP: 74442EKK5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1146980.12   | 0.40%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                        | Tennessee Energy Acquisition Corp.                                                           | CUSIP: 880443JF4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    750000 | PA      | $773318.48    | 0.27%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Convention Enterprises, Inc.                                                       | Austin Convention Enterprises, Inc.                                                          | CUSIP: 052409DN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $221441.07    | 0.08%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Housing Authority                                                            | Philadelphia Housing Authority, Series 2017                                                  | CUSIP: 71783PAR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $359401.36    | 0.12%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Memphis-Shelby County Industrial Development Board                                        | Memphis-Shelby County Industrial Development Board                                           | CUSIP: 58611YAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $90970.73     | 0.03%             | 2027-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Rhode Island Housing & Mortgage Finance Corp.                                             | Rhode Island Housing & Mortgage Finance Corp.                                                | CUSIP: 76221R4E0<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |    640000 | PA      | $676418.30    | 0.23%             | 2052-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico                                                                  | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     40591 | PA      | $36072.36     | 0.01%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, Series 2023                                     | CUSIP: 677510BZ1<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    200000 | PA      | $196554.96    | 0.07%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tempe Industrial Development Authority                                                    | Tempe Industrial Development Authority                                                       | CUSIP: 87972MBK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $244938.92    | 0.08%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Ohio WV                                                                         | County of Ohio, Series 2024                                                                  | CUSIP: 677321BS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $311548.14    | 0.11%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                    | Maine Health & Higher Educational Facilities Authority, Series 2017 B                        | CUSIP: 56042RMD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $488148.15    | 0.17%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                             | Main Street Natural Gas, Inc.                                                                | CUSIP: 56035DEE8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $519034.65    | 0.18%             | 2052-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                      | Guam Government Waterworks Authority                                                         | CUSIP: 40065FCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    300000 | PA      | $297488.22    | 0.10%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority                                                     | CUSIP: 63607WAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155975 | PA      | $148768.73    | 0.05%             | 2041-07-20      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency                                                     | CUSIP: 57584YM30<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99521.11     | 0.03%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Series BDS 2024                                    | CUSIP: 04062AAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    797730 | PA      | $783632.52    | 0.27%             | 2041-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                                     | New Mexico Mortgage Finance Authority                                                        | CUSIP: 647201VB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $543531.45    | 0.19%             | 2053-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                         | Southeast Energy Authority A Cooperative District                                            | CUSIP: 84136FBT3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048929.50   | 0.36%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County (The)                                               | Development Authority of Burke County (The)                                                  | CUSIP: 121342QG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251094.68    | 0.09%             | 2032-10-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                             | Main Street Natural Gas, Inc.                                                                | CUSIP: 56035DEN8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048278.90   | 0.36%             | 2053-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Series 2025 A3                                                   | CUSIP: 45204FQ73<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1610028.45   | 0.56%             | 2064-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                              | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    164000 | PA      | $154181.04    | 0.05%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                                     | New York State Housing Finance Agency, Series 2014 A                                         | CUSIP: 64987JY62<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    570000 | PA      | $565012.61    | 0.20%             | 2042-05-01      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                             | Main Street Natural Gas, Inc., Series 2025 A                                                 | CUSIP: 56035DJZ6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    975000 | PA      | $1036872.14   | 0.36%             | 2055-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority (The)                                                       | Atlanta Development Authority (The), Series 2024A-1                                          | CUSIP: 04780NMW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $185363.90    | 0.06%             | 2034-04-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima (The)                              | Industrial Development Authority of the County of Pima (The), Series 2023B                   | CUSIP: 721905QE0<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    335000 | PA      | $370800.91    | 0.13%             | 2055-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Vancouver Housing Authority                                                               | Vancouver Housing Authority, Series 2024                                                     | CUSIP: 921626PT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $855776.33    | 0.30%             | 2034-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                                   | Capital Trust Authority, Series 2025A                                                        | CUSIP: 14054WBT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $191730.88    | 0.07%             | 2040-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                 | New York Transportation Development Corp., Series 2023                                       | CUSIP: 650116GT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $776660.55    | 0.27%             | 2041-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Delaware State Housing Authority                                                          | Delaware State Housing Authority, Series 2024 A                                              | CUSIP: 246395ZM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    970000 | PA      | $1046430.67   | 0.36%             | 2055-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Indiana County Industrial Development Authority                                           | Indiana County Industrial Development Authority                                              | CUSIP: 45469NDZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $471461.01    | 0.16%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                         | Territory of Guam                                                                            | CUSIP: 40065HDU1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     60000 | PA      | $60424.01     | 0.02%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                                     | Toll Road Investors Partnership II LP                                                        | CUSIP: 88948ABD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $425335.99    | 0.15%             | 2028-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency                                                     | CUSIP: 57584XKJ9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    990000 | PA      | $992246.61    | 0.34%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                                       | California School Finance Authority                                                          | CUSIP: 13058TPT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513470.35    | 0.18%             | 2032-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Territory of Guam                                                                         | Territory of Guam                                                                            | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     30000 | PA      | $26555.27     | 0.01%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority                                                                     | CUSIP: 74444VBL3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    535000 | PA      | $535269.11    | 0.19%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Brazos Higher Education Authority, Inc.                                                   | Brazos Higher Education Authority, Inc., Series 2024-1A                                      | CUSIP: 10623ACS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $194911.94    | 0.07%             | 2045-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp.                                                             | Florida Housing Finance Corp., Series 2023 B                                                 | CUSIP: 34074HGZ9<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |    450000 | PA      | $454383.77    | 0.16%             | 2027-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Warren OH                                                                       | County of Warren, Series 2024A                                                               | CUSIP: 935158BD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $235182.62    | 0.08%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                                     | New York State Housing Finance Agency                                                        | CUSIP: 64987JSF9<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    895000 | PA      | $881252.08    | 0.30%             | 2060-11-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp.                                                                        | Utah Housing Corp., Series 2024A                                                             | CUSIP: 917437EP6<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |    110000 | PA      | $119955.09    | 0.04%             | 2054-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                                   | City of Philadelphia, Series 2017 B                                                          | CUSIP: 717817UK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $778261.12    | 0.27%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.                                  | Texas Private Activity Bond Surface Transportation Corp., Series 2023                        | CUSIP: 882667CJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $659412.07    | 0.23%             | 2040-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                                     | Toll Road Investors Partnership II LP                                                        | CUSIP: 88948ABM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350288 | PA      | $117031.36    | 0.04%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Mississippi Home Corp.                                                                    | Mississippi Home Corp., Series 2024 E                                                        | CUSIP: 60535QX54<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |    125000 | PA      | $149157.40    | 0.05%             | 2044-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                                       | Idaho Housing & Finance Association                                                          | CUSIP: 45129GDE2<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    735000 | PA      | $744332.59    | 0.26%             | 2039-07-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                                        | Greater Orlando Aviation Authority, Series 2015A                                             | CUSIP: 392274H82<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501727.25   | 0.52%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico                                                                  | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     49801 | PA      | $34428.95     | 0.01%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                                  | City of Pompano Beach                                                                        | CUSIP: 732203BC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $89484.70     | 0.03%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                             | Doylestown Hospital Authority, Series 2024                                                   | CUSIP: 261333HH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105395.26    | 0.04%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                                            | Texas Public Finance Authority, Series 2023                                                  | CUSIP: 88277PAV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1090981.30   | 0.38%             | 2034-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                                | Finance Authority of Maine, Series 2024                                                      | CUSIP: 56042CAY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97377.00     | 0.03%             | 2047-12-01      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| Middleton Community Development District A                                                | Middleton Community Development District A, Series 2024                                      | CUSIP: 596681AH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $100349.88    | 0.03%             | 2039-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                               | Metropolitan Washington Airports Authority Aviation, Series 2025A                            | CUSIP: 592647NR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    960000 | PA      | $1037959.97   | 0.36%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                      | New Hope Cultural Education Facilities Finance Corp., Series 2025B-3                         | CUSIP: 64542UHK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $205215.64    | 0.07%             | 2030-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Housing Finance Authority                                               | Miami-Dade County Housing Finance Authority                                                  | CUSIP: 593344BN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501336.75    | 0.17%             | 2026-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas Housing Finance Corp.                                                      | City of Dallas Housing Finance Corp.                                                         | CUSIP: 235298BR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $144893.80    | 0.05%             | 2044-02-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                         | CUSIP: 74526QXN7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     70000 | PA      | $38237.50     | 0.01%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Waco Independent School District                                                          | Waco Independent School District                                                             | CUSIP: 929845VU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $450097.30    | 0.16%             | 2036-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                              | Mississippi Development Bank                                                                 | CUSIP: 60534TQH1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |     65000 | PA      | $66114.72     | 0.02%             | 2040-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Genesee County Funding Corp. (The)                                                        | Genesee County Funding Corp. (The)                                                           | CUSIP: 371669AF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $713075.34    | 0.25%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, Series 2023A                                       | CUSIP: 63610TAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $918935.32    | 0.32%             | 2038-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| City of Whiting IN                                                                        | City of Whiting                                                                              | CUSIP: 96634RAW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $761721.38    | 0.26%             | 2045-11-01      | Variable      | 4.40%                 | No            |                  2 | On Loan: No      |
| City of Celina TX                                                                         | City of Celina, Series 2025                                                                  | CUSIP: 15114CKK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $778329.38    | 0.27%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Spokane WA Airport Revenue                                                      | County of Spokane, Series 2024 B                                                             | CUSIP: 848661JT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1142418.97   | 0.40%             | 2044-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                                   | New York City Housing Development Corp., Series 2024 CL D                                    | CUSIP: 64966TGV0<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102393.14    | 0.04%             | 2031-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sierra Vista Industrial Development Authority                                             | Sierra Vista Industrial Development Authority, Series 2023                                   | CUSIP: 82652UAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506135.95    | 0.18%             | 2038-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL Airport System Revenue                                            | County of Palm Beach, Series 2024 B                                                          | CUSIP: 696499FS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518674.20    | 0.18%             | 2042-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Dorchester SC                                                                   | County of Dorchester, Series 2023                                                            | CUSIP: 258149AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $407673.42    | 0.14%             | 2033-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                        | City of Chicago                                                                              | CUSIP: 167486P45<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022291.30   | 0.35%             | 2038-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                | Chicago Board of Education, Series 2023A                                                     | CUSIP: 167505ZC3<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515773.45    | 0.18%             | 2036-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                                  | City of Pompano Beach                                                                        | CUSIP: 732203BF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $519898.17    | 0.18%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Series 2017A                                                       | CUSIP: 74443UAW3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252520.90    | 0.09%             | 2030-05-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                               | Virginia Small Business Financing Authority, Series 2022                                     | CUSIP: 928104PZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $708479.94    | 0.25%             | 2038-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp., Series 2025                                                        | CUSIP: 12008QAA7<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    340000 | PA      | $359819.35    | 0.12%             | 2041-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                              | Chicago Board of Education Dedicated Capital Improvement Tax, Series 2016                    | CUSIP: 167510AE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $469250.92    | 0.16%             | 2036-04-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                            | Wayne County Airport Authority, Series 2025 B                                                | CUSIP: 944514T99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $746616.57    | 0.26%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Waco Independent School District                                                          | Waco Independent School District                                                             | CUSIP: 929845VT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $91952.20     | 0.03%             | 2035-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                               | District of Columbia Housing Finance Agency, Series 2025 B                                   | CUSIP: 25477TBB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $115287.34    | 0.04%             | 2029-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority Parking System Revenue              | Pennsylvania Economic Development Financing Authority Parking System, Series 2024 C          | CUSIP: 70870EFH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086876.40   | 0.38%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Urban Residential Finance Authority                                               | Atlanta Urban Residential Finance Authority, Series 2024A                                    | CUSIP: 04785WAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003139.30   | 0.35%             | 2043-09-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)                     | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2013           | CUSIP: 71884RAA0<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1600296.00   | 0.55%             | 2035-12-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                                | Finance Authority of Maine, Series CL A SER 2025A1                                           | CUSIP: 56042TEP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $436324.83    | 0.15%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                      | New Hope Cultural Education Facilities Finance Corp., Series 2025                            | CUSIP: 64542UGZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $482080.46    | 0.17%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority                                                                   | CUSIP: 45203KAN5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1087638.64   | 0.38%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                 | City of Houston, Series 2023A                                                                | CUSIP: 442349GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $690007.06    | 0.24%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Energy Research & Development Authority                                    | New York State Energy Research & Development Authority                                       | CUSIP: 649845HY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $680523.06    | 0.24%             | 2034-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                                | Southern California Public Power Authority, Series 2024 A                                    | CUSIP: 84247PND9<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    190000 | PA      | $199818.38    | 0.07%             | 2055-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                    | North Carolina Medical Care Commission, Series 2024 A                                        | CUSIP: 65820YTM8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    900000 | PA      | $926564.85    | 0.32%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                                  | New Jersey Higher Education Student Assistance Authority, Series 2024 B                      | CUSIP: 646080YA3<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056136.60   | 0.37%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lehigh County General Purpose Authority                                                   | Lehigh County General Purpose Authority, Series 2024                                         | CUSIP: 52480RGG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023908.60   | 0.35%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                              | West Virginia Economic Development Authority                                                 | CUSIP: 95648VBG3<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    150000 | PA      | $149106.27    | 0.05%             | 2041-01-01      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Series 2025                                                        | CUSIP: 74442PJ55<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    335000 | PA      | $365415.12    | 0.13%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                                    | Berks County Municipal Authority (The), Series 2024 A-2A                                     | CUSIP: 084538JF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    104000 | PA      | $110055.71    | 0.04%             | 2034-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)                     | Industrial Development Authority of the City of Phoenix Arizona (The)                        | CUSIP: 71885DCR1<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    200000 | PA      | $202233.76    | 0.07%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Margaretta Local School District                                                          | Margaretta Local School District                                                             | CUSIP: 566575AM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $386238.86    | 0.13%             | 2037-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                    | Ohio Air Quality Development Authority                                                       | CUSIP: 677525WU7<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    170000 | PA      | $171800.30    | 0.06%             | 2030-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                                   | Michigan Strategic Fund                                                                      | CUSIP: 594698QR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994333.90    | 0.34%             | 2035-06-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia                                                                         | CUSIP: 25483WAK8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    100000 | PA      | $91148.27     | 0.03%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Series 2025B                                                       | CUSIP: 74439YFX4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    175000 | PA      | $186598.27    | 0.06%             | 2035-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Alabama State University                                                                  | Alabama State University, Series 2025                                                        | CUSIP: 010632QK6<br>LEI: 549300JCR3DWTI08FS98 | Long             | DBT              | MUN               | US        |    650000 | PA      | $694689.45    | 0.24%             | 2038-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                    | Arkansas Development Finance Authority                                                       | CUSIP: 04109KFX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $133710.44    | 0.05%             | 2028-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                               | District of Columbia Housing Finance Agency, Series 2025A                                    | CUSIP: 25477PQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1307272.13   | 0.45%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Travis County Housing Finance Corp.                                                       | Travis County Housing Finance Corp.                                                          | CUSIP: 89438UBM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $336234.81    | 0.12%             | 2045-06-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                        | South Carolina Jobs-Economic Development Authority                                           | CUSIP: 83704CAX6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    280000 | PA      | $277582.96    | 0.10%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, Series 2024                                        | CUSIP: 63608TAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    156000 | PA      | $156232.13    | 0.05%             | 2030-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                         | Territory of Guam                                                                            | CUSIP: 40065NCC9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    270000 | PA      | $270563.44    | 0.09%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Higher Education Facilities Authority                                          | Washington Higher Education Facilities Authority                                             | CUSIP: 9397815N6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $922316.30    | 0.32%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                              | Chicago Board of Education Dedicated Capital Improvement Tax                                 | CUSIP: 167510BE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012205.20   | 0.35%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health & Educational Facilities Authority                                          | CUSIP: 97712JCA9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    290000 | PA      | $288608.90    | 0.10%             | 2027-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Margaretta Local School District                                                          | Margaretta Local School District                                                             | CUSIP: 566575AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $546463.80    | 0.19%             | 2036-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                               | Ohio Housing Finance Agency                                                                  | CUSIP: 67756Q2H9<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    535000 | PA      | $564711.71    | 0.20%             | 2054-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                              | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     20000 | PA      | $18387.34     | 0.01%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No. 15                                             | Village Community Development District No. 15                                                | CUSIP: 92708KAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015821.80   | 0.35%             | 2033-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                                    | Berks County Municipal Authority (The), Series 2024 B-1                                      | CUSIP: 084538JK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     23000 | PA      | $16606.87     | 0.01%             | 2044-06-30      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health & Educational Facilities Authority                                          | CUSIP: 97712JCC5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    310000 | PA      | $307641.30    | 0.11%             | 2029-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority                                                                    | CUSIP: 45471FAD3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    800000 | PA      | $819813.36    | 0.28%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brazos Higher Education Authority, Inc.                                                   | Brazos Higher Education Authority, Inc., Series 2023-1A                                      | CUSIP: 10623ACL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $339926.40    | 0.12%             | 2043-04-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                                                     | County of Hamilton, Series 2023A                                                             | CUSIP: 40727RCJ5<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    750000 | PA      | $776678.25    | 0.27%             | 2038-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Series 2025 A                                                      | CUSIP: 74439YGE5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    855000 | PA      | $887702.21    | 0.31%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisa Industrial Development Authority                                                   | Louisa Industrial Development Authority                                                      | CUSIP: 546068AX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $86146.75     | 0.03%             | 2035-11-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico                                                                  | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     38698 | PA      | $37754.89     | 0.01%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority, Series 2013                           | CUSIP: 708692BG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $620156.61    | 0.21%             | 2045-08-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| DeKalb County Housing Authority                                                           | DeKalb County Housing Authority, Series 2024                                                 | CUSIP: 240471PE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $825520.33    | 0.29%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                          | California Health Facilities Financing Authority, Series 2025 C3                             | CUSIP: 13032U4R6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1654901.10   | 0.57%             | 2050-10-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Oregon Health & Science University                                                        | Oregon Health & Science University                                                           | CUSIP: 685869EV7<br>LEI: 549300XTWOAGON8L2G98 | Long             | DBT              | MUN               | US        |    115000 | PA      | $100930.91    | 0.03%             | 2039-07-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority                                                       | CUSIP: 13048RAF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200014.28    | 0.07%             | 2044-12-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| City of Galveston TX Wharves & Terminal Revenue                                           | City of Galveston, Series 2023                                                               | CUSIP: 364568JH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $354244.88    | 0.12%             | 2037-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District, Series 2023C                                                 | CUSIP: 09182TDB0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    250000 | PA      | $269857.18    | 0.09%             | 2054-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Passaic County Improvement Authority (The)                                                | Passaic County Improvement Authority (The), Series 2025                                      | CUSIP: 70275QAK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600326.10    | 0.21%             | 2033-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| EHOVE Joint Vocational School District                                                    | EHOVE Joint Vocational School District, Series 2025                                          | CUSIP: 282407BV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $410596.46    | 0.14%             | 2037-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Series 2025 B                                      | CUSIP: 57585BKC1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    270000 | PA      | $288211.47    | 0.10%             | 2055-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                           | California Community Choice Financing Authority                                              | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    770000 | PA      | $806899.63    | 0.28%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Forsyth MT                                                                        | City of Forsyth, Series 2010A                                                                | CUSIP: 346668DP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $408879.31    | 0.14%             | 2032-10-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority                                                    | CUSIP: 645780FT9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    260000 | PA      | $259912.30    | 0.09%             | 2034-11-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Lamar Consolidated Independent School District                                            | Lamar Consolidated Independent School District                                               | CUSIP: 513174G97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $102659.16    | 0.04%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico                                                                  | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     42214 | PA      | $36068.30     | 0.01%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                 | New York Transportation Development Corp.                                                    | CUSIP: 650116DM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $284188.39    | 0.10%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico                                                                  | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    160102 | PA      | $98462.96     | 0.03%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico                                                                  | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     40810 | PA      | $44018.69     | 0.02%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

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

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer