# EDGAR Filing Document

**Accession Number:** 0001676326
**File Stem:** 0002071691-25-007398
**Filing Date:** 2025-11
**Character Count:** 127412
**Document Hash:** a9f240b9cf0891fd025879787fdda3ff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-007398.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002071691-25-007398

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morgan Stanley ETF Trust
- **CENTRAL INDEX KEY:** 0001676326

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23820
- **FILM NUMBER:** 251524915

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212.296.1404

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

## Series and Classes Contracts Data

### Eaton Vance Short Duration Municipal Income ETF (Series ID: S000083416)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000247027 | Eaton Vance Short Duration Municipal Income ETF | EVSM            |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Morgan Stanley ETF Trust

- **b. Investment Company Act file number:** 811-23820

- **c. CIK number of Registrant:** 0001676326

- **d. LEI of Registrant:** 549300HASXQLXGOR9H31

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

  - **Street Address 1:** 1585 Broadway

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

  - **Telephone number:** 800-548-7786

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

- **a. Name of Series:** Eaton Vance Short Duration Municipal Income ETF

- **b. EDGAR series identifier (if any):** S000083416

- **c. LEI of Series:** 254900G8PWA0RY87S793

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

- **a. Date of fiscal year-end:** 2025-09-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $493876697.74

**Total Liabilities:** $12816691.48

**Net Assets:** $481060006.26

**Delayed Delivery Securities:** $5463600.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1482.78187900 | **1-Year:** 33225.70388600 | **5-Year:** 65381.60301300 | **10-Year:** 5780.93606300 | **30-Year:** 0.00000000

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

- **3-Month:** 20.36386700 | **1-Year:** 249.64732500 | **5-Year:** 2814.74635000 | **10-Year:** 166.42549500 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000247027 | 0.50%                | 0.59%                | 0.52%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4529.81                 | $846217.40                                 |
| Month 2  | $59391.69                | $1269971.16                                |
| Month 3  | $5918.45                 | $920236.64                                 |

### Schedule of Portfolio Investments

| Name                                                                    | Title                                                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| North Lawrence Community Schools Building Corp.                         | North Lawrence Community Schools Building Corp., Series 2025                              | CUSIP: 66042REY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $290426.40    | 0.06%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue | New York City Transitional Finance Authority, Series 2019 A-4                             | CUSIP: 64971XFY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3770000 | PA      | $3770000.00   | 0.78%             | 2045-08-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                     | City of New York NY, Series C                                                             | CUSIP: 64966L4N8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2014935.00   | 0.42%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                          | State of Texas, Series 2025 F                                                             | CUSIP: 882725BW3<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    400000 | PA      | $401417.84    | 0.08%             | 2030-08-01      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                | Massachusetts Development Finance Agency, Series 2025 A-1                                 | CUSIP: 57585BGT9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2190000 | PA      | $2497892.98   | 0.52%             | 2055-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                 | Dallas Fort Worth International Airport, Series 2023 C                                    | CUSIP: 23503CDH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1302949.75   | 0.27%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                    | District of Columbia, Series 2015                                                         | CUSIP: 254764JQ7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006078.10   | 0.21%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Energy Research & Development Authority                  | New York State Energy Research & Development Authority, Series 2004 B                     | CUSIP: 649845JB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1109161.54   | 0.23%             | 2032-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority             | Connecticut State Health & Educational Facilities Authority, Series S                     | CUSIP: 20774Y3P0<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016941.10   | 0.21%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp.                                      | Mississippi Business Finance Corp., Series 2007 B                                         | CUSIP: 60528AAT1<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3500000.00   | 0.73%             | 2030-12-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Oklahoma County Independent School District No. 12                      | Oklahoma County Independent School District No. 12, Series 2025                           | CUSIP: 678739XF5<br>LEI: 549300D457E3EZ9CP720 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2048501.80   | 0.43%             | 2027-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                 | New York City Housing Development Corp., Series 2025 C-2                                  | CUSIP: 64972KLH6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018346.70   | 0.21%             | 2065-05-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| South Country Central School District at Brookhaven                     | South Country Central School District at Brookhaven, Series 2025                          | CUSIP: 837489MH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1917451.69   | 0.40%             | 2026-05-29      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                    | Missouri Joint Municipal Electric Utility Commission, Series 2023                         | CUSIP: 606092LT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1352478.74   | 0.28%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                       | State of Illinois IL, Series 2017 D                                                       | CUSIP: 452152Q20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2613107.25   | 0.54%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                       | Florida Development Finance Corp., Series 2025 A                                          | CUSIP: 34061XAH5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200031.32   | 0.25%             | 2050-09-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                            | District of Columbia Water & Sewer Authority, Series 2025 C-2                             | CUSIP: 254845VW7<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |   3395000 | PA      | $3395000.00   | 0.71%             | 2060-10-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                    | Colorado Educational & Cultural Facilities Authority, Series 2017 A                       | CUSIP: 19645R5V9<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   2055000 | PA      | $2079844.33   | 0.43%             | 2032-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harris County Health Facilities Development Corp.                       | Harris County Health Facilities Development Corp., Series A-2                             | CUSIP: 41315RGV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 1.04%             | 2041-12-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                       | Florida Development Finance Corp., Series 2024 A                                          | CUSIP: 34061XAG7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2020344.60   | 0.42%             | 2054-10-01      | Variable      | 4.38%                 | Yes           |                  2 | On Loan: No      |
| City of Cleveland OH Airport System Revenue                             | City of Cleveland OH, Series 2025 A                                                       | CUSIP: 186352TQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $656852.52    | 0.14%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hutto Independent School District                                       | Hutto Independent School District, Series 2015                                            | CUSIP: 4484926N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031806.80   | 0.21%             | 2055-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                     | City of New York NY, Series 2014 I-2                                                      | CUSIP: 64966LLS8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.10%             | 2040-03-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                 | New York City Housing Development Corp., Series 2024 F-2                                  | CUSIP: 64972KGU3<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2017802.20   | 0.42%             | 2064-11-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                            | New Jersey Housing & Mortgage Finance Agency, Series 2024 D-2                             | CUSIP: 6461087N4<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999204.90    | 0.21%             | 2028-05-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.               | Harris County Cultural Education Facilities Finance Corp., Series 2015-1                  | CUSIP: 414009JU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2610000 | PA      | $2612659.85   | 0.54%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority, Series 2024                                           | CUSIP: 65000B8A9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    375000 | PA      | $382529.93    | 0.08%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State University                                             | Washington State University, Series 2025                                                  | CUSIP: 940094FL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1618165.44   | 0.34%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parish of St John the Baptist                                           | Parish of St John the Baptist, Series 2017 C                                              | CUSIP: 79020FBB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2895000 | PA      | $2932881.36   | 0.61%             | 2037-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                    | Triborough Bridge & Tunnel Authority, Series 2025 A                                       | CUSIP: 896032AD1<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081810.30   | 0.22%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dickinson Independent School District                                   | Dickinson Independent School District, Series 2013                                        | CUSIP: 253363UD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1507049.40   | 0.31%             | 2037-08-01      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| Argyle Independent School District                                      | Argyle Independent School District, Series 2025 B-2                                       | CUSIP: 040319X34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2600904.00   | 0.54%             | 2057-08-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                     | City of New York NY, Series 2015 F-6                                                      | CUSIP: 64966LU25<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1120000.00   | 0.23%             | 2044-06-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| Port of Seattle                                                         | Port of Seattle, Series C                                                                 | CUSIP: 735389WK0<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001580.80   | 0.42%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Navarro Independent School District                                     | Navarro Independent School District, Series 2025                                          | CUSIP: 639285SW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1549608.45   | 0.32%             | 2062-02-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                 | Municipal Electric Authority of Georgia, Series 2024 A                                    | CUSIP: 62620HJD5<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005914.40   | 0.21%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                              | Illinois Finance Authority, Series 2019                                                   | CUSIP: 45204E2L1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1578980.27   | 0.33%             | 2034-11-01      | Floating      | 4.06%                 | No            |                  2 | On Loan: No      |
| Saginaw Valley State University                                         | Saginaw Valley State University, Series 2016 A                                            | CUSIP: 78689HKT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1778900.55   | 0.37%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Monroe County (The)                            | Development Authority of Monroe County (The), Series 2013 A                               | CUSIP: 610530FE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2042650.00   | 0.42%             | 2039-01-01      | Variable      | 3.60%                 | 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        |    995000 | PA      | $1090065.48   | 0.23%             | 2054-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                           | Main Street Natural Gas, Inc., Series 2025 A                                              | CUSIP: 56035DJS2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $531782.70    | 0.11%             | 2029-06-01      | Fixed         | 5.00%                 | 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        |   2330000 | PA      | $2356687.35   | 0.49%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                       | City & County of Denver CO, Series 2018 A                                                 | CUSIP: 249182LE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5263886.00   | 1.09%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago                                                         | City of Chicago IL, Series 2020 A                                                         | CUSIP: 167486F87<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2033947.00   | 0.42%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Casino Reinvestment Development Authority, Inc.                         | Casino Reinvestment Development Authority, Inc., Series 2024 A                            | CUSIP: 14760RBD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $829350.15    | 0.17%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Lawrence Community Schools Building Corp.                         | North Lawrence Community Schools Building Corp., Series 2025                              | CUSIP: 66042REX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $355799.78    | 0.07%             | 2031-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denton Independent School District                                      | Denton Independent School District, Series B-2                                            | CUSIP: 249002NL6<br>LEI: 5493005I9W678SUI0Z07 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066807.30   | 0.22%             | 2055-08-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp.                                            | Alaska Housing Finance Corp., Series 2025-1                                               | CUSIP: 011839U47<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    490000 | PA      | $486439.42    | 0.10%             | 2029-12-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                     | State of Illinois IL, Series 2021 C                                                       | CUSIP: 452227SC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2770000 | PA      | $2930743.65   | 0.61%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                   | North Carolina Housing Finance Agency, Series 55 C                                        | CUSIP: 65820BBB1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1015056.23   | 0.21%             | 2056-07-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                  | North Carolina Medical Care Commission, Series 2025 B                                     | CUSIP: 65821DZV6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2188977.20   | 0.46%             | 2055-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board             | Shelby County Health Educational & Housing Facilities Board, Series 2024 B                | CUSIP: 821691AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $799013.03    | 0.17%             | 2049-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Whiting                                                         | City of Whiting IN, Series 2019 A                                                         | CUSIP: 96634RAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2533246.00   | 0.53%             | 2044-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                          | Wayne County Airport Authority, Series F                                                  | CUSIP: 944514TH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2506471.50   | 0.52%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Health & Educational Facilities Authority                  | South Dakota Health & Educational Facilities Authority, Series 2025 C-2                   | CUSIP: 83755VW83<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |    500000 | PA      | $550990.85    | 0.11%             | 2051-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Caney Independent School District                                   | New Caney Independent School District, Series 2018                                        | CUSIP: 643154LB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $614455.74    | 0.13%             | 2050-02-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Lambertson Farms Metropolitan District No. 1                            | Lambertson Farms Metropolitan District No. 1, Series 2024 A                               | CUSIP: 513305AH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1247512.46   | 0.26%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                   | Metropolitan Transportation Authority, Series 2020 E                                      | CUSIP: 59261AJ57<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2722282.25   | 0.57%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lone Tree CO                                                    | City of Lone Tree CO, Series 2024                                                         | CUSIP: 542341AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1124838.86   | 0.23%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                | State of Connecticut, Series A                                                            | CUSIP: 207758WB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1985000 | PA      | $1993816.77   | 0.41%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gulf Coast Industrial Development Authority                             | Gulf Coast Industrial Development Authority, Series 2012                                  | CUSIP: 402207AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5800000 | PA      | $5800000.00   | 1.21%             | 2041-11-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                           | Main Street Natural Gas, Inc., Series 2023 D                                              | CUSIP: 56035DFT4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1607678.55   | 0.33%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No. 1                             | North Carolina Municipal Power Agency No. 1, Series A                                     | CUSIP: 658203X25<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |    530000 | PA      | $533274.92    | 0.11%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                            | West Virginia Economic Development Authority, Series 2011 A                               | CUSIP: 95648VBY4<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2518845.50   | 0.52%             | 2041-01-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| Colorado Housing and Finance Authority                                  | Colorado Housing and Finance Authority, Series 2025 F-2                                   | CUSIP: 19648GE99<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2028075.00   | 0.42%             | 2028-04-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.               | Harris County Cultural Education Facilities Finance Corp., Series 2022 A                  | CUSIP: 414009RN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $957255.46    | 0.20%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trustees of Dartmouth College                                           | Trustees of Dartmouth College                                                             | CUSIP: 89837RAE2<br>LEI: JVPL1XBV6YI9538FWQ05 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1008064.38   | 0.21%             | 2030-06-01      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority             | Connecticut State Health & Educational Facilities Authority, Series 2024 A                | CUSIP: 20775DYC0<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    875000 | PA      | $890414.00    | 0.19%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Detroit Downtown Development Authority                                  | Detroit Downtown Development Authority, Series 2024                                       | CUSIP: 251135HD4<br>LEI: 549300WO3NSMP6FECO66 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063192.40   | 0.22%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                       | North Carolina Turnpike Authority, Series 2017                                            | CUSIP: 65830RBH1<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1119671.22   | 0.23%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lawton Industrial Development Authority                                 | Lawton Industrial Development Authority, Series 2025 B                                    | CUSIP: 521005AT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $279265.70    | 0.06%             | 2028-07-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                 | Port Authority of New York & New Jersey, Series 248                                       | CUSIP: 73358XPE6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060290.10   | 0.22%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Higher Education Supplement Loan Authority            | Connecticut State Higher Education Supplement Loan Authority, Series 2025 B-2             | CUSIP: 207743YR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $755155.73    | 0.16%             | 2045-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chandler Industrial Development Authority                               | Chandler Industrial Development Authority, Series 2007                                    | CUSIP: 158862CD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2012878.40   | 0.42%             | 2037-12-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                | New Jersey Higher Education Student Assistance Authority, Series 2025-1B                  | CUSIP: 646080YQ8<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2113200.60   | 0.44%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                    | Chicago O'Hare International Airport, Series 2024 F                                       | CUSIP: 1675937Q9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1330159.32   | 0.28%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                              | Chicago Board of Education, Series 2017 D                                                 | CUSIP: 167505SU1<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1201982.52   | 0.25%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                         | New York City Municipal Water Finance Authority, Series AA-6                              | CUSIP: 64972GCQ5<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.31%             | 2048-06-15      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| Prosper Independent School District                                     | Prosper Independent School District, Series 2022                                          | CUSIP: 7436006C7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3096675.30   | 0.64%             | 2053-02-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                             | New York City Industrial Development Agency, Series 2020 A                                | CUSIP: 64971PKB0<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1311434.99   | 0.27%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                            | Massachusetts Port Authority, Series 2019 A-1                                             | CUSIP: 575898DH1<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061851.70   | 0.22%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                 | South Carolina Public Service Authority, Series 2025 B                                    | CUSIP: 8371515Z8<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1345514.75   | 0.28%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                  | Iowa Finance Authority, Series 2018 F                                                     | CUSIP: 46246K5E8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.62%             | 2041-07-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.               | Harris County Cultural Education Facilities Finance Corp., Series 2022 B                  | CUSIP: 414009RT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1589270.85   | 0.33%             | 2050-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                       | Michigan State Building Authority, Series 2016 I                                          | CUSIP: 594615FM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2870000 | PA      | $2937234.63   | 0.61%             | 2031-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Providence St Joseph Health Obligated Group                             | Providence St Joseph Health Obligated Group                                               | CUSIP: 743820AG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2578636.13   | 0.54%             | 2032-10-01      | Fixed         | 5.37%                 | No            |                  2 | On Loan: —       |
| City of Springfield IL Electric Revenue                                 | City of Springfield IL, Series 2024                                                       | CUSIP: 850578UA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2725668.25   | 0.57%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                      | South Carolina Jobs-Economic Development Authority, Series 2024 A                         | CUSIP: 837032BJ9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2790597.00   | 0.58%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                        | Ohio Water Development Authority, Series 2024 C                                           | CUSIP: 67766WQ21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3300000.00   | 0.69%             | 2054-12-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                    | State of Connecticut, Series 2021 B                                                       | CUSIP: 20772KMV8<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1901886.89   | 0.40%             | 2032-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Detroit City School District                                            | Detroit City School District, Series 2001 A                                               | CUSIP: 251129ZY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3220195.50   | 0.67%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                  | California Municipal Finance Authority, Series 2024 A-1                                   | CUSIP: 130483HC7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2654559.50   | 0.55%             | 2056-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                              | Illinois Finance Authority, Series 2020 B-2                                               | CUSIP: 45204FEH4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2526691.50   | 0.53%             | 2050-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery OH                                                 | County of Montgomery OH, Series 2021                                                      | CUSIP: 613520MQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1069123.55   | 0.22%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                            | Michigan State Housing Development Authority, Series 2025                                 | CUSIP: 59465FAG5<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   2345000 | PA      | $2331368.75   | 0.48%             | 2043-10-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority, Series 2024                                           | CUSIP: 65000B7H5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    200000 | PA      | $217790.42    | 0.05%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Michigan                                                  | University of Michigan, Series 2017 A                                                     | CUSIP: 914455QU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2895000 | PA      | $2993352.41   | 0.62%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Gainesville FL Utilities System Revenue                         | City of Gainesville FL, Series 2012 B                                                     | CUSIP: 362848RR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6000000.00   | 1.25%             | 2042-10-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                  | State Public School Building Authority, Series 2006 B                                     | CUSIP: 709207DH4<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079399.50   | 0.22%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                            | Massachusetts Port Authority, Series 2019 A                                               | CUSIP: 575896SY2<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014621.80   | 0.21%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                   | Metropolitan Transportation Authority, Series 2012 G-3                                    | CUSIP: 59261A3W5<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4000000.00   | 0.83%             | 2031-11-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                 | Port Authority of New York & New Jersey, Series 242                                       | CUSIP: 73358XJU7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1535991.15   | 0.32%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Science and Technology Park Metropolitan District No. 1        | Colorado Science and Technology Park Metropolitan District No. 1, Series 2024 A           | CUSIP: 19658CAG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $375998.69    | 0.08%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northside Independent School District                                   | Northside Independent School District, Series 2020                                        | CUSIP: 66702RR79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2536068.00   | 0.53%             | 2050-06-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| University of Colorado Hospital Authority                               | University of Colorado Hospital Authority, Series 2024 B                                  | CUSIP: 914183BX5<br>LEI: GQ60RLZ5ZEBY2J9KLI75 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2261949.00   | 0.47%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Warner Robins Housing Authority Resident Council Corp.                  | Warner Robins Housing Authority Resident Council Corp., Series 2024                       | CUSIP: 934604AM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049081.60   | 0.22%             | 2029-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Michigan University                                             | Western Michigan University, Series 2025 A                                                | CUSIP: 958638ZV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2725296.46   | 0.57%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                         | Allegheny County Hospital Development Authority, Series 2017 D-2                          | CUSIP: 01728A5V4<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1983536.00   | 0.41%             | 2047-11-15      | Floating      | 3.59%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | New Jersey Economic Development Authority, Series 2020 D                                  | CUSIP: 645780FR3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1874992.00   | 0.39%             | 2029-11-01      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| City of Hamilton OH                                                     | City of Hamilton OH, Series 2024                                                          | CUSIP: 407756P82<br>LEI: 549300NCXYTNZWHRP508 | Long             | DBT              | MUN               | US        |    835000 | PA      | $836627.58    | 0.17%             | 2025-12-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                 | Dallas Fort Worth International Airport, Series 2023 B                                    | CUSIP: 23503CCK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1252161.38   | 0.26%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                        | Energy Northwest, Series 2020A                                                            | CUSIP: 29270C3K9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1155991.72   | 0.24%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                    | Kansas Development Finance Authority, Series 2025 J                                       | CUSIP: 48542TBQ2<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1491280.65   | 0.31%             | 2046-10-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                    | Colorado Health Facilities Authority, Series A-1                                          | CUSIP: 19648FXD1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2121002.60   | 0.44%             | 2058-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Science and Technology Park Metropolitan District No. 1        | Colorado Science and Technology Park Metropolitan District No. 1, Series 2024 A           | CUSIP: 19658CAH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $425532.64    | 0.09%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                          | Sales Tax Securitization Corp., Series 2020 A                                             | CUSIP: 79467BCS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1325017.70   | 0.28%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Bend Independent School District                                   | Fort Bend Independent School District, Series 2025 B                                      | CUSIP: 346843WS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1898329.59   | 0.39%             | 2055-08-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                          | Black Belt Energy Gas District, Series 2023 D-1                                           | CUSIP: 09182TCR6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2626518.09   | 0.55%             | 2049-06-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                   | New York State Housing Finance Agency, Series 2024 B-2                                    | CUSIP: 649870PG1<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1661608.41   | 0.35%             | 2054-12-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Lawton Industrial Development Authority                                 | Lawton Industrial Development Authority, Series 2025 B                                    | CUSIP: 521005AV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $248824.50    | 0.05%             | 2030-07-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| E-470 Public Highway Authority                                          | E-470 Public Highway Authority, Series 2024 B                                             | CUSIP: 26822LMX9<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997964.60    | 0.21%             | 2039-09-01      | Floating      | 3.54%                 | No            |                  2 | On Loan: No      |
| City of South Miami Health Facilities Authority, Inc.                   | City of South Miami Health Facilities Authority, Inc., Series 2025 B                      | CUSIP: 838810EM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1352499.51   | 0.28%             | 2065-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                             | Ohio Higher Educational Facility Commission                                               | CUSIP: 67756DT89<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1258846.12   | 0.26%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Franklin                                                      | County of Franklin, Series 2013 OH                                                        | CUSIP: 353202FK5<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000049.40   | 0.42%             | 2046-12-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                          | Black Belt Energy Gas District, Series 2025 E                                             | CUSIP: 09182TFW2<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070174.60   | 0.22%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp.                                           | Florida Housing Finance Corp., Series 2025 D                                              | CUSIP: 34073JVF3<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2251923.53   | 0.47%             | 2043-03-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton                                                      | County of Hamilton, Series 2021 B                                                         | CUSIP: 4072722B8<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 0.52%             | 2051-08-15      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                              | Illinois Finance Authority, Series 2016 C                                                 | CUSIP: 45204EES3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1940560.74   | 0.40%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp.                                      | Mississippi Business Finance Corp., Series 2009 C                                         | CUSIP: 60528ABK9<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1450000.00   | 0.30%             | 2030-12-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Housing Revenue      | Wisconsin Housing & Economic Development Authority Housing, Series 2023 E                 | CUSIP: 9769044P4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $485380.63    | 0.10%             | 2054-11-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Raleigh Housing Authority                                               | Raleigh Housing Authority, Series 2025                                                    | CUSIP: 751115CB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2460000 | PA      | $2455414.56   | 0.51%             | 2059-09-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority Dedicated Tax Fund                | Metropolitan Transportation Authority Dedicated Tax Fund, Series 2008 B-3B                | CUSIP: 59259N5P4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1777527.08   | 0.37%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Transit Authority                                                  | Utah Transit Authority, Series 2025                                                       | CUSIP: 917567JG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2333517.00   | 0.49%             | 2033-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                       | State of Maryland, Series 2017 A                                                          | CUSIP: 574193PS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1895000 | PA      | $1898592.35   | 0.39%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                             | Long Island Power Authority, Series 2022 B                                                | CUSIP: 542691GD6<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2056833.00   | 0.43%             | 2052-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Lawton Industrial Development Authority                                 | Lawton Industrial Development Authority, Series 2025 B                                    | CUSIP: 521005AS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $199834.02    | 0.04%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                           | Kentucky State Property & Building Commission, Series A                                   | CUSIP: 49151F4R8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $829885.20    | 0.17%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chandler Industrial Development Authority                               | Chandler Industrial Development Authority, Series 2019                                    | CUSIP: 158862CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1531854.30   | 0.32%             | 2049-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Detroit Downtown Development Authority                                  | Detroit Downtown Development Authority, Series 2024                                       | CUSIP: 251135HE2<br>LEI: 549300WO3NSMP6FECO66 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1083686.00   | 0.23%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                | Metropolitan Pier & Exposition Authority, Series 2024 A                                   | CUSIP: 592250FW9<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1597647.03   | 0.33%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 87 Berkeley                             | Cook County School District No. 87, Series 2021                                           | CUSIP: 214165LW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052384.70   | 0.22%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                | City of Austin, Series 2022                                                               | CUSIP: 052398HF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1430651.66   | 0.30%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                   | Metropolitan Transportation Authority, Series 2025 B                                      | CUSIP: 59261A5V5<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4425212.80   | 0.92%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                               | Indiana Finance Authority, Series 2010 A                                                  | CUSIP: 45505RBN4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999136.80   | 0.42%             | 2028-05-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                    | Triborough Bridge & Tunnel Authority, Series 2025 A                                       | CUSIP: 89602HHY6<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1589166.30   | 0.33%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bristol                                                         | City of Bristol VA, Series 2023                                                           | CUSIP: 110331QS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $860508.09    | 0.18%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                    | Chicago Midway International Airport, Series 2023 B                                       | CUSIP: 167562SK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006116.80   | 0.21%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Delaware                                                      | County of Delaware, Series 2015                                                           | CUSIP: 24588SAS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2750697.13   | 0.57%             | 2031-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                 | New York City Housing Development Corp., Series 2024 D                                    | CUSIP: 64966TGV0<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034319.00   | 0.22%             | 2031-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                             | Washington State Housing Finance Commission, Series 2023                                  | CUSIP: 93978PPU5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012572.50   | 0.21%             | 2043-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Lewisburg Industrial Development Board                                  | Lewisburg Industrial Development Board, Series 2012                                       | CUSIP: 528236AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999881.60    | 0.21%             | 2035-07-02      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                  | Virginia Housing Development Authority, Series 2023 E                                     | CUSIP: 92812WLB8<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001398.40   | 0.42%             | 2027-10-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                        | California Pollution Control Financing Authority, Series 2003 A                           | CUSIP: 130536LT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022985.10   | 0.21%             | 2038-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| North Lawrence Community Schools Building Corp.                         | North Lawrence Community Schools Building Corp., Series 2025                              | CUSIP: 66042RET4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $269905.90    | 0.06%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                  | Iowa Finance Authority, Series 2021                                                       | CUSIP: 46246YAB8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    415000 | PA      | $414291.68    | 0.09%             | 2042-01-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp.                                      | Mission Economic Development Corp., Series 2012                                           | CUSIP: 605155BM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999881.60    | 0.21%             | 2026-01-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                | Massachusetts Development Finance Agency, Series 2008 U6E                                 | CUSIP: 57583RWD3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1600000.00   | 0.33%             | 2042-10-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                                | Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |    320250 | NS      | $320250.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| California Statewide Communities Development Authority                  | California Statewide Communities Development Authority, Series 2025 B                     | CUSIP: 13080S2V5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3354181.20   | 0.70%             | 2030-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                | Metropolitan Pier & Exposition Authority, Series 2023 A                                   | CUSIP: 592250FH2<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040906.90   | 0.22%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                             | University of North Carolina at Chapel Hill, Series 2012 B                                | CUSIP: 914713U75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3014720.70   | 0.63%             | 2041-12-01      | Floating      | 3.81%                 | No            |                  2 | On Loan: No      |
| Development Authority of Monroe County (The)                            | Development Authority of Monroe County (The), Series 2008, Class 1                        | CUSIP: 610530FZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2288200.50   | 0.48%             | 2048-11-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Bergen County Improvement Authority (The)                               | Bergen County Improvement Authority (The), Series 2025 A                                  | CUSIP: 083773EC1<br>LEI: 549300GA3U8F8Z1HOS09 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2520978.75   | 0.52%             | 2026-05-21      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Roanoke Economic Development Authority                                  | Roanoke Economic Development Authority, Series 2020 D                                     | CUSIP: 770082CB9<br>LEI: 549300P5QQORJY0U4T83 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2713809.50   | 0.56%             | 2053-07-01      | Variable      | 5.00%                 | 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: 64461XCF0<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1077561.68   | 0.22%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.              | Tarrant County Cultural Education Facilities Finance Corp., Series 2025 C                 | CUSIP: 87638TJU8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3896676.35   | 0.81%             | 2064-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Housing and Finance Authority                                  | Colorado Housing and Finance Authority, Series 2025 E-2                                   | CUSIP: 19648GXF4<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2034333.00   | 0.42%             | 2029-10-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri      | Health & Educational Facilities Authority of the State of Missouri, Series 2021 A         | CUSIP: 60637ASW3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1110449.34   | 0.23%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Registration Fee Revenue               | Pennsylvania Turnpike Commission Registration Fee, Series 2023                            | CUSIP: 709222DS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1997408.40   | 0.42%             | 2041-07-15      | Floating      | 3.74%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds - MuniCash                                    | BlackRock Liquidity Funds - MuniCash                                                      | CUSIP: 09248U841<br>LEI: 549300RWBJ885673DL84 | Long             | STIV             | RF                | US        |  12609145 | NS      | $12610406.03  | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Bergen County Improvement Authority (The)                               | Bergen County Improvement Authority (The), Series 2024                                    | CUSIP: 083773EB3<br>LEI: 549300GA3U8F8Z1HOS09 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000510.60   | 0.21%             | 2025-10-16      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                           | Main Street Natural Gas, Inc., Series 2021 A                                              | CUSIP: 56035DDH2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2553033.50   | 0.53%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                          | State of Texas, Series 2015                                                               | CUSIP: 882723F61<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2503738.25   | 0.52%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Wisconsin Hospitals & Clinics                             | University of Wisconsin Hospitals & Clinics, Series 2024 B                                | CUSIP: 915260FU2<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2214641.80   | 0.46%             | 2054-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition and Supply Corp. II                     | Texas Municipal Gas Acquisition and Supply Corp. II, Series 2012 C                        | CUSIP: 88255QBH1<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |    895000 | PA      | $894956.41    | 0.19%             | 2027-09-15      | Floating      | 3.53%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority Central Regional Wastewater System Revenue      | Trinity River Authority, Series 2017                                                      | CUSIP: 89658HVD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2835000 | PA      | $2960738.49   | 0.62%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue             | Metropolitan Washington Airports Authority, Series 2009 D-2                               | CUSIP: 592646N25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2565000 | PA      | $2565000.00   | 0.53%             | 2039-10-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County (The)                             | Development Authority of Burke County (The), Series 2012-2                                | CUSIP: 121342QN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $761732.18    | 0.16%             | 2049-12-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                | Massachusetts Development Finance Agency, Series N                                        | CUSIP: 57585BNM6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4447148.40   | 0.92%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                             | Commonwealth of Puerto Rico, Series 2022 A-1                                              | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   4000014 | PA      | $4141431.29   | 0.86%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                              | Illinois Finance Authority, Series 2020                                                   | CUSIP: 45203EAG4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1539182.40   | 0.32%             | 2040-05-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                               | Indiana Finance Authority, Series 2025 D-1                                                | CUSIP: 45470YGD7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2157935.00   | 0.45%             | 2064-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.              | Tarrant County Cultural Education Facilities Finance Corp., Series 2024 B                 | CUSIP: 87638THP1<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1639521.90   | 0.34%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                             | Washington Health Care Facilities Authority, Series 2025 B                                | CUSIP: 93978HC86<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3290909.40   | 0.68%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Energy Finance Development Corp.                               | New York Energy Finance Development Corp., Series 2025                                    | CUSIP: 64947PAA4<br>LEI: 254900PRGXZMJ912RI65 | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1545097.75   | 0.32%             | 2056-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp.                                            | Alaska Housing Finance Corp., Series 2025-1                                               | CUSIP: 011839U54<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    300000 | PA      | $298990.38    | 0.06%             | 2030-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County (The)                             | Development Authority of Burke County (The), Series 2009-1                                | CUSIP: 121342MW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4500000.00   | 0.94%             | 2049-07-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                         | State of Hawaii HI, Series FG                                                             | CUSIP: 419792LM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2451555.36   | 0.51%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                        | Pennsylvania Turnpike Commission, Series 2016 B                                           | CUSIP: 709224QL6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014417.40   | 0.21%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cypress-Fairbanks Independent School District                           | Cypress-Fairbanks Independent School District, Series 2023 A                              | CUSIP: 232769MQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009206.00   | 0.21%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                | Public Finance Authority, Series 2025 A                                                   | CUSIP: 74439YFK2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $827708.33    | 0.17%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                        | Pennsylvania Turnpike Commission, Series 2025-2                                           | CUSIP: 709225RH1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1128702.20   | 0.23%             | 2045-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                            | District of Columbia Water & Sewer Authority, Series 2025 C-1                             | CUSIP: 254845VV9<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 1.04%             | 2060-10-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri      | Health & Educational Facilities Authority of the State of Missouri, Series 2008 B         | CUSIP: 6069014P8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2115000.00   | 0.44%             | 2035-10-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                          | Indiana Municipal Power Agency, Series 2019 B                                             | CUSIP: 454898XD4<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.62%             | 2042-01-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Clairton Municipal Authority                                            | Clairton Municipal Authority, Series 2024 B                                               | CUSIP: 179630DD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1513506.09   | 0.31%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                | Public Finance Authority, Series 2025 A                                                   | CUSIP: 74439YFH9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    475000 | PA      | $520612.73    | 0.11%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Puget Sound Regional Transit Authority                          | Central Puget Sound Regional Transit Authority, Series 2016 S-1                           | CUSIP: 155048DC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2580000 | PA      | $2642061.90   | 0.55%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Delaware                                                  | University of Delaware, Series 2005                                                       | CUSIP: 91425MAZ0<br>LEI: KPIOJCFMR70NWLS6O145 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.62%             | 2035-11-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                           | Main Street Natural Gas, Inc., Series 2025 A                                              | CUSIP: 56035DJT0<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071015.30   | 0.22%             | 2029-12-01      | 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 2025 A                | CUSIP: 64461XMH5<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4564648.80   | 0.95%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston                                                         | City of Houston, Series 2025 A                                                            | CUSIP: 442349JB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3215552.10   | 0.67%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore                                                     | County of Baltimore, Series 2024                                                          | CUSIP: 05914GFM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3955936.60   | 0.82%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Transportation & Infrastructure Corp.                    | Virgin Islands Transportation & Infrastructure Corp., Series 2025                         | CUSIP: 927686AE5<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |   1000000 | PA      | $1060003.10   | 0.22%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                   | Pennsylvania Economic Development Financing Authority, Series 2011                        | CUSIP: 708692BF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007772.20   | 0.21%             | 2041-07-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                            | Commonwealth of Pennsylvania, Series 2016                                                 | CUSIP: 70914PE57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1286940.06   | 0.27%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Casino Reinvestment Development Authority, Inc.                         | Casino Reinvestment Development Authority, Inc., Series 2024 A                            | CUSIP: 14760RBE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1117421.10   | 0.23%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                  | California Municipal Finance Authority, Series 2019                                       | CUSIP: 13050RAA0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2330000 | PA      | $2345252.41   | 0.49%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                     | California State Public Works Board, Series 2023 C                                        | CUSIP: 13068XHB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1680624.96   | 0.35%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                 | Port Authority of New York & New Jersey, Series 242                                       | CUSIP: 73358XJV5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1567255.80   | 0.33%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Kentucky                                                  | University of Kentucky, Series 2014 D                                                     | CUSIP: 914378GQ1<br>LEI: 549300CXE3YQ1HXYCQ71 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1600000.00   | 0.33%             | 2025-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                  | City of Minneapolis MN, Series 2025                                                       | CUSIP: 603695JQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1366003.75   | 0.28%             | 2029-08-15      | Fixed         | 5.00%                 | 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), Series 2025        | CUSIP: 718903RV1<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1506423.60   | 0.31%             | 2059-02-01      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority, Series 2025 2-A                                       | CUSIP: 64985SBZ5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3268366.20   | 0.68%             | 2048-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Governors of Colorado State University System                  | Board of Governors of Colorado State University System, Series 2023 A-2                   | CUSIP: 196707V67<br>LEI: 549300MAE3RAIIEIQV71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027813.50   | 0.21%             | 2048-03-01      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                       | City & County of Denver, Series 2018 A                                                    | CUSIP: 249182LF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1571118.00   | 0.33%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                   | School District of Philadelphia (The), Series 2019 A                                      | CUSIP: 717883VW9<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064555.50   | 0.22%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia                                                    | City of Philadelphia, Series 2025 C                                                       | CUSIP: 717813C56<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    750000 | PA      | $835161.15    | 0.17%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                | Public Finance Authority, Series 2025 A                                                   | CUSIP: 74439YFD8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    390000 | PA      | $403470.21    | 0.08%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hawaii Housing Finance & Development Corp.                              | Hawaii Housing Finance & Development Corp., Series 2024                                   | CUSIP: 41981PCG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1516270.35   | 0.32%             | 2029-12-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority, Series 2017 B, Class 2                                | CUSIP: 64990FFZ2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2597667.00   | 0.54%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Racine Unified School District                                          | Racine Unified School District, Series 2025 B                                             | CUSIP: 750046TU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4122490.80   | 0.86%             | 2030-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority             | Connecticut State Health & Educational Facilities Authority, Series 2025 B-1              | CUSIP: 20775DZS4<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2774732.00   | 0.58%             | 2064-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand River Dam Authority                                               | Grand River Dam Authority, Series 2016 A                                                  | CUSIP: 386442WP8<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1193088.38   | 0.25%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri      | Health & Educational Facilities Authority of the State of Missouri, Series 2016           | CUSIP: 60637AKS0<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1319187.09   | 0.27%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                           | New Jersey Turnpike Authority, Series 2024 A                                              | CUSIP: 646140FN8<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2640895.75   | 0.55%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisa Industrial Development Authority                                 | Louisa Industrial Development Authority, Series 2008 B                                    | CUSIP: 546068AZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009700.00   | 0.21%             | 2035-11-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                           | Texas Water Development Board, Series 2023 A                                              | CUSIP: 88285ACL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000900.80   | 0.21%             | 2025-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                      | Dallas Independent School District, Series 2025 A-2                                       | CUSIP: 235308Q48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2061512.40   | 0.43%             | 2055-02-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County (The)                             | Development Authority of Burke County (The), Series 2013-1                                | CUSIP: 121342QL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503036.65    | 0.10%             | 2053-11-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                          | Sales Tax Securitization Corp., Series 2020 AA                                            | CUSIP: 79467BCR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1884336.19   | 0.39%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                              | Philadelphia Gas Works Co., Series 14                                                     | CUSIP: 7178238L5<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   2425000 | PA      | $2465549.40   | 0.51%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuPage County Forest Preserve District                                  | DuPage County Forest Preserve District, Series 2025                                       | CUSIP: 262651VH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $867474.38    | 0.18%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                | Arizona Industrial Development Authority, Series 2025                                     | CUSIP: 04062PDH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2590000 | PA      | $2572564.38   | 0.53%             | 2047-07-01      | Variable      | 2.76%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Airport System Revenue                             | County of Broward FL, Series A                                                            | CUSIP: 114894WA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003076.40   | 0.42%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                   | New York State Housing Finance Agency, Series 2024 A-2                                    | CUSIP: 649870NG3<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    750000 | PA      | $753507.90    | 0.16%             | 2054-06-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Metropolitan District (The)                                             | Metropolitan District (The), Series 2016C                                                 | CUSIP: 416489UE0<br>LEI: 549300CEZQKAR15IFS62 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2561112.25   | 0.53%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                         | New York City Municipal Water Finance Authority, Series 2023 CC                           | CUSIP: 64972GC85<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.62%             | 2053-06-15      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| State of Alaska International Airports System                           | State of Alaska International Airports System, Series 2025 A                              | CUSIP: 011842UW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $375834.48    | 0.08%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Health & Educational Facilities Authority                  | South Dakota Health & Educational Facilities Authority, Series 2025 C-1                   | CUSIP: 83755VW75<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1994326.46   | 0.41%             | 2052-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                             | Long Island Power Authority, Series 2025 B                                                | CUSIP: 542691LD0<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1706907.26   | 0.35%             | 2055-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| University of Illinois                                                  | University of Illinois, Series 2016 A                                                     | CUSIP: 914353N29<br>LEI: 549300VD8PPC4Q5HK850 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2514381.25   | 0.52%             | 2029-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| El Paso County Hospital District                                        | El Paso County Hospital District, Series 2024                                             | CUSIP: 283590HM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1540189.70   | 0.32%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                          | State of Texas, Series 2025 F                                                             | CUSIP: 882725BY9<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    960000 | PA      | $964877.38    | 0.20%             | 2031-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority                           | Massachusetts Educational Financing Authority, Series 2024 B                              | CUSIP: 57563RTZ2<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    575000 | PA      | $607100.70    | 0.13%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma County Finance Authority                                       | Oklahoma County Finance Authority, Series 2025                                            | CUSIP: 67868UKE2<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1168134.22   | 0.24%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                     | California State Public Works Board, Series 2024 B                                        | CUSIP: 13068XLH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004734.80   | 0.21%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                           | North Texas Tollway Authority, Series 2023 A                                              | CUSIP: 66285WM78<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031391.60   | 0.21%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp.                                            | Alaska Housing Finance Corp., Series 2025-1                                               | CUSIP: 011839U62<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    540000 | PA      | $537571.24    | 0.11%             | 2030-12-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue | New York City Transitional Finance Authority, Series 2019 C-4                             | CUSIP: 64971XKS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.42%             | 2044-11-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| University of Delaware                                                  | University of Delaware, Series 2013 C                                                     | CUSIP: 91425MDV6<br>LEI: KPIOJCFMR70NWLS6O145 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700000.00   | 0.35%             | 2037-11-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Missouri State Environmental Improvement & Energy Resources Authority   | Missouri State Environmental Improvement & Energy Resources Authority, Series 2008        | CUSIP: 606907BK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2527163.75   | 0.53%             | 2038-05-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| Oregon State Lottery                                                    | Oregon State Lottery, Series 2025 A                                                       | CUSIP: 68607V6C4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $555959.50    | 0.12%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                  | City of Minneapolis MN, Series 2025                                                       | CUSIP: 603695JP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1605719.25   | 0.33%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lawton Industrial Development Authority                                 | Lawton Industrial Development Authority, Series 2025 B                                    | CUSIP: 521005AU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $224159.90    | 0.05%             | 2029-07-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                    | Colorado Health Facilities Authority, Series 2019 B-2                                     | CUSIP: 19648FJJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1507782.30   | 0.31%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                        | California Health Facilities Financing Authority, Series 2024 A                           | CUSIP: 13032UT40<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059477.40   | 0.22%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Housing Revenue      | Wisconsin Housing & Economic Development Authority, Series 2024 B                         | CUSIP: 9769045G3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1342251.83   | 0.28%             | 2055-11-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                        | Maricopa County Industrial Development Authority, Series 2025                             | CUSIP: 566823UT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2492461.75   | 0.52%             | 2048-05-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio                                                     | City of San Antonio TX, Series 2023                                                       | CUSIP: 79623PQQ1<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1504196.25   | 0.31%             | 2026-02-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                 | Municipal Electric Authority of Georgia, Series 2021 A                                    | CUSIP: 62620HBB7<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1317361.08   | 0.27%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                    | State of Connecticut, Series 2025 A                                                       | CUSIP: 20772KZV4<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    750000 | PA      | $814086.83    | 0.17%             | 2029-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                  | Clifton Higher Education Finance Corp., Series 2019                                       | CUSIP: 187145KF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1503925.36   | 0.31%             | 2031-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Municipal Energy Acquisition Authority                       | New Mexico Municipal Energy Acquisition Authority, Series 2025                            | CUSIP: 647207BL2<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3231861.90   | 0.67%             | 2054-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                            | Michigan State Housing Development Authority, Series 2025 A-1                             | CUSIP: 59465PFZ6<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003683.00   | 0.42%             | 2031-10-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Industrial Development Board of the City of Mobile Alabama              | Industrial Development Board of the City of Mobile Alabama, Series 2008                   | CUSIP: 607167DX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003014.40   | 0.42%             | 2034-07-15      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| County Square Redevelopment Corp.                                       | County Square Redevelopment Corp., Series 2025                                            | CUSIP: 22259PBW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $556637.60    | 0.12%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Alabama Gas District (The)                                        | Lower Alabama Gas District (The), Series 2016 A                                           | CUSIP: 547804AA2<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1547607.00   | 0.32%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                  | Oklahoma Development Finance Authority, Series 2016 D                                     | CUSIP: 67884FQ41<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   2335000 | PA      | $2350079.66   | 0.49%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Morgan Stanley ETF Trust

**Signature:** Francis J. Smith

**Name of Signer:** Francis J. Smith

**Title:** Principal Financial Officer