# EDGAR Filing Document

**Accession Number:** 0000357204
**File Stem:** 0000910472-26-003374
**Filing Date:** 2026-2
**Character Count:** 77530
**Document Hash:** 9ec79505bbfef37c8d0ea450ba811b90
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-003374.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0000910472-26-003374

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03373
- **FILM NUMBER:** 26698816

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

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

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $195682030.64

**Total Liabilities:** $118128.13

**Net Assets:** $195563902.51

**Cash Not Reported:** $3340275.61

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 17473.58463474 | **1-Year:** 5840.44601526 | **5-Year:** 18839.97528305 | **10-Year:** 46763.30407688 | **30-Year:** 6207.87396603

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

- **3-Month:** 0.00000000 | **1-Year:** 1143.32245188 | **5-Year:** 1048.79579247 | **10-Year:** 1590.35326738 | **30-Year:** 2577.90213765

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000176020 | 0.80%                | 0.48%                | 0.12%                |
| Class ID C000176021 | 0.81%                | 0.49%                | 0.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-121790.45              | $1016867.41                                |
| Month 2  | $127978.83               | $359299.06                                 |
| Month 3  | $94656.28                | $-463315.02                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADMINISTRATORS OF THE TULANE EDL FD LA                                             | Administrators of the Tulane Educational Fund 5%, due 10/1/2047                    | CUSIP: 007110AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $155534.48    | 0.08%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TEX                                                                         | City of Austin TX 5%, DUE 09/01/2043                                               | CUSIP: 0523975F9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093100.30   | 0.56%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BARTOW CNTY GA DEV AUTH                                                            | BARTOW CNTY GA DEV 1.800%, Due 09/01/2029                                          | CUSIP: 069643BL7<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3615334.71   | 1.85%             | 2029-09-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALA                                                     | BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV BDS VAR, Due 10/1/2052                  | CUSIP: 09182TAF4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |     95000 | PA      | $95398.59     | 0.05%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH                                                             | BURKE CNTY GA DEV 2.200%, Due 10/01/2032                                           | CUSIP: 121342QC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1675894.81   | 0.86%             | 2032-10-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING AUTH                                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PRO 5%, DUE 2/1/2055                | CUSIP: 13013JEP7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1840036.88   | 0.94%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY                                       | California County California 4.0%, Due 06/01/2034                                  | CUSIP: 13016NES9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150284.85    | 0.08%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST DEPT VET AFFAIRS                                                     | CALIFORNIA ST DEPT VET AFFAIRSHOME PUR REV REV BD 3.375%, DUE 12/01/2041           | CUSIP: 130658NK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $524250.22    | 0.27%             | 2041-12-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST DEPT VET AFFAIRS                                                     | Dept of Vet Affairs Vet Farm & Home Purchase Prog 3.5%, DUE 12/01/46               | CUSIP: 130658NM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $106831.26    | 0.05%             | 2046-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CHAMBERS CNTY TEX IMPT DIST NO 1                                                   | Chambers County Texas Impt Dist #1 2.0%, Due 09/01/2027                            | CUSIP: 157792MQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1424940.52   | 0.73%             | 2027-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CHAMBERS CNTY TEX IMPT DIST NO 1                                                   | Chambers County Texas Impt Dist #1 2.0%, Due 09/01/2028                            | CUSIP: 157792MR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1384778.86   | 0.71%             | 2028-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CHAMBERS CNTY TEX IMPT DIST NO 1                                                   | Chambers County Texas Impt Dist #1 2.0%, Due 09/01/2029                            | CUSIP: 157792MS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1365781.58   | 0.70%             | 2029-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| COLLEGE PK GA HSG AUTH                                                             | COLLEGE PK GA HSG AUTH MULTIFAMILY HSG VAR 04/01/2044                              | CUSIP: 194307AA2<br>LEI: 254900MBEB941P9KPB50 | Long             | DBT              | MUN               | US        |   2035000 | PA      | $2051880.12   | 1.05%             | 2044-04-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| COLORADO EDL & CULTURAL FACS AUTH                                                  | Colorado Education & Cultural Facilities Authorized Revenue                        | CUSIP: 19645RA76<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |     45000 | PA      | $42901.62     | 0.02%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HIGH PERFORMANCE TRAN ENTERPRISE                                          | CO High Performance Transportation Enter Enterprise Revenue                        | CUSIP: 19648DAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750534.15    | 0.38%             | 2044-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COLUMBUS-FRANKLIN CNTY OHIO FIN AUTH                                               | COLUMBUS-FRANKLIN CNTY OH FIN MULTIFAMILY HSG VAR, Due 06/01/2044                  | CUSIP: 19910XAQ9<br>LEI: 549300NX3ODQN2ETOO82 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1103473.25   | 0.56%             | 2044-06-01      | Variable      | 3.19%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH                                                        | Connecticut ST HSG Fin Auth. 3.50% Due 05/15/2040                                  | CUSIP: 20775CCZ5<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    145000 | PA      | $140057.02    | 0.07%             | 2051-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH                                                        | CONNECTICUT ST HSG FIN AUTH HSG MTG FIN 3%, DUE 11/15/2036                         | CUSIP: 20775CKR4<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    170000 | PA      | $161119.22    | 0.08%             | 2036-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH                                                        | Connecticut Housing Finance Authority 3%, Due 5/15/2051                            | CUSIP: 20775HLT8<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    500000 | PA      | $492000.95    | 0.25%             | 2051-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COOL WTR MUN UTIL DIST TEX                                                         | Cool Water Municipal Utility District 7%, Due 08/15/2030                           | CUSIP: 21640ABJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $432644.44    | 0.22%             | 2030-08-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TEX INTL ARPT                                                    | Dallas Fort Worth International Airport 5.25%, DUE 11/1/2043                       | CUSIP: 23503CFD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1361428.12   | 0.70%             | 2043-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TEX INTL ARPT                                                    | Dallas Fort Worth International Airport 5.25%, DUE 11/1/2044                       | CUSIP: 23503CFE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2450906.33   | 1.25%             | 2044-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DENVER COLO URBAN RENEWAL AUTH                                                     | Denver Colorado Urban Renewal Authority Tax Incr 9th & Co Urban Redevelopment Area | CUSIP: 249301FX5<br>LEI: 54930040L61W75KRAG79 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1907824.39   | 0.98%             | 2039-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| DENVER COLO URBAN RENEWAL AUTH                                                     | Denver Colorado Urban Renewal Authority Tax Incr 9th & Co Urban Redevelopment Area | CUSIP: 249301FY3<br>LEI: 54930040L61W75KRAG79 | Long             | DBT              | MUN               | US        |    900000 | PA      | $903306.96    | 0.46%             | 2039-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| DOUGLAS CNTY NEB SAN & IMPT DIST NO 425                                            | DOUGLAS CNTY NEB SAN & IMPT DIST NO 425 4.9%, Due 11/1/2033                        | CUSIP: 25930FAU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4118132.80   | 2.11%             | 2033-11-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| EANES TEX INDPT SCH DIST                                                           | EANES TEX INDPT SCH DIST UNLTD TAX BLDG BDS 2025 5.25%, DUE 8/1/2042               | CUSIP: 2700832W7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $920937.11    | 0.47%             | 2042-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| EHOVE OHIO JT VOCATIONAL SCH DIST                                                  | EHOVE Joint Vocational School District 5.5%, DUE 12/1/2040                         | CUSIP: 282407BY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $588779.92    | 0.30%             | 2040-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EHOVE OHIO JT VOCATIONAL SCH DIST                                                  | EHOVE Joint Vocational School District 5.5%, DUE 12/1/2041                         | CUSIP: 282407BZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $968434.46    | 0.50%             | 2041-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FAIRFIELD TEX INDPT SCH DIST                                                       | Fairfield Independent School District 5.25%, DUE 8/15/2041                         | CUSIP: 304765KH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $501222.83    | 0.26%             | 2041-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FAIRFIELD TEX INDPT SCH DIST                                                       | Fairfield Independent School District 5.25%, DUE 8/15/2042                         | CUSIP: 304765KJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $627737.47    | 0.32%             | 2042-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FAIRFIELD TEX INDPT SCH DIST                                                       | Fairfield Independent School District 5.25%, DUE 8/15/2043                         | CUSIP: 304765KK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $376627.25    | 0.19%             | 2043-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FAYETTE CNTY GA DEV AUTH                                                           | Fayette County Dev Authority 5%, Due 10/1/2040                                     | CUSIP: 31222PAR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $503678.37    | 0.26%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FAYETTE CNTY GA DEV AUTH                                                           | Fayette County Development Authority 5%, Due 10/1/2041                             | CUSIP: 31222PAS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $686152.77    | 0.35%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTIFAMILY VAR RATE CTFS RELATING TO MUN SECS            | FED HOME LN MTG CORP MULTIFAMILY VAR RATE CTFS VAR  11/25/2042                     | CUSIP: 31350ADR6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1961892.40   | 1.00%             | 2042-11-25      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                             | Freddie Mac Structured Pass-Through Certificates 4.618%, Due 08/25/2041            | CUSIP: 3137HC2E1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | MUN               | US        |   4965485 | PA      | $5026065.31   | 2.57%             | 2041-08-25      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                             | FHLMC Pass Through Due 05/25/2041                                                  | CUSIP: 3137HFP74<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | MUN               | US        |   3451500 | PA      | $3410722.57   | 1.74%             | 2041-05-25      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| FLORIDA HSG FIN CORP                                                               | FLA HSG FIN CORP MULTIFAMILY MTG REV BDS VAR, DUE 7/1/2058                         | CUSIP: 34074HHF2<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2016146.00   | 1.03%             | 2058-07-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA HSG FIN CORP                                                               | FLA HSG FIN CORP MULTIFAMILY VAR, DUE 5/1/2028                                     | CUSIP: 34074HHJ4<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |    360000 | PA      | $362429.82    | 0.19%             | 2028-05-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| FLORIDA HSG FIN CORP                                                               | FLA HSG FIN CORP MULTIFAMILY MTG REV BDS 2025 VAR, Due 10/1/2043                   | CUSIP: 34074HHM7<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |    715000 | PA      | $707810.32    | 0.36%             | 2043-10-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| FORT WORTH TEX                                                                     | City of Fort Worth TX 5.5%, DUE 3/1/2042                                           | CUSIP: 349507EQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $439091.48    | 0.22%             | 2042-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FORT WORTH TEX                                                                     | City of Fort Worth TX 5.5%, DUE 3/1/2043                                           | CUSIP: 349507ER0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $227612.51    | 0.12%             | 2043-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FORT WORTH TEX                                                                     | City of Fort Worth TX 5.5%, DUE 3/1/2044                                           | CUSIP: 349507ES8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2195000 | PA      | $2354957.33   | 1.20%             | 2044-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HSG & FIN AUTH                                                          | Georgia Housing & Finance Authority 3.35%, DUE 12/01/2041                          | CUSIP: 3735393E3<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |    665000 | PA      | $610017.33    | 0.31%             | 2041-12-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HSG & FIN AUTH                                                          | GEORGIA ST HSG & FIN AUTH REV SINGLE FAM MTG 3.5%, DUE 12/01/2046                  | CUSIP: 3735394V4<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |     65000 | PA      | $56257.18     | 0.03%             | 2046-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HSG & FIN AUTH                                                          | GEORGIA ST HSG & FIN AUTH REV SINGLE FAMILY MTG BD 3.55%, DUE 12/01/2042           | CUSIP: 3735397X7<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |     70000 | PA      | $65826.97     | 0.03%             | 2042-12-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HSG & FIN AUTH                                                          | Georgia Housing & Finance Authority 3.6%, DUE 6/1/2044                             | CUSIP: 3735397Y5<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |    155000 | PA      | $140475.60    | 0.07%             | 2044-06-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HSG & FIN AUTH                                                          | Georgia Housing & Finance Authority 5%, Due 12/1/2042                              | CUSIP: 37353PMD8<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2634399.75   | 1.35%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TEX MUN UTIL DIST NO 504                                               | Harris County Municipal Utility District No 504 3.125%, DUE 9/1/2049               | CUSIP: 41423REQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $164686.34    | 0.08%             | 2049-09-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| HAYS TEX CONS INDPT SCH DIST                                                       | HAYS TEX CONS INDPT SCH DIST UNLTD TAX BLDG 5.25%, DUE 2/15/2042                   | CUSIP: 421111AS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1661105.70   | 0.85%             | 2042-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ipmi 3 Llc                                                                         | IPMI 3 LLC 3.900%, Due 12/01/2028                                                  | CUSIP: 44988XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9000000 | PA      | $8245087.83   | 4.22%             | 2028-12-01      | Fixed         | 3.90%                 | Yes           |                  2 | On Loan: No      |
| ILLINOIS HSG DEV AUTH                                                              | ILLINOIS HSG DEV AUTH MULTIFAMILY HSG 5% Due 2/1/2027                              | CUSIP: 45203LEL3<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002994.40   | 1.02%             | 2027-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH                                                                  | ILLINOIS FIN AUTH REV REF BDS 2019 VAR, Due 11/1/2034                              | CUSIP: 45204E2L1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1930000 | PA      | $1932698.33   | 0.99%             | 2034-11-01      | Floating      | 3.79%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH                                                                  | Illinois Finance Authority 5%, due 2/15/2045                                       | CUSIP: 45204EPQ5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100297.11    | 0.05%             | 2045-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST HSG & CMNTY DEV AUTH                                                    | Indiana Housing & Community Development Authority 5%, DUE 7/1/2044                 | CUSIP: 45505T2W0<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |    750000 | PA      | $772643.85    | 0.40%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLLEGE PK GA HSG AUTH                                                             | IOWA FIN AUTH SINGLE FAMILY MTG REV VAR, Due 1/1/2049                              | CUSIP: 194307AA2<br>LEI: 254900MBEB941P9KPB50 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4000000.00   | 2.05%             | 2049-01-01      | Variable      | 3.32%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY MO CONS SCH DIST NO 4                                                 | Jackson County Consolidated School District No 4 5.75%, DUE 3/1/2040               | CUSIP: 467484SV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $569915.67    | 0.29%             | 2040-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY MO CONS SCH DIST NO 4                                                 | Jackson County Consolidated School District No 4 5.75%, DUE 3/1/2041               | CUSIP: 467484SW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $461367.76    | 0.24%             | 2041-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY MO CONS SCH DIST NO 4                                                 | Jackson County Consolidated School District No 4 5.75%, DUE 3/1/2043               | CUSIP: 467484SY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $282696.70    | 0.14%             | 2043-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY MO CONS SCH DIST NO 4                                                 | Jackson County Consolidated School District No 4 5.75%, DUE 3/1/2044               | CUSIP: 467484SZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $589775.29    | 0.30%             | 2044-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY MO CONS SCH DIST NO 4                                                 | Jackson County Consolidated School District No 4 5.75%, DUE 3/1/2045               | CUSIP: 467484TA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $558969.05    | 0.29%             | 2045-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| KAUFMAN CNTY TEX MUN UTIL DIST NO 5                                                | KAUFMAN CNTY TEX MUN UTIL 3.000%, Due 03/01/2035                                   | CUSIP: 48618LKF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $424733.40    | 0.22%             | 2035-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KING CNTY WASH PUB HOSP DIST NO 2                                                  | KING CNTY WASH PUB HOSP DIST NO 002 5.25%, Due 12/1/2045                           | CUSIP: 494791UA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2494144.77   | 1.28%             | 2045-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KNOXVILLE TENN CMNTY DEV CORP                                                      | KNOXVILLE TENN CMNTY DEV  MULTIFAMILY REV HSG VAR, Due 05/01/2046                  | CUSIP: 499743CY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4475000 | PA      | $4486156.18   | 2.29%             | 2046-05-01      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| LA PAZ CNTY ARIZ INDL DEV AUTH                                                     | LA PAZ CNTY INDL DEV AUTHARPT FACS 7.000% Due 11/15/2038                           | CUSIP: 50376GAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1574930.23   | 0.81%             | 2038-11-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| LA PAZ CNTY ARIZ INDL DEV AUTH                                                     | LA PAZ CNTY INDL DEV AUTHARPT FACS 7.125% Due 11/15/2045                           | CUSIP: 50376GAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $704205.04    | 0.36%             | 2045-11-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| LEE CNTY FLA HSG FIN AUTH                                                          | Lee County Florida Housing Authority Due 12/01/2042                                | CUSIP: 52349HBH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005926.10   | 0.51%             | 2042-12-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| LONG IS PWR AUTH N Y                                                               | Long Island Power Authority 1.50% Due 09/01/2051                                   | CUSIP: 542691EX4<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   4385000 | PA      | $4334755.79   | 2.22%             | 2026-09-01      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY MET SWR DIST                                        | Louisville and Jefferson Co Metro Sewer District 3.%, DUE 5/15/2046                | CUSIP: 546589ZR6<br>LEI: 5493004O4I11L8BK0A22 | Long             | DBT              | MUN               | US        |    265000 | PA      | $210917.40    | 0.11%             | 2046-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LOVE FIELD ARPT MODERNIZATION CORP                                                 | Lower CO River TX Authority Transmission 4.0%, DUE 05/15/2042                      | CUSIP: 54714CBJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $404464.56    | 0.21%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV                                   | MARYLAND ST CMNTY 1.0500% Due 3/1/2029                                             | CUSIP: 57419TPU9<br>LEI: 549300Q5BSL77YR7NP93 | Long             | DBT              | MUN               | US        |    500000 | PA      | $459377.25    | 0.23%             | 2029-03-01      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN GOVT NASHVILLE & DAVIDSON CNTY TENN HEALTH & EDL FACS BRD MULTIFAMILY | Metro Govt Nashville & Davidson Co Health & Ed 5%, Due 10/1/2028                   | CUSIP: 592113CQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2765000 | PA      | $2850613.52   | 1.46%             | 2028-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH                                                           | MICHIGAN ST HSG DEV AUTH SINGLE FAMILY MTG REV 3.1%, DUE 12/1/2044                 | CUSIP: 594654GB5<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    130000 | PA      | $108323.01    | 0.06%             | 2044-12-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                                                           | MINNESOTA ST HSG FIN AGY RESIDENTIAL 1.85%, Due 7/1/2032                           | CUSIP: 60416TGQ5<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    470000 | PA      | $414959.10    | 0.21%             | 2032-07-01      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| MINNEWAUKAN N D PUB SCH DIST NO 5                                                  | Minnewaukan Public School District No 5 2.7%, Due 8/1/2026                         | CUSIP: 604244AL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $59702.46     | 0.03%             | 2026-08-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HSG DEV COMMN                                                          | Missouri Housing Development Commission 3.1%, DUE 11/1/2041                        | CUSIP: 60637BMD9<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |     20000 | PA      | $18056.60     | 0.01%             | 2041-11-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| NEBRASKA INVT FIN AUTH                                                             | Nebraska Investment Finance Authority 5%, DUE 3/1/2049                             | CUSIP: 63968M7F0<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1796592.00   | 0.92%             | 2049-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEBRASKA INVT FIN AUTH                                                             | NEBRASKA INVT FIN AUTH SINGLE FAMILY HSG 3.05%, Due 9/1/2042                       | CUSIP: 63968MUT4<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |    800000 | PA      | $693865.84    | 0.35%             | 2042-09-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| NEVADA HSG DIV                                                                     | NEVADA HSG DIV SINGLE FAMILY MTG REV 7%, Due 4/1/2049                              | CUSIP: 641279ZJ6<br>LEI: 549300RE377OK3CTT852 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2420053.60   | 1.24%             | 2049-04-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO MTG FIN AUTH                                                            | New Mexico Mortgage Finance Authority 1.7%, Due 1/1/2030                           | CUSIP: 647201LH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $181666.29    | 0.09%             | 2030-01-01      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY HSG DEV CORP                                                     | EW YORK N Y CITY HSG DEV CORPMULTIFAMILY 3.4%, Due 11/1/2062                       | CUSIP: 64972E3D9<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500197.50   | 1.28%             | 2062-11-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY HSG DEV CORP                                                     | New York City Housing Development Corp 3%, Due 11/1/2039                           | CUSIP: 64972EHJ1<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    395000 | PA      | $358805.68    | 0.18%             | 2039-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY                                                            | NEW YORK ST HSG FIN AGY REV AFFORDABLE 1.8%, Due 11/1/2030                         | CUSIP: 64987D6B5<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    560000 | PA      | $511222.15    | 0.26%             | 2030-11-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY                                                            | New York State Housing Finance Agency 2.35%, Due 11/1/2041                         | CUSIP: 64987JGU9<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    500000 | PA      | $385305.85    | 0.20%             | 2041-11-01      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTG AGY                                                                | NEW YORK ST MTG AGY HOMEOWNER MTG REV 3.85%, DUE 10/01/2045                        | CUSIP: 649883E35<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |     10000 | PA      | $9267.32      | 0.00%             | 2045-10-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTG AGY                                                                | NEW YORK ST MTG AGY HOMEOWNER MTG REV 3.55%, DUE 4/1/2040                          | CUSIP: 649883L37<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |     35000 | PA      | $34028.71     | 0.02%             | 2040-04-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTG AGY                                                                | NEW YORK ST MTG AGY HOMEOWNER MTG REV 3.55%, DUE 10/01/2041                        | CUSIP: 649883Y82<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |    280000 | PA      | $263030.68    | 0.13%             | 2041-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTG AGY                                                                | State of NY Mortgage Agency Homeowner Mortgage Rev 3.85%, DUE 10/01/2044           | CUSIP: 649883ZZ1<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |     20000 | PA      | $18566.65     | 0.01%             | 2044-10-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTG AGY                                                                | State of NY Mortgage Agency Homeowner Mortgage Rev 3%, DUE 10/01/2039              | CUSIP: 64988YDV6<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1233253.62   | 0.63%             | 2039-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTG AGY                                                                | NEW YORK ST MTG AGY HOMEOWNER 1.65%, Due 4/1/2030                                  | CUSIP: 64988YKA4<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |    775000 | PA      | $704244.44    | 0.36%             | 2030-04-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| NOBLESVILLE IND HIGH SCH BLDG CORP                                                 | NOBLESVILLE IND HIGH SCH BLDG CORP 6%, Due 1/15/2043                               | CUSIP: 655158HM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $940753.79    | 0.48%             | 2043-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NORFOLK VA REDEV & HSG AUTH                                                        | Norfolk Redevelopment & Housing Authority 5%, Due 05/1/2043                        | CUSIP: 655904BX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $327000.51    | 0.17%             | 2043-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH ROYALTON OHIO CITY SCH DIST                                                  | N ROYALTON OH CITY SCH DIST GEN OBLIG UNLTD 2025 5%, DUE 12/01/42                  | CUSIP: 662055LN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1263657.95   | 0.65%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHGLENN COLO URBAN RENEWAL AUTH                                                 | Northglenn Urban Renewal Authority 4.0%, Due 12/01/2034                            | CUSIP: 66644KAU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $404316.16    | 0.21%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTHGLENN COLO URBAN RENEWAL AUTH                                                 | Northglenn Urban Renewal Authority 4.0%, Due 12/01/2035                            | CUSIP: 66644KAV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $528719.63    | 0.27%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTHWEST TEX INDPT SCH DIST                                                       | Northwest Independent School District 5%, DUE 2/15/2043                            | CUSIP: 667826HB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1184429.07   | 0.61%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST                                                                            | OHIO ST HOSP REV BDS 2025C VAR, Due 1/15/2050                                      | CUSIP: 67756CGX0<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 1.02%             | 2050-01-15      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY                                                                | Ohio Housing Finance Agency 7.5%, DUE 3/1/2049                                     | CUSIP: 67756UBB3<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   2395000 | PA      | $2889516.49   | 1.48%             | 2049-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| OMAHA NEB PUB FACS CORP                                                            | Omaha Public Facilities Corp 5%, DUE 4/15/2043                                     | CUSIP: 681785PF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1691837.15   | 0.87%             | 2043-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORLANDO FLA UTILS COMMN                                                            | ORLANDO FLA UTILS COMMN UTIL VAR Due 10/1/2046                                     | CUSIP: 686507JQ8<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1033579.91   | 0.53%             | 2046-10-01      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| OSAGE CNTY MO REORG SCH DIST NO R-II                                               | Osage County School District No R-II 5.5%, Due 3/1/2041                            | CUSIP: 687654EL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $452419.99    | 0.23%             | 2041-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OSAGE CNTY MO REORG SCH DIST NO R-II                                               | Osage County School District No R-II 5.5%, Due 3/1/2044                            | CUSIP: 687654EP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $573293.39    | 0.29%             | 2044-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PACIFIC CNTY WASH PUB HEALTHCARE SVCS DIST NO 3                                    | Pacific County Public Healthcare District No 3 5.25%, Due 12/1/2044                | CUSIP: 694133CV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $633408.06    | 0.32%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PASADENA CALIF PUB FING AUTH                                                       | Pasadena Public Financing Authority 0%, Due 6/1/2040                               | CUSIP: 702274DK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $279241.50    | 0.14%             | 2040-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PASADENA CALIF PUB FING AUTH                                                       | Pasadena Public Financing Authority 0%, Due 6/1/2041                               | CUSIP: 702274DL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $158486.97    | 0.08%             | 2041-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PEARLAND TEX INDPT SCH DIST                                                        | Pearland Independent School District 5%, DUE 2/15/2041                             | CUSIP: 704880DW0<br>LEI: 549300UU8ZB6DL6OXQ09 | Long             | DBT              | MUN               | US        |    500000 | PA      | $551368.90    | 0.28%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PEFA INC IOWA                                                                      | BURKE CNTY GA DEV 2.200%, Due 10/01/2032                                           | CUSIP: 70556CAB0<br>LEI: 549300RSE249DJNRHY07 | Long             | DBT              | MUN               | US        |    595000 | PA      | $600335.42    | 0.31%             | 2049-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HSG FIN AGY                                                           | PENNSYLVANIA HSG FIN AGY SINGLE FAMILY MTG 3.2%, DUE 4/1/2040                      | CUSIP: 7087963C9<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    185000 | PA      | $167587.95    | 0.09%             | 2040-04-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HSG FIN AGY                                                           | PENNSYLVANIA HSG FIN AGY SINGLE FAMILY MTG 3.2%, DUE 10/1/2041                     | CUSIP: 7087964A2<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    210000 | PA      | $191023.33    | 0.10%             | 2041-10-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HSG FIN AGY                                                           | Pennsylvania Housing Finance Agency 3.45%, DUE 10/01/2032                          | CUSIP: 7087965V5<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    620000 | PA      | $620069.69    | 0.32%             | 2032-10-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HSG FIN AGY                                                           | PENNSYLVANIA HSG FIN AGY SINGLE FAMILY MTG 3.9%, DUE 10/01/2035                    | CUSIP: 708796U47<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1530051.56   | 0.78%             | 2035-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HSG FIN AGY                                                           | PENNSYLVANIA HSG FIN AGY SINGLE FAMILY MTG 3.8%, DUE 10/01/2035                    | CUSIP: 708796X69<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50001.24     | 0.03%             | 2035-10-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HIGHER EDL FACS AUTH                                               | PENNSYLVANIA ST 3.000% Due 05/01/2037                                              | CUSIP: 70917SXU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $13131.78     | 0.01%             | 2037-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN                                                          | PENNSYLVANIA ST TPK COMMN TPK REV 6%, Due 12/1/2030                                | CUSIP: 709223XV8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    475000 | PA      | $505168.06    | 0.26%             | 2030-12-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| PHARR TEX                                                                          | Pharr Texax Intl Toll Bridge System Revenue 4.00 % Due 08/15/2033                  | CUSIP: 717194AJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5140.41      | 0.00%             | 2033-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT GTR CINCINNATI DEV AUTH OHIO                                                  | Port Greater Cincinnati Ohio Development Auth 5.250%, Due 12/01/2035               | CUSIP: 734195AS9<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |    880000 | PA      | $850356.94    | 0.43%             | 2035-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| PORT TACOMA WASH                                                                   | PORT TACOMA WASH REV SUB LIEN BDS VAR, Due 12/01/2044                              | CUSIP: 735439NE7<br>LEI: 549300MLYO8L64QKXV81 | Long             | DBT              | MUN               | US        |   7105000 | PA      | $7105000.00   | 3.63%             | 2044-12-01      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| KENTUCKY INC KY PUB ENERGY AUTH                                                    | KENTUCKY INC KY PUB ENERGY AUTH GAS SUPPLY VAR, Due 12/1/2050                      | CUSIP: 74440DCZ5<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    115000 | PA      | $115974.77    | 0.06%             | 2050-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY INC KY PUB ENERGY AUTH                                                    | KENTUCKY INC KY PUB ENERGY AUTH GAS SUPLLY REV VAR  06/01/2055                     | CUSIP: 74440DFN9<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    560000 | PA      | $592388.72    | 0.30%             | 2055-06-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                                | PUBLIC FIN AUTH WIS REV AIR CARGO 5% Due 7/1/2026                                  | CUSIP: 74442PYV1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    450000 | PA      | $452900.93    | 0.23%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                                | PUBLIC FIN AUTH WIS REV AIR CARGO 5% Due 7/1/2027                                  | CUSIP: 74442PYW9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $254969.88    | 0.13%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                                | PUBLIC FIN AUTH WIS REV AIR CARGO 5% Due 7/1/2028                                  | CUSIP: 74442PYX7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $516722.60    | 0.26%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                                | Public Fin Auth WI Eductnl FAC Rev 5.625% Due 06/01/2050                           | CUSIP: 74443DGD7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4550000 | PA      | $4516808.66   | 2.31%             | 2050-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| RALEIGH N C HSG AUTH                                                               | RALEIGH N C HSG AUTH MULTIFAMILY REV BDS 2025 VAR, Due 01/01/2044                  | CUSIP: 751115CC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2225000 | PA      | $2227494.00   | 1.14%             | 2044-01-01      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND HSG & MTG FIN CORP                                                    | Rhode Island Housing & Mortgage Finance Corp 5.25%, DUE 10/01/2049                 | CUSIP: 76221SDM0<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |    300000 | PA      | $312483.87    | 0.16%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND HSG & MTG FIN CORP                                                    | Rhode Island Housing & Mortgage Finance Corp 5%, Due 4/1/2049                      | CUSIP: 76221SGK1<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |    615000 | PA      | $632062.38    | 0.32%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TEX                                                                    | SAN ANTONIO TEX ELEC & GAS REV VAR Due 12/1/2045                                   | CUSIP: 79625GDH3<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1733268.96   | 0.89%             | 2045-12-01      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH                                              | SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH SOLID WASTE VAR, DUE 12/15/2027              | CUSIP: 83704DAP1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2999647.50   | 1.53%             | 2027-12-15      | Variable      | 3.70%                 | Yes           |                  2 | On Loan: No      |
| SOUTH DAKOTA HSG DEV AUTH                                                          | South Dakota Housing Development Authority 3.5%, Due 5/1/2051                      | CUSIP: 83756CD36<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |    445000 | PA      | $443704.20    | 0.23%             | 2051-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH COOP DIST ALA                                                | SE ENERGY AUTH COOP DIST ALA ENERGY SUPPLY REV 5%, DUE 10/01/2027                  | CUSIP: 84136HCQ4<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1127343.62   | 0.58%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN BOONE CNTY MO R-I SCH DIST                                                | SOUTHERN BOONE CNTY MO R-I SCHDIST GO BLDG 6%, Due 3/1/2044                        | CUSIP: 842392FT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2520000 | PA      | $2875648.36   | 1.47%             | 2044-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIF PUB PWR AUTH                                                        | Southern California Public Power Authority 5.000%, Due 11/01/2033                  | CUSIP: 842471AY0<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    500000 | PA      | $555422.10    | 0.28%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIF PUB PWR AUTH                                                        | Southern California Power Auth Natural Gas Variable, Due 11/01/2038                | CUSIP: 842471AZ7<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   5550000 | PA      | $5368173.68   | 2.74%             | 2038-11-01      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| SUNFIELD MUN UTIL DIST NO 3 TEX                                                    | SUNFIELD MUN UTIL 3.000%, Due 09/01/2035                                           | CUSIP: 867342HQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $489661.25    | 0.25%             | 2035-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SUNFIELD MUN UTIL DIST NO 3 TEX                                                    | SUNFIELD MUN UTIL 3.000%, Due 09/01/2036                                           | CUSIP: 867342HR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $493557.84    | 0.25%             | 2036-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SUNFIELD MUN UTIL DIST NO 3 TEX                                                    | SUNFIELD MUN UTIL 3.000%, Due 09/01/2037                                           | CUSIP: 867342HS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $492538.20    | 0.25%             | 2037-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TEX CULTURAL ED FACS FIN CORP                                         | TARRANT CNTY TEX CULTURAL ED FACS FIN CORP HOSP VAR, Due 11/15/2050                | CUSIP: 87638QEW5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4500000.00   | 2.30%             | 2050-11-15      | Variable      | 1.65%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT HSG & CMNTY AFFAIRS                                                  | Texas Department of Housing & Community Affairs 3.625%, Due 9/1/2044               | CUSIP: 88275FRB7<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |    915000 | PA      | $843295.02    | 0.43%             | 2044-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| TEXAS TRANSN COMMN                                                                 | TEXAS TRANSN COMMN GO MOBILITY 0.65%, Due 10/01/2041                               | CUSIP: 882830BJ0<br>LEI: 5493006JSGNPGVJS7691 | Long             | DBT              | MUN               | US        |    685000 | PA      | $679943.19    | 0.35%             | 2041-10-01      | Variable      | 0.65%                 | No            |                  2 | On Loan: No      |
| TRAVIS CNTY TEX MUN UTIL DIST NO 21                                                | Travis County TX Municipal Utility District No. 21 3.0%, Due 09/01/2027            | CUSIP: 89440LAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99154.94     | 0.05%             | 2027-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TRAVIS CNTY TEX MUN UTIL DIST NO 21                                                | Travis County TX Municipal Utility District No. 21 3.50%, DUE 09/01/2033           | CUSIP: 89440LAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $211135.46    | 0.11%             | 2033-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH BRDG & TUNL AUTH N Y                                                    | TRIBOROUGH BRDG & TUNL AUTH NY PAYROLL TAX 2%, Due 5/15/2045                       | CUSIP: 89602HAD9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997166.40    | 0.51%             | 2045-05-15      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                       | U.S. Treasury Notes 2.75%, due 05/31/2029                                          | CUSIP: 91282CES6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4866015.60   | 2.49%             | 2029-05-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                       | UNITED STATES TREAS NTS 4.25%, Due 8/15/2035                                       | CUSIP: 91282CFJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2949375.00   | 1.51%             | 2029-08-31      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                       | United States Treasury Note/Bond 4.0% Due 03/31/2030                               | CUSIP: 91282CMU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5063671.90   | 2.59%             | 2030-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST HSG CORP                                                                   | UTAH HSG CORP TEMS 2021 2.5%, DUE 8/21/51                                          | CUSIP: 91743PDT9<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   5987123 | PA      | $5193214.32   | 2.66%             | 2051-08-21      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| VILLAGE CMNTY DEV DIST NO 7 FLA                                                    | VILLAGE CMNTY DEV DIST 4.000%. Due 05/01/2036                                      | CUSIP: 92707VAP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $984963.16    | 0.50%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FING AUTH                                                  | VIRGINIA SMALL BUSIN 5.000% Due 12/31/2057                                         | CUSIP: 928104QL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $395699.64    | 0.20%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST HSG DEV AUTH                                                           | VIRGINIA ST HSG DEV AUTH COMWLTH MTG 3.45%, DUE 4/1/2038                           | CUSIP: 92812UG44<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    165000 | PA      | $162973.26    | 0.08%             | 2038-04-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMN                                                        | WASHINGTON ST HSG FIN COMMN PROG BDS 3.5%, DUE 12/01/2055                          | CUSIP: 93978TPH6<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    530000 | PA      | $526975.29    | 0.27%             | 2033-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WAYNE CNTY MICH ARPT AUTH                                                          | WAYNE CNTY MICH ARPT AUTH REV BDS 2025 5.25%, DUE 12/01/2043                       | CUSIP: 944514S33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1102627.80   | 0.56%             | 2043-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WEST HARRIS CNTY TEX MUN UTIL DIST NO 5                                            | West Harris County Texas Municipal District #5 3.3750%, Due 09/01/2027             | CUSIP: 953082EK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $103935.03    | 0.05%             | 2027-09-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HSG DEV FD                                                        | West Virginia Housing Development Fund 3.05%, DUE 11/1/2044                        | CUSIP: 95662M7P9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $112390.69    | 0.06%             | 2044-11-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HSG DEV FD                                                        | West Virginia Housing Development Fund 2.75%, DUE 11/01/2045                       | CUSIP: 95662NBC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $792538.20    | 0.41%             | 2045-11-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HSG DEV FD                                                        | West Virginia Housing Development Fund 2.8%, DUE 11/01/2050                        | CUSIP: 95662NBD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $433625.34    | 0.22%             | 2050-11-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HSG DEV FD                                                        | West Virginia Housing Development Fund 4.65%, DUE 11/01/2054                       | CUSIP: 95662NNT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $168721.72    | 0.09%             | 2054-11-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| WINK-LOVING TEX INDPT SCH DIST                                                     | Wink-Loving Independent School District 5%, Due 2/15/2034                          | CUSIP: 974170EU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $375996.04    | 0.19%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WYOMING CMNTY DEV AUTH                                                             | WYOMING CMNTY DEV AUTH HSG 3.2%, Due 12/10/2041                                    | CUSIP: 98322QLS4<br>LEI: 549300UQ62NB8FGTHW65 | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1007457.31   | 0.52%             | 2041-12-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-31

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

**Signature:** Daniel D. Bauer

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

**Title:** Assistant Treasurer