# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0001752724-25-153161
**Filing Date:** 2025-6
**Character Count:** 195974
**Document Hash:** cf99f2ff7adfe77d4d4d42dd9ce85dee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-153161.hdr.sgml**: 20250624

**ACCESSION NUMBER**: 0001752724-25-153161

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250624

**DATE AS OF CHANGE**: 20250624

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMorgan Trust I
- **CENTRAL INDEX KEY:** 0001217286

**ORGANIZATION NAME:**
- **EIN:** 331043149
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21295
- **FILM NUMBER:** 251068147

**BUSINESS ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172
- **BUSINESS PHONE:** 800-480-4111

**MAIL ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JP MORGAN MUTUAL FUND SERIES
- **DATE OF NAME CHANGE:** 20030204

## Series and Classes Contracts Data

### JPMorgan Tax Aware Real Return Fund (Series ID: S000002608)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007161 | Class I      | TXRIX           |
| C000007162 | Class A      | TXRAX           |
| C000007163 | Class C      | TXRCX           |
| C000130213 | Class R6     | TXRRX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** JPMorgan Trust I

- **b. Investment Company Act file number:** 811-21295

- **c. CIK number of Registrant:** 0001217286

- **d. LEI of Registrant:** 549300DM5WZMCZZ70R78

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

  - **Street Address 1:** 277 Park Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

  - **Telephone number:** 800-480-4111

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

- **a. Name of Series:** JPMorgan Tax Aware Real Return Fund

- **b. EDGAR series identifier (if any):** S000002608

- **c. LEI of Series:** 0V1VWJ1B5ACQIUA2GL88

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-04-30

**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:** $599687078.16

**Total Liabilities:** $13454305.68

**Net Assets:** $586232772.48

**Cash Not Reported:** $377171.67

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -19630.22913000 | **1-Year:** 11211.51843000 | **5-Year:** 79002.57028000 | **10-Year:** 169298.53248000 | **30-Year:** 33944.61389000

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

- **3-Month:** -153050.60747000 | **1-Year:** 477.19997000 | **5-Year:** 2439.27796000 | **10-Year:** 9013.67520000 | **30-Year:** 21593.15762000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000007161 | 0.81%                | -0.89%               | -0.67%               |
| Class ID C000007162 | 0.68%                | -0.91%               | -0.59%               |
| Class ID C000130213 | 0.71%                | -0.88%               | -0.56%               |
| Class ID C000007163 | 0.65%                | -0.96%               | -0.63%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $62988.18                | $3428437.12                                |
| Month 2  | $-161938.09              | $-8916880.16                               |
| Month 3  | $-2531310.17             | $-1372393.71                               |

**Designated Index Information**

- **Index Name:** U.S. Treasury Inflation Notes: 1-10 Year

- **Index Identifier:** 63TRUSD0

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| New Jersey Economic Development Authority                                                      | New Jersey Economic Development Authority, School Facilities Construction, Series 2023RRR                                                     | CUSIP: 64577XEN2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4563616.05   | 0.78%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                                           | Chicago Midway International Airport, Senior Lien, Series 2023A                                                                               | CUSIP: 167562RU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4200668.40   | 0.72%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sumner TN                                                                            | County of Sumner, Series 2021                                                                                                                 | CUSIP: 866407R92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1752266.08   | 0.30%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                                                  | Henrico County Economic Development Authority, Westminster-Canterbury Corp.                                                                   | CUSIP: 42605QGX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $320026.48    | 0.05%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                        | Municipal Electric Authority of Georgia, Series 2019 A                                                                                        | CUSIP: 62620HDH2<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000019.00   | 0.17%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                                  | New York State Environmental Facilities Corp., Series 2022B                                                                                   | CUSIP: 64985HQ67<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    950000 | PA      | $1052114.17   | 0.18%             | 2036-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                                      | Metropolitan Government of Nashville & Davidson County, Series 2024C                                                                          | CUSIP: 592112XT8<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082912.60   | 0.18%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                                   | Commonwealth of Pennsylvania, Series 2024 B                                                                                                   | CUSIP: 70914P4F6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1641936.67   | 0.28%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                                           | County of Miami-Dade Water and Sewer System, Series 2024A                                                                                     | CUSIP: 59334DNX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042709.70   | 0.18%             | 2054-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority                                                                        | Trinity River Authority, Walker-Calloway System                                                                                               | CUSIP: 89657PJD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $228779.65    | 0.04%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                       | Massachusetts Development Finance Agency, Lasell Village, Inc. Issue                                                                          | CUSIP: 57585BJJ8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043748.90   | 0.18%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                                             | Akron Bath Copley Joint Township Hospital District, Children's Hospital Medical Center of Akron, Series 2022A                                 | CUSIP: 009730QG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $696727.33    | 0.12%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board | Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Blakeford at Green Hills, Series 2020A        | CUSIP: 592041YW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1158540.37   | 0.20%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                  | Main Street Natural Gas, Inc., Gas Supply, Series 2023B                                                                                       | CUSIP: 56035DFC1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042272.50   | 0.18%             | 2030-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp.                                                              | Hudson Yards Infrastructure Corp., Second Indenture, Series 2017 A                                                                            | CUSIP: 44420RAS9<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1537066.50   | 0.26%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                                 | Nebraska Public Power District, Series C                                                                                                      | CUSIP: 63968AP41<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1051005.80   | 0.18%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Selma Industrial Development Board                                                             | Selma Industrial Development Board, International Paper Co. Projects, Series 2019A                                                            | CUSIP: 81647PAG8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $973871.60    | 0.17%             | 2033-11-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                                      | Golden State Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Bonds, Series 2015A                                                | CUSIP: 38122NYG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4950000 | PA      | $4957180.47   | 0.85%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                                              | Indiana Housing and Community Development Authority, Vita of New Whiteland Project                                                            | CUSIP: 45506CBH9<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1948080.20   | 0.33%             | 2043-01-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Oklahoma Industries Authority                                                                  | Oklahoma Industries Authority, Oklahoma County Independent School District No. 89 Oklahoma City, Series 2024                                  | CUSIP: 67910FAH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1471073.67   | 0.25%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesquite TX Waterworks & Sewer System Revenue                                          | City of Mesquite, Waterworks and Sewer System                                                                                                 | CUSIP: 590775DN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075754.60   | 0.18%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                                           | County of Jefferson sewer, Series 2024                                                                                                        | CUSIP: 472682ZH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2106670.40   | 0.36%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                  | Main Street Natural Gas, Inc., Gas Supply, Series 2023E, Subseries E-1                                                                        | CUSIP: 56035DGB2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   3445000 | PA      | $3612378.77   | 0.62%             | 2031-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                              | County of Wake                                                                                                                                | CUSIP: 930864DR1<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1391455.81   | 0.24%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                                | Minnesota Higher Education Facilities Authority, University of St. Thomas, Series 2022A                                                       | CUSIP: 60416JER7<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    170000 | PA      | $170971.57    | 0.03%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rome Building Authority                                                                        | Rome Building Authority, Rome City School Project, Series 2023                                                                                | CUSIP: 776000AU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $199933.09    | 0.03%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                                             | Allegheny County Airport Authority, Pittsburgh International Airport, Series 2023A                                                            | CUSIP: 01728LHC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1582980.15   | 0.27%             | 2043-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                                  | Central Texas Turnpike System, Second Tier, Series 2024 C                                                                                     | CUSIP: 88283KBZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1376269.63   | 0.23%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Santa Fe NM                                                                          | County of Santa Fe, Cresta Ranch Apartments, Series 2024                                                                                      | CUSIP: 80189NAD6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1984484.40   | 0.34%             | 2049-12-10      | Variable      | 3.29%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                                   | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025A, Sub A-1                        | CUSIP: 64972JJU3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3298007.10   | 0.56%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                              | Florida Development Finance Corp., GFL Solid Waste Southeast LLC Project, Series 2024A                                                        | CUSIP: 34061XAG7<br>LEI: 549300HC854CNBLMWC48 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $992845.50    | 0.17%             | 2054-10-01      | Variable      | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Round Rock Independent School District                                                         | Round Rock Independent School District, Series 2025B                                                                                          | CUSIP: 779240RJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093664.20   | 0.19%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                                             | Rhode Island Health and Educational Building Corp., Lifespan Obligated Group                                                                  | CUSIP: 762244MD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030072.20   | 0.18%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                                      | Orange County Health Facilities Authority, Orlando Health Obligated Group, Series 2025A                                                       | CUSIP: 68450LJQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024189.30   | 0.17%             | 2056-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                       | Arizona Industrial Development Authority, Academic of Math and Science Projects                                                               | CUSIP: 04052BSX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $247160.98    | 0.04%             | 2038-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                  | Main Street Natural Gas, Inc., Gas Supply, Series 2024D                                                                                       | CUSIP: 56035DHZ8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2100413.80   | 0.36%             | 2054-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                          | Metropolitan Transportation Authority, Climate Bond, Series 2025A                                                                             | CUSIP: 59261A5C7<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045380.00   | 0.18%             | 2045-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                            | State of Washington, Various Purpose, Series 2022C                                                                                            | CUSIP: 93974EVK9<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2099997.20   | 0.36%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                                  | Commonwealth of Massachusetts, Consolidated Loan of 2022, Series 2022 E                                                                       | CUSIP: 57582R2C9<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   3030000 | PA      | $3118196.03   | 0.53%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                 | Black Belt Energy Gas District, Gas Project, Series 2024D                                                                                     | CUSIP: 09182TEN3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3687424.30   | 0.63%             | 2055-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima (The)                                   | Industrial Development Authority of the County of Pima (The), La Posada at Pusch Ridge Project, Series 2022B-3                                | CUSIP: 72178AAM4<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500243.30    | 0.09%             | 2029-11-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Plano Independent School District                                                              | Plano Independent School District, Unlimited Tax                                                                                              | CUSIP: 727199F89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1431685.50   | 0.24%             | 2043-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Horry County School District/SC                                                                | Horry County School District, Series 2015A                                                                                                    | CUSIP: 440673G70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000279.40   | 0.17%             | 2028-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                                          | City of Farmington, San Juan Project, Series 2010 B                                                                                           | CUSIP: 311450GD6<br>LEI: 5493000GWMTI2L4AZA61 | Long             | STIV             | MUN               | US        |   1250000 | PA      | $1244694.13   | 0.21%             | 2029-06-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp./TN                                                                              | Tennergy Corp., Gas Supply, Series 2021 A                                                                                                     | CUSIP: 880397BW3<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   7265000 | PA      | $7249813.97   | 1.24%             | 2028-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                               | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                           | CUSIP: 20282EAK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $392508.27    | 0.07%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma County Independent School District No. 89 Oklahoma City                               | Oklahoma County Independent School District No. 89 Oklahoma City, Series 2025A                                                                | CUSIP: 678841LS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1240694.19   | 0.21%             | 2028-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                               | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                           | CUSIP: 20282EAF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $630377.31    | 0.11%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                       | Arizona Industrial Development Authority, Academic of Math and Science Projects                                                               | CUSIP: 04052BSY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $246716.63    | 0.04%             | 2043-07-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                              | Idaho Health Facilities Authority, St. Luke's Health System Project, Series 2025 C                                                            | CUSIP: 451295H69<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1629604.50   | 0.28%             | 2060-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                                           | County of Harnett, Limited Tax                                                                                                                | CUSIP: 41333TCW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $463928.98    | 0.08%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                              | County of Wake, Series 2025A                                                                                                                  | CUSIP: 930876JH1<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1099037.40   | 0.19%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | USCPI                                                                                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  11391000 | PA      | $86604.29     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                 | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2023 BB                                                        | CUSIP: 64613CEG9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1274660.25   | 0.22%             | 2046-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                        | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2020, Series 2020B-1                                            | CUSIP: 64971XMT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $908453.88    | 0.15%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                         | Ohio Air Quality Development Authority, American Electric Power Co. Project, Series 2005C                                                     | CUSIP: 677525WX1<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1229632.00   | 0.21%             | 2028-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                                    | Long Island Power Authority, Electric System, Series 2024B                                                                                    | CUSIP: 542691KB5<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2609709.30   | 0.45%             | 2049-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                        | Knox County Health Educational and Housing Facility Board, University of Tennessee Project, Series 2024A-1                                    | CUSIP: 499526AS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $524176.75    | 0.09%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                                  | Central Texas Turnpike System, First Tier, Series 2024 B                                                                                      | CUSIP: 88283KBQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036604.70   | 0.18%             | 2042-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                          | Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges                                                              | CUSIP: 70868YAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1650397.77   | 0.28%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                               | California Health Facilities Financing Authority, Adventist Health System, Series 2024A                                                       | CUSIP: 13032UT65<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1322446.38   | 0.23%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                              | State of Illinois, Series 2024B                                                                                                               | CUSIP: 452153KF5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015988.00   | 0.17%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maine Municipal Bond Bank                                                                      | Maine Municipal Bond Bank, Series 2025A                                                                                                       | CUSIP: 56045SBJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1109896.00   | 0.19%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Unified School District No. 60 Higley                                          | Maricopa County Unified School District No. 60 Higley                                                                                         | CUSIP: 56756QBB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $264960.70    | 0.05%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                          | North Carolina Housing Finance Agency, Homeownership, Series 55-C                                                                             | CUSIP: 65820BBB1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $996179.10    | 0.17%             | 2056-07-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                                    | Shelby County Health Educational and Housing Facilities Board, Baptism Memorial Health Obligated Group, Series 2024B                          | CUSIP: 821691AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1153898.17   | 0.20%             | 2029-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                            | State of Washington, Various Purpose, Series 2023C                                                                                            | CUSIP: 93974EA30<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2136925.40   | 0.36%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Ridgeville City School District                                                          | North Ridgeville City School District, Series 2024                                                                                            | CUSIP: 661870LX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1244753.47   | 0.21%             | 2061-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                        | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-1                                                                                   | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1000000 | PA      | $842055.90    | 0.14%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | U.S. Treasury Ultra Bond                                                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -38 | NC      | $-43833.60    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Bryan Independent School District                                                              | Bryan Independent School District                                                                                                             | CUSIP: 117583M50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025077.50   | 0.17%             | 2032-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                                      | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series 2021B-2                                                        | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10500000 | PA      | $1125501.30   | 0.19%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County School District R-1                                                           | Jefferson County School District R-1                                                                                                          | CUSIP: 472736Y43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $533158.85    | 0.09%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County Community Consolidated School District No. 15 Palatine                             | Cook County Community Consolidated School District No. 15 Palatine                                                                            | CUSIP: 213291RW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $216595.35    | 0.04%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                                 | State of Texas, Transportation Commission Mobility Fund, Series 2024                                                                          | CUSIP: 8827242B2<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046437.80   | 0.18%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                           | Chicago O'Hare International Airport, General Airport, Senior Lien, Series 2024D                                                              | CUSIP: 1675936G2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010594.70   | 0.17%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin Valley Clean Energy Authority                                                      | San Joaquin Valley Clean Energy Authority, Series 2025A                                                                                       | CUSIP: 79811YAK4<br>LEI: 254900VA5DFN33OVGH87 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1098170.00   | 0.19%             | 2056-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Town of Queen Creek AZ Excise Tax Revenue                                                      | Town of Queen Creek Excise Tax                                                                                                                | CUSIP: 74823YHD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030724.90   | 0.18%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority                                             | Montgomery County Industrial Development Authority, Constellation Energy Generation, Series 2023A                                             | CUSIP: 61361TAA9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2900000 | PA      | $2897589.52   | 0.49%             | 2028-04-03      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                                        | New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project, Series 2024 CL F                                     | CUSIP: 64966TGX6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1315149.55   | 0.22%             | 2031-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                               | Minnesota Housing Finance Agency, Residential Housing, Series 2024 O                                                                          | CUSIP: 60416UGU3<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1104635.00   | 0.19%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Missouri State Environmental Improvement & Energy Resources Authority                          | Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water, Series 2015 B            | CUSIP: 60636UDC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003036.00   | 0.17%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                        | South Carolina Public Service Authority, Series 2025 A                                                                                        | CUSIP: 8371515P0<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012665.90   | 0.17%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                       | New Hampshire Business Finance Authority, Series 2025-1                                                                                       | CUSIP: 63607WBD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1249128 | PA      | $1185992.28   | 0.20%             | 2041-01-20      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| County of Tarrant TX                                                                           | County of Tarrant                                                                                                                             | CUSIP: 876315ZA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $547003.15    | 0.09%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Astro Texas Land Projects                                                                                           | CUSIP: 74442PL86<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    999550 | PA      | $972163.71    | 0.17%             | 2036-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                                | California County Tobacco Securitization Agency, Series 2006 A                                                                                | CUSIP: 13016NCT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $471736.40    | 0.08%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Charleston Educational Excellence Finance Corp.                                                | Charleston Educational Excellence Finance Corp., Installment Purchase, Charleston County School District, South Carolina Project, Series 2024 | CUSIP: 160131ET1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1365808.38   | 0.23%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gainesville & Hall County Hospital Authority                                                   | Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc., Project                                                | CUSIP: 362762QZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078514.50   | 0.18%             | 2030-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                 | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2024 AA                                                        | CUSIP: 64613CEV6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071696.00   | 0.18%             | 2041-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                                   | Salt River Project Agricultural Improvement & Power District, Series 2023 A                                                                   | CUSIP: 79574CFL2<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2086718.40   | 0.36%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | USCPI                                                                                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   6400000 | PA      | $63578.05     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund                             | Ohio Water Development Authority, Water Pollution Control Loan Fund, Series 2024A                                                             | CUSIP: 67766WN40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1486596.30   | 0.25%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                          | North Carolina Housing Finance Agency, Homeownership, Series 53-A                                                                             | CUSIP: 6582076L4<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    995000 | PA      | $1073095.96   | 0.18%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                       | Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project                                                              | CUSIP: 12008ETS5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    210000 | PA      | $220163.20    | 0.04%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                                   | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2024, Series 2024F, Subseries F-1                               | CUSIP: 64972JGX0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $922289.10    | 0.16%             | 2054-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                | California Community Choice Financing Authority, Clean Energy Project, Series 2024 H                                                          | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1604737.65   | 0.27%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue                      | Wisconsin Housing and Economic Development Authority Home Ownership, Series 2024 C                                                            | CUSIP: 97689QWD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081635.80   | 0.18%             | 2055-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Collin County Community College District                                                       | Collin County Community College District                                                                                                      | CUSIP: 194742GB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2857766.40   | 0.49%             | 2042-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                              | Southeast Energy Authority A Cooperative District, Project No. 3, Series 2022A-1                                                              | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060031.40   | 0.18%             | 2029-12-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - University of Texas System                                         | Permanent University Fund - University of Texas System, Series 2025A                                                                          | CUSIP: 915130BY3<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1135778.70   | 0.19%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, Personal Income Tax, General Purpose, Series 2017A                                                        | CUSIP: 64990FP99<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996289.80    | 0.17%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | USCPI                                                                                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  29675000 | PA      | $159740.90    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| City of Murfreesboro TN                                                                        | City of Murfreesboro                                                                                                                          | CUSIP: 626524V66<br>LEI: 5493004HW7N2IUAQK610 | Long             | DBT              | MUN               | US        |    725000 | PA      | $780226.15    | 0.13%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                                             | Virginia Public Building Authority, Series 2015A                                                                                              | CUSIP: 928172K38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1486001.93   | 0.25%             | 2031-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                            | Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group                                                         | CUSIP: 97712JMS9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042667.10   | 0.18%             | 2050-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                        | South Carolina Public Service Authority, Series 2025 B                                                                                        | CUSIP: 8371516M6<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008970.40   | 0.17%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                                             | State of Wisconsin, Series 2021A                                                                                                              | CUSIP: 97705MVD4<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1530181.80   | 0.26%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                              | City and County of Denver, Airport System, Series 2022A                                                                                       | CUSIP: 249182QU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2667282.50   | 0.45%             | 2042-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                                         | Wisconsin Department of Transportation, Series 2017-1                                                                                         | CUSIP: 977123Q35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005285.20   | 0.34%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp.                                                             | Mission Economic Development Corp., Waste Management, Inc. Project, Series 2020 B                                                             | CUSIP: 605155BS8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1499512.35   | 0.26%             | 2040-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, Series 2023          | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091146.30   | 0.19%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority (The)                                                      | Camden County Improvement Authority (The), Camden Prep High School Project                                                                    | CUSIP: 13281UAC0<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |    585000 | PA      | $580160.24    | 0.10%             | 2042-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of New York NY                                                                            | City of New York, Fiscal Year 2021, Series 2021F, Subseries F-1                                                                               | CUSIP: 64966QVM9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2127118.20   | 0.36%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                              | State of Illinois, Series 2024B                                                                                                               | CUSIP: 452153KE8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018171.70   | 0.17%             | 2047-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                                                            | Columbus Regional Airport Authority, John Glenn Columbus International Airport, Series 2025 A                                                 | CUSIP: 199546DA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034359.50   | 0.18%             | 2044-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                                        | City of Jacksonville, Series 2024                                                                                                             | CUSIP: 469487VN9<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1588171.21   | 0.27%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Clark County School Building Corp.                                                     | Greater Clark County School Building Corp., Series 2024A                                                                                      | CUSIP: 39168AEF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $715507.03    | 0.12%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Housing Finance Agency                                                                | Oklahoma Housing Finance Agency, Home Ownership Loan Program, Series 2025A                                                                    | CUSIP: 67886MW88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1111385.30   | 0.19%             | 2056-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                      | City of Houston Airport System, United Airlines, Inc. Terminal Improvement Projects, Series 2024B                                             | CUSIP: 442349HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1519828.95   | 0.26%             | 2033-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                                          | City of Chicago Waterworks, Second Lien, Series 2001                                                                                          | CUSIP: 167736SJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1590762.00   | 0.27%             | 2030-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund                             | Ohio Water Development Authority Water Pollution Control Loan Fund, Series 2024C                                                              | CUSIP: 67766WQ21<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    250000 | PA      | $250000.00    | 0.04%             | 2054-12-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                                        | State of North Carolina, Limited Obligation, Series 2017 B                                                                                    | CUSIP: 65829QCW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104002.56    | 0.02%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                                | New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Series 2009BB-2                           | CUSIP: 64972FWL6<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |    500000 | PA      | $500000.00    | 0.09%             | 2039-06-15      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Iowa Tobacco Settlement Authority                                                              | Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed, Series 2021-B-2, Class 2                             | CUSIP: 888805CJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9250000 | PA      | $1359159.85   | 0.23%             | 2065-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                                          | Utah Charter School Finance Authority, Wallace Stegner Academy, Series 2022A                                                                  | CUSIP: 91754TS61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $798924.75    | 0.14%             | 2042-06-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                       | Massachusetts Development Finance Agency, Children's Hospital Corp Obligated Group, Series 2024 U-1                                           | CUSIP: 57584Y8H5<br>LEI: 549300UZSVMFXJK08K70 | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10000000.00  | 1.71%             | 2048-03-01      | Variable      | 2.40%                 | No            |                  2 | On Loan: No      |
| Loving Municipal School District No. 10                                                        | Loving Municipal School District No. 10                                                                                                       | CUSIP: 547413EF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1095647.94   | 0.19%             | 2025-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Third Creek Metropolitan District No. 1                                                        | Third Creek Metropolitan District No. 1, Limited Tax, Series 2022A-1                                                                          | CUSIP: 88423EAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $699229.91    | 0.12%             | 2037-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                    | Virginia Small Business Financing Authority, Environmental Facilities Pure Salmon Virginia LLC Project                                        | CUSIP: 92810RAC1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1999696.40   | 0.34%             | 2052-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| McKinney Independent School District                                                           | McKinney Independent School District                                                                                                          | CUSIP: 581664LH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2886504.29   | 0.49%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                            | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2024-146A                                                                 | CUSIP: 70879QXV0<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1087303.60   | 0.19%             | 2054-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                                    | Shelby County Health Educational and Housing Facilities Board, Baptism Memorial Health Obligated Group, Series 2024 A                         | CUSIP: 821691AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2960000 | PA      | $3222866.35   | 0.55%             | 2034-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                                                            | Columbus Regional Airport Authority, John Glenn Columbus International Airport, Series 2025 A                                                 | CUSIP: 199546CQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1586915.55   | 0.27%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Valparaiso IN                                                                          | City of Valparaiso, Green Oaks of Valparaiso Project                                                                                          | CUSIP: 920286AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $175328.26    | 0.03%             | 2041-12-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                                  | Kentucky State Property and Building Commission, Project No. 132, Series A                                                                    | CUSIP: 49151F4S6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1090000.10   | 0.19%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                            | City of New York, Fiscal Year 2025, Series 2025 F                                                                                             | CUSIP: 64966SKL9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1400295.38   | 0.24%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                              | Oregon State Facilities Authority, Peacehealth, Series 2018A                                                                                  | CUSIP: 68608JXD8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10000000.00  | 1.71%             | 2034-08-01      | Variable      | 2.60%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project                       | CUSIP: 650116CG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3566925.25   | 0.61%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                                 | Metropolitan Nashville Airport Authority (The), Series 2022B                                                                                  | CUSIP: 592190QT2<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1620658.80   | 0.28%             | 2038-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                                        | County of Montgomery, Series 2022A                                                                                                            | CUSIP: 61334PEL3<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1046205.33   | 0.18%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | USCPI                                                                                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        | 188160000 | PA      | $-143189.17   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Roswell Development Authority                                                                  | Roswell Development Authority, Wellsatar Healthcare, Inc., Series 2025 A                                                                      | CUSIP: 77853AAA1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.51%             | 2047-04-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                                        | City of Phoenix Civic Improvement Corp., Senior Lien                                                                                          | CUSIP: 71883MNK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1523576.32   | 0.26%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund                             | Ohio Water Development Authority, Water Pollution Control Loan Fund, Series 2021A                                                             | CUSIP: 67766WE40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1179029.42   | 0.20%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Monroe County (The)                                                   | Development Authority of Monroe County (The), Georgia Power Co. Plant Scherer Project, Series 2009-2                                          | CUSIP: 610530FY8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1250000 | PA      | $1252290.25   | 0.21%             | 2026-03-06      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                               | Maricopa County Industrial Development Authority, Valley Christian School Project, Series 2023A                                               | CUSIP: 56678RAP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1840512.71   | 0.31%             | 2053-07-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Washington & Multnomah Counties School District No. 48J Beaverton                              | Washington and Multnomah Counties School District No. 48J Beaverton, Series B                                                                 | CUSIP: 938429Y68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1457732.49   | 0.25%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                | California Community Choice Financing Authority, Clean Energy Project, Series 2024G                                                           | CUSIP: 13013JFS0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030122.40   | 0.18%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                                      | City of Atlanta, Series 2021B                                                                                                                 | CUSIP: 04780MZC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1792087.60   | 0.31%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission                                                        | Missouri Housing Development Commission, Single Family, First Place Homeownership Loan Program, Series 2024 A                                 | CUSIP: 60637B8J2<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |    935000 | PA      | $1006003.15   | 0.17%             | 2055-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Transportation Fund Revenue                                      | Commonwealth of Massachusetts Transportation Fund, Series 2015 A                                                                              | CUSIP: 57604TCL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001042.10   | 0.17%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                            | State of Washington, Various Purpose, Series 2025 A                                                                                           | CUSIP: 93974E3B0<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2609162.00   | 0.45%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vista Unified School District                                                                  | Vista Unified School District, Series 2022B                                                                                                   | CUSIP: 928346QK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $408558.81    | 0.07%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                              | State of Illinois, Series 2017D                                                                                                               | CUSIP: 452152Q46<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5038696.50   | 0.86%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp.                                                                             | Utah Housing Corp., Single Family Mortgage, Series 2025 A                                                                                     | CUSIP: 917437RU1<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1106827.60   | 0.19%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018          | CUSIP: 650116CK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013133.30   | 0.17%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                                   | Los Angeles Department of Water and Power Water System, Series 2017A                                                                          | CUSIP: 544525WL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $460529.30    | 0.08%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                                      | Michigan State Hospital Finance Authority, Corewell Health, Series 2025 B-2                                                                   | CUSIP: 59465HXF8<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075252.90   | 0.18%             | 2055-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                         | California Statewide Communities Development Authority, Southern California Edison Co., Series 2006C                                          | CUSIP: 13078HBB7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1110138.92   | 0.19%             | 2033-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Curators of the University of Missouri (The)                                                   | Curators of the University of Missouri (The), Series 2024                                                                                     | CUSIP: 231266MV6<br>LEI: G0G4PRB87K0V5MXIV248 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1096403.30   | 0.19%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                      | Indiana Finance Authority, CHF- Tippecanoe LLC- Student Housing Project, Series 2023A                                                         | CUSIP: 45471FAE1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    425000 | PA      | $425767.00    | 0.07%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hilliard School District                                                                       | Hilliard School District, Unlimited Tax                                                                                                       | CUSIP: 431621TW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069738.00   | 0.18%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                                 | Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series 2019 A                                                       | CUSIP: 54811BTL5<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1120226.84   | 0.19%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                         | Illinois Housing Development Authority, Series 2024 A                                                                                         | CUSIP: 45203MWL1<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    955000 | PA      | $1022028.49   | 0.17%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                               | Pennsylvania Turnpike Commission, Series 2016 A-3                                                                                             | CUSIP: 7092244G1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1487031.15   | 0.25%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gloversville Enlarged School District                                                          | Gloversville Enlarged School District                                                                                                         | CUSIP: 379874JE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000932.60   | 0.17%             | 2025-06-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Virginia Public School Authority                                                               | Virginia Public School Authority, Prince William County, Series 2023                                                                          | CUSIP: 92817TNX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5525000 | PA      | $5669976.55   | 0.97%             | 2039-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Pinal County Electric District No. 3                                                           | Pinal County Electric District No. 3                                                                                                          | CUSIP: 722021CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150205.38    | 0.03%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                            | Wisconsin Health and Educational Facilities Authority, Medical College of Wisconsin, Inc., (The), Series 2008B                                | CUSIP: 97710BDK5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | STIV             | MUN               | US        |   2200000 | PA      | $2200000.00   | 0.38%             | 2033-12-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Onondaga Civic Development Corp.                                                               | Onondaga Civic Development Corp.                                                                                                              | CUSIP: 682832LK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $976872.00    | 0.17%             | 2050-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| North Ridgeville City School District                                                          | North Ridgeville City School District, Series 2024                                                                                            | CUSIP: 661870LV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023506.50   | 0.17%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                                | New York City Municipal Water Finance Authority, Second Generation, Fiscal Year 2024, Series 2024, Subseries BB-2                             | CUSIP: 64972GH72<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057749.60   | 0.18%             | 2047-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Hennepin MN                                                                          | County of Hennepin, Series 2018 A                                                                                                             | CUSIP: 425507GM6<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1059228.81   | 0.18%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                                  | Commonwealth of Massachusetts, Series 2025A                                                                                                   | CUSIP: 57582TCP5<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051885.00   | 0.18%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | USCPI                                                                                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   5170000 | PA      | $-4135.77     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, Pace University, Series 2024 A                                                                            | CUSIP: 65000B4S4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $534166.05    | 0.09%             | 2039-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Dominion Water & Sanitation District                                                           | Dominion Water and Sanitation District                                                                                                        | CUSIP: 25755AAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500454.05    | 0.09%             | 2032-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2020A                                                  | CUSIP: 64990FYQ1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1930000 | PA      | $1773653.79   | 0.30%             | 2047-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                                           | Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, Series 2024B-2                                             | CUSIP: 70917TRY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1951283.48   | 0.33%             | 2054-11-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Senior Lien                                                                                                         | CUSIP: 74442PF59<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032018.20   | 0.18%             | 2044-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                    | Virginia Small Business Financing Authority, Senior Lien, Transform 66 P3 Project                                                             | CUSIP: 928097AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $948667.40    | 0.16%             | 2056-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                                  | North Texas Tollway Authority, First Tier, Series 2023 A                                                                                      | CUSIP: 66285WM60<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012507.00   | 0.17%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                                  | New York State Environmental Facilities Corp., Series 2022B                                                                                   | CUSIP: 64985HP92<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    565000 | PA      | $636601.83    | 0.11%             | 2033-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                        | Municipal Electric Authority of Georgia Project, Series 2024 A                                                                                | CUSIP: 62620HJX1<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1281749.04   | 0.22%             | 2044-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                             | Tobacco Settlement Financing Corp., Series B                                                                                                  | CUSIP: 888809BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1499920.20   | 0.26%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                                           | Missouri Joint Municipal Electric Utility Commission, Plum Point Project, Series 2024                                                         | CUSIP: 606092PQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044060.80   | 0.18%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pearland Independent School District                                                           | Pearland Independent School District, Series 2017                                                                                             | CUSIP: 7048798J7<br>LEI: 549300UU8ZB6DL6OXQ09 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2030273.80   | 0.35%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lake Havasu City AZ Wastewater System Revenue                                          | City of Lake Havasu City Wastewater System, Senior Lien                                                                                       | CUSIP: 50989RAR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1320642.48   | 0.23%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                        | Los Angeles Department of Water and Power, Series 2024 C                                                                                      | CUSIP: 544532LY8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015456.90   | 0.17%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. V                                               | Texas Municipal Gas Acquisition and Supply Corp. V Gas supply, Series 2024                                                                    | CUSIP: 88256RAK2<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2079069.20   | 0.35%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Gas Agency                                                                 | Minnesota Municipal Gas Agency, Series Subseries,2022A                                                                                        | CUSIP: 60406UAL1<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1449908.22   | 0.25%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | U.S. Treasury 10 Year Ultra Note                                                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -36 | NC      | $-40919.34    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                            | Wisconsin Health and Educational Facilities Authority, Marquette University                                                                   | CUSIP: 97712D2S4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    400000 | PA      | $421531.52    | 0.07%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | U.S. Treasury 10 Year Note                                                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       276 | NC      | $521701.65    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Florida Development Finance Corp.                                                              | Florida Development Finance Corp., Idea Florida, Inc., Jacksonville IV Project                                                                | CUSIP: 34061VAA4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99490.10     | 0.02%             | 2029-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                                   | Commonwealth of Pennsylvania, Series 2024-1                                                                                                   | CUSIP: 70914P4H2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1815000 | PA      | $1717333.76   | 0.29%             | 2043-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mansfield Independent School District                                                          | Mansfield Independent School District, Unlimited Tax, Series 2024                                                                             | CUSIP: 564386UE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $893189.40    | 0.15%             | 2054-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                               | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                           | CUSIP: 20282EAG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $384991.26    | 0.07%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Camden Central School District                                                                 | Camden Central School District                                                                                                                | CUSIP: 133123MG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000837.90   | 0.17%             | 2025-06-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                                         | City of Mesa Utility System                                                                                                                   | CUSIP: 5905453B3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1680815.25   | 0.29%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                                 | Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series 2021                                                         | CUSIP: 54811BWH0<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1221580.69   | 0.21%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Melbourne FL Water & Sewer Revenue                                                     | City of Melbourne Water and Sewer, Series 2023                                                                                                | CUSIP: 5853953B0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2355000 | PA      | $2523815.58   | 0.43%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Killeen TX                                                                             | City of Killeen                                                                                                                               | CUSIP: 494135DP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2455000 | PA      | $2354160.38   | 0.40%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                                  | New York State Environmental Facilities Corp., Series 2022B                                                                                   | CUSIP: 64985HP76<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    400000 | PA      | $451410.52    | 0.08%             | 2032-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                       | State of Connecticut, Special Tax Transportation Infrastructure Purposes, Series 2022B                                                        | CUSIP: 207758M83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2752004.00   | 0.47%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Durham NC                                                                            | County of Durham, Series 2023A                                                                                                                | CUSIP: 266713AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1313858.40   | 0.22%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Desert Sands Unified School District                                                           | Desert Sands Unified School District, Election of 2024                                                                                        | CUSIP: 250433WR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $933431.80    | 0.16%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Senior Lien                                                                                                         | CUSIP: 74442PF67<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2093809.80   | 0.36%             | 2049-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Loving Municipal School District No. 10                                                        | Loving Municipal School District No. 10                                                                                                       | CUSIP: 547413DW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $353075.89    | 0.06%             | 2027-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                            | City of New York, Fiscal Year 2021, Series 2021F Subseries F-1                                                                                | CUSIP: 64966QVL1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069039.90   | 0.18%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Eastern Michigan University Student Housing Project, Series 2022A-1                                                 | CUSIP: 74444UAP7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $546438.60    | 0.09%             | 2033-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Wichita Water and Sewer Utility Revenue                                                | City of Wichita Water and Sewer Utility, Series 2016B                                                                                         | CUSIP: 967338A38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $126559.53    | 0.02%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue                      | Wisconsin Housing and Economic Development Authority Home Ownership, Series 2024 A                                                            | CUSIP: 97689QTU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    970000 | PA      | $1040711.64   | 0.18%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                              | State of Illinois, Series 2022A                                                                                                               | CUSIP: 452153CU1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6387827.40   | 1.09%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                                        | Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board Machine Project                                           | CUSIP: 594698SR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $124298.48    | 0.02%             | 2026-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                             | New York Liberty Development Corp., World Trade Centre, Series 1WTC-2021                                                                      | CUSIP: 649519EQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $346850.90    | 0.06%             | 2041-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Port of Greater Cincinnati Development Authority                                               | Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project, Series 2024B                                         | CUSIP: 734195DX5<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |    760000 | PA      | $799511.49    | 0.14%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                            | California Public Finance Authority, Senior Living The James, Series 2024A                                                                    | CUSIP: 13057GAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $933962.40    | 0.16%             | 2054-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                 | Buckeye Tobacco Settlement Financing Authority, Series 2020B-2, Class 2                                                                       | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2617713.90   | 0.45%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                            | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2024 -147A                                                                | CUSIP: 70879QC50<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1092329.50   | 0.19%             | 2054-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                              | Florida Development Finance Corp., Brightline Florida Passenger Rail Project, Series 2024                                                     | CUSIP: 340618DT1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500032.00    | 0.09%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                                           | County of Harnett, Limited Tax                                                                                                                | CUSIP: 41333TCQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $606815.10    | 0.10%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | USCPI                                                                                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        | 115717000 | PA      | $1907262.76   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                                            | Allegheny County Sanitary Authority, Sewer, Series 2024                                                                                       | CUSIP: 017357P57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064057.90   | 0.18%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Loving Municipal School District No. 10                                                        | Loving Municipal School District No. 10                                                                                                       | CUSIP: 547413DU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $301757.61    | 0.05%             | 2025-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                                  | Commonwealth of Massachusetts, Consolidated Loan of 2018, Series 2018B                                                                        | CUSIP: 57582RSA5<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1480099.34   | 0.25%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                         | California Municipal Finance Authority, Series 2021A                                                                                          | CUSIP: 13048RAJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $998204.50    | 0.17%             | 2041-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                              | City and County of Denver, Airport System, Series 2022D                                                                                       | CUSIP: 249182TA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2527993.58   | 0.43%             | 2032-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Boulder Valley School District No. Re-2 Boulder                                                | Boulder Valley School District No. Re-2 Boulder                                                                                               | CUSIP: 101547ZE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1572973.01   | 0.27%             | 2046-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                     | Illinois Finance Authority, Northwestern Memorial Healthcare, Series 2021B                                                                    | CUSIP: 45204FME2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |    500000 | PA      | $500000.00    | 0.09%             | 2055-07-15      | Variable      | 2.40%                 | No            |                  2 | On Loan: No      |
| Lee County School Board (The)                                                                  | Lee County School Board (The), Series 2023A                                                                                                   | CUSIP: 523494RG9<br>LEI: 54930014H67DITNA1Q29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040647.00   | 0.18%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Power Authority                                                                       | New York Power Authority, Series 2020A                                                                                                        | CUSIP: 64989KLD6<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2090874.83   | 0.36%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                           | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series 2024B, Subseries B-1                                                  | CUSIP: 89602HHH3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053072.50   | 0.18%             | 2054-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                            | State of Washington, Various Purpose, Series R-2022A                                                                                          | CUSIP: 93974ETS5<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   4335000 | PA      | $4402943.32   | 0.75%             | 2036-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                                  | Kentucky State Property and Building Commission, Project No. 131, Series A                                                                    | CUSIP: 49151F3T5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069957.00   | 0.18%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                | California Community Choice Financing Authority, Clean Energy Project, Series 2021B-1                                                         | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4350064.84   | 0.74%             | 2031-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Chisholm Independent School District No. 695                                                   | Chisholm Independent School District No. 695, Series 2023A                                                                                    | CUSIP: 170142FV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $322864.80    | 0.06%             | 2039-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                               | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                           | CUSIP: 20282EAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $910330.43    | 0.16%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | USCPI                                                                                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  13682000 | PA      | $188041.27    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Mobile County Industrial Development Authority                                                 | Mobile County Industrial Development Authority, Calvert LLC Project, Series 2024 B                                                            | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $910942.40    | 0.16%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Irving Independent School District                                                             | Irving Independent School District, Series 2023                                                                                               | CUSIP: 463813L52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078271.00   | 0.18%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Unified School District No. 60 Higley                                          | Maricopa County Unified School District No. 60 Higley                                                                                         | CUSIP: 56756QBA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $181198.26    | 0.03%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                              | Palm Beach County School District, Series 2023 A                                                                                              | CUSIP: 696550L26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1085024.30   | 0.19%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                                 | Metropolitan Nashville Airport Authority (The), Series 2022B                                                                                  | CUSIP: 592190QY1<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1423878.82   | 0.24%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                 | Black Belt Energy Gas District, Gas Project, Series 2022C-1                                                                                   | CUSIP: 09182TCE5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1330984.49   | 0.23%             | 2028-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                              | County of Wake, Series 2025A                                                                                                                  | CUSIP: 930876JK4<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1894016.08   | 0.32%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                             | New York Liberty Development Corp., Secured by Port Authority, Series 1WTC-2021                                                               | CUSIP: 649519ER2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $710372.30    | 0.12%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Loving Municipal School District No. 10                                                        | Loving Municipal School District No. 10                                                                                                       | CUSIP: 547413DX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $310333.26    | 0.05%             | 2028-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                           | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, TBTA Capital Lockbox, Series 2025 A                                          | CUSIP: 896032BB4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2099275.60   | 0.36%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| University of Wisconsin Hospitals & Clinics                                                    | University of Wisconsin Hospitals and Clinics, Series 2024B                                                                                   | CUSIP: 915260FU2<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082636.10   | 0.18%             | 2031-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                               | Pennsylvania Turnpike Commission, Subordinate, Series 2024-1                                                                                  | CUSIP: 709225LY0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1406624.86   | 0.24%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                                     | Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project, Series 2021A                                   | CUSIP: 95737TES1<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992708.60    | 0.17%             | 2041-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                                  | Central Texas Turnpike System, Second Tier, Series 2024 C                                                                                     | CUSIP: 88283KBY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2199104.40   | 0.38%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                        | Municipal Electric Authority of Georgia, Series 2019 A                                                                                        | CUSIP: 626207X25<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990757.00    | 0.17%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Ascend Leadership Academy Project, Series 2021A                                                                     | CUSIP: 744396GS5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    130000 | PA      | $110529.09    | 0.02%             | 2041-06-15      | Fixed         | 5.00%                 | Yes           |                  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        |   1500000 | PA      | $1529406.45   | 0.26%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| State of Nevada                                                                                | State of Nevada, Capital Improvement and Cultural Affairs, Series 2015B                                                                       | CUSIP: 641461N95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 0.43%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 403 Renton                                                     | King County School District No. 403 Renton, Unlimited Tax                                                                                     | CUSIP: 495080WM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4610000 | PA      | $4518281.75   | 0.77%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                                    | JEA Electric System, Series 2017 B                                                                                                            | CUSIP: 46613SGK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4137992.40   | 0.71%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                              | Philadelphia Authority for Industrial Development, Holy Family University                                                                     | CUSIP: 71780TBG7<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    675000 | PA      | $695818.15    | 0.12%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeastern Clinton Central School District                                                   | Northeastern Clinton Central School District                                                                                                  | CUSIP: 664416HR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001011.50   | 0.17%             | 2025-06-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                                | Indianapolis Local Public Improvement Bond Bank, Series 2024E                                                                                 | CUSIP: 45528VEA3<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1673465.92   | 0.29%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                                  | Texas Water Development Board, State Water Implementation Fund, Series 2019 A                                                                 | CUSIP: 882854X23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029853.50   | 0.18%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                                        | City of Jacksonville, Series 2024                                                                                                             | CUSIP: 469487VK5<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043347.30   | 0.18%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                         | Maine Health and Higher Educational Facilities Authority, Series 2023A                                                                        | CUSIP: 56042SBC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $204129.82    | 0.03%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Buncombe NC                                                                          | County of Buncombe, Limited Tax                                                                                                               | CUSIP: 120525KD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $777858.83    | 0.13%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                                          | California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project, Series 2025A                                 | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3860803.60   | 0.66%             | 2065-01-01      | Variable      | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                      | Indiana Finance Authority, Indiana University Health Obligated Group, Series 2023B1                                                           | CUSIP: 45470YFL0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2245000 | PA      | $2338104.86   | 0.40%             | 2062-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                                 | Lower Colorado River Authority                                                                                                                | CUSIP: 54811GP46<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4246237.60   | 0.72%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fort Bend TX Toll Road Revenue                                                       | County of Fort Bend Toll Road, Senior Lien, Series 2024                                                                                       | CUSIP: 346817EM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073962.70   | 0.18%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority Parking System Revenue                   | Pennsylvania Economic Development Financing Authority, Junior Guaranteed, Capitol Region Parking System, Series 2024 B                        | CUSIP: 70870EEX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $939985.30    | 0.16%             | 2050-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                             | Tennessee Energy Acquisition Corp., Gas Project, Series 2023A-1                                                                               | CUSIP: 880443JF4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   4685000 | PA      | $4805375.92   | 0.82%             | 2028-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                             | Health and Educational Facilities Authority of the State of Missouri, St. Louis University, Series 2008B                                      | CUSIP: 6069014P8<br>LEI: 549300IWTBCMX5JB3277 | Long             | STIV             | MUN               | US        |    250000 | PA      | $250000.00    | 0.04%             | 2035-10-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                                    | Long Island Power Authority, Electric System, Series 2024B                                                                                    | CUSIP: 542691KA7<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2419349.75   | 0.41%             | 2049-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                                           | Chicago O'Hare International Airport, Senior Lien, Series 2023A                                                                               | CUSIP: 167562RX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4310000 | PA      | $4602975.27   | 0.79%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Institutional Tax Free Money Market Fund                                              | JPMorgan Institutional Tax Free Money Market Fund, Class IM                                                                                   | CUSIP: 46645V725<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  38256141 | NS      | $38259966.20  | 6.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherburne Earlville Central School District                                                    | Sherburne Earlville Central School District                                                                                                   | CUSIP: 823539FV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002547.40   | 0.34%             | 2025-07-18      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                                                | State of Louisiana Gasoline and Fuels Tax, Series A                                                                                           | CUSIP: 546475RL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8000000.00   | 1.36%             | 2025-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| South Dakota Housing Development Authority                                                     | South Dakota Housing Development Authority, Series 2025 A                                                                                     | CUSIP: 83756LBS3<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1126117.30   | 0.19%             | 2055-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| City of Round Rock TX                                                                          | City of Round Rock                                                                                                                            | CUSIP: 779223JK3<br>LEI: 549300VJM2Z2IGVYF523 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1293548.28   | 0.22%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                                    | Oklahoma Turnpike Authority, Turnpike System, Second Senior, Series 2017A                                                                     | CUSIP: 679111XB5<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2011270.80   | 0.34%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                                   | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2024, Series 2024C                                              | CUSIP: 64972JCE6<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1576479.60   | 0.27%             | 2050-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Fort Smith AR Water & Sewer Revenue                                                    | City of Fort Smith, Water and Sewer                                                                                                           | CUSIP: 348815PD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1352897.94   | 0.23%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                  | Main Street Natural Gas, Inc., Gas Supply, Series 2023A                                                                                       | CUSIP: 56035DEN8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1344859.36   | 0.23%             | 2030-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                        | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-1                                                                                   | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   4975000 | PA      | $4750036.97   | 0.81%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Loving Municipal School District No. 10                                                        | Loving Municipal School District No. 10                                                                                                       | CUSIP: 547413DV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $368411.54    | 0.06%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN Electric Revenue                     | Metropolitan Government of Nashville & Davidson County, Series 2024 A                                                                         | CUSIP: 592030R44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1105776.36   | 0.19%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Building Authority                                                                | North Dakota Building Authority, Series 2020A                                                                                                 | CUSIP: 658905EV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $233246.55    | 0.04%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                                     | Intermountain Power Agency, Utah Powe Supply, Series 2022A                                                                                    | CUSIP: 45884AB28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2035000 | PA      | $2136794.97   | 0.36%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp.                                                                     | Salt Verde Financial Corp., Series 2007-1                                                                                                     | CUSIP: 79575EAR9<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   5670000 | PA      | $5959905.97   | 1.02%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                     | Maryland Stadium Authority                                                                                                                    | CUSIP: 574294CV4<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015316.50   | 0.17%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, Covenant Living Communities and Services, Series 2025A                                                  | CUSIP: 19648FZA5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056312.60   | 0.18%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rome Building Authority                                                                        | Rome Building Authority, Rome City School Project, Series 2023                                                                                | CUSIP: 776000AT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1493388.60   | 0.25%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center, Series 2025 2-B                                                   | CUSIP: 64985SBY8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1085729.90   | 0.19%             | 2049-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                      | City of Houston Airport System, United Airlines, Inc. Terminal Improvement Projects, Series 2020 B-2                                          | CUSIP: 442349DH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004440.40   | 0.17%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                                 | Oklahoma Water Resources Board, State Loan Program, Series 2023 C                                                                             | CUSIP: 67920Q3A4<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |    810000 | PA      | $891722.68    | 0.15%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                                                       | Arizona Board of Regents, Stimulus Plan For Economic and Educational Development, Series 2024                                                 | CUSIP: 04048RXC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1112602.92   | 0.19%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fircrest Properties                                                                            | Fircrest Properties, State of Washington Dshs Project                                                                                         | CUSIP: 318094AT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1596066.75   | 0.27%             | 2049-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                              | County of Wake, Series 2025A                                                                                                                  | CUSIP: 930876JG3<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1105366.40   | 0.19%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow                         | Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow, Series B                                                            | CUSIP: 625482GF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1597703.25   | 0.27%             | 2035-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority, Future Tax Secured Revenue                       | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2023, Series 2023D, Subseries D-1                               | CUSIP: 64971X4E5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10350012.00  | 1.77%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                                  | Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group, Series 2025B                          | CUSIP: 69650MBA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1716613.68   | 0.29%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Irving Independent School District                                                             | Irving Independent School District, Series 2023                                                                                               | CUSIP: 463813L45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2065000 | PA      | $2241959.35   | 0.38%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Warren OH                                                                            | County of Warren, Otterbein Homes Obligation Group                                                                                            | CUSIP: 93515PEK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $995452.26    | 0.17%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Taylor Independent School District/TX                                                          | Taylor Independent School District                                                                                                            | CUSIP: 877299NV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1167660.09   | 0.20%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                                   | Kansas City Industrial Development Authority, Historic Northeast Redevelopment Plan, Series 2024 A-1                                          | CUSIP: 48502MAB9<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    575000 | PA      | $523064.51    | 0.09%             | 2054-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                       | State of Connecticut, Special Tax Transportation Infrastructure Purposes, Series 2022A                                                        | CUSIP: 207758J87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1376002.00   | 0.23%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                                             | Rhode Island Health and Educational Building Corp., Lifespan Obligated Group                                                                  | CUSIP: 762244LZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $923150.99    | 0.16%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County (The)                                                    | Development Authority of Burke County (The), Georgia Power Co. Plant Vogtle Project, Series 2013-1                                            | CUSIP: 121342QL6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    500000 | PA      | $496122.55    | 0.08%             | 2027-03-12      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | U.S. Treasury Long Bond                                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       113 | NC      | $115944.55    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., JFK International Airport New Terminal One Project, Series 2023                                    | CUSIP: 650116GX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1203896.76   | 0.21%             | 2049-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                                             | City of Detroit, Unlimited Tax, Series 2021A                                                                                                  | CUSIP: 2510934Y3<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    400000 | PA      | $416213.76    | 0.07%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | USCPI                                                                                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  20133000 | PA      | $-5481.69     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Virginia Public School Authority                                                               | Virginia Public School Authority, Series 2025A                                                                                                | CUSIP: 92818HH61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2216524.80   | 0.38%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                         | Illinois Housing Development Authority, Series 2025A                                                                                          | CUSIP: 45203MK34<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1114490.00   | 0.19%             | 2055-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                               | California Health Facilities Financing Authority, PIH Health, Series 2020A                                                                    | CUSIP: 13032UWP9<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $832495.40    | 0.14%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                          | Metropolitan Transportation Authority, Series C-1                                                                                             | CUSIP: 59259Y6C8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5036512.50   | 0.86%             | 2028-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Northern Tobacco Securitization Corp.                                                          | Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation, Series 2021 B-2, Class 2                  | CUSIP: 66585VCB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $378937.20    | 0.06%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                            | State of Washington Motor Vehicle Fuel Tax, Series 2024 B                                                                                     | CUSIP: 93974EM29<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2090272.60   | 0.36%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Portland OR Sewer System Revenue                                                       | City of Portland Sewer System, Second Lien, Series 2014B                                                                                      | CUSIP: 736742WB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2180000 | PA      | $2180099.63   | 0.37%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                             | Tobacco Settlement Financing Corp., Series 2018 A                                                                                             | CUSIP: 888808HJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5105297.00   | 0.87%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                               | California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project                                      | CUSIP: 13054WBB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $521027.45    | 0.09%             | 2036-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                                  | New York State Environmental Facilities Corp., Series 2022B                                                                                   | CUSIP: 64985HP50<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    300000 | PA      | $334818.78    | 0.06%             | 2031-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                                                | State of Louisiana Gasoline and Fuels Tax, Second Lien, Series 2025A                                                                          | CUSIP: 546475WX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082763.70   | 0.18%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Convention Center Development Corp.                                                   | New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured, Series B                                              | CUSIP: 649451GX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8770000 | PA      | $2437136.52   | 0.42%             | 2049-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Rome Building Authority                                                                        | Rome Building Authority, Rome City School Project, Series 2023                                                                                | CUSIP: 776000AS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $655757.10    | 0.11%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund                             | Ohio Water Development Authority Water Pollution Control Loan Fund, Series 2023B                                                              | CUSIP: 67766WJ52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2244282.20   | 0.38%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Industrial Development Authority                                           | Hillsborough County Industrial Development Authority, Baycare Health System, Series 2024E                                                     | CUSIP: 43233KAX2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.17%             | 2054-11-15      | Variable      | 2.40%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                       | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC, Series 2024 A                                                  | CUSIP: 04052FEN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050371.90   | 0.18%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                              | City and County of Denver, Airport System, Series 2018 A                                                                                      | CUSIP: 249182LN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $903087.90    | 0.15%             | 2043-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                                             | Virginia Public Building Authority, Series 2024 A                                                                                             | CUSIP: 928173CP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4535000 | PA      | $5059620.14   | 0.86%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri State Environmental Improvement & Energy Resources Authority                          | Missouri State Environmental Improvement and Energy Resources Authority, Union Improvement Co. Project, Series 1998C                          | CUSIP: 606907BF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $876637.50    | 0.15%             | 2033-09-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| County of Boone KY                                                                             | County of Boone, Duke Energy Kentucky, Inc., Series 2008A                                                                                     | CUSIP: 098792AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $738741.63    | 0.13%             | 2027-08-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Fort Wayne Redevelopment Authority                                                             | Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project                                                                      | CUSIP: 349288EW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000911.60   | 0.17%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crowley Independent School District                                                            | Crandall Independent School District, Unlimited Tax                                                                                           | CUSIP: 228130KH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $467552.05    | 0.08%             | 2053-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Water Resources Authority                                                        | Massachusetts Water Resources Authority, Green Bond, Series 2016C                                                                             | CUSIP: 576051PN0<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $966282.60    | 0.16%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                                | New York City Municipal Water Finance Authority, Second General Resolution, Series 2025 BB                                                    | CUSIP: 64972GL44<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1863410.05   | 0.32%             | 2048-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery OH                                                                        | County of Montgomery, Ohio Health care Facilities Solvita Project, Series 2024                                                                | CUSIP: 613518DH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1275229.75   | 0.22%             | 2049-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Northern Tobacco Securitization Corp.                                                          | Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation, Series 2021 B1 CL2                        | CUSIP: 66585VCA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $950575.10    | 0.16%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Clarksville Water Sewer and Gas                                                        | City of Clarksville Water Sewer and Gas, Series 2021A                                                                                         | CUSIP: 182618PR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1803448.00   | 0.31%             | 2051-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                               | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                           | CUSIP: 20282EAH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512304.80    | 0.09%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                                    | Washington State Housing Finance Commission, Rockwood Retirement Communities Project, Series 2020A                                            | CUSIP: 939783C95<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1342841.51   | 0.23%             | 2041-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                       | Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project                                                              | CUSIP: 12008ETN6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    510000 | PA      | $537209.57    | 0.09%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                                             | County of Clark, Nevada Improvement District No. 158                                                                                          | CUSIP: 181003PE8<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10245.81     | 0.00%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue                            | Metropolitan Washington Airports Authority Dulles Toll Road, Series 2019A                                                                     | CUSIP: 592643CR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $279592.59    | 0.05%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                           | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series 2024 A, Subseries A-1                                                 | CUSIP: 89602RLT0<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2220636.85   | 0.38%             | 2051-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Killeen TX                                                                             | City of Killeen                                                                                                                               | CUSIP: 494135DQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2555000 | PA      | $2463978.38   | 0.42%             | 2042-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                                  | Texas Water Development Board, State Water Implementation Fund, Series 2018B                                                                  | CUSIP: 882854N65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060221.10   | 0.18%             | 2029-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                                             | City of Houston, Combined Utility System, Junior Lien, Series 2002A                                                                           | CUSIP: 4424362G5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5550000 | PA      | $6488704.25   | 1.11%             | 2032-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, Pace University, Series 2024 A                                                                            | CUSIP: 65000B4J4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    400000 | PA      | $432161.24    | 0.07%             | 2031-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maricopa County Union High School District No. 216 Agua Fria                                   | Maricopa County Union High School District No. 216 Agua Fria, Project of 2023 and 2024                                                        | CUSIP: 567541SJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1387480.25   | 0.24%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                       | Massachusetts Development Finance Agency, Boston Medical Center Issue, Series 2025W                                                           | CUSIP: 57585BHN1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $943594.10    | 0.16%             | 2055-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                                     | Philadelphia Gas Works Co., 1998 General Ordinance, Series 17B                                                                                | CUSIP: 71783MDG7<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1532032.35   | 0.26%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2021 E                                                 | CUSIP: 64990FL44<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1890489.80   | 0.32%             | 2042-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Parish of St. John the Baptist LA                                                              | Parish of St. John the Baptist, Marathon Oil Corp., Project, Series 2017A-1                                                                   | CUSIP: 79020FAW6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   5500000 | PA      | $5511356.40   | 0.94%             | 2026-07-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, Adventist Health System, Series 2024 A-1                                                                | CUSIP: 19648FYN8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060282.50   | 0.18%             | 2059-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                            | City of New York, Fiscal Year 2014, Series 2014D-4                                                                                            | CUSIP: 64966LCP4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | STIV             | MUN               | US        |   2500000 | PA      | $2500000.00   | 0.43%             | 2040-08-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Jefferson County Port Authority                                                                | Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project, Series 2023                                                               | CUSIP: 473318AB9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2140000 | PA      | $2151822.86   | 0.37%             | 2028-12-01      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                 | Buckeye Tobacco Settlement Financing Authority, Series 2020B-3, Class 2                                                                       | CUSIP: 118217DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5655000 | PA      | $539388.60    | 0.09%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

**Name of Applicant:** JPMorgan Trust I

**Signature:** Timothy J. Clemens

**Name of Signer:** Timothy J. Clemens

**Title:** Treasurer and Principal Financial Officer