# EDGAR Filing Document

**Accession Number:** 0001676326
**File Stem:** 0002071691-26-011926
**Filing Date:** 2026-5
**Character Count:** 174906
**Document Hash:** 4aef4acfb14f8cef53df5717507bf5ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-011926.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0002071691-26-011926

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23820
- **FILM NUMBER:** 261022374

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 1585 Broadway

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $695608700.48

**Total Liabilities:** $11055325.85

**Net Assets:** $684553374.63

**Delayed Delivery Securities:** $3430388.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 118938.92829700 | **1-Year:** 41635.29128000 | **5-Year:** 91891.98229300 | **10-Year:** 12179.88620000 | **30-Year:** 0.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** 739.06600200 | **5-Year:** 5346.01104100 | **10-Year:** 560.23839200 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000247027 | 0.62%                | 0.56%                | -0.85%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $29971.64                | $2228482.84                                |
| Month 2  | $13061.48                | $2138748.35                                |
| Month 3  | $-88094.43               | $-7434936.47                               |

### 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 York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Series 2019 A-4                                          | CUSIP: 64971XFY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3770000 | PA      | $3770000.00   | 0.55%             | 2045-08-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| City of New York                                                                          | City of New York NY, Series C                                                                          | CUSIP: 64966L4N8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005358.80   | 0.29%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                            | State of Texas, Series 2025 F                                                                          | CUSIP: 882725BW3<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    400000 | PA      | $401223.32    | 0.06%             | 2030-08-01      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                              | New Jersey Housing & Mortgage Finance Agency, Series 2025 B                                            | CUSIP: 64610ABH7<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3494302.70   | 0.51%             | 2029-11-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                                     | Connecticut Housing Finance Authority, Series 2026 B-3                                                 | CUSIP: 20775JGW3<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000043.50   | 0.73%             | 2055-11-15      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Series 2025 A-1                                              | CUSIP: 57585BGT9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2190000 | PA      | $2444991.34   | 0.36%             | 2055-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                                   | Dallas Fort Worth International Airport, Series 2023 C                                                 | CUSIP: 23503CDH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1289580.13   | 0.19%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Series 2015                                                                      | CUSIP: 254764JQ7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001232.90   | 0.15%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Williamson Jackson Etc Counties Community College Dist No. 530 John A Logan Clg           | Williamson Jackson etc Counties Community College District No. 530, Series 2026 B                      | CUSIP: 970013GP7<br>LEI: 549300TDWLHIG2ZSTT52 | Long             | DBT              | MUN               | US        |   1865000 | PA      | $1864175.48   | 0.27%             | 2036-06-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| New York State Energy Research & Development Authority                                    | New York State Energy Research & Development Authority, Series 2004 B                                  | CUSIP: 649845JB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1087649.21   | 0.16%             | 2032-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                               | Connecticut State Health & Educational Facilities Authority, Series S                                  | CUSIP: 20774Y3P0<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006194.70   | 0.15%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Pitkin CO Solid Waste Center Enterprise Revenue                                 | County of Pitkin, Series 2026                                                                          | CUSIP: 724400AF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $114477.16    | 0.02%             | 2031-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp.                                                        | Mississippi Business Finance Corp., Series 2007 B                                                      | CUSIP: 60528AAT1<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3500000.00   | 0.51%             | 2030-12-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| Oklahoma County Independent School District No. 12                                        | Oklahoma County Independent School District No. 12, Series 2025                                        | CUSIP: 678739XF5<br>LEI: 549300D457E3EZ9CP720 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2036647.80   | 0.30%             | 2027-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                                   | New York City Housing Development Corp., Series 2025 C-2                                               | CUSIP: 64972KLH6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012946.60   | 0.15%             | 2065-05-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| South Country Central School District at Brookhaven                                       | South Country Central School District at Brookhaven, Series 2025                                       | CUSIP: 837489MH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1904678.56   | 0.28%             | 2026-05-29      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Oklahoma Municipal Power Authority                                                        | Oklahoma Municipal Power Authority, Series 2025 A                                                      | CUSIP: 67910HSJ0<br>LEI: 54930074Q1M8747DCS20 | Long             | DBT              | MUN               | US        |    400000 | PA      | $441496.48    | 0.06%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Larimer                                                                         | County of Larimer, Series 2025 B                                                                       | CUSIP: 517132DZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1575537.71   | 0.23%             | 2027-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois IL, Series 2017 D                                                                    | CUSIP: 452152Q20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2574409.50   | 0.38%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                           | California Community Choice Financing Authority, Series 2024 B                                         | CUSIP: 13013JEA0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4620000 | PA      | $4719815.10   | 0.69%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Park Creek Metropolitan District                                                          | Park Creek Metropolitan District, Series 2025                                                          | CUSIP: 700385BT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $402671.58    | 0.06%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Series 2025 A                                                       | CUSIP: 34061XAH5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200429.36   | 0.18%             | 2050-09-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                                              | District of Columbia Water & Sewer Authority, Series 2025 C-2                                          | CUSIP: 254845VW7<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |   3395000 | PA      | $3395000.00   | 0.50%             | 2060-10-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                      | Colorado Educational & Cultural Facilities Authority, Series 2017 A                                    | CUSIP: 19645R5V9<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   2055000 | PA      | $2062028.92   | 0.30%             | 2032-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Series 2024 A                                                       | CUSIP: 34061XAG7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2010346.00   | 0.29%             | 2054-10-01      | Variable      | 4.38%                 | Yes           |                  2 | On Loan: No      |
| City of Cleveland OH Airport System Revenue                                               | City of Cleveland OH, Series 2025 A                                                                    | CUSIP: 186352TQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $644223.66    | 0.09%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hutto Independent School District                                                         | Hutto Independent School District, Series 2015                                                         | CUSIP: 4484926N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027721.50   | 0.15%             | 2055-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York                                                                          | City of New York NY, Series 2014 I-2                                                                   | CUSIP: 64966LLS8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.07%             | 2040-03-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                                   | New York City Housing Development Corp., Series 2024 F-2                                               | CUSIP: 64972KGU3<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2010352.00   | 0.29%             | 2064-11-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                              | New Jersey Housing & Mortgage Finance Agency, Series 2024 D-2                                          | CUSIP: 6461087N4<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995751.20    | 0.15%             | 2028-05-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                 | Harris County Cultural Education Facilities Finance Corp., Series 2015-1                               | CUSIP: 414009JU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2610000 | PA      | $2613247.88   | 0.38%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, Series 2024                                                        | CUSIP: 65000B8A9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    375000 | PA      | $378916.28    | 0.06%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State University                                                               | Washington State University, Series 2025                                                               | CUSIP: 940094FL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1581100.85   | 0.23%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                                   | New York City Housing Development Corp., Series 2026 B                                                 | CUSIP: 64972KNP6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   4725000 | PA      | $4691418.01   | 0.69%             | 2045-11-01      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| County of Pitkin CO Solid Waste Center Enterprise Revenue                                 | County of Pitkin, Series 2026                                                                          | CUSIP: 724400AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $129195.00    | 0.02%             | 2028-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of San Antonio                                                                       | City of San Antonio, Series 2019 A                                                                     | CUSIP: 796242UB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1214668.99   | 0.18%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parish of St John the Baptist                                                             | Parish of St John the Baptist, Series 2017 C                                                           | CUSIP: 79020FBB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2895000 | PA      | $2920368.60   | 0.43%             | 2037-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                      | Triborough Bridge & Tunnel Authority, Series 2025 A                                                    | CUSIP: 896032AD1<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065409.20   | 0.16%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dickinson Independent School District                                                     | Dickinson Independent School District, Series 2013                                                     | CUSIP: 253363UD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501894.65   | 0.22%             | 2037-08-01      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| Argyle Independent School District                                                        | Argyle Independent School District, Series 2025 B-2                                                    | CUSIP: 040319X34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2570320.25   | 0.38%             | 2057-08-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York                                                                          | City of New York NY, Series 2015 F-6                                                                   | CUSIP: 64966LU25<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1120000.00   | 0.16%             | 2044-06-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Port of Seattle                                                                           | Port of Seattle, Series C                                                                              | CUSIP: 735389WK0<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002039.80   | 0.29%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Navarro Independent School District                                                       | Navarro Independent School District, Series 2025                                                       | CUSIP: 639285SW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1534106.10   | 0.22%             | 2062-02-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Series 2019                                                                | CUSIP: 45204E2L1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1527260.05   | 0.22%             | 2034-11-01      | Floating      | 3.69%                 | No            |                  2 | On Loan: No      |
| City of Sterling                                                                          | City of Sterling, Series 2026                                                                          | CUSIP: 859332KG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $428995.48    | 0.06%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                              | New Jersey Housing & Mortgage Finance Agency, Series 2024 B                                            | CUSIP: 6461084N7<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   3240000 | PA      | $3275668.84   | 0.48%             | 2029-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Saginaw Valley State University                                                           | Saginaw Valley State University, Series 2016 A                                                         | CUSIP: 78689HKT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1758991.50   | 0.26%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Monroe County (The)                                              | Development Authority of Monroe County (The), Series 2013 A                                            | CUSIP: 610530FE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2026722.80   | 0.30%             | 2039-01-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                           | California Community Choice Financing Authority, Series 2023 F                                         | CUSIP: 13013JDD5<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    990000 | PA      | $1077112.67   | 0.16%             | 2054-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                             | Main Street Natural Gas, Inc., Series 2025 A                                                           | CUSIP: 56035DJS2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $523526.25    | 0.08%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                              | West Virginia Economic Development Authority, Series 2025                                              | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   2330000 | PA      | $2370943.46   | 0.35%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                         | City & County of Denver CO, Series 2018 A                                                              | CUSIP: 249182LE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5217037.50   | 0.76%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago                                                                           | City of Chicago IL, Series 2020 A                                                                      | CUSIP: 167486F87<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2019549.60   | 0.30%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Casino Reinvestment Development Authority, Inc.                                           | Casino Reinvestment Development Authority, Inc., Series 2024 A                                         | CUSIP: 14760RBD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $811206.15    | 0.12%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Lawrence Community Schools Building Corp.                                           | North Lawrence Community Schools Building Corp., Series 2025                                           | CUSIP: 66042REX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21900.52     | 0.00%             | 2031-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denton Independent School District                                                        | Denton Independent School District, Series B-2                                                         | CUSIP: 249002NL6<br>LEI: 5493005I9W678SUI0Z07 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040700.60   | 0.15%             | 2055-08-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Snohomish County Housing Authority                                                        | Snohomish County Housing Authority, Series 2026                                                        | CUSIP: 83309AGK1<br>LEI: 549300FESB68D2IR7250 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $4917900.23   | 0.72%             | 2036-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Series 2026 D-1                                          | CUSIP: 64972JYW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2742120.25   | 0.40%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp.                                                              | Alaska Housing Finance Corp., Series 2025-1                                                            | CUSIP: 011839U47<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    490000 | PA      | $482286.13    | 0.07%             | 2029-12-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                                       | State of Illinois IL, Series 2021 C                                                                    | CUSIP: 452227SC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2770000 | PA      | $2906135.25   | 0.42%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                    | North Carolina Medical Care Commission, Series 2025 B                                                  | CUSIP: 65821DZV6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2143120.00   | 0.31%             | 2055-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                               | Shelby County Health Educational & Housing Facilities Board, Series 2024 B                             | CUSIP: 821691AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $786899.10    | 0.11%             | 2049-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority, Series 2019 B-2                                 | CUSIP: 708692BV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000120.80   | 0.29%             | 2049-04-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| City of Whiting                                                                           | City of Whiting IN, Series 2019 A                                                                      | CUSIP: 96634RAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2508775.00   | 0.37%             | 2044-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                          | California Pollution Control Financing Authority, Series 2017 A-1                                      | CUSIP: 130536RC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1499891.70   | 0.22%             | 2042-11-01      | Variable      | 3.25%                 | Yes           |                  2 | On Loan: No      |
| South Dakota Health & Educational Facilities Authority                                    | South Dakota Health & Educational Facilities Authority, Series 2025 C-2                                | CUSIP: 83755VW83<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |    500000 | PA      | $544010.75    | 0.08%             | 2051-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Caney Independent School District                                                     | New Caney Independent School District, Series 2018                                                     | CUSIP: 643154LB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $609596.46    | 0.09%             | 2050-02-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Lambertson Farms Metropolitan District No. 1                                              | Lambertson Farms Metropolitan District No. 1, Series 2024 A                                            | CUSIP: 513305AH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1235419.70   | 0.18%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                     | Metropolitan Transportation Authority, Series 2020 E                                                   | CUSIP: 59261AJ57<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2705087.25   | 0.40%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lone Tree                                                                         | City of Lone Tree CO, Series 2024                                                                      | CUSIP: 542341AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1111517.64   | 0.16%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Monroe County (The)                                              | Development Authority of Monroe County (The), Series 2012-1                                            | CUSIP: 610530GD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983398.40    | 0.14%             | 2042-06-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                  | State of Connecticut, Series A                                                                         | CUSIP: 207758WB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1960000 | PA      | $1964036.62   | 0.29%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gulf Coast Industrial Development Authority                                               | Gulf Coast Industrial Development Authority, Series 2012                                               | CUSIP: 402207AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5800000 | PA      | $5800000.00   | 0.85%             | 2041-11-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| United States of America                                                                  | U.S. Treasury Notes                                                                                    | CUSIP: 91282CNM9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $6007851.54   | 0.88%             | 2028-07-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                             | Main Street Natural Gas, Inc., Series 2023 D                                                           | CUSIP: 56035DFT4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1576011.75   | 0.23%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No. 1                                               | North Carolina Municipal Power Agency No. 1, Series A                                                  | CUSIP: 658203X25<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |    530000 | PA      | $531214.60    | 0.08%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                              | West Virginia Economic Development Authority, Series 2011 A                                            | CUSIP: 95648VBY4<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2510406.25   | 0.37%             | 2041-01-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health & Educational Facilities Authority of the State of Missouri, Series 2008 B-1                    | CUSIP: 6069014N3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   3140000 | PA      | $3140000.00   | 0.46%             | 2035-10-01      | Variable      | 2.67%                 | No            |                  2 | On Loan: No      |
| Colorado Housing and Finance Authority                                                    | Colorado Housing and Finance Authority, Series 2025 F-2                                                | CUSIP: 19648GE99<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2035220.20   | 0.30%             | 2028-04-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                 | Harris County Cultural Education Facilities Finance Corp., Series 2022 A                               | CUSIP: 414009RN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $939874.85    | 0.14%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trustees of Dartmouth College                                                             | Trustees of Dartmouth College                                                                          | CUSIP: 89837RAE2<br>LEI: JVPL1XBV6YI9538FWQ05 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000251.37   | 0.15%             | 2030-06-01      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                               | Connecticut State Health & Educational Facilities Authority, Series 2024 A                             | CUSIP: 20775DYC0<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    875000 | PA      | $880110.44    | 0.13%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Detroit Downtown Development Authority                                                    | Detroit Downtown Development Authority, Series 2024                                                    | CUSIP: 251135HD4<br>LEI: 549300WO3NSMP6FECO66 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047169.30   | 0.15%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, Series 2025 A                                                    | CUSIP: 19648FB60<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1506940.05   | 0.22%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Park Creek Metropolitan District                                                          | Park Creek Metropolitan District, Series 2025                                                          | CUSIP: 700385BS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $408549.86    | 0.06%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                     | Metropolitan Transportation Authority, Series 2005 D-1                                                 | CUSIP: 59261AX77<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.73%             | 2035-11-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                                           | State of Louisiana LA, Series 2023 A-1                                                                 | CUSIP: 546475VV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2685000 | PA      | $2685000.00   | 0.39%             | 2043-05-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                         | North Carolina Turnpike Authority, Series 2017                                                         | CUSIP: 65830RBH1<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1106047.63   | 0.16%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District, Series 2026 A                                                          | CUSIP: 09182THN0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051098.10   | 0.15%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California College of the Law San Francisco                                 | University of California College of the Law, Series 2026                                               | CUSIP: 194248AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $223565.20    | 0.03%             | 2029-08-01      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| Development Authority of Monroe County (The)                                              | Development Authority of Monroe County (The), Series 2009-2                                            | CUSIP: 610530GC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984296.70    | 0.14%             | 2048-10-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District, Series 2026 A                                                          | CUSIP: 09182THM2<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045406.40   | 0.15%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lawton Industrial Development Authority                                                   | Lawton Industrial Development Authority, Series 2025 B                                                 | CUSIP: 521005AT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $279778.97    | 0.04%             | 2028-07-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District, Series 2026 B                                                          | CUSIP: 09182THB6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1751287.12   | 0.26%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                   | Port Authority of New York & New Jersey, Series 248                                                    | CUSIP: 73358XPE6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043394.90   | 0.15%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Higher Education Supplement Loan Authority                              | Connecticut State Higher Education Supplement Loan Authority, Series 2025 B-2                          | CUSIP: 207743YR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750804.98    | 0.11%             | 2045-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New Haven                                                                         | City of New Haven, Series 2025                                                                         | CUSIP: 645021EF9<br>LEI: 549300U4OHEAZ124LQ06 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1370818.75   | 0.20%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Secondary Market for Education Loans, Inc.                                        | Indiana Secondary Market for Education Loans, Inc., Series 2025 1-A                                    | CUSIP: 45505NAL8<br>LEI: 549300M19IK303TD4597 | Long             | DBT              | MUN               | US        |    500000 | PA      | $518351.45    | 0.08%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jacksonville Housing Finance Authority                                                    | Jacksonville Housing Finance Authority, Series 2025                                                    | CUSIP: 46940YBV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2975000 | PA      | $2978652.41   | 0.44%             | 2046-01-01      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| Chandler Industrial Development Authority                                                 | Chandler Industrial Development Authority, Series 2007                                                 | CUSIP: 158862CD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2023240.80   | 0.30%             | 2037-12-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                                  | New Jersey Higher Education Student Assistance Authority, Series 2025-1B                               | CUSIP: 646080YQ8<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2119704.20   | 0.31%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                      | Chicago O'Hare International Airport, Series 2024 F                                                    | CUSIP: 1675937Q9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1311331.52   | 0.19%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                           | New York City Municipal Water Finance Authority, Series AA-6                                           | CUSIP: 64972GCQ5<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.22%             | 2048-06-15      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| City of Sterling                                                                          | City of Sterling, Series 2026                                                                          | CUSIP: 859332KH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $544214.19    | 0.08%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Prosper Independent School District                                                       | Prosper Independent School District, Series 2022                                                       | CUSIP: 7436006C7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3084384.30   | 0.45%             | 2053-02-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                           | Kentucky Economic Development Finance Authority, Series 2010 A                                         | CUSIP: 49126RAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1600000.00   | 0.23%             | 2031-04-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                                   | Dallas Fort Worth International Airport, Series 2025 A-1                                               | CUSIP: 23503CFP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4466614.85   | 0.65%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                               | New York City Industrial Development Agency, Series 2020 A                                             | CUSIP: 64971PKB0<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1308864.89   | 0.19%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                                      | Pennsylvania Higher Educational Facilities Authority, Series 2024 D-2                                  | CUSIP: 70917TSU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.73%             | 2061-11-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                              | Massachusetts Port Authority, Series 2019 A-1                                                          | CUSIP: 575898DH1<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050974.40   | 0.15%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                   | South Carolina Public Service Authority, Series 2025 B                                                 | CUSIP: 8371515Z8<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1323452.50   | 0.19%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                    | Iowa Finance Authority, Series 2018 F                                                                  | CUSIP: 46246K5E8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.44%             | 2041-07-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                 | Harris County Cultural Education Facilities Finance Corp., Series 2022 B                               | CUSIP: 414009RT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1572926.70   | 0.23%             | 2050-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                         | Michigan State Building Authority, Series 2016 I                                                       | CUSIP: 594615FM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2870000 | PA      | $2903020.79   | 0.42%             | 2031-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Providence St Joseph Health Obligated Group                                               | Providence St Joseph Health Obligated Group                                                            | CUSIP: 743820AG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2479000 | PA      | $2519033.25   | 0.37%             | 2032-10-01      | Fixed         | 5.37%                 | No            |                  2 | On Loan: —       |
| City of Springfield IL Electric Revenue                                                   | City of Springfield IL, Series 2024                                                                    | CUSIP: 850578UA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2678464.50   | 0.39%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                        | South Carolina Jobs-Economic Development Authority, Series 2024 A                                      | CUSIP: 837032BJ9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2743173.25   | 0.40%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                          | Ohio Water Development Authority, Series 2024 C                                                        | CUSIP: 67766WQ21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4800000 | PA      | $4800000.00   | 0.70%             | 2054-12-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                      | State of Connecticut, Series 2021 B                                                                    | CUSIP: 20772KMV8<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1885403.63   | 0.28%             | 2032-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Detroit City School District                                                              | Detroit City School District, Series 2001 A                                                            | CUSIP: 251129ZY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4245000 | PA      | $4487798.29   | 0.66%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, Series 2024 A-1                                                | CUSIP: 130483HC7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2624625.00   | 0.38%             | 2056-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Series 2020 B-2                                                            | CUSIP: 45204FEH4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2505221.75   | 0.37%             | 2050-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Gadsden                                                                           | City of Gadsden, Series 2025 A                                                                         | CUSIP: 362460VV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $173028.75    | 0.03%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery                                                                      | County of Montgomery OH, Series 2021                                                                   | CUSIP: 613520MQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1056955.10   | 0.15%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                              | Michigan State Housing Development Authority, Series 2025                                              | CUSIP: 59465FAG5<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   2345000 | PA      | $2317477.91   | 0.34%             | 2043-10-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, Series 2024                                                        | CUSIP: 65000B7H5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    200000 | PA      | $213509.18    | 0.03%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California College of the Law San Francisco                                 | University of California College of the Law, Series 2026                                               | CUSIP: 194248AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $224687.77    | 0.03%             | 2027-08-01      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| University of Michigan                                                                    | University of Michigan, Series 2017 A                                                                  | CUSIP: 914455QU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2895000 | PA      | $2954426.24   | 0.43%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Redevelopment Agency Successor Agency                         | San Francisco City & County Redevelopment Agency Successor Agency, Series 2025 C                       | CUSIP: 79770GKX3<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |    500000 | PA      | $499037.35    | 0.07%             | 2028-08-01      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp.                                                        | Mission Economic Development Corp., Series 2025 A                                                      | CUSIP: 605155BX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999477.00    | 0.15%             | 2055-06-01      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| City of Gainesville FL Utilities System Revenue                                           | City of Gainesville FL, Series 2012 B                                                                  | CUSIP: 362848RR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8700000 | PA      | $8700000.00   | 1.27%             | 2042-10-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                                    | State Public School Building Authority, Series 2006 B                                                  | CUSIP: 709207DH4<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061254.00   | 0.16%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                              | Massachusetts Port Authority, Series 2019 A                                                            | CUSIP: 575896SY2<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005461.20   | 0.15%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                     | Metropolitan Transportation Authority, Series 2012 G-3                                                 | CUSIP: 59261A3W5<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4000000.00   | 0.58%             | 2031-11-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Knox Warren Etc Counties Community College District No. 518 Carl Sandburg                 | Knox Warren Etc Counties Community College District No. 518, Series 2025                               | CUSIP: 499635CU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1465600.65   | 0.21%             | 2035-12-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| University of Connecticut                                                                 | University of Connecticut, Series 2026                                                                 | CUSIP: 9142334T5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7493574.75   | 1.09%             | 2027-03-23      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                   | Port Authority of New York & New Jersey, Series 242                                                    | CUSIP: 73358XJU7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1520829.45   | 0.22%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Science and Technology Park Metropolitan District No. 1                          | Colorado Science and Technology Park Metropolitan District No. 1, Series 2024 A                        | CUSIP: 19658CAG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $371373.23    | 0.05%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lansing Board of Water & Light                                                            | Lansing Board of Water & Light, Series 2026 A                                                          | CUSIP: 516391FP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1251577.06   | 0.18%             | 2051-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Development Finance Board                                                        | Missouri Development Finance Board, Series 2008 A                                                      | CUSIP: 606037BE8<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200000.00   | 0.18%             | 2037-12-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Northside Independent School District                                                     | Northside Independent School District, Series 2020                                                     | CUSIP: 66702RR79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2531945.75   | 0.37%             | 2050-06-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| University of Colorado Hospital Authority                                                 | University of Colorado Hospital Authority, Series 2024 B                                               | CUSIP: 914183BX5<br>LEI: GQ60RLZ5ZEBY2J9KLI75 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2215058.40   | 0.32%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Warner Robins Housing Authority Resident Council Corp.                                    | Warner Robins Housing Authority Resident Council Corp., Series 2024                                    | CUSIP: 934604AM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035681.00   | 0.15%             | 2029-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Michigan University                                                               | Western Michigan University, Series 2025 A                                                             | CUSIP: 958638ZV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2667645.02   | 0.39%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                           | Allegheny County Hospital Development Authority, Series 2017 D-2                                       | CUSIP: 01728A5V4<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1985791.60   | 0.29%             | 2047-11-15      | Floating      | 3.12%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority, Series 2020 D                                               | CUSIP: 645780FR3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1894741.60   | 0.28%             | 2029-11-01      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| City of Houston                                                                           | City of Houston, Series 2025 B                                                                         | CUSIP: 442349KB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5235324.00   | 0.76%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Redevelopment Agency Successor Agency                         | San Francisco City & County Redevelopment Agency Successor Agency, Series 2025 C                       | CUSIP: 79770GKY1<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |    500000 | PA      | $499883.50    | 0.07%             | 2029-08-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                                        | Dallas Independent School District, Series 2025 A-2                                                    | CUSIP: 235308Y49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1726840.24   | 0.25%             | 2055-02-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                          | Energy Northwest, Series 2020A                                                                         | CUSIP: 29270C3K9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1133085.82   | 0.17%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Series 2025                                                  | CUSIP: 04052AEN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2520748.00   | 0.37%             | 2031-10-01      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                                      | Kansas Development Finance Authority, Series 2025 J                                                    | CUSIP: 48542TBQ2<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1482395.25   | 0.22%             | 2046-10-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, Series A-1                                                       | CUSIP: 19648FXD1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2103225.60   | 0.31%             | 2058-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Science and Technology Park Metropolitan District No. 1                          | Colorado Science and Technology Park Metropolitan District No. 1, Series 2024 A                        | CUSIP: 19658CAH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $419989.76    | 0.06%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                            | Sales Tax Securitization Corp., Series 2020 A                                                          | CUSIP: 79467BCS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1312224.12   | 0.19%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                                     | New Mexico Mortgage Finance Authority, Series 2023                                                     | CUSIP: 64719HET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1025010.76   | 0.15%             | 2042-02-01      | Variable      | 2.92%                 | No            |                  2 | On Loan: No      |
| Fort Bend Independent School District                                                     | Fort Bend Independent School District, Series 2025 B                                                   | CUSIP: 346843WS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1884157.85   | 0.28%             | 2055-08-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District, Series 2023 D-1                                                        | CUSIP: 09182TCR6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2576672.84   | 0.38%             | 2049-06-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                                     | New York State Housing Finance Agency, Series 2024 B-2                                                 | CUSIP: 649870PG1<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1656676.73   | 0.24%             | 2054-12-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Sarpy County School District No. 1                                                        | Sarpy County School District No. 1, Series 2026                                                        | CUSIP: 80381LDM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $845884.64    | 0.12%             | 2027-09-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Lawton Industrial Development Authority                                                   | Lawton Industrial Development Authority, Series 2025 B                                                 | CUSIP: 521005AV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250658.23    | 0.04%             | 2030-07-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| E-470 Public Highway Authority                                                            | E-470 Public Highway Authority, Series 2024 B                                                          | CUSIP: 26822LMX9<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998911.50    | 0.15%             | 2039-09-01      | Floating      | 3.18%                 | No            |                  2 | On Loan: No      |
| City of South Miami Health Facilities Authority, Inc.                                     | City of South Miami Health Facilities Authority, Inc., Series 2025 B                                   | CUSIP: 838810EM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1324617.63   | 0.19%             | 2065-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission                                                            | CUSIP: 67756DT89<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1234529.72   | 0.18%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Franklin                                                                        | County of Franklin, Series 2013 OH                                                                     | CUSIP: 353202FK5<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1169793.73   | 0.17%             | 2046-12-01      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District, Series 2025 E                                                          | CUSIP: 09182TFW2<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047863.60   | 0.15%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Pitkin CO Solid Waste Center Enterprise Revenue                                 | County of Pitkin, Series 2026                                                                          | CUSIP: 724400AE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $157376.74    | 0.02%             | 2030-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp.                                                             | Florida Housing Finance Corp., Series 2025 D                                                           | CUSIP: 34073JVF3<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2246994.45   | 0.33%             | 2043-03-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton                                                                        | County of Hamilton, Series 2021 B                                                                      | CUSIP: 4072722B8<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 0.37%             | 2051-08-15      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                            | Charlotte-Mecklenburg Hospital Authority (The), Series 2018 H                                          | CUSIP: 160853UN5<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.29%             | 2048-01-15      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, Series 2021 B                                                  | CUSIP: 13048RAK3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000120.80   | 0.29%             | 2051-07-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp.                                                        | Mississippi Business Finance Corp., Series 2009 C                                                      | CUSIP: 60528ABK9<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1450000.00   | 0.21%             | 2030-12-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                                     | City of San Antonio, Series 2026 A                                                                     | CUSIP: 79625GNT6<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2677341.06   | 0.39%             | 2055-02-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Housing Revenue                        | Wisconsin Housing & Economic Development Authority Housing, Series 2023 E                              | CUSIP: 9769044P4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $195100.09    | 0.03%             | 2054-11-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority, Series 2025 A                                   | CUSIP: 708692CB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $349816.95    | 0.05%             | 2049-06-01      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp., Series 2026 B-3                                                              | CUSIP: 12008EXV3<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $7898044.80   | 1.15%             | 2031-12-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| John D and Catherine T MacArthur Foundation                                               | John D and Catherine T MacArthur Foundation                                                            | CUSIP: 477854AA1<br>LEI: UJ37UD5B4O5WRVV6NV96 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $863381.68    | 0.13%             | 2030-12-01      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Raleigh Housing Authority                                                                 | Raleigh Housing Authority, Series 2025                                                                 | CUSIP: 751115CB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2460000 | PA      | $2448931.72   | 0.36%             | 2059-09-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                                           | County of King, Series 2025                                                                            | CUSIP: 495290GV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7500000.00   | 1.10%             | 2065-01-01      | Variable      | 2.60%                 | No            |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                                           | State of Louisiana LA, Series 2023 A-2                                                                 | CUSIP: 546475VW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.73%             | 2043-05-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority Dedicated Tax Fund                                  | Metropolitan Transportation Authority Dedicated Tax Fund, Series 2008 B-3B                             | CUSIP: 59259N5P4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1752827.70   | 0.26%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                             | Commonwealth of Massachusetts, Series 2025 G                                                           | CUSIP: 57582TFR8<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    745000 | PA      | $835499.02    | 0.12%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arapahoe County School District No. 5                                                     | Arapahoe County School District No. 5, Series 2025                                                     | CUSIP: 164555EJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1487101.41   | 0.22%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Transit Authority                                                                    | Utah Transit Authority, Series 2025                                                                    | CUSIP: 917567JG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2275290.40   | 0.33%             | 2033-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                         | State of Maryland, Series 2017 A                                                                       | CUSIP: 574193PS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1639239.20   | 0.24%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                               | Long Island Power Authority, Series 2022 B                                                             | CUSIP: 542691GD6<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   2880000 | PA      | $2936027.81   | 0.43%             | 2052-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Lawton Industrial Development Authority                                                   | Lawton Industrial Development Authority, Series 2025 B                                                 | CUSIP: 521005AS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $199987.12    | 0.03%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                             | Kentucky State Property & Building Commission, Series A                                                | CUSIP: 49151F4R8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $813575.40    | 0.12%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chandler Industrial Development Authority                                                 | Chandler Industrial Development Authority, Series 2019                                                 | CUSIP: 158862CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1519608.30   | 0.22%             | 2049-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Detroit Downtown Development Authority                                                    | Detroit Downtown Development Authority, Series 2024                                                    | CUSIP: 251135HE2<br>LEI: 549300WO3NSMP6FECO66 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064833.30   | 0.16%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                  | State of Connecticut, Series 2025 A                                                                    | CUSIP: 207758Y23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4125231.20   | 0.60%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                                  | Metropolitan Pier & Exposition Authority, Series 2024 A                                                | CUSIP: 592250FW9<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1578792.94   | 0.23%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 87 Berkeley                                               | Cook County School District No. 87, Series 2021                                                        | CUSIP: 214165LW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037382.30   | 0.15%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, Series 2025                                                     | CUSIP: 54640TAN9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1676710.28   | 0.24%             | 2053-05-01      | Variable      | 4.38%                 | Yes           |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                                  | City of Austin, Series 2022                                                                            | CUSIP: 052398HF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1404545.27   | 0.21%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                     | Metropolitan Transportation Authority, Series 2025 B                                                   | CUSIP: 59261A5V5<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4389808.80   | 0.64%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Medina Valley Independent School District                                                 | Medina Valley Independent School District, Series 2021                                                 | CUSIP: 584887WZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2020000 | PA      | $2011008.17   | 0.29%             | 2049-02-15      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Series 2010 A                                                               | CUSIP: 45505RBN4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1599810.72   | 0.23%             | 2028-05-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                      | Triborough Bridge & Tunnel Authority, Series 2025 A                                                    | CUSIP: 89602HHY6<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1569282.30   | 0.23%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Delaware                                                                        | County of Delaware, Series 2015                                                                        | CUSIP: 24588SAS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2750343.48   | 0.40%             | 2031-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                                   | New York City Housing Development Corp., Series 2024 D                                                 | CUSIP: 64966TGV0<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019697.90   | 0.15%             | 2031-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                    | Ohio Air Quality Development Authority, Series 2026                                                    | CUSIP: 677525XF9<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   2625000 | PA      | $2629108.39   | 0.38%             | 2034-08-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                               | Washington State Housing Finance Commission, Series 2023                                               | CUSIP: 93978PPU5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003145.30   | 0.15%             | 2043-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Redevelopment Agency Successor Agency                         | San Francisco City & County Redevelopment Agency Successor Agency, Series 2025 C                       | CUSIP: 79770GKZ8<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500634.70    | 0.07%             | 2030-08-01      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                    | Virginia Housing Development Authority, Series 2023 E                                                  | CUSIP: 92812WLB8<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1465961.19   | 0.21%             | 2027-10-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                          | California Pollution Control Financing Authority, Series 2003 A                                        | CUSIP: 130536LT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021032.30   | 0.15%             | 2038-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Gadsden                                                                           | City of Gadsden, Series 2025 A                                                                         | CUSIP: 362460VW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $218826.18    | 0.03%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio                                                                       | City of San Antonio, Series 2025 A                                                                     | CUSIP: 79625GNF6<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4976857.00   | 0.73%             | 2055-02-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| County of Larimer                                                                         | County of Larimer, Series 2025 B                                                                       | CUSIP: 517132EA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1601877.44   | 0.23%             | 2028-12-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                                                  | Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class              | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |    159900 | NS      | $159900.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| California Statewide Communities Development Authority                                    | California Statewide Communities Development Authority, Series 2025 B                                  | CUSIP: 13080S2V5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3246913.20   | 0.47%             | 2030-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of New Haven                                                                         | City of New Haven, Series 2025                                                                         | CUSIP: 645021EG7<br>LEI: 549300U4OHEAZ124LQ06 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1495723.32   | 0.22%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                                  | Metropolitan Pier & Exposition Authority, Series 2023 A                                                | CUSIP: 592250FH2<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030653.40   | 0.15%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Series 2023 A-3                                          | CUSIP: 64971XY44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 0.37%             | 2052-08-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                               | University of North Carolina at Chapel Hill, Series 2012 B                                             | CUSIP: 914713U75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3008566.50   | 0.44%             | 2041-12-01      | Floating      | 3.48%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                         | Idaho Health Facilities Authority, Series 2018 C                                                       | CUSIP: 451295ZZ5<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1715000.00   | 0.25%             | 2048-03-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority, Series 2019 A                                   | CUSIP: 708692BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1499891.70   | 0.22%             | 2034-04-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Development Authority of Monroe County (The)                                              | Development Authority of Monroe County (The), Series 2008, Class 1                                     | CUSIP: 610530FZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2267836.43   | 0.33%             | 2048-11-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds - MuniCash                                                      | BlackRock Liquidity Funds - MuniCash                                                                   | CUSIP: 09248U841<br>LEI: 549300RWBJ885673DL84 | Long             | STIV             | RF                | US        |   7930065 | NS      | $7930857.87   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Bergen County Improvement Authority (The)                                                 | Bergen County Improvement Authority (The), Series 2025 A                                               | CUSIP: 083773EC1<br>LEI: 549300GA3U8F8Z1HOS09 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2505059.00   | 0.37%             | 2026-05-21      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                        | Tennessee Energy Acquisition Corp., Series 2026 A                                                      | CUSIP: 880443JP2<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1174629.06   | 0.17%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                                                   | University of Minnesota, Series 2016 A                                                                 | CUSIP: 914460PB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2605000 | PA      | $2605173.23   | 0.38%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Roanoke Economic Development Authority                                                    | Roanoke Economic Development Authority, Series 2020 D                                                  | CUSIP: 770082CB9<br>LEI: 549300P5QQORJY0U4T83 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2675996.00   | 0.39%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                               | New Hampshire Health and Education Facilities Authority Act, Series 2017 A                             | CUSIP: 64461XCF0<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1062332.28   | 0.16%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp.                                                        | Mississippi Business Finance Corp., Series 2011 G                                                      | CUSIP: 60528ACK8<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4000000.00   | 0.58%             | 2035-11-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                | Tarrant County Cultural Education Facilities Finance Corp., Series 2025 C                              | CUSIP: 87638TJU8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3867714.55   | 0.56%             | 2064-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Housing and Finance Authority                                                    | Colorado Housing and Finance Authority, Series 2025 E-2                                                | CUSIP: 19648GXF4<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2022303.80   | 0.30%             | 2029-10-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health & Educational Facilities Authority of the State of Missouri, Series 2021 A                      | CUSIP: 60637ASW3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1103904.12   | 0.16%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                             | Main Street Natural Gas, Inc., Series 2021 A                                                           | CUSIP: 56035DDH2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2529482.75   | 0.37%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Sterling                                                                          | City of Sterling, Series 2026                                                                          | CUSIP: 859332KF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $471255.53    | 0.07%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                            | State of Texas, Series 2015                                                                            | CUSIP: 882723F61<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2504131.00   | 0.37%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Wisconsin Hospitals & Clinics                                               | University of Wisconsin Hospitals & Clinics, Series 2024 B                                             | CUSIP: 915260FU2<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2171551.60   | 0.32%             | 2054-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition and Supply Corp. II                                       | Texas Municipal Gas Acquisition and Supply Corp. II, Series 2012 C                                     | CUSIP: 88255QBH1<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |    895000 | PA      | $895856.69    | 0.13%             | 2027-09-15      | Floating      | 3.29%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority Central Regional Wastewater System Revenue                        | Trinity River Authority, Series 2017                                                                   | CUSIP: 89658HVD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2835000 | PA      | $2921290.03   | 0.43%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oxnard School District                                                                    | Oxnard School District, Series 2026                                                                    | CUSIP: 692020Z94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2660000 | PA      | $2249389.10   | 0.33%             | 2031-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                               | Metropolitan Washington Airports Authority, Series 2009 D-2                                            | CUSIP: 592646N25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2565000 | PA      | $2565000.00   | 0.37%             | 2039-10-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County (The)                                               | Development Authority of Burke County (The), Series 2012-2                                             | CUSIP: 121342QN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $754677.53    | 0.11%             | 2049-12-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Series N                                                     | CUSIP: 57585BNM6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4350342.00   | 0.64%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Series 2026 A                                                | CUSIP: 04052FFG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1085356.60   | 0.16%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico, Series 2022 A-1                                                           | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   4668180 | PA      | $4758808.05   | 0.70%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| County of Luzerne                                                                         | County of Luzerne, Series 2025                                                                         | CUSIP: 550697WR3<br>LEI: 5493001Z1Y4QDISEER29 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1182032.89   | 0.17%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Series 2020                                                                | CUSIP: 45203EAG4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1525164.45   | 0.22%             | 2040-05-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Series 2025 D-1                                                             | CUSIP: 45470YGD7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2142062.80   | 0.31%             | 2064-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                | Tarrant County Cultural Education Facilities Finance Corp., Series 2024 B                              | CUSIP: 87638THP1<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1621996.20   | 0.24%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                               | Washington Health Care Facilities Authority, Series 2025 B                                             | CUSIP: 93978HC86<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3232510.80   | 0.47%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Energy Finance Development Corp.                                                 | New York Energy Finance Development Corp., Series 2025                                                 | CUSIP: 64947PAA4<br>LEI: 254900PRGXZMJ912RI65 | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1476160.99   | 0.22%             | 2056-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Las Varas Public Facility Corp.                                                           | Las Varas Public Facility Corp., Series 2026 A                                                         | CUSIP: 51766AAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3692701.13   | 0.54%             | 2044-11-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp.                                                              | Alaska Housing Finance Corp., Series 2025-1                                                            | CUSIP: 011839U54<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    300000 | PA      | $297880.47    | 0.04%             | 2030-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County (The)                                               | Development Authority of Burke County (The), Series 2009-1                                             | CUSIP: 121342MW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4500000.00   | 0.66%             | 2049-07-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp.                                                        | Mission Economic Development Corp., Series 2020 A                                                      | CUSIP: 605155BR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1499215.50   | 0.22%             | 2046-05-01      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                           | State of Hawaii HI, Series FG                                                                          | CUSIP: 419792LM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2429121.60   | 0.35%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District, Series 2026 A                                                          | CUSIP: 09182THP5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3163866.90   | 0.46%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                          | Pennsylvania Turnpike Commission, Series 2016 B                                                        | CUSIP: 709224QL6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003894.40   | 0.15%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board | Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Series 2025 | CUSIP: 592113CV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4075000 | PA      | $4086559.15   | 0.60%             | 2059-12-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| County of Lee                                                                             | County of Lee, Series 2026 A-2                                                                         | CUSIP: 523470JS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $536208.55    | 0.08%             | 2056-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Series 2025 A                                                                | CUSIP: 74439YFK2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $806159.93    | 0.12%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                          | Pennsylvania Turnpike Commission, Series 2025-2                                                        | CUSIP: 709225RH1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1109838.90   | 0.16%             | 2045-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                                              | District of Columbia Water & Sewer Authority, Series 2025 C-1                                          | CUSIP: 254845VV9<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.73%             | 2060-10-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health & Educational Facilities Authority of the State of Missouri, Series 2008 B                      | CUSIP: 6069014P8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1915000 | PA      | $1915000.00   | 0.28%             | 2035-10-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                            | Indiana Municipal Power Agency, Series 2019 B                                                          | CUSIP: 454898XD4<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.73%             | 2042-01-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| City of New York                                                                          | City of New York, Series 2014 I-3                                                                      | CUSIP: 64966SMQ6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.73%             | 2044-03-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Clairton Municipal Authority                                                              | Clairton Municipal Authority, Series 2024 B                                                            | CUSIP: 179630DD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1490242.87   | 0.22%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Series 2025 A                                                                | CUSIP: 74439YFH9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    475000 | PA      | $507096.61    | 0.07%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Puget Sound Regional Transit Authority                                            | Central Puget Sound Regional Transit Authority, Series 2016 S-1                                        | CUSIP: 155048DC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2580000 | PA      | $2617633.69   | 0.38%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                             | Main Street Natural Gas, Inc., Series 2025 A                                                           | CUSIP: 56035DJT0<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051367.40   | 0.15%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                               | New Hampshire Health and Education Facilities Authority Act, Series 2025 A                             | CUSIP: 64461XMH5<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3922152.15   | 0.57%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston                                                                           | City of Houston, Series 2025 A                                                                         | CUSIP: 442349JB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3172507.80   | 0.46%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore                                                                       | County of Baltimore, Series 2024                                                                       | CUSIP: 05914GFM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3867748.85   | 0.57%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Transportation & Infrastructure Corp.                                      | Virgin Islands Transportation & Infrastructure Corp., Series 2025                                      | CUSIP: 927686AE5<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |   1000000 | PA      | $1053618.60   | 0.15%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Gadsden                                                                           | City of Gadsden, Series 2025 A                                                                         | CUSIP: 362460VX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $176736.90    | 0.03%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                                  | San Antonio Water System, Series 2025 D                                                                | CUSIP: 79642GTU6<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.73%             | 2055-05-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                              | New Jersey Housing & Mortgage Finance Agency, Series 2025 D-2                                          | CUSIP: 646127FW5<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    810000 | PA      | $810972.49    | 0.12%             | 2029-07-01      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority, Series 2011                                     | CUSIP: 708692BF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009067.00   | 0.15%             | 2041-07-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                              | Commonwealth of Pennsylvania, Series 2016                                                              | CUSIP: 70914PE57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1273510.98   | 0.19%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Casino Reinvestment Development Authority, Inc.                                           | Casino Reinvestment Development Authority, Inc., Series 2024 A                                         | CUSIP: 14760RBE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093512.90   | 0.16%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, Series 2019                                                    | CUSIP: 13050RAA0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2330000 | PA      | $2338569.51   | 0.34%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana State University & Agricultural & Mechanical College                            | Louisiana State University & Agricultural & Mechanical College, Series 2026                            | CUSIP: 546540SR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1276520.49   | 0.19%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                                       | California State Public Works Board, Series 2023 C                                                     | CUSIP: 13068XHB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1655690.40   | 0.24%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                   | Port Authority of New York & New Jersey, Series 242                                                    | CUSIP: 73358XJV5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1550854.65   | 0.23%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                    | Virginia Housing Development Authority, Series 2025 G                                                  | CUSIP: 92812XRF1<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100027.06   | 0.16%             | 2056-07-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                            | Wayne County Airport Authority, Series 2025 G                                                          | CUSIP: 9445142U1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4307183.60   | 0.63%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis                                                                       | City of Minneapolis MN, Series 2025                                                                    | CUSIP: 603695JQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1340664.63   | 0.20%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                       | California Public Finance Authority, Series 2026 A                                                     | CUSIP: 13057EKC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1276716.63   | 0.19%             | 2031-11-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)                     | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2025                     | CUSIP: 718903RV1<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501646.25   | 0.22%             | 2059-02-01      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, Series 2025 2-A                                                    | CUSIP: 64985SBZ5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3197205.60   | 0.47%             | 2048-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Governors of Colorado State University System                                    | Board of Governors of Colorado State University System, Series 2023 A-2                                | CUSIP: 196707V67<br>LEI: 549300MAE3RAIIEIQV71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020209.90   | 0.15%             | 2048-03-01      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                         | City & County of Denver, Series 2018 A                                                                 | CUSIP: 249182LF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1561771.80   | 0.23%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                                     | School District of Philadelphia (The), Series 2019 A                                                   | CUSIP: 717883VW9<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052291.90   | 0.15%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia                                                                      | City of Philadelphia, Series 2025 C                                                                    | CUSIP: 717813C56<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    750000 | PA      | $818282.18    | 0.12%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Series 2025 A                                                                | CUSIP: 74439YFD8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    390000 | PA      | $398276.15    | 0.06%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hawaii Housing Finance & Development Corp.                                                | Hawaii Housing Finance & Development Corp., Series 2024                                                | CUSIP: 41981PCG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1508459.40   | 0.22%             | 2029-12-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, Series 2017 B, Class 2                                             | CUSIP: 64990FFZ2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2576681.50   | 0.38%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Racine Unified School District                                                            | Racine Unified School District, Series 2025 B                                                          | CUSIP: 750046TU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4089764.80   | 0.60%             | 2030-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                               | Connecticut State Health & Educational Facilities Authority, Series 2025 B-1                           | CUSIP: 20775DZS4<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2720010.00   | 0.40%             | 2064-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand River Dam Authority                                                                 | Grand River Dam Authority, Series 2016 A                                                               | CUSIP: 386442WP8<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1182213.92   | 0.17%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                    | Arkansas Development Finance Authority, Series 2026 A                                                  | CUSIP: 04110FAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $7965004.80   | 1.16%             | 2046-09-01      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health & Educational Facilities Authority of the State of Missouri, Series 2016                        | CUSIP: 60637AKS0<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1303528.72   | 0.19%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                             | New Jersey Turnpike Authority, Series 2024 A                                                           | CUSIP: 646140FN8<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2608846.75   | 0.38%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisa Industrial Development Authority                                                   | Louisa Industrial Development Authority, Series 2008 B                                                 | CUSIP: 546068AZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993990.20    | 0.15%             | 2035-11-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County (The)                                               | Development Authority of Burke County (The), Series 2013-1                                             | CUSIP: 121342QL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501631.00    | 0.07%             | 2053-11-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| County of Pitkin CO Solid Waste Center Enterprise Revenue                                 | County of Pitkin, Series 2026                                                                          | CUSIP: 724400AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $137715.46    | 0.02%             | 2029-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wilmington Housing Authority                                                              | Wilmington Housing Authority, Series 2025                                                              | CUSIP: 971696AK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1772924.49   | 0.26%             | 2044-05-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                                | Philadelphia Gas Works Co., Series 14                                                                  | CUSIP: 7178238L5<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   2425000 | PA      | $2451882.58   | 0.36%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuPage County Forest Preserve District                                                    | DuPage County Forest Preserve District, Series 2025                                                    | CUSIP: 262651VH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $855279.40    | 0.12%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Series 2025                                                  | CUSIP: 04062PDH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2590000 | PA      | $2576857.05   | 0.38%             | 2047-07-01      | Variable      | 2.76%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Airport System Revenue                                               | County of Broward FL, Series A                                                                         | CUSIP: 114894WA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003150.00   | 0.29%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Municipal Power Authority                                                        | Oklahoma Municipal Power Authority, Series 2025 A                                                      | CUSIP: 67910HSH4<br>LEI: 54930074Q1M8747DCS20 | Long             | DBT              | MUN               | US        |    350000 | PA      | $381719.56    | 0.06%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                                     | New York State Housing Finance Agency, Series 2024 A-2                                                 | CUSIP: 649870NG3<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    750000 | PA      | $752153.78    | 0.11%             | 2054-06-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Metropolitan District (The)                                                               | Metropolitan District (The), Series 2016C                                                              | CUSIP: 416489UE0<br>LEI: 549300CEZQKAR15IFS62 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2529746.75   | 0.37%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Alaska International Airports System                                             | State of Alaska International Airports System, Series 2025 A                                           | CUSIP: 011842UW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $370364.19    | 0.05%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority, Series 2019 B-1                                 | CUSIP: 708692BM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999923.90    | 0.15%             | 2049-04-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| South Dakota Health & Educational Facilities Authority                                    | South Dakota Health & Educational Facilities Authority, Series 2025 C-1                                | CUSIP: 83755VW75<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1956838.24   | 0.29%             | 2052-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                            | State of Texas, Series 2014 B                                                                          | CUSIP: 882725EF7<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2976203.70   | 0.43%             | 2041-10-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                               | Long Island Power Authority, Series 2025 B                                                             | CUSIP: 542691LD0<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1716442.14   | 0.25%             | 2055-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| University of Illinois                                                                    | University of Illinois, Series 2016 A                                                                  | CUSIP: 914353N29<br>LEI: 549300VD8PPC4Q5HK850 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 0.37%             | 2029-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| El Paso County Hospital District                                                          | El Paso County Hospital District, Series 2024                                                          | CUSIP: 283590HM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1501394.16   | 0.22%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                            | State of Texas, Series 2025 F                                                                          | CUSIP: 882725BY9<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    960000 | PA      | $964571.42    | 0.14%             | 2031-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority                                             | Massachusetts Educational Financing Authority, Series 2024 B                                           | CUSIP: 57563RTZ2<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    575000 | PA      | $610809.05    | 0.09%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma County Finance Authority                                                         | Oklahoma County Finance Authority, Series 2025                                                         | CUSIP: 67868UKE2<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1131495.94   | 0.17%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                                       | California State Public Works Board, Series 2024 B                                                     | CUSIP: 13068XLH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.15%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                             | North Texas Tollway Authority, Series 2023 A                                                           | CUSIP: 66285WM78<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017903.30   | 0.15%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp.                                                              | Alaska Housing Finance Corp., Series 2025-1                                                            | CUSIP: 011839U62<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    540000 | PA      | $533296.28    | 0.08%             | 2030-12-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                                   | New York City Housing Development Corp., Series 2026 A-2                                               | CUSIP: 64972KNM3<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4008375.60   | 0.59%             | 2065-11-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Missouri State Environmental Improvement & Energy Resources Authority                     | Missouri State Environmental Improvement & Energy Resources Authority, Series 2008                     | CUSIP: 606907BK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2530176.25   | 0.37%             | 2038-05-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| Oregon State Lottery                                                                      | Oregon State Lottery, Series 2025 A                                                                    | CUSIP: 68607V6C4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $545354.80    | 0.08%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Series 2025                                                         | CUSIP: 34061XAJ1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1680607.38   | 0.25%             | 2037-07-01      | Variable      | 4.45%                 | Yes           |                  2 | On Loan: No      |
| Dallas Independent School District                                                        | Dallas Independent School District, Series 2026 B                                                      | CUSIP: 235308Y23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5347922.00   | 0.78%             | 2056-02-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis                                                                       | City of Minneapolis MN, Series 2025                                                                    | CUSIP: 603695JP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1580284.65   | 0.23%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lawton Industrial Development Authority                                                   | Lawton Industrial Development Authority, Series 2025 B                                                 | CUSIP: 521005AU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225018.09    | 0.03%             | 2029-07-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                | Chicago Board of Education, Series 2025 B                                                              | CUSIP: 167505ZT6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2666586.25   | 0.39%             | 2032-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, Series 2019 B-2                                                  | CUSIP: 19648FJJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501529.70   | 0.22%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                          | California Health Facilities Financing Authority, Series 2024 A                                        | CUSIP: 13032UT40<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047708.90   | 0.15%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Housing Revenue                        | Wisconsin Housing & Economic Development Authority, Series 2024 B                                      | CUSIP: 9769045G3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1240666.43   | 0.18%             | 2055-11-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                          | Maricopa County Industrial Development Authority, Series 2025                                          | CUSIP: 566823UT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2466562.25   | 0.36%             | 2048-05-01      | Variable      | 2.81%                 | No            |                  2 | On Loan: No      |
| University of California College of the Law San Francisco                                 | University of California College of the Law, Series 2026                                               | CUSIP: 194248AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $124424.81    | 0.02%             | 2028-08-01      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                   | Municipal Electric Authority of Georgia, Series 2021 A                                                 | CUSIP: 62620HBB7<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1296005.17   | 0.19%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                         | Southeast Energy Authority A Cooperative District, Series 2025 E                                       | CUSIP: 84136HCT8<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5307693.00   | 0.78%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, Series 2017 A                                                  | CUSIP: 13048RAF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000181.60   | 0.15%             | 2044-12-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                      | State of Connecticut, Series 2025 A                                                                    | CUSIP: 20772KZV4<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    750000 | PA      | $802117.20    | 0.12%             | 2029-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                                    | Clifton Higher Education Finance Corp., Series 2019                                                    | CUSIP: 187145KF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1487185.69   | 0.22%             | 2031-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                                        | Dallas Independent School District, Series 2025 A                                                      | CUSIP: 235308Y31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $311181.98    | 0.05%             | 2055-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority, Series 2026 B                                   | CUSIP: 70870JKB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2162075.20   | 0.32%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Municipal Energy Acquisition Authority                                         | New Mexico Municipal Energy Acquisition Authority, Series 2025                                         | CUSIP: 647207BL2<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3163984.50   | 0.46%             | 2054-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                              | Michigan State Housing Development Authority, Series 2025 A-1                                          | CUSIP: 59465PFZ6<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1987741.00   | 0.29%             | 2031-10-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                                     | Utility Debt Securitization Authority, Series 2025 TE-2                                                | CUSIP: 91802RHT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3295303.80   | 0.48%             | 2032-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County Square Redevelopment Corp.                                                         | County Square Redevelopment Corp., Series 2025                                                         | CUSIP: 22259PBW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $544759.00    | 0.08%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Energy, Inc.                                                                  | Main Street Energy, Inc., Series 2025 D                                                                | CUSIP: 560354AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3459704.82   | 0.51%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Alabama Gas District (The)                                                          | Lower Alabama Gas District (The), Series 2016 A                                                        | CUSIP: 547804AA2<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1532400.75   | 0.22%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                                    | Oklahoma Development Finance Authority, Series 2016 D                                                  | CUSIP: 67884FQ41<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   2335000 | PA      | $2337731.72   | 0.34%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

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

**Signature:** James F. Kirchner

**Name of Signer:** James F. Kirchner

**Title:** Principal Financial Officer