# EDGAR Filing Document

**Accession Number:** 0000877463
**File Stem:** 0001752724-25-183717
**Filing Date:** 2025-7
**Character Count:** 449389
**Document Hash:** 1cd28a8729423f47e3af296f2420647b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-183717.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001752724-25-183717

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Invesco Municipal Trust
- **CENTRAL INDEX KEY:** 0000877463

**ORGANIZATION NAME:**
- **EIN:** 363779776
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06362
- **FILM NUMBER:** 251166468

**BUSINESS ADDRESS:**
- **STREET 1:** 1331 SPRING STREET N.W.
- **STREET 2:** SUITE 2500
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30309
- **BUSINESS PHONE:** 404-439-3217

**MAIL ADDRESS:**
- **STREET 1:** 1331 SPRING STREET N.W.
- **STREET 2:** SUITE 2500
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30309

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Invesco Van Kampen Municipal Trust
- **DATE OF NAME CHANGE:** 20100601

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VAN KAMPEN MUNICIPAL TRUST
- **DATE OF NAME CHANGE:** 19981006

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VAN KAMPEN AMERICAN CAPITAL MUNICIPAL TRUST
- **DATE OF NAME CHANGE:** 19960102

## Nport-Ex

**Schedule of Investments** 

*May 31, 2025*

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations–161.72%**<sup>(a)</sup>  | **Municipal Obligations–161.72%**<sup>(a)</sup>  | **Municipal Obligations–161.72%**<sup>(a)</sup>  | **Municipal Obligations–161.72%**<sup>(a)</sup>  | **Municipal Obligations–161.72%**<sup>(a)</sup>  |
| **Alabama–3.67%** | **Alabama–3.67%** | **Alabama–3.67%** | **Alabama–3.67%** | **Alabama–3.67%** |
| &nbsp;&nbsp;&nbsp; Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging); <br> Series 2016, RB<br>| 5.75% | 06/01/2045 | $225 | &nbsp;&nbsp; $197730 |
| Black Belt Energy Gas District (The); Series 2023 B, RB<sup>(b)</sup> <br>| 5.25% | 12/01/2030 | 1420 | &nbsp;&nbsp; 1503917 |
| Energy Southeast, A Cooperative District; Series 2024 B, RB<sup>(b)</sup> <br>| 5.25% | 06/01/2032 | 990 | &nbsp;&nbsp; 1048165 |
| &nbsp;&nbsp;&nbsp; Huntsville (City of), AL Special Care Facilities Financing Authority (Redstone Village); Series 2007, <br> RB (Acquired 12/17/2007-12/18/2007; Cost $1,503,463)<sup>(c)(d)</sup> <br>| 5.50% | 01/01/2043 | 1725 | &nbsp;&nbsp; 948750 |
| Jefferson (County of), AL; Series 2024, Ref. Revenue Wts. | 5.50% | 10/01/2053 | 3500 | &nbsp;&nbsp; 3587981 |
| Lower Alabama Gas District (The); Series 2016 A, RB | 5.00% | 09/01/2046 | 3745 | &nbsp;&nbsp; 3818712 |
| Southeast Energy Authority, A Cooperative District (No. 2); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021 B, RB<sup>(b)</sup> <br>| 4.00% | 12/01/2031 | 1495 | &nbsp;&nbsp; 1462693 |
| &nbsp;&nbsp;&nbsp; Series 2024 A, RB | 5.00% | 11/01/2035 | 1715 | &nbsp;&nbsp; 1770339 |
| &nbsp;&nbsp;&nbsp; Series 2025 A, RB<sup>(b)</sup> <br>| 5.00% | 06/01/2035 | 1130 | &nbsp;&nbsp; 1140322 |
| Southeast Energy Authority, A Cooperative District (No. 3); Series 2022 A-1, RB<sup>(b)</sup> <br>| 5.50% | 12/01/2029 | 1405 | &nbsp;&nbsp; 1482599 |
| &nbsp;&nbsp;&nbsp; Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. <br> IDR<sup>(e)</sup> <br>| 5.25% | 05/01/2044 | 825 | &nbsp;&nbsp; 812824 |
| University of South Alabama; Series 2024 A, Ref. RB (INS - BAM)<sup>(f)</sup> <br>| 5.25% | 04/01/2054 | 2290 | &nbsp;&nbsp; 2356355 |
|  |  |  |  | &nbsp;&nbsp; 20130387 |
| **Alaska–0.06%** | **Alaska–0.06%** | **Alaska–0.06%** | **Alaska–0.06%** | **Alaska–0.06%** |
| Northern Tobacco Securitization Corp.; Series 2021 A-1, Ref. RB | 4.00% | 06/01/2050 | 420 | &nbsp;&nbsp; 349937 |
| **Arizona–2.71%** | **Arizona–2.71%** | **Arizona–2.71%** | **Arizona–2.71%** | **Arizona–2.71%** |
| Arizona (State of) Industrial Development Authority; Series 2019-2A, Revenue Ctfs. | 3.63% | 05/20/2033 | 75 | &nbsp;&nbsp; 70627 |
| &nbsp;&nbsp;&nbsp; Arizona (State of) Industrial Development Authority (Leman Academy of Excellence); Series 2019 A, <br> RB<sup>(e)</sup> <br>| 5.00% | 07/01/2039 | 1195 | &nbsp;&nbsp; 1144501 |
| &nbsp;&nbsp;&nbsp; Arizona (State of) Industrial Development Authority (Leman Academy-Parker Colorado); <br> Series 2019, RB<sup>(e)</sup> <br>| 5.00% | 07/01/2049 | 500 | &nbsp;&nbsp; 446197 |
| &nbsp;&nbsp;&nbsp; Arizona (State of) Industrial Development Authority (Mater Academy of Nevada - Bonanza Campus); <br> Series 2020 A, RB<sup>(e)</sup> <br>| 5.00% | 12/15/2050 | 820 | &nbsp;&nbsp; 748445 |
| City of Mesa AZ Utility System Revenue; Series 2025, RB (INS-BAM)<sup>(f)(g)</sup> <br>| 5.00% | 07/01/2046 | 3010 | &nbsp;&nbsp; 3088534 |
| Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017, Ref. RB | 5.00% | 11/15/2030 | 1150 | &nbsp;&nbsp; 1030708 |
| &nbsp;&nbsp;&nbsp; Series 2017, Ref. RB | 5.00% | 11/15/2045 | 890 | &nbsp;&nbsp; 633730 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); <br> Series 2019, Ref. RB<sup>(e)</sup> <br>| 5.00% | 07/01/2049 | 225 | &nbsp;&nbsp; 208794 |
| &nbsp;&nbsp;&nbsp; Pima (County of), AZ Industrial Development Authority (The) (American Leadership Academy); <br> Series 2019, Ref. RB<sup>(e)</sup> <br>| 5.00% | 06/15/2052 | 360 | &nbsp;&nbsp; 317394 |
| &nbsp;&nbsp;&nbsp; Pima (County of), AZ Industrial Development Authority (The) (Grande Innovations Academy); <br> Series 2018, RB<sup>(e)</sup> <br>| 5.25% | 07/01/2048 | 1190 | &nbsp;&nbsp; 1096864 |
| Salt River Project Agricultural Improvement & Power District; Series 2025, RB<sup>(g)</sup> <br>| 5.00% | 01/01/2048 | 3300 | &nbsp;&nbsp; 3393763 |
| Salt Verde Financial Corp.; Series 2007, RB | 5.00% | 12/01/2037 | 2575 | &nbsp;&nbsp; 2665376 |
|  |  |  |  | &nbsp;&nbsp; 14844933 |
| **Arkansas–0.11%** | **Arkansas–0.11%** | **Arkansas–0.11%** | **Arkansas–0.11%** | **Arkansas–0.11%** |
| Arkansas (State of) Development Finance Authority (Baptist Memorial Health); Series 2020, Ref. RB | 5.00% | 09/01/2044 | 610 | &nbsp;&nbsp; 595209 |
| **California–12.45%** | **California–12.45%** | **California–12.45%** | **California–12.45%** | **California–12.45%** |
| Beverly Hills Unified School District (Election of 2008); Series 2009, GO Bonds<sup>(h)</sup> <br>| 0.00% | 08/01/2028 | 800 | &nbsp;&nbsp; 727495 |
| California (State of); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020, GO Bonds (INS - BAM)<sup>(f)</sup> <br>| 3.00% | 11/01/2050 | 1680 | &nbsp;&nbsp; 1254689 |
| &nbsp;&nbsp;&nbsp; Series 2023, GO Bonds<sup>(g)</sup> <br>| 5.25% | 09/01/2053 | 3300 | &nbsp;&nbsp; 3480279 |
| California (State of) Community Choice Financing Authority (Clean Energy); Series 2024, RB<sup>(b)</sup> <br>| 5.00% | 04/01/2032 | 1445 | &nbsp;&nbsp; 1517136 |
| California (State of) County Tobacco Securitization Agency; Series 2020 A, Ref. RB | 4.00% | 06/01/2037 | 275 | &nbsp;&nbsp; 262359 |
| &nbsp;&nbsp;&nbsp; California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset <br> Securitization Corp.); Series 2006 C, RB<sup>(h)</sup> <br>| 0.00% | 06/01/2055 | 11000 | &nbsp;&nbsp; 1054982 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco Municipal Trust**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |
| California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020 B-1, Ref. RB | 5.00% | 06/01/2049 | $15 | &nbsp;&nbsp; $14571 |
| &nbsp;&nbsp;&nbsp; Series 2020 B-2, Ref. RB<sup>(h)</sup> <br>| 0.00% | 06/01/2055 | 1670 | &nbsp;&nbsp; 303940 |
| California (State of) Health Facilities Financing Authority (PIH Health); Series 2020 A, RB | 4.00% | 06/01/2050 | 4185 | &nbsp;&nbsp; 3466489 |
| California (State of) Housing Finance Agency (Social Certificates); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Revenue Ctfs. (CEP - FHLMC) | 3.75% | 03/25/2035 | 3988 | &nbsp;&nbsp; 3938916 |
| &nbsp;&nbsp;&nbsp; Series 2023-1, RB | 4.38% | 09/20/2036 | 826 | &nbsp;&nbsp; 818545 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (California State Teachers' <br> Retirement System Headquarters Expansion) (Green Bonds); Series 2019, RB<br>| 5.00% | 08/01/2049 | 1940 | &nbsp;&nbsp; 1962554 |
| &nbsp;&nbsp;&nbsp; California (State of) Municipal Finance Authority (Bella Mente Montessori Academy); Series 2018 A, <br> RB<sup>(e)</sup> <br>| 5.00% | 06/01/2048 | 165 | &nbsp;&nbsp; 154283 |
| &nbsp;&nbsp;&nbsp; California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing); <br> Series 2018, RB<br>| 5.00% | 05/15/2037 | 1340 | &nbsp;&nbsp; 1366508 |
| California (State of) Municipal Finance Authority (Linxs APM); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018 A, RB<sup>(i)</sup> <br>| 5.00% | 12/31/2036 | 1675 | &nbsp;&nbsp; 1685258 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, RB<sup>(i)</sup> <br>| 5.00% | 12/31/2047 | 2010 | &nbsp;&nbsp; 1921782 |
| California (State of) Municipal Finance Authority (William Jessup University); Series 2019, Ref. RB<sup>(e)</sup> <br>| 5.00% | 08/01/2039 | 250 | &nbsp;&nbsp; 207807 |
| California (State of) Pollution Control Financing Authority (Plant Bonds); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2012, RB<sup>(e)(i)</sup> <br>| 5.00% | 07/01/2027 | 545 | &nbsp;&nbsp; 545384 |
| &nbsp;&nbsp;&nbsp; Series 2012, RB<sup>(e)(i)</sup> <br>| 5.00% | 07/01/2030 | 220 | &nbsp;&nbsp; 220120 |
| &nbsp;&nbsp;&nbsp; Series 2012, RB<sup>(e)(i)</sup> <br>| 5.00% | 07/01/2037 | 2280 | &nbsp;&nbsp; 2279837 |
| &nbsp;&nbsp;&nbsp; Series 2012, RB<sup>(e)(i)</sup> <br>| 5.00% | 11/21/2045 | 2675 | &nbsp;&nbsp; 2533520 |
| &nbsp;&nbsp;&nbsp; California (State of) Statewide Communities Development Authority (Loma Linda University Medical <br> Center); Series 2016 A, RB<sup>(e)</sup> <br>| 5.25% | 12/01/2056 | 1005 | &nbsp;&nbsp; 975868 |
| California Community Choice Financing Authority (Clean Energy) (Green Bonds); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024 E, RB<sup>(b)</sup> <br>| 5.00% | 09/01/2032 | 1030 | &nbsp;&nbsp; 1082051 |
| &nbsp;&nbsp;&nbsp; Series 2024, RB<sup>(b)</sup> <br>| 5.00% | 10/01/2032 | 1240 | &nbsp;&nbsp; 1292157 |
| California State University; Series 2019 A, RB<sup>(g)</sup> <br>| 5.00% | 11/01/2049 | 2120 | &nbsp;&nbsp; 2147088 |
| CSCDA Community Improvement Authority (Jefferson-Anaheim Social Bonds); Series 2021 A, RB<sup>(e)</sup> <br>| 3.13% | 08/01/2056 | 840 | &nbsp;&nbsp; 601578 |
| &nbsp;&nbsp;&nbsp; Daly (City of), CA Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); <br> Series 2007 C, Ref. RB<br>| 6.50% | 12/15/2047 | 365 | &nbsp;&nbsp; 364982 |
| Desert Community College District (Election of 2016); Series 2024, GO Bonds | 4.00% | 08/01/2051 | 855 | &nbsp;&nbsp; 778212 |
| Golden State Tobacco Securitization Corp.; Series 2021 B-2, Ref. RB<sup>(h)</sup> <br>| 0.00% | 06/01/2066 | 1535 | &nbsp;&nbsp; 165322 |
| Montebello Unified School District; Series 2022 B, GO Bonds (INS - AGI)<sup>(f)</sup> <br>| 5.00% | 08/01/2050 | 1235 | &nbsp;&nbsp; 1260001 |
| M-S-R Energy Authority; Series 2009 B, RB | 6.50% | 11/01/2039 | 585 | &nbsp;&nbsp; 690550 |
| Mt. San Antonio Community College District (Election of 2008); Series 2013 A, GO Bonds<sup>(j)</sup> <br>| 6.25% | 08/01/2043 | 2010 | &nbsp;&nbsp; 1925462 |
| Oxnard School District (Election of 2022); Series 2023 A, GO Bonds (INS - BAM)<sup>(f)</sup> <br>| 4.25% | 08/01/2053 | 3075 | &nbsp;&nbsp; 2769565 |
| Regents of the University of California Medical Center; Series 2022 P, RB<sup>(g)(k)</sup> <br>| 4.00% | 05/15/2053 | 5435 | &nbsp;&nbsp; 4701486 |
| Sacramento (City of), CA Unified School District; Series 2024 B, GO Bonds (INS - BAM)<sup>(f)</sup> <br>| 4.00% | 08/01/2048 | 1205 | &nbsp;&nbsp; 1084821 |
| Sacramento (County of), CA; Series 2024, RB | 5.25% | 07/01/2054 | 3000 | &nbsp;&nbsp; 3115725 |
| San Diego (County of), CA Regional Airport Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021 A, RB | 4.00% | 07/01/2051 | 2065 | &nbsp;&nbsp; 1835904 |
| &nbsp;&nbsp;&nbsp; Series 2021 A, RB | 5.00% | 07/01/2056 | 2010 | &nbsp;&nbsp; 2029488 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019 E, RB<sup>(i)</sup> <br>| 5.00% | 05/01/2038 | 680 | &nbsp;&nbsp; 691794 |
| &nbsp;&nbsp;&nbsp; Series 2019 E, RB<sup>(i)</sup> <br>| 5.00% | 05/01/2050 | 2360 | &nbsp;&nbsp; 2320318 |
| &nbsp;&nbsp;&nbsp; Series 2021 A, Ref. RB<sup>(i)</sup> <br>| 5.00% | 05/01/2036 | 610 | &nbsp;&nbsp; 633183 |
| Silicon Valley Tobacco Securitization Authority (Santa Clara); Series 2007 A, RB<sup>(h)</sup> <br>| 0.00% | 06/01/2041 | 3485 | &nbsp;&nbsp; 1242894 |
| Tender Option Bond Trust Receipts/Certificates; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025, RB<sup>(g)(i)(k)</sup> <br>| 5.00% | 07/01/2048 | 2475 | &nbsp;&nbsp; 2471159 |
| &nbsp;&nbsp;&nbsp; Series 2025, RB<sup>(g)(k)</sup> <br>| 5.00% | 08/15/2051 | 4285 | &nbsp;&nbsp; 4371999 |
|  |  |  |  | &nbsp;&nbsp; 68268061 |
| **Colorado–7.42%** | **Colorado–7.42%** | **Colorado–7.42%** | **Colorado–7.42%** | **Colorado–7.42%** |
| Arista Metropolitan District; Series 2023 A, Ref. GO Bonds (INS - BAM)<sup>(f)</sup> <br>| 4.50% | 12/01/2058 | 2340 | &nbsp;&nbsp; 2119524 |
| Aurora Highlands Community Authority Board; Series 2021 A, Ref. RB | 5.75% | 12/01/2051 | 840 | &nbsp;&nbsp; 769581 |
| Belford North Metropolitan District; Series 2020 A, GO Bonds | 5.50% | 12/01/2050 | 1040 | &nbsp;&nbsp; 894304 |
| Bromley Park Metropolitan District No. 2; Series 2023, Ref. GO Bonds (INS - BAM)<sup>(f)</sup> <br>| 5.38% | 12/01/2053 | 610 | &nbsp;&nbsp; 630957 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco Municipal Trust**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** |
| Centerra Metropolitan District No. 1 (In the City of Loveland); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017, RB<sup>(e)</sup> <br>| 5.00% | 12/01/2047 | $1680 | &nbsp;&nbsp; $1580829 |
| &nbsp;&nbsp;&nbsp; Series 2020 A, Ref. GO Bonds | 5.00% | 12/01/2051 | 670 | &nbsp;&nbsp; 623353 |
| &nbsp;&nbsp;&nbsp; Series 2022, RB | 6.50% | 12/01/2053 | 585 | &nbsp;&nbsp; 605810 |
| City & County of Denver CO Airport System Revenue; Series 2025, RB<sup>(g)(i)</sup> <br>| 5.00% | 11/15/2047 | 2500 | &nbsp;&nbsp; 2481137 |
| &nbsp;&nbsp;&nbsp; Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group); Series 2021 A, Ref. <br> RB<br>| 4.00% | 11/15/2050 | 745 | &nbsp;&nbsp; 626207 |
| &nbsp;&nbsp;&nbsp; Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group); <br> Series 2018 A, RB<br>| 5.00% | 11/15/2048 | 1670 | &nbsp;&nbsp; 1656827 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019 A-2, Ref. RB | 5.00% | 08/01/2044 | 1260 | &nbsp;&nbsp; 1241418 |
| &nbsp;&nbsp;&nbsp; Series 2019 A-2, Ref. RB | 4.00% | 08/01/2049 | 1675 | &nbsp;&nbsp; 1384562 |
| Colorado (State of) Health Facilities Authority (Volunteers of America Care); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2007 A, RB | 5.25% | 07/01/2027 | 185 | &nbsp;&nbsp; 185294 |
| &nbsp;&nbsp;&nbsp; Series 2007 A, RB | 5.30% | 07/01/2037 | 100 | &nbsp;&nbsp; 100163 |
| &nbsp;&nbsp;&nbsp; Colorado (State of) High Performance Transportation Enterprise (C-470 Express Lanes); <br> Series 2017, RB<br>| 5.00% | 12/31/2047 | 920 | &nbsp;&nbsp; 906931 |
| &nbsp;&nbsp;&nbsp; Colorado (State of) Southern Ute Indian Tribe of the Southern Ute Reservation; Series 2025 A, GO <br> Bonds<sup>(e)</sup> <br>| 5.00% | 04/01/2035 | 1285 | &nbsp;&nbsp; 1354734 |
| Colorado Crossing Metropolitan District No. 2; Series 2020 A-1, Ref. GO Bonds | 5.00% | 12/01/2047 | 500 | &nbsp;&nbsp; 458375 |
| Denver (City & County of), CO; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018 A, Ref. RB<sup>(i)</sup> <br>| 5.00% | 12/01/2048 | 5260 | &nbsp;&nbsp; 5166454 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, Ref. RB<sup>(i)</sup> <br>| 5.25% | 12/01/2048 | 1735 | &nbsp;&nbsp; 1743176 |
| &nbsp;&nbsp;&nbsp; Series 2018 A-2, RB<sup>(h)</sup> <br>| 0.00% | 08/01/2034 | 1325 | &nbsp;&nbsp; 890976 |
| &nbsp;&nbsp;&nbsp; Series 2022 A, RB<sup>(i)</sup> <br>| 5.00% | 11/15/2036 | 945 | &nbsp;&nbsp; 988143 |
| Great Western Metropolitan District; Series 2020, Ref. GO Bonds | 4.75% | 12/01/2050 | 460 | &nbsp;&nbsp; 384975 |
| Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 B, Ref. RB | 5.75% | 12/15/2050 | 1980 | &nbsp;&nbsp; 1976748 |
| Johnstown Plaza Metropolitan District; Series 2022, Ref. GO Bonds | 4.25% | 12/01/2046 | 758 | &nbsp;&nbsp; 634485 |
| Mulberry Metropolitan District No. 2; Series 2022, RB | 7.00% | 12/01/2034 | 755 | &nbsp;&nbsp; 767868 |
| North Range Metropolitan District No. 3; Series 2020 A, GO Bonds | 5.00% | 12/01/2040 | 500 | &nbsp;&nbsp; 490007 |
| Penrith Park Metropolitan District; Series 2025 A, Ref. GO Bonds (INS - BAM)<sup>(f)</sup> <br>| 4.75% | 12/01/2054 | 2240 | &nbsp;&nbsp; 2125061 |
| Rampart Range Metropolitan District No. 5; Series 2021, RB | 4.00% | 12/01/2051 | 500 | &nbsp;&nbsp; 391804 |
| Ritoro Metropolitan District; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025 A, Ref. GO Bonds (INS - AGI)<sup>(f)</sup> <br>| 5.00% | 12/01/2040 | 500 | &nbsp;&nbsp; 512735 |
| &nbsp;&nbsp;&nbsp; Series 2025 A, Ref. GO Bonds (INS - AGI)<sup>(f)</sup> <br>| 4.75% | 12/01/2054 | 1265 | &nbsp;&nbsp; 1194562 |
| Sky Ranch Community Authority Board; Series 2022 A, RB | 5.75% | 12/01/2052 | 500 | &nbsp;&nbsp; 458528 |
| Spring Valley Metropolitan District No. 3; Series 2025 A, Ref. GO Bonds (INS - AGI)<sup>(f)</sup> <br>| 4.63% | 12/01/2054 | 500 | &nbsp;&nbsp; 454602 |
| Village Metropolitan District (The); Series 2020, Ref. GO Bonds | 5.00% | 12/01/2040 | 550 | &nbsp;&nbsp; 539008 |
| Waterstone Metropolitan District No. 1; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025 A, Ref. GO Bonds (INS - AGI)<sup>(f)</sup> <br>| 5.25% | 12/01/2045 | 635 | &nbsp;&nbsp; 644839 |
| &nbsp;&nbsp;&nbsp; Series 2025 A, Ref. GO Bonds (INS - AGI)<sup>(f)</sup> <br>| 4.75% | 12/01/2054 | 860 | &nbsp;&nbsp; 810867 |
| White Buffalo Metropolitan District No. 3; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020, GO Bonds | 5.50% | 12/01/2050 | 500 | &nbsp;&nbsp; 478366 |
| &nbsp;&nbsp;&nbsp; Series 2023, GO Bonds | 8.00% | 12/15/2035 | 608 | &nbsp;&nbsp; 611840 |
| Windler Public Improvement Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021 A-1, RB | 4.13% | 12/01/2051 | 500 | &nbsp;&nbsp; 387215 |
| &nbsp;&nbsp;&nbsp; Series 2021 A-2, RB<sup>(j)</sup> <br>| 4.50% | 12/01/2041 | 2065 | &nbsp;&nbsp; 1439542 |
|  |  |  |  | &nbsp;&nbsp; 40711807 |
| **District of Columbia–2.72%** | **District of Columbia–2.72%** | **District of Columbia–2.72%** | **District of Columbia–2.72%** | **District of Columbia–2.72%** |
| District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB | 5.00% | 10/01/2045 | 660 | &nbsp;&nbsp; 603766 |
| District of Columbia Water & Sewer Authority (Green Bonds); Series 2022 C-1, RB | 4.00% | 10/01/2051 | 3370 | &nbsp;&nbsp; 2870563 |
| Metropolitan Washington Airports Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017, Ref. RB<sup>(i)</sup> <br>| 5.00% | 10/01/2042 | 2675 | &nbsp;&nbsp; 2646546 |
| &nbsp;&nbsp;&nbsp; Series 2019 B, Ref. RB | 4.00% | 10/01/2049 | 1675 | &nbsp;&nbsp; 1424872 |
| Tender Option Bond Trust Receipts/Certificates; Series 2025, RB<sup>(g)</sup> <br>| 5.25% | 05/01/2048 | 4970 | &nbsp;&nbsp; 5155650 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue; Series 2025, RB<sup>(g)(k)</sup> <br>| 5.25% | 07/15/2053 | 2185 | &nbsp;&nbsp; 2238266 |
|  |  |  |  | &nbsp;&nbsp; 14939663 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco Municipal Trust**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida–15.16%** | **Florida–15.16%** | **Florida–15.16%** | **Florida–15.16%** | **Florida–15.16%** |
| &nbsp;&nbsp;&nbsp; Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs); Series 2022 A, Ref. <br> RB (Acquired 01/25/2022; Cost $1,075,000)<sup>(c)(d)(e)</sup> <br>| 5.00% | 11/15/2061 | $1075 | &nbsp;&nbsp; $771415 |
| &nbsp;&nbsp;&nbsp; Brevard (County of), FL Health Facilities Authority (Health First Obligated Group); Series 2022 A, <br> Ref. RB<br>| 4.00% | 04/01/2052 | 505 | &nbsp;&nbsp; 414153 |
| Broward (County of), FL; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019 A, RB<sup>(i)</sup> <br>| 4.00% | 10/01/2049 | 770 | &nbsp;&nbsp; 655974 |
| &nbsp;&nbsp;&nbsp; Series 2019 A, RB<sup>(i)</sup> <br>| 5.00% | 10/01/2049 | 1325 | &nbsp;&nbsp; 1300177 |
| &nbsp;&nbsp;&nbsp; Series 2022 A, RB<sup>(g)(k)</sup> <br>| 4.00% | 10/01/2047 | 3350 | &nbsp;&nbsp; 3029994 |
| &nbsp;&nbsp;&nbsp; Series 2022, RB | 5.00% | 01/01/2047 | 1675 | &nbsp;&nbsp; 1722056 |
| Broward (County of), FL (Convention Center Expansion); Series 2021, RB | 4.00% | 09/01/2051 | 2475 | &nbsp;&nbsp; 2052422 |
| Cape Coral (City of), FL; Series 2023, Ref. RB (INS - BAM)<sup>(f)</sup> <br>| 5.60% | 03/01/2048 | 1215 | &nbsp;&nbsp; 1279784 |
| &nbsp;&nbsp;&nbsp; Collier (County of), FL Industrial Development Authority (The Arlington of Naples); Series 2014 A, RB <br> (Acquired 12/16/2013; Cost $947,089)<sup>(c)(d)(e)</sup> <br>| 7.75% | 05/15/2035 | 970 | &nbsp;&nbsp; 97 |
| County of Miami-Dade FL Transit System; Series 2025, RB<sup>(g)</sup> <br>| 5.00% | 07/01/2052 | 2345 | &nbsp;&nbsp; 2354660 |
| Davie (Town of), FL (Nova Southeastern University); Series 2018, Ref. RB | 5.00% | 04/01/2048 | 2665 | &nbsp;&nbsp; 2619557 |
| Florida (State of) Higher Educational Facilities Financial Authority (Rollins College); Series 2024, RB | 5.25% | 12/01/2054 | 2000 | &nbsp;&nbsp; 2058346 |
| Florida (State of) North Broward Hospital District; Series 2017 B, Ref. RB | 5.00% | 01/01/2042 | 1205 | &nbsp;&nbsp; 1191239 |
| Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024, Ref. RB<sup>(b)(e)(i)</sup> <br>| 12.00% | 07/15/2028 | 750 | &nbsp;&nbsp; 778784 |
| &nbsp;&nbsp;&nbsp; Series 2024, Ref. RB (INS - AGI)<sup>(f)(i)</sup> <br>| 5.00% | 07/01/2044 | 2845 | &nbsp;&nbsp; 2786580 |
| &nbsp;&nbsp;&nbsp; Series 2024, Ref. RB (INS - AGI)<sup>(f)(i)</sup> <br>| 5.25% | 07/01/2047 | 825 | &nbsp;&nbsp; 827554 |
| &nbsp;&nbsp;&nbsp; Series 2024, Ref. RB (INS - AGI)<sup>(f)(i)</sup> <br>| 5.25% | 07/01/2053 | 1000 | &nbsp;&nbsp; 984025 |
| &nbsp;&nbsp;&nbsp; Series 2024, Ref. RB<sup>(i)</sup> <br>| 5.50% | 07/01/2053 | 800 | &nbsp;&nbsp; 752111 |
| Fort Lauderdale (City of), FL; Series 2024, RB<sup>(g)</sup> <br>| 5.50% | 09/01/2053 | 2520 | &nbsp;&nbsp; 2671640 |
| Fort Lauderdale (City of), FL (Prospect Lake Water Treatment Plant); Series 2023, RB | 5.50% | 09/01/2053 | 1460 | &nbsp;&nbsp; 1547855 |
| Gainesville (City of), FL; Series 2012 B, Ref. VRD RB<sup>(l)</sup> <br>| 1.40% | 10/01/2042 | 2100 | &nbsp;&nbsp; 2100000 |
| Greater Orlando Aviation Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017 A, RB<sup>(i)</sup> <br>| 5.00% | 10/01/2052 | 685 | &nbsp;&nbsp; 669119 |
| &nbsp;&nbsp;&nbsp; Series 2019 A, RB<sup>(i)</sup> <br>| 4.00% | 10/01/2044 | 2500 | &nbsp;&nbsp; 2235165 |
| &nbsp;&nbsp;&nbsp; Series 2024, RB<sup>(i)</sup> <br>| 5.25% | 10/01/2048 | 1715 | &nbsp;&nbsp; 1745113 |
| Hillsborough (County of), FL; Series 2023, GO Bonds | 5.00% | 07/01/2053 | 1585 | &nbsp;&nbsp; 1625025 |
| Hillsborough (County of), FL Aviation Authority (Tampa International Airport); Series 2018 E, RB<sup>(i)</sup> <br>| 5.00% | 10/01/2048 | 2475 | &nbsp;&nbsp; 2430976 |
| Hillsborough County Industrial Development Authority; Series 2025, RB<sup>(g)</sup> <br>| 5.50% | 11/15/2054 | 3430 | &nbsp;&nbsp; 3612743 |
| JEA Water & Sewer System Revenue; Series 2025, RB<sup>(g)</sup> <br>| 5.25% | 10/01/2055 | 1715 | &nbsp;&nbsp; 1778421 |
| Lake (County of), FL (Lakeside at Waterman Village); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020 A, Ref. RB | 5.50% | 08/15/2040 | 705 | &nbsp;&nbsp; 678078 |
| &nbsp;&nbsp;&nbsp; Series 2020 A, Ref. RB | 5.75% | 08/15/2050 | 285 | &nbsp;&nbsp; 265048 |
| &nbsp;&nbsp;&nbsp; Series 2020 A, Ref. RB | 5.75% | 08/15/2055 | 1055 | &nbsp;&nbsp; 964582 |
| Lee (County of), FL; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021 B, RB<sup>(i)</sup> <br>| 5.00% | 10/01/2034 | 1030 | &nbsp;&nbsp; 1075024 |
| &nbsp;&nbsp;&nbsp; Series 2022, RB | 5.25% | 08/01/2049 | 2495 | &nbsp;&nbsp; 2541106 |
| Miami (City of) & Dade (County of), FL School Board (The); Series 2022 A, GO Bonds (INS - BAM)<sup>(f)</sup> <br>| 5.00% | 03/15/2052 | 1985 | &nbsp;&nbsp; 2002354 |
| Miami Beach (City of), FL; Series 2017, Ref. RB | 5.00% | 09/01/2047 | 1150 | &nbsp;&nbsp; 1158753 |
| Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center); Series 2014, Ref. RB | 5.00% | 11/15/2039 | 935 | &nbsp;&nbsp; 934960 |
| Miami-Dade (County of), FL; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017 B, Ref. RB<sup>(i)</sup> <br>| 5.00% | 10/01/2040 | 2275 | &nbsp;&nbsp; 2270932 |
| &nbsp;&nbsp;&nbsp; Series 2021, RB | 4.00% | 10/01/2048 | 3325 | &nbsp;&nbsp; 2928760 |
| &nbsp;&nbsp;&nbsp; Series 2022 A, Ref. RB<sup>(i)</sup> <br>| 5.25% | 10/01/2052 | 1275 | &nbsp;&nbsp; 1266998 |
| &nbsp;&nbsp;&nbsp; Series 2023 A, Ref. RB<sup>(i)</sup> <br>| 5.00% | 10/01/2047 | 840 | &nbsp;&nbsp; 814156 |
| &nbsp;&nbsp;&nbsp; Series 2025 A, RB<sup>(i)</sup> <br>| 5.50% | 10/01/2055 | 465 | &nbsp;&nbsp; 474711 |
| &nbsp;&nbsp;&nbsp; Subseries 2021 A-2, Ref. RB (INS - AGI)<sup>(f)</sup> <br>| 4.00% | 10/01/2049 | 2520 | &nbsp;&nbsp; 2196677 |
| Miami-Dade (County of), FL Expressway Authority; Series 2010 A, RB | 5.00% | 07/01/2040 | 2605 | &nbsp;&nbsp; 2604895 |
| &nbsp;&nbsp;&nbsp; Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group); Series 2025, <br> Ref. RB<br>| 5.25% | 10/01/2056 | 2915 | &nbsp;&nbsp; 2929586 |
| Osceola (County of), FL; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020 A-2, Ref. RB<sup>(h)</sup> <br>| 0.00% | 10/01/2050 | 2000 | &nbsp;&nbsp; 521211 |
| &nbsp;&nbsp;&nbsp; Series 2020 A-2, Ref. RB<sup>(h)</sup> <br>| 0.00% | 10/01/2052 | 450 | &nbsp;&nbsp; 103822 |
| &nbsp;&nbsp;&nbsp; Series 2020 A-2, Ref. RB<sup>(h)</sup> <br>| 0.00% | 10/01/2053 | 445 | &nbsp;&nbsp; 96991 |
| &nbsp;&nbsp;&nbsp; Series 2020 A-2, Ref. RB<sup>(h)</sup> <br>| 0.00% | 10/01/2054 | 385 | &nbsp;&nbsp; 79254 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco Municipal Trust**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** |
| Reunion East Community Development District; Series 2005, RB<sup>(c)</sup> <br>| 5.80% | 05/01/2036 | $235 | &nbsp;&nbsp; $2 |
| Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2022, RB | 4.00% | 07/01/2052 | 1340 | &nbsp;&nbsp; 1135635 |
| &nbsp;&nbsp;&nbsp; South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group); <br> Series 2017, Ref. RB<br>| 4.00% | 08/15/2047 | 840 | &nbsp;&nbsp; 713082 |
| Sterling Hill Community Development District; Series 2003 A, RB<sup>(m)(n)</sup> <br>| 6.20% | 05/01/2035 | 735 | &nbsp;&nbsp; 323568 |
| &nbsp;&nbsp;&nbsp; Sumter (County of), FL Industrial Development Authority (Central Florida Health Alliance); <br> Series 2014 A, RB<br>| 5.25% | 07/01/2044 | 1000 | &nbsp;&nbsp; 1000002 |
| Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.); Series 2016, RB | 5.00% | 12/01/2055 | 1350 | &nbsp;&nbsp; 1304240 |
| Tampa (City of), FL; Series 2020 A, RB<sup>(h)</sup> <br>| 0.00% | 09/01/2049 | 5620 | &nbsp;&nbsp; 1509638 |
| Tender Option Bond Trust Receipts/Certificates; Series 2025, RB<sup>(g)</sup> <br>| 5.50% | 10/01/2053 | 4965 | &nbsp;&nbsp; 5216874 |
|  |  |  |  | &nbsp;&nbsp; 83105924 |
| **Georgia–3.08%** | **Georgia–3.08%** | **Georgia–3.08%** | **Georgia–3.08%** | **Georgia–3.08%** |
| &nbsp;&nbsp;&nbsp; Brookhaven (City of), GA Development Authority (Children's Healthcare of Atlanta, Inc.); Series 2019 <br> A, RB<br>| 4.00% | 07/01/2044 | 3345 | &nbsp;&nbsp; 2972908 |
| Columbia (City of), GA (Wellstar Health System, Inc.); Series 2023, RAC | 5.13% | 04/01/2048 | 1095 | &nbsp;&nbsp; 1106030 |
| DeKalb (County of), GA Housing Authority (Park at 500); Series 2024, RB | 4.00% | 03/01/2034 | 1000 | &nbsp;&nbsp; 976339 |
| Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4); Series 2021 A, Ref. RB | 4.00% | 01/01/2046 | 660 | &nbsp;&nbsp; 585087 |
| &nbsp;&nbsp;&nbsp; Glynn (County of) & Brunswick (City of), GA Memorial Hospital Authority (Southeast Georgia Health <br> System); Series 2017, RAC<br>| 5.00% | 08/01/2047 | 3950 | &nbsp;&nbsp; 3868682 |
| Main Street Natural Gas, Inc.; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021 C, RB<sup>(b)</sup> <br>| 4.00% | 12/01/2028 | 1240 | &nbsp;&nbsp; 1241657 |
| &nbsp;&nbsp;&nbsp; Series 2022 C, RB<sup>(b)(e)</sup> <br>| 4.00% | 11/01/2027 | 1260 | &nbsp;&nbsp; 1252560 |
| &nbsp;&nbsp;&nbsp; Series 2024 B, RB<sup>(b)</sup> <br>| 5.00% | 03/01/2032 | 1650 | &nbsp;&nbsp; 1738434 |
| &nbsp;&nbsp;&nbsp; Series 2024 E, RB<sup>(b)</sup> <br>| 5.00% | 12/01/2032 | 3000 | &nbsp;&nbsp; 3126847 |
|  |  |  |  | &nbsp;&nbsp; 16868544 |
| **Hawaii–0.60%** | **Hawaii–0.60%** | **Hawaii–0.60%** | **Hawaii–0.60%** | **Hawaii–0.60%** |
| Hawaii (State of); Series 2025 B, RB | 5.00% | 07/01/2049 | 1265 | &nbsp;&nbsp; 1291554 |
| State of Hawaii Airports System Revenue; Series 2025, RB<sup>(g)(i)</sup> <br>| 5.50% | 07/01/2054 | 1930 | &nbsp;&nbsp; 2000623 |
|  |  |  |  | &nbsp;&nbsp; 3292177 |
| **Idaho–0.63%** | **Idaho–0.63%** | **Idaho–0.63%** | **Idaho–0.63%** | **Idaho–0.63%** |
| Idaho (State of) Health Facilities Authority (St. Luke's Health ystem); Series 2025, Ref. RB | 5.25% | 03/01/2050 | 945 | &nbsp;&nbsp; 963430 |
| Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017 A, Ref. RB | 5.00% | 11/15/2032 | 355 | &nbsp;&nbsp; 320991 |
| &nbsp;&nbsp;&nbsp; Series 2017 A, Ref. RB | 5.25% | 11/15/2037 | 500 | &nbsp;&nbsp; 422683 |
| Idaho (State of) Housing & Finance Association; Series 2024, RB | 5.00% | 08/15/2048 | 1680 | &nbsp;&nbsp; 1734797 |
|  |  |  |  | &nbsp;&nbsp; 3441901 |
| **Illinois–4.52%** | **Illinois–4.52%** | **Illinois–4.52%** | **Illinois–4.52%** | **Illinois–4.52%** |
| Chicago (City of), IL; Series 2017 A, Ref. GO Bonds | 6.00% | 01/01/2038 | 2025 | &nbsp;&nbsp; 2061296 |
| Chicago (City of), IL (Diversey/Narragansett); Series 2006, COP<sup>(m)</sup> <br>| 7.46% | 02/15/2026 | 319 | &nbsp;&nbsp; 223387 |
| Chicago (City of), IL (O'Hare International Airport); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017 D, RB | 5.00% | 01/01/2052 | 1465 | &nbsp;&nbsp; 1454568 |
| &nbsp;&nbsp;&nbsp; Series 2024 A, RB<sup>(i)</sup> <br>| 5.50% | 01/01/2059 | 2160 | &nbsp;&nbsp; 2226393 |
| Chicago (City of), IL Board of Education; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017 H, GO Bonds | 5.00% | 12/01/2036 | 1705 | &nbsp;&nbsp; 1656004 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, Ref. GO Bonds | 5.00% | 12/01/2035 | 750 | &nbsp;&nbsp; 742470 |
| Chicago (City of), IL Park District; Series 2020 D, GO Bonds (INS - BAM)<sup>(f)</sup> <br>| 4.00% | 01/01/2038 | 1330 | &nbsp;&nbsp; 1246273 |
| Chicago (City of), IL Transit Authority; Series 2024 A, Ref. RB | 5.00% | 12/01/2049 | 2400 | &nbsp;&nbsp; 2394876 |
| Gilberts (Village of), IL Special Service Area No. 24 (The Conservancy); Subseries 2014 A, RB | 5.38% | 03/01/2034 | 460 | &nbsp;&nbsp; 428614 |
| Illinois (State of); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2016, GO Bonds | 5.00% | 11/01/2036 | 1120 | &nbsp;&nbsp; 1128754 |
| &nbsp;&nbsp;&nbsp; Series 2017 C, GO Bonds | 5.00% | 11/01/2029 | 265 | &nbsp;&nbsp; 273450 |
| &nbsp;&nbsp;&nbsp; Series 2017 D, GO Bonds | 5.00% | 11/01/2026 | 1115 | &nbsp;&nbsp; 1142260 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, GO Bonds | 5.00% | 05/01/2030 | 1225 | &nbsp;&nbsp; 1270783 |
| &nbsp;&nbsp;&nbsp; Series 2020, GO Bonds | 5.50% | 05/01/2039 | 1385 | &nbsp;&nbsp; 1449930 |
| Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB<sup>(i)</sup> <br>| 8.00% | 06/01/2032 | 360 | &nbsp;&nbsp; 360373 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco Municipal Trust**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** |
| Illinois (State of) Finance Authority (Lutheran Communities Obligated Group); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019 A, Ref. RB (Acquired 11/27/2019; Cost $62,305)<sup>(d)</sup> <br>| 5.00% | 11/01/2040 | $60 | &nbsp;&nbsp; $40200 |
| &nbsp;&nbsp;&nbsp; Series 2019 A, Ref. RB (Acquired 04/14/2020-10/05/2022; Cost $1,024,957)<sup>(d)</sup> <br>| 5.00% | 11/01/2049 | 1220 | &nbsp;&nbsp; 817400 |
| Illinois (State of) Finance Authority (Mercy Health Corp.); Series 2016, Ref. RB | 5.00% | 12/01/2046 | 4075 | &nbsp;&nbsp; 4025685 |
| Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2016, RB | 5.13% | 05/15/2060 | 875 | &nbsp;&nbsp; 628268 |
| Illinois (State of) Sports Facilities Authority (The); Series 2014, Ref. RB (INS - AGI)<sup>(f)</sup> <br>| 5.25% | 06/15/2031 | 1205 | &nbsp;&nbsp; 1206962 |
|  |  |  |  | &nbsp;&nbsp; 24777946 |
| **Indiana–1.20%** | **Indiana–1.20%** | **Indiana–1.20%** | **Indiana–1.20%** | **Indiana–1.20%** |
| Fishers Town Hall Building Corp.; Series 2023 A, RB (INS - BAM)<sup>(f)</sup> <br>| 5.63% | 07/15/2053 | 2435 | &nbsp;&nbsp; 2632343 |
| Indiana (State of) Finance Authority (Indiana University Health Obligated Group); Series 2019 A, RB | 4.00% | 12/01/2049 | 2410 | &nbsp;&nbsp; 2054379 |
| Indiana (State of) Finance Authority (US Steel Corp.); Series 2012, RB<sup>(i)</sup> <br>| 5.75% | 08/01/2042 | 240 | &nbsp;&nbsp; 239996 |
| Northern Indiana Commuter Transportation District; Series 2024, RB | 5.00% | 01/01/2054 | 1010 | &nbsp;&nbsp; 1020822 |
| Whiting (City of), IN (BP Products North America, Inc.); Series 2015, RB<sup>(b)(i)</sup> <br>| 4.40% | 06/10/2031 | 620 | &nbsp;&nbsp; 627920 |
|  |  |  |  | &nbsp;&nbsp; 6575460 |
| **Iowa–1.50%** | **Iowa–1.50%** | **Iowa–1.50%** | **Iowa–1.50%** | **Iowa–1.50%** |
| Iowa (State of) Board of Regents (University of Iowa Hospital & Clinics); Series 2022 B, RB | 3.00% | 09/01/2056 | 615 | &nbsp;&nbsp; 407560 |
| Iowa (State of) Finance Authority (Alcoa, Inc.); Series 2012, RB | 4.75% | 08/01/2042 | 1245 | &nbsp;&nbsp; 1190500 |
| Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB<sup>(b)(o)</sup> <br>| 5.00% | 12/01/2032 | 2740 | &nbsp;&nbsp; 3082038 |
| Iowa (State of) Tobacco Settlement Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021 A-2, Ref. RB | 4.00% | 06/01/2034 | 1300 | &nbsp;&nbsp; 1286090 |
| &nbsp;&nbsp;&nbsp; Series 2021 A-2, Ref. RB | 4.00% | 06/01/2049 | 300 | &nbsp;&nbsp; 254987 |
| &nbsp;&nbsp;&nbsp; Series 2021 B-1, Ref. RB | 4.00% | 06/01/2049 | 155 | &nbsp;&nbsp; 155000 |
| PEFA, Inc.; Series 2019, RB<sup>(b)</sup> <br>| 5.00% | 09/01/2026 | 1805 | &nbsp;&nbsp; 1824986 |
|  |  |  |  | &nbsp;&nbsp; 8201161 |
| **Kentucky–2.25%** | **Kentucky–2.25%** | **Kentucky–2.25%** | **Kentucky–2.25%** | **Kentucky–2.25%** |
| Henderson (City of), KY (Pratt Paper LLC); Series 2022 A, RB<sup>(e)(i)</sup> <br>| 4.70% | 01/01/2052 | 670 | &nbsp;&nbsp; 596980 |
| &nbsp;&nbsp;&nbsp; Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, <br> Inc.); Series 2017 A, Ref. RB (INS - AGI)<sup>(f)</sup> <br>| 5.00% | 12/01/2047 | 530 | &nbsp;&nbsp; 520947 |
| &nbsp;&nbsp;&nbsp; Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky <br> Information Highway);<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2015 A, RB | 5.00% | 07/01/2037 | 1110 | &nbsp;&nbsp; 1110408 |
| &nbsp;&nbsp;&nbsp; Series 2015 A, RB | 5.00% | 07/01/2040 | 985 | &nbsp;&nbsp; 985057 |
| &nbsp;&nbsp;&nbsp; Series 2015 A, RB | 5.00% | 01/01/2045 | 1335 | &nbsp;&nbsp; 1334625 |
| &nbsp;&nbsp;&nbsp; Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.); <br> Series 2017 A, Ref. RB<br>| 5.25% | 06/01/2041 | 1265 | &nbsp;&nbsp; 1266619 |
| Kentucky (Commonwealth of) Public Energy Authority; Series 2023 A-1, Ref. RB<sup>(b)</sup> <br>| 5.25% | 02/01/2032 | 1650 | &nbsp;&nbsp; 1746611 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Sewer District; Series 2023 C, Ref. RB | 5.00% | 05/15/2051 | 610 | &nbsp;&nbsp; 621955 |
| Louisville (City of) & Jefferson (County of), KY Sewer District; Series 2023 C, Ref. RB | 5.00% | 05/15/2053 | 4060 | &nbsp;&nbsp; 4132613 |
|  |  |  |  | &nbsp;&nbsp; 12315815 |
| **Louisiana–1.95%** | **Louisiana–1.95%** | **Louisiana–1.95%** | **Louisiana–1.95%** | **Louisiana–1.95%** |
| Louisiana (State of); Series 2023 A-1, Ref. VRD RB (LOC - Toronto-dominion Bank)<sup>(l)(p)</sup> <br>| 1.45% | 05/01/2043 | 5000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp; Louisiana (State of) Local Government Environmental Facilities & Community Development Authority <br> (St. James Parish Gomesa); Series 2019, RB<sup>(e)</sup> <br>| 3.90% | 11/01/2044 | 760 | &nbsp;&nbsp; 643992 |
| Louisiana (State of) Public Facilities Authority (I-10 Calcasieu River Bridge); Series 2024, RB<sup>(i)</sup> <br>| 5.75% | 09/01/2064 | 2660 | &nbsp;&nbsp; 2745698 |
| Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation); Series 2025, Ref. RB | 5.50% | 05/15/2050 | 1715 | &nbsp;&nbsp; 1793883 |
| &nbsp;&nbsp;&nbsp; New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System); <br> Series 2018 A, RB (INS - AGI)<sup>(f)</sup> <br>| 5.00% | 10/01/2048 | 495 | &nbsp;&nbsp; 497892 |
|  |  |  |  | &nbsp;&nbsp; 10681465 |
| **Maryland–2.96%** | **Maryland–2.96%** | **Maryland–2.96%** | **Maryland–2.96%** | **Maryland–2.96%** |
| Brunswick (City of), MD (Brunswick Crossing); Series 2019, RB | 5.00% | 07/01/2036 | 384 | &nbsp;&nbsp; 385168 |
| Howard (County of), MD Housing Commission (Social Bonds); Series 2024, RB | 4.13% | 12/01/2043 | 1000 | &nbsp;&nbsp; 900608 |
| &nbsp;&nbsp;&nbsp; Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health); Series 2017 A, <br> RB<br>| 5.00% | 05/15/2045 | 995 | &nbsp;&nbsp; 970197 |
| &nbsp;&nbsp;&nbsp; Maryland (State of) Health & Higher Educational Facilities Authority (Stevenson University); <br> Series 2021 A, Ref. RB<br>| 4.00% | 06/01/2041 | 375 | &nbsp;&nbsp; 324259 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco Municipal Trust**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Maryland–(continued)** | **Maryland–(continued)** | **Maryland–(continued)** | **Maryland–(continued)** | **Maryland–(continued)** |
| Maryland Economic Development Corp. (Green Bonds); Series 2022, RB<sup>(i)</sup> <br>| 5.25% | 06/30/2052 | $1540 | &nbsp;&nbsp; $1503263 |
| &nbsp;&nbsp;&nbsp; Prince George's (County of), MD (Collington Episcopal Life Care Community, Inc.); Series 2017, Ref. <br> RB<br>| 5.00% | 04/01/2029 | 905 | &nbsp;&nbsp; 906310 |
| Washington (State of) Suburban Sanitary Commission; Series 2015 B, VRD RB<sup>(l)</sup> <br>| 1.55% | 06/01/2027 | 11230 | &nbsp;&nbsp; 11230000 |
|  |  |  |  | &nbsp;&nbsp; 16219805 |
| **Massachusetts–2.98%** | **Massachusetts–2.98%** | **Massachusetts–2.98%** | **Massachusetts–2.98%** | **Massachusetts–2.98%** |
| Massachusetts (Commonwealth of); Series 2024, RB<sup>(g)</sup> <br>| 5.00% | 06/01/2053 | 4585 | &nbsp;&nbsp; 4663464 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green <br> Bopnds); Series 2023, Ref. RB<br>| 5.25% | 07/01/2048 | 1455 | &nbsp;&nbsp; 1441273 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Boston University); Series 2008 <br> U-6C, VRD RB (LOC - TD Bank, N.A.)<sup>(l)(p)</sup> <br>| 1.00% | 10/01/2042 | 5000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Massachusetts Institute of <br> Technology); Series 2002 K, RB<sup>(g)</sup> <br>| 5.50% | 07/01/2032 | 2500 | &nbsp;&nbsp; 2913203 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Milford Regional Medical Center); <br> Series 2020, Ref. RB<sup>(b)(o)</sup> <br>| 5.00% | 07/15/2030 | 245 | &nbsp;&nbsp; 266875 |
| Massachusetts (Commonwealth of) Port Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019 A, Ref. RB<sup>(i)</sup> <br>| 5.00% | 07/01/2040 | 1000 | &nbsp;&nbsp; 1014831 |
| &nbsp;&nbsp;&nbsp; Series 2021 E, RB<sup>(i)</sup> <br>| 5.00% | 07/01/2046 | 1060 | &nbsp;&nbsp; 1055855 |
|  |  |  |  | &nbsp;&nbsp; 16355501 |
| **Michigan–3.58%** | **Michigan–3.58%** | **Michigan–3.58%** | **Michigan–3.58%** | **Michigan–3.58%** |
| Academy of Warren; Series 2020 A, RB<sup>(e)</sup> <br>| 5.50% | 05/01/2050 | 250 | &nbsp;&nbsp; 221357 |
| Lansing (City of), MI; Series 2024<sup>(g)</sup> <br>| 5.25% | 07/01/2054 | 3575 | &nbsp;&nbsp; 3712905 |
| Michigan (State of); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023, RB | 5.00% | 11/15/2046 | 2800 | &nbsp;&nbsp; 2901178 |
| &nbsp;&nbsp;&nbsp; Series 2024, RB<sup>(g)</sup> <br>| 5.50% | 11/15/2049 | 3120 | &nbsp;&nbsp; 3302066 |
| Michigan (State of) Finance Authority (Landmark Academy); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020, Ref. RB | 5.00% | 06/01/2035 | 295 | &nbsp;&nbsp; 292367 |
| &nbsp;&nbsp;&nbsp; Series 2020, Ref. RB | 5.00% | 06/01/2045 | 490 | &nbsp;&nbsp; 446397 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group); Series 2017, Ref. RB | 5.00% | 12/01/2046 | 3770 | &nbsp;&nbsp; 3741421 |
| Michigan (State of) Housing Development Authority; Series 2023 A, RB | 5.10% | 10/01/2053 | 1950 | &nbsp;&nbsp; 1962383 |
| Michigan (State of) Strategic Fund (Green Bonds); Series 2021, RB<sup>(b)(i)</sup> <br>| 4.00% | 10/01/2026 | 2520 | &nbsp;&nbsp; 2504630 |
| Michigan (State of) Strategic Fund (I-75 Improvement Project); Series 2018, RB<sup>(i)</sup> <br>| 5.00% | 06/30/2030 | 545 | &nbsp;&nbsp; 564105 |
|  |  |  |  | &nbsp;&nbsp; 19648809 |
| **Minnesota–0.37%** | **Minnesota–0.37%** | **Minnesota–0.37%** | **Minnesota–0.37%** | **Minnesota–0.37%** |
| Bethel (City of), MN (Spectrum High School); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017 A, Ref. RB | 4.25% | 07/01/2047 | 305 | &nbsp;&nbsp; 258717 |
| &nbsp;&nbsp;&nbsp; Series 2017 A, Ref. RB | 4.38% | 07/01/2052 | 500 | &nbsp;&nbsp; 414530 |
| &nbsp;&nbsp;&nbsp; Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group); <br> Series 2018, Ref. RB<br>| 5.00% | 02/15/2048 | 595 | &nbsp;&nbsp; 584337 |
| &nbsp;&nbsp;&nbsp; St. Paul (City of), MN Housing & Redevelopment Authority (Higher Ground Academy); Series 2023, <br> Ref. RB<br>| 5.50% | 12/01/2057 | 500 | &nbsp;&nbsp; 493039 |
| &nbsp;&nbsp;&nbsp; St. Paul (City of), MN Housing & Redevelopment Authority (Hope Community Academy); Series 2020, <br> RB<br>| 5.00% | 12/01/2055 | 425 | &nbsp;&nbsp; 287226 |
|  |  |  |  | &nbsp;&nbsp; 2037849 |
| **Mississippi–0.28%** | **Mississippi–0.28%** | **Mississippi–0.28%** | **Mississippi–0.28%** | **Mississippi–0.28%** |
| Mississippi (State of) Development Bank (Greenwood Leflore); Series 2025, RB (INS - BAM)<sup>(f)</sup> <br>| 5.25% | 03/01/2055 | 855 | &nbsp;&nbsp; 864286 |
| Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 2021, RB | 2.38% | 06/01/2044 | 1120 | &nbsp;&nbsp; 674370 |
|  |  |  |  | &nbsp;&nbsp; 1538656 |
| **Missouri–2.05%** | **Missouri–2.05%** | **Missouri–2.05%** | **Missouri–2.05%** | **Missouri–2.05%** |
| Kansas City (City of), MO Industrial Development Authority (Downtown Redevelopment District); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2011 A, Ref. RB | 5.50% | 09/01/2027 | 750 | &nbsp;&nbsp; 752814 |
| &nbsp;&nbsp;&nbsp; Series 2011 A, Ref. RB | 5.50% | 09/01/2028 | 1515 | &nbsp;&nbsp; 1520685 |
| Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019 B, RB<sup>(i)</sup> <br>| 5.00% | 03/01/2046 | 4740 | &nbsp;&nbsp; 4667462 |
| &nbsp;&nbsp;&nbsp; Series 2019 B, RB (INS - AGI)<sup>(f)(i)</sup> <br>| 5.00% | 03/01/2049 | 1005 | &nbsp;&nbsp; 993190 |
| Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights); Series 2017 A, Ref. RB | 5.25% | 05/15/2050 | 510 | &nbsp;&nbsp; 423659 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco Municipal Trust**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Missouri–(continued)** | **Missouri–(continued)** | **Missouri–(continued)** | **Missouri–(continued)** | **Missouri–(continued)** |
| &nbsp;&nbsp;&nbsp; Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2019, <br> Ref. RB<br>| 5.00% | 02/01/2048 | $330 | &nbsp;&nbsp; $312304 |
| &nbsp;&nbsp;&nbsp; St. Louis (County of), MO Industrial Development Authority (Friendship Village West County); <br> Series 2018 A, RB<br>| 5.00% | 09/01/2038 | 1845 | &nbsp;&nbsp; 1851273 |
| &nbsp;&nbsp;&nbsp; Taney (County of), MO Industrial Development Authority (Big Cedar Infrastructure); Series 2023, <br> RB<sup>(e)</sup> <br>| 6.00% | 10/01/2049 | 770 | &nbsp;&nbsp; 733687 |
|  |  |  |  | &nbsp;&nbsp; 11255074 |
| **Nebraska–1.44%** | **Nebraska–1.44%** | **Nebraska–1.44%** | **Nebraska–1.44%** | **Nebraska–1.44%** |
| Central Plains Energy Project (No. 3); Series 2017 A, Ref. RB | 5.00% | 09/01/2042 | 3740 | &nbsp;&nbsp; 3834531 |
| Central Plains Energy Project (No. 5); Series 2022-1, RB<sup>(b)</sup> <br>| 5.00% | 10/01/2029 | 825 | &nbsp;&nbsp; 851156 |
| Nebraska Investment Finance Authority (Social Bonds); Series 2023 G, RB (CEP - GNMA) | 5.35% | 09/01/2048 | 1030 | &nbsp;&nbsp; 1054297 |
| Omaha (City of), NE Public Power District; Series 2022, RB<sup>(g)(k)</sup> <br>| 5.25% | 02/01/2052 | 2075 | &nbsp;&nbsp; 2136588 |
|  |  |  |  | &nbsp;&nbsp; 7876572 |
| **Nevada–1.14%** | **Nevada–1.14%** | **Nevada–1.14%** | **Nevada–1.14%** | **Nevada–1.14%** |
| Clark (County of), NV Water Reclamation District; Series 2024, GO Bonds<sup>(g)</sup> <br>| 5.00% | 07/01/2053 | 5185 | &nbsp;&nbsp; 5280914 |
| &nbsp;&nbsp;&nbsp; Nevada (State of) Department of Business & Industry (Brightline West Passenger Rail) (Green Bonds); <br> Series 2025, RB<sup>(b)(e)(i)</sup> <br>| 9.50% | 01/01/2033 | 1030 | &nbsp;&nbsp; 982882 |
|  |  |  |  | &nbsp;&nbsp; 6263796 |
| **New Hampshire–0.52%** | **New Hampshire–0.52%** | **New Hampshire–0.52%** | **New Hampshire–0.52%** | **New Hampshire–0.52%** |
| New Hampshire (State of) Business Finance Authority; Series 2020-1A, RB | 4.13% | 01/20/2034 | 294 | &nbsp;&nbsp; 289126 |
| New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022-1A, RB | 4.38% | 09/20/2036 | 1606 | &nbsp;&nbsp; 1558304 |
| New Hampshire (State of) Housing Finance Authority (Social Bonds); Series 2023 D, RB (CEP - GNMA) | 5.13% | 07/01/2053 | 1000 | &nbsp;&nbsp; 1000169 |
|  |  |  |  | &nbsp;&nbsp; 2847599 |
| **New Jersey–8.11%** | **New Jersey–8.11%** | **New Jersey–8.11%** | **New Jersey–8.11%** | **New Jersey–8.11%** |
| East Orange (City of), NJ Board of Education; Series 1998, COP (INS - AGI)<sup>(f)(h)</sup> <br>| 0.00% | 02/01/2028 | 2850 | &nbsp;&nbsp; 2588657 |
| Essex (County of), NJ Improvement Authority; Series 2004, Ref. RB (INS - NATL)<sup>(f)</sup> <br>| 5.50% | 10/01/2028 | 1000 | &nbsp;&nbsp; 1086205 |
| Garden State Preservation Trust; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2003 B, RB (INS - AGI)<sup>(f)(h)</sup> <br>| 0.00% | 11/01/2025 | 2000 | &nbsp;&nbsp; 1971333 |
| &nbsp;&nbsp;&nbsp; Series 2005 A, RB (INS - AGI)<sup>(f)</sup> <br>| 5.75% | 11/01/2028 | 820 | &nbsp;&nbsp; 860629 |
| New Jersey (State of) Economic Development Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2004 A, RB (INS - BHAC)<sup>(f)(g)</sup> <br>| 5.25% | 07/01/2026 | 7000 | &nbsp;&nbsp; 7163623 |
| &nbsp;&nbsp;&nbsp; Series 2005 N-1, Ref. RB (INS - AMBAC)<sup>(f)</sup> <br>| 5.50% | 09/01/2026 | 1500 | &nbsp;&nbsp; 1545539 |
| New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 1999, RB<sup>(i)</sup> <br>| 5.25% | 09/15/2029 | 390 | &nbsp;&nbsp; 390108 |
| &nbsp;&nbsp;&nbsp; Series 2012, RB<sup>(i)</sup> <br>| 5.75% | 09/15/2027 | 400 | &nbsp;&nbsp; 400286 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Economic Development Authority (Kapkowski Road Landfill); Series 2002, Ref. <br> RB<br>| 5.75% | 04/01/2031 | 1000 | &nbsp;&nbsp; 982873 |
| New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2013, RB<sup>(i)</sup> <br>| 5.13% | 01/01/2034 | 1250 | &nbsp;&nbsp; 1250441 |
| &nbsp;&nbsp;&nbsp; Series 2013, RB<sup>(i)</sup> <br>| 5.38% | 01/01/2043 | 1250 | &nbsp;&nbsp; 1250329 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group); <br> Series 2017, RB<br>| 4.00% | 07/01/2047 | 3835 | &nbsp;&nbsp; 3358944 |
| New Jersey (State of) Transportation Trust Fund Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2009 A, RB<sup>(h)</sup> <br>| 0.00% | 12/15/2039 | 6000 | &nbsp;&nbsp; 3063318 |
| &nbsp;&nbsp;&nbsp; Series 2010 A, RB<sup>(h)</sup> <br>| 0.00% | 12/15/2030 | 1600 | &nbsp;&nbsp; 1313064 |
| &nbsp;&nbsp;&nbsp; Series 2010 A, RB<sup>(h)</sup> <br>| 0.00% | 12/15/2031 | 3000 | &nbsp;&nbsp; 2365799 |
| &nbsp;&nbsp;&nbsp; Series 2022, RB<sup>(b)(o)</sup> <br>| 5.25% | 12/15/2032 | 735 | &nbsp;&nbsp; 844207 |
| &nbsp;&nbsp;&nbsp; Series 2022, RB | 5.25% | 06/15/2046 | 695 | &nbsp;&nbsp; 712839 |
| &nbsp;&nbsp;&nbsp; Series 2024 CC, RB | 5.25% | 06/15/2055 | 1265 | &nbsp;&nbsp; 1295148 |
| New Jersey (State of) Turnpike Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2005 A, Ref. RB (INS - AGI)<sup>(f)</sup> <br>| 5.25% | 01/01/2027 | 705 | &nbsp;&nbsp; 732267 |
| &nbsp;&nbsp;&nbsp; Series 2025 A, RB | 5.25% | 01/01/2050 | 1275 | &nbsp;&nbsp; 1330647 |
| Rahway Valley Sewerage Authority (The); Series 2005 A, RB (INS - NATL)<sup>(f)(h)</sup> <br>| 0.00% | 09/01/2032 | 5000 | &nbsp;&nbsp; 3828933 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco Municipal Trust**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New Jersey–(continued)** | **New Jersey–(continued)** | **New Jersey–(continued)** | **New Jersey–(continued)** | **New Jersey–(continued)** |
| Tobacco Settlement Financing Corp.; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018 A, Ref. RB | 5.00% | 06/01/2046 | $2935 | &nbsp;&nbsp; $2898180 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, Ref. RB | 5.25% | 06/01/2046 | 1670 | &nbsp;&nbsp; 1676878 |
| &nbsp;&nbsp;&nbsp; Series 2018 B, Ref. RB | 5.00% | 06/01/2046 | 1625 | &nbsp;&nbsp; 1560047 |
|  |  |  |  | &nbsp;&nbsp; 44470294 |
| **New York–22.50%** | **New York–22.50%** | **New York–22.50%** | **New York–22.50%** | **New York–22.50%** |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp. (Brooklyn Navy Yard); Series 2019, Ref. RB (LOC - Santander Bank <br> N.A.)<sup>(e)(i)(p)</sup> <br>| 5.25% | 12/31/2033 | 400 | &nbsp;&nbsp; 397333 |
| City of New York NY; Series 2025, RB<sup>(g)</sup> <br>| 5.25% | 04/01/2047 | 1505 | &nbsp;&nbsp; 1562961 |
| Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB | 5.00% | 06/01/2045 | 2710 | &nbsp;&nbsp; 2368261 |
| Metropolitan Transportation Authority (Green Bonds); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2016 A-1, RB | 5.00% | 11/15/2041 | 1980 | &nbsp;&nbsp; 1957727 |
| &nbsp;&nbsp;&nbsp; Series 2020 A-1, RB (INS - AGI)<sup>(f)</sup> <br>| 4.00% | 11/15/2041 | 1165 | &nbsp;&nbsp; 1062826 |
| &nbsp;&nbsp;&nbsp; Series 2020 C-1, RB | 5.25% | 11/15/2055 | 1335 | &nbsp;&nbsp; 1355093 |
| New York & New Jersey (States of) Port Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Eighty-Fifth Series 1993, RB (INS - NATL)<sup>(f)</sup> <br>| 5.38% | 03/01/2028 | 1020 | &nbsp;&nbsp; 1059103 |
| &nbsp;&nbsp;&nbsp; Series 2020 221, RB<sup>(i)</sup> <br>| 4.00% | 07/15/2060 | 2345 | &nbsp;&nbsp; 1884081 |
| &nbsp;&nbsp;&nbsp; Two Hundred Fifth Series 2017, Ref. RB | 5.25% | 11/15/2057 | 1645 | &nbsp;&nbsp; 1662523 |
| New York (City of), NY; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subseries 2014 I-2, VRD GO Bonds<sup>(l)</sup> <br>| 1.40% | 03/01/2040 | 2000 | &nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp; Subseries 2022 D-1, GO Bonds<sup>(g)</sup> <br>| 5.25% | 05/01/2038 | 1355 | &nbsp;&nbsp; 1461425 |
| &nbsp;&nbsp;&nbsp; Subseries 2022 D-1, GO Bonds<sup>(g)</sup> <br>| 5.25% | 05/01/2042 | 2305 | &nbsp;&nbsp; 2334452 |
| New York (City of), NY Municipal Water Finance Authority; Series 2020 BB-1, RB | 4.00% | 06/15/2050 | 1675 | &nbsp;&nbsp; 1440529 |
| New York (City of), NY Transitional Finance Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018, VRD RB<sup>(l)</sup> <br>| 1.40% | 08/01/2042 | 2000 | &nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp; Series 2019 B-1, RB | 4.00% | 11/01/2045 | 860 | &nbsp;&nbsp; 769447 |
| &nbsp;&nbsp;&nbsp; Series 2023 F-1, RB | 4.00% | 02/01/2051 | 2540 | &nbsp;&nbsp; 2233684 |
| &nbsp;&nbsp;&nbsp; Series 2024 B, RB | 4.38% | 05/01/2053 | 2145 | &nbsp;&nbsp; 1974775 |
| New York (State of) Dormitory Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017 B, Ref. RB<sup>(b)(o)</sup> <br>| 4.00% | 08/15/2027 | 5 | &nbsp;&nbsp; 5112 |
| &nbsp;&nbsp;&nbsp; Series 2017 B, Ref. RB<sup>(b)(o)</sup> <br>| 4.00% | 08/15/2027 | 5 | &nbsp;&nbsp; 5112 |
| &nbsp;&nbsp;&nbsp; Series 2017 B, Ref. RB | 4.00% | 02/15/2047 | 1935 | &nbsp;&nbsp; 1679687 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, Ref. RB | 5.25% | 03/15/2039 | 1240 | &nbsp;&nbsp; 1279289 |
| &nbsp;&nbsp;&nbsp; Series 2018 E, RB<sup>(g)</sup> <br>| 5.00% | 03/15/2046 | 5715 | &nbsp;&nbsp; 5754136 |
| New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer); Series 2022 1-B, RB | 4.00% | 07/01/2051 | 3640 | &nbsp;&nbsp; 3133134 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group); Series 2024, Ref. RB | 5.25% | 05/01/2054 | 4255 | &nbsp;&nbsp; 4314673 |
| New York (State of) Power Authority (Green Bonds); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020 A, Ref. RB | 4.00% | 11/15/2045 | 3675 | &nbsp;&nbsp; 3314561 |
| &nbsp;&nbsp;&nbsp; Series 2020, RB<sup>(g)</sup> <br>| 4.00% | 11/15/2055 | 4185 | &nbsp;&nbsp; 3541286 |
| &nbsp;&nbsp;&nbsp; New York (State of) Power Authority (Green Transmission) (Green Bonds); Series 2023, RB (INS - <br> AGI)<sup>(f)</sup> <br>| 5.00% | 11/15/2053 | 1705 | &nbsp;&nbsp; 1724738 |
| New York (State of) Thruway Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019 B, RB | 4.00% | 01/01/2050 | 5400 | &nbsp;&nbsp; 4655087 |
| &nbsp;&nbsp;&nbsp; Series 2019 B, RB (INS - AGI)<sup>(f)</sup> <br>| 4.00% | 01/01/2050 | 2625 | &nbsp;&nbsp; 2279436 |
| New York (State of) Thruway Authority (Group 3); Series 2021 A-1, Ref. RB | 4.00% | 03/15/2046 | 2485 | &nbsp;&nbsp; 2208442 |
| New York Counties Tobacco Trust IV; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2005 A, RB | 5.00% | 06/01/2045 | 285 | &nbsp;&nbsp; 244068 |
| &nbsp;&nbsp;&nbsp; Series 2010 A, RB<sup>(e)</sup> <br>| 6.25% | 06/01/2041 | 1179 | &nbsp;&nbsp; 1130746 |
| New York Counties Tobacco Trust VI; Series 2016 A-1, Ref. RB | 5.75% | 06/01/2043 | 3170 | &nbsp;&nbsp; 3069948 |
| New York Liberty Development Corp. (3 World Trade Center); Series 2014-1, Ref. RB<sup>(e)</sup> <br>| 5.00% | 11/15/2044 | 5735 | &nbsp;&nbsp; 5578213 |
| New York State Urban Development Corp. (Bidding Group 3); Series 2021 A, Ref. RB | 4.00% | 03/15/2045 | 1675 | &nbsp;&nbsp; 1493598 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International <br> Airport);<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2016, Ref. RB<sup>(i)</sup> <br>| 5.00% | 08/01/2026 | 685 | &nbsp;&nbsp; 684994 |
| &nbsp;&nbsp;&nbsp; Series 2016, Ref. RB<sup>(i)</sup> <br>| 5.00% | 08/01/2031 | 1440 | &nbsp;&nbsp; 1434621 |
| &nbsp;&nbsp;&nbsp; Series 2020, Ref. RB<sup>(i)</sup> <br>| 5.25% | 08/01/2031 | 465 | &nbsp;&nbsp; 475078 |
| &nbsp;&nbsp;&nbsp; Series 2020, Ref. RB<sup>(i)</sup> <br>| 5.38% | 08/01/2036 | 940 | &nbsp;&nbsp; 956656 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco Municipal Trust**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment);<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018, RB<sup>(i)</sup> <br>| 5.00% | 01/01/2033 | $2100 | &nbsp;&nbsp; $2117019 |
| &nbsp;&nbsp;&nbsp; Series 2018, RB<sup>(i)</sup> <br>| 5.00% | 01/01/2034 | 2320 | &nbsp;&nbsp; 2334114 |
| &nbsp;&nbsp;&nbsp; Series 2018, RB<sup>(i)</sup> <br>| 5.00% | 01/01/2036 | 1860 | &nbsp;&nbsp; 1859912 |
| &nbsp;&nbsp;&nbsp; Series 2020, RB<sup>(i)</sup> <br>| 5.00% | 10/01/2040 | 2005 | &nbsp;&nbsp; 1983711 |
| &nbsp;&nbsp;&nbsp; Series 2020, RB<sup>(i)</sup> <br>| 4.38% | 10/01/2045 | 1175 | &nbsp;&nbsp; 1041994 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (John F. Kennedy International Airport New Terminal <br> One) (Green Bonds);<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023, RB<sup>(i)</sup> <br>| 5.38% | 06/30/2060 | 2115 | &nbsp;&nbsp; 2105495 |
| &nbsp;&nbsp;&nbsp; Series 2024, RB (INS - AGI)<sup>(f)(i)</sup> <br>| 5.25% | 06/30/2060 | 1800 | &nbsp;&nbsp; 1806572 |
| &nbsp;&nbsp;&nbsp; Series 2024, RB<sup>(i)</sup> <br>| 5.50% | 06/30/2060 | 3290 | &nbsp;&nbsp; 3295490 |
| New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2016 A, RB<sup>(i)</sup> <br>| 5.00% | 07/01/2046 | 3235 | &nbsp;&nbsp; 3148567 |
| &nbsp;&nbsp;&nbsp; Series 2016 A, RB<sup>(i)</sup> <br>| 5.25% | 01/01/2050 | 1775 | &nbsp;&nbsp; 1729521 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (Terminal 4 JFK International Airport); Series 2022, <br> RB<sup>(i)</sup> <br>| 5.00% | 12/01/2038 | 1870 | &nbsp;&nbsp; 1900053 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (Terminal 4 JFK International Airport) (Green Bonds); <br> Series 2024, Ref. RB<sup>(i)</sup> <br>| 5.50% | 12/31/2060 | 70 | &nbsp;&nbsp; 70341 |
| Rockland Tobacco Asset Securitization Corp.; Series 2001, RB | 5.75% | 08/15/2043 | 1735 | &nbsp;&nbsp; 1757994 |
| Tender Option Bond Trust Receipts/Certificates; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025, GO Bonds<sup>(g)</sup> <br>| 5.25% | 02/01/2053 | 5000 | &nbsp;&nbsp; 5191043 |
| &nbsp;&nbsp;&nbsp; Series 2025, RB<sup>(g)</sup> <br>| 5.00% | 06/15/2050 | 4935 | &nbsp;&nbsp; 4996496 |
| Triborough Bridge & Tunnel Authority; Series 2021 A-1, Ref. RB | 5.00% | 05/15/2051 | 1740 | &nbsp;&nbsp; 1757400 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020 A, RB | 5.00% | 11/15/2054 | 750 | &nbsp;&nbsp; 752203 |
| &nbsp;&nbsp;&nbsp; Series 2021 A, RB | 5.00% | 11/15/2056 | 1135 | &nbsp;&nbsp; 1138248 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund); Series 2025, RB | 5.50% | 12/01/2059 | 515 | &nbsp;&nbsp; 543636 |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue; Series 2025, RB<sup>(g)</sup> <br>| 5.25% | 05/15/2062 | 5390 | &nbsp;&nbsp; 5488472 |
| TSASC, Inc.; Series 2016 B, Ref. RB | 5.00% | 06/01/2045 | 2125 | &nbsp;&nbsp; 1874912 |
|  |  |  |  | &nbsp;&nbsp; 123380028 |
| **North Carolina–0.19%** | **North Carolina–0.19%** | **North Carolina–0.19%** | **North Carolina–0.19%** | **North Carolina–0.19%** |
| &nbsp;&nbsp;&nbsp; North Carolina (State of) Turnpike Authority (Triangle Expressway System); Series 2024, RB (INS - <br> AGI)<sup>(f)(h)</sup> <br>| 0.00% | 01/01/2051 | 3910 | &nbsp;&nbsp; 1037100 |
| **North Dakota–0.35%** | **North Dakota–0.35%** | **North Dakota–0.35%** | **North Dakota–0.35%** | **North Dakota–0.35%** |
| Ward (County of), ND (Trinity Obligated Group); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017 C, RB | 5.00% | 06/01/2048 | 1175 | &nbsp;&nbsp; 1082871 |
| &nbsp;&nbsp;&nbsp; Series 2017 C, RB | 5.00% | 06/01/2053 | 910 | &nbsp;&nbsp; 824899 |
|  |  |  |  | &nbsp;&nbsp; 1907770 |
| **Ohio–6.65%** | **Ohio–6.65%** | **Ohio–6.65%** | **Ohio–6.65%** | **Ohio–6.65%** |
| &nbsp;&nbsp;&nbsp; Akron, Bath & Copley Joint Township Hospital District (Summa Health Obligated Group); Series 2016, <br> Ref. RB<br>| 5.25% | 11/15/2046 | 2645 | &nbsp;&nbsp; 2650048 |
| Buckeye Tobacco Settlement Financing Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020 A-2, Ref. RB | 4.00% | 06/01/2048 | 4115 | &nbsp;&nbsp; 3442435 |
| &nbsp;&nbsp;&nbsp; Series 2020 B-2, Ref. RB | 5.00% | 06/01/2055 | 8740 | &nbsp;&nbsp; 7573984 |
| Chillicothe (City of), OH (Adena Health System Obligated Group); Series 2017, Ref. RB | 5.00% | 12/01/2037 | 1265 | &nbsp;&nbsp; 1275560 |
| Cleveland (City of), OH (Continental Airlines, Inc.); Series 1998, RB<sup>(i)</sup> <br>| 5.38% | 09/15/2027 | 805 | &nbsp;&nbsp; 805346 |
| Columbus (City of) & Franklin (County of), OH Finance Authority (Easton); Series 2020, RB<sup>(e)</sup> <br>| 5.00% | 06/01/2028 | 485 | &nbsp;&nbsp; 487225 |
| Columbus Regional Airport Authority (John Glenn Columbus International Airport); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025, Ref. RB<sup>(i)</sup> <br>| 5.50% | 01/01/2050 | 2845 | &nbsp;&nbsp; 2939011 |
| &nbsp;&nbsp;&nbsp; Series 2025, Ref. RB | 5.25% | 01/01/2055 | 820 | &nbsp;&nbsp; 845281 |
| Cuyahoga (County of), OH (MetroHealth System); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017, Ref. RB | 5.25% | 02/15/2047 | 1140 | &nbsp;&nbsp; 1113020 |
| &nbsp;&nbsp;&nbsp; Series 2017, Ref. RB | 5.50% | 02/15/2057 | 845 | &nbsp;&nbsp; 819853 |
| Fayette (County of), OH (Adena Health System Obligated Group); Series 2025, RB (INS - AGI)<sup>(f)</sup> <br>| 5.25% | 12/01/2049 | 990 | &nbsp;&nbsp; 1005715 |
| Franklin (County of), OH (Nationwide Children's Hospital); Series 2019, RB | 5.00% | 11/01/2048 | 1360 | &nbsp;&nbsp; 1398687 |
| Hamilton (County of), OH (Cincinnati Children's Hospital); Series 2019 CC, RB | 5.00% | 11/15/2049 | 1645 | &nbsp;&nbsp; 1678833 |
| Hamilton (County of), OH (Life Enriching Communities); Series 2016, Ref. RB | 5.00% | 01/01/2046 | 3440 | &nbsp;&nbsp; 3291929 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco Municipal Trust**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Ohio–(continued)** | **Ohio–(continued)** | **Ohio–(continued)** | **Ohio–(continued)** | **Ohio–(continued)** |
| &nbsp;&nbsp;&nbsp; Montgomery (County of), OH (Trousdale Foundation Properties); Series 2018 A, RB (Acquired <br> 08/29/2018; Cost $1,110,326)<sup>(c)(d)(e)</sup> <br>| 6.00% | 04/01/2038 | $1133 | &nbsp;&nbsp; $14159 |
| Muskingum (County of), OH (Genesis Healthcare System); Series 2013, RB | 5.00% | 02/15/2044 | 920 | &nbsp;&nbsp; 868636 |
| Ohio (State of) (University Hospitals Health System, Inc.); Series 2020 A, Ref. RB | 4.00% | 01/15/2050 | 2515 | &nbsp;&nbsp; 2066939 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Housing Finance Agency (Covenant House Apartments); Series 2008 C, RB (CEP - <br> GNMA)<sup>(i)</sup> <br>| 5.85% | 09/20/2028 | 210 | &nbsp;&nbsp; 210153 |
| Ohio (State of) Housing Finance Agency (Social Bonds); Series 2024, RB (CEP - GNMA) | 7.00% | 03/01/2049 | 1000 | &nbsp;&nbsp; 1156746 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Municipal Electric Generation Agency (Joint Venture 5); Series 2001, Beneficial <br> Interest Ctfs. (INS - NATL)<sup>(f)(h)</sup> <br>| 0.00% | 02/15/2030 | 1000 | &nbsp;&nbsp; 836694 |
| Ohio State University (The); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2010 D, RB<sup>(o)</sup> <br>| 5.00% | 12/01/2030 | 45 | &nbsp;&nbsp; 49362 |
| &nbsp;&nbsp;&nbsp; Series 2010 D, RB | 5.00% | 12/01/2030 | 955 | &nbsp;&nbsp; 1054694 |
| &nbsp;&nbsp;&nbsp; Series 2024, RB | 5.25% | 12/01/2054 | 855 | &nbsp;&nbsp; 886570 |
|  |  |  |  | &nbsp;&nbsp; 36470880 |
| **Oklahoma–1.88%** | **Oklahoma–1.88%** | **Oklahoma–1.88%** | **Oklahoma–1.88%** | **Oklahoma–1.88%** |
| Oklahoma (State of) Development Finance Authority (OU Medicine); Series 2018 B, RB | 5.50% | 08/15/2052 | 3780 | &nbsp;&nbsp; 3727870 |
| Oklahoma (State of) Turnpike Authority; Series 2023, RB | 5.50% | 01/01/2053 | 1155 | &nbsp;&nbsp; 1207030 |
| Oklahoma (State of) Turnpike Authority (Senior Bonds); Series 2025 A, RB | 5.50% | 01/01/2054 | 855 | &nbsp;&nbsp; 909811 |
| Oklahoma (State of) Water Resources Board (2019 Master Trust); Series 2023, RB | 4.13% | 04/01/2053 | 895 | &nbsp;&nbsp; 787912 |
| Oklahoma Turnpike Authority; Series 2025, RB<sup>(g)</sup> <br>| 5.25% | 01/01/2050 | 2600 | &nbsp;&nbsp; 2729681 |
| Tulsa (City of), OK Airports Improvement Trust; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2000 A, Ref. RB<sup>(i)</sup> <br>| 5.50% | 06/01/2035 | 330 | &nbsp;&nbsp; 330076 |
| &nbsp;&nbsp;&nbsp; Series 2001 C, Ref. RB<sup>(i)</sup> <br>| 5.50% | 12/01/2035 | 620 | &nbsp;&nbsp; 620119 |
|  |  |  |  | &nbsp;&nbsp; 10312499 |
| **Ontario–0.15%** | **Ontario–0.15%** | **Ontario–0.15%** | **Ontario–0.15%** | **Ontario–0.15%** |
| Affordable Housing Tax-Exempt Bond Pass-Thru Trust; Series 2023-1, RB<sup>(e)</sup> <br>| 6.00% | 10/05/2040 | 815 | &nbsp;&nbsp; 812380 |
| **Oregon–0.97%** | **Oregon–0.97%** | **Oregon–0.97%** | **Oregon–0.97%** | **Oregon–0.97%** |
| Clackamas (County of), OR Hospital Facility Authority (Rose Villa); Series 2020 A, Ref. RB | 5.38% | 11/15/2055 | 500 | &nbsp;&nbsp; 458237 |
| Oregon (State of); Series 2019, GO Bonds<sup>(g)(k)</sup> <br>| 5.00% | 08/01/2044 | 3350 | &nbsp;&nbsp; 3418140 |
| Portland (Port of), OR (Green Bonds); Twenty Ninth Series 2023, RB<sup>(i)</sup> <br>| 5.50% | 07/01/2053 | 1425 | &nbsp;&nbsp; 1469877 |
|  |  |  |  | &nbsp;&nbsp; 5346254 |
| **Pennsylvania–5.47%** | **Pennsylvania–5.47%** | **Pennsylvania–5.47%** | **Pennsylvania–5.47%** | **Pennsylvania–5.47%** |
| Allegheny (County of), PA Airport Authority (Pittsburgh Airport); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023 A, RB (INS - AGI)<sup>(f)(i)</sup> <br>| 5.50% | 01/01/2048 | 1340 | &nbsp;&nbsp; 1389386 |
| &nbsp;&nbsp;&nbsp; Series 2023 A, RB (INS - AGI)<sup>(f)(i)</sup> <br>| 5.50% | 01/01/2053 | 2530 | &nbsp;&nbsp; 2613664 |
| &nbsp;&nbsp;&nbsp; Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated <br> Group Issue); Series 2018 A, Ref. RB<br>| 4.00% | 04/01/2044 | 2905 | &nbsp;&nbsp; 2518042 |
| Coatesville School District; Series 2020 A, GO Bonds (INS - BAM)<sup>(f)(h)</sup> <br>| 0.00% | 10/01/2036 | 650 | &nbsp;&nbsp; 375945 |
| Lancaster (County of), PA Hospital Authority (Penn State Health); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021, RB | 5.00% | 11/01/2046 | 515 | &nbsp;&nbsp; 513564 |
| &nbsp;&nbsp;&nbsp; Series 2021, RB | 5.00% | 11/01/2051 | 685 | &nbsp;&nbsp; 666099 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major <br> Bridges);<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022, RB<sup>(i)</sup> <br>| 5.50% | 06/30/2039 | 1985 | &nbsp;&nbsp; 2070921 |
| &nbsp;&nbsp;&nbsp; Series 2022, RB<sup>(i)</sup> <br>| 5.25% | 06/30/2053 | 2015 | &nbsp;&nbsp; 1968521 |
| &nbsp;&nbsp;&nbsp; Series 2022, RB (INS - AGI)<sup>(f)(i)</sup> <br>| 5.00% | 12/31/2057 | 1010 | &nbsp;&nbsp; 973280 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021 A, Ref. RB | 4.00% | 10/15/2039 | 660 | &nbsp;&nbsp; 607462 |
| &nbsp;&nbsp;&nbsp; Series 2023 A-2, RB | 4.00% | 05/15/2048 | 545 | &nbsp;&nbsp; 458517 |
| Pennsylvania (Commonwealth of) Turnpike Commission; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2014 A, RB | 4.75% | 12/01/2037 | 990 | &nbsp;&nbsp; 1000441 |
| &nbsp;&nbsp;&nbsp; Series 2014 A-2, RB | 5.13% | 12/01/2039 | 2000 | &nbsp;&nbsp; 2074162 |
| &nbsp;&nbsp;&nbsp; Series 2019 A, RB | 5.00% | 12/01/2049 | 220 | &nbsp;&nbsp; 221738 |
| &nbsp;&nbsp;&nbsp; Series 2020 B, RB | 5.00% | 12/01/2050 | 595 | &nbsp;&nbsp; 597610 |
| &nbsp;&nbsp;&nbsp; Series 2021 A, RB | 4.00% | 12/01/2050 | 915 | &nbsp;&nbsp; 797306 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco Municipal Trust**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Pennsylvania–(continued)** | **Pennsylvania–(continued)** | **Pennsylvania–(continued)** | **Pennsylvania–(continued)** | **Pennsylvania–(continued)** |
| Philadelphia (City of), PA; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017 B, Ref. RB<sup>(i)</sup> <br>| 5.00% | 07/01/2042 | $3020 | &nbsp;&nbsp; $2988250 |
| &nbsp;&nbsp;&nbsp; Series 2017 B, Ref. RB<sup>(i)</sup> <br>| 5.00% | 07/01/2047 | 525 | &nbsp;&nbsp; 516949 |
| &nbsp;&nbsp;&nbsp; Series 2021, Ref. RB (INS - AGI)<sup>(f)(i)</sup> <br>| 4.00% | 07/01/2041 | 1230 | &nbsp;&nbsp; 1133349 |
| &nbsp;&nbsp;&nbsp; Philadelphia (City of), PA Authority for Industrial Development (St. Joseph's University); <br> Series 2022, RB<br>| 5.50% | 11/01/2060 | 1670 | &nbsp;&nbsp; 1709343 |
| &nbsp;&nbsp;&nbsp; Philadelphia (City of), PA Authority for Industrial Development (String Theory Charter School); <br> Series 2020, Ref. RB<sup>(e)</sup> <br>| 5.00% | 06/15/2050 | 400 | &nbsp;&nbsp; 363317 |
| Tender Option Bond Trust Receipts/Certificates; Series 2025, RB<sup>(g)(k)</sup> <br>| 5.50% | 07/01/2053 | 4215 | &nbsp;&nbsp; 4448864 |
|  |  |  |  | &nbsp;&nbsp; 30006730 |
| **Puerto Rico–5.33%** | **Puerto Rico–5.33%** | **Puerto Rico–5.33%** | **Puerto Rico–5.33%** | **Puerto Rico–5.33%** |
| Children's Trust Fund; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2002, RB | 5.50% | 05/15/2039 | 2095 | &nbsp;&nbsp; 2115209 |
| &nbsp;&nbsp;&nbsp; Series 2002, RB | 5.63% | 05/15/2043 | 1490 | &nbsp;&nbsp; 1507148 |
| &nbsp;&nbsp;&nbsp; Series 2005 A, RB<sup>(h)</sup> <br>| 0.00% | 05/15/2050 | 5915 | &nbsp;&nbsp; 1078031 |
| &nbsp;&nbsp;&nbsp; Series 2005 B, RB<sup>(h)</sup> <br>| 0.00% | 05/15/2055 | 2540 | &nbsp;&nbsp; 296974 |
| &nbsp;&nbsp;&nbsp; Series 2008 A, RB<sup>(h)</sup> <br>| 0.00% | 05/15/2057 | 18995 | &nbsp;&nbsp; 1140255 |
| &nbsp;&nbsp;&nbsp; Series 2008 B, RB<sup>(h)</sup> <br>| 0.00% | 05/15/2057 | 37695 | &nbsp;&nbsp; 2128633 |
| Puerto Rico (Commonwealth of); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021 A-1, GO Bonds | 5.63% | 07/01/2027 | 1170 | &nbsp;&nbsp; 1201033 |
| &nbsp;&nbsp;&nbsp; Series 2021 A-1, GO Bonds | 4.00% | 07/01/2035 | 1260 | &nbsp;&nbsp; 1190264 |
| &nbsp;&nbsp;&nbsp; Series 2021 A-1, GO Bonds | 4.00% | 07/01/2037 | 980 | &nbsp;&nbsp; 905809 |
| &nbsp;&nbsp;&nbsp; Subseries 2022, RN<sup>(h)</sup> <br>| 0.00% | 11/01/2043 | 700 | &nbsp;&nbsp; 420961 |
| Puerto Rico (Commonwealth of) Electric Power Authority; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2007 VV, Ref. RB (INS - AGI)<sup>(f)</sup> <br>| 5.25% | 07/01/2031 | 1995 | &nbsp;&nbsp; 1981400 |
| &nbsp;&nbsp;&nbsp; Series 2007 VV, Ref. RB (INS - NATL)<sup>(f)</sup> <br>| 5.25% | 07/01/2032 | 1225 | &nbsp;&nbsp; 1209901 |
| Puerto Rico Sales Tax Financing Corp.; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018 A-1, RB<sup>(h)</sup> <br>| 0.00% | 07/01/2027 | 450 | &nbsp;&nbsp; 414178 |
| &nbsp;&nbsp;&nbsp; Series 2018 A-1, RB<sup>(h)</sup> <br>| 0.00% | 07/01/2029 | 1495 | &nbsp;&nbsp; 1269804 |
| &nbsp;&nbsp;&nbsp; Series 2018 A-1, RB<sup>(h)</sup> <br>| 0.00% | 07/01/2033 | 2458 | &nbsp;&nbsp; 1742179 |
| &nbsp;&nbsp;&nbsp; Series 2018 A-1, RB<sup>(h)</sup> <br>| 0.00% | 07/01/2046 | 8305 | &nbsp;&nbsp; 2666190 |
| &nbsp;&nbsp;&nbsp; Series 2018 A-1, RB<sup>(h)</sup> <br>| 0.00% | 07/01/2051 | 10905 | &nbsp;&nbsp; 2574403 |
| &nbsp;&nbsp;&nbsp; Series 2018 A-1, RB | 4.75% | 07/01/2053 | 1805 | &nbsp;&nbsp; 1653010 |
| &nbsp;&nbsp;&nbsp; Series 2018 A-1, RB | 5.00% | 07/01/2058 | 1955 | &nbsp;&nbsp; 1836831 |
| &nbsp;&nbsp;&nbsp; Series 2019 A-2, RB | 4.33% | 07/01/2040 | 1230 | &nbsp;&nbsp; 1148592 |
| &nbsp;&nbsp;&nbsp; Series 2019 A-2, RB | 4.78% | 07/01/2058 | 825 | &nbsp;&nbsp; 739619 |
|  |  |  |  | &nbsp;&nbsp; 29220424 |
| **Rhode Island–0.40%** | **Rhode Island–0.40%** | **Rhode Island–0.40%** | **Rhode Island–0.40%** | **Rhode Island–0.40%** |
| Tobacco Settlement Financing Corp.; Series 2015 B, Ref. RB | 5.00% | 06/01/2050 | 2185 | &nbsp;&nbsp; 2169581 |
| **South Carolina–1.10%** | **South Carolina–1.10%** | **South Carolina–1.10%** | **South Carolina–1.10%** | **South Carolina–1.10%** |
| Patriots Energy Group Financing Agency; Series 2023 A-1, RB<sup>(b)</sup> <br>| 5.25% | 08/01/2031 | 1940 | &nbsp;&nbsp; 2043301 |
| South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024, RB | 5.50% | 11/01/2050 | 495 | &nbsp;&nbsp; 513145 |
| &nbsp;&nbsp;&nbsp; Series 2024, RB | 5.50% | 11/01/2054 | 1925 | &nbsp;&nbsp; 1986097 |
| South Carolina (State of) Public Service Authority; Series 2025 A, RB (INS - AGI)<sup>(f)</sup> <br>| 5.00% | 12/01/2055 | 1500 | &nbsp;&nbsp; 1485302 |
|  |  |  |  | &nbsp;&nbsp; 6027845 |
| **South Dakota–0.95%** | **South Dakota–0.95%** | **South Dakota–0.95%** | **South Dakota–0.95%** | **South Dakota–0.95%** |
| South Dakota (State of) Health & Educational Facilities Authority (Avera Health); Series 2017, Ref. RB | 5.00% | 07/01/2046 | 2040 | &nbsp;&nbsp; 2015982 |
| &nbsp;&nbsp;&nbsp; South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group); <br> Series 2014 B, RB<br>| 5.00% | 11/01/2044 | 2185 | &nbsp;&nbsp; 2129575 |
| South Dakota (State of) Housing Development Authority; Series 2023 G, RB (CEP - GNMA) | 4.90% | 11/01/2043 | 1055 | &nbsp;&nbsp; 1042165 |
|  |  |  |  | &nbsp;&nbsp; 5187722 |
| **Tennessee–3.88%** | **Tennessee–3.88%** | **Tennessee–3.88%** | **Tennessee–3.88%** | **Tennessee–3.88%** |
| &nbsp;&nbsp;&nbsp; Chattanooga (City of), TN Health, Educational & Housing Facility Board (Catholic Health Services); <br> Series 2024, Ref. RB<br>| 5.25% | 12/01/2049 | 600 | &nbsp;&nbsp; 604120 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco Municipal Trust**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Tennessee–(continued)** | **Tennessee–(continued)** | **Tennessee–(continued)** | **Tennessee–(continued)** | **Tennessee–(continued)** |
| &nbsp;&nbsp;&nbsp; Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health); <br> Series 2019 A-2, Ref. RB<br>| 5.00% | 08/01/2049 | $1260 | &nbsp;&nbsp; $1217446 |
| &nbsp;&nbsp;&nbsp; Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group); <br> Series 2018 A, Ref. RB<br>| 5.00% | 07/01/2037 | 1800 | &nbsp;&nbsp; 1828433 |
| Kingsport (City of), TN; Series 2023, GO Bonds | 4.13% | 03/01/2053 | 2035 | &nbsp;&nbsp; 1831101 |
| Knox (County of) & Knoxville (City of), TN City Sports Authority; Series 2024, RB<sup>(g)</sup> <br>| 6.00% | 12/01/2054 | 6825 | &nbsp;&nbsp; 7424668 |
| Knoxville (City of), TN; Series 2022 OO, RB | 4.00% | 07/01/2052 | 3225 | &nbsp;&nbsp; 2845668 |
| Memphis (City of) & Shelby (County of), TN Airport Authority; Series 2018, RB<sup>(i)</sup> <br>| 5.00% | 07/01/2043 | 1305 | &nbsp;&nbsp; 1286084 |
| Metropolitan Nashville Airport Authority (The); Series 2019 B, RB<sup>(i)</sup> <br>| 5.00% | 07/01/2054 | 940 | &nbsp;&nbsp; 918525 |
| &nbsp;&nbsp;&nbsp; Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities <br> Board (The) (Lipscomb University); Series 2019 A, Ref. RB<br>| 5.00% | 10/01/2034 | 715 | &nbsp;&nbsp; 733256 |
| Tennessee Energy Acquisition Corp.; Series 2021 A, RB<sup>(b)</sup> <br>| 5.00% | 11/01/2031 | 2510 | &nbsp;&nbsp; 2603401 |
|  |  |  |  | &nbsp;&nbsp; 21292702 |
| **Texas–15.52%** | **Texas–15.52%** | **Texas–15.52%** | **Texas–15.52%** | **Texas–15.52%** |
| Aubrey Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2052 | 1430 | &nbsp;&nbsp; 1251920 |
| Austin (City of), TX; Series 2022, RB<sup>(i)</sup> <br>| 5.25% | 11/15/2047 | 1180 | &nbsp;&nbsp; 1193277 |
| Central Texas Regional Mobility Authority; Series 2020 A, Ref. RB | 5.00% | 01/01/2049 | 980 | &nbsp;&nbsp; 984926 |
| City of San Antonio TX Electric & Gas Systems Revenue; Series 2025, RB<sup>(g)</sup> <br>| 5.25% | 02/01/2046 | 1300 | &nbsp;&nbsp; 1355991 |
| &nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp. (Idea Public Schools); Series 2021 T, RB (CEP - Texas <br> Permanent School Fund)<br>| 4.00% | 08/15/2050 | 1360 | &nbsp;&nbsp; 1187893 |
| Clifton Higher Education Finance Corp. (International Leadership of Texas); Series 2018 D, RB | 5.75% | 08/15/2033 | 1675 | &nbsp;&nbsp; 1679271 |
| Crowley Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund) | 4.25% | 02/01/2053 | 1650 | &nbsp;&nbsp; 1498485 |
| Denton (County of), TX; Series 2023, Ref. GO Bonds | 4.00% | 07/15/2048 | 4250 | &nbsp;&nbsp; 3843907 |
| El Paso (City of), TX; Series 2022 A, RB | 4.00% | 03/01/2048 | 3065 | &nbsp;&nbsp; 2669949 |
| Grand Parkway Transportation Corp.; Series 2020, Ref. RB (INS - AGI)<sup>(f)</sup> <br>| 4.00% | 10/01/2049 | 1790 | &nbsp;&nbsp; 1563870 |
| Greater Texoma Utility Authority (City of Sherman); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023 A, RB (INS - BAM)<sup>(f)</sup> <br>| 4.38% | 10/01/2053 | 1340 | &nbsp;&nbsp; 1159647 |
| &nbsp;&nbsp;&nbsp; Series 2023, RB (INS - AGI)<sup>(f)</sup> <br>| 4.25% | 10/01/2053 | 1430 | &nbsp;&nbsp; 1209704 |
| Houston (City of), TX; Series 2023 A, Ref. RB (INS - AGI)<sup>(f)(i)</sup> <br>| 5.25% | 07/01/2048 | 1725 | &nbsp;&nbsp; 1752031 |
| Houston (City of), TX (United Airlines, Inc.); Series 2024 B, RB<sup>(i)</sup> <br>| 5.50% | 07/15/2038 | 430 | &nbsp;&nbsp; 442388 |
| Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); Series 2021 A, RB<sup>(i)</sup> <br>| 4.00% | 07/01/2041 | 585 | &nbsp;&nbsp; 507378 |
| Houston (City of), TX Airport System (United Airlines, Inc.); Series 2018, RB<sup>(i)</sup> <br>| 5.00% | 07/15/2028 | 495 | &nbsp;&nbsp; 497207 |
| Jarrell Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund) | 4.25% | 02/15/2053 | 1360 | &nbsp;&nbsp; 1234924 |
| Lamar Consolidated Independent School District; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023, GO Bonds | 4.00% | 02/15/2053 | 1860 | &nbsp;&nbsp; 1567524 |
| &nbsp;&nbsp;&nbsp; Series 2025, GO Bonds (INS - AGI)<sup>(f)(g)(k)</sup> <br>| 5.50% | 02/15/2058 | 3480 | &nbsp;&nbsp; 3634275 |
| Lockhart Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund) | 4.13% | 08/01/2053 | 1250 | &nbsp;&nbsp; 1110401 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.); Series 2022, Ref. RB | 5.50% | 05/15/2047 | 1170 | &nbsp;&nbsp; 1219661 |
| Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB<sup>(e)(i)</sup> <br>| 4.63% | 10/01/2031 | 3085 | &nbsp;&nbsp; 3081629 |
| New Hope Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021 A-1, RB (Acquired 11/24/2021; Cost $53,293)<sup>(d)</sup> <br>| 7.50% | 11/15/2037 | 60 | &nbsp;&nbsp; 47010 |
| &nbsp;&nbsp;&nbsp; Series 2021, RB (Acquired 07/27/2007-05/15/2025; Cost $1,598,097)<sup>(d)</sup> <br>| 2.00% | 11/15/2061 | 1660 | &nbsp;&nbsp; 580778 |
| New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2016, Ref. RB | 5.00% | 07/01/2036 | 650 | &nbsp;&nbsp; 643706 |
| &nbsp;&nbsp;&nbsp; Series 2016, Ref. RB | 5.00% | 07/01/2046 | 800 | &nbsp;&nbsp; 702098 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. (CHF-Collegiate Housing College Station I, LLC - <br> Texas A&M University); Series 2014 A, RB (INS - AGI)<sup>(f)</sup> <br>| 5.00% | 04/01/2046 | 520 | &nbsp;&nbsp; 511860 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. (Children's Health System of Texas); <br> Series 2017 A, Ref. RB<br>| 5.00% | 08/15/2047 | 1440 | &nbsp;&nbsp; 1438075 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. (Jubilee Academic Center); Series 2021, Ref. <br> RB<sup>(e)</sup> <br>| 4.00% | 08/15/2051 | 1010 | &nbsp;&nbsp; 774552 |
| New Hope Cultural Education Facilities Finance Corp. (Longhorn Village); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017, Ref. RB | 5.00% | 01/01/2042 | 495 | &nbsp;&nbsp; 471559 |
| &nbsp;&nbsp;&nbsp; Series 2017, Ref. RB | 5.00% | 01/01/2047 | 620 | &nbsp;&nbsp; 567813 |
| New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018, Ref. RB | 5.00% | 10/01/2031 | 560 | &nbsp;&nbsp; 549138 |
| &nbsp;&nbsp;&nbsp; Series 2018, Ref. RB | 5.00% | 10/01/2032 | 1015 | &nbsp;&nbsp; 988971 |
| &nbsp;&nbsp;&nbsp; Series 2020, RB | 5.25% | 10/01/2055 | 2255 | &nbsp;&nbsp; 1932622 |
| North East Texas Regional Mobility Authority; Series 2016 A, RB | 5.00% | 01/01/2041 | 3065 | &nbsp;&nbsp; 3047951 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco Municipal Trust**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** |
| San Antonio (City of), TX; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023 A, Ref. RB | 5.50% | 02/01/2050 | $1220 | &nbsp;&nbsp; $1288857 |
| &nbsp;&nbsp;&nbsp; Series 2024 A, RB | 5.25% | 02/01/2049 | 925 | &nbsp;&nbsp; 963500 |
| &nbsp;&nbsp;&nbsp; Series 2024 C, RB | 5.50% | 02/01/2049 | 850 | &nbsp;&nbsp; 904972 |
| San Antonio (City of), TX Water System; Series 2024 A, VRD GO Bonds<sup>(l)</sup> <br>| 1.45% | 05/01/2054 | 8000 | &nbsp;&nbsp; 8000000 |
| Tarrant (County of), TX Hospital District; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023, GO Bonds | 4.25% | 08/15/2048 | 805 | &nbsp;&nbsp; 732470 |
| &nbsp;&nbsp;&nbsp; Series 2023, GO Bonds | 4.25% | 08/15/2053 | 2280 | &nbsp;&nbsp; 2008766 |
| Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2016, Ref. RB | 5.00% | 05/15/2037 | 2525 | &nbsp;&nbsp; 2446468 |
| &nbsp;&nbsp;&nbsp; Series 2016, Ref. RB | 5.00% | 05/15/2045 | 1660 | &nbsp;&nbsp; 1482079 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home); Series 2017 <br> A, RB (Acquired 12/15/2016; Cost $1,958,240)<sup>(c)(d)</sup> <br>| 6.38% | 02/15/2048 | 1940 | &nbsp;&nbsp; 1261000 |
| Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020, Ref. RB | 6.63% | 11/15/2041 | 85 | &nbsp;&nbsp; 75520 |
| &nbsp;&nbsp;&nbsp; Series 2020, Ref. RB | 6.75% | 11/15/2051 | 85 | &nbsp;&nbsp; 71111 |
| &nbsp;&nbsp;&nbsp; Series 2020, Ref. RB | 6.88% | 11/15/2055 | 85 | &nbsp;&nbsp; 71357 |
| Texas (State of); Series 2025 B, VRD GO Bonds<sup>(l)</sup> <br>| 2.05% | 12/01/2055 | 5000 | &nbsp;&nbsp; 5000000 |
| Texas (State of) Transportation Commission; Series 2019, RB<sup>(h)</sup> <br>| 0.00% | 08/01/2043 | 3000 | &nbsp;&nbsp; 1184208 |
| Texas (State of) Water Development Board; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022, RB<sup>(g)</sup> <br>| 5.00% | 10/15/2047 | 3345 | &nbsp;&nbsp; 3411785 |
| &nbsp;&nbsp;&nbsp; Series 2023 A, RB | 4.88% | 10/15/2048 | 2430 | &nbsp;&nbsp; 2443785 |
| Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB | 6.25% | 12/15/2026 | 1850 | &nbsp;&nbsp; 1895350 |
| Travis County Cultural Education Facilities Finance Corp. (Wayside Schools); Series 2012 A, RB | 5.25% | 08/15/2042 | 10 | &nbsp;&nbsp; 9627 |
| Waco (City of), TX; Series 2023 A, Ctfs. Of Obligations | 4.00% | 02/01/2053 | 2475 | &nbsp;&nbsp; 2159794 |
| Waller Consolidated Independent School District; Series 2023, GO Bonds (INS - BAM)<sup>(f)</sup> <br>| 4.00% | 02/15/2053 | 3360 | &nbsp;&nbsp; 2810186 |
|  |  |  |  | &nbsp;&nbsp; 85123226 |
| **Utah–1.96%** | **Utah–1.96%** | **Utah–1.96%** | **Utah–1.96%** | **Utah–1.96%** |
| Black Desert Public Infrastructure District; Series 2021 A, GO Bonds<sup>(e)</sup> <br>| 4.00% | 03/01/2051 | 500 | &nbsp;&nbsp; 388341 |
| Military Installation Development Authority; Series 2021 A-2, RB | 4.00% | 06/01/2052 | 500 | &nbsp;&nbsp; 389379 |
| Salt Lake City (City of), UT; |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021 A, RB<sup>(i)</sup> <br>| 5.00% | 07/01/2046 | 835 | &nbsp;&nbsp; 823196 |
| &nbsp;&nbsp;&nbsp; Series 2023 A, RB<sup>(i)</sup> <br>| 5.50% | 07/01/2053 | 2870 | &nbsp;&nbsp; 2950789 |
| Utah (County of), UT (IHC Health Services, Inc.); Series 2016 B, RB | 4.00% | 05/15/2047 | 3300 | &nbsp;&nbsp; 2837346 |
| &nbsp;&nbsp;&nbsp; Utah (State of) Charter School Finance Authority (Ogden Preparatory Academy); Series 2022 A, Ref. <br> RB<br>| 4.38% | 10/15/2047 | 835 | &nbsp;&nbsp; 747914 |
| Utah Housing Corp.; Series 2024 A, RB (CEP - GNMA) | 4.90% | 01/01/2049 | 1520 | &nbsp;&nbsp; 1508335 |
| Utah Telecommunication Open Infrastructure Agency; Series 2022, Ref. RB | 4.38% | 06/01/2040 | 1115 | &nbsp;&nbsp; 1116900 |
|  |  |  |  | &nbsp;&nbsp; 10762200 |
| **Virginia–2.36%** | **Virginia–2.36%** | **Virginia–2.36%** | **Virginia–2.36%** | **Virginia–2.36%** |
| Hampton (City of), VA Roads Transportation Accountability Commission; Series 2022 A, RB | 4.00% | 07/01/2052 | 2895 | &nbsp;&nbsp; 2479262 |
| &nbsp;&nbsp;&nbsp; Isle Wight (County of), VA Economic Development Authority (Riverside Health System); Series 2023, <br> RB (INS - AGI)<sup>(f)</sup> <br>| 5.25% | 07/01/2048 | 1305 | &nbsp;&nbsp; 1342735 |
| Peninsula Town Center Community Development Authority; Series 2018, Ref. RB<sup>(e)</sup> <br>| 5.00% | 09/01/2045 | 340 | &nbsp;&nbsp; 315890 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) Housing Development Authority; Series 2023 F, RB (CEP - Federal <br> Housing Administration)<br>| 5.25% | 11/01/2053 | 1140 | &nbsp;&nbsp; 1160581 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC); <br> Series 2022, Ref. RB<sup>(i)</sup> <br>| 5.00% | 07/01/2038 | 2250 | &nbsp;&nbsp; 2277405 |
| Virginia (Commonwealth of) Small Business Financing Authority (I-495 Hot Lanes); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022, Ref. RB<sup>(i)</sup> <br>| 5.00% | 12/31/2047 | 1395 | &nbsp;&nbsp; 1399622 |
| &nbsp;&nbsp;&nbsp; Series 2022, Ref. RB<sup>(i)</sup> <br>| 5.00% | 12/31/2057 | 795 | &nbsp;&nbsp; 772146 |
| Virginia (Commonwealth of) Small Business Financing Authority (Transform 66 P3); |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017, RB<sup>(i)</sup> <br>| 5.00% | 12/31/2049 | 910 | &nbsp;&nbsp; 861310 |
| &nbsp;&nbsp;&nbsp; Series 2017, RB<sup>(i)</sup> <br>| 5.00% | 12/31/2056 | 2500 | &nbsp;&nbsp; 2312380 |
|  |  |  |  | &nbsp;&nbsp; 12921331 |
| **Washington–3.26%** | **Washington–3.26%** | **Washington–3.26%** | **Washington–3.26%** | **Washington–3.26%** |
| Grant (County of), WA; Series 2025, GO Bonds (INS - BAM)<sup>(f)</sup> <br>| 5.50% | 12/01/2060 | 930 | &nbsp;&nbsp; 979665 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco Municipal Trust**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Washington–(continued)** | **Washington–(continued)** | **Washington–(continued)** | **Washington–(continued)** | **Washington–(continued)** | **Washington–(continued)** |
| Kalispel Tribe of Indians; Series 2018 A, RB<sup>(e)</sup> <br>| 5.25% | 01/01/2038 |  | $1320 | &nbsp;&nbsp; $1337538 |
| Seattle (City of), WA; Series 2022, Ref. RB | 5.00% | 07/01/2052 |  | 2435 | &nbsp;&nbsp; 2460980 |
| Seattle (Port of), WA; Series 2024, Ref. RB<sup>(i)</sup> <br>| 5.25% | 07/01/2049 |  | 1695 | &nbsp;&nbsp; 1708903 |
| Tacoma (City of), WA; Series 2022, RB | 4.00% | 12/01/2047 |  | 2785 | &nbsp;&nbsp; 2516182 |
| Washington (State of) (Bid Group 2); Series 2024 A, GO Bonds | 5.00% | 08/01/2046 |  | 850 | &nbsp;&nbsp; 875429 |
| Washington (State of) (Bid Group 3); Series 2023 B, GO Bonds | 5.00% | 02/01/2047 |  | 375 | &nbsp;&nbsp; 384954 |
| Washington (State of) Convention Center Public Facilities District; Series 2018, RB | 5.00% | 07/01/2048 |  | 3480 | &nbsp;&nbsp; 3371845 |
| &nbsp;&nbsp;&nbsp; Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance); Series 2020, <br> Ref. RB<br>| 5.00% | 09/01/2055 |  | 1655 | &nbsp;&nbsp; 1611229 |
| Washington (State of) Housing Finance Commission (Bayview Manor Homes); |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2016 A, Ref. RB<sup>(e)</sup> <br>| 5.00% | 07/01/2046 |  | 435 | &nbsp;&nbsp; 386511 |
| &nbsp;&nbsp;&nbsp; Series 2016 A, Ref. RB<sup>(e)</sup> <br>| 5.00% | 07/01/2051 |  | 360 | &nbsp;&nbsp; 310833 |
| &nbsp;&nbsp;&nbsp; Washington (State of) Housing Finance Commission (Social Certificates); Series 2021-1A, Revenue <br> Ctfs.<br>| 3.50% | 12/20/2035 |  | 1169 | &nbsp;&nbsp; 1085604 |
| Washington State Housing Finance Commission; Series 2025, RB (INS - BAM)<sup>(e)(f)</sup> <br>| 5.25% | 07/01/2064 |  | 860 | &nbsp;&nbsp; 834502 |
|  |  |  |  |  | &nbsp;&nbsp; 17864175 |
| **West Virginia–0.46%** | **West Virginia–0.46%** | **West Virginia–0.46%** | **West Virginia–0.46%** | **West Virginia–0.46%** | **West Virginia–0.46%** |
| &nbsp;&nbsp;&nbsp; Monongalia (County of), WV Commission Special District (University Town Centre Economic <br> Opportunity Development District); Series 2020, Ref. RB<sup>(e)</sup> <br>| 7.50% | 06/01/2043 |  | 815 | &nbsp;&nbsp; 857210 |
| &nbsp;&nbsp;&nbsp; West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated <br> Group); Series 2023, RB<br>| 4.25% | 06/01/2047 |  | 1790 | &nbsp;&nbsp; 1648819 |
|  |  |  |  |  | &nbsp;&nbsp; 2506029 |
| **Wisconsin–4.70%** | **Wisconsin–4.70%** | **Wisconsin–4.70%** | **Wisconsin–4.70%** | **Wisconsin–4.70%** | **Wisconsin–4.70%** |
| Wisconsin (State of) Center District; |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020 D, RB (INS - AGI)<sup>(f)(h)</sup> <br>| 0.00% | 12/15/2050 |  | 6520 | &nbsp;&nbsp; 1788578 |
| &nbsp;&nbsp;&nbsp; Series 2020, RB (INS - AGI)<sup>(f)(h)</sup> <br>| 0.00% | 12/15/2060 |  | 19640 | &nbsp;&nbsp; 3132199 |
| &nbsp;&nbsp;&nbsp; Series 2022, RB<sup>(e)</sup> <br>| 5.25% | 12/15/2061 |  | 1705 | &nbsp;&nbsp; 1596676 |
| Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group); |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021, RB | 4.00% | 08/15/2051 |  | 2800 | &nbsp;&nbsp; 2326012 |
| &nbsp;&nbsp;&nbsp; Series 2025, RB | 5.25% | 08/15/2055 |  | 2500 | &nbsp;&nbsp; 2530653 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority (Froedtert Health); Series 2022 A, Ref. <br> RB<br>| 4.00% | 04/01/2042 |  | 2510 | &nbsp;&nbsp; 2272362 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin); <br> Series 2022, Ref. RB<br>| 4.00% | 12/01/2051 |  | 1540 | &nbsp;&nbsp; 1326481 |
| Wisconsin (State of) Housing & Economic Development Authority; Series 2023 D, RB | 4.95% | 11/01/2054 |  | 610 | &nbsp;&nbsp; 610587 |
| Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands); Series 2017, RB<sup>(e)</sup> <br>| 6.75% | 08/01/2031 |  | 915 | &nbsp;&nbsp; 821213 |
| Wisconsin (State of) Public Finance Authority (Explore Academy); |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020 A, RB<sup>(e)</sup> <br>| 6.13% | 02/01/2050 |  | 415 | &nbsp;&nbsp; 402809 |
| &nbsp;&nbsp;&nbsp; Series 2022 A, RB<sup>(e)</sup> <br>| 6.13% | 02/01/2050 |  | 450 | &nbsp;&nbsp; 436781 |
| Wisconsin (State of) Public Finance Authority (Mallard Creek STEM Academy); Series 2019 A, RB<sup>(e)</sup> <br>| 5.13% | 06/15/2039 |  | 625 | &nbsp;&nbsp; 610768 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center); Series 2018 A-1, <br> RB<sup>(e)</sup> <br>| 6.38% | 01/01/2048 |  | 650 | &nbsp;&nbsp; 292500 |
| Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018 A, RB | 5.20% | 12/01/2037 |  | 1675 | &nbsp;&nbsp; 1702520 |
| &nbsp;&nbsp;&nbsp; Series 2018 A, RB | 5.35% | 12/01/2045 |  | 1675 | &nbsp;&nbsp; 1684129 |
| Wisconsin (State of) Public Finance Authority (Rans-Bridgewater); Series 2024, RB<sup>(e)</sup> <br>| 5.63% | 12/15/2030 |  | 977 | &nbsp;&nbsp; 964944 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); Series 2015, <br> Ref. RB<br>| 5.75% | 04/01/2035 |  | 875 | &nbsp;&nbsp; 875394 |
| Wisconsin (State of) Public Finance Authority (Wakemed Hospital); Series 2019 A, Ref. RB | 5.00% | 10/01/2044 |  | 2420 | &nbsp;&nbsp; 2369377 |
|  |  |  |  |  | &nbsp;&nbsp; 25743983 |
| **Wyoming–0.18%** | **Wyoming–0.18%** | **Wyoming–0.18%** | **Wyoming–0.18%** | **Wyoming–0.18%** | **Wyoming–0.18%** |
| University of Wyoming; Series 2021 C, RB (INS - AGI)<sup>(f)</sup> <br>| 4.00% | 06/01/2044 |  | 1065 | &nbsp;&nbsp; 969822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Obligations (Cost $915,759,550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Obligations (Cost $915,759,550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Obligations (Cost $915,759,550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Obligations (Cost $915,759,550) |  | &nbsp;&nbsp; 886677026 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco Municipal Trust**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Exchange-Traded Funds–0.14%** | **Exchange-Traded Funds–0.14%** | **Exchange-Traded Funds–0.14%** | **Exchange-Traded Funds–0.14%** |
| &nbsp;&nbsp;&nbsp; Invesco Rochester High Yield Municipal ETF <br>(Cost $792,662)<sup>(q)</sup> <br>|  | 15560 | &nbsp;&nbsp; $779481 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(r)</sup>–161.86% (Cost $916,552,212) | TOTAL INVESTMENTS IN SECURITIES<sup>(r)</sup>–161.86% (Cost $916,552,212) |  | &nbsp;&nbsp; 887456507 |
| FLOATING RATE NOTE OBLIGATIONS–(18.64)% | FLOATING RATE NOTE OBLIGATIONS–(18.64)% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes with interest and fee rates ranging from 2.32% to 2.87% at 05/31/2025 and <br>contractual maturities of collateral ranging from 07/01/2026 to 05/15/2062<sup>(s)</sup> <br>|  |  | &nbsp;&nbsp; (102225000)<br>|
| VARIABLE RATE MUNI TERM PREFERRED SHARES–(44.27)% | VARIABLE RATE MUNI TERM PREFERRED SHARES–(44.27)% |  | &nbsp;&nbsp; (242753384)<br>|
| OTHER ASSETS LESS LIABILITIES–1.05% | OTHER ASSETS LESS LIABILITIES–1.05% |  | &nbsp;&nbsp; 5810002 |
| NET ASSETS APPLICABLE TO COMMON SHARES–100.00% | NET ASSETS APPLICABLE TO COMMON SHARES–100.00% |  | &nbsp;&nbsp; $548288125 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| AGI | – Assured Guaranty Inc. |
| AMBAC | – American Municipal Bond Assurance Corp. |
| BAM | – Build America Mutual Assurance Co. |
| BHAC | – Berkshire Hathaway Assurance Corp. |
| CEP | – Credit Enhancement Provider |
| COP | – Certificates of Participation |
| Ctfs. | – Certificates |
| ETF | – Exchange-Traded Fund |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| GNMA | – Government National Mortgage Association |
| GO | – General Obligation |
| IDR | – Industrial Development Revenue Bonds |
| INS | – Insurer |
| LOC | – Letter of Credit |
| NATL | – National Public Finance Guarantee Corp. |
| RAC | – Revenue Anticipation Certificates |
| RB | – Revenue Bonds |
| Ref. | – Refunding |
| RN | – Revenue Notes |
| VRD | – Variable Rate Demand |
| Wts. | – Warrants |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust's use of leverage.

<sup>(b)</sup> Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

<sup>(c)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at May 31, 2025 was $2,995,423, which represented less than 1% of the Trust's Net Assets. 

<sup>(d)</sup> Restricted security. The aggregate value of these securities at May 31, 2025 was $4,480,809, which represented less than 1% of the Trust's Net Assets.

<sup>(e)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at May 31, 2025 was $43,406,803, which represented 7.92% of the Trust's Net Assets. 

<sup>(f)</sup> Principal and/or interest payments are secured by the bond insurance company listed.

<sup>(g)</sup> Underlying security related to TOB Trusts entered into by the Trust.

<sup>(h)</sup> Zero coupon bond issued at a discount.

<sup>(i)</sup> Security subject to the alternative minimum tax.

<sup>(j)</sup> Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

<sup>(k)</sup> Security is subject to a reimbursement agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $22,426,335. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts. 

<sup>(l)</sup> Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on May 31, 2025. 

<sup>(m)</sup> Security valued using significant unobservable inputs (Level 3). See Note 1.

<sup>(n)</sup> The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun.

<sup>(o)</sup> Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

<sup>(p)</sup> Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

<sup>(q)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Trust owns 5% or more of the outstanding voting securities. The table below shows the Trust's transactions in, and earnings from, its investments in affiliates for the three months ended May 31, 2025. 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**February 28, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**May 31, 2025**<br>| **Dividend Income** |
| Invesco Rochester High Yield Municipal ETF | $802865 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(23384) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $779481 | &nbsp;&nbsp; $8880 |

---

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

See accompanying notes which are an integral part of this schedule.

**Invesco Municipal Trust**

------

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

<sup>(r)</sup> This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer's obligations but may be called upon to satisfy the issuer's obligations. 

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

---

| | |
|:---|:---|
| **Entity** | **Percent** |
| Assured Guaranty Inc. | 6.25<br> %<br>|

---

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

<sup>(s)</sup> Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at May 31, 2025. At May 31, 2025, the Trust's investments with a value of $140,120,754 are held by TOB Trusts and serve as collateral for the $102,225,000 in the floating rate note obligations outstanding at that date. 

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

**Invesco Municipal Trust**

------

**Notes to Quarterly Schedule of Portfolio Holdings**

*May 31, 2025*

*(Unaudited)*

**NOTE 1—Additional Valuation Information**

Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Advisers, Inc.'s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of May 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $886130071 | &nbsp;&nbsp;&nbsp;&nbsp; $546955 | &nbsp;&nbsp;&nbsp;&nbsp; $886677026 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 779481 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 779481 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 779481 | &nbsp;&nbsp;&nbsp;&nbsp; 886130071 | &nbsp;&nbsp;&nbsp;&nbsp; 546955 | &nbsp;&nbsp;&nbsp;&nbsp; 887456507 |
| **Other Investments - Assets** |  |  |  |  |
| Investments Matured | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 319339 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 319339 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $779481 | &nbsp;&nbsp;&nbsp;&nbsp; $886449410 | &nbsp;&nbsp;&nbsp;&nbsp; $546955 | &nbsp;&nbsp;&nbsp;&nbsp; $887775846 |

---

**Invesco Municipal Trust**

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Invesco Municipal Trust

- **b. Investment Company Act file number:** 811-06362

- **c. CIK number of Registrant:** 0000877463

- **d. LEI of Registrant:** GKS5Y4B1VKHV66WSPK53

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

  - **Street Address 1:** 1331 Spring Street NW, Suite 2500

  - **City:** Atlanta

  - **State:** GA

  - **Foreign country:** US

  - **Zip / Postal Code:** 30309

  - **Telephone number:** 800-959-4246

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

- **a. Name of Series:** Invesco Municipal Trust

- **c. LEI of Series:** GKS5Y4B1VKHV66WSPK53

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

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-05-31

**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:** $895701616.92

**Total Liabilities:** $347418687.07

**Net Assets:** $548282929.85

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1018.80697715 | **1-Year:** -20369.44076933 | **5-Year:** -87081.26437515 | **10-Year:** -239658.67676429 | **30-Year:** -127056.59542273

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

- **3-Month:** -335.76880861 | **1-Year:** -6000.65125530 | **5-Year:** -17722.92907339 | **10-Year:** -42053.15164165 | **30-Year:** -33561.55690781

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -3.11%               | -1.48%               | -1.41%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-568369.91              | $-20150978.19                              |
| Month 2  | $-2642368.88             | $-7428862.93                               |
| Month 3  | $-586336.03              | $-9999840.35                               |

**Designated Index Information**

- **Index Name:** S&P Muni Bond 5+ Yr Investment Grade Index

- **Index Identifier:** 100% BM-Securities only

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| California (State of) Pollution Control Financing Authority (Plant Bonds)                                                                            | California (State of) Pollution Control Financing Authority (Plant Bonds), Series 2012, RB                                                            | CUSIP: 13054WAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2280000 | PA      | $2279837.44   | 0.42%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Franklin (County of), OH (Nationwide Children's Hospital)                                                                                            | Franklin (County of), OH (Nationwide Children's Hospital), Series 2019, RB                                                                            | CUSIP: 353187EL7<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1398686.56   | 0.26%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark (County of), NV Water Reclamation District                                                                                                     | Clark (County of), NV Water Reclamation District, Series 2023, GO Bonds                                                                               | CUSIP: 181070GF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5185000 | PA      | $5280914.20   | 0.96%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York (City of), NY                                                                                                                               | New York (City of), NY, Subseries 2022 D-1, GO Bonds                                                                                                  | CUSIP: 64966QB58<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1461424.95   | 0.27%             | 2038-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                                                                   | South Carolina Jobs-Economic Development Authority, Series 2024, RB                                                                                   | CUSIP: 837032CD1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    495000 | PA      | $513145.12    | 0.09%             | 2050-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges)                                                      | Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges), Series 2022, RB                                      | CUSIP: 70868YAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2015000 | PA      | $1968521.20   | 0.36%             | 2053-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Miami-Dade (County of), FL                                                                                                                           | Miami-Dade (County of), FL, Subseries 2021 A-2, Ref. RB                                                                                               | CUSIP: 59335KDH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2520000 | PA      | $2196677.20   | 0.40%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp.                                                                                                                | Puerto Rico Sales Tax Financing Corp., Series 2018 A-1, RB                                                                                            | CUSIP: 74529JQH1<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | US        |  10905000 | PA      | $2574403.33   | 0.47%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chicago (City of), IL Transit Authority                                                                                                              | Chicago (City of), IL Transit Authority, Series 2024 A, Ref. RB                                                                                       | CUSIP: 16772PEP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2394876.48   | 0.44%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Public Finance Authority (Wakemed Hospital)                                                                                     | Wisconsin (State of) Public Finance Authority (Wakemed Hospital), Series 2019 A, Ref. RB                                                              | CUSIP: 74442CBY9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2420000 | PA      | $2369376.50   | 0.43%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois (State of)                                                                                                                                  | Illinois (State of), Series 2017 C, GO Bonds                                                                                                          | CUSIP: 452152P21<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    265000 | PA      | $273449.79    | 0.05%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Children's Trust Fund                                                                                                                                | Children's Trust Fund, Series 2002, RB                                                                                                                | CUSIP: 16876QBG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1507147.96   | 0.27%             | 2043-05-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Montgomery (County of), OH (Trousdale Foundation Properties)                                                                                         | Montgomery (County of), OH (Trousdale Foundation Properties), Series 2018 A, RB                                                                       | CUSIP: 613554AF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1132712 | PA      | $14158.90     | 0.00%             | 2038-04-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| South Dakota (State of) Health & Educational Facilities Authority (Avera Health)                                                                     | South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2017, Ref. RB                                                | CUSIP: 83755VG99<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |   2040000 | PA      | $2015982.06   | 0.37%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico (Commonwealth of)                                                                                                                        | Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds                                                                                              | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1190263.66   | 0.22%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Collier (County of), FL Industrial Development Authority (The Arlington of Naples)                                                                   | Collier (County of), FL Industrial Development Authority (The Arlington of Naples), Series 2014 A, RB                                                 | CUSIP: 194638AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    969402 | PA      | $96.94        | 0.00%             | 2035-05-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Northern Tobacco Securitization Corp.                                                                                                                | Northern Tobacco Securitization Corp., Series 2021 A-1, Ref. RB                                                                                       | CUSIP: 66585VBY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $349937.28    | 0.06%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Transportation Trust Fund Authority                                                                                            | New Jersey (State of) Transportation Trust Fund Authority, Series 2010 A, RB                                                                          | CUSIP: 646136XH9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1313063.52   | 0.24%             | 2030-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fort Lauderdale (City of), FL (Enabling Works)                                                                                                       | Fort Lauderdale (City of), FL (Enabling Works), Series 2023 A, RB                                                                                     | CUSIP: 347658ZA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2520000 | PA      | $2671639.99   | 0.49%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment)                                                               | New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 A, RB                                             | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3235000 | PA      | $3148566.62   | 0.57%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania (Commonwealth of) Turnpike Commission                                                                                                   | Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB                                                                                 | CUSIP: 709224S91<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    220000 | PA      | $221737.65    | 0.04%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport) (Green Bonds)                                                       | New York Transportation Development Corp. (Terminal 4 JFK International Airport) (Green Bonds), Series 2024, Ref. RB                                  | CUSIP: 650116HW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70341.12     | 0.01%             | 2060-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lower Alabama Gas District (The)                                                                                                                     | Lower Alabama Gas District (The), Series 2016 A, RB                                                                                                   | CUSIP: 547804AE4<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |   3745000 | PA      | $3818712.09   | 0.70%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ward (County of), ND (Trinity Obligated Group)                                                                                                       | Ward (County of), ND (Trinity Obligated Group), Series 2017 C, RB                                                                                     | CUSIP: 934023EW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $824899.08    | 0.15%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Public Finance Authority (Explore Academy)                                                                                      | Wisconsin (State of) Public Finance Authority (Explore Academy), Series 2022 A, RB                                                                    | CUSIP: 74443DHC8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    450000 | PA      | $436780.62    | 0.08%             | 2050-02-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.)                                                 | California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.), Series 2020 B-2, Ref. RB                        | CUSIP: 13016NFC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1670000 | PA      | $303940.33    | 0.06%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Rampart Range Metropolitan District No. 5                                                                                                            | Rampart Range Metropolitan District No. 5, Series 2021, RB                                                                                            | CUSIP: 75157WAC6<br>LEI: 549300R7FFMPZ9FYUQ36 | Long             | DBT              | MUN               | US        |    500000 | PA      | $391803.65    | 0.07%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4)                                                                           | Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2021 A, Ref. RB                                                    | CUSIP: 6262077G3<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    660000 | PA      | $585086.70    | 0.11%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health)                                                         | Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health), Series 2019 A-2, Ref. RB                                | CUSIP: 162410FF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1217445.77   | 0.22%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks)                                                                      | Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks), Series 2020, Ref. RB                                                 | CUSIP: 87638RKG1<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |     85000 | PA      | $71111.36     | 0.01%             | 2051-11-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Transportation Trust Fund Authority                                                                                            | New Jersey (State of) Transportation Trust Fund Authority, Series 2010 A, RB                                                                          | CUSIP: 646136XJ5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2365799.40   | 0.43%             | 2031-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                                                                                            | Golden State Tobacco Securitization Corp., Series 2021 B-2, Ref. RB                                                                                   | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1535000 | PA      | $165322.11    | 0.03%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California (State of) Municipal Finance Authority (Bella Mente Montessori Academy)                                                                   | California (State of) Municipal Finance Authority (Bella Mente Montessori Academy), Series 2018 A, RB                                                 | CUSIP: 130486BC6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    165000 | PA      | $154282.77    | 0.03%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                                                                                                   | Greater Orlando Aviation Authority, Series 2019 A, RB                                                                                                 | CUSIP: 3922742F2<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2235164.50   | 0.41%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire (State of) Business Finance Authority                                                                                                  | New Hampshire (State of) Business Finance Authority, Series 2020-1A, RB                                                                               | CUSIP: 63607WAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    294228 | PA      | $289126.67    | 0.05%             | 2034-01-20      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp. (Jubilee Academic Center)                                                                       | New Hope Cultural Education Facilities Finance Corp. (Jubilee Academic Center), Series 2021, Ref. RB                                                  | CUSIP: 64542QCJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $774552.34    | 0.14%             | 2051-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp.                                                                                                                | Puerto Rico Sales Tax Financing Corp., Series 2019 A-2, RB                                                                                            | CUSIP: 74529JRH0<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1148592.20   | 0.21%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Peninsula Town Center Community Development Authority                                                                                                | Peninsula Town Center Community Development Authority, Series 2018, Ref. RB                                                                           | CUSIP: 70718LAH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $315890.33    | 0.06%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, Inc.)                                                 | Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, Inc.), Series 2017 A, Ref. RB                          | CUSIP: 49127KBW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $520947.34    | 0.10%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Akron, Bath & Copley Joint Township Hospital District (Summa Health Obligated Group)                                                                 | Akron, Bath & Copley Joint Township Hospital District (Summa Health Obligated Group), Series 2016, Ref. RB                                            | CUSIP: 009730NX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2645000 | PA      | $2650047.98   | 0.48%             | 2046-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Utah (State of) Charter School Finance Authority (Ogden Preparatory Academy)                                                                         | Utah (State of) Charter School Finance Authority (Ogden Preparatory Academy), Series 2022 A, Ref. RB                                                  | CUSIP: 91754TT52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $747914.01    | 0.14%             | 2047-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Columbus (City of) & Franklin (County of), OH Finance Authority (Easton)                                                                             | Columbus (City of) & Franklin (County of), OH Finance Authority (Easton), Series 2020, RB                                                             | CUSIP: 19910VAA8<br>LEI: 549300NX3ODQN2ETOO82 | Long             | DBT              | MUN               | US        |    485000 | PA      | $487224.79    | 0.09%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services)                                                             | Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services), Series 2019, Ref. RB                                        | CUSIP: 60635H3E7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    330000 | PA      | $312304.18    | 0.06%             | 2048-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital)                                                                       | Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital), Series 2022, RB                                                       | CUSIP: 803301DL1<br>LEI: 549300JY4SF4DU1YDF85 | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1135634.72   | 0.21%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport)                                                                     | New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2022, RB                                                     | CUSIP: 650116FN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1870000 | PA      | $1900052.96   | 0.35%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia (Commonwealth of) Small Business Financing Authority (I-495 Hot Lanes)                                                                      | Virginia (Commonwealth of) Small Business Financing Authority (I-495 Hot Lanes), Series 2022, Ref. RB                                                 | CUSIP: 928104QJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1399621.91   | 0.26%             | 2047-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                                                                                         | Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB                                                                       | CUSIP: 79574CFQ1<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3393762.57   | 0.62%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa (State of) Tobacco Settlement Authority                                                                                                         | Iowa (State of) Tobacco Settlement Authority, Series 2021 A-2, Ref. RB                                                                                | CUSIP: 888805CF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $254986.68    | 0.05%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Lipscomb University)             | Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Lipscomb University), Series 2019 | CUSIP: 592041YJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $733256.52    | 0.13%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                                                                                  | City of New York NY, Series 2025, GO Bonds                                                                                                            | CUSIP: 64966SMF0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5191042.50   | 0.95%             | 2053-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer)                                                                            | New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2022 1-B, RB                                                        | CUSIP: 65000BPS1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3640000 | PA      | $3133134.00   | 0.57%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Denton (County of), TX                                                                                                                               | Denton (County of), TX, Series 2023, Ref. GO Bonds                                                                                                    | CUSIP: 248776BX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $3843906.98   | 0.70%             | 2048-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp.                                                                                                                | Puerto Rico Sales Tax Financing Corp., Series 2018 A-1, RB                                                                                            | CUSIP: 74529JQF5<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | US        |   2458000 | PA      | $1742179.52   | 0.32%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway)                                     | Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway), Series 2015 A, RB                   | CUSIP: 49126PEP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1110407.59   | 0.20%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade (County of), FL Transit System                                                                                                            | Miami-Dade (County of), FL Transit System, Series 2022, RB                                                                                            | CUSIP: 59334PKZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2345000 | PA      | $2354659.76   | 0.43%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Orange (City of), NJ Board of Education                                                                                                         | East Orange (City of), NJ Board of Education, Series 1998, COP                                                                                        | CUSIP: 274146CK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2588657.00   | 0.47%             | 2028-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community)                                                            | New Hope Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community), Series 2021, RB                                            | CUSIP: 64542UFR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1660449 | PA      | $580777.57    | 0.11%             | 2061-11-15      | Variable      | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Tampa (City of), FL                                                                                                                                  | Tampa (City of), FL, Series 2020 A, RB                                                                                                                | CUSIP: 875146BC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5620000 | PA      | $1509637.66   | 0.28%             | 2049-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp. (Natgasoline)                                                                                                     | Mission Economic Development Corp. (Natgasoline), Series 2018, Ref. RB                                                                                | CUSIP: 605156AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3085000 | PA      | $3081629.33   | 0.56%             | 2031-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Chillicothe (City of), OH (Adena Health System Obligated Group)                                                                                      | Chillicothe (City of), OH (Adena Health System Obligated Group), Series 2017, Ref. RB                                                                 | CUSIP: 169203AH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1275559.97   | 0.23%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Indiana Commuter Transportation District                                                                                                    | Northern Indiana Commuter Transportation District, Series 2024, RB                                                                                    | CUSIP: 66528PCM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1020822.45   | 0.19%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ritoro Metropolitan District                                                                                                                         | Ritoro Metropolitan District, Series 2025, GO Bonds                                                                                                   | CUSIP: 76778TAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512735.30    | 0.09%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cuyahoga (County of), OH (MetroHealth System)                                                                                                        | Cuyahoga (County of), OH (MetroHealth System), Series 2017, Ref. RB                                                                                   | CUSIP: 2322655S3<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1113019.51   | 0.20%             | 2047-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Colorado Crossing Metropolitan District No. 2                                                                                                        | Colorado Crossing Metropolitan District No. 2, Series 2020 A-1, Ref. GO Bonds                                                                         | CUSIP: 19645YAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $458375.20    | 0.08%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California (State of) County Tobacco Securitization Agency                                                                                           | California (State of) County Tobacco Securitization Agency, Series 2020 A, Ref. RB                                                                    | CUSIP: 13016NEV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $262359.41    | 0.05%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan (State of) Finance Authority (Landmark Academy)                                                                                             | Michigan (State of) Finance Authority (Landmark Academy), Series 2020, Ref. RB                                                                        | CUSIP: 594479ER4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    295000 | PA      | $292366.92    | 0.05%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Western Metropolitan District                                                                                                                  | Great Western Metropolitan District, Series 2020, Ref. GO Bonds                                                                                       | CUSIP: 39142CAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $384975.43    | 0.07%             | 2050-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Muskingum (County of), OH (Genesis Healthcare System)                                                                                                | Muskingum (County of), OH (Genesis Healthcare System), Series 2013, RB                                                                                | CUSIP: 628077CV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $868636.40    | 0.16%             | 2044-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Henderson (City of), KY (Pratt Paper LLC)                                                                                                            | Henderson (City of), KY (Pratt Paper LLC), Series 2022 A, RB                                                                                          | CUSIP: 425099AB4<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |    670000 | PA      | $596980.45    | 0.11%             | 2052-01-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Sky Ranch Community Authority Board                                                                                                                  | Sky Ranch Community Authority Board, Series 2022 A, RB                                                                                                | CUSIP: 83086SAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $458527.95    | 0.08%             | 2052-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Arizona (State of) Industrial Development Authority                                                                                                  | Arizona (State of) Industrial Development Authority, Series 2019-2A, Revenue Ctfs.                                                                    | CUSIP: 04052ABH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     74647 | PA      | $70627.33     | 0.01%             | 2033-05-20      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Brookhaven (City of), GA Development Authority (Children's Healthcare of Atlanta, Inc.)                                                              | Brookhaven (City of), GA Development Authority (Children's Healthcare of Atlanta, Inc.), Series 2019 A, RB                                            | CUSIP: 113073AW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3345000 | PA      | $2972908.22   | 0.54%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| St. Paul (City of), MN Housing & Redevelopment Authority (Higher Ground Academy)                                                                     | St. Paul (City of), MN Housing & Redevelopment Authority (Higher Ground Academy), Series 2023, Ref. RB                                                | CUSIP: 852297DU1<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    500000 | PA      | $493039.60    | 0.09%             | 2057-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Kansas City (City of), MO Industrial Development Authority (Downtown Redevelopment District)                                                         | Kansas City (City of), MO Industrial Development Authority (Downtown Redevelopment District), Series 2011 A, Ref. RB                                  | CUSIP: 48503SEK1<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1520685.19   | 0.28%             | 2028-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Philadelphia (City of), PA Authority for Industrial Development (String Theory Charter School)                                                       | Philadelphia (City of), PA Authority for Industrial Development (String Theory Charter School), Series 2020, Ref. RB                                  | CUSIP: 71780CBA7<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    400000 | PA      | $363317.08    | 0.07%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                                                                                   | Tobacco Settlement Financing Corp., Series 2018 A, Ref. RB                                                                                            | CUSIP: 888808HQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2935000 | PA      | $2898180.13   | 0.53%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Center District                                                                                                                 | Wisconsin (State of) Center District, Series 2022, RB                                                                                                 | CUSIP: 976595JE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1705000 | PA      | $1596676.24   | 0.29%             | 2061-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Centerra Metropolitan District No. 1 (In the City of Loveland)                                                                                       | Centerra Metropolitan District No. 1 (In the City of Loveland), Series 2017, RB                                                                       | CUSIP: 15200XAG8<br>LEI: 549300SHE5ZPSMGZH793 | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1580829.26   | 0.29%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago (City of), IL Park District                                                                                                                  | Chicago (City of), IL Park District, Series 2020 D, GO Bonds                                                                                          | CUSIP: 167615B85<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1246272.78   | 0.23%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp. (Children's Health System of Texas)                                                             | New Hope Cultural Education Facilities Finance Corp. (Children's Health System of Texas), Series 2017 A, Ref. RB                                      | CUSIP: 645424AV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1438075.44   | 0.26%             | 2047-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                                                                        | Main Street Natural Gas, Inc., Series 2021 C, RB                                                                                                      | CUSIP: 56035DCZ3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1241657.26   | 0.23%             | 2028-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania (Commonwealth of) Turnpike Commission                                                                                                   | Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB                                                                                 | CUSIP: 709225BD7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    915000 | PA      | $797306.39    | 0.15%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority (Jefferson-Anaheim Social Bonds)                                                                               | CSCDA Community Improvement Authority (Jefferson-Anaheim Social Bonds), Series 2021 A, RB                                                             | CUSIP: 126292AF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $601577.93    | 0.11%             | 2056-08-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.)                                                           | Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 A, Ref. RB                                    | CUSIP: 49126KKE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1266619.33   | 0.23%             | 2041-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Public Finance Authority (Explore Academy)                                                                                      | Wisconsin (State of) Public Finance Authority (Explore Academy), Series 2020 A, RB                                                                    | CUSIP: 74443DFS5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    415000 | PA      | $402808.79    | 0.07%             | 2050-02-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport)                                                        | San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 E, RB                                      | CUSIP: 79766DRW1<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    680000 | PA      | $691793.51    | 0.13%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Military Installation Development Authority                                                                                                          | Military Installation Development Authority, Series 2021 A-2, RB                                                                                      | CUSIP: 599772AF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $389379.10    | 0.07%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montebello Unified School District                                                                                                                   | Montebello Unified School District, Series 2022 B, GO Bonds                                                                                           | CUSIP: 612289UT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1260001.34   | 0.23%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts (Commonwealth of) Port Authority                                                                                                       | Massachusetts (Commonwealth of) Port Authority, Series 2021 E, RB                                                                                     | CUSIP: 575896YJ8<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1055854.23   | 0.19%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio (City of), TX                                                                                                                            | San Antonio (City of), TX, Series 2023 A, Ref. RB                                                                                                     | CUSIP: 79625GGS6<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1355990.74   | 0.25%             | 2046-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pima (County of), AZ Industrial Development Authority (The) (Grande Innovations Academy)                                                             | Pima (County of), AZ Industrial Development Authority (The) (Grande Innovations Academy), Series 2018, RB                                             | CUSIP: 72177PBZ2<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1096864.53   | 0.20%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels)                                                                                         | Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB                                                                         | CUSIP: 896035BG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5390000 | PA      | $5488472.07   | 1.00%             | 2062-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group)                                                       | Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group), Series 2025, RB                                       | CUSIP: 97712JMT7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2530653.25   | 0.46%             | 2055-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Iowa (State of) Finance Authority (Alcoa, Inc.)                                                                                                      | Iowa (State of) Finance Authority (Alcoa, Inc.), Series 2012, RB                                                                                      | CUSIP: 46246SAE5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1190500.50   | 0.22%             | 2042-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center)                                             | California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center), Series 2016 A, RB                           | CUSIP: 13080SML5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1005000 | PA      | $975868.47    | 0.18%             | 2056-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania (Commonwealth of) Turnpike Commission                                                                                                   | Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 A-2, RB                                                                               | CUSIP: 709224DP1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2074162.00   | 0.38%             | 2039-12-01      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Chicago (City of), IL (O'Hare International Airport)                                                                                                 | Chicago (City of), IL (O'Hare International Airport), Series 2024 A, RB                                                                               | CUSIP: 1675934T6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2160000 | PA      | $2226393.00   | 0.41%             | 2059-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Idaho (State of) Housing & Finance Association                                                                                                       | Idaho (State of) Housing & Finance Association, Series 2024, RB                                                                                       | CUSIP: 45130ACR4<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1734797.23   | 0.32%             | 2048-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Windler Public Improvement Authority                                                                                                                 | Windler Public Improvement Authority, Series 2021 A-1, RB                                                                                             | CUSIP: 973405AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $387214.85    | 0.07%             | 2051-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Bethel (City of), MN (Spectrum High School)                                                                                                          | Bethel (City of), MN (Spectrum High School), Series 2017 A, Ref. RB                                                                                   | CUSIP: 086759AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $414529.75    | 0.08%             | 2052-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights)                                                                           | Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights), Series 2017 A, Ref. RB                                                    | CUSIP: 497609BD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $423658.84    | 0.08%             | 2050-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania (Commonwealth of) Turnpike Commission                                                                                                   | Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 B, RB                                                                                 | CUSIP: 709225AX4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    595000 | PA      | $597609.91    | 0.11%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green Bopnds)                                                    | Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green Bopnds), Series 2023, Ref. RB                               | CUSIP: 57584Y4S5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1441273.09   | 0.26%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Washington (State of) Housing Finance Commission (Social Certificates)                                                                               | Washington (State of) Housing Finance Commission (Social Certificates), Series 2021-1A, Revenue Ctfs.                                                 | CUSIP: 93978TS59<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1169207 | PA      | $1085604.27   | 0.20%             | 2035-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Hillsborough (County of), FL Aviation Authority (Tampa International Airport)                                                                        | Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2018 E, RB                                                      | CUSIP: 432308H72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2475000 | PA      | $2430975.69   | 0.44%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California (State of) Pollution Control Financing Authority (Plant Bonds)                                                                            | California (State of) Pollution Control Financing Authority (Plant Bonds), Series 2012, RB                                                            | CUSIP: 13054WAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $545384.39    | 0.10%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion)                                                                      | Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), Series 2024, Ref. RB                                                 | CUSIP: 340618DV6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984024.70    | 0.18%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts (Commonwealth of) Port Authority                                                                                                       | Massachusetts (Commonwealth of) Port Authority, Series 2019 A, Ref. RB                                                                                | CUSIP: 575896TN5<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014831.00   | 0.19%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport)                                            | New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport), Series 2016, Ref. RB                       | CUSIP: 650116BP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1434621.31   | 0.26%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lansing (City of), MI Board of Water & Light                                                                                                         | Lansing (City of), MI Board of Water & Light, Series 2024 A, Ref. RB                                                                                  | CUSIP: 516391FN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3575000 | PA      | $3712905.27   | 0.68%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp.                                                                                                                | Puerto Rico Sales Tax Financing Corp., Series 2018 A-1, RB                                                                                            | CUSIP: 74529JQD0<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1269803.52   | 0.23%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Ohio State University (The)                                                                                                                          | Ohio State University (The), Series 2010 D, RB                                                                                                        | CUSIP: 677632ZL8<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |    955000 | PA      | $1054693.69   | 0.19%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York (State of) Dormitory Authority                                                                                                              | New York (State of) Dormitory Authority, Series 2017 B, Ref. RB                                                                                       | CUSIP: 64990KFL2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5111.78      | 0.00%             | 2027-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport)                                                        | San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 E, RB                                      | CUSIP: 79766DSA8<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   2360000 | PA      | $2320317.78   | 0.42%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York & New Jersey (States of) Port Authority                                                                                                     | New York & New Jersey (States of) Port Authority, Series 2020 221, RB                                                                                 | CUSIP: 73358W5V2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2345000 | PA      | $1884080.87   | 0.34%             | 2060-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio (State of) Municipal Electric Generation Agency (Joint Venture 5)                                                                               | Ohio (State of) Municipal Electric Generation Agency (Joint Venture 5), Series 2001, Beneficial Interest Ctfs.                                        | CUSIP: 677409AW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $836694.20    | 0.15%             | 2030-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chicago (City of), IL Board of Education                                                                                                             | Chicago (City of), IL Board of Education, Series 2018 A, Ref. GO Bonds                                                                                | CUSIP: 167505VB9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    750000 | PA      | $742470.30    | 0.14%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago (City of), IL (O'Hare International Airport)                                                                                                 | Chicago (City of), IL (O'Hare International Airport), Series 2017 D, RB                                                                               | CUSIP: 167593WS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1454568.17   | 0.27%             | 2052-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa (State of) Board of Regents (University of Iowa Hospital & Clinics)                                                                             | Iowa (State of) Board of Regents (University of Iowa Hospital & Clinics), Series 2022 B, RB                                                           | CUSIP: 46256QNJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $407560.50    | 0.07%             | 2056-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Washington (State of) Housing Finance Commission (Bayview Manor Homes)                                                                               | Washington (State of) Housing Finance Commission (Bayview Manor Homes), Series 2016 A, Ref. RB                                                        | CUSIP: 939783TC0<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    435000 | PA      | $386510.85    | 0.07%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan (State of) Housing Development Authority                                                                                                    | Michigan (State of) Housing Development Authority, Series 2023 A, RB                                                                                  | CUSIP: 59465PEK0<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1962383.09   | 0.36%             | 2053-10-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project (No. 3)                                                                                                                | Central Plains Energy Project (No. 3), Series 2017 A, Ref. RB                                                                                         | CUSIP: 154871CP0<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   3740000 | PA      | $3834531.12   | 0.70%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas (State of) Water Development Board (Master Trust)                                                                                              | Texas (State of) Water Development Board (Master Trust), Series 2022, RB                                                                              | CUSIP: 88285ABH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3345000 | PA      | $3411784.60   | 0.62%             | 2047-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc.                                                                                                                         | Main Street Natural Gas Inc., Series 2024, RB                                                                                                         | CUSIP: 56035DJJ2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3126846.60   | 0.57%             | 2032-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                                                                            | New Jersey Economic Development Authority, Series 2004, RB                                                                                            | CUSIP: 64577BN67<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7163622.90   | 1.31%             | 2026-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Philadelphia (City of), PA                                                                                                                           | Philadelphia (City of), PA, Series 2017 B, Ref. RB                                                                                                    | CUSIP: 717817UL2<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   3020000 | PA      | $2988250.44   | 0.55%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rahway Valley Sewerage Authority (The)                                                                                                               | Rahway Valley Sewerage Authority (The), Series 2005 A, RB                                                                                             | CUSIP: 750718DD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3828933.00   | 0.70%             | 2032-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Desert Community College District (Election of 2016)                                                                                                 | Desert Community College District (Election of 2016), Series 2024, GO Bonds                                                                           | CUSIP: 250375NC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    855000 | PA      | $778211.85    | 0.14%             | 2051-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois (State of)                                                                                                                                  | Illinois (State of), Series 2017 D, GO Bonds                                                                                                          | CUSIP: 452152Q61<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1142260.19   | 0.21%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York (State of) Power Authority (Green Bonds)                                                                                                    | New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB                                                                             | CUSIP: 64989KLF1<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |   4185000 | PA      | $3541285.90   | 0.65%             | 2055-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana (State of)                                                                                                                                 | Louisiana (State of), Series 2023 A-1, Ref. VRD RB                                                                                                    | CUSIP: 546475VV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.91%             | 2043-05-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Allegheny (County of), PA Airport Authority (Pittsburgh Airport)                                                                                     | Allegheny (County of), PA Airport Authority (Pittsburgh Airport), Series 2023 A, RB                                                                   | CUSIP: 01728LHE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2530000 | PA      | $2613664.06   | 0.48%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Miami-Dade (County of), FL Expressway Authority                                                                                                      | Miami-Dade (County of), FL Expressway Authority, Series 2010 A, RB                                                                                    | CUSIP: 59334KFW3<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   2605000 | PA      | $2604895.28   | 0.48%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Prince George's (County of), MD (Collington Episcopal Life Care Community, Inc.)                                                                     | Prince George's (County of), MD (Collington Episcopal Life Care Community, Inc.), Series 2017, Ref. RB                                                | CUSIP: 741724BY3<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |    905000 | PA      | $906310.08    | 0.17%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St. Louis (County of), MO Industrial Development Authority (Friendship Village West County)                                                          | St. Louis (County of), MO Industrial Development Authority (Friendship Village West County), Series 2018 A, RB                                        | CUSIP: 791524CM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1845000 | PA      | $1851272.82   | 0.34%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York (City of), NY Municipal Water Finance Authority                                                                                             | New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB                                                                        | CUSIP: 64972GYC2<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1440529.15   | 0.26%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lancaster (County of), PA Hospital Authority (Penn State Health)                                                                                     | Lancaster (County of), PA Hospital Authority (Penn State Health), Series 2021, RB                                                                     | CUSIP: 514045W66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $666099.34    | 0.12%             | 2051-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center)                                                                     | Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center), Series 2018 A-1, RB                                                 | CUSIP: 74442PJV8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    650000 | PA      | $292500.00    | 0.05%             | 2048-01-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center)                                                                     | Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center), Series 2014, Ref. RB                                                | CUSIP: 593211EW1<br>LEI: 549300MFT7I1HF5VL403 | Long             | DBT              | MUN               | US        |    935000 | PA      | $934960.45    | 0.17%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance)                                                                | Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB                                           | CUSIP: 93978HXM2<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1611228.89   | 0.29%             | 2055-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia (City of), PA                                                                                                                           | Philadelphia (City of), PA, Series 2021, Ref. RB                                                                                                      | CUSIP: 717817XX3<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1133349.31   | 0.21%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York (City of), NY Transitional Finance Authority                                                                                                | New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB                                                                            | CUSIP: 64971X7H5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2233683.87   | 0.41%             | 2051-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois (State of) Finance Authority (Park Place of Elmhurst)                                                                                       | Illinois (State of) Finance Authority (Park Place of Elmhurst), Series 2016, RB                                                                       | CUSIP: 45204FHC2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    874473 | PA      | $628267.58    | 0.11%             | 2060-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Salt Lake City (City of), UT                                                                                                                         | Salt Lake City (City of), UT, Series 2021 A, RB                                                                                                       | CUSIP: 795576KB2<br>LEI: 549300CRGKV67DRSGT85 | Long             | DBT              | MUN               | US        |    835000 | PA      | $823196.11    | 0.15%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.)                                                                                   | Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.), Series 2016, RB                                                                   | CUSIP: 874485DL6<br>LEI: 549300MPY4HDPK8B1G15 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1304240.00   | 0.24%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York (State of) Thruway Authority (Group 3)                                                                                                      | New York (State of) Thruway Authority (Group 3), Series 2021 A-1, Ref. RB                                                                             | CUSIP: 650028XG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2485000 | PA      | $2208442.11   | 0.40%             | 2046-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp. (International Leadership of Texas)                                                                           | Clifton Higher Education Finance Corp. (International Leadership of Texas), Series 2018 D, RB                                                         | CUSIP: 187145JR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1679270.58   | 0.31%             | 2033-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Mt. San Antonio Community College District (Election of 2008)                                                                                        | Mt. San Antonio Community College District (Election of 2008), Series 2013 A, GO Bonds                                                                | CUSIP: 623040FW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2010000 | PA      | $1925461.81   | 0.35%             | 2043-08-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| New York & New Jersey (States of) Port Authority                                                                                                     | New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB                                                              | CUSIP: 73358WP57<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1662523.03   | 0.30%             | 2057-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ritoro Metropolitan District                                                                                                                         | Ritoro Metropolitan District, Series 2025, GO Bonds                                                                                                   | CUSIP: 76778TAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1194562.40   | 0.22%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Tarrant (County of), TX Hospital District                                                                                                            | Tarrant (County of), TX Hospital District, Series 2023, GO Bonds                                                                                      | CUSIP: 876387FB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $732470.31    | 0.13%             | 2048-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Turnpike Authority                                                                                                             | New Jersey (State of) Turnpike Authority, Series 2005 A, Ref. RB                                                                                      | CUSIP: 646139A96<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    705000 | PA      | $732267.00    | 0.13%             | 2027-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                                                                                         | Mississippi Development Bank, Series 2025, RB                                                                                                         | CUSIP: 60534XM78<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    855000 | PA      | $864285.73    | 0.16%             | 2055-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Nebraska Investment Finance Authority (Social Bonds)                                                                                                 | Nebraska Investment Finance Authority (Social Bonds), Series 2023 G, RB                                                                               | CUSIP: 63968M2T5<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1054297.08   | 0.19%             | 2048-09-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Kansas City (City of), MO Industrial Development Authority (Downtown Redevelopment District)                                                         | Kansas City (City of), MO Industrial Development Authority (Downtown Redevelopment District), Series 2011 A, Ref. RB                                  | CUSIP: 48503SEJ4<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    750000 | PA      | $752814.45    | 0.14%             | 2027-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| San Antonio (City of), TX                                                                                                                            | San Antonio (City of), TX, Series 2023 A, Ref. RB                                                                                                     | CUSIP: 79625GGT4<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1288856.56   | 0.24%             | 2050-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                                                                                | Louisiana Public Facilities Authority, Series 2025, RB                                                                                                | CUSIP: 546399UM6<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1793882.63   | 0.33%             | 2050-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Cape Coral (City of), FL                                                                                                                             | Cape Coral (City of), FL, Series 2023, Ref. RB                                                                                                        | CUSIP: 13937XEQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1279784.29   | 0.23%             | 2048-03-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority, A Cooperative District (No. 3)                                                                                           | Southeast Energy Authority, A Cooperative District (No. 3), Series 2022 A-1, RB                                                                       | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1482599.27   | 0.27%             | 2029-12-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Ward (County of), ND (Trinity Obligated Group)                                                                                                       | Ward (County of), ND (Trinity Obligated Group), Series 2017 C, RB                                                                                     | CUSIP: 934023EV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1082870.72   | 0.20%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences)                                                                | Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences), Series 2015, Ref. RB                                           | CUSIP: 74442PAT2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    875000 | PA      | $875394.19    | 0.16%             | 2035-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs)                                                                     | Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs), Series 2022 A, Ref. RB                                              | CUSIP: 010685LE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $771415.27    | 0.14%             | 2061-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Virginia (Commonwealth of) Housing Development Authority                                                                                             | Virginia (Commonwealth of) Housing Development Authority, Series 2023 F, RB                                                                           | CUSIP: 92812WMS0<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1160581.45   | 0.21%             | 2053-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp. (System Energy Resources, Inc.)                                                                                   | Mississippi Business Finance Corp. (System Energy Resources, Inc.), Series 2021, RB                                                                   | CUSIP: 605279MK1<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $674370.48    | 0.12%             | 2044-06-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Colorado (State of) Health Facilities Authority (Volunteers of America Care)                                                                         | Colorado (State of) Health Facilities Authority (Volunteers of America Care), Series 2007 A, RB                                                       | CUSIP: 196475AH0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100162.84    | 0.02%             | 2037-07-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group)                                                         | South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB                                    | CUSIP: 838810EF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $713081.54    | 0.13%             | 2047-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Houston (City of), TX Airport System (United Airlines, Inc.)                                                                                         | Houston (City of), TX Airport System (United Airlines, Inc.), Series 2018, RB                                                                         | CUSIP: 4423487V4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $497207.16    | 0.09%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District)                            | Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District), Series 2020, Ref. RB       | CUSIP: 61022CAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $857210.32    | 0.16%             | 2043-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico (Commonwealth of) Electric Power Authority                                                                                               | Puerto Rico (Commonwealth of) Electric Power Authority, Series 2007 VV, Ref. RB                                                                       | CUSIP: 74526QPQ9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1209900.90   | 0.22%             | 2032-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Oregon (State of) (Elderly & Disabled Housing)                                                                                                       | Oregon (State of) (Elderly & Disabled Housing), Series 2019, GO Bonds                                                                                 | CUSIP: 68609B8A8<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   3350000 | PA      | $3418140.34   | 0.62%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp. (Brooklyn Navy Yard)                                                                                                        | Build NYC Resource Corp. (Brooklyn Navy Yard), Series 2019, Ref. RB                                                                                   | CUSIP: 12008EPN0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    400000 | PA      | $397333.28    | 0.07%             | 2033-12-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California (State of) Municipal Finance Authority (William Jessup University)                                                                        | California (State of) Municipal Finance Authority (William Jessup University), Series 2019, Ref. RB                                                   | CUSIP: 13048VJE9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $207807.08    | 0.04%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hawaii (State of)                                                                                                                                    | Hawaii (State of), Series 2025 A, RB                                                                                                                  | CUSIP: 419794J45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1930000 | PA      | $2000623.33   | 0.36%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Illinois (State of) Finance Authority (Lutheran Communities Obligated Group)                                                                         | Illinois (State of) Finance Authority (Lutheran Communities Obligated Group), Series 2019 A, Ref. RB                                                  | CUSIP: 45204E6F0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1220000 | PA      | $817400.00    | 0.15%             | 2049-11-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC)                                                                 | Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC), Series 2022, Ref. RB                                            | CUSIP: 928104PP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2277405.45   | 0.42%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group)                                                                  | Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2025, Ref. RB                                             | CUSIP: 68450LJQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2915000 | PA      | $2929586.37   | 0.53%             | 2056-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project (No. 5)                                                                                                                | Central Plains Energy Project (No. 5), Series 2022-1, RB                                                                                              | CUSIP: 154871CU9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |    825000 | PA      | $851155.64    | 0.16%             | 2029-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbia (City of), GA (Wellstar Health System, Inc.)                                                                                                | Columbia (City of), GA (Wellstar Health System, Inc.), Series 2023, RAC                                                                               | CUSIP: 197479AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1106029.94   | 0.20%             | 2048-04-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Jacksonville (City of), FL                                                                                                                           | Jacksonville (City of), FL, Series 2023 A, Ref. RB                                                                                                    | CUSIP: 469487VD1<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |   4965000 | PA      | $5216874.45   | 0.95%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California (State of) Infrastructure & Economic Development Bank (California State Teachers' Retirement System Headquarters Expansion) (Green Bonds) | California (State of) Infrastructure & Economic Development Bank (California State Teachers' Retirement System Headquarters Expansion) (Green Bonds), | CUSIP: 13034RAU7<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1940000 | PA      | $1962553.86   | 0.36%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington (State of) Convention Center Public Facilities District                                                                                   | Washington (State of) Convention Center Public Facilities District, Series 2018, RB                                                                   | CUSIP: 93976ABG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3480000 | PA      | $3371845.43   | 0.61%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Garden State Preservation Trust                                                                                                                      | Garden State Preservation Trust, Series 2005 A, RB                                                                                                    | CUSIP: 365418BX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $860628.70    | 0.16%             | 2028-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges)                                                      | Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges), Series 2022, RB                                      | CUSIP: 70868YAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $973279.63    | 0.18%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Waterstone Metropolitan District No 1                                                                                                                | Waterstone Metropolitan District No 1, Series 2025, GO Bonds                                                                                          | CUSIP: 94189PAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $810866.57    | 0.15%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Center District                                                                                                                 | Wisconsin (State of) Center District, Series 2020, RB                                                                                                 | CUSIP: 976595JG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19640000 | PA      | $3132198.98   | 0.57%             | 2060-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Omaha (City of), NE Public Power District                                                                                                            | Omaha (City of), NE Public Power District, Series 2022 A, RB                                                                                          | CUSIP: 682001HQ8<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   2075000 | PA      | $2136587.66   | 0.39%             | 2052-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks)                                                                      | Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks), Series 2020, Ref. RB                                                 | CUSIP: 87638RKH9<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |     85000 | PA      | $71357.22     | 0.01%             | 2055-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Children's Trust Fund                                                                                                                                | Children's Trust Fund, Series 2002, RB                                                                                                                | CUSIP: 16876QBF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2095000 | PA      | $2115209.42   | 0.39%             | 2039-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tulsa (City of), OK Airports Improvement Trust                                                                                                       | Tulsa (City of), OK Airports Improvement Trust, Series 2001 C, Ref. RB                                                                                | CUSIP: 899661EK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $620118.61    | 0.11%             | 2035-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                                                                        | Main Street Natural Gas, Inc., Series 2024 B, RB                                                                                                      | CUSIP: 56035DHK1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1738433.73   | 0.32%             | 2032-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida (State of) Higher Educational Facilities Financial Authority (Rollins College)                                                               | Florida (State of) Higher Educational Facilities Financial Authority (Rollins College), Series 2024, RB                                               | CUSIP: 34073TPM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2058346.40   | 0.38%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                                                                                   | Tennessee Energy Acquisition Corp., Series 2021 A, RB                                                                                                 | CUSIP: 88044TAL3<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   2510000 | PA      | $2603400.61   | 0.47%             | 2031-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Silicon Valley Tobacco Securitization Authority (Santa Clara)                                                                                        | Silicon Valley Tobacco Securitization Authority (Santa Clara), Series 2007 A, RB                                                                      | CUSIP: 82706TAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3485000 | PA      | $1242893.89   | 0.23%             | 2041-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                                                                                                   | Port of Seattle WA, Series 2024, RB                                                                                                                   | CUSIP: 7353892S6<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1708902.56   | 0.31%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels)                                                                                         | Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB                                                                       | CUSIP: 89602RGQ2<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1138248.26   | 0.21%             | 2056-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Osceola (County of), FL                                                                                                                              | Osceola (County of), FL, Series 2020 A-2, Ref. RB                                                                                                     | CUSIP: 688031FF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $521211.40    | 0.10%             | 2050-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Arista Metropolitan District                                                                                                                         | Arista Metropolitan District, Series 2023 A, Ref. GO Bonds                                                                                            | CUSIP: 04041AAR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2340000 | PA      | $2119523.80   | 0.39%             | 2058-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Lake (County of), FL (Lakeside at Waterman Village)                                                                                                  | Lake (County of), FL (Lakeside at Waterman Village), Series 2020 A, Ref. RB                                                                           | CUSIP: 50826FAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $678077.74    | 0.12%             | 2040-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Michigan (State of) Strategic Fund (I-75 Improvement Project)                                                                                        | Michigan (State of) Strategic Fund (I-75 Improvement Project), Series 2018, RB                                                                        | CUSIP: 594698QH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $564104.59    | 0.10%             | 2030-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville and Jefferson County Metropolitan Sewer District                                                                                          | Louisville and Jefferson County Metropolitan Sewer District, Series 2023, RB                                                                          | CUSIP: 5465892D3<br>LEI: 5493004O4I11L8BK0A22 | Long             | DBT              | MUN               | US        |    610000 | PA      | $621954.54    | 0.11%             | 2051-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crowley Independent School District                                                                                                                  | Crowley Independent School District, Series 2023, GO Bonds                                                                                            | CUSIP: 228130KH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1498485.12   | 0.27%             | 2053-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Salt Lake City (City of), UT                                                                                                                         | Salt Lake City (City of), UT, Series 2023 A, RB                                                                                                       | CUSIP: 795576MC8<br>LEI: 549300CRGKV67DRSGT85 | Long             | DBT              | MUN               | US        |   2870000 | PA      | $2950788.49   | 0.54%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Children's Trust Fund                                                                                                                                | Children's Trust Fund, Series 2008 B, RB                                                                                                              | CUSIP: 16876QBM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  37695000 | PA      | $2128632.88   | 0.39%             | 2057-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion)                                                                      | Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), Series 2024, Ref. RB                                                 | CUSIP: 340618DT1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    800000 | PA      | $752111.44    | 0.14%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                                                           | Michigan Finance Authority, Series 2017, RB                                                                                                           | CUSIP: 59447TV75<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   3770000 | PA      | $3741420.76   | 0.68%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Reunion East Community Development District                                                                                                          | Reunion East Community Development District, Series 2005, RB                                                                                          | CUSIP: 761311AG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    234945 | PA      | $2.35         | 0.00%             | 2036-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| County of Grant WA                                                                                                                                   | County of Grant WA, Series 2025, GO Bonds                                                                                                             | CUSIP: 387802GJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $979664.98    | 0.18%             | 2060-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York (City of), NY                                                                                                                               | New York (City of), NY, Subseries 2022 D-1, GO Bonds                                                                                                  | CUSIP: 64966QC24<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2305000 | PA      | $2424473.45   | 0.44%             | 2042-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Michigan (State of) Strategic Fund (Green Bonds)                                                                                                     | Michigan (State of) Strategic Fund (Green Bonds), Series 2021, RB                                                                                     | CUSIP: 594698SR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2520000 | PA      | $2504630.02   | 0.46%             | 2026-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority, A Cooperative District (No. 2)                                                                                           | Southeast Energy Authority, A Cooperative District (No. 2), Series 2021 B, RB                                                                         | CUSIP: 84136FAV9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1462692.60   | 0.27%             | 2031-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| New York (City of), NY                                                                                                                               | New York (City of), NY, Subseries 2023 E-1, GO Bonds                                                                                                  | CUSIP: 64966QZ78<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1562961.16   | 0.29%             | 2047-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana (State of) Finance Authority (Indiana University Health Obligated Group)                                                                     | Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2019 A, RB                                                   | CUSIP: 45470YEW7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2410000 | PA      | $2054378.95   | 0.37%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Centerra Metropolitan District No. 1 (In the City of Loveland)                                                                                       | Centerra Metropolitan District No. 1 (In the City of Loveland), Series 2022, RB                                                                       | CUSIP: 15200XAL7<br>LEI: 549300SHE5ZPSMGZH793 | Long             | DBT              | MUN               | US        |    585000 | PA      | $605810.44    | 0.11%             | 2053-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                                                                             | Massachusetts Development Finance Agency, Series 2008, RB                                                                                             | CUSIP: 57583RWB7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.91%             | 2042-10-01      | Variable      | 2.60%                 | No            |                  2 | On Loan: No      |
| Michigan (State of) Finance Authority (Landmark Academy)                                                                                             | Michigan (State of) Finance Authority (Landmark Academy), Series 2020, Ref. RB                                                                        | CUSIP: 594479ES2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    490000 | PA      | $446396.66    | 0.08%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia)                                                | Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), Series 2024, RB                                | CUSIP: 717901CB6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   4215000 | PA      | $4448863.80   | 0.81%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Iowa (State of) Tobacco Settlement Authority                                                                                                         | Iowa (State of) Tobacco Settlement Authority, Series 2021 B-1, Ref. RB                                                                                | CUSIP: 888805CH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $155000.00    | 0.03%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Economic Development Authority (Kapkowski Road Landfill)                                                                       | New Jersey (State of) Economic Development Authority (Kapkowski Road Landfill), Series 2002, Ref. RB                                                  | CUSIP: 64577HMH1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $982873.00    | 0.18%             | 2031-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community)                                                                   | New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community), Series 2016, Ref. RB                                              | CUSIP: 64542UBC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $702098.00    | 0.13%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio (City of), TX                                                                                                                            | San Antonio (City of), TX, Series 2024 C, RB                                                                                                          | CUSIP: 79625GLA9<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |    850000 | PA      | $904971.88    | 0.17%             | 2049-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                                                                                          | Washington State Housing Finance Commission, Series 2025, RB                                                                                          | CUSIP: 93978LJQ0<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    860000 | PA      | $834502.03    | 0.15%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health)                                                                                | Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB                                                       | CUSIP: 19648FKS2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1241417.52   | 0.23%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority (Green Bonds)                                                                                                  | Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB                                                                              | CUSIP: 59261AG50<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1355092.95   | 0.25%             | 2055-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Washington (State of) Housing Finance Commission (Bayview Manor Homes)                                                                               | Washington (State of) Housing Finance Commission (Bayview Manor Homes), Series 2016 A, Ref. RB                                                        | CUSIP: 939783TD8<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    360000 | PA      | $310833.36    | 0.06%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Isle Wight (County of), VA Economic Development Authority (Riverside Health System)                                                                  | Isle Wight (County of), VA Economic Development Authority (Riverside Health System), Series 2023, RB                                                  | CUSIP: 464637AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1342735.38   | 0.24%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Knox (County of), TN & Knoxville (City of), TN Sports Authority (Multi-Use Stadium)                                                                  | Knox (County of), TN & Knoxville (City of), TN Sports Authority (Multi-Use Stadium), Series 2023 A, RB                                                | CUSIP: 499419AV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6825000 | PA      | $7424667.71   | 1.35%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Aubrey Independent School District                                                                                                                   | Aubrey Independent School District, Series 2022, GO Bonds                                                                                             | CUSIP: 050195XB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1251920.38   | 0.23%             | 2052-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group)                                                       | Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group), Series 2016, Ref. RB                                  | CUSIP: 87638RHH3<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2446468.46   | 0.45%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona (State of) Industrial Development Authority (Master Academy of Nevada - Bonanza Campus)                                                      | Arizona (State of) Industrial Development Authority (Master Academy of Nevada - Bonanza Campus), Series 2020 A, RB                                    | CUSIP: 04052BML5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $748444.75    | 0.14%             | 2050-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands)                                                                        | Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands), Series 2017, RB                                                        | CUSIP: 74446EAB2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    915000 | PA      | $821212.50    | 0.15%             | 2031-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Utah (County of), UT (IHC Health Services, Inc.)                                                                                                     | Utah (County of), UT (IHC Health Services, Inc.), Series 2016 B, RB                                                                                   | CUSIP: 917393BN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $2837346.27   | 0.52%             | 2047-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp. (Longhorn Village)                                                                              | New Hope Cultural Education Facilities Finance Corp. (Longhorn Village), Series 2017, Ref. RB                                                         | CUSIP: 64542UDX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $567812.62    | 0.10%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York (City of), NY Municipal Water Finance Authority                                                                                             | New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB                                                                        | CUSIP: 64972GXN9<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   4935000 | PA      | $4996495.53   | 0.91%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PEFA, Inc.                                                                                                                                           | PEFA, Inc., Series 2019, RB                                                                                                                           | CUSIP: 70556CAB0<br>LEI: 549300RSE249DJNRHY07 | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1824986.04   | 0.33%             | 2026-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport)                                            | New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport), Series 2020, Ref. RB                       | CUSIP: 650116CW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $956656.14    | 0.17%             | 2036-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority (Clean Energy) (Green Bonds)                                                                         | California Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024 E, RB                                                       | CUSIP: 13013JEP7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1082051.05   | 0.20%             | 2032-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Center District                                                                                                                 | Wisconsin (State of) Center District, Series 2020 D, RB                                                                                               | CUSIP: 976595GP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6520000 | PA      | $1788578.14   | 0.33%             | 2050-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire (State of) Business Finance Authority (Social Bonds)                                                                                   | New Hampshire (State of) Business Finance Authority (Social Bonds), Series 2022-1A, RB                                                                | CUSIP: 63607WAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1606144 | PA      | $1558303.88   | 0.28%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Sterling Hill Community Development District                                                                                                         | Sterling Hill Community Development District, Series 2003 A, RB                                                                                       | CUSIP: 85933TAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735381 | PA      | $323567.49    | 0.06%             | 2035-05-01      | Fixed         | 6.20%                 | No            |                  3 | On Loan: No      |
| Greater Texoma Utility Authority (City of Sherman)                                                                                                   | Greater Texoma Utility Authority (City of Sherman), Series 2023, RB                                                                                   | CUSIP: 39239H5W9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1209704.07   | 0.22%             | 2053-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Houston (City of), TX                                                                                                                                | Houston (City of), TX, Series 2023 A, Ref. RB                                                                                                         | CUSIP: 442349GV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1752031.10   | 0.32%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Broward (County of), FL                                                                                                                              | Broward (County of), FL, Series 2019 A, RB                                                                                                            | CUSIP: 114894YT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $655973.55    | 0.12%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund)                                                                                     | Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2025, RB                                                                     | CUSIP: 896032BD0<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    515000 | PA      | $543635.80    | 0.10%             | 2059-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group)                                                    | Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group), Series 2018 A, RB                                  | CUSIP: 19648FGP3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1656826.71   | 0.30%             | 2048-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston (City of), TX Airport System (United Airlines, Inc.)                                                                                         | Houston (City of), TX Airport System (United Airlines, Inc.), Series 2024 B, RB                                                                       | CUSIP: 442349HY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $442388.17    | 0.08%             | 2038-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sacramento (County of), CA                                                                                                                           | Sacramento (County of), CA, Series 2024, RB                                                                                                           | CUSIP: 786107VC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3115724.70   | 0.57%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lancaster (County of), PA Hospital Authority (Penn State Health)                                                                                     | Lancaster (County of), PA Hospital Authority (Penn State Health), Series 2021, RB                                                                     | CUSIP: 514045W58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $513564.08    | 0.09%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System)                                                       | New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System), Series 2018 A, RB                                     | CUSIP: 64763KAJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $497892.53    | 0.09%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana (State of) Public Facilities Authority (I-10 Calcasieu River Bridge)                                                                       | Louisiana (State of) Public Facilities Authority (I-10 Calcasieu River Bridge), Series 2024, RB                                                       | CUSIP: 546399SZ0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2660000 | PA      | $2745698.02   | 0.50%             | 2064-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp.                                                                                                                           | Salt Verde Financial Corp., Series 2007, RB                                                                                                           | CUSIP: 79575EAS7<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   2575000 | PA      | $2665376.06   | 0.49%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group)                                                      | Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), Series 2018 A, Ref. RB                               | CUSIP: 396649EV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1828432.98   | 0.33%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego (County of), CA Regional Airport Authority                                                                                                 | San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB                                                                               | CUSIP: 79739GNA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2010000 | PA      | $2029488.36   | 0.37%             | 2056-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee (County of), FL                                                                                                                                  | Lee (County of), FL, Series 2022, RB                                                                                                                  | CUSIP: 52349LDW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2495000 | PA      | $2541106.35   | 0.46%             | 2049-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System)                                                             | California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021 A, Ref. RB                                      | CUSIP: 13032UB49<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   4285000 | PA      | $4371999.21   | 0.80%             | 2051-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Broward (County of), FL                                                                                                                              | Broward (County of), FL, Series 2022 A, RB                                                                                                            | CUSIP: 115117NJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3350000 | PA      | $3029994.27   | 0.55%             | 2047-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                                                                                                                  | Columbus Regional Airport Authority, Series 2025, RB                                                                                                  | CUSIP: 199546DC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2845000 | PA      | $2939011.32   | 0.54%             | 2050-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York (State of) Power Authority (Green Transmission) (Green Bonds)                                                                               | New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2023, RB                                                               | CUSIP: 65000XBU3<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |   1705000 | PA      | $1724738.27   | 0.31%             | 2053-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio (State of) Housing Finance Agency (Social Bonds)                                                                                                | Ohio (State of) Housing Finance Agency (Social Bonds), Series 2024, RB                                                                                | CUSIP: 67756Q7Y7<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1156746.30   | 0.21%             | 2049-03-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Brevard (County of), FL Health Facilities Authority (Health First Obligated Group)                                                                   | Brevard (County of), FL Health Facilities Authority (Health First Obligated Group), Series 2022 A, Ref. RB                                            | CUSIP: 107416QN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $414152.62    | 0.08%             | 2052-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust VI                                                                                                                   | New York Counties Tobacco Trust VI, Series 2016 A-1, Ref. RB                                                                                          | CUSIP: 64945JBC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3170000 | PA      | $3069948.14   | 0.56%             | 2043-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Oxnard School District (Election of 2022)                                                                                                            | Oxnard School District (Election of 2022), Series 2023 A, GO Bonds                                                                                    | CUSIP: 692020Z86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3075000 | PA      | $2769565.48   | 0.51%             | 2053-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Ohio State University (The)                                                                                                                          | Ohio State University (The), Series 2010 D, RB                                                                                                        | CUSIP: 677632YT2<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |     45000 | PA      | $49362.24     | 0.01%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp. (John F. Kennedy International Airport New Terminal One) (Green Bonds)                                     | New York Transportation Development Corp. (John F. Kennedy International Airport New Terminal One) (Green Bonds), Series 2024, RB                     | CUSIP: 650116HQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3290000 | PA      | $3295490.02   | 0.60%             | 2060-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California (State of) Municipal Finance Authority (Linxs APM)                                                                                        | California (State of) Municipal Finance Authority (Linxs APM), Series 2018 A, RB                                                                      | CUSIP: 13048VBV9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1685257.53   | 0.31%             | 2036-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana (State of) Finance Authority (US Steel Corp.)                                                                                                | Indiana (State of) Finance Authority (US Steel Corp.), Series 2012, RB                                                                                | CUSIP: 455054AT3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    240000 | PA      | $239995.70    | 0.04%             | 2042-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Oklahoma (State of) Turnpike Authority (Senior Bonds)                                                                                                | Oklahoma (State of) Turnpike Authority (Senior Bonds), Series 2025 A, RB                                                                              | CUSIP: 679111E91<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |    855000 | PA      | $909811.31    | 0.17%             | 2054-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Philadelphia (City of), PA Authority for Industrial Development (St. Joseph's University)                                                            | Philadelphia (City of), PA Authority for Industrial Development (St. Joseph's University), Series 2022, RB                                            | CUSIP: 71780TBM4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1709342.53   | 0.31%             | 2060-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Massachusetts Institute of Technology)                                    | Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Massachusetts Institute of Technology), Series 2002 K, RB                  | CUSIP: 57585KWD6<br>LEI: 549300MV50RWQFTX5223 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2913203.00   | 0.53%             | 2032-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North)                                                                    | New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North), Series 2020, RB                                                    | CUSIP: 64542UFL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2255000 | PA      | $1932622.49   | 0.35%             | 2055-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Transportation Trust Fund Authority                                                                                            | New Jersey (State of) Transportation Trust Fund Authority, Series 2009 A, RB                                                                          | CUSIP: 646136WU1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $3063317.40   | 0.56%             | 2039-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Coatesville School District                                                                                                                          | Coatesville School District, Series 2020 A, GO Bonds                                                                                                  | CUSIP: 190684PS3<br>LEI: 549300FB4I8E5MPRFX97 | Long             | DBT              | MUN               | US        |    650000 | PA      | $375944.79    | 0.07%             | 2036-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Economic Development Authority                                                                                                 | New Jersey (State of) Economic Development Authority, Series 2005 N-1, Ref. RB                                                                        | CUSIP: 6459165G8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1545539.25   | 0.28%             | 2026-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                                                                                         | North East Texas Regional Mobility Authority, Series 2016 A, RB                                                                                       | CUSIP: 659231AM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3065000 | PA      | $3047950.63   | 0.56%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Centerra Metropolitan District No. 1 (In the City of Loveland)                                                                                       | Centerra Metropolitan District No. 1 (In the City of Loveland), Series 2020 A, Ref. GO Bonds                                                          | CUSIP: 15200XAK9<br>LEI: 549300SHE5ZPSMGZH793 | Long             | DBT              | MUN               | US        |    670000 | PA      | $623352.79    | 0.11%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Paso (City of), TX                                                                                                                                | El Paso (City of), TX, Series 2022 A, RB                                                                                                              | CUSIP: 283822XE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3065000 | PA      | $2669949.09   | 0.49%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago (City of), IL (Diversey/Narragansett)                                                                                                        | Chicago (City of), IL (Diversey/Narragansett), Series 2006, COP                                                                                       | CUSIP: 16752QAB4<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    319124 | PA      | $223386.65    | 0.04%             | 2026-02-15      | Fixed         | 7.46%                 | No            |                  3 | On Loan: No      |
| Mesa (City of), AZ                                                                                                                                   | Mesa (City of), AZ, Series 2022 A, RB                                                                                                                 | CUSIP: 590545W54<br>LEI: 549300L1QYAKFHSIGE94 | Long             | DBT              | MUN               | US        |   3010000 | PA      | $3088534.21   | 0.56%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North)                                                                    | New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North), Series 2018, Ref. RB                                               | CUSIP: 64542UEQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $988971.34    | 0.18%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of South Alabama                                                                                                                          | University of South Alabama, Series 2024 A, Ref. RB                                                                                                   | CUSIP: 914845UZ3<br>LEI: 549300U394SOV3NGG049 | Long             | DBT              | MUN               | US        |   2290000 | PA      | $2356355.50   | 0.43%             | 2054-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arizona (State of) Industrial Development Authority (Leman Academy-Parker Colorado)                                                                  | Arizona (State of) Industrial Development Authority (Leman Academy-Parker Colorado), Series 2019, RB                                                  | CUSIP: 04052BJT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $446196.80    | 0.08%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks)                                                                      | Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks), Series 2020, Ref. RB                                                 | CUSIP: 87638RKF3<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |     85000 | PA      | $75519.82     | 0.01%             | 2041-11-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                                                                                       | State of Texas, Series 2025, GO Bonds                                                                                                                 | CUSIP: 8827242R7<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.91%             | 2025-06-06      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| Portland (Port of), OR (Green Bonds)                                                                                                                 | Portland (Port of), OR (Green Bonds), Twenty Ninth Series 2023, RB                                                                                    | CUSIP: 7352403K7<br>LEI: 549300BRH7XZ3ZK0DS46 | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1469877.53   | 0.27%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Waterstone Metropolitan District No 1                                                                                                                | Waterstone Metropolitan District No 1, Series 2025, GO Bonds                                                                                          | CUSIP: 94189PAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $644839.07    | 0.12%             | 2045-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virginia (Commonwealth of) Small Business Financing Authority (I-495 Hot Lanes)                                                                      | Virginia (Commonwealth of) Small Business Financing Authority (I-495 Hot Lanes), Series 2022, Ref. RB                                                 | CUSIP: 928104QL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $772145.74    | 0.14%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels)                                                                                         | Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB                                                                       | CUSIP: 89602RGA7<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    750000 | PA      | $752203.50    | 0.14%             | 2054-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                                                                                                   | Greater Orlando Aviation Authority, Series 2017 A, RB                                                                                                 | CUSIP: 392274X50<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |    685000 | PA      | $669119.37    | 0.12%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Transportation Trust Fund Authority                                                                                            | New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB                                                                         | CUSIP: 64613CGK8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1295147.73   | 0.24%             | 2055-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.)                                       | California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.), Series 2006 C, RB                     | CUSIP: 13016NCK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11000000 | PA      | $1054982.50   | 0.19%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Greater Texoma Utility Authority (City of Sherman)                                                                                                   | Greater Texoma Utility Authority (City of Sherman), Series 2023 A, RB                                                                                 | CUSIP: 39239MAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1159646.85   | 0.21%             | 2053-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment)                                      | New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment), Series 2020, RB                      | CUSIP: 650116CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2005000 | PA      | $1983710.51   | 0.36%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Public Finance Authority (Mallard Creek STEM Academy)                                                                           | Wisconsin (State of) Public Finance Authority (Mallard Creek STEM Academy), Series 2019 A, RB                                                         | CUSIP: 74442EEB2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    625000 | PA      | $610767.88    | 0.11%             | 2039-06-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Beverly Hills Unified School District (Election of 2008)                                                                                             | Beverly Hills Unified School District (Election of 2008), Series 2009, GO Bonds                                                                       | CUSIP: 088023HX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $727494.64    | 0.13%             | 2028-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California (State of) Pollution Control Financing Authority (Plant Bonds)                                                                            | California (State of) Pollution Control Financing Authority (Plant Bonds), Series 2012, RB                                                            | CUSIP: 13054WAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $220119.92    | 0.04%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nevada (State of) Department of Business & Industry (Brightline West Passenger Rail) (Green Bonds)                                                   | Nevada (State of) Department of Business & Industry (Brightline West Passenger Rail) (Green Bonds), Series 2025, RB                                   | CUSIP: 641455AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $982882.03    | 0.18%             | 2033-01-01      | Variable      | 9.50%                 | No            |                  2 | On Loan: No      |
| North Carolina (State of) Turnpike Authority (Triangle Expressway System)                                                                            | North Carolina (State of) Turnpike Authority (Triangle Expressway System), Series 2024, RB                                                            | CUSIP: 65830RDC0<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   3910000 | PA      | $1037100.13   | 0.19%             | 2051-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority, A Cooperative District (No. 2)                                                                                           | Southeast Energy Authority, A Cooperative District (No. 2), Series 2024 A, RB                                                                         | CUSIP: 84136HAU7<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1770338.93   | 0.32%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado (State of) Health Facilities Authority (Volunteers of America Care)                                                                         | Colorado (State of) Health Facilities Authority (Volunteers of America Care), Series 2007 A, RB                                                       | CUSIP: 196475AG2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    185000 | PA      | $185294.17    | 0.03%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cleveland (City of), OH (Continental Airlines, Inc.)                                                                                                 | Cleveland (City of), OH (Continental Airlines, Inc.), Series 1998, RB                                                                                 | CUSIP: 186347AC4<br>LEI: 549300IQSLQPCVVMKJ96 | Long             | DBT              | MUN               | US        |    805000 | PA      | $805346.31    | 0.15%             | 2027-09-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New York (State of) Dormitory Authority                                                                                                              | New York (State of) Dormitory Authority, Series 2018 A, Ref. RB                                                                                       | CUSIP: 64990FJG0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1279288.53   | 0.23%             | 2039-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport)                                                       | Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport), Series 2019 B, RB                                     | CUSIP: 48504NBD0<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1005000 | PA      | $993189.84    | 0.18%             | 2049-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Essex (County of), NJ Improvement Authority                                                                                                          | Essex (County of), NJ Improvement Authority, Series 2004, Ref. RB                                                                                     | CUSIP: 296809RK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086205.40   | 0.20%             | 2028-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp. (Green Bonds)                                                                                                    | Maryland Economic Development Corp. (Green Bonds), Series 2022, RB                                                                                    | CUSIP: 57422JBZ0<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1503262.53   | 0.27%             | 2052-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp. (Idea Public Schools)                                                                                         | Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2021 T, RB                                                                       | CUSIP: 187145QH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1187893.09   | 0.22%             | 2050-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Academy of Warren                                                                                                                                    | Academy of Warren, Series 2020 A, RB                                                                                                                  | CUSIP: 93466RAH5<br>LEI: 5493008UDWQ0IPXN1T25 | Long             | DBT              | MUN               | US        |    250000 | PA      | $221357.35    | 0.04%             | 2050-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bromley Park Metropolitan District No. 2                                                                                                             | Bromley Park Metropolitan District No. 2, Series 2023, Ref. GO Bonds                                                                                  | CUSIP: 112206CF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $630956.92    | 0.12%             | 2053-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Michigan (State of)                                                                                                                                  | Michigan (State of), Series 2023, RB                                                                                                                  | CUSIP: 5946954P0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2901178.28   | 0.53%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Davie (Town of), FL (Nova Southeastern University)                                                                                                   | Davie (Town of), FL (Nova Southeastern University), Series 2018, Ref. RB                                                                              | CUSIP: 23867PBU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2665000 | PA      | $2619557.22   | 0.48%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kalispel Tribe of Indians                                                                                                                            | Kalispel Tribe of Indians, Series 2018 A, RB                                                                                                          | CUSIP: 48340PAS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1337538.18   | 0.24%             | 2038-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                                                                                 | Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB                                                                                        | CUSIP: 89602HAB3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1740000 | PA      | $1757400.00   | 0.32%             | 2051-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport)                                            | New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport), Series 2016, Ref. RB                       | CUSIP: 650116BN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $684993.84    | 0.12%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Johnstown Plaza Metropolitan District                                                                                                                | Johnstown Plaza Metropolitan District, Series 2022, Ref. GO Bonds                                                                                     | CUSIP: 479706AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    758000 | PA      | $634484.89    | 0.12%             | 2046-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Travis County Cultural Education Facilities Finance Corp. (Wayside Schools)                                                                          | Travis County Cultural Education Facilities Finance Corp. (Wayside Schools), Series 2012 A, RB                                                        | CUSIP: 89440BAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $9627.02      | 0.00%             | 2042-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado                                                                                | Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado, Series 2025, GO Bonds                                                          | CUSIP: 844090AD2<br>LEI: 549300X0RZRBWLO0J697 | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1354734.25   | 0.25%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clackamas (County of), OR Hospital Facility Authority (Rose Villa)                                                                                   | Clackamas (County of), OR Hospital Facility Authority (Rose Villa), Series 2020 A, Ref. RB                                                            | CUSIP: 179027YN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $458236.65    | 0.08%             | 2055-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Mulberry Metropolitan District No. 2                                                                                                                 | Mulberry Metropolitan District No. 2, Series 2022, RB                                                                                                 | CUSIP: 62517PAA8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | MUN               | US        |    755000 | PA      | $767867.69    | 0.14%             | 2034-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fort Lauderdale (City of), FL (Prospect Lake Water Treatment Plant)                                                                                  | Fort Lauderdale (City of), FL (Prospect Lake Water Treatment Plant), Series 2023, RB                                                                  | CUSIP: 347658ZY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1547854.92   | 0.28%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport)                                            | New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport), Series 2020, Ref. RB                       | CUSIP: 650116CV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $475078.36    | 0.09%             | 2031-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Denver (City & County of), CO                                                                                                                        | Denver (City & County of), CO, Series 2018 A-2, RB                                                                                                    | CUSIP: 24917DBR3<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $890975.98    | 0.16%             | 2034-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport)                                                       | Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport), Series 2019 B, RB                                     | CUSIP: 48504NBC2<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   4740000 | PA      | $4667461.88   | 0.85%             | 2046-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion)                                                                      | Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), Series 2024, Ref. RB                                                 | CUSIP: 340618DR5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2845000 | PA      | $2786579.63   | 0.51%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky (Commonwealth of) Public Energy Authority                                                                                                   | Kentucky (Commonwealth of) Public Energy Authority, Series 2023 A-1, Ref. RB                                                                          | CUSIP: 74440DEC4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1746610.64   | 0.32%             | 2032-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.)                                                                               | Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.), Series 2017 A, Ref. RB                                                        | CUSIP: 451295YX1<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    500000 | PA      | $422683.15    | 0.08%             | 2037-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Transportation Trust Fund Authority                                                                                            | New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB                                                                            | CUSIP: 64613CFL7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    735000 | PA      | $844206.67    | 0.15%             | 2032-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Denver (City & County of), CO                                                                                                                        | Denver (City & County of), CO, Series 2018 A, Ref. RB                                                                                                 | CUSIP: 249182LY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1743176.01   | 0.32%             | 2048-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts (Commonwealth of) (Rail Enhancement Program) (Green Bonds)                                                                             | Massachusetts (Commonwealth of) (Rail Enhancement Program) (Green Bonds), Series 2023, RB                                                             | CUSIP: 57604TKE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4585000 | PA      | $4663464.48   | 0.85%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio (City of), TX                                                                                                                            | San Antonio (City of), TX, Series 2024 A, RB                                                                                                          | CUSIP: 79625GJR5<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |    925000 | PA      | $963499.98    | 0.18%             | 2049-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Miami (City of) & Dade (County of), FL School Board (The)                                                                                            | Miami (City of) & Dade (County of), FL School Board (The), Series 2022 A, GO Bonds                                                                    | CUSIP: 59333RLR3<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |   1985000 | PA      | $2002353.47   | 0.37%             | 2052-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Osceola (County of), FL                                                                                                                              | Osceola (County of), FL, Series 2020 A-2, Ref. RB                                                                                                     | CUSIP: 688031FK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $79253.75     | 0.01%             | 2054-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Cuyahoga (County of), OH (MetroHealth System)                                                                                                        | Cuyahoga (County of), OH (MetroHealth System), Series 2017, Ref. RB                                                                                   | CUSIP: 2322655V6<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    845000 | PA      | $819852.97    | 0.15%             | 2057-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Public Finance Authority (Rans-Bridgewater)                                                                                     | Wisconsin (State of) Public Finance Authority (Rans-Bridgewater), Series 2024, RB                                                                     | CUSIP: 74442PD69<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    976520 | PA      | $964943.83    | 0.18%             | 2030-12-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                                                                   | South Carolina Jobs-Economic Development Authority, Series 2024, RB                                                                                   | CUSIP: 837032CF6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1986097.00   | 0.36%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York (State of) Power Authority (Green Bonds)                                                                                                    | New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB                                                                             | CUSIP: 64989KLD6<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |   3675000 | PA      | $3314561.51   | 0.60%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hamilton (County of), OH (Cincinnati Children's Hospital)                                                                                            | Hamilton (County of), OH (Cincinnati Children's Hospital), Series 2019 CC, RB                                                                         | CUSIP: 407272W25<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1678832.72   | 0.31%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport)                                                        | San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2021 A, Ref. RB                                 | CUSIP: 79766DTQ2<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    610000 | PA      | $633183.11    | 0.12%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant (County of), TX Hospital District                                                                                                            | Tarrant (County of), TX Hospital District, Series 2023, GO Bonds                                                                                      | CUSIP: 876387FC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2280000 | PA      | $2008765.50   | 0.37%             | 2053-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Osceola (County of), FL                                                                                                                              | Osceola (County of), FL, Series 2020 A-2, Ref. RB                                                                                                     | CUSIP: 688031FJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $96991.13     | 0.02%             | 2053-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia (City of), PA                                                                                                                           | Philadelphia (City of), PA, Series 2017 B, Ref. RB                                                                                                    | CUSIP: 717817UM0<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    525000 | PA      | $516948.50    | 0.09%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Health & Educational Facilities Authority (Froedtert Health)                                                                    | Wisconsin (State of) Health & Educational Facilities Authority (Froedtert Health), Series 2022 A, Ref. RB                                             | CUSIP: 97712D8T6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   2510000 | PA      | $2272361.73   | 0.41%             | 2042-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Village Metropolitan District (The)                                                                                                                  | Village Metropolitan District (The), Series 2020, Ref. GO Bonds                                                                                       | CUSIP: 92708CAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $539008.20    | 0.10%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake (County of), FL (Lakeside at Waterman Village)                                                                                                  | Lake (County of), FL (Lakeside at Waterman Village), Series 2020 A, Ref. RB                                                                           | CUSIP: 50826FAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $265048.12    | 0.05%             | 2050-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp. (John F. Kennedy International Airport New Terminal One) (Green Bonds)                                     | New York Transportation Development Corp. (John F. Kennedy International Airport New Terminal One) (Green Bonds), Series 2023, RB                     | CUSIP: 650116HA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2105494.98   | 0.38%             | 2060-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Texas (State of) Transportation Commission                                                                                                           | Texas (State of) Transportation Commission, Series 2019, RB                                                                                           | CUSIP: 88283NAN2<br>LEI: 5493006JSGNPGVJS7691 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1184207.70   | 0.22%             | 2043-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                                                                                          | Oklahoma Turnpike Authority, Series 2025, RB                                                                                                          | CUSIP: 679111E83<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2729681.24   | 0.50%             | 2050-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment)                                      | New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment), Series 2020, RB                      | CUSIP: 650116DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1041994.23   | 0.19%             | 2045-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Windler Public Improvement Authority                                                                                                                 | Windler Public Improvement Authority, Series 2021 A-2, RB                                                                                             | CUSIP: 973405AG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2065000 | PA      | $1439542.27   | 0.26%             | 2041-12-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| White Buffalo Metropolitan District No. 3                                                                                                            | White Buffalo Metropolitan District No. 3, Series 2020, GO Bonds                                                                                      | CUSIP: 96350BAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $478365.95    | 0.09%             | 2050-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                                                                                            | Central Texas Regional Mobility Authority, Series 2020 A, Ref. RB                                                                                     | CUSIP: 155498HC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $984926.17    | 0.18%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago (City of), IL Board of Education                                                                                                             | Chicago (City of), IL Board of Education, Series 2017 H, GO Bonds                                                                                     | CUSIP: 167505TJ5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1705000 | PA      | $1656003.93   | 0.30%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                                                                                 | District of Columbia, Series 2023 A, RB                                                                                                               | CUSIP: 25477GWB7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   4970000 | PA      | $5155649.87   | 0.94%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lamar Consolidated Independent School District                                                                                                       | Lamar Consolidated Independent School District, Series 2023, GO Bonds                                                                                 | CUSIP: 513174J29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3480000 | PA      | $3634274.66   | 0.66%             | 2058-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York (State of) Thruway Authority                                                                                                                | New York (State of) Thruway Authority, Series 2019 B, RB                                                                                              | CUSIP: 650010CN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2625000 | PA      | $2279435.55   | 0.42%             | 2050-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway)                                     | Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway), Series 2015 A, RB                   | CUSIP: 49126PEQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1334625.00   | 0.24%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.)                                                                    | New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.), Series 2012, RB                                                    | CUSIP: 64578CBT7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400286.00    | 0.07%             | 2027-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority (Green Bonds)                                                                                         | Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB                                                                       | CUSIP: 93878YDT3<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   2185000 | PA      | $2238266.37   | 0.41%             | 2053-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority                                                                                                           | Metropolitan Washington Airports Authority, Series 2017, Ref. RB                                                                                      | CUSIP: 592647EQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2675000 | PA      | $2646546.03   | 0.48%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp.                                                                                                                | Puerto Rico Sales Tax Financing Corp., Series 2018 A-1, RB                                                                                            | CUSIP: 74529JQG3<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | US        |   8305000 | PA      | $2666189.86   | 0.49%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                                                                       | Buckeye Tobacco Settlement Financing Authority, Series 2020 A-2, Ref. RB                                                                              | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4115000 | PA      | $3442435.35   | 0.63%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade (County of), FL                                                                                                                           | Miami-Dade (County of), FL, Series 2017 B, Ref. RB                                                                                                    | CUSIP: 59333PZ92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2270932.30   | 0.41%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Howard (County of), MD Housing Commission (Social Bonds)                                                                                             | Howard (County of), MD Housing Commission (Social Bonds), Series 2024, RB                                                                             | CUSIP: 442577ES7<br>LEI: 5493007CCS6UI1IIE878 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $900608.50    | 0.16%             | 2043-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| M-S-R Energy Authority                                                                                                                               | M-S-R Energy Authority, Series 2009 B, RB                                                                                                             | CUSIP: 55374SAF7<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |    585000 | PA      | $690549.80    | 0.13%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Transportation Trust Fund Authority                                                                                            | New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB                                                                            | CUSIP: 64613CFM5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    695000 | PA      | $712839.05    | 0.13%             | 2046-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus)                                                                      | Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus), Series 2017, Ref. RB                                                 | CUSIP: 378286JG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1030707.86   | 0.19%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma (State of) Turnpike Authority                                                                                                               | Oklahoma (State of) Turnpike Authority, Series 2023, RB                                                                                               | CUSIP: 679111D27<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1207030.21   | 0.22%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Virginia (Commonwealth of) Small Business Financing Authority (Transform 66 P3)                                                                      | Virginia (Commonwealth of) Small Business Financing Authority (Transform 66 P3), Series 2017, RB                                                      | CUSIP: 928097AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $861309.54    | 0.16%             | 2049-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California (State of) Health Facilities Financing Authority (PIH Health)                                                                             | California (State of) Health Facilities Financing Authority (PIH Health), Series 2020 A, RB                                                           | CUSIP: 13032UWP9<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   4185000 | PA      | $3466488.65   | 0.63%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| St. Paul (City of), MN Housing & Redevelopment Authority (Hope Community Academy)                                                                    | St. Paul (City of), MN Housing & Redevelopment Authority (Hope Community Academy), Series 2020, RB                                                    | CUSIP: 852297DE7<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    425000 | PA      | $287225.75    | 0.05%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                                                                                   | Tobacco Settlement Financing Corp., Series 2015 B, Ref. RB                                                                                            | CUSIP: 888809BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2185000 | PA      | $2169581.33   | 0.40%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Invesco Rochester High Yield Municipal ETF                                                                                                           | Invesco Rochester High Yield Municipal ETF                                                                                                            | CUSIP: 46090A747<br>LEI: 5493006RURMGCZH0OI34 | Long             | EC               | RF                | US        |     15560 | NS      | $779481.31    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Arizona (State of) Industrial Development Authority (Leman Academy of Excellence)                                                                    | Arizona (State of) Industrial Development Authority (Leman Academy of Excellence), Series 2019 A, RB                                                  | CUSIP: 04052BJM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1144500.61   | 0.21%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Memphis (City of) & Shelby (County of), TN Airport Authority                                                                                         | Memphis (City of) & Shelby (County of), TN Airport Authority, Series 2018, RB                                                                         | CUSIP: 586111NC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1286084.16   | 0.23%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston (City of), TX Airport System (United Airlines, Inc. Terminal E)                                                                              | Houston (City of), TX Airport System (United Airlines, Inc. Terminal E), Series 2021 A, RB                                                            | CUSIP: 442349FZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $507378.22    | 0.09%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway)                                     | Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway), Series 2015 A, RB                   | CUSIP: 49126PFA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $985056.54    | 0.18%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California (State of) Housing Finance Agency (Social Certificates)                                                                                   | California (State of) Housing Finance Agency (Social Certificates), Series 2023-1, RB                                                                 | CUSIP: 13033DAL9<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |    825604 | PA      | $818544.91    | 0.15%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Louisville (City of) & Jefferson (County of), KY Sewer District                                                                                      | Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2023 C, Ref. RB                                                               | CUSIP: 5465892F8<br>LEI: 5493004O4I11L8BK0A22 | Long             | DBT              | MUN               | US        |   4060000 | PA      | $4132613.51   | 0.75%             | 2053-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment)                                      | New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment), Series 2018, RB                      | CUSIP: 650116CN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2320000 | PA      | $2334113.95   | 0.43%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma (State of) Water Resources Board (2019 Master Trust)                                                                                        | Oklahoma (State of) Water Resources Board (2019 Master Trust), Series 2023, RB                                                                        | CUSIP: 67919PUH4<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |    895000 | PA      | $787912.00    | 0.14%             | 2053-04-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority, A Cooperative District (No. 2)                                                                                           | Southeast Energy Authority, A Cooperative District (No. 2), Series 2025 A, RB                                                                         | CUSIP: 84136HBC6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1140322.21   | 0.21%             | 2035-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade (County of), FL                                                                                                                           | Miami-Dade (County of), FL, Series 2023 A, Ref. RB                                                                                                    | CUSIP: 59335KFA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $814155.89    | 0.15%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp. (Longhorn Village)                                                                              | New Hope Cultural Education Facilities Finance Corp. (Longhorn Village), Series 2017, Ref. RB                                                         | CUSIP: 64542UDW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $471559.37    | 0.09%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington (State of) (Bid Group 3)                                                                                                                  | Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds                                                                                          | CUSIP: 93974EZG4<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    375000 | PA      | $384954.00    | 0.07%             | 2047-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group)                                                                | Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group), Series 2018, Ref. RB                                           | CUSIP: 26444CHC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $584337.18    | 0.11%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bethel (City of), MN (Spectrum High School)                                                                                                          | Bethel (City of), MN (Spectrum High School), Series 2017 A, Ref. RB                                                                                   | CUSIP: 086759AL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $258717.04    | 0.05%             | 2047-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Lake (County of), FL (Lakeside at Waterman Village)                                                                                                  | Lake (County of), FL (Lakeside at Waterman Village), Series 2020 A, Ref. RB                                                                           | CUSIP: 50826FAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $964581.86    | 0.18%             | 2055-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group)                                                    | New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group), Series 2017, RB                                    | CUSIP: 645790LQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3835000 | PA      | $3358943.81   | 0.61%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa (State of) Finance Authority (Iowa Fertilizer Co.)                                                                                              | Iowa (State of) Finance Authority (Iowa Fertilizer Co.), Series 2022, Ref. RB                                                                         | CUSIP: 46246SAV7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   2740000 | PA      | $3082037.76   | 0.56%             | 2042-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma (State of) Development Finance Authority (OU Medicine)                                                                                      | Oklahoma (State of) Development Finance Authority (OU Medicine), Series 2018 B, RB                                                                    | CUSIP: 67884XCK1<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   3780000 | PA      | $3727870.02   | 0.68%             | 2052-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tulsa (City of), OK Airports Improvement Trust                                                                                                       | Tulsa (City of), OK Airports Improvement Trust, Series 2000 A, Ref. RB                                                                                | CUSIP: 899661EH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $330075.90    | 0.06%             | 2035-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining)                                                                          | Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining), Series 2019 A, Ref. IDR                                                  | CUSIP: 90068FAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $812823.91    | 0.15%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Diego (County of), CA Regional Airport Authority                                                                                                 | San Diego (County of), CA Regional Airport Authority, Series 2023 B, RB                                                                               | CUSIP: 79739GRK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2475000 | PA      | $2471158.55   | 0.45%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp.                                                                                                                | Puerto Rico Sales Tax Financing Corp., Series 2018 A-1, RB                                                                                            | CUSIP: 74529JPX7<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | US        |   1955000 | PA      | $1836831.20   | 0.34%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.)                                                                    | Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.), Series 2018 A, RB                                                  | CUSIP: 74442PFU4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1684129.25   | 0.31%             | 2045-12-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Children's Trust Fund                                                                                                                                | Children's Trust Fund, Series 2005 B, RB                                                                                                              | CUSIP: 16876QBK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2540000 | PA      | $296974.51    | 0.05%             | 2055-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California (State of) Municipal Finance Authority (Linxs APM)                                                                                        | California (State of) Municipal Finance Authority (Linxs APM), Series 2018 A, RB                                                                      | CUSIP: 13048VCD8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2010000 | PA      | $1921782.11   | 0.35%             | 2047-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson (County of), CO Center Metropolitan District No. 1                                                                                         | Jefferson (County of), CO Center Metropolitan District No. 1, Series 2020 B, Ref. RB                                                                  | CUSIP: 47248EAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1980000 | PA      | $1976748.25   | 0.36%             | 2050-12-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp. (3 World Trade Center)                                                                                            | New York Liberty Development Corp. (3 World Trade Center), Series 2014-1, Ref. RB                                                                     | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5735000 | PA      | $5578212.56   | 1.02%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority                                                                                                           | Metropolitan Washington Airports Authority, Series 2019 B, Ref. RB                                                                                    | CUSIP: 592643DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1424871.75   | 0.26%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC)                                                                       | Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2023 A-2, RB                                                   | CUSIP: 70870JFM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $458516.78    | 0.08%             | 2048-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico (Commonwealth of)                                                                                                                        | Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds                                                                                              | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    980000 | PA      | $905808.61    | 0.17%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus)                                                                      | Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus), Series 2017, Ref. RB                                                 | CUSIP: 378286JN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $633730.29    | 0.12%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                                                                                          | California State University, Series 2019 A, RB                                                                                                        | CUSIP: 13077DHF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2120000 | PA      | $2147088.30   | 0.39%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC)                                                                       | Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2021 A, Ref. RB                                                | CUSIP: 70870JDE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $607461.95    | 0.11%             | 2039-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Waco (City of), TX                                                                                                                                   | Waco (City of), TX, Series 2023 A, Ctfs. Of Obligations                                                                                               | CUSIP: 929831WV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2475000 | PA      | $2159793.90   | 0.39%             | 2053-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.)                                                                    | New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.), Series 1999, RB                                                    | CUSIP: 64578CAH4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    390000 | PA      | $390108.30    | 0.07%             | 2029-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community)                                                                   | New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community), Series 2016, Ref. RB                                              | CUSIP: 64542UBB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $643705.60    | 0.12%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community)                                                            | New Hope Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community), Series 2021 A-1, RB                                        | CUSIP: 64542UFP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $47009.69     | 0.01%             | 2037-11-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Daly (City of), CA Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition)                                                      | Daly (City of), CA Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition), Series 2007 C, Ref. RB                               | CUSIP: 235669FK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $364981.60    | 0.07%             | 2047-12-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| California (State of)                                                                                                                                | California (State of), Series 2023, GO Bonds                                                                                                          | CUSIP: 13063D5F1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3480262.50   | 0.63%             | 2053-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Brunswick (City of), MD (Brunswick Crossing)                                                                                                         | Brunswick (City of), MD (Brunswick Crossing), Series 2019, RB                                                                                         | CUSIP: 117250AE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    384000 | PA      | $385168.17    | 0.07%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment)                                      | New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment), Series 2018, RB                      | CUSIP: 650116CM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2117019.24   | 0.39%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority (Clean Energy) (Green Bonds)                                                                         | California Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024, RB                                                         | CUSIP: 13013JEB8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1292156.51   | 0.24%             | 2032-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                                                                                             | San Antonio Water System, Series 2024, RB                                                                                                             | CUSIP: 79642GQR6<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8000000.00   | 1.46%             | 2054-05-01      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement)                                                               | New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement), Series 2013, RB                                               | CUSIP: 6459182D4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250329.00   | 0.23%             | 2043-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Illinois (State of)                                                                                                                                  | Illinois (State of), Series 2016, GO Bonds                                                                                                            | CUSIP: 452152N31<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1128753.70   | 0.21%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.)                                                                            | Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.), Series 2002, RB                                                            | CUSIP: 451916AH3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    360000 | PA      | $360373.21    | 0.07%             | 2032-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                                                                                   | Tobacco Settlement Financing Corp., Series 2018 A, Ref. RB                                                                                            | CUSIP: 888808HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1676878.40   | 0.31%             | 2046-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Hillsborough (County of), FL Industrial Development Authority (Baycare Health System)                                                                | Hillsborough (County of), FL Industrial Development Authority (Baycare Health System), Series 2024 C, Ref. RB                                         | CUSIP: 43233KAW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3430000 | PA      | $3612742.51   | 0.66%             | 2054-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts (Commonwealth of) Development Finance Agency (Milford Regional Medical Center)                                                         | Massachusetts (Commonwealth of) Development Finance Agency (Milford Regional Medical Center), Series 2020, Ref. RB                                    | CUSIP: 57584YF46<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    245000 | PA      | $266875.05    | 0.05%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group)                                         | West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group), Series 2023, RB                         | CUSIP: 956622W26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1648818.94   | 0.30%             | 2047-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home)                                                                | Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home), Series 2017 A, RB                                              | CUSIP: 87638RHT7<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1940000 | PA      | $1261000.00   | 0.23%             | 2048-02-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Erie Tobacco Asset Securitization Corp.                                                                                                              | Erie Tobacco Asset Securitization Corp., Series 2005 A, RB                                                                                            | CUSIP: 295095BB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2710000 | PA      | $2368261.14   | 0.43%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Parkway Transportation Corp.                                                                                                                   | Grand Parkway Transportation Corp., Series 2020, Ref. RB                                                                                              | CUSIP: 38611TDQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1563869.84   | 0.29%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Diego (County of), CA Regional Airport Authority                                                                                                 | San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB                                                                               | CUSIP: 79739GMY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2065000 | PA      | $1835904.36   | 0.33%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fishers Town Hall Building Corp.                                                                                                                     | Fishers Town Hall Building Corp., Series 2023 A, RB                                                                                                   | CUSIP: 338042EK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2435000 | PA      | $2632343.60   | 0.48%             | 2053-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Sumter (County of), FL Industrial Development Authority (Central Florida Health Alliance)                                                            | Sumter (County of), FL Industrial Development Authority (Central Florida Health Alliance), Series 2014 A, RB                                          | CUSIP: 86652QAT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000001.70   | 0.18%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania (Commonwealth of) Turnpike Commission                                                                                                   | Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 A, RB                                                                                 | CUSIP: 709224DX4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    990000 | PA      | $1000440.94   | 0.18%             | 2037-12-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                                                                                       | Metropolitan Nashville Airport Authority (The), Series 2019 B, RB                                                                                     | CUSIP: 592190PJ5<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    940000 | PA      | $918525.32    | 0.17%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.)                                                                               | Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.), Series 2017 A, Ref. RB                                                        | CUSIP: 451295YW3<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    355000 | PA      | $320990.72    | 0.06%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Whiting (City of), IN (BP Products North America, Inc.)                                                                                              | Whiting (City of), IN (BP Products North America, Inc.), Series 2015, RB                                                                              | CUSIP: 96634RAW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $627919.63    | 0.11%             | 2031-06-10      | Variable      | 4.40%                 | No            |                  2 | On Loan: No      |
| Maryland (State of) Health & Higher Educational Facilities Authority (Stevenson University)                                                          | Maryland (State of) Health & Higher Educational Facilities Authority (Stevenson University), Series 2021 A, Ref. RB                                   | CUSIP: 57421CCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $324258.71    | 0.06%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan (State of)                                                                                                                                  | Michigan (State of), Series 2023, RB                                                                                                                  | CUSIP: 5946954R6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3120000 | PA      | $3302065.73   | 0.60%             | 2049-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp.                                                                                                                                   | Utah Housing Corp., Series 2024 A, RB                                                                                                                 | CUSIP: 917437EM3<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1508335.37   | 0.28%             | 2049-01-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Broward (County of), FL                                                                                                                              | Broward (County of), FL, Series 2019 A, RB                                                                                                            | CUSIP: 114894YU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1300176.92   | 0.24%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver (City & County of), CO                                                                                                                        | Denver (City & County of), CO, Series 2022 A, RB                                                                                                      | CUSIP: 249182QV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2481137.25   | 0.45%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois (State of)                                                                                                                                  | Illinois (State of), Series 2018 A, GO Bonds                                                                                                          | CUSIP: 452152X30<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1270783.03   | 0.23%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (St. James Parish Gomesa)                           | Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (St. James Parish Gomesa), Series 2019, RB           | CUSIP: 54628CJF0<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    760000 | PA      | $643992.16    | 0.12%             | 2044-11-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing)                                                  | California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing), Series 2018, RB                                  | CUSIP: 13049YBF7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1366507.75   | 0.25%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade (County of), FL                                                                                                                           | Miami-Dade (County of), FL, Series 2025 A, RB                                                                                                         | CUSIP: 593340AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $474711.25    | 0.09%             | 2055-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Spring Valley Metropolitan District No 3                                                                                                             | Spring Valley Metropolitan District No 3, Series 2025, GO Bonds                                                                                       | CUSIP: 85009TAQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $454602.25    | 0.08%             | 2054-12-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Utah Telecommunication Open Infrastructure Agency                                                                                                    | Utah Telecommunication Open Infrastructure Agency, Series 2022, Ref. RB                                                                               | CUSIP: 91756SAR4<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1116900.41   | 0.20%             | 2040-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Knoxville (City of), TN                                                                                                                              | Knoxville (City of), TN, Series 2022 OO, RB                                                                                                           | CUSIP: 4997462C8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3225000 | PA      | $2845667.76   | 0.52%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment)                                                               | New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 A, RB                                             | CUSIP: 650116AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1729521.31   | 0.32%             | 2050-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North)                                                                    | New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North), Series 2018, Ref. RB                                               | CUSIP: 64542UEP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $549137.62    | 0.10%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough (County of), FL                                                                                                                         | Hillsborough (County of), FL, Series 2023, GO Bonds                                                                                                   | CUSIP: 432290QE7<br>LEI: 549300L0R7XNYJEJGF23 | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1625025.05   | 0.30%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Desert Public Infrastructure District                                                                                                          | Black Desert Public Infrastructure District, Series 2021 A, GO Bonds                                                                                  | CUSIP: 09204PAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $388340.55    | 0.07%             | 2051-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion)                                                                      | Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), Series 2024, Ref. RB                                                 | CUSIP: 340618DK0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    750000 | PA      | $778784.10    | 0.14%             | 2028-07-15      | Variable      | 12.00%                | No            |                  2 | On Loan: No      |
| Hamilton (County of), OH (Life Enriching Communities)                                                                                                | Hamilton (County of), OH (Life Enriching Communities), Series 2016, Ref. RB                                                                           | CUSIP: 40727RBT4<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   3440000 | PA      | $3291928.64   | 0.60%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                                                                                                   | Greater Orlando Aviation Authority, Series 2024, RB                                                                                                   | CUSIP: 392275FJ7<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1745113.17   | 0.32%             | 2048-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Jefferson (County of), AL                                                                                                                            | Jefferson (County of), AL, Series 2024, Ref. Revenue Wts.                                                                                             | CUSIP: 472682ZS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3587980.90   | 0.65%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lockhart Independent School District                                                                                                                 | Lockhart Independent School District, Series 2023, GO Bonds                                                                                           | CUSIP: 539770MU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1110400.75   | 0.20%             | 2053-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| California (State of) Housing Finance Agency (Social Certificates)                                                                                   | California (State of) Housing Finance Agency (Social Certificates), Series 2021-2A, Revenue Ctfs.                                                     | CUSIP: 13033DAG0<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   3988249 | PA      | $3938915.95   | 0.72%             | 2035-03-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority (John Glenn Columbus International Airport)                                                                      | Columbus Regional Airport Authority (John Glenn Columbus International Airport), Series 2025, Ref. RB                                                 | CUSIP: 199546DX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $845281.17    | 0.15%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Taney (County of), MO Industrial Development Authority (Big Cedar Infrastructure)                                                                    | Taney (County of), MO Industrial Development Authority (Big Cedar Infrastructure), Series 2023, RB                                                    | CUSIP: 87539QAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $733686.95    | 0.13%             | 2049-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust IV                                                                                                                   | New York Counties Tobacco Trust IV, Series 2010 A, RB                                                                                                 | CUSIP: 62947YAL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1179000 | PA      | $1130746.36   | 0.21%             | 2041-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| South Dakota (State of) Housing Development Authority                                                                                                | South Dakota (State of) Housing Development Authority, Series 2023 G, RB                                                                              | CUSIP: 83756C6X8<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1042164.98   | 0.19%             | 2043-11-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp. (CHF-Collegiate Housing College Station I, LLC - Texas A&M University)                          | New Hope Cultural Education Facilities Finance Corp. (CHF-Collegiate Housing College Station I, LLC - Texas A&M University), Series 2014 A, RB        | CUSIP: 64542RAY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $511860.28    | 0.09%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp. (Bidding Group 3)                                                                                             | New York State Urban Development Corp. (Bidding Group 3), Series 2021 A, Ref. RB                                                                      | CUSIP: 64985TCS8<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1493598.17   | 0.27%             | 2045-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group)                                                          | South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group), Series 2014 B, RB                                        | CUSIP: 83755VXF6<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |   2185000 | PA      | $2129575.29   | 0.39%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District (The)                                                                                                                 | Black Belt Energy Gas District (The), Series 2023 B, RB                                                                                               | CUSIP: 09182NCT5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1503916.75   | 0.27%             | 2030-12-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| JEA Water & Sewer System                                                                                                                             | JEA Water & Sewer System, Series 2025 A, Ref. RB                                                                                                      | CUSIP: 46615SGL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1778420.87   | 0.32%             | 2055-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp.                                                                                                                | Puerto Rico Sales Tax Financing Corp., Series 2018 A-1, RB                                                                                            | CUSIP: 74529JQC2<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | US        |    450000 | PA      | $414178.34    | 0.08%             | 2027-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| White Buffalo Metropolitan District No. 3                                                                                                            | White Buffalo Metropolitan District No. 3, Series 2023, GO Bonds                                                                                      | CUSIP: 96350BAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    608000 | PA      | $611839.64    | 0.11%             | 2035-12-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| New York (State of) Thruway Authority                                                                                                                | New York (State of) Thruway Authority, Series 2019 B, RB                                                                                              | CUSIP: 650010CK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5400000 | PA      | $4655086.74   | 0.85%             | 2050-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hampton (City of), VA Roads Transportation Accountability Commission                                                                                 | Hampton (City of), VA Roads Transportation Accountability Commission, Series 2022 A, RB                                                               | CUSIP: 409328BR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2895000 | PA      | $2479261.50   | 0.45%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment)                                      | New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment), Series 2018, RB                      | CUSIP: 650116CP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1860000 | PA      | $1859911.84   | 0.34%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health)                                                                | Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017 A, RB                                              | CUSIP: 5742182Q5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $970197.14    | 0.18%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California (State of) Pollution Control Financing Authority (Plant Bonds)                                                                            | California (State of) Pollution Control Financing Authority (Plant Bonds), Series 2012, RB                                                            | CUSIP: 13054WAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2675000 | PA      | $2533520.32   | 0.46%             | 2045-11-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement)                                                               | New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement), Series 2013, RB                                               | CUSIP: 6459182A0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250440.50   | 0.23%             | 2034-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp. (John F. Kennedy International Airport New Terminal One) (Green Bonds)                                     | New York Transportation Development Corp. (John F. Kennedy International Airport New Terminal One) (Green Bonds), Series 2024, RB                     | CUSIP: 650116HR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1806571.80   | 0.33%             | 2060-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Miami-Dade (County of), FL                                                                                                                           | Miami-Dade (County of), FL, Series 2022 A, Ref. RB                                                                                                    | CUSIP: 59335KFB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1266997.59   | 0.23%             | 2052-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DeKalb (County of), GA Housing Authority (Park at 500)                                                                                               | DeKalb (County of), GA Housing Authority (Park at 500), Series 2024, RB                                                                               | CUSIP: 240471PE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $976339.10    | 0.18%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arkansas (State of) Development Finance Authority (Baptist Memorial Health)                                                                          | Arkansas (State of) Development Finance Authority (Baptist Memorial Health), Series 2020, Ref. RB                                                     | CUSIP: 04084RBZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $595208.72    | 0.11%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pima (County of), AZ Industrial Development Authority (The) (American Leadership Academy)                                                            | Pima (County of), AZ Industrial Development Authority (The) (American Leadership Academy), Series 2019, Ref. RB                                       | CUSIP: 72177MSW8<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    360000 | PA      | $317394.36    | 0.06%             | 2052-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York (State of) Dormitory Authority                                                                                                              | New York (State of) Dormitory Authority, Series 2018, RB                                                                                              | CUSIP: 64990AQM0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5715000 | PA      | $5754136.32   | 1.05%             | 2046-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Seattle (City of), WA                                                                                                                                | Seattle (City of), WA, Series 2022, Ref. RB                                                                                                           | CUSIP: 812643YC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2435000 | PA      | $2460979.50   | 0.45%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp.                                                                                                                | Puerto Rico Sales Tax Financing Corp., Series 2019 A-2, RB                                                                                            | CUSIP: 74529JRL1<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | US        |    825000 | PA      | $739618.52    | 0.13%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Miami Beach (City of), FL                                                                                                                            | Miami Beach (City of), FL, Series 2017, Ref. RB                                                                                                       | CUSIP: 59324PEC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1158753.23   | 0.21%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico (Commonwealth of) Electric Power Authority                                                                                               | Puerto Rico (Commonwealth of) Electric Power Authority, Series 2007 VV, Ref. RB                                                                       | CUSIP: 74526QPP1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1995000 | PA      | $1981400.09   | 0.36%             | 2031-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Sacramento (City of), CA Unified School District                                                                                                     | Sacramento (City of), CA Unified School District, Series 2024 B, GO Bonds                                                                             | CUSIP: 785870L61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1084820.89   | 0.20%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny (County of), PA Airport Authority (Pittsburgh Airport)                                                                                     | Allegheny (County of), PA Airport Authority (Pittsburgh Airport), Series 2023 A, RB                                                                   | CUSIP: 01728LHD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1389386.24   | 0.25%             | 2048-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Glynn (County of) & Brunswick (City of), GA Memorial Hospital Authority (Southeast Georgia Health System)                                            | Glynn (County of) & Brunswick (City of), GA Memorial Hospital Authority (Southeast Georgia Health System), Series 2017, RAC                           | CUSIP: 380037GS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3950000 | PA      | $3868681.75   | 0.71%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chattanooga (City of), TN Health, Educational & Housing Facility Board (Catholic Health Services)                                                    | Chattanooga (City of), TN Health, Educational & Housing Facility Board (Catholic Health Services), Series 2024, Ref. RB                               | CUSIP: 162409AN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $604119.84    | 0.11%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Garden State Preservation Trust                                                                                                                      | Garden State Preservation Trust, Series 2003 B, RB                                                                                                    | CUSIP: 365418BD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1971333.40   | 0.36%             | 2025-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Florida (State of) North Broward Hospital District                                                                                                   | Florida (State of) North Broward Hospital District, Series 2017 B, Ref. RB                                                                            | CUSIP: 657883DN1<br>LEI: 549300HZL14T4Q7UDP41 | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1191239.26   | 0.22%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.)                                                                    | Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.), Series 2018 A, RB                                                  | CUSIP: 74442PFT7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1702519.92   | 0.31%             | 2037-12-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion)                                                                      | Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), Series 2024, Ref. RB                                                 | CUSIP: 340618DW4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    825000 | PA      | $827554.45    | 0.15%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Illinois (State of) Finance Authority (Lutheran Communities Obligated Group)                                                                         | Illinois (State of) Finance Authority (Lutheran Communities Obligated Group), Series 2019 A, Ref. RB                                                  | CUSIP: 45204E6E3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     60000 | PA      | $40200.00     | 0.01%             | 2040-11-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Kingsport (City of), TN                                                                                                                              | Kingsport (City of), TN, Series 2023, GO Bonds                                                                                                        | CUSIP: 496443ZQ8<br>LEI: 549300CNSHTU7LSLB359 | Long             | DBT              | MUN               | US        |   2035000 | PA      | $1831101.34   | 0.33%             | 2053-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Affordable Housing Tax-Exempt Bond Pass-Thru Trust                                                                                                   | Affordable Housing Tax-Exempt Bond Pass-Thru Trust, Series 2023-1, RB                                                                                 | CUSIP: 00832UAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815278 | PA      | $812379.69    | 0.15%             | 2040-10-05      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Gilberts (Village of), IL Special Service Area No. 24 (The Conservancy)                                                                              | Gilberts (Village of), IL Special Service Area No. 24 (The Conservancy), Subseries 2014 A, RB                                                         | CUSIP: 37546QAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460318 | PA      | $428614.20    | 0.08%             | 2034-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Belford North Metropolitan District                                                                                                                  | Belford North Metropolitan District, Series 2020 A, GO Bonds                                                                                          | CUSIP: 077690AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $894303.90    | 0.16%             | 2050-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Washington (State of) (Bid Group 2)                                                                                                                  | Washington (State of) (Bid Group 2), Series 2024 A, GO Bonds                                                                                          | CUSIP: 93974EJ23<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    850000 | PA      | $875429.03    | 0.16%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York (City of), NY                                                                                                                               | New York (City of), NY, Subseries 2014 I-2, VRD GO Bonds                                                                                              | CUSIP: 64966LLS8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.36%             | 2040-03-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Illinois (State of) Finance Authority (Mercy Health Corp.)                                                                                           | Illinois (State of) Finance Authority (Mercy Health Corp.), Series 2016, Ref. RB                                                                      | CUSIP: 45204EBX5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   4075000 | PA      | $4025685.17   | 0.73%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade (County of), FL                                                                                                                           | Miami-Dade (County of), FL, Series 2021, RB                                                                                                           | CUSIP: 59334DMR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3325000 | PA      | $2928760.42   | 0.53%             | 2048-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Children's Trust Fund                                                                                                                                | Children's Trust Fund, Series 2005 A, RB                                                                                                              | CUSIP: 16876QBJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5915000 | PA      | $1078031.23   | 0.20%             | 2050-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Colorado (State of) High Performance Transportation Enterprise (C-470 Express Lanes)                                                                 | Colorado (State of) High Performance Transportation Enterprise (C-470 Express Lanes), Series 2017, RB                                                 | CUSIP: 19648DAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $906931.22    | 0.17%             | 2047-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas (State of) Water Development Board                                                                                                             | Texas (State of) Water Development Board, Series 2023 A, RB                                                                                           | CUSIP: 88285ADS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2430000 | PA      | $2443784.66   | 0.45%             | 2048-10-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                                                                                | Pennsylvania Economic Development Financing Authority, Series 2022, RB                                                                                | CUSIP: 70868YAQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1985000 | PA      | $2070920.73   | 0.38%             | 2039-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ohio State University (The)                                                                                                                          | Ohio State University (The), Series 2024, RB                                                                                                          | CUSIP: 677704G44<br>LEI: 549300P1K3IH2L5SFY61 | Long             | DBT              | MUN               | US        |    855000 | PA      | $886569.76    | 0.16%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.)                                                 | California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.), Series 2020 B-1, Ref. RB                        | CUSIP: 13016NFB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $14571.34     | 0.00%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia (Provident Group - Howard Properties LLC)                                                                                       | District of Columbia (Provident Group - Howard Properties LLC), Series 2013, RB                                                                       | CUSIP: 25483WAK8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    660000 | PA      | $603766.15    | 0.11%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Waller Consolidated Independent School District                                                                                                      | Waller Consolidated Independent School District, Series 2023, GO Bonds                                                                                | CUSIP: 932493LA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3360000 | PA      | $2810185.73   | 0.51%             | 2053-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Idaho (State of) Health Facilities Authority (St. Luke's Health ystem)                                                                               | Idaho (State of) Health Facilities Authority (St. Luke's Health ystem), Series 2025, Ref. RB                                                          | CUSIP: 451295H28<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    945000 | PA      | $963430.24    | 0.18%             | 2050-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. I                                                                                                     | Texas Municipal Gas Acquisition & Supply Corp. I, Series 2008 D, RB                                                                                   | CUSIP: 88256CEX3<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1895350.16   | 0.35%             | 2026-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools)                                                               | Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools), Series 2019, Ref. RB                                          | CUSIP: 56681NEN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $208793.61    | 0.04%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington (State of) Suburban Sanitary Commission                                                                                                   | Washington (State of) Suburban Sanitary Commission, Series 2015 B, VRD RB                                                                             | CUSIP: 940158HR2<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |  11230000 | PA      | $11230000.00  | 2.05%             | 2027-06-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority (Green Bonds)                                                                                           | District of Columbia Water & Sewer Authority (Green Bonds), Series 2022 C-1, RB                                                                       | CUSIP: 254845SU5<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |   3370000 | PA      | $2870562.97   | 0.52%             | 2051-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Fayette OH                                                                                                                                 | County of Fayette OH, Series 2025, RB                                                                                                                 | CUSIP: 312446AJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $1005714.96   | 0.18%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Range Metropolitan District No. 3                                                                                                              | North Range Metropolitan District No. 3, Series 2020 A, GO Bonds                                                                                      | CUSIP: 66176NAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $490007.45    | 0.09%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                                                                        | Main Street Natural Gas, Inc., Series 2022 C, RB                                                                                                      | CUSIP: 56035DDP4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1252560.20   | 0.23%             | 2027-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Gainesville (City of), FL                                                                                                                            | Gainesville (City of), FL, Series 2012 B, Ref. VRD RB                                                                                                 | CUSIP: 362848RR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2100000.00   | 0.38%             | 2042-10-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Ohio (State of) (University Hospitals Health System, Inc.)                                                                                           | Ohio (State of) (University Hospitals Health System, Inc.), Series 2020 A, Ref. RB                                                                    | CUSIP: 67756CEG9<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   2515000 | PA      | $2066939.42   | 0.38%             | 2050-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York (State of) Dormitory Authority                                                                                                              | New York (State of) Dormitory Authority, Series 2017 B, Ref. RB                                                                                       | CUSIP: 64990KFM0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1935000 | PA      | $1679686.81   | 0.31%             | 2047-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia (Commonwealth of) Small Business Financing Authority (Transform 66 P3)                                                                      | Virginia (Commonwealth of) Small Business Financing Authority (Transform 66 P3), Series 2017, RB                                                      | CUSIP: 928097AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2312379.75   | 0.42%             | 2056-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority (Green Bonds)                                                                                                  | Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB                                                                              | CUSIP: 59261AC88<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1062825.66   | 0.19%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group)                                                                       | Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB                                                | CUSIP: 19648FSH8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    745000 | PA      | $626207.22    | 0.11%             | 2050-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico (Commonwealth of)                                                                                                                        | Puerto Rico (Commonwealth of), Subseries 2022, RN                                                                                                     | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    700143 | PA      | $420960.90    | 0.08%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| University of Wyoming                                                                                                                                | University of Wyoming, Series 2021 C, RB                                                                                                              | CUSIP: 915268H41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $969822.12    | 0.18%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group)                                                       | Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group), Series 2016, Ref. RB                                  | CUSIP: 87638RHJ9<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1482078.71   | 0.27%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Children's Trust Fund                                                                                                                                | Children's Trust Fund, Series 2008 A, RB                                                                                                              | CUSIP: 16876QBL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18995000 | PA      | $1140254.65   | 0.21%             | 2057-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health)                                                                                | Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB                                                       | CUSIP: 19648FKT0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1384561.53   | 0.25%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire (State of) Housing Finance Authority (Social Bonds)                                                                                    | New Hampshire (State of) Housing Finance Authority (Social Bonds), Series 2023 D, RB                                                                  | CUSIP: 64469D2G5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000168.70   | 0.18%             | 2053-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Denver (City & County of), CO                                                                                                                        | Denver (City & County of), CO, Series 2018 A, Ref. RB                                                                                                 | CUSIP: 249182LW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5260000 | PA      | $5166454.06   | 0.94%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging)                                                  | Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging), Series 2016, RB                                  | CUSIP: 091081DN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $197713.94    | 0.04%             | 2045-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Aurora Highlands Community Authority Board                                                                                                           | Aurora Highlands Community Authority Board, Series 2021 A, Ref. RB                                                                                    | CUSIP: 05164HAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $769581.12    | 0.14%             | 2051-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority (LCRA Transmission Services Corp.)                                                                                    | Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB                                                               | CUSIP: 54811BZS3<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1219661.47   | 0.22%             | 2047-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group)                                                       | Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group), Series 2021, RB                                       | CUSIP: 97712JDP5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2326012.36   | 0.42%             | 2051-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago (City of), IL                                                                                                                                | Chicago (City of), IL, Series 2017 A, Ref. GO Bonds                                                                                                   | CUSIP: 167486ZY8<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2025000 | PA      | $2061296.30   | 0.38%             | 2038-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp.                                                                                                                | Puerto Rico Sales Tax Financing Corp., Series 2018 A-1, RB                                                                                            | CUSIP: 74529JPW9<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1653009.79   | 0.30%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust IV                                                                                                                   | New York Counties Tobacco Trust IV, Series 2005 A, RB                                                                                                 | CUSIP: 62947YAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $244068.39    | 0.04%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin)                                                        | Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin), Series 2022, Ref. RB                                   | CUSIP: 97712JEQ2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1326481.31   | 0.24%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Denver (City & County of), CO                                                                                                                        | Denver (City & County of), CO, Series 2022 A, RB                                                                                                      | CUSIP: 249182QM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $988143.12    | 0.18%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Osceola (County of), FL                                                                                                                              | Osceola (County of), FL, Series 2020 A-2, Ref. RB                                                                                                     | CUSIP: 688031FH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $103822.25    | 0.02%             | 2052-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                                                                                               | Patriots Energy Group Financing Agency, Series 2023 A-1, RB                                                                                           | CUSIP: 70342PAN4<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   1940000 | PA      | $2043300.54   | 0.37%             | 2031-08-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Broward (County of), FL (Convention Center Expansion)                                                                                                | Broward (County of), FL (Convention Center Expansion), Series 2021, RB                                                                                | CUSIP: 115085AX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2475000 | PA      | $2052421.72   | 0.37%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico (Commonwealth of)                                                                                                                        | Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds                                                                                              | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1201033.08   | 0.22%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Austin (City of), TX                                                                                                                                 | Austin (City of), TX, Series 2022, RB                                                                                                                 | CUSIP: 052398HV9<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1193277.12   | 0.22%             | 2047-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina (State of) Public Service Authority                                                                                                   | South Carolina (State of) Public Service Authority, Series 2025 A, RB                                                                                 | CUSIP: 8371515V7<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1485301.80   | 0.27%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regents of the University of California Medical Center                                                                                               | Regents of the University of California Medical Center, Series 2022 P, RB                                                                             | CUSIP: 913366KT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5435000 | PA      | $4701485.88   | 0.86%             | 2053-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois (State of)                                                                                                                                  | Illinois (State of), Series 2020, GO Bonds                                                                                                            | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1449929.63   | 0.26%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Broward (County of), FL                                                                                                                              | Broward (County of), FL, Series 2022, RB                                                                                                              | CUSIP: 115012AS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1722055.94   | 0.31%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio (State of) Housing Finance Agency (Covenant House Apartments)                                                                                   | Ohio (State of) Housing Finance Agency (Covenant House Apartments), Series 2008 C, RB                                                                 | CUSIP: 676900RC9<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    210000 | PA      | $210152.50    | 0.04%             | 2028-09-20      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Lamar Consolidated Independent School District                                                                                                       | Lamar Consolidated Independent School District, Series 2023, GO Bonds                                                                                 | CUSIP: 513174H96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1860000 | PA      | $1567523.74   | 0.29%             | 2053-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Rockland Tobacco Asset Securitization Corp.                                                                                                          | Rockland Tobacco Asset Securitization Corp., Series 2001, RB                                                                                          | CUSIP: 773684AL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1757994.48   | 0.32%             | 2043-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Tacoma (City of), WA                                                                                                                                 | Tacoma (City of), WA, Series 2022, RB                                                                                                                 | CUSIP: 873545MB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2785000 | PA      | $2516182.05   | 0.46%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California (State of) Community Choice Financing Authority (Clean Energy)                                                                            | California (State of) Community Choice Financing Authority (Clean Energy), Series 2024, RB                                                            | CUSIP: 13013JDR4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1517135.56   | 0.28%             | 2032-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority (Green Bonds)                                                                                                  | Metropolitan Transportation Authority (Green Bonds), Series 2016 A-1, RB                                                                              | CUSIP: 59261ACU9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1980000 | PA      | $1957727.38   | 0.36%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Huntsville (City of), AL Special Care Facilities Financing Authority (Redstone Village)                                                              | Huntsville (City of), AL Special Care Facilities Financing Authority (Redstone Village), Series 2007, RB                                              | CUSIP: 447297AL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $948750.00    | 0.17%             | 2043-01-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Wisconsin (State of) Housing & Economic Development Authority                                                                                        | Wisconsin (State of) Housing & Economic Development Authority, Series 2023 D, RB                                                                      | CUSIP: 9769044M1<br>LEI: 549300AT0SEG8YQT2K79 | Long             | DBT              | MUN               | US        |    610000 | PA      | $610586.88    | 0.11%             | 2054-11-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| New York & New Jersey (States of) Port Authority                                                                                                     | New York & New Jersey (States of) Port Authority, Eighty-Fifth Series 1993, RB                                                                        | CUSIP: 733580YU2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1059102.72   | 0.19%             | 2028-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                                                                       | Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB                                                                              | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8740000 | PA      | $7573984.36   | 1.38%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa (State of) Tobacco Settlement Authority                                                                                                         | Iowa (State of) Tobacco Settlement Authority, Series 2021 A-2, Ref. RB                                                                                | CUSIP: 888805BY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1286089.74   | 0.23%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue)                                            | Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB                     | CUSIP: 01728A3Z7<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   2905000 | PA      | $2518042.09   | 0.46%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York (City of), NY Transitional Finance Authority                                                                                                | New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB                                                                            | CUSIP: 64971XNN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $769446.73    | 0.14%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jarrell Independent School District                                                                                                                  | Jarrell Independent School District, Series 2023, GO Bonds                                                                                            | CUSIP: 471146XB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1234923.52   | 0.23%             | 2053-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| California (State of)                                                                                                                                | California (State of), Series 2020, GO Bonds                                                                                                          | CUSIP: 13063DR26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1254688.85   | 0.23%             | 2050-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                                                                                   | Tobacco Settlement Financing Corp., Series 2018 B, Ref. RB                                                                                            | CUSIP: 888808HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1560046.48   | 0.28%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hawaii (State of)                                                                                                                                    | Hawaii (State of), Series 2025 B, RB                                                                                                                  | CUSIP: 419794K76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1291553.62   | 0.24%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York (State of) Dormitory Authority                                                                                                              | New York (State of) Dormitory Authority, Series 2017 B, Ref. RB                                                                                       | CUSIP: 64990KAZ6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5111.78      | 0.00%             | 2027-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois (State of) Sports Facilities Authority (The)                                                                                                | Illinois (State of) Sports Facilities Authority (The), Series 2014, Ref. RB                                                                           | CUSIP: 452143FD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1206961.50   | 0.22%             | 2031-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group)                                                                           | New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2024, Ref. RB                                                      | CUSIP: 65000B6M5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   4255000 | PA      | $4314672.55   | 0.79%             | 2054-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York (City of), NY Transitional Finance Authority                                                                                                | New York (City of), NY Transitional Finance Authority, Series 2024 B, RB                                                                              | CUSIP: 64972JBB3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2145000 | PA      | $1974774.95   | 0.36%             | 2053-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Energy Southeast, A Cooperative District                                                                                                             | Energy Southeast, A Cooperative District, Series 2024 B, RB                                                                                           | CUSIP: 292723BN2<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |    990000 | PA      | $1048164.78   | 0.19%             | 2032-06-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Penrith Park Metropolitan District                                                                                                                   | Penrith Park Metropolitan District, Series 2025, GO Bonds                                                                                             | CUSIP: 70935PAR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2240000 | PA      | $2125060.45   | 0.39%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TSASC, Inc.                                                                                                                                          | TSASC, Inc., Series 2016 B, Ref. RB                                                                                                                   | CUSIP: 898526FQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $1874911.94   | 0.34%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York (City of), NY Transitional Finance Authority                                                                                                | New York (City of), NY Transitional Finance Authority, Series 2018, VRD RB                                                                            | CUSIP: 64971XHT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.36%             | 2042-08-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Lee (County of), FL                                                                                                                                  | Lee (County of), FL, Series 2021 B, RB                                                                                                                | CUSIP: 523470GZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1075023.67   | 0.20%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** Invesco Municipal Trust

**Signature:** Adrien Deberghes

**Name of Signer:** Adrien Deberghes

**Title:** Principal Financial Officer and Treasurer