# EDGAR Filing Document

**Accession Number:** 0000035373
**File Stem:** 0000035402-26-001146
**Filing Date:** 2026-2
**Character Count:** 155215
**Document Hash:** 1fb2cb24993387fec4188e8385eb7eca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035402-26-001146.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0000035402-26-001146

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY MUNICIPAL TRUST
- **CENTRAL INDEX KEY:** 0000035373

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02628
- **FILM NUMBER:** 26670207

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MUNICIPAL BOND FUND/MA/
- **DATE OF NAME CHANGE:** 19860327

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY MUNICIPAL BOND FUND INC
- **DATE OF NAME CHANGE:** 19850503

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY MUNICIPAL BOND FUND LTD
- **DATE OF NAME CHANGE:** 19770201

## Series and Classes Contracts Data

### Fidelity Flex Conservative Income Municipal Bond Fund (Series ID: S000059246)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000194468 | Fidelity Flex Conservative Income Municipal Bond Fund | FUEMX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-02628

- **c. CIK number of Registrant:** 0000035373

- **d. LEI of Registrant:** MC33ZH3HL1S8YN987650

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

  - **Street Address 1:** 245 Summer Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02210

  - **Telephone number:** 1-800-FIDELITY

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

- **a. Name of Series:** Fidelity Flex Conservative Income Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000059246

- **c. LEI of Series:** 54930075HJRZVG5XWY95

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $242850828.47

**Total Liabilities:** $676193.53

**Net Assets:** $242174634.94

**Cash Not Reported:** $3774821.43

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2291.00853110 | **1-Year:** 9524.88348750 | **5-Year:** 4725.18350660 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 474.83841558 | **1-Year:** 241.94123871 | **5-Year:** 179.19479846 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194468 | 0.16%                | 0.26%                | 0.29%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $78.22                   | $-263995.86                                |
| Month 2  | $2.34                    | $41628.22                                  |
| Month 3  | $25442.40                | $66514.10                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| KING CNTY WASH HSG AUTH HSG RE                                                    | KING CNTY WA MF 5% 1/1/2029                                                  | CUSIP: 494759SL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $471541.50    | 0.19%             | 2029-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV                                      | CA ST MFA SW 3.85% MT @                                                      | CUSIP: 13048RAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $799813.36    | 0.33%             | 2041-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| STANTON CNTY NE INDL DEV REV                                                      | NE NUCOR 98 V7@                                                              | CUSIP: 854743AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.04%             | 2028-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASH DC ARPTS ATH                                                    | MTRO WA DC ARPT 5% 10/1/2028 @                                               | CUSIP: 592647LL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $333163.12    | 0.14%             | 2028-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PMA LEVY and AID ANTIC NTS PROGRAM WIS                                            | WI PMA LEVY and AID 25B 9/24/26 TRAN                                         | CUSIP: 730146DQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508034.80    | 0.21%             | 2026-09-24      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ECONOMIC DEV REV                                              | IN FIN ECON REP SERV 2012 MT@                                                | CUSIP: 45505RBT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700019.39    | 0.29%             | 2028-05-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| HEALTH CARE AUTH FOR BAPT HLTH ALA                                                | HLTH BAPTIST AL 2013B V7                                                     | CUSIP: 42219UBR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.12%             | 2042-11-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| FORT WORTH TEX SPL TAX REV                                                        | FORT WRTH TEX 5% 3/1/2029                                                    | CUSIP: 349507DE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $960435.99    | 0.40%             | 2029-03-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CA CMNTY CHOICE FIN AUTH 2022-XF3007-NUV Q=MO D7                             | CUSIP: 88035DDL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2005000 | PA      | $2005000.00   | 0.83%             | 2053-05-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECONIMC DEV CORP SOLID WASTE DISP REV                                  | MISSION TX EDC 5/1/2046 MT@                                                  | CUSIP: 605155BR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100012.54   | 0.45%             | 2046-05-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUN PWR REV                                                              | AMERICAN MUN OH 5% 2/15/2026                                                 | CUSIP: 02765URM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300808.08    | 0.12%             | 2026-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY N Y INDL DEV AGY MULTI-FAMILY HSG REV                                 | MONRO NY 61075N 5% 7/1/2028                                                  | CUSIP: 61075NAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $92649.74     | 0.04%             | 2028-07-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                            | MAIN STR NAT GA 4% MT                                                        | CUSIP: 56035DCZ3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    515000 | PA      | $524536.62    | 0.22%             | 2052-05-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT REV                                                               | ATLANTA GA ARPT 5% 7/1/2027 @                                                | CUSIP: 04780M2H1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1035348.99   | 0.43%             | 2027-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                            | MAIN STR NAT GA 5% 3/1/2026                                                  | CUSIP: 56035DGW6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    350000 | PA      | $350994.56    | 0.14%             | 2026-03-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | AZ IDA MF HSG ROERS FLAGSTAFF 2023-MIZ9157 MZ/MZ D35                         | CUSIP: 60700HUK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.08%             | 2063-12-01      | Variable      | 0.04%                 | Yes           |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ECONOMIC DEV REV                                              | IN FIN ECON VAR MT@                                                          | CUSIP: 45505RBN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800009.12    | 0.33%             | 2028-05-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                        | BLACK BELT ENE 5.5% 6/1/2049 MT                                              | CUSIP: 09182TCR6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    210000 | PA      | $221556.59    | 0.09%             | 2049-06-01      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| ALBANY NY                                                                         | ALBANY CITY NY 3/20/26 BAN                                                   | CUSIP: 012429CF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2505325.00   | 1.03%             | 2026-03-20      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| DENVER CO CITY and CNTY ARPT                                                      | DENVER CO ARPT 5% 12/1/2027 @                                                | CUSIP: 249182LA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $285503.90    | 0.12%             | 2027-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DALLAS TX ISD                                                                     | DALLAS TX ISD 25A-1 G=PSF MT                                                 | CUSIP: 235308Q30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1203144.72   | 0.50%             | 2055-02-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TEX HSG TR PUB FACCORP MULTIFAMILY HSG REV                            | SAN ANTONI TXS 3.45% MT                                                      | CUSIP: 79626VAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $513597.34    | 0.21%             | 2029-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| ST JAMES PARISH LA REV                                                            | LA NUCOR 10B1 V7                                                             | CUSIP: 790103AH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.17%             | 2040-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| WAYNE ST UNIV MI UNIV REVS                                                        | WAYNE ST U MI 5% 11/15/2026                                                  | CUSIP: 946303H31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510217.45    | 0.21%             | 2026-11-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASH DC ARPTS ATH                                                    | MTRO WA DC ARPT 5% 10/1/2027 @                                               | CUSIP: 592647MK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $554348.38    | 0.23%             | 2027-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST INDS AUTH EDL FACSLEASE REV                                           | OKLAHOMA ST IND 5% 4/1/2026                                                  | CUSIP: 67910FAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $527807.18    | 0.22%             | 2026-04-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HEALTH and EDL FACS AUTH REVENUE                                   | CONN ST HEALTH 2.80% 7/1/2057                                                | CUSIP: 20775DUY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1099979.32   | 0.45%             | 2057-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MIDWAY ARPT REV                                                        | CHICAGO MIDWAY 5% 1/1/2028@                                                  | CUSIP: 167562UM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $880417.59    | 0.36%             | 2028-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH and EDL FACSAUTH REV                                          | WISCONSIN ST H 5% 2/15/2026                                                  | CUSIP: 97712JKC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $401023.44    | 0.17%             | 2026-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| LIBERTY NY DEV CORP REV                                                           | LIBERTY NY DEV 2015-XM0106 LIQ MORGAN STANLEY                                | CUSIP: 531127AM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.12%             | 2035-10-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH PCR                                                        | BURKE GA PCR 3.7% MT                                                         | CUSIP: 121342QM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $157317.30    | 0.06%             | 2032-10-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMN MULTIFAMILY HSG REV                                   | WA HFC MF 2.7% 4/1/2044 MT                                                   | CUSIP: 93978PPY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1807072.48   | 0.75%             | 2044-04-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| DALLAS TEX HSG FIN CORP MULTI FAMILY HSG REV                                      | DALLAS MHSG 5% MT                                                            | CUSIP: 235298BT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $190190.30    | 0.08%             | 2026-09-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BERKELEY CNTY SC INDL DEV REV                                                     | SC NUCOR 97 V7@                                                              | CUSIP: 084185DD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.12%             | 2030-04-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PORT SEATTLE WA REV                                                               | PORT SEATTLE 5% 5/1/2027 @                                                   | CUSIP: 735389C63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256686.18    | 0.11%             | 2027-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BEXAR MGMT and DEV CORP TEX MULTIFAMILY HSG REV                                   | BEXAR MGMT and DE 3.02% MT                                                   | CUSIP: 08857CAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1006061.48   | 0.42%             | 2045-05-10      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| SULLIVAN WEST CENT SCH DIST NY                                                    | SULLIVAN WEST NY CSD 6/25/26 BAN                                             | CUSIP: 865353DG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004639.70   | 0.41%             | 2026-06-25      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REV                                                        | SLT LAKE U 5% 7/1/2027@                                                      | CUSIP: 795576MF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $350015.14    | 0.14%             | 2027-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ITHACA CITY NEW YORK                                                              | ITHACA CITY NY 7/17/26 BAN                                                   | CUSIP: 465650U80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395727 | PA      | $398272.87    | 0.16%             | 2026-07-17      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | NASHVILLE and DAVIDSON TN HLTH and EDUC EWING HGTS 2024-MIZ9163 MZ/MZ D35    | CUSIP: 60700HVD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.08%             | 2062-12-01      | Variable      | 0.04%                 | Yes           |                  2 | On Loan: No      |
| DECATUR AL INDL DEV BRD EXEMPT                                                    | AL NUCOR 03A V7@                                                             | CUSIP: 242846AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.41%             | 2036-08-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MOBILE AL IDB POLLUTN CTL REV                                                     | MOBILE AL IDB 3.65% MT                                                       | CUSIP: 607167DX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500279.45    | 0.21%             | 2034-07-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| DALLAS TX                                                                         | DALLAS TX 5% 2/15/2026                                                       | CUSIP: 235219VZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002839.60   | 0.41%             | 2026-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ARGYLE TX INDPT SCH DIST                                                          | ARGYLE TX ISD 4% G=PSF 8/15/2057 MT                                          | CUSIP: 040319X26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $397186.41    | 0.16%             | 2057-08-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV                                      | CA ST MFA SW 4.25% MT@                                                       | CUSIP: 13048RAR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200002.28    | 0.08%             | 2046-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG and FIN AUTH MULTIFAMILY HSG REV                                     | CO HSG and FIN 3.5% 11/1/2043                                                | CUSIP: 19647PDN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400629.44    | 0.17%             | 2043-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP                                          | NY TRANS CORP 5% 12/1/2026 @                                                 | CUSIP: 650116FA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $335294.39    | 0.14%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| COLUMBUS-FRANKLIN CNTY OHIO FIN AUTH MULTIFAMILY HSG REV                          | COLUMBUS HSG RE 5% 7/1/2045 MT                                               | CUSIP: 19910XAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $131806.53    | 0.05%             | 2045-07-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY GA DEV AUTH PCR                                                       | MONROE GA PCR (GEORGIA PWR CO PLT SCHERER) 3.88% 10/1/48                     | CUSIP: 610530FY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170247.20    | 0.07%             | 2048-10-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PORT AUTH NY and NJ                                                               | PORT NY NJ 5% 12/1/2026 @                                                    | CUSIP: 73358XJU7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    565000 | PA      | $575089.49    | 0.24%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV                                      | CA SOLID WASTE REPUBLIC SEVICES 21A MT@                                      | CUSIP: 13048RAJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1299818.13   | 0.54%             | 2041-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | MD MF HSG WOODINGTON GARDENS 2024-XF3222-AMR MZ/MZ D7                        | CUSIP: 88035HK96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.12%             | 2054-04-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CA MF HSG FIN AGY 2023-XF3127-AMR MZ/MZ D7                                   | CUSIP: 88035F4X5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.08%             | 2030-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV                                      | CA SOLID WASTE REPUBLIC SEVICES 21B MT@                                      | CUSIP: 13048RAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $399972.96    | 0.17%             | 2051-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TEXAS STATE                                                                       | TX ST VET 07A Q=SS V7@                                                       | CUSIP: 882724HG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700000.00    | 0.29%             | 2037-06-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | SAINT LOUIS MO IDA HAWKINS VILLAGE APTS 2023-MIZ9153 MZ/MZ D35               | CUSIP: 60700HTX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.08%             | 2063-10-01      | Variable      | 0.04%                 | Yes           |                  2 | On Loan: No      |
| NAVARRO TEX INDPT SCH DIST                                                        | NAVARRO ISD 4% 2/15/28 MT                                                    | CUSIP: 639285SW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $456910.83    | 0.19%             | 2062-02-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                                                        | DETROIT MI 5% 5/1/2026                                                       | CUSIP: 2510936G0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160905.23    | 0.07%             | 2026-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DIRECTOR ST NV DPT BUS and IND SOLID WASTE DISP REV                               | NV SLD WST 3.95% @ MT                                                        | CUSIP: 25459JAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100023.32   | 0.45%             | 2026-12-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| HONOLULU HI CITY and CNTY MFR                                                     | HONOLULU HI MFR 5% 12/1/2026 MT                                              | CUSIP: 438697BQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $372858.18    | 0.15%             | 2027-06-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BROWARD CTY FL HSG AUT HSG REV                                                    | BROWARD HSG 3.15% MT                                                         | CUSIP: 115027RE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $390244.22    | 0.16%             | 2028-03-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | NY MTA TRANS 2022-XF1355-NUV Q=JPMC BK D7                                    | CUSIP: 88035DDN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2300000.00   | 0.95%             | 2043-11-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | TX ST MF HSG ROERS BOERNE 2023-MIZ9124 MZ/MZ D35                             | CUSIP: 60700HQD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300000.00   | 0.54%             | 2062-10-01      | Variable      | 0.04%                 | Yes           |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | EL PASO TX HSG FIN 2022-MIZ9104 MZ/MZ D35                                    | CUSIP: 60700HNE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.04%             | 2062-08-01      | Variable      | 0.04%                 | Yes           |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH and EDL FACSAUTH REV                                          | WISCONSIN ST H 5% 2/15/2028                                                  | CUSIP: 97712JKE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $546641.13    | 0.23%             | 2028-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CHICAGO IL O'HARE ARPT 2025-XF8113-PUT Q=JP D1@                              | CUSIP: 88035TEX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.12%             | 2055-01-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TEXAS A and M UNIVERSITY REVS                                                     | TX A and M UNIV 4% 5/15/2027                                                 | CUSIP: 88213AGU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004775.80   | 0.41%             | 2027-05-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY GO                                                                  | NYC NY 5% 8/1/2028                                                           | CUSIP: 64966SKE5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2255000 | PA      | $2395796.34   | 0.99%             | 2028-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ILLINOIS HSG DEV AUTH MULTIFAMILY HSG REV                                         | ILLINOIS HDA MU 5% 2/1/2027 MT                                               | CUSIP: 45203LEL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90134.75     | 0.04%             | 2027-02-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IND LOC PUB IMPTBD BK                                                | INDIANAPOLIS BK 5% 1/1/2027 @                                                | CUSIP: 45528VAY5<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    130000 | PA      | $132548.05    | 0.05%             | 2027-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST DEV FIN BRD SOLID WASTE DISP REV                                      | MISSOURI ST DEV FIN BRD SOLID WASTE DISP REV PROCTER and GAMBLE PAPER PRODS@ | CUSIP: 60636LAA7<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |    275000 | PA      | $291889.62    | 0.12%             | 2029-03-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH PCR                                                        | BURKE GA PCR 3.8% 10/1/2032 MT                                               | CUSIP: 121342QJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200570.52    | 0.08%             | 2032-10-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ECONOMIC DEV AUTH SOLD WASTE DISP FACS REV                          | WV EDA SLD WAST 3.3% MT @                                                    | CUSIP: 95648VBY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $408077.39    | 0.17%             | 2041-01-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX WTR REV                                                            | SAN ANTONIO WTR 1% MT                                                        | CUSIP: 79642GNB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $980214.30    | 0.40%             | 2043-05-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| CAMDEN CNTY N J IMPT AUTH MULTIFAMILY REV                                         | CAMDE NJ 13281R 5% MT                                                        | CUSIP: 13281RAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $551725.63    | 0.23%             | 2027-03-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| WISE CNTY VA INDL DEV AUTH SOLID WASTE and SEW DISP REV                           | WISE VA IDA SW 3.8% MT                                                       | CUSIP: 977228AF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202400.50    | 0.08%             | 2040-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BERKELEY CNTY SC INDL DEV REV                                                     | SC NUCOR 95 V7@                                                              | CUSIP: 084185DB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.04%             | 2028-09-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CO ST COMMONSPIRIT HLTH 2022-XM1059-ALL Q=JPMC BK D7                         | CUSIP: 88035DT54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4480000 | PA      | $4480000.00   | 1.85%             | 2042-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH REV                                                  | NEW JERSEY ECN 5% 3/1/2026                                                   | CUSIP: 64577XEN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $361364.40    | 0.15%             | 2026-03-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CO FL IDA SLD WASTE DISP REV                                           | MIAMI-DADE SLW 4.50% 11/1/2048 MT @                                          | CUSIP: 59333GAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000083.70   | 0.41%             | 2048-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST                                                                   | PA ST 5% 7/15/2026                                                           | CUSIP: 70914PP97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202659.84    | 0.08%             | 2026-07-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                       | IL ST 5% 11/1/2026                                                           | CUSIP: 452152Q61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $86540.57     | 0.04%             | 2026-11-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| KANSAS ST DEV FIN AUTH MULTIFAMILY HSG REV                                        | KS ST DEV FIN A 2.95% 9/1/2059 MT                                            | CUSIP: 48542TBN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $688361.18    | 0.28%             | 2059-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                            | MAIN STR NAT GA 5% 12/1/2026                                                 | CUSIP: 56035DFN7<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76155.75     | 0.03%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MOBILE AL IDB POLLUTN CTL REV                                                     | MOBILE AL IDB 3.78% MT                                                       | CUSIP: 607167DW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100206.58    | 0.04%             | 2034-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | BALTIMORE MD OAK CREST VLG BC22-032 BC/BC D42                                | CUSIP: 76252PVZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.08%             | 2050-01-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | BLACK BELT AL ENERGY 2022-XF3073-NUV Q=MO D7                                 | CUSIP: 88035EPR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.41%             | 2053-02-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | VA NATL SENIOR CAMPUS BC22-028 BC/BC DR42                                    | CUSIP: 76252PVB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.17%             | 2045-01-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| JACKSON ST UNIV EDL BLDG CORP MS REV                                              | JACKSON ST UNIV .80% 3/1/2028                                                | CUSIP: 468714FF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $606171.89    | 0.25%             | 2028-03-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| MEADE CNTY KY INDL BLDG REV                                                       | KY NUCOR 20A1 V1@                                                            | CUSIP: 583022AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100000.00   | 0.45%             | 2060-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| PORT AUTH NY and NJ                                                               | PORT NY NJ 5% 10/15/2028 @                                                   | CUSIP: 73358XRB0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    630000 | PA      | $663889.91    | 0.27%             | 2028-10-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MIAMI DADE CNTY FL HSG FIN AUTH MULTIFAMILY HSG REV                               | MIAMI-DADE MFH 3.55% MT                                                      | CUSIP: 593344BT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $290000.00    | 0.12%             | 2027-01-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REV                                                         | JEFF AL W+S 5% 10/1/2026                                                     | CUSIP: 472682YV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55827.60     | 0.02%             | 2026-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA ARPT ATH REV                                                    | ALLEG PA ARPT 5% 1/1/2027 @                                                  | CUSIP: 01728LER9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2041975.20   | 0.84%             | 2027-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CO NY                                                                  | WASHINGTON CNTY NY 3/20/26 BAN                                               | CUSIP: 938123HY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $601585.20    | 0.25%             | 2026-03-20      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| GEISINGER AUTH PA HLTH SYS REV                                                    | GEISINGER PA 5% 4/1/2043 MT                                                  | CUSIP: 368497JX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $415616.06    | 0.17%             | 2043-04-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT ARPTS REV                                                     | LA CA AIRPT 5% 5/15/2026 @                                                   | CUSIP: 5444453E7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $816856.97    | 0.34%             | 2026-05-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | BRIGHTLINE FL PASSENGER RAIL 2024-XG0577-NUV E-AGM(BC)/BC D1@                | CUSIP: 88035HZ74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400000.00   | 0.58%             | 2053-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                     | PA EDFA SW 3.65% MT@                                                         | CUSIP: 708692BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1900000.00   | 0.78%             | 2044-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | OMAHA NE ARPT 2024-XG0593-MST E-AGC/Q=BA D7@                                 | CUSIP: 88035JY22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300000.00   | 0.54%             | 2049-12-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| KENTUCKY HIGHER ED STUDENT LN CORP STUDENT LN REV                                 | KY STUD LN 23-1A1 L=BA V7@                                                   | CUSIP: 49130NGN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $680000.00    | 0.28%             | 2043-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL DEV REVS                                            | PA THO JFFRSN U 17B RFLOAT7                                                  | CUSIP: 71781XCR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1450000.00   | 0.60%             | 2050-09-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV                           | CALIFORNIA CMY 5% 10/1/2028                                                  | CUSIP: 13013JGS9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    435000 | PA      | $455146.63    | 0.19%             | 2028-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WAYNE CNTY MICH ARPT AUTH REV                                                     | WAYNE CO MI AAR 5% 12/1/2026 @                                               | CUSIP: 9445142Q0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1453590.14   | 0.60%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| FORT WORTH TEX SPL TAX REV                                                        | FORT WRTH TEX 5% 3/1/2026                                                    | CUSIP: 349507DB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $401549.32    | 0.17%             | 2026-03-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FD LTD OBLIG REV                                            | MI STRAT FND 3.35% MT@                                                       | CUSIP: 594698TK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $728996.83    | 0.30%             | 2049-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REV                                                                  | OH UNIV HOSP HLTH SVCS 15B V7                                                | CUSIP: 67756CCG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $900000.00    | 0.37%             | 2045-01-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| KINGSPORT TENN INDL DEV BRD COLLATERALIZED MULTIFAMILY HSG REV                    | KINGSPORT TE 2.95% MT                                                        | CUSIP: 496451AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $688483.10    | 0.28%             | 2029-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH MULTIFAMILY HSG REV                                      | ARIZONA ST INDL 2.76% MT                                                     | CUSIP: 04062PDH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $591716.70    | 0.24%             | 2047-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | MD RIDERWOOD VLG BC22-029 BC/BC DR42                                         | CUSIP: 76252PVG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.17%             | 2045-01-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA URBAN RESDTL FIN AUTH MF HSG REV                                       | ATLANTA GA MFAM 3.15% MT                                                     | CUSIP: 04785VCF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1048000 | PA      | $1050299.21   | 0.43%             | 2029-12-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | MIAMI-DADE CNTY FL AVIATION 2025-CF7044 E-AG/BH Q=CI D7@                     | CUSIP: 88035RGV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.62%             | 2040-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL OHARE INTL ARPT REV                                                    | CHICAGO OHARE 5% 1/1/2028 @                                                  | CUSIP: 1675935L2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $942564.71    | 0.39%             | 2028-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX FIN CORP MFHR                                                         | HOUSTON TX MF 5% 8/1/2041                                                    | CUSIP: 442396EL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110478.36    | 0.05%             | 2041-08-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| OK DEV FIN AUTH HEALTH SYS REV                                                    | OK INTEGRIS HLTH 20B V7                                                      | CUSIP: 67884XCU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $575000.00    | 0.24%             | 2031-08-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH PCR                                                        | BURKE GA PCR MT 11/1/2048                                                    | CUSIP: 121342QK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85357.03     | 0.04%             | 2048-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY                                                           | NYS_HFA 3.375% MT                                                            | CUSIP: 64987JQ38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $925152.90    | 0.38%             | 2063-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | CA MFH FOUNTAIN PK 2025-MIZ9233 MZ/MZ D35@                                   | CUSIP: 60700HP29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2100000.00   | 0.87%             | 2027-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BOERNE TX ISD                                                                     | BOERNE TX ISD 0% 2/1/2053                                                    | CUSIP: 097067NL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $786148.85    | 0.32%             | 2053-02-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                       | IL ST 5% 5/1/2027                                                            | CUSIP: 452153JJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $128546.06    | 0.05%             | 2027-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| LEE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY/FL                                    | LEE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY/FL V7                            | CUSIP: 52350LAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.62%             | 2049-04-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| EAST SYRACUSE-MINOA NY CENT SD                                                    | E SYRACUSE MINOA NY CSD 6/25/26 BAN                                          | CUSIP: 275443EX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $804157.60    | 0.33%             | 2026-06-25      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | ARIZONA IND DEV AUTH MF HSG 2023-MIZ9149 MZ/MZ D35                           | CUSIP: 60700HTK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.21%             | 2040-07-01      | Variable      | 0.04%                 | Yes           |                  2 | On Loan: No      |
| ILLINOIS ST                                                                       | IL ST 5% 5/1/2028                                                            | CUSIP: 452153JK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $89126.38     | 0.04%             | 2028-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ IDA MULTIFAMILY                                                      | PIMA CO AZ MF 0% 10/1/2059 MT                                                | CUSIP: 721779LM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $860781.39    | 0.36%             | 2059-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN AUTH RE                                                              | MICHIGAN FIN AU 5% 4/15/2026                                                 | CUSIP: 59447T3F8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $266689.75    | 0.11%             | 2026-04-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REV                                                         | JEFF AL W+S 5% 10/1/2027                                                     | CUSIP: 472682YW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51757.46     | 0.02%             | 2027-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                                                        | DETROIT MI 5% 5/1/2027                                                       | CUSIP: 2510936H8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $168873.92    | 0.07%             | 2027-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC ARPT REV                                                             | CHARLOTTE NC AP 5% 7/1/2027 @                                                | CUSIP: 161036VS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $566200.97    | 0.23%             | 2027-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| LEWISBURG TENN INDL DEV BRD SO LID WASTE DISP REV                                 | LEWSBRG TN (WSTE MGT) MT@                                                    | CUSIP: 528236AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800095.36    | 0.33%             | 2035-07-02      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX FIN CORP MFHR                                                         | HOUSTON TX MF 3.65% MT                                                       | CUSIP: 442396EN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $449049.41    | 0.19%             | 2048-02-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY NC                                                                | CUMBERLAND CNTY NC PRJ AERO PRE MT@                                          | CUSIP: 230589AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499653.90    | 0.21%             | 2027-12-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH and EDL FACSAUTH REV                                          | WISCONSIN ST H 5% 6/1/2028                                                   | CUSIP: 97712JPT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $225496.73    | 0.09%             | 2028-06-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WHITING IND ENVIRONMENTAL FACS                                                    | WHITING IN ENV 5% MT@                                                        | CUSIP: 96634RAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $373404.59    | 0.15%             | 2044-12-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CVC IMP CRP APR REV                                                    | PHX CVC APT REV 5% 7/1/2026 @                                                | CUSIP: 71883MQJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $186904.56    | 0.08%             | 2026-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A COOPERATIVE DISTRICT                                 | SOUTHEAST EN AL 5% 10/1/2027                                                 | CUSIP: 84136HCQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034260.20   | 0.43%             | 2027-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                     | PA EDFA SW 4.6% 10/1/2046 MT @                                               | CUSIP: 708692BZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2006866.20   | 0.83%             | 2046-10-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| GALVESTON TX WHARVES and TERMINAL REVENUE                                         | GALVESTON TX ST 5.25% 8/1/2026 @                                             | CUSIP: 364568HW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $237343.61    | 0.10%             | 2026-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ITHACA CITY NEW YORK                                                              | ITHACA CITY NY 2/13/26 BAN                                                   | CUSIP: 465650U72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000963.90   | 0.41%             | 2026-02-13      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| DALLAS FORT WORTH TX INTL ARPT                                                    | DFW ARPT 5% 11/1/2027 @                                                      | CUSIP: 23503CFN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3745000 | PA      | $3883658.63   | 1.60%             | 2027-11-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PROSPER TEX INDPT SCH DIST                                                        | PROSPER TX ISD 4% 2/15/2050 MT                                               | CUSIP: 7436002V9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110870.22    | 0.05%             | 2050-02-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| UT HSG CORP MULTIFAMILY REV                                                       | UT HSG MF 3.7% MT                                                            | CUSIP: 917434DF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $236125.67    | 0.10%             | 2043-08-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV                                      | CALIFORNIA MUN 4.125% MT                                                     | CUSIP: 13048RAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1103316.72   | 0.46%             | 2041-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMN MULTIFAMILY HSG REV                                   | WA HFC MF 5% MT                                                              | CUSIP: 93978PPU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $136047.67    | 0.06%             | 2043-12-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BINGHAMTON NY                                                                     | BINGHAMTON CITY NY 4/10/26 BAN                                               | CUSIP: 0904912K6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2306149.28   | 0.95%             | 2026-04-10      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| NEW HARTFORD NY CENT SCH DIST                                                     | NEW HARTFORD NY CSD 6/25/26 BAN                                              | CUSIP: 644894QB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503112.55    | 0.21%             | 2026-06-25      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BOX ELDER CNTY UTAH POLLUTION CTL REV                                             | BOX ELDER CNTY UTAH POLLUTION CTL REV VAR-REF-NUCOR CORP PROJ                | CUSIP: 103160AE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.04%             | 2028-04-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MAIKER HSG PARTNERS COLO MULTIFAMILY HSG REV                                      | MAIKER HSG PART 4.5% MT                                                      | CUSIP: 56031AAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201424.44    | 0.08%             | 2042-05-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH and EDL FACSAUTH REV                                          | WISCONSIN ST H 5% MT                                                         | CUSIP: 97712JGW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $333277.26    | 0.14%             | 2054-08-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| OHIO ST HIGHER EDL FAC COMMN                                                      | OH HI ED COM 1.625% MT                                                       | CUSIP: 67756DVP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $68791.58     | 0.03%             | 2034-12-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | TX DFW ARPT 2025-XL0705-MFS Q=BA D7@                                         | CUSIP: 88035RQ80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600000.00    | 0.25%             | 2050-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                        | BLACK BELT ENE 5% 5/1/2028                                                   | CUSIP: 09182TFU6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |     75000 | PA      | $77782.90     | 0.03%             | 2028-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO MTG FIN AUTH MF HSG REV                                                | NM MTG MHSG REV 3/1/26 MT                                                    | CUSIP: 64719HEQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499734.65    | 0.21%             | 2042-02-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| BOERNE TX ISD                                                                     | BOERNE TX ISD 4% MT                                                          | CUSIP: 097067NQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $179598.49    | 0.07%             | 2054-02-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY ARIZ INDL DEV AUTH HOSP REV                                         | MARICOPA C 5% 12/1/2027                                                      | CUSIP: 56678PBT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $380327.48    | 0.16%             | 2027-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIF PUB PWR AUTH SOUTHN TRANSMISSION SYS RENEWALPROJ REV               | SOUTHERN CFA 5% MT                                                           | CUSIP: 842469DL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $354116.31    | 0.15%             | 2053-07-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MONTANA ST BRD HSG MULTIFAMILYHSG REV                                             | MONTANA ST BRD HSG 3.32% MT                                                  | CUSIP: 61212VAU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $663695.47    | 0.27%             | 2046-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                     | PA EDFA SW 1.75% 8/1/2038 MT @                                               | CUSIP: 708692BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1101784.20   | 0.45%             | 2038-08-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | LYNCHBURG VA EDA CENTRA HLTH 2018-XL0075-NUV Q=JPMC BK D7                    | CUSIP: 88034MXT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.83%             | 2055-01-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | BRIGHTLINE FL PASSENGER RAIL 2024-XF1704-NUV E-AGM(RC)/RC D7@                | CUSIP: 88035HZ25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 1.03%             | 2053-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PARK CREEK MET DIST COLO LTD PPTY TAX SUPPORTED REV                               | PARK CREEK ME 5% 12/1/2026                                                   | CUSIP: 700385BN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203918.88    | 0.08%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                                                      | OH AIR QUAL 3.20% 5/1/2026                                                   | CUSIP: 677525WY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $479558.59    | 0.20%             | 2026-05-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECONIMC DEV CORP SOLID WASTE DISP REV                                  | MISSION TX EDC 3.95% MT@                                                     | CUSIP: 605155BX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700007.98    | 0.29%             | 2055-06-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| DISTRICT COLUMBIA WTR and SWR AU                                                  | DC W and S 3% MT                                                             | CUSIP: 254845TJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $119088.92    | 0.05%             | 2057-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST SVC AUTH REV                                                    | SC PUB SVC 5% 12/1/2026                                                      | CUSIP: 8371515X3<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    130000 | PA      | $132652.69    | 0.05%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH and EDL FACS AUTH REV                                         | WISCONSIN ST HT 4% 11/15/2046                                                | CUSIP: 97712D7E0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    885000 | PA      | $889661.30    | 0.37%             | 2046-11-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| LOUISIANA HOUSING CORP                                                            | RIDGE COMMONS COLLAT SOFT PUTS 3.75% MT                                      | CUSIP: 54627CBV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $373052.13    | 0.15%             | 2028-02-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                     | PA EDFA SW 1.20% MT                                                          | CUSIP: 708692BM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600013.68    | 0.25%             | 2049-04-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | AL SE ENERGY G=MO 2022-XG0410-NUV Q=MO D7                                    | CUSIP: 88035DL94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1600000.00   | 0.66%             | 2053-01-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | SC CONWAY HOSP BC22-019 BC/BC DR42                                           | CUSIP: 76252PTY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.12%             | 2047-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| ALASKA ST                                                                         | AK ST 5% 8/1/2028                                                            | CUSIP: 0117706D1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $101000.20    | 0.04%             | 2028-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH SWR SYS REV                                                      | HAMILTON OH SWR 5% 12/1/2027                                                 | CUSIP: 407288H44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $62784.06     | 0.03%             | 2027-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SANTA FE CNTY N MEX MULTIFAMILY REV                                               | SANTA NM 3.29% 12/10/2049 MT                                                 | CUSIP: 80189NAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $758529.10    | 0.31%             | 2049-12-10      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| FLORIDA HSG FIN CORP MLTFMY RV                                                    | FL HFC MF 3.8% 6/1/2042 MT                                                   | CUSIP: 34073JVE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $185364.54    | 0.08%             | 2042-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                            | MAIN STR NAT GA 5% 12/1/2052 MT                                              | CUSIP: 56035DEE8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    245000 | PA      | $256217.99    | 0.11%             | 2052-12-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA AVIATION BOARD                                                     | N ORLEANS AVIAT 5% 1/1/2028@                                                 | CUSIP: 64763HLZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $616877.26    | 0.25%             | 2028-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                        | BLACK BELT ENE 5.50% 6/1/2027                                                | CUSIP: 09182TCV7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |     80000 | PA      | $82311.74     | 0.03%             | 2027-06-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| NJ ST HSG and MTG FIN AGY MFR                                                     | NJ ST HMFA MF1 2.85% 11/1/2026                                               | CUSIP: 6461087L8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $555270.12    | 0.23%             | 2026-11-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| BLYTHEVILLE AR INDL DEV REV                                                       | AR NUCOR 98 V7@                                                              | CUSIP: 096490BV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.04%             | 2028-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REV                                                        | SLT LAKE U 5% 7/1/2027 @                                                     | CUSIP: 795576LJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $61767.38     | 0.03%             | 2027-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| FLORIDA INS ASSISTANCE INTERLOCAL AGY FLA INS ASSMT REV                           | FL INSURANCE 2023 A2 Q=FL V7                                                 | CUSIP: 34074EAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3120000 | PA      | $3120000.00   | 1.29%             | 2032-09-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TEXAS MUN GAS ACQUISITION and SUPPLY CORP IV GAS SUPPLY REV                       | TEXAS GAS IV 5.25% 1/1/2027                                                  | CUSIP: 88256PAK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $234431.64    | 0.10%             | 2027-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY ARIZ INDL DEV AUTH HOSP REV                                         | MARICOPA C 5% 12/1/2026                                                      | CUSIP: 56678PBS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $464367.36    | 0.19%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV                           | CALIFORNIA CMY 5% 11/1/2028                                                  | CUSIP: 13013JFY7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    350000 | PA      | $368064.48    | 0.15%             | 2028-11-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| GRAND FORKS ND HEALTH CARE SYS REV                                                | GRD FORKS ND HL 5% 12/1/2026                                                 | CUSIP: 38546WCX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $212797.89    | 0.09%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ST JAMES PARISH LA REV                                                            | LA NUCOR 10A1 V7                                                             | CUSIP: 790103AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9095000 | PA      | $9095000.00   | 3.76%             | 2040-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH N H SOLID WASTE DISP REV                                        | NATIONAL FN AT 4.25% MT@                                                     | CUSIP: 63608RAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1407347.76   | 0.58%             | 2027-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| FARMINGTON N Y                                                                    | FARMINGTON TWN NY 7/29/26 BAN                                                | CUSIP: 311459ED9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $902117.07    | 0.37%             | 2026-07-29      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| ILLINOIS HSG DEV AUTH MULTIFAMILY HSG REV                                         | ILLINOIS HDA MU 0% 2/1/2027                                                  | CUSIP: 45203LEM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100178.90    | 0.04%             | 2027-02-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | CA MFH BELMONT STA 2025-MIZ9232 MZ/MZ D35@                                   | CUSIP: 60700HN70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.33%             | 2028-10-08      | Variable      | 0.04%                 | Yes           |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                        | BLACK BELT ENE(MO) 5.25% 6/1/29MT 53                                         | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    940000 | PA      | $992455.01    | 0.41%             | 2053-02-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HEALTH FACS AUTH REV                                               | ORANGE CNTY FL 0% 11/15/2052                                                 | CUSIP: 68450LGT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $193735.72    | 0.08%             | 2052-11-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| PORT PORT ARTHUR TX NAV DIST E                                                    | PRT ARTHR TX MTVA10E Q=SELF V7                                               | CUSIP: 735220AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1800000.00   | 0.74%             | 2040-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT ARPTS REV                                                     | LA CA AIRPT 5% 5/15/2026 @                                                   | CUSIP: 5444452F5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1608502.31   | 0.66%             | 2026-05-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT ARPTS REV                                                     | LA CA AIRPT 5% 5/15/2026 @                                                   | CUSIP: 544445XP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201693.08    | 0.08%             | 2026-05-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ECONOMIC DEV AUTH SOLD WASTE DISP FACS REV                          | WV NUCOR 25A-1 V7@                                                           | CUSIP: 95648VBZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.21%             | 2065-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                       | IL ST 5% 2/1/27                                                              | CUSIP: 452152G88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1124761.66   | 0.46%             | 2027-02-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST                                                                   | PA ST 5% 9/1/2026                                                            | CUSIP: 70914P2V3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $792854.79    | 0.33%             | 2026-09-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ORANGE TWP NJ                                                                     | ORANGE TWP CITY ESSEX CNTY NJ 3/18/26 BAN                                    | CUSIP: 685312NP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1102496.34   | 0.46%             | 2026-03-18      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| DALLAS TX                                                                         | DALLAS TX 5% 2/15/2027                                                       | CUSIP: 235219WA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027373.00   | 0.42%             | 2027-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                            | MAIN STR NAT GA 5% 6/1/2026                                                  | CUSIP: 56035DEA6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1913036.09   | 0.79%             | 2026-06-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WEST HAVEN CT                                                                     | W HAVEN CITY CT 3/26/26 BAN                                                  | CUSIP: 9531402P4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300824.22    | 0.12%             | 2026-03-26      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CHICAGO OHARE 2023 XF1457 D1 @                                               | CUSIP: 88035E5E9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120000.00    | 0.05%             | 2027-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV                                      | CA ST MFA SW 3.375% 9/1/2050 @                                               | CUSIP: 13048RAS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $298302.45    | 0.12%             | 2050-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| FLA HSG FIN CORP MULTIFAMILY MTG REV                                              | FL MHSG 5% MT                                                                | CUSIP: 34074HGY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $799868.08    | 0.33%             | 2026-12-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY                                                           | NYS HFA 3.8% MT                                                              | CUSIP: 64987JP54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115042.48    | 0.05%             | 2063-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL ARPT SYS                                                       | PALM BCH ARPT 5% 10/1/2027 @                                                 | CUSIP: 696499FB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $356581.17    | 0.15%             | 2027-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASH DC ARPTS ATH                                                    | MTRO WA DC ARPT 5% 10/1/2026 @                                               | CUSIP: 592647MJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $238975.94    | 0.10%             | 2026-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CA MFH TERESINA APTS BAML25-6045 BA/BA D1@                                   | CUSIP: 88035MAS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2600000.00   | 1.07%             | 2036-05-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| ALASKA ST                                                                         | AK ST 5% 8/1/2026                                                            | CUSIP: 0117706B5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $121714.28    | 0.05%             | 2026-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | MD HLTH INTEGRACE BC22-024 BC/BC DR42                                        | CUSIP: 76252PUP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.17%             | 2049-11-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOM DEV AUTH REV                                                    | NJ EDA REV 5.25% 9/1/26                                                      | CUSIP: 64577B6K5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $183128.83    | 0.08%             | 2026-09-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HSG and EDA HSG REV                                                     | WI HSG EDA 3.875% MT                                                         | CUSIP: 9769044P4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105049.63    | 0.04%             | 2054-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                     | PA EDFA SW 2.15% MT@                                                         | CUSIP: 708692BF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $606574.38    | 0.25%             | 2041-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                                                   | PHILA PA 5% 8/1/2027                                                         | CUSIP: 717813C23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $565128.54    | 0.23%             | 2027-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECONIMC DEV CORP SOLID WASTE DISP REV                                  | MISSION TX EDC 4.25% 6/1/2048 MT @                                           | CUSIP: 605155BU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $301741.23    | 0.12%             | 2048-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                     | PA EDFA SW SIFMA+40 MT @                                                     | CUSIP: 708692BT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000770.40   | 0.41%             | 2041-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | NY HSG 42ND and 10TH BC22-003 BC/BC DR42                                     | CUSIP: 76252PRU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.17%             | 2041-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BUCKEYE ARIZ UN HIGH SCH DIST NO 201                                              | BUCKEYE AZ SD 5% 7/1/2027                                                    | CUSIP: 118106KL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $568662.82    | 0.23%             | 2027-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| KNOXVILLE CNTY TENN HEALTH EDL and HSG FAC BRD MULTIFAMILY HSGREV                 | KNOXV TN 3.1% MT                                                             | CUSIP: 499652AT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $335120.70    | 0.14%             | 2029-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PCF SOLID WST DISP                                                     | CAL PCR SWDR 4% MT@                                                          | CUSIP: 130536RL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100002.28    | 0.04%             | 2042-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ POLLUTION CTL                                                    | MARICOPA AZ PUB SVC 09E V7                                                   | CUSIP: 566854ET8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.17%             | 2029-05-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| COLUMBUS-FRANKLIN CNTY OHIO FIN AUTH MULTIFAMILY HSG REV                          | COLUMBUS HSG RE 3.19% 6/1/2044 MT                                            | CUSIP: 19910XAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1213000 | PA      | $1216830.05   | 0.50%             | 2044-06-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| CHESAPEAKE VA ECONOMIC DEV AUTH POLLUTION CTL REV                                 | CHESAPEAKE VA E 3.65% MT                                                     | CUSIP: 16532YAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202453.98    | 0.08%             | 2032-02-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | NYS HFA 42ND and 10TH BC22-007 L=BC/BC DR42@                                 | CUSIP: 76252PSF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2600000.00   | 1.07%             | 2041-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PORT SEATTLE WA REV                                                               | PORT SEATTLE 5% 8/1/2026                                                     | CUSIP: 735389T81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $96169.17     | 0.04%             | 2026-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | KANSAS CITY MO ARPT 2023-XM1108-MST AGM/JPMC BK D1@                          | CUSIP: 88035FZG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.04%             | 2057-03-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PTY and BLDGS COMMN                                                   | KY ST PROP 132A 4/1/26                                                       | CUSIP: 49151F4M9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $331929.54    | 0.14%             | 2026-04-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CHICAGO IL OHARE ARPT 2022-XM1078-MST AGM/JPMC BK D7@                        | CUSIP: 88035ENZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.12%             | 2053-01-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TENN HEALTH EDL and HSG FAC BRD MULTIFAMILY HSG                       | CHATT TN HEHA 3.6% MT                                                        | CUSIP: 162404DT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $918982.97    | 0.38%             | 2048-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TEXARKANA TEX INDPT SCH DIST                                                      | TEXAR TX 4% 2/15/2053 MT                                                     | CUSIP: 881847VM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $448274.04    | 0.19%             | 2053-02-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| KENTUCKY INC KY PUB ENERGY AUTH GAS SUPPLY REV                                    | KENTUCKY INC KY 5% 12/1/2026                                                 | CUSIP: 74440DFF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $299786.32    | 0.12%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REV                                                                  | OHIO ST HOSP RE 2.75% 1/1/2052 MT                                            | CUSIP: 67756CFW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $452995.18    | 0.19%             | 2052-01-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| HIGHER ED STUDENT ASSISTANCE AUTH NJ STUDENT LN REV                               | NJ STUD LOAN 5% 12/1/2027@                                                   | CUSIP: 646080XU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $427566.20    | 0.18%             | 2027-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HIGHER ED STUDENT ASSISTANCE AUTH NJ STUDENT LN REV                               | NJ STUD LOAN 5% 12/1/2027 @                                                  | CUSIP: 646080XM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $154542.00    | 0.06%             | 2027-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NEVADA HSG DIV                                                                    | NV MHSG 5% MT                                                                | CUSIP: 641272HR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $267654.79    | 0.11%             | 2028-07-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH and EDL FACSAUTH REV                                          | WISCONSIN ST H 5% 8/1/2027                                                   | CUSIP: 97712JHF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $342842.88    | 0.14%             | 2027-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HSG FIN AUTH MULTI-FAMILY HSG                                    | NEW HAMPSHIRE 3.80% 7/1/2026                                                 | CUSIP: 64469MQL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170092.50    | 0.07%             | 2026-07-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST SVC AUTH REV                                                    | SC PUB SVC 5% 12/1/2028                                                      | CUSIP: 8371515Z8<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    190000 | PA      | $202763.78    | 0.08%             | 2028-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | DENVER CO ARPT 2018-XM0715-MST Q=MO D7                                       | CUSIP: 88034NE34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100000.00   | 0.45%             | 2043-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HSG FIN AUTH MULTI-FAMILY HSG                                    | NEW HAMPSHIRE 3.625% 4/1/2026                                                | CUSIP: 64469MRK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35017.17     | 0.01%             | 2026-04-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | NM HAVERLAND CARTER BC22-034 BC/BC D42                                       | CUSIP: 76252PWP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $195000.00    | 0.08%             | 2042-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV                                      | CA ST MFA SW 2% 12/1/2044 AMT                                                | CUSIP: 13048RAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300337.35   | 0.54%             | 2044-12-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| BELLEVILLE NJ TAN                                                                 | BELLEVILLE TWP ESSEX CNTY NJ 7/7/26 BAN                                      | CUSIP: 079098GJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2110041.15   | 0.87%             | 2026-07-07      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BUCKEYE ARIZ UN HIGH SCH DIST NO 201                                              | BUCKEYE AZ SD 5% 7/1/2028                                                    | CUSIP: 118106KM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $396263.21    | 0.16%             | 2028-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TEXAS ST AFFORDABLE HSG CORP MULTIFAMILY HSG REV                                  | TX AHC MF 3.625% MT                                                          | CUSIP: 88271FFR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130828.89    | 0.05%             | 2045-01-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| ARGYLE TX INDPT SCH DIST                                                          | ARGYLE TX ISD 4% MT                                                          | CUSIP: 040319X34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $619868.46    | 0.26%             | 2057-08-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| Fidelity Revere Street Trust                                                      | Fidelity Municipal Cash Central Fund                                         | CUSIP: 31635A204<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |   9411219 | NS      | $9413101.27   | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| OKLAHOMA CO OK IDS 89 OKLA CTY                                                    | OKLAHOMA CTY OK 3% 7/1/2026                                                  | CUSIP: 678841LL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $701166.20    | 0.29%             | 2026-07-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                     | PA EDFA SW 4% MT@                                                            | CUSIP: 708692BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300006.84    | 0.12%             | 2034-04-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | NH NATL FIN AUTH UNIV HOSP HOME CARE 2024-MS0023 MO DT                       | CUSIP: 88035HM37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.21%             | 2030-12-15      | Variable      | 0.04%                 | Yes           |                  2 | On Loan: No      |
| MILWAUKEE WI                                                                      | MILWAUKEE 2% 3/1/2027                                                        | CUSIP: 602366VT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $187698.26    | 0.08%             | 2027-03-01      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | MIAMI-DADE CNTY FL MFH SUPERIOR MANOR APTS 2022-MIZ9087 MZ/MZ D35            | CUSIP: 60700HKP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.08%             | 2061-11-01      | Variable      | 0.04%                 | Yes           |                  2 | On Loan: No      |
| YORK CNTY VA ECONOMIC DEV AUTH POLLUTN CTL REV                                    | YORK VA EDA 3.65% MT                                                         | CUSIP: 98659AAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $217638.03    | 0.09%             | 2033-05-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| NEW HAVEN CT                                                                      | NEW_HAVEN CT 5% 8/1/2028                                                     | CUSIP: 645021DL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $407551.99    | 0.17%             | 2028-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA HIGHER ED and HEALTH AUTH REV                                  | PA THO JFFRSN U 18D RFLOAT V7                                                | CUSIP: 613603ZL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.33%             | 2050-09-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH N H SOLID WASTE DISP REV                                        | NATIONAL FN AT 2.15% MT@                                                     | CUSIP: 63608RAF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600212.76    | 0.25%             | 2033-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| GEORGIA MUN ELEC AUTH PWR REV                                                     | GA MEAG 5% 1/1/2028                                                          | CUSIP: 626207Q49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $283232.21    | 0.12%             | 2028-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | AZ MFH SAFFORD PRJ 2023-XF3174-AMR MZ/MZ D7                                  | CUSIP: 88035GT24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.83%             | 2041-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | AL SE ENERGY G=MO 2022-XM1062-ALL Q=MO D7                                    | CUSIP: 88035DX26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.21%             | 2053-01-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| OGDENSBURG NY ENLRG CTY SCH DS                                                    | OGDENSBURG NY ENLRG CSD 7/22/26 BAN                                          | CUSIP: 676490GC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $604047.30    | 0.25%             | 2026-07-22      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                        | BLACK BELT ENE 5% 2/1/2029                                                   | CUSIP: 09182TFD4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    350000 | PA      | $369114.24    | 0.15%             | 2029-02-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PORT PORT ARTHUR TX NAV DIST E                                                    | PORT ARTHUR NAV DIST TX ENVIR VAR-REF-MOTIVA ENTERPRISES PJ ***AMT***        | CUSIP: 735220AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6000000.00   | 2.48%             | 2027-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TENN HEALTH EDL and HSG FAC BRD MULTIFAMILY HSG                       | CHATT TN HEHA 2.950% 5/1/2044 MT                                             | CUSIP: 162404DU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $309859.01    | 0.13%             | 2044-05-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| UTAH CNTY UTAH HOSP REV                                                           | UT CNTY UT HOSP 5% MT                                                        | CUSIP: 917393DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $162090.02    | 0.07%             | 2060-05-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| NORTHSIDE TX INDPT SCH DIST                                                       | NTHSIDE TX ISD 3.45% G=PSF 8/1/2054 MT                                       | CUSIP: 66702RK92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $634543.12    | 0.26%             | 2054-08-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CO FL IDA SLD WASTE DISP REV                                           | MIAMI-DADE SLW 2.125% 11/1/2041 @                                            | CUSIP: 59333GAL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $900886.77    | 0.37%             | 2041-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND PWR AUTH NY ELEC                                                      | LIPA NY 9/1/2055 MT                                                          | CUSIP: 542691LD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $510986.14    | 0.21%             | 2055-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA HSG FIN AGY MULTIFAMILY HSG REV                                    | NC HSG FIN AGY 3.2% MT                                                       | CUSIP: 65820BBB1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999871.80   | 0.83%             | 2056-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| BUCKEYE ARIZ UN HIGH SCH DIST NO 201                                              | BUCKEYE AZ SD 5% 7/1/2026                                                    | CUSIP: 118106KK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $884749.69    | 0.37%             | 2026-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | ANCHORAGE AK PORT REV 2025-XF3381-INV E-AGC/Q=WF D7@                         | CUSIP: 88035PJP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700000.00    | 0.29%             | 2050-02-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | OK MFH DUNCAN PL 2022-MIZ9103 MZ/MZ D35                                      | CUSIP: 60700HNB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    114268 | PA      | $114268.00    | 0.05%             | 2062-08-01      | Variable      | 0.04%                 | Yes           |                  2 | On Loan: No      |
| PORT PORT ARTHUR TX NAV DIST E                                                    | PRT ARTHR TX MTVA10D Q=SELF V7                                               | CUSIP: 735220AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4350000 | PA      | $4350000.00   | 1.80%             | 2040-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| NORTHSIDE TX INDPT SCH DIST                                                       | NTHSIDE TX ISD 3% MT                                                         | CUSIP: 66702RH54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1600228.80   | 0.66%             | 2053-08-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | BUFORD GA MF HSG AUTH 2023-XF3118-AMR MZ/MZ D7                               | CUSIP: 88035FN48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.08%             | 2041-03-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL ED FACS FIN CORP HOSP REV                                | TARRANT EFFC HO 5% MT                                                        | CUSIP: 87638QSF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $226102.16    | 0.09%             | 2052-11-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| HOLYOKE MA                                                                        | HOLYOKE MA 4% 10/23/2026                                                     | CUSIP: 436705GY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $808375.04    | 0.33%             | 2026-10-23      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| HALIFAX CNTY VA INDL DEV AUTH POLLUTION CTL REV VRDO IAM COML PAPER 3/A2 SER 1992 | HALIFAX CNTY VA 3.8% MT                                                      | CUSIP: 40579PAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $136620.34    | 0.06%             | 2041-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PORT SEATTLE WA REV                                                               | PORT SEATTLE 5% 10/1/2028 @                                                  | CUSIP: 7353893K2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1361579.39   | 0.56%             | 2028-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                                                        | DETROIT MI 5% 5/1/2028                                                       | CUSIP: 2510936J4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $93732.36     | 0.04%             | 2028-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT ARPTS REV                                                     | LA CA AIRPT 5% 5/15/2026 @                                                   | CUSIP: 544445W54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55465.60     | 0.02%             | 2026-05-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | BLACK BELT AL ENERGY 2022-ZL0396-BLK Q=MO D7                                 | CUSIP: 88035EQD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.12%             | 2053-02-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HEALTH CARE FACS AUTH REV                                           | WA ST HLTH CAR 5% 8/15/2026                                                  | CUSIP: 93978HB46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1371542.52   | 0.57%             | 2026-08-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HUMBLE TX INDPT SCH DIST                                                          | HUMBLE TX ISD 0% 2/15/2029                                                   | CUSIP: 445047NJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1889720.98   | 0.78%             | 2029-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HUTTO TX INDPT SCH DIST                                                           | HUTTO TX ISD 4% MT                                                           | CUSIP: 4484926N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $382071.40    | 0.16%             | 2055-02-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO PLANNED INDL EXPANSION AUTH MULTIFAMILY HSG REV                    | KANSAS CITY MSR 5% MT                                                        | CUSIP: 48507MAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152970.41    | 0.06%             | 2045-07-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PCF SOLID WST DISP                                                     | CAL PCR SWDR 4.25% 7/1/2043 MT @                                             | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $799758.40    | 0.33%             | 2043-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | NY MTA TRANSP 2022-XF1321-LA Q=JPMC BK D7                                    | CUSIP: 88035AUM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225000.00    | 0.09%             | 2055-11-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA AVIATION BOARD                                                     | N ORLEANS AVIAT 5% 1/1/2027@                                                 | CUSIP: 64763HLY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $321049.45    | 0.13%             | 2027-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ POLLUTION CTL                                                    | MARICOPA AZ PUB SVC 09D V7                                                   | CUSIP: 566854ES0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600000.00    | 0.25%             | 2029-05-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| ALBANY NY                                                                         | ALBANY CITY NY 3/20/26 BAN                                                   | CUSIP: 012429CG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $802157.76    | 0.33%             | 2026-03-20      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEV FINGAUTH UPMC REV                                       | PENNSYLVANIA EC 5% 5/15/2026                                                 | CUSIP: 70870JET1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503917.30    | 0.21%             | 2026-05-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CAPITAL AREA HSG FIN CORP TEX MULTI FAMILY HSG REV                                | CAP AREA HFC TX 3.125% MT                                                    | CUSIP: 139726CZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $386911.33    | 0.16%             | 2029-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| NJ HLTH CARE FACS FING AUTH DEPT HUMAN SVCS LEASE                                 | NJ HLTH CARE FA 5% 9/15/2027                                                 | CUSIP: 64579XEN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $78050.57     | 0.03%             | 2027-09-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| J P MORGAN CHASE PUTTERS / DRIVERS TR VAR STS                                     | PA TPK PUTTER-5096 Q=JPS D7                                                  | CUSIP: 46640KU85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.21%             | 2047-06-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| SEATTLE WASH HSG AUTH REV                                                         | SEATTLE WA HSG 5% 6/1/2027                                                   | CUSIP: 812636PA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $81001.86     | 0.03%             | 2027-06-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH REV                                                  | NEW JERSEY ECN 5% 6/15/2026                                                  | CUSIP: 64577XET9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $242558.74    | 0.10%             | 2026-06-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| INLIVIAN N C MULTIFAMILY REV                                                      | INLIVIAN N C MU 11/1/2058 MT                                                 | CUSIP: 45753CAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $606280.92    | 0.25%             | 2058-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TRIMBLE CNTY KY ENVIRONMENTAL FACS REV                                            | TRIMBLE CNTY KY 0% 6/1/2054 @                                                | CUSIP: 896221AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $806020.96    | 0.33%             | 2054-06-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                        | BLACK BELT ENE 5% 6/1/2026                                                   | CUSIP: 09182TBH9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    125000 | PA      | $126178.43    | 0.05%             | 2026-06-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC and GAS REV                                                   | SAN ANTONIO E and G 5% 2/1/2026                                              | CUSIP: 79625GED1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50091.38     | 0.02%             | 2026-02-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BONDSVILLE MASS FIRE and WTR DIST                                                 | BONDS MA 098010 4.875% 11/20/2026                                            | CUSIP: 098010AF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $304500.81    | 0.13%             | 2026-11-20      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HUDSON MA                                                                         | HUDSON TWN MA 6/11/26 BAN                                                    | CUSIP: 443852XA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $371934.14    | 0.15%             | 2026-06-11      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BARTOW CNTY GA DEV AUTH SOLIDWASTE DISP FAC REV                                   | GA PWR - SOUTHERN CO 22-1 V1@                                                | CUSIP: 06964KAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.17%             | 2062-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| DISTRICT COLUMBIA HSG FIN MULT                                                    | DC HSG MF 3.65% MT                                                           | CUSIP: 25477PQA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $343536.27    | 0.14%             | 2028-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HSG FIN AUTH MULTI-FAMILY HSG                                    | NEW HAMPSHIRE 3.70% 1/1/2027                                                 | CUSIP: 64469MRL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115449.94    | 0.05%             | 2027-01-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH HOSP REV                                           | WV UNIV HLTH 18E RFLOAT V7                                                   | CUSIP: 956622P32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.12%             | 2033-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BROCKTON MA                                                                       | BROCKTON CITY MA 10/8/26 BAN                                                 | CUSIP: 111746MC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $814066.56    | 0.34%             | 2026-10-08      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH SWR SYS REV                                                      | HAMILTON OH SWR 5% 12/1/2026                                                 | CUSIP: 407288H36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $97086.78     | 0.04%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | FL GT ORLANDO ARPT 2022-XM1093-ALL Q=JPMC BK D1@                             | CUSIP: 88035EZM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175000.00    | 0.07%             | 2036-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP SOLID WASTE DISP REV                                         | FLORIDA DEV FIN 3.40% 9/1/2050 @                                             | CUSIP: 34061XAH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $210880.32    | 0.09%             | 2050-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A COOPERATIVE DISTRICT                                 | SOUTHEAST EN AL 5% 1/1/2027                                                  | CUSIP: 84136HBE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $709519.65    | 0.29%             | 2027-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| GREATER ORLANDO AVIATION AUTH                                                     | GT ORLANDO ARPT 5% 10/1/2028 @                                               | CUSIP: 392275EQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $475213.77    | 0.20%             | 2028-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC and GAS REV                                                   | SAN ANTONIO E and G 3.08% MT                                                 | CUSIP: 79625GNE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $807703.11    | 0.33%             | 2055-02-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV                                      | CA ST MFA SW 0% 10/1/2045 MT @                                               | CUSIP: 13048RAH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000011.40   | 0.41%             | 2045-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUN PWR REV                                                              | AMERICAN MUN OH 5% 2/15/2027                                                 | CUSIP: 02765URN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $487364.35    | 0.20%             | 2027-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND HEALTH and EDL BLDG CORP HIGHER ED FAC REV                           | RI HLTH and EDL 5% 11/1/2026                                                 | CUSIP: 762197J85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $356245.40    | 0.15%             | 2026-11-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | SAN FRANCISCO CA CITY and CNTY MF HSG 2022-MIZ9115 MZ/MZ D35                 | CUSIP: 60700HPG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2200000.00   | 0.91%             | 2052-12-01      | Variable      | 0.04%                 | Yes           |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEVE AUTH IDR                                                    | CHANDLER AZ IDR(INTEL) 5% 9/1/27MT@                                          | CUSIP: 158862CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $850901.82    | 0.35%             | 2052-09-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AIRPORT REV                                                       | PHIL PA AIRPORT 5% 7/1/2028@                                                 | CUSIP: 717817YH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $456983.86    | 0.19%             | 2028-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NJ HLTH CARE FACS FING AUTH DEPT HUMAN SVCS LEASE                                 | NJ HLTH CARE FA 5% 9/15/2026                                                 | CUSIP: 64579XEB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $81328.91     | 0.03%             | 2026-09-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DENTON TEXAS ISD                                                                  | DENTON TX ISD 4% MT                                                          | CUSIP: 249002NM4<br>LEI: 5493005I9W678SUI0Z07 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1157087.79   | 0.48%             | 2055-08-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| NORTH EAST INDPT SCH DIST TX                                                      | NE TX ISD 3.75% 8/1/2049 MT                                                  | CUSIP: 659155QL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $227662.29    | 0.09%             | 2049-08-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                       | IL ST 5% 3/1/2026                                                            | CUSIP: 452153DF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $341226.58    | 0.14%             | 2026-03-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | BLACK BELT AL ENERGY GAS DIST 2023-XM1110-ALL G=RC Q=RC D7                   | CUSIP: 88035FC24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700000.00    | 0.29%             | 2053-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                                                      | OH AIR QUAL 3.65% 12/1/2027 @                                                | CUSIP: 677525XB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $526252.86    | 0.22%             | 2027-12-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | IL PLYMOUTH PLACE BC25-002 BC/BC D35                                         | CUSIP: 76252PG45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $820000.00    | 0.34%             | 2056-05-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY                                      | UNASSGND LC 567 2.7% MT                                                      | CUSIP: 59465FAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $306157.15    | 0.13%             | 2043-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | SAINT PAUL MN MF HSG PLATO APTS 2023-MIZ9145 MZ/MZ D35                       | CUSIP: 60700HSW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.12%             | 2063-06-01      | Variable      | 0.04%                 | Yes           |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | HI ST ARPT 2022-XG0386-MST Q=MO D7@                                          | CUSIP: 88035DAU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.21%             | 2048-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PHOENIX ARIZ INDL DEV AUTH SOLID WASTE DISP REV                                   | PHX IDA SW 3.85% 12/1/2035 @                                                 | CUSIP: 71884RAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1499981.85   | 0.62%             | 2035-12-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** Laura M. Del Prato

**Signature:** Laura M. Del Prato

**Name of Signer:** Laura M. Del Prato

**Title:** President and Treasurer