# EDGAR Filing Document

**Accession Number:** 0001676326
**File Stem:** 0002071691-25-007393
**Filing Date:** 2025-11
**Character Count:** 91481
**Document Hash:** 9ae5b3f3b9446675592ea4586655bb44
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-007393.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002071691-25-007393

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23820
- **FILM NUMBER:** 251524910

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

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

## Series and Classes Contracts Data

### Eaton Vance Intermediate Municipal Income ETF (Series ID: S000082247)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000245531 | Eaton Vance Intermediate Municipal Income ETF | EVIM            |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 1585 Broadway

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

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

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

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

- **b. EDGAR series identifier (if any):** S000082247

- **c. LEI of Series:** 254900737U7EX2LHPU38

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $112909109.88

**Total Liabilities:** $1626886.61

**Net Assets:** $111282223.27

**Delayed Delivery Securities:** $1250000.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 179.26755900 | **1-Year:** 3207.95187400 | **5-Year:** 22742.35796900 | **10-Year:** 49175.66423100 | **30-Year:** 1889.88517600

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

- **3-Month:** 37.91987600 | **1-Year:** 0.00000000 | **5-Year:** 519.36132700 | **10-Year:** 413.23138000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000245531 | -0.10%               | 0.93%                | 2.25%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-32115.61               | $-374425.76                                |
| Month 2  | $52667.31                | $562067.31                                 |
| Month 3  | $16812.70                | $1972580.44                                |

**Designated Index Information**

- **Index Name:** ICE BofA 2-17 Year US Municipal Securities Index

- **Index Identifier:** MLMUN2_17

### Schedule of Portfolio Investments

| Name                                                                         | Title                                                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| New York City Transitional Finance Authority Future Tax Secured Revenue      | New York City Transitional Finance Authority, Series 2019 A-4                      | CUSIP: 64971XFY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.45%             | 2045-08-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                           | City of Chicago IL, Series 2024 B                                                  | CUSIP: 167486U23<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    135000 | PA      | $143455.46    | 0.13%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Whiting IN                                                           | City of Whiting IN, Series 2008                                                    | CUSIP: 96634RAZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046791.10   | 0.94%             | 2044-06-01      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| Oregon State Lottery                                                         | Oregon State Lottery, Series 2025 A                                                | CUSIP: 68607V6L4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $564083.00    | 0.51%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Adams County School District No. 1                                           | Adams County School District No. 1, Series 2025                                    | CUSIP: 00562SBA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093612.00   | 0.98%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Navajo County Unified School District No. 27 Kayenta                         | Navajo County Unified School District No. 27, Series 2025                          | CUSIP: 639147AB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $546172.67    | 0.49%             | 2035-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                | Main Street Natural Gas, Inc., Series 2023 B                                       | CUSIP: 56035DFC1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $538162.85    | 0.48%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                           | New York State Dormitory Authority, Series 2025 A                                  | CUSIP: 64985SDD2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    220000 | PA      | $252458.29    | 0.23%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Energy Research & Development Authority                       | New York State Energy Research & Development Authority, Series 2004 B              | CUSIP: 649845JB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $373128.08    | 0.34%             | 2032-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago                                                              | City of Chicago IL, Series 2021 A                                                  | CUSIP: 167486M30<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20711.19     | 0.02%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon City School District No. 62                                           | Oregon City School District No. 62, Series 2025 B                                  | CUSIP: 179162LM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $505184.49    | 0.45%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                               | State of Texas, Series 2025 F                                                      | CUSIP: 882725CA0<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501793.20    | 0.45%             | 2032-08-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Menifee Union School District                                                | Menifee Union School District, Series 2017 A                                       | CUSIP: 586807GW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $240976.78    | 0.22%             | 2037-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                                          | Columbus Regional Airport Authority, Series 2025 B                                 | CUSIP: 199546DM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $817573.80    | 0.73%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                  | Connecticut State Health & Educational Facilities Authority, Series 2025 B-2       | CUSIP: 20775DZT2<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1137453.70   | 1.02%             | 2064-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| EP Cimarron Ventanas PFC                                                     | EP Cimarron Ventanas PFC, Series 2024                                              | CUSIP: 26879QAM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501619.30    | 0.45%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | California Community Choice Financing Authority, Series 2024 B                     | CUSIP: 13013JEA0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |     90000 | PA      | $95360.64     | 0.09%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                  | Connecticut State Health & Educational Facilities Authority, Series M              | CUSIP: 20774YB97<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252863.38    | 0.23%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                         | State of Connecticut, Series 2025 A                                                | CUSIP: 20772KZZ5<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $575591.40    | 0.52%             | 2033-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Governors of Colorado State University System                       | Board of Governors of Colorado State, Series 2025 C                                | CUSIP: 196707Z71<br>LEI: 549300MAE3RAIIEIQV71 | Long             | DBT              | MUN               | US        |    625000 | PA      | $701644.50    | 0.63%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mt. San Antonio Community College District                                   | Mt. San Antonio Community College District, Series 2025 A                          | CUSIP: 623040QH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084464.40   | 0.97%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                       | City of Minneapolis MN, Series 2025                                                | CUSIP: 603695KF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $831558.08    | 0.75%             | 2044-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                    | Harris County Cultural Education Facilities Finance Corp., Series 2015-1           | CUSIP: 414009JU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500509.55    | 0.45%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Housing and Finance Authority                                       | Colorado Housing and Finance Authority, Series 2024 A                              | CUSIP: 19648WAD9<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |    245000 | PA      | $243932.36    | 0.22%             | 2044-03-01      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                              | New York City Municipal Water Finance Authority, Series 2025 AA-1                  | CUSIP: 64972GK29<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    450000 | PA      | $470208.33    | 0.42%             | 2051-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                      | Port Authority of New York & New Jersey, Series 202                                | CUSIP: 73358WK29<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    750000 | PA      | $767044.43    | 0.69%             | 2035-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                            | Idaho Health Facilities Authority, Series 2025 C                                   | CUSIP: 451295H69<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1095305.00   | 0.98%             | 2060-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                     | Massachusetts Development Finance Agency, Series 2025 W                            | CUSIP: 57585BHK7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    750000 | PA      | $823436.93    | 0.74%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia                                                         | City of Philadelphia, Series 2025 C                                                | CUSIP: 717813C98<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1156399.90   | 1.04%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Elementary School District No. 6 Washington                  | Maricopa County Elementary School District No. 6, Series 2025 B                    | CUSIP: 567031VH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $556317.35    | 0.50%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                 | New York City Transitional Finance Authority, Series 2024 C                        | CUSIP: 64972JBQ0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    500000 | PA      | $553341.05    | 0.50%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Monroe County (The)                                 | Development Authority of Monroe County (The), Series 2013 A                        | CUSIP: 610530FE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510662.50    | 0.46%             | 2039-01-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | California Community Choice Financing Authority, Series 2023 F                     | CUSIP: 13013JDD5<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    490000 | PA      | $536816.17    | 0.48%             | 2054-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                 | West Virginia Economic Development Authority, Series 2025                          | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    775000 | PA      | $783876.70    | 0.70%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                               | State of Texas, Series 2025 F                                                      | CUSIP: 882725CC6<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    750000 | PA      | $756935.48    | 0.68%             | 2033-08-01      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| Massachusetts Clean Water Trust (The)                                        | Massachusetts Clean Water Trust (The), Series B-25                                 | CUSIP: 575829MR4<br>LEI: 549300SYPEROLSQU0261 | Long             | DBT              | MUN               | US        |    350000 | PA      | $373514.58    | 0.34%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                    | City of Houston TX, Series 2024 B                                                  | CUSIP: 442349HW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $581598.29    | 0.52%             | 2036-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Series 2025 A                              | CUSIP: 13048V3W6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016794.40   | 0.91%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority, Series 2025 A                                            | CUSIP: 74439YFM8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    600000 | PA      | $657299.70    | 0.59%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Health & Educational Facilities Authority                       | South Dakota Health & Educational Facilities Authority, Series 2025 C-2            | CUSIP: 83755VW83<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1101981.70   | 0.99%             | 2051-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Improvement District No. 18                                    | Harris County Improvement District No. 18, Series 2024 A                           | CUSIP: 414183PA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $641212.16    | 0.58%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Village of Westchester IL                                                    | Village of Westchester IL, Series 2025                                             | CUSIP: 957399FU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $709037.30    | 0.64%             | 2038-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                              | State of Oregon, Series 2025 E                                                     | CUSIP: 68609UTJ4<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |    500000 | PA      | $546953.75    | 0.49%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No. 1                                  | North Carolina Municipal Power Agency No. 1, Series A                              | CUSIP: 658203X25<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251544.78    | 0.23%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                    | Harris County Cultural Education Facilities Finance Corp., Series 2022 A           | CUSIP: 414009RN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $271947.58    | 0.24%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                           | New York State Dormitory Authority, Series 2025 C                                  | CUSIP: 64990KHQ9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    200000 | PA      | $230209.46    | 0.21%             | 2036-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                     | Massachusetts Development Finance Agency, Series 2025 A-2                          | CUSIP: 57585BGU6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    310000 | PA      | $360226.36    | 0.32%             | 2055-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                | North Texas Tollway Authority, Series 2023 A                                       | CUSIP: 66285WP34<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    250000 | PA      | $265072.78    | 0.24%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                          | Wisconsin Health & Educational Facilities Authority, Series 2024 A                 | CUSIP: 97712JLU5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    800000 | PA      | $804090.56    | 0.72%             | 2029-11-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Cypress-Fairbanks Independent School District                                | Cypress-Fairbanks Independent School District, Series 2023 A                       | CUSIP: 232769MX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $276614.20    | 0.25%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                      | Port Authority of New York & New Jersey                                            | CUSIP: 73358WS54<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042676.80   | 0.94%             | 2032-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                    | New York Transportation Development Corp., Series 2025                             | CUSIP: 650116JE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $273862.83    | 0.25%             | 2042-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                    | Michigan State Hospital Finance Authority, Series 2025 B-1                         | CUSIP: 59465HXE1<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |    750000 | PA      | $824127.53    | 0.74%             | 2055-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Higher Education Supplement Loan Authority                 | Connecticut State Higher Education Supplement Loan Authority, Series 2025 B-2      | CUSIP: 207743YR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251718.58    | 0.23%             | 2045-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.                     | Texas Private Activity Bond Surface Transportation Corp., Series 2023              | CUSIP: 882667CG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $263856.93    | 0.24%             | 2038-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                           | Tobacco Settlement Financing Corp., Series 2018 A                                  | CUSIP: 888808HK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516465.05    | 0.46%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Prosper Independent School District                                          | Prosper Independent School District, Series 2022                                   | CUSIP: 7436006C7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032225.10   | 0.93%             | 2053-02-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                   | Chicago Board of Education, Series 2012 B                                          | CUSIP: 167505PT7<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500025.40    | 0.45%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                     | Arlington Higher Education Finance Corp., Series 2024                              | CUSIP: 041807LP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $259587.57    | 0.23%             | 2044-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                               | Buckeye Tobacco Settlement Financing Authority, Series 2020 A-2, Class 1           | CUSIP: 118217CT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $489923.95    | 0.44%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                             | Energy Northwest, Series 2021 A                                                    | CUSIP: 29270C4K8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $872759.58    | 0.78%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Lawrence Community Schools Building Corp.                              | North Lawrence Community Schools Building Corp., Series 2025                       | CUSIP: 66042RFA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $303747.41    | 0.27%             | 2033-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                       | City of Mesa AZ, Series 2014                                                       | CUSIP: 590545TZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $215035.54    | 0.19%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                           | Dallas Independent School District, Series 2023                                    | CUSIP: 235308L92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $272998.52    | 0.25%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Providence St Joseph Health Obligated Group                                  | Providence St Joseph Health Obligated Group                                        | CUSIP: 743820AG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1031454.45   | 0.93%             | 2032-10-01      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                               | New Jersey Transportation Trust Fund Authority, Series 2022 CC                     | CUSIP: 64613CCF3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $526064.75    | 0.47%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                           | New York State Dormitory Authority, Series 2024                                    | CUSIP: 65000B8G6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $544709.55    | 0.49%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                           | Rhode Island Health and Educational Building Corp., Series 2025 B                  | CUSIP: 76219MCT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $654330.13    | 0.59%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Detroit City School District                                                 | Detroit City School District, Series 2001 A                                        | CUSIP: 251129ZY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073398.50   | 0.96%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                               | State of Maryland Department of Transportation, Series 2019                        | CUSIP: 574204N90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $281078.76    | 0.25%             | 2033-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Water System Revenue                                      | City of Seattle WA, Series 2025                                                    | CUSIP: 812728ZY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $615211.96    | 0.55%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                         | Pennsylvania Higher Educational Facilities Authority, Series 2024 B-1              | CUSIP: 70917TRP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $816552.90    | 0.73%             | 2040-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                        | New York State Housing Finance Agency, Series 2024 A-2                             | CUSIP: 649870NF5<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    750000 | PA      | $759621.75    | 0.68%             | 2054-06-15      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | California Community Choice Financing Authority, Series 2024 C                     | CUSIP: 13013JEB8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    325000 | PA      | $350570.68    | 0.32%             | 2055-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                           | Montgomery County Housing Opportunities Commission, Series 2025 A                  | CUSIP: 613347SR5<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512679.55    | 0.46%             | 2034-07-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                           | Rhode Island Health and Educational Building Corp., Series 2025 C                  | CUSIP: 76219MDW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068323.40   | 0.96%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                         | Colorado Educational & Cultural Facilities Authority, Series 2025                  | CUSIP: 19645DDG4<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032617.80   | 0.93%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                         | Chicago O'Hare International Airport, Series 2018 A                                | CUSIP: 167593L26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024784.70   | 0.92%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northside Independent School District                                        | Northside Independent School District, Series 2020                                 | CUSIP: 66702RR79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $760820.40    | 0.68%             | 2050-06-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| University of Colorado Hospital Authority                                    | University of Colorado Hospital Authority, Series 2024 B                           | CUSIP: 914183BX5<br>LEI: GQ60RLZ5ZEBY2J9KLI75 | Long             | DBT              | MUN               | US        |    250000 | PA      | $282743.63    | 0.25%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Golden CO                                                            | City of Golden CO, Series 2025                                                     | CUSIP: 380822BD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $584843.60    | 0.53%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                              | Allegheny County Hospital Development Authority, Series 2017 D-2                   | CUSIP: 01728A5V4<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |    500000 | PA      | $495884.00    | 0.45%             | 2047-11-15      | Floating      | 3.59%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | San Francisco City & County Airport Commission, Series 2025 A                      | CUSIP: 79766DXM6<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    750000 | PA      | $837329.25    | 0.75%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                         | Colorado Health Facilities Authority, Series A-1                                   | CUSIP: 19648FXD1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $530250.65    | 0.48%             | 2058-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Private Colleges & Universities Authority                                    | Private Colleges & Universities Authority, Series 2025 A                           | CUSIP: 74265L3G1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $1032980.04   | 0.93%             | 2039-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                     | State of Connecticut CT, Series 2021 A                                             | CUSIP: 207758D59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $530107.40    | 0.48%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Jersey Transportation Authority                                        | South Jersey Transportation Authority, Series 2025 A                               | CUSIP: 838536NM8<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |    690000 | PA      | $767722.15    | 0.69%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                 | Michigan State Housing Development Authority, Series 2024 D                        | CUSIP: 594654YZ2<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45821.65     | 0.04%             | 2030-06-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                        | Metropolitan Transportation Authority, Series A-1                                  | CUSIP: 59261ACS4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    440000 | PA      | $440758.12    | 0.40%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois Municipal Power Agency                                     | Northern Illinois Municipal Power Agency, Series 2016 A                            | CUSIP: 665250CW4<br>LEI: VWCV6ROJUT9NS55JU583 | Long             | DBT              | MUN               | US        |    250000 | PA      | $240525.43    | 0.22%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| L'Anse Creuse Public Schools                                                 | L'Anse Creuse Public Schools, Series 2025 I                                        | CUSIP: 516228TD5<br>LEI: 549300L3W88HP5QUMY54 | Long             | DBT              | MUN               | US        |    750000 | PA      | $840846.75    | 0.76%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                           | South Carolina Jobs-Economic Development Authority, Series 2024 A                  | CUSIP: 837032CB5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    250000 | PA      | $264969.23    | 0.24%             | 2048-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                 | Michigan State Housing Development Authority, Series B                             | CUSIP: 5946537Z4<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    335000 | PA      | $329571.76    | 0.30%             | 2034-12-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                            | State of Illinois IL, Series 2020                                                  | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    315000 | PA      | $334491.51    | 0.30%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | California Statewide Communities Development Authority, Series 2025 H-1            | CUSIP: 13079PA37<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024625.10   | 0.92%             | 2067-09-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                  | Washington State Housing Finance Commission, Series 2024                           | CUSIP: 93978LHE9<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    250000 | PA      | $261468.23    | 0.23%             | 2044-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Berkeley County Public Service Sewer District                                | Berkeley County Public Service Sewer District, Series 2025 A                       | CUSIP: 084249FJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $253865.28    | 0.23%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                            | State of Maryland, Series 2017 A                                                   | CUSIP: 574193PS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $310587.67    | 0.28%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Alaska International Airports System                                | State of Alaska International Airports System, Series 2025 A                       | CUSIP: 011842VB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $361839.49    | 0.33%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma County Finance Authority                                            | Oklahoma County Finance Authority, Series 2025                                     | CUSIP: 67868UKK8<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |    910000 | PA      | $949586.09    | 0.85%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston                                                              | City of Houston, Series 2025 A                                                     | CUSIP: 442349JM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1090911.00   | 0.98%             | 2039-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Alaska Municipal Bond Bank Authority                                         | Alaska Municipal Bond Bank Authority, Series 2025-3                                | CUSIP: 01179R7L1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $367186.61    | 0.33%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                   | Illinois Finance Authority, Series 2016 C                                          | CUSIP: 45204FN92<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    240000 | PA      | $248288.54    | 0.22%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                   | Illinois Finance Authority, Series 2016 C                                          | CUSIP: 45204FP74<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    260000 | PA      | $262977.39    | 0.24%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Union High School District No. 201 Buckeye                   | Maricopa County Union High School District No. 201, Series 2025                    | CUSIP: 118106KS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $573081.45    | 0.51%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Lawrence Community Schools Building Corp.                              | North Lawrence Community Schools Building Corp., Series 2025                       | CUSIP: 66042RFB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $95865.86     | 0.09%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                      | South Carolina Public Service Authority, Series 2025 B                             | CUSIP: 8371516L8<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $520615.05    | 0.47%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                    | Indiana Finance Authority, Series 2025 D-4                                         | CUSIP: 45470YGG0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1118900.30   | 1.01%             | 2057-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Cupertino Union School District                                              | Cupertino Union School District, Series A                                          | CUSIP: 231237T57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $757349.52    | 0.68%             | 2042-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Atlanta                                                              | City of Atlanta, Series 2025 B-1                                                   | CUSIP: 04780M2W8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058855.80   | 0.95%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                      | New York City Housing Development Corp., Series 2024 D                             | CUSIP: 64966TGV0<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    375000 | PA      | $387869.63    | 0.35%             | 2031-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lewisburg Industrial Development Board                                       | Lewisburg Industrial Development Board, Series 2012                                | CUSIP: 528236AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499940.80    | 0.45%             | 2035-07-02      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| Jersey City Municipal Utilities Authority                                    | Jersey City Municipal Utilities Authority, Series 2025 D                           | CUSIP: 476624EC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $373583.70    | 0.34%             | 2038-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                    | New York Transportation Development Corp., Series 2023                             | CUSIP: 650116GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261356.65    | 0.23%             | 2040-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Charlton County School District                                              | Charlton County School District, Series 2025                                       | CUSIP: 161114BX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $173624.93    | 0.16%             | 2041-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                    | New York Transportation Development Corp., Series 2023                             | CUSIP: 650116GQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $265192.15    | 0.24%             | 2038-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                    | City of Salt Lake City UT, Series 2017 A                                           | CUSIP: 795576FV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $564501.99    | 0.51%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                        | Metropolitan Transportation Authority, Series 2025 B                               | CUSIP: 59261A5Z6<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1143035.30   | 1.03%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp.                                           | Mission Economic Development Corp., Series 2012                                    | CUSIP: 605155BM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499940.80    | 0.45%             | 2026-01-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                       | Downtown Revitalization Public Infrastructure District, Series 2025 A              | CUSIP: 26118TAP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1360817.77   | 1.22%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | California Statewide Communities Development Authority, Series 2025 B              | CUSIP: 13080S2V5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1118060.40   | 1.00%             | 2030-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                    | New York Transportation Development Corp., Series 2024 A                           | CUSIP: 650116HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $810508.86    | 0.73%             | 2054-12-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                  | University of North Carolina at Chapel Hill, Series 2012 B                         | CUSIP: 914713U75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502453.45    | 0.45%             | 2041-12-01      | Floating      | 3.81%                 | No            |                  2 | On Loan: No      |
| New Jersey Institute of Technology/NJ                                        | New Jersey Institute of Technology, Series 2025 A                                  | CUSIP: 64579RDW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $226106.48    | 0.20%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Monroe County (The)                                 | Development Authority of Monroe County (The), Series 2008, Class 1                 | CUSIP: 610530FZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $762733.50    | 0.69%             | 2048-11-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                            | Southeast Energy Authority A Cooperative District, Series 2025 A                   | CUSIP: 84136HBC6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26413.64     | 0.02%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                     | Build NYC Resource Corp., Series 2025                                              | CUSIP: 12008EWK8<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074131.10   | 0.97%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds - MuniCash                                         | BlackRock Liquidity Funds - MuniCash                                               | CUSIP: 09248U841<br>LEI: 549300RWBJ885673DL84 | Long             | STIV             | RF                | US        |   3457860 | NS      | $3458205.92   | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Jersey City Municipal Utilities Authority                                    | Jersey City Municipal Utilities Authority, Series 2025 E                           | CUSIP: 476623DN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $355794.00    | 0.32%             | 2038-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                           | New York State Dormitory Authority, Series 2024                                    | CUSIP: 65000B7M4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $270235.13    | 0.24%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                  | Long Island Power Authority, Series 2025                                           | CUSIP: 542691KT6<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1120525.50   | 1.01%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United City of Yorkville IL                                                  | United City of Yorkville IL, Series 2025 A                                         | CUSIP: 987355NB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $389689.02    | 0.35%             | 2036-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho State Building Authority                                               | Idaho State Building Authority, Series 2025 A                                      | CUSIP: 451446AV0<br>LEI: 549300XZ1VJYPPKQZU06 | Long             | DBT              | MUN               | US        |    970000 | PA      | $1130470.40   | 1.02%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | Commonwealth of Puerto Rico, Series 2022 A-1                                       | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    371000 | PA      | $384116.41    | 0.35%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| New York Energy Finance Development Corp.                                    | New York Energy Finance Development Corp., Series 2025                             | CUSIP: 64947PAA4<br>LEI: 254900PRGXZMJ912RI65 | Long             | DBT              | MUN               | US        |    720000 | PA      | $769875.70    | 0.69%             | 2056-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                           | City of Chicago IL, Series 2024 B                                                  | CUSIP: 167486T82<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    250000 | PA      | $266725.80    | 0.24%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                 | Virginia Resources Authority, Series 2025 B                                        | CUSIP: 92818P4J9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255707.58    | 0.23%             | 2040-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County (The)                                  | Development Authority of Burke County (The), Series 2009-1                         | CUSIP: 121342MW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.45%             | 2049-07-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                     | Build NYC Resource Corp., Series 2025                                              | CUSIP: 12008EVV5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    830000 | PA      | $771031.32    | 0.69%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                  | Virginia Small Business Financing Authority, Series 2022                           | CUSIP: 928104PP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $346335.73    | 0.31%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Transportation Commission State Highway 249 System                     | Texas Transportation Commission, Series 2019 A                                     | CUSIP: 88283NAK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $199731.64    | 0.18%             | 2040-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DuPage County Forest Preserve District                                       | DuPage County Forest Preserve District, Series 2025                                | CUSIP: 262651VQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $230632.88    | 0.21%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                 | Commonwealth of Pennsylvania, Series 2018                                          | CUSIP: 70914PN24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504950.80    | 0.45%             | 2038-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                               | Black Belt Energy Gas District, Series 2025 B                                      | CUSIP: 09182TEW3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    535000 | PA      | $559167.29    | 0.50%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                             | Pennsylvania Turnpike Commission, Series 2024-1                                    | CUSIP: 709225MJ2<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    750000 | PA      | $852899.48    | 0.77%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Belmont-Redwood Shores School District/CA                                    | Belmont-Redwood Shores School District, Series A                                   | CUSIP: 080495JR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $34368.40     | 0.03%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                               | Indiana Municipal Power Agency, Series 2019 B                                      | CUSIP: 454898XD4<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.36%             | 2042-01-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                  | Metropolitan Washington Airports Authority Aviation, Series A                      | CUSIP: 592647CY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507992.55    | 0.46%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-2                        | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1000000 | PA      | $957907.40    | 0.86%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                   | Intermountain Power Agency, Series 2025                                            | CUSIP: 45884AF40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $592873.60    | 0.53%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                  | New Jersey Educational Facilities Authority, Series 2024 A-1                       | CUSIP: 646067HL5<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    750000 | PA      | $861459.15    | 0.77%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                | Main Street Natural Gas, Inc., Series 2022 B                                       | CUSIP: 56035DEE8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $529915.70    | 0.48%             | 2052-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | City of Los Angeles CA, Series 2025 A                                              | CUSIP: 5444452Q1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $564252.15    | 0.51%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                | Main Street Natural Gas, Inc., Series 2025 A                                       | CUSIP: 56035DJZ6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $544246.30    | 0.49%             | 2055-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Madison County Capital Resource Corp.                                        | Madison County Capital Resource Corp., Series 2025                                 | CUSIP: 557363EK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $116123.23    | 0.10%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vancouver Housing Authority                                                  | Vancouver Housing Authority, Series 2024                                           | CUSIP: 921626PT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $724924.11    | 0.65%             | 2034-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                               | Black Belt Energy Gas District, Series 2025 E                                      | CUSIP: 09182TGC5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    650000 | PA      | $701086.43    | 0.63%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                | New Jersey Turnpike Authority, Series 2025 B                                       | CUSIP: 646140JQ7<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1144320.40   | 1.03%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                     | New Jersey Higher Education Student Assistance Authority, Series 2025-1B           | CUSIP: 646080YS4<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064704.50   | 0.96%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                          | Wisconsin Health & Educational Facilities Authority, Series 2025 A                 | CUSIP: 97712JNY5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1092664.60   | 0.98%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Governors of Colorado State University System                       | Board of Governors of Colorado State University System, Series 2023 A-2            | CUSIP: 196707V67<br>LEI: 549300MAE3RAIIEIQV71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $513906.75    | 0.46%             | 2048-03-01      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                  | New Hampshire Health and Education Facilities Authority Act, Series 2025 A         | CUSIP: 64461XMJ1<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    250000 | PA      | $289925.63    | 0.26%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit                                                              | City of Detroit MI, Series 2020                                                    | CUSIP: 2510934N7<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    250000 | PA      | $262501.68    | 0.24%             | 2040-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Riverside Community College District                                         | Riverside Community College District, Series 2025 A                                | CUSIP: 76886PKS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200136.68    | 0.18%             | 2042-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                       | Iowa Finance Authority, Series 2024 A                                              | CUSIP: 46247SFS8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    500000 | PA      | $509049.30    | 0.46%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                      | Los Angeles Department of Water & Power, Series 2025 A                             | CUSIP: 544532PG3<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    100000 | PA      | $114665.26    | 0.10%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                | Commonwealth of Massachusetts, Series 2015 B                                       | CUSIP: 57582RDF0<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    450000 | PA      | $421224.84    | 0.38%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FW Texas Street Public Facility Corp.                                        | FW Texas Street Public Facility Corp., Series 2025                                 | CUSIP: 30322SAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $759271.05    | 0.68%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                          | City of New York NY, Series 2024 D                                                 | CUSIP: 64966SCD6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    630000 | PA      | $687742.65    | 0.62%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                           | Tennessee Energy Acquisition Corp., Series 2025 A                                  | CUSIP: 880443JM9<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    835000 | PA      | $903786.63    | 0.81%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                               | Empire State Development Corp., Series 2023 A                                      | CUSIP: 64985TEL1<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    500000 | PA      | $525974.95    | 0.47%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                    | New York Transportation Development Corp., Series 2022                             | CUSIP: 650116FG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $546943.65    | 0.49%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                           | Dallas Independent School District, Series 2025 A-6                                | CUSIP: 235308Q89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $552159.65    | 0.50%             | 2055-02-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                               | Oklahoma Water Resources Board, Series 2024 C                                      | CUSIP: 67920Q5K0<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |    445000 | PA      | $426154.34    | 0.38%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Forney Independent School District                                           | Forney Independent School District, Series 2025                                    | CUSIP: 346425ME8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1172404.41   | 1.05%             | 2041-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| University of Washington                                                     | University of Washington, Series 2024 A                                            | CUSIP: 91523NYS9<br>LEI: T8YS5W0N70BYCTHPA429 | Long             | DBT              | MUN               | US        |    250000 | PA      | $264950.23    | 0.24%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sierra Vista Industrial Development Authority                                | Sierra Vista Industrial Development Authority, Series 2024                         | CUSIP: 82652UAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258814.50    | 0.23%             | 2034-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Missouri State Environmental Improvement & Energy Resources Authority        | Missouri State Environmental Improvement & Energy Resources Authority, Series 2008 | CUSIP: 606907BK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $732877.49    | 0.66%             | 2038-05-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                  | District of Columbia Housing Finance Agency, Series 2023 A-2                       | CUSIP: 254768XU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517361.75    | 0.46%             | 2045-09-01      | Variable      | 4.40%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                           | City of Chicago IL, Series 2019 A                                                  | CUSIP: 167486E39<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    490000 | PA      | $484855.49    | 0.44%             | 2049-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                       | Virginia Housing Development Authority, Series 2024 E                              | CUSIP: 92812WST2<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    350000 | PA      | $336985.95    | 0.30%             | 2044-10-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                    | Indiana Finance Authority, Series 2025 C                                           | CUSIP: 45506EMF7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    750000 | PA      | $831689.33    | 0.75%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                         | Colorado Health Facilities Authority, Series 2019 B-2                              | CUSIP: 19648FJJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502594.10    | 0.45%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Higher Education Supplement Loan Authority                 | Connecticut State Higher Education Supplement Loan Authority, Series 2025 B-1      | CUSIP: 207743YH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $285253.34    | 0.26%             | 2034-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                  | Shelby County Health Educational & Housing Facilities Board, Series 2024 A         | CUSIP: 821691AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $530842.85    | 0.48%             | 2039-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Harris County Municipal Utility District No. 165                             | Harris County Municipal Utility District No. 165, Series 2024                      | CUSIP: 4149624R8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $452006.00    | 0.41%             | 2041-03-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Housing Revenue           | Wisconsin Housing & Economic Development Authority, Series 2024 B                  | CUSIP: 9769045G3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $494513.83    | 0.44%             | 2055-11-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Raindance Metropolitan District No. 2                                        | Raindance Metropolitan District No. 2, Series 2024                                 | CUSIP: 75087FAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $291881.24    | 0.26%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority, Series 2025 A                                            | CUSIP: 74439YFR7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    350000 | PA      | $370284.43    | 0.33%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Board of the City of Mobile Alabama                   | Industrial Development Board of the City of Mobile Alabama, Series 2008            | CUSIP: 607167DX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500753.60    | 0.45%             | 2034-07-15      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Yavapai (The)              | Industrial Development Authority of the County of Yavapai (The), Series 2019       | CUSIP: 985900ET2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $496239.43    | 0.45%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

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

**Signature:** Francis J. Smith

**Name of Signer:** Francis J. Smith

**Title:** Principal Financial Officer