# EDGAR Filing Document

**Accession Number:** 0001676326
**File Stem:** 0001752724-25-197803
**Filing Date:** 2025-8
**Character Count:** 97111
**Document Hash:** 3fb40b9e82df5ae23d1e148c16022ddb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-197803.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0001752724-25-197803

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250822

**DATE AS OF CHANGE**: 20250822

**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:** 251242351

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 1585 Broadway

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-06-30

**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:** $342628966.77

**Total Liabilities:** $6707081.01

**Net Assets:** $335921885.76

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1366.47889000 | **1-Year:** 23804.72604600 | **5-Year:** 41901.73422200 | **10-Year:** 3187.29736900 | **30-Year:** 0.00000000

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

- **3-Month:** 38.77541800 | **1-Year:** 209.50751600 | **5-Year:** 2744.34367500 | **10-Year:** 291.85238500 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000247027 | -0.15%               | 0.54%                | 0.69%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1398.39                 | $-1246337.85                               |
| Month 2  | $4619.23                 | $818940.80                                 |
| Month 3  | $16074.75                | $1318459.05                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| City of New York NY                                                     | City of New York NY, Series C                                                      | CUSIP: 64966L4N8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2023075.80   | 0.60%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                | Massachusetts Development Finance Agency, Series 2025 A-1                          | CUSIP: 57585BGT9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2470000 | PA      | $2742942.90   | 0.82%             | 2055-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                 | Dallas Fort Worth International Airport, Series 2023 C                             | CUSIP: 23503CDH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1301241.88   | 0.39%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                    | District of Columbia, Series 2015                                                  | CUSIP: 254764JQ7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010427.40   | 0.30%             | 2026-07-15      | 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        |   1125000 | PA      | $1132702.31   | 0.34%             | 2032-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority             | Connecticut State Health & Educational Facilities Authority, Series S              | CUSIP: 20774Y3P0<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020796.90   | 0.30%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp.                                      | Mississippi Business Finance Corp., Series 2007 B                                  | CUSIP: 60528AAT1<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3500000.00   | 1.04%             | 2030-12-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                 | New York City Housing Development Corp., Series 2025 C-2                           | CUSIP: 64972KLH6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007101.80   | 0.30%             | 2065-05-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                    | Missouri Joint Municipal Electric Utility Commission, Series 2023                  | CUSIP: 606092LT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1358311.73   | 0.40%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                       | State of Illinois IL, Series 2017 D                                                | CUSIP: 452152Q20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2589932.00   | 0.77%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                    | Colorado Educational & Cultural Facilities Authority, Series 2017 A                | CUSIP: 19645R5V9<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   2055000 | PA      | $2072695.61   | 0.62%             | 2032-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                       | Florida Development Finance Corp., Series 2024 A                                   | CUSIP: 34061XAG7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1993722.40   | 0.59%             | 2054-10-01      | Variable      | 4.38%                 | Yes           |                  2 | On Loan: No      |
| City of Cleveland OH Airport System Revenue                             | City of Cleveland OH, Series 2025 A                                                | CUSIP: 186352TQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $650253.30    | 0.19%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                     | City of New York NY, Series 2014 I-2                                               | CUSIP: 64966LLS8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.15%             | 2040-03-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                 | New York City Housing Development Corp., Series 2024 F-2                           | CUSIP: 64972KGU3<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1994934.00   | 0.59%             | 2064-11-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.               | Harris County Cultural Education Facilities Finance Corp., Series 2015-1           | CUSIP: 414009JU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2610000 | PA      | $2620626.88   | 0.78%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority, Series 2024                                    | CUSIP: 65000B8A9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    375000 | PA      | $383195.10    | 0.11%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State University                                             | Washington State University, Series 2025                                           | CUSIP: 940094FL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1596439.15   | 0.48%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parish of St John the Baptist LA                                        | Parish of St John the Baptist, Series 2017 C                                       | CUSIP: 79020FBB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2895000 | PA      | $2889899.88   | 0.86%             | 2037-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                    | Triborough Bridge & Tunnel Authority, Series 2025 A                                | CUSIP: 896032AD1<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077055.70   | 0.32%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                     | City of New York NY, Series 2015 F-6                                               | CUSIP: 64966LU25<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1120000.00   | 0.33%             | 2044-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle                                                         | Port of Seattle, Series C                                                          | CUSIP: 735389WK0<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001298.60   | 0.60%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                 | Municipal Electric Authority of Georgia, Series 2024 A                             | CUSIP: 62620HJD5<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009698.20   | 0.30%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Saginaw Valley State University                                         | Saginaw Valley State University, Series 2016 A                                     | CUSIP: 78689HKT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1780744.53   | 0.53%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Monroe County (The)                            | Development Authority of Monroe County (The), Series 2013 A                        | CUSIP: 610530FE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2013229.40   | 0.60%             | 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        |    995000 | PA      | $1067307.05   | 0.32%             | 2054-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                           | Main Street Natural Gas, Inc., Series 2025 A                                       | CUSIP: 56035DJS2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $527826.30    | 0.16%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                            | West Virginia Economic Development Authority, Series 2025                          | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   2330000 | PA      | $2321355.00   | 0.69%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                       | City & County of Denver CO, Series 2018 A                                          | CUSIP: 249182LE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3117139.80   | 0.93%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago                                                         | City of Chicago IL, Series 2020 A                                                  | CUSIP: 167486F87<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2041742.60   | 0.61%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Casino Reinvestment Development Authority, Inc.                         | Casino Reinvestment Development Authority, Inc., Series 2024 A                     | CUSIP: 14760RBD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $818229.30    | 0.24%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                     | State of Illinois IL, Series 2021 C                                                | CUSIP: 452227SC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2770000 | PA      | $2924174.88   | 0.87%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                   | North Carolina Housing Finance Agency, Series 55 C                                 | CUSIP: 65820BBB1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1014950.67   | 0.30%             | 2056-07-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                  | North Carolina Medical Care Commission, Series 2025 B                              | CUSIP: 65821DZV6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2155846.20   | 0.64%             | 2055-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board             | Shelby County Health Educational & Housing Facilities Board, Series 2024 B         | CUSIP: 821691AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $786413.63    | 0.23%             | 2049-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Whiting                                                         | City of Whiting IN, Series 2019 A                                                  | CUSIP: 96634RAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2522599.00   | 0.75%             | 2044-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                          | Wayne County Airport Authority, Series F                                           | CUSIP: 944514TH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2505638.50   | 0.75%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Caney Independent School District                                   | New Caney Independent School District, Series 2018                                 | CUSIP: 643154LB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $612283.92    | 0.18%             | 2050-02-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Lambertson Farms Metropolitan District No. 1                            | Lambertson Farms Metropolitan District No. 1, Series 2024 A                        | CUSIP: 513305AH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1249443.11   | 0.37%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                   | Metropolitan Transportation Authority, Series 2020 E                               | CUSIP: 59261AJ57<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2699317.50   | 0.80%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lone Tree CO                                                    | City of Lone Tree CO, Series 2024                                                  | CUSIP: 542341AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1127888.11   | 0.34%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gulf Coast Industrial Development Authority                             | Gulf Coast Industrial Development Authority, Series 2012                           | CUSIP: 402207AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3300000.00   | 0.98%             | 2041-11-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                           | Main Street Natural Gas, Inc., Series 2023 D                                       | CUSIP: 56035DFT4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1578739.80   | 0.47%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No. 1                             | North Carolina Municipal Power Agency No. 1, Series A                              | CUSIP: 658203X25<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |    530000 | PA      | $535291.20    | 0.16%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Housing and Finance Authority                                  | Colorado Housing and Finance Authority, Series 2025 F-2                            | CUSIP: 19648GE99<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2016897.00   | 0.60%             | 2028-04-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.               | Harris County Cultural Education Facilities Finance Corp., Series 2022 A           | CUSIP: 414009RN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $946478.37    | 0.28%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority             | Connecticut State Health & Educational Facilities Authority, Series 2024 A         | CUSIP: 20775DYC0<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    875000 | PA      | $893980.68    | 0.27%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Detroit Downtown Development Authority                                  | Detroit Downtown Development Authority, Series 2024                                | CUSIP: 251135HD4<br>LEI: 549300WO3NSMP6FECO66 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059305.60   | 0.32%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                       | North Carolina Turnpike Authority, Series 2017                                     | CUSIP: 65830RBH1<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1120745.63   | 0.33%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                 | Port Authority of New York & New Jersey, Series 248                                | CUSIP: 73358XPE6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060671.70   | 0.32%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Higher Education Supplement Loan Authority            | Connecticut State Higher Education Supplement Loan Authority, Series 2025 B-2      | CUSIP: 207743YR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $755951.85    | 0.23%             | 2045-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chandler Industrial Development Authority                               | Chandler Industrial Development Authority, Series 2007                             | CUSIP: 158862CD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2011324.00   | 0.60%             | 2037-12-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                | New Jersey Higher Education Student Assistance Authority, Series 2025-1B           | CUSIP: 646080YQ8<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2090807.80   | 0.62%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                    | Chicago O'Hare International Airport, Series 2024 F                                | CUSIP: 1675937Q9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1331280.72   | 0.40%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                              | Chicago Board of Education, Series 2017 D                                          | CUSIP: 167505SU1<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1203157.92   | 0.36%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                         | New York City Municipal Water Finance Authority, Series AA-6                       | CUSIP: 64972GCQ5<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.45%             | 2048-06-15      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                             | New York City Industrial Development Agency, Series 2020 A                         | CUSIP: 64971PKB0<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1286208.99   | 0.38%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                 | South Carolina Public Service Authority, Series 2025 B                             | CUSIP: 8371515Z8<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1336600.00   | 0.40%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                  | Iowa Finance Authority, Series 2018 F                                              | CUSIP: 46246K5E8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.89%             | 2041-07-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                       | Michigan State Building Authority, Series 2016 I                                   | CUSIP: 594615FM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2870000 | PA      | $2938517.81   | 0.87%             | 2031-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Providence St Joseph Health Obligated Group                             | Providence St Joseph Health Obligated Group                                        | CUSIP: 743820AG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2544207.30   | 0.76%             | 2032-10-01      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| City of Springfield IL Electric Revenue                                 | City of Springfield IL, Series 2024                                                | CUSIP: 850578UA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2708425.75   | 0.81%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                      | South Carolina Jobs-Economic Development Authority, Series 2024 A                  | CUSIP: 837032BJ9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2754200.25   | 0.82%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                        | Ohio Water Development Authority, Series 2024 C                                    | CUSIP: 67766WQ21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3300000.00   | 0.98%             | 2054-12-01      | Variable      | 3.95%                 | 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        |   3000000 | PA      | $3222719.40   | 0.96%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                  | California Municipal Finance Authority, Series 2024 A-1                            | CUSIP: 130483HC7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2628418.75   | 0.78%             | 2056-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                              | Illinois Finance Authority, Series 2020 B-2                                        | CUSIP: 45204FEH4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2532783.75   | 0.75%             | 2050-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery OH                                                 | County of Montgomery OH, Series 2021                                               | CUSIP: 613520MQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1072663.41   | 0.32%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority, Series 2024                                    | CUSIP: 65000B7H5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    200000 | PA      | $214563.70    | 0.06%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Michigan                                                  | University of Michigan, Series 2017 A                                              | CUSIP: 914455QU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2895000 | PA      | $2985788.07   | 0.89%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Gainesville FL Utilities System Revenue                         | City of Gainesville FL, Series 2012 B                                              | CUSIP: 362848RR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.89%             | 2042-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                  | State Public School Building Authority, Series 2006 B                              | CUSIP: 709207DH4<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072317.60   | 0.32%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                            | Massachusetts Port Authority, Series 2019 A                                        | CUSIP: 575896SY2<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017721.90   | 0.30%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                 | Port Authority of New York & New Jersey, Series 242                                | CUSIP: 73358XJU7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1537682.40   | 0.46%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Science and Technology Park Metropolitan District No. 1        | Colorado Science and Technology Park Metropolitan District No. 1, Series 2024 A    | CUSIP: 19658CAG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $374319.43    | 0.11%             | 2027-12-01      | 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        |   2500000 | PA      | $2520771.50   | 0.75%             | 2050-06-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| University of Colorado Hospital Authority                               | University of Colorado Hospital Authority, Series 2024 B                           | CUSIP: 914183BX5<br>LEI: GQ60RLZ5ZEBY2J9KLI75 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2228386.60   | 0.66%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Warner Robins Housing Authority Resident Council Corp.                  | Warner Robins Housing Authority Resident Council Corp., Series 2024                | CUSIP: 934604AM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047584.40   | 0.31%             | 2029-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Michigan University                                             | Western Michigan University, Series 2025 A                                         | CUSIP: 958638ZV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2689272.64   | 0.80%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                | Public Finance Authority, Series A-3                                               | CUSIP: 74445MAG4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000261.10   | 0.30%             | 2027-09-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                         | Allegheny County Hospital Development Authority, Series 2017 D-2                   | CUSIP: 01728A5V4<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1977669.80   | 0.59%             | 2047-11-15      | Floating      | 2.62%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | New Jersey Economic Development Authority, Series 2020 D                           | CUSIP: 645780FR3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1839709.60   | 0.55%             | 2029-11-01      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| City of Hamilton OH                                                     | City of Hamilton OH, Series 2024                                                   | CUSIP: 407756P82<br>LEI: 549300NCXYTNZWHRP508 | Long             | DBT              | MUN               | US        |    835000 | PA      | $837824.72    | 0.25%             | 2025-12-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                 | Dallas Fort Worth International Airport, Series 2023 B                             | CUSIP: 23503CCK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1257360.38   | 0.37%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                        | Energy Northwest, Series 2020A                                                     | CUSIP: 29270C3K9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1143538.24   | 0.34%             | 2031-07-01      | 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        |   2000000 | PA      | $2117774.40   | 0.63%             | 2058-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Science and Technology Park Metropolitan District No. 1        | Colorado Science and Technology Park Metropolitan District No. 1, Series 2024 A    | CUSIP: 19658CAH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $421768.04    | 0.13%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                          | Sales Tax Securitization Corp., Series 2020 A                                      | CUSIP: 79467BCS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1325011.37   | 0.39%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp.                                      | Mission Economic Development Corp., Series 2020 A                                  | CUSIP: 605155BQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1750471.63   | 0.52%             | 2050-05-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| Fort Bend Independent School District                                   | Fort Bend Independent School District, Series 2025 B                               | CUSIP: 346843WS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1878170.69   | 0.56%             | 2055-08-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                          | Black Belt Energy Gas District, Series 2023 D-1                                    | CUSIP: 09182TCR6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2585007.25   | 0.77%             | 2049-06-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                   | New York State Housing Finance Agency, Series 2024 B-2                             | CUSIP: 649870PG1<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1645473.06   | 0.49%             | 2054-12-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| E-470 Public Highway Authority                                          | E-470 Public Highway Authority, Series 2024 B                                      | CUSIP: 26822LMX9<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994281.20    | 0.30%             | 2039-09-01      | Floating      | 3.69%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                             | Ohio Higher Educational Facility Commission                                        | CUSIP: 67756DT89<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1248843.42   | 0.37%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                                   | County of Hamilton, Series 2021 B                                                  | CUSIP: 4072722B8<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 0.74%             | 2051-08-15      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                              | Illinois Finance Authority, Series 2016 C                                          | CUSIP: 45204EES3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1948615.32   | 0.58%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Leander Independent School District                                     | Leander Independent School District, Series 2016                                   | CUSIP: 521841MM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2489214.00   | 0.74%             | 2025-08-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Housing Revenue      | Wisconsin Housing & Economic Development Authority Housing, Series 2023 E          | CUSIP: 9769044P4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501166.20    | 0.15%             | 2054-11-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                             | New Jersey Educational Facilities Authority, Series A-1                            | CUSIP: 646067KD9<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1572871.59   | 0.47%             | 2064-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority Dedicated Tax Fund                | Metropolitan Transportation Authority Dedicated Tax Fund, Series 2008 B-3B         | CUSIP: 59259N5P4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1770094.65   | 0.53%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                       | State of Maryland, Series 2017 A                                                   | CUSIP: 574193PS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2060000 | PA      | $2033128.33   | 0.61%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                             | Long Island Power Authority, Series 2022 B                                         | CUSIP: 542691GD6<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2061845.80   | 0.61%             | 2052-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                           | Kentucky State Property & Building Commission, Series A                            | CUSIP: 49151F4R8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $822401.63    | 0.24%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chandler Industrial Development Authority                               | Chandler Industrial Development Authority, Series 2019                             | CUSIP: 158862CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1497150.45   | 0.45%             | 2049-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Detroit Downtown Development Authority                                  | Detroit Downtown Development Authority, Series 2024                                | CUSIP: 251135HE2<br>LEI: 549300WO3NSMP6FECO66 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072811.50   | 0.32%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                | Metropolitan Pier & Exposition Authority, Series 2024 A                            | CUSIP: 592250FW9<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1592737.34   | 0.47%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 87 Berkeley                             | Cook County School District No. 87, Series 2021                                    | CUSIP: 214165LW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052138.30   | 0.31%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Quincy MA                                                       | City of Quincy MA, Series 2024                                                     | CUSIP: 748508Y69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001081.30   | 0.30%             | 2025-07-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                               | Indiana Finance Authority, Series 2010 A                                           | CUSIP: 45505RBN4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000254.90   | 0.30%             | 2028-05-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                    | Triborough Bridge & Tunnel Authority, Series 2025 A                                | CUSIP: 89602HHY6<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1584912.75   | 0.47%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bristol                                                         | City of Bristol VA, Series 2023                                                    | CUSIP: 110331QS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003174.40   | 0.30%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                    | Chicago Midway International Airport, Series 2023 B                                | CUSIP: 167562SK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010444.70   | 0.30%             | 2026-01-01      | 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        |   1000000 | PA      | $1024426.10   | 0.30%             | 2031-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                             | Washington State Housing Finance Commission, Series 2023                           | CUSIP: 93978PPU5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017211.50   | 0.30%             | 2043-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                  | Virginia Housing Development Authority, Series 2023 E                              | CUSIP: 92812WLB8<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001134.60   | 0.60%             | 2027-10-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                        | California Pollution Control Financing Authority, Series 2003 A                    | CUSIP: 130536LT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016070.70   | 0.30%             | 2038-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                       | Indiana Housing & Community Development Authority, Series 2023                     | CUSIP: 45506CBL0<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000662.10   | 0.30%             | 2028-09-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                  | Iowa Finance Authority, Series 2021                                                | CUSIP: 46246YAB8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999101.40    | 0.30%             | 2042-01-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                              | Michigan Finance Authority, Series 2024 A-1                                        | CUSIP: 59447T5Q2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501595.40   | 0.45%             | 2025-07-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                | Metropolitan Pier & Exposition Authority, Series 2023 A                            | CUSIP: 592250FH2<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038353.00   | 0.31%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                             | University of North Carolina at Chapel Hill, Series 2012 B                         | CUSIP: 914713U75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3012285.60   | 0.90%             | 2041-12-01      | Floating      | 3.92%                 | No            |                  2 | On Loan: No      |
| Development Authority of Monroe County (The)                            | Development Authority of Monroe County (The), Series 2008, Class 1                 | CUSIP: 610530FZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2230168.73   | 0.66%             | 2048-11-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Bergen County Improvement Authority (The)                               | Bergen County Improvement Authority (The), Series 2025 A                           | CUSIP: 083773EC1<br>LEI: 549300GA3U8F8Z1HOS09 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2522893.25   | 0.75%             | 2026-05-21      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act             | New Hampshire Health and Education Facilities Authority Act, Series 2017 A         | CUSIP: 64461XCF0<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1076103.58   | 0.32%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Housing and Finance Authority                                  | Colorado Housing and Finance Authority, Series 2025 E-2                            | CUSIP: 19648GXF4<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2009430.20   | 0.60%             | 2029-10-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri      | Health & Educational Facilities Authority of the State of Missouri, Series 2021 A  | CUSIP: 60637ASW3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1112000.78   | 0.33%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Registration Fee Revenue               | Pennsylvania Turnpike Commission Registration Fee, Series 2023                     | CUSIP: 709222DS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1996597.60   | 0.59%             | 2041-07-15      | Floating      | 2.77%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds - MuniCash                                    | BlackRock Liquidity Funds - MuniCash                                               | CUSIP: 09248U841<br>LEI: 549300RWBJ885673DL84 | Long             | STIV             | RF                | US        |   2146660 | NS      | $2146875.13   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Bergen County Improvement Authority (The)                               | Bergen County Improvement Authority (The), Series 2024                             | CUSIP: 083773EB3<br>LEI: 549300GA3U8F8Z1HOS09 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002723.80   | 0.30%             | 2025-10-16      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                           | Main Street Natural Gas, Inc., Series 2021 A                                       | CUSIP: 56035DDH2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2524022.75   | 0.75%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                          | State of Texas, Series 2015                                                        | CUSIP: 882723F61<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2503249.75   | 0.75%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Wisconsin Hospitals & Clinics                             | University of Wisconsin Hospitals & Clinics, Series 2024 B                         | CUSIP: 915260FU2<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2181777.00   | 0.65%             | 2054-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition and Supply Corp. II                     | Texas Municipal Gas Acquisition and Supply Corp. II, Series 2012 C                 | CUSIP: 88255QBH1<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1240860.56   | 0.37%             | 2027-09-15      | Floating      | 3.71%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority Central Regional Wastewater System Revenue      | Trinity River Authority, Series 2017                                               | CUSIP: 89658HVD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2835000 | PA      | $2947402.36   | 0.88%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County (The)                             | Development Authority of Burke County (The), Series 2012-2                         | CUSIP: 121342QN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $745044.68    | 0.22%             | 2049-12-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                | State of Connecticut CT, Series 2023 A                                             | CUSIP: 207758N41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2400000.00   | 0.71%             | 2025-07-01      | 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        |   2698000 | PA      | $2777157.70   | 0.83%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                              | Illinois Finance Authority, Series 2020                                            | CUSIP: 45203EAG4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1473644.25   | 0.44%             | 2040-05-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                               | Indiana Finance Authority, Series 2025 D-1                                         | CUSIP: 45470YGD7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2133929.60   | 0.64%             | 2064-10-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.              | Tarrant County Cultural Education Facilities Finance Corp., Series 2024 B          | CUSIP: 87638THP1<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1619477.70   | 0.48%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County (The)                             | Development Authority of Burke County (The), Series 2009-1                         | CUSIP: 121342MW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4500000.00   | 1.34%             | 2049-07-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                         | State of Hawaii HI, Series FG                                                      | CUSIP: 419792LM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2458659.12   | 0.73%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                        | Pennsylvania Turnpike Commission, Series 2016 B                                    | CUSIP: 709224QL6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017250.50   | 0.30%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cypress-Fairbanks Independent School District                           | Cypress-Fairbanks Independent School District, Series 2023 A                       | CUSIP: 232769MQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013819.60   | 0.30%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                | Public Finance Authority, Series 2025 A                                            | CUSIP: 74439YFK2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $813515.78    | 0.24%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clairton Municipal Authority                                            | Clairton Municipal Authority, Series 2024 B                                        | CUSIP: 179630DD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1509389.68   | 0.45%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                | Public Finance Authority, Series 2025 A                                            | CUSIP: 74439YFH9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    475000 | PA      | $513086.17    | 0.15%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Puget Sound Regional Transit Authority                          | Central Puget Sound Regional Transit Authority, Series 2016 S-1                    | CUSIP: 155048DC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2580000 | PA      | $2643291.27   | 0.79%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Delaware                                                  | University of Delaware, Series 2005                                                | CUSIP: 91425MAZ0<br>LEI: KPIOJCFMR70NWLS6O145 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.89%             | 2035-11-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                           | Main Street Natural Gas, Inc., Series 2025 A                                       | CUSIP: 56035DJT0<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060404.40   | 0.32%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                | Public Finance Authority, Series A-2                                               | CUSIP: 74445MAF6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000261.10   | 0.30%             | 2025-10-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| Hudson County Improvement Authority                                     | Hudson County Improvement Authority, Series 2024 B-1                               | CUSIP: 443728GJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000364.10   | 0.30%             | 2025-07-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Transportation & Infrastructure Corp.                    | Virgin Islands Transportation & Infrastructure Corp., Series 2025                  | CUSIP: 927686AE5<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |   1000000 | PA      | $1070705.70   | 0.32%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                   | Pennsylvania Economic Development Financing Authority, Series 2011                 | CUSIP: 708692BF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009923.70   | 0.30%             | 2041-07-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                            | Commonwealth of Pennsylvania, Series 2016                                          | CUSIP: 70914PE57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1290585.62   | 0.38%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Casino Reinvestment Development Authority, Inc.                         | Casino Reinvestment Development Authority, Inc., Series 2024 A                     | CUSIP: 14760RBE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1101078.10   | 0.33%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                  | California Municipal Finance Authority, Series 2019                                | CUSIP: 13050RAA0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2330000 | PA      | $2282323.77   | 0.68%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                   | New York State Housing Finance Agency, Series 2014 A                               | CUSIP: 64987JY62<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1488287.55   | 0.44%             | 2042-05-01      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                     | California State Public Works Board, Series 2023 C                                 | CUSIP: 13068XHB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1683555.20   | 0.50%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                 | Port Authority of New York & New Jersey, Series 242                                | CUSIP: 73358XJV5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1563546.30   | 0.47%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Kentucky                                                  | University of Kentucky, Series 2014 D                                              | CUSIP: 914378GQ1<br>LEI: 549300CXE3YQ1HXYCQ71 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1599236.32   | 0.48%             | 2025-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                  | City of Minneapolis MN, Series 2025                                                | CUSIP: 603695JQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1356276.13   | 0.40%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority, Series 2025 2-A                                | CUSIP: 64985SBZ5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3187406.10   | 0.95%             | 2048-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Governors of Colorado State University System                  | Board of Governors of Colorado State University System, Series 2023 A-2            | CUSIP: 196707V67<br>LEI: 549300MAE3RAIIEIQV71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020151.10   | 0.30%             | 2048-03-01      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                   | School District of Philadelphia (The), Series 2019 A                               | CUSIP: 717883VW9<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059913.30   | 0.32%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                 | City of Philadelphia, Series 2025 C                                                | CUSIP: 717813C56<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    750000 | PA      | $821830.73    | 0.24%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                | Public Finance Authority, Series 2025 A                                            | CUSIP: 74439YFD8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    390000 | PA      | $403757.60    | 0.12%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hawaii Housing Finance & Development Corp.                              | Hawaii Housing Finance & Development Corp., Series 2024                            | CUSIP: 41981PCG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1509200.10   | 0.45%             | 2029-12-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority, Series 2017 B, Class 2                         | CUSIP: 64990FFZ2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2601610.75   | 0.77%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority             | Connecticut State Health & Educational Facilities Authority, Series 2025 B-1       | CUSIP: 20775DZS4<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2735335.25   | 0.81%             | 2064-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand River Dam Authority                                               | Grand River Dam Authority, Series 2016 A                                           | CUSIP: 386442WP8<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1196904.92   | 0.36%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| E-470 Public Highway Authority                                          | E-470 Public Highway Authority, Series 2000 B                                      | CUSIP: 26822LDS0<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1989883.20   | 0.59%             | 2025-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri      | Health & Educational Facilities Authority of the State of Missouri, Series 2016    | CUSIP: 60637AKS0<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1323635.95   | 0.39%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                           | New Jersey Turnpike Authority, Series 2024 A                                       | CUSIP: 646140FN8<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2637703.25   | 0.79%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                           | Texas Water Development Board, Series 2023 A                                       | CUSIP: 88285ACL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006091.90   | 0.30%             | 2025-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                      | Dallas Independent School District, Series 2025 A-2                                | CUSIP: 235308Q48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2055983.60   | 0.61%             | 2055-02-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County (The)                             | Development Authority of Burke County (The), Series 2013-1                         | CUSIP: 121342QL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $498903.90    | 0.15%             | 2053-11-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                          | Sales Tax Securitization Corp., Series 2020 AA                                     | CUSIP: 79467BCR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1890019.13   | 0.56%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                              | Philadelphia Gas Works Co., Series 14                                              | CUSIP: 7178238L5<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   2425000 | PA      | $2467654.05   | 0.73%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuPage County Forest Preserve District                                  | DuPage County Forest Preserve District, Series 2025                                | CUSIP: 262651VH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $866993.08    | 0.26%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Airport System Revenue                             | County of Broward FL, Series A                                                     | CUSIP: 114894WA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005409.00   | 0.60%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                   | New York State Housing Finance Agency, Series 2024 A-2                             | CUSIP: 649870NG3<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    750000 | PA      | $749772.00    | 0.22%             | 2054-06-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Metropolitan District (The)                                             | Metropolitan District (The), Series 2016C                                          | CUSIP: 416489UE0<br>LEI: 549300CEZQKAR15IFS62 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2561835.50   | 0.76%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                         | New York City Municipal Water Finance Authority, Series 2023 CC                    | CUSIP: 64972GC85<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.89%             | 2053-06-15      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| State of Alaska International Airports System                           | State of Alaska International Airports System, Series 2025 A                       | CUSIP: 011842UW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $374688.90    | 0.11%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Illinois                                                  | University of Illinois, Series 2016 A                                              | CUSIP: 914353N29<br>LEI: 549300VD8PPC4Q5HK850 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2514887.25   | 0.75%             | 2029-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| El Paso County Hospital District                                        | El Paso County Hospital District, Series 2024                                      | CUSIP: 283590HM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1515182.34   | 0.45%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority                           | Massachusetts Educational Financing Authority, Series 2024 B                       | CUSIP: 57563RTZ2<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    575000 | PA      | $602067.09    | 0.18%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma County Finance Authority                                       | Oklahoma County Finance Authority, Series 2025                                     | CUSIP: 67868UKE2<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1151239.87   | 0.34%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                     | California State Public Works Board, Series 2024 B                                 | CUSIP: 13068XLH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005429.90   | 0.30%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                           | North Texas Tollway Authority, Series 2023 A                                       | CUSIP: 66285WM78<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035927.80   | 0.31%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue | New York City Transitional Finance Authority, Series 2019 C-4                      | CUSIP: 64971XKS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.60%             | 2044-11-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| University of Delaware                                                  | University of Delaware, Series 2013 C                                              | CUSIP: 91425MDV6<br>LEI: KPIOJCFMR70NWLS6O145 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700000.00   | 0.51%             | 2037-11-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| Missouri State Environmental Improvement & Energy Resources Authority   | Missouri State Environmental Improvement & Energy Resources Authority, Series 2008 | CUSIP: 606907BK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2507151.00   | 0.75%             | 2038-05-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Lottery                                                    | Oregon State Lottery, Series 2025 A                                                | CUSIP: 68607V6C4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $550371.25    | 0.16%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                  | City of Minneapolis MN, Series 2025                                                | CUSIP: 603695JP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1601733.45   | 0.48%             | 2028-08-15      | 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        |   1500000 | PA      | $1511499.60   | 0.45%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                        | California Health Facilities Financing Authority, Series 2024 A                    | CUSIP: 13032UT40<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055584.90   | 0.31%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Housing Revenue      | Wisconsin Housing & Economic Development Authority, Series 2024 B                  | CUSIP: 9769045G3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1359082.80   | 0.40%             | 2055-11-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| City of San Antonio                                                     | City of San Antonio TX, Series 2023                                                | CUSIP: 79623PQQ1<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501918.35   | 0.45%             | 2026-02-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                 | Municipal Electric Authority of Georgia, Series 2021 A                             | CUSIP: 62620HBB7<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1305338.20   | 0.39%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                    | State of Connecticut, Series 2025 A                                                | CUSIP: 20772KZV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $810838.73    | 0.24%             | 2029-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                  | Clifton Higher Education Finance Corp., Series 2019                                | CUSIP: 187145KF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1483414.53   | 0.44%             | 2031-08-15      | Fixed         | 4.00%                 | 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        |   2000000 | PA      | $2001345.20   | 0.60%             | 2034-07-15      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| County Square Redevelopment Corp.                                       | County Square Redevelopment Corp., Series 2025                                     | CUSIP: 22259PBW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $551074.50    | 0.16%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                  | Oklahoma Development Finance Authority, Series 2016 D                              | CUSIP: 67884FQ41<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   2335000 | PA      | $2345846.54   | 0.70%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

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

**Signature:** Francis J. Smith

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

**Title:** Principal Financial Officer