# EDGAR Filing Document

**Accession Number:** 0001676326
**File Stem:** 0002071691-26-005074
**Filing Date:** 2026-2
**Character Count:** 154346
**Document Hash:** 97442d142fa2da7a2e4943a42b6014b3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-005074.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0002071691-26-005074

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23820
- **FILM NUMBER:** 26692942

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 1585 Broadway

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

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

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

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

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $582306355.87

**Total Liabilities:** $7140805.83

**Net Assets:** $575165550.04

**Cash Not Reported:** $0.64

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 92463.67972500 | **1-Year:** 38173.21719600 | **5-Year:** 78543.81434200 | **10-Year:** 5401.47452200 | **30-Year:** 0.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** 545.53304900 | **5-Year:** 5695.92731000 | **10-Year:** 711.72239300 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000247027 | 0.12%                | 0.21%                | 0.38%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $12220.04                | $-703451.41                                |
| Month 2  | $20686.38                | $-224361.14                                |
| Month 3  | $1224.60                 | $544240.55                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alaska Housing Finance Corp.                                                              | Alaska Housing Finance Corp., Series 2025-1                                                            | CUSIP: 011839U47<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    490000 | PA      | $483164.01    | 0.08%             | 2029-12-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp.                                                              | Alaska Housing Finance Corp., Series 2025-1                                                            | CUSIP: 011839U54<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300408.54    | 0.05%             | 2030-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp.                                                              | Alaska Housing Finance Corp., Series 2025-1                                                            | CUSIP: 011839U62<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    540000 | PA      | $540891.22    | 0.09%             | 2030-12-01      | Fixed         | 3.05%                 | 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      | $373348.15    | 0.06%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                           | Allegheny County Hospital Development Authority, Series 2017 D-2                                       | CUSIP: 01728A5V4<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1982465.40   | 0.34%             | 2047-11-15      | Floating      | 4.02%                 | No            |                  2 | On Loan: No      |
| Argyle Independent School District                                                        | Argyle Independent School District, Series 2025 B-2                                                    | CUSIP: 040319X34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2583882.00   | 0.45%             | 2057-08-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Series 2025                                                  | CUSIP: 04052AEN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2528288.00   | 0.44%             | 2031-10-01      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Series 2025                                                  | CUSIP: 04062PDH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2590000 | PA      | $2555256.70   | 0.44%             | 2047-07-01      | Variable      | 2.76%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                                  | City of Austin, Series 2022                                                                            | CUSIP: 052398HF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1417285.85   | 0.25%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore                                                                       | County of Baltimore, Series 2024                                                                       | CUSIP: 05914GFM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3931271.05   | 0.68%             | 2031-02-01      | Fixed         | 5.00%                 | 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      | $2513496.75   | 0.44%             | 2026-05-21      | Fixed         | 4.00%                 | 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      | $2585504.36   | 0.45%             | 2049-06-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District, Series 2025 E                                                          | CUSIP: 09182TFW2<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068644.60   | 0.19%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds - MuniCash                                                      | BlackRock Liquidity Funds - MuniCash                                                                   | CUSIP: 09248U841<br>LEI: 549300RWBJ885673DL84 | Long             | STIV             | RF                | US        |   9460961 | NS      | $9461907.47   | 1.65%             |  |  |  | No            |                  1 | 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      | $2002839.20   | 0.35%             | 2029-10-01      | 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   | 0.78%             | 2049-07-01      | Variable      | 2.55%                 | 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      | $502176.20    | 0.09%             | 2053-11-01      | Variable      | 3.38%                 | 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      | $753390.45    | 0.13%             | 2049-12-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                           | California Community Choice Financing Authority, Series 2023 F                                         | CUSIP: 13013JDD5<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    990000 | PA      | $1080802.40   | 0.19%             | 2054-10-01      | Variable      | 5.50%                 | 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      | $1055416.20   | 0.18%             | 2028-12-01      | Fixed         | 5.00%                 | 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      | $2638775.25   | 0.46%             | 2056-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, Series 2017 A                                                  | CUSIP: 13048RAF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000369.80   | 0.17%             | 2044-12-01      | Variable      | 3.45%                 | 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      | $2341212.89   | 0.41%             | 2029-07-15      | Fixed         | 4.00%                 | 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      | $1031539.30   | 0.18%             | 2038-11-01      | Variable      | 4.25%                 | 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      | $1670237.28   | 0.29%             | 2027-09-01      | 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      | $1002686.40   | 0.17%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                    | California Statewide Communities Development Authority, Series 2025 B                                  | CUSIP: 13080S2V5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3388000.50   | 0.59%             | 2030-10-01      | Fixed         | 5.00%                 | Yes           |                  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      | $823605.38    | 0.14%             | 2030-11-01      | 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      | $1113989.90   | 0.19%             | 2031-11-01      | 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      | $2629614.17   | 0.46%             | 2030-11-01      | Fixed         | 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      | $2015167.20   | 0.35%             | 2037-12-01      | Variable      | 4.10%                 | 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      | $1521309.00   | 0.26%             | 2049-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Arapahoe County School District No. 5                                                     | Arapahoe County School District No. 5, Series 2025                                                     | CUSIP: 164555EJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1510705.76   | 0.26%             | 2030-12-15      | 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      | $2023669.40   | 0.35%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                | Chicago Board of Education, Series 2025 B                                                              | CUSIP: 167505ZT6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2644073.00   | 0.46%             | 2032-12-01      | Fixed         | 5.50%                 | 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      | $1000000.00   | 0.17%             | 2026-01-01      | 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      | $1318322.25   | 0.23%             | 2028-01-01      | 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      | $1503326.94   | 0.26%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  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      | $651937.80    | 0.11%             | 2030-01-01      | 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      | $1504173.45   | 0.26%             | 2031-08-15      | Fixed         | 4.00%                 | 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      | $2077369.29   | 0.36%             | 2032-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, Series 2025 A                                                    | CUSIP: 19648FB60<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1537185.38   | 0.27%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, Series 2019 B-2                                                  | CUSIP: 19648FJJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502211.30   | 0.26%             | 2049-08-01      | Variable      | 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      | $2114289.60   | 0.37%             | 2058-11-15      | Variable      | 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      | $2020043.00   | 0.35%             | 2028-04-01      | Fixed         | 3.80%                 | 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      | $2026358.80   | 0.35%             | 2029-10-01      | Fixed         | 3.35%                 | 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      | $373416.66    | 0.06%             | 2027-12-01      | 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: 19658CAH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $422671.12    | 0.07%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Governors of Colorado State University System                                    | Board of Governors of Colorado State University System, Series 2023 A-2                                | CUSIP: 196707V67<br>LEI: 549300MAE3RAIIEIQV71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025093.50   | 0.18%             | 2048-03-01      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                      | State of Connecticut, Series 2021 B                                                                    | CUSIP: 20772KMV8<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1910085.39   | 0.33%             | 2032-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                      | State of Connecticut, Series 2025 A                                                                    | CUSIP: 20772KZV4<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    750000 | PA      | $808690.35    | 0.14%             | 2029-03-15      | 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      | $752832.53    | 0.13%             | 2045-11-15      | Variable      | 5.00%                 | 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      | $1010993.70   | 0.18%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                  | State of Connecticut, Series A                                                                         | CUSIP: 207758WB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1985000 | PA      | $1992808.00   | 0.35%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                  | State of Connecticut, Series 2025 A                                                                    | CUSIP: 207758Y23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4150680.80   | 0.72%             | 2027-07-01      | 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      | $885010.18    | 0.15%             | 2026-07-01      | 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      | $2758960.00   | 0.48%             | 2064-07-01      | Variable      | 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      | $1043917.40   | 0.18%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County Square Redevelopment Corp.                                                         | County Square Redevelopment Corp., Series 2025                                                         | CUSIP: 22259PBW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $552087.85    | 0.10%             | 2030-04-01      | 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      | $1002839.60   | 0.17%             | 2026-02-15      | Fixed         | 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      | $1296530.63   | 0.23%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                                   | Dallas Fort Worth International Airport, Series 2025 A-1                                               | CUSIP: 23503CFP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4488280.08   | 0.78%             | 2028-11-01      | 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      | $2048041.20   | 0.36%             | 2055-02-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Delaware                                                                        | County of Delaware, Series 2015                                                                        | CUSIP: 24588SAS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2750860.75   | 0.48%             | 2031-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Denton Independent School District                                                        | Denton Independent School District, Series B-2                                                         | CUSIP: 249002NL6<br>LEI: 5493005I9W678SUI0Z07 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058789.00   | 0.18%             | 2055-08-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                         | City & County of Denver CO, Series 2018 A                                                              | CUSIP: 249182LE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5255990.50   | 0.91%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                         | City & County of Denver, Series 2018 A                                                                 | CUSIP: 249182LF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1573645.50   | 0.27%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Detroit City School District                                                              | Detroit City School District, Series 2001 A                                                            | CUSIP: 251129ZY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3193037.10   | 0.56%             | 2029-05-01      | Fixed         | 6.00%                 | 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      | $1056006.50   | 0.18%             | 2028-07-01      | Fixed         | 5.00%                 | 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      | $1077341.30   | 0.19%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dickinson Independent School District                                                     | Dickinson Independent School District, Series 2013                                                     | CUSIP: 253363UD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1503013.80   | 0.26%             | 2037-08-01      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Series 2015                                                                      | CUSIP: 254764JQ7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001064.20   | 0.17%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                                              | District of Columbia Water & Sewer Authority, Series 2025 C-1                                          | CUSIP: 254845VV9<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.87%             | 2060-10-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                                              | District of Columbia Water & Sewer Authority, Series 2025 C-2                                          | CUSIP: 254845VW7<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |   3395000 | PA      | $3395000.00   | 0.59%             | 2060-10-01      | Variable      | 2.55%                 | 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      | $860668.38    | 0.15%             | 2027-11-01      | Fixed         | 5.00%                 | 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      | $998270.90    | 0.17%             | 2039-09-01      | Floating      | 3.28%                 | 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      | $1528466.38   | 0.27%             | 2030-08-15      | 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      | $1151462.00   | 0.20%             | 2031-07-01      | Fixed         | 5.00%                 | 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      | $2024443.00   | 0.35%             | 2054-10-01      | Variable      | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Series 2025 A                                                       | CUSIP: 34061XAH5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1205391.84   | 0.21%             | 2050-09-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Series 2025                                                         | CUSIP: 34061XAJ1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1679021.63   | 0.29%             | 2037-07-01      | Variable      | 4.45%                 | Yes           |                  2 | On Loan: No      |
| Florida Housing Finance Corp.                                                             | Florida Housing Finance Corp., Series 2025 D                                                           | CUSIP: 34073JVF3<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2251041.08   | 0.39%             | 2043-03-01      | Variable      | 3.00%                 | 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      | $1892227.18   | 0.33%             | 2055-08-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| City of Gadsden                                                                           | City of Gadsden, Series 2025 A                                                                         | CUSIP: 362460VV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $175606.02    | 0.03%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Gadsden                                                                           | City of Gadsden, Series 2025 A                                                                         | CUSIP: 362460VW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $222876.36    | 0.04%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Gadsden                                                                           | City of Gadsden, Series 2025 A                                                                         | CUSIP: 362460VX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $180475.34    | 0.03%             | 2032-10-01      | 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        |   6000000 | PA      | $6000000.00   | 1.04%             | 2042-10-01      | Variable      | 2.55%                 | 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      | $1188475.33   | 0.21%             | 2029-06-01      | 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        |   5800000 | PA      | $5800000.00   | 1.01%             | 2041-11-01      | Variable      | 2.55%                 | No            |                  2 | On Loan: No      |
| County of Hamilton                                                                        | County of Hamilton, Series 2021 B                                                                      | CUSIP: 4072722B8<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 0.43%             | 2051-08-15      | Variable      | 2.55%                 | No            |                  2 | On Loan: No      |
| Harris County Health Facilities Development Corp.                                         | Harris County Health Facilities Development Corp., Series A-2                                          | CUSIP: 41315RGV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4900000 | PA      | $4900000.00   | 0.85%             | 2041-12-01      | Variable      | 2.55%                 | 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      | $2613271.37   | 0.45%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                 | Harris County Cultural Education Facilities Finance Corp., Series 2022 A                               | CUSIP: 414009RN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $948671.06    | 0.16%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                 | Harris County Cultural Education Facilities Finance Corp., Series 2022 B                               | CUSIP: 414009RT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1581938.25   | 0.28%             | 2050-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan District (The)                                                               | Metropolitan District (The), Series 2016C                                                              | CUSIP: 416489UE0<br>LEI: 549300CEZQKAR15IFS62 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2548078.25   | 0.44%             | 2031-11-01      | Fixed         | 5.00%                 | 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      | $2441369.04   | 0.42%             | 2030-10-01      | 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      | $1510767.00   | 0.26%             | 2029-12-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| City of Houston                                                                           | City of Houston, Series 2025 A                                                                         | CUSIP: 442349JB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3192771.30   | 0.56%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston                                                                           | City of Houston, Series 2025 B                                                                         | CUSIP: 442349KB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5281322.00   | 0.92%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Hutto Independent School District                                                         | Hutto Independent School District, Series 2015                                                         | CUSIP: 4484926N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033057.60   | 0.18%             | 2055-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                         | Idaho Health Facilities Authority, Series 2013 ID                                                      | CUSIP: 45129UCB8<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1750008.58   | 0.30%             | 2048-12-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Series 2020                                                                | CUSIP: 45203EAG4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1531632.30   | 0.27%             | 2040-05-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Series 2019                                                                | CUSIP: 45204E2L1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1527513.81   | 0.27%             | 2034-11-01      | Floating      | 3.79%                 | 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      | $1929810.58   | 0.34%             | 2026-02-15      | Fixed         | 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      | $2515430.25   | 0.44%             | 2050-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Series 2022                                                                | CUSIP: 45204FRY3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.17%             | 2042-10-01      | Variable      | 3.82%                 | 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      | $2593700.00   | 0.45%             | 2028-11-01      | 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      | $2914748.57   | 0.51%             | 2028-06-15      | Fixed         | 5.00%                 | 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      | $2136849.80   | 0.37%             | 2064-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                            | Indiana Municipal Power Agency, Series 2019 B                                                          | CUSIP: 454898XD4<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.87%             | 2042-01-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Indiana Secondary Market for Education Loans, Inc.                                        | Indiana Secondary Market for Education Loans, Inc., Series 2025 1-A                                    | CUSIP: 45505NAL8<br>LEI: 549300M19IK303TD4597 | Long             | DBT              | MUN               | US        |    500000 | PA      | $522278.20    | 0.09%             | 2029-06-01      | 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        |   1450000 | PA      | $1450040.17   | 0.25%             | 2028-05-01      | Variable      | 3.45%                 | 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   | 0.52%             | 2041-07-01      | Variable      | 2.45%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                    | Iowa Finance Authority, Series 2021                                                                    | CUSIP: 46246YAB8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    415000 | PA      | $414580.02    | 0.07%             | 2042-01-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Jacksonville Housing Finance Authority                                                    | Jacksonville Housing Finance Authority, Series 2025                                                    | CUSIP: 46940YBV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2975000 | PA      | $2983939.88   | 0.52%             | 2046-01-01      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| John D and Catherine T MacArthur Foundation                                               | John D and Catherine T MacArthur Foundation                                                            | CUSIP: 477854AA1<br>LEI: UJ37UD5B4O5WRVV6NV96 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $875409.06    | 0.15%             | 2030-12-01      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                                      | Kansas Development Finance Authority, Series 2025 J                                                    | CUSIP: 48542TBQ2<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1481872.35   | 0.26%             | 2046-10-01      | Variable      | 2.70%                 | 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      | $821775.23    | 0.14%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Knox Warren Etc Counties Community College District No. 518 Carl Sandburg                 | Knox Warren Etc Counties Community College District No. 518, Series 2025                               | CUSIP: 499635CU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1465112.07   | 0.25%             | 2035-12-01      | Variable      | 0.00%                 | 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      | $1240657.28   | 0.22%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Larimer                                                                         | County of Larimer, Series 2025 B                                                                       | CUSIP: 517132DZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1583218.19   | 0.28%             | 2027-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| County of Larimer                                                                         | County of Larimer, Series 2025 B                                                                       | CUSIP: 517132EA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1611985.76   | 0.28%             | 2028-12-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Lawton Industrial Development Authority                                                   | Lawton Industrial Development Authority, Series 2025 B                                                 | CUSIP: 521005AS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200289.18    | 0.03%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lawton Industrial Development Authority                                                   | Lawton Industrial Development Authority, Series 2025 B                                                 | CUSIP: 521005AT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $280256.40    | 0.05%             | 2028-07-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Lawton Industrial Development Authority                                                   | Lawton Industrial Development Authority, Series 2025 B                                                 | CUSIP: 521005AU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $224923.48    | 0.04%             | 2029-07-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Lawton Industrial Development Authority                                                   | Lawton Industrial Development Authority, Series 2025 B                                                 | CUSIP: 521005AV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $249627.88    | 0.04%             | 2030-07-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Lewisburg Industrial Development Board                                                    | Lewisburg Industrial Development Board, Series 2012                                                    | CUSIP: 528236AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100140.36   | 0.19%             | 2035-07-02      | Variable      | 3.40%                 | 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      | $1117453.63   | 0.19%             | 2026-12-01      | Fixed         | 5.00%                 | 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      | $2046787.20   | 0.36%             | 2052-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                               | Long Island Power Authority, Series 2025 B                                                             | CUSIP: 542691LD0<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1718888.76   | 0.30%             | 2055-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Louisa Industrial Development Authority                                                   | Louisa Industrial Development Authority, Series 2008 B                                                 | CUSIP: 546068AZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004098.00   | 0.17%             | 2035-11-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, Series 2025                                                     | CUSIP: 54640TAN9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1667538.79   | 0.29%             | 2053-05-01      | Variable      | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Lower Alabama Gas District (The)                                                          | Lower Alabama Gas District (The), Series 2016 A                                                        | CUSIP: 547804AA2<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1539319.95   | 0.27%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Luzerne                                                                         | County of Luzerne, Series 2025                                                                         | CUSIP: 550697WR3<br>LEI: 5493001Z1Y4QDISEER29 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1187708.51   | 0.21%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Energy, Inc.                                                                  | Main Street Energy, Inc., Series 2025 D                                                                | CUSIP: 560354AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3513070.11   | 0.61%             | 2033-12-01      | Fixed         | 5.00%                 | 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      | $2524475.25   | 0.44%             | 2052-07-01      | Variable      | 4.00%                 | 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      | $1587739.35   | 0.28%             | 2054-05-01      | Variable      | 5.00%                 | 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      | $528205.35    | 0.09%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                             | Main Street Natural Gas, Inc., Series 2025 A                                                           | CUSIP: 56035DJT0<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064100.90   | 0.19%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                          | Maricopa County Industrial Development Authority, Series 2025                                          | CUSIP: 566823UT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2485645.75   | 0.43%             | 2048-05-01      | Variable      | 2.81%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                         | State of Maryland, Series 2017 A                                                                       | CUSIP: 574193PS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1841068.12   | 0.32%             | 2031-08-01      | Fixed         | 3.00%                 | 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      | $603372.63    | 0.10%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                             | Commonwealth of Massachusetts, Series 2025 G                                                           | CUSIP: 57582TFR8<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2278390.20   | 0.40%             | 2031-12-01      | 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        |   2190000 | PA      | $2486974.29   | 0.43%             | 2055-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Series N                                                     | CUSIP: 57585BNM6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4389358.80   | 0.76%             | 2030-07-01      | 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      | $1010696.20   | 0.18%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                              | Massachusetts Port Authority, Series 2019 A-1                                                          | CUSIP: 575898DH1<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062225.40   | 0.18%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board | Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Series 2025 | CUSIP: 592113CV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4075000 | PA      | $4086506.99   | 0.71%             | 2059-12-01      | Variable      | 3.20%                 | 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      | $1036334.40   | 0.18%             | 2028-12-15      | 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      | $1589542.54   | 0.28%             | 2029-06-15      | Fixed         | 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      | $1764470.77   | 0.31%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                     | Metropolitan Transportation Authority, Series 2012 G-3                                                 | CUSIP: 59261A3W5<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4000000.00   | 0.70%             | 2031-11-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                     | Metropolitan Transportation Authority, Series 2025 B                                                   | CUSIP: 59261A5V5<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4414591.60   | 0.77%             | 2030-11-15      | 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      | $2714368.25   | 0.47%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                     | Metropolitan Transportation Authority, Series 2005 D-1                                                 | CUSIP: 59261AX77<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.87%             | 2035-11-01      | Variable      | 2.55%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                               | Metropolitan Washington Airports Authority, Series 2009 D-2                                            | CUSIP: 592646N25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2565000 | PA      | $2565000.00   | 0.45%             | 2039-10-01      | Variable      | 2.45%                 | 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      | $2924350.63   | 0.51%             | 2031-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                              | Michigan State Housing Development Authority, Series 2025                                              | CUSIP: 59465FAG5<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   2345000 | PA      | $2316660.44   | 0.40%             | 2043-10-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                              | Michigan State Housing Development Authority, Series 2025 A-1                                          | CUSIP: 59465PFZ6<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001475.80   | 0.35%             | 2031-10-01      | Fixed         | 3.55%                 | 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      | $1592334.90   | 0.28%             | 2028-08-15      | Fixed         | 5.00%                 | 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      | $1354897.38   | 0.24%             | 2029-08-15      | 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        |   1250000 | PA      | $1250180.13   | 0.22%             | 2050-05-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp.                                                        | Mississippi Business Finance Corp., Series 2007 B                                                      | CUSIP: 60528AAT1<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3500000.00   | 0.61%             | 2030-12-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp.                                                        | Mississippi Business Finance Corp., Series 2009 C                                                      | CUSIP: 60528ABK9<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1450000.00   | 0.25%             | 2030-12-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp.                                                        | Mississippi Business Finance Corp., Series 2011 G                                                      | CUSIP: 60528ACK8<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4000000.00   | 0.70%             | 2035-11-01      | Variable      | 2.50%                 | 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      | $1345000.00   | 0.23%             | 2026-01-01      | Fixed         | 5.00%                 | 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      | $1310613.33   | 0.23%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health & Educational Facilities Authority of the State of Missouri, Series 2021 A                      | CUSIP: 60637ASW3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1106643.67   | 0.19%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health & Educational Facilities Authority of the State of Missouri, Series 2008 B-1                    | CUSIP: 6069014N3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   3140000 | PA      | $3140000.00   | 0.55%             | 2035-10-01      | Variable      | 2.45%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health & Educational Facilities Authority of the State of Missouri, Series 2008 B                      | CUSIP: 6069014P8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1915000 | PA      | $1915000.00   | 0.33%             | 2035-10-01      | Variable      | 2.40%                 | 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      | $2551269.00   | 0.44%             | 2038-05-01      | Variable      | 4.05%                 | 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      | $2001156.80   | 0.35%             | 2034-07-15      | Variable      | 3.30%                 | 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      | $2034791.00   | 0.35%             | 2039-01-01      | Variable      | 3.60%                 | 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      | $2265500.93   | 0.39%             | 2048-11-01      | Variable      | 3.35%                 | 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      | $1061895.66   | 0.18%             | 2026-08-01      | Fixed         | 5.00%                 | 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      | $1306795.33   | 0.23%             | 2029-01-01      | 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      | $1000000.00   | 0.17%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Navarro Independent School District                                                       | Navarro Independent School District, Series 2025                                                       | CUSIP: 639285SW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1540683.00   | 0.27%             | 2062-02-15      | Variable      | 4.00%                 | 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      | $611151.54    | 0.11%             | 2050-02-15      | Variable      | 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      | $1071435.73   | 0.19%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                               | New Hampshire Health and Education Facilities Authority Act, Series 2025 A                             | CUSIP: 64461XMH5<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $4017258.00   | 0.70%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New Haven                                                                         | City of New Haven, Series 2025                                                                         | CUSIP: 645021EF9<br>LEI: 549300U4OHEAZ124LQ06 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1395847.75   | 0.24%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New Haven                                                                         | City of New Haven, Series 2025                                                                         | CUSIP: 645021EG7<br>LEI: 549300U4OHEAZ124LQ06 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1526917.64   | 0.27%             | 2032-08-01      | Fixed         | 5.00%                 | 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      | $1883145.60   | 0.33%             | 2029-11-01      | Variable      | 1.10%                 | 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      | $2116128.60   | 0.37%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                              | New Jersey Housing & Mortgage Finance Agency, Series 2024 B                                            | CUSIP: 6461084N7<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   3240000 | PA      | $3285575.78   | 0.57%             | 2029-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                              | New Jersey Housing & Mortgage Finance Agency, Series 2024 D-2                                          | CUSIP: 6461087N4<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996626.80    | 0.17%             | 2028-05-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                              | New Jersey Housing & Mortgage Finance Agency, Series 2025 B                                            | CUSIP: 64610ABH7<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3488186.80   | 0.61%             | 2029-11-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                              | New Jersey Housing & Mortgage Finance Agency, Series 2025 D-2                                          | CUSIP: 646127FW5<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    810000 | PA      | $812229.77    | 0.14%             | 2029-07-01      | Variable      | 3.10%                 | 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      | $2620701.25   | 0.46%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Municipal Energy Acquisition Authority                                         | New Mexico Municipal Energy Acquisition Authority, Series 2025                                         | CUSIP: 647207BL2<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3203511.30   | 0.56%             | 2054-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Energy Finance Development Corp.                                                 | New York Energy Finance Development Corp., Series 2025                                                 | CUSIP: 64947PAA4<br>LEI: 254900PRGXZMJ912RI65 | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1532224.54   | 0.27%             | 2056-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York NY, Series C                                                                          | CUSIP: 64966L4N8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003821.20   | 0.35%             | 2030-08-01      | 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    | 0.09%             | 2040-03-01      | Variable      | 2.50%                 | 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   | 0.19%             | 2044-06-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                                   | New York City Housing Development Corp., Series 2024 D                                                 | CUSIP: 64966TGV0<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026460.50   | 0.18%             | 2031-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                               | New York City Industrial Development Agency, Series 2020 A                                             | CUSIP: 64971PKB0<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1319687.72   | 0.23%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Series 2019 A-4                                          | CUSIP: 64971XFY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3770000 | PA      | $3770000.00   | 0.66%             | 2045-08-01      | Variable      | 2.50%                 | 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   | 0.35%             | 2044-11-01      | Variable      | 2.50%                 | 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   | 0.52%             | 2053-06-15      | Variable      | 2.50%                 | 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   | 0.26%             | 2048-06-15      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Series 2026 D-1                                          | CUSIP: 64972JYW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2778022.75   | 0.48%             | 2030-11-01      | Fixed         | 5.00%                 | 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      | $2010376.80   | 0.35%             | 2064-11-01      | Variable      | 3.40%                 | 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      | $1015727.00   | 0.18%             | 2065-05-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                                   | New York City Housing Development Corp., Series 2026 A-2                                               | CUSIP: 64972KNM3<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4019111.20   | 0.70%             | 2065-11-01      | Variable      | 0.00%                 | 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        |   1085000 | PA      | $1111408.36   | 0.19%             | 2032-05-15      | Fixed         | 4.00%                 | 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      | $3197769.90   | 0.56%             | 2048-07-01      | Variable      | 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      | $752657.25    | 0.13%             | 2054-06-15      | Variable      | 3.35%                 | 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      | $1659114.27   | 0.29%             | 2054-12-15      | Variable      | 3.35%                 | 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      | $2593969.00   | 0.45%             | 2032-02-15      | 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      | $217233.96    | 0.04%             | 2031-10-01      | 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      | $380486.14    | 0.07%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No. 1                                               | North Carolina Municipal Power Agency No. 1, Series A                                                  | CUSIP: 658203X25<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |    530000 | PA      | $531125.03    | 0.09%             | 2027-01-01      | 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      | $1014939.40   | 0.18%             | 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      | $2183192.20   | 0.38%             | 2055-06-01      | Variable      | 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      | $1112694.35   | 0.19%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Lawrence Community Schools Building Corp.                                           | North Lawrence Community Schools Building Corp., Series 2025                                           | CUSIP: 66042RET4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $214307.12    | 0.04%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Lawrence Community Schools Building Corp.                                           | North Lawrence Community Schools Building Corp., Series 2025                                           | CUSIP: 66042REX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $77508.56     | 0.01%             | 2031-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Lawrence Community Schools Building Corp.                                           | North Lawrence Community Schools Building Corp., Series 2025                                           | CUSIP: 66042REY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $228518.26    | 0.04%             | 2032-01-15      | 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      | $1024876.80   | 0.18%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northside Independent School District                                                     | Northside Independent School District, Series 2020                                                     | CUSIP: 66702RR79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2531252.00   | 0.44%             | 2050-06-01      | Variable      | 3.55%                 | 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      | $1248943.24   | 0.22%             | 2029-11-01      | 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   | 0.57%             | 2054-12-01      | Variable      | 2.45%                 | No            |                  2 | On Loan: No      |
| Oklahoma County Finance Authority                                                         | Oklahoma County Finance Authority, Series 2025                                                         | CUSIP: 67868UKE2<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1145818.59   | 0.20%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma County Independent School District No. 12                                        | Oklahoma County Independent School District No. 12, Series 2025                                        | CUSIP: 678739XF5<br>LEI: 549300D457E3EZ9CP720 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2044349.20   | 0.36%             | 2027-08-01      | Fixed         | 4.00%                 | 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      | $2344323.19   | 0.41%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Municipal Power Authority                                                        | Oklahoma Municipal Power Authority, Series 2025 A                                                      | CUSIP: 67910HSH4<br>LEI: 54930074Q1M8747DCS20 | Long             | DBT              | MUN               | US        |    350000 | PA      | $388009.76    | 0.07%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Municipal Power Authority                                                        | Oklahoma Municipal Power Authority, Series 2025 A                                                      | CUSIP: 67910HSJ0<br>LEI: 54930074Q1M8747DCS20 | Long             | DBT              | MUN               | US        |    400000 | PA      | $448734.56    | 0.08%             | 2032-01-01      | Fixed         | 5.00%                 | 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      | $552087.85    | 0.10%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Park Creek Metropolitan District                                                          | Park Creek Metropolitan District, Series 2025                                                          | CUSIP: 700385BS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $414192.75    | 0.07%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Park Creek Metropolitan District                                                          | Park Creek Metropolitan District, Series 2025                                                          | CUSIP: 700385BT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $409398.27    | 0.07%             | 2031-12-01      | 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      | $1011137.30   | 0.18%             | 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      | $1280260.42   | 0.22%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                                      | Pennsylvania Higher Educational Facilities Authority, Series 2024 D-2                                  | CUSIP: 70917TSU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.87%             | 2061-11-01      | Variable      | 2.55%                 | 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      | $1071119.10   | 0.19%             | 2029-06-01      | 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      | $1010434.60   | 0.18%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                          | Pennsylvania Turnpike Commission, Series 2025-2                                                        | CUSIP: 709225RH1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1119926.00   | 0.19%             | 2045-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia                                                                      | City of Philadelphia, Series 2025 C                                                                    | CUSIP: 717813C56<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    750000 | PA      | $827966.85    | 0.14%             | 2030-08-01      | 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      | $2464808.07   | 0.43%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                                     | School District of Philadelphia (The), Series 2019 A                                                   | CUSIP: 717883VW9<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057547.40   | 0.18%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)                     | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2025                     | CUSIP: 718903RV1<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1504770.30   | 0.26%             | 2059-02-01      | Variable      | 3.10%                 | 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      | $1526936.10   | 0.27%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                   | Port Authority of New York & New Jersey, Series 242                                                    | CUSIP: 73358XJV5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1555902.75   | 0.27%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                   | Port Authority of New York & New Jersey, Series 248                                                    | CUSIP: 73358XPE6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051240.40   | 0.18%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle                                                                           | Port of Seattle, Series C                                                                              | CUSIP: 735389WK0<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001531.00   | 0.35%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Prosper Independent School District                                                       | Prosper Independent School District, Series 2022                                                       | CUSIP: 7436006C7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3100658.40   | 0.54%             | 2053-02-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Providence St Joseph Health Obligated Group                                               | Providence St Joseph Health Obligated Group                                                            | CUSIP: 743820AG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2479000 | PA      | $2557394.56   | 0.44%             | 2032-10-01      | Fixed         | 5.37%                 | No            |                  2 | On Loan: —       |
| Public Finance Authority                                                                  | Public Finance Authority, Series 2025 A                                                                | CUSIP: 74439YFD8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    390000 | PA      | $400692.90    | 0.07%             | 2027-06-15      | 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      | $518320.38    | 0.09%             | 2031-06-15      | 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      | $829700.18    | 0.14%             | 2033-06-15      | 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        |   4000014 | PA      | $4086091.50   | 0.71%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Racine Unified School District                                                            | Racine Unified School District, Series 2025 B                                                          | CUSIP: 750046TU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4105970.80   | 0.71%             | 2030-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Raleigh Housing Authority                                                                 | Raleigh Housing Authority, Series 2025                                                                 | CUSIP: 751115CB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2460000 | PA      | $2456666.45   | 0.43%             | 2059-09-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| Roanoke Economic Development Authority                                                    | Roanoke Economic Development Authority, Series 2020 D                                                  | CUSIP: 770082CB9<br>LEI: 549300P5QQORJY0U4T83 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2694763.00   | 0.47%             | 2053-07-01      | Variable      | 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      | $1768983.48   | 0.31%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parish of St John the Baptist                                                             | Parish of St John the Baptist, Series 2017 C                                                           | CUSIP: 79020FBB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2895000 | PA      | $2931181.42   | 0.51%             | 2037-06-01      | Variable      | 3.30%                 | 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      | $1875000.00   | 0.33%             | 2026-01-01      | 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      | $1320162.91   | 0.23%             | 2027-01-01      | Fixed         | 5.00%                 | 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      | $1500253.95   | 0.26%             | 2026-02-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| City of San Antonio                                                                       | City of San Antonio, Series 2019 A                                                                     | CUSIP: 796242UB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1224288.85   | 0.21%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio                                                                       | City of San Antonio, Series 2025 A                                                                     | CUSIP: 79625GNF6<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5025351.00   | 0.87%             | 2055-02-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Redevelopment Agency Successor Agency                         | San Francisco City & County Redevelopment Agency Successor Agency, Series 2025 C                       | CUSIP: 79770GKX3<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500158.70    | 0.09%             | 2028-08-01      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Redevelopment Agency Successor Agency                         | San Francisco City & County Redevelopment Agency Successor Agency, Series 2025 C                       | CUSIP: 79770GKY1<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500605.75    | 0.09%             | 2029-08-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Redevelopment Agency Successor Agency                         | San Francisco City & County Redevelopment Agency Successor Agency, Series 2025 C                       | CUSIP: 79770GKZ8<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500883.05    | 0.09%             | 2030-08-01      | Fixed         | 4.22%                 | 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      | $793552.43    | 0.14%             | 2049-09-01      | Variable      | 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      | $2790664.75   | 0.49%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                   | South Carolina Public Service Authority, Series 2025 B                                                 | CUSIP: 8371515Z8<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1334407.63   | 0.23%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Country Central School District at Brookhaven                                       | South Country Central School District at Brookhaven, Series 2025                                       | CUSIP: 837489MH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1911432.11   | 0.33%             | 2026-05-29      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| South Dakota Health & Educational Facilities Authority                                    | South Dakota Health & Educational Facilities Authority, Series 2025 C-1                                | CUSIP: 83755VW75<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1983382.41   | 0.34%             | 2052-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Health & Educational Facilities Authority                                    | South Dakota Health & Educational Facilities Authority, Series 2025 C-2                                | CUSIP: 83755VW83<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |    500000 | PA      | $554911.85    | 0.10%             | 2051-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of South Miami Health Facilities Authority, Inc.                                     | City of South Miami Health Facilities Authority, Inc., Series 2025 B                                   | CUSIP: 838810EM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1327023.63   | 0.23%             | 2065-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                         | Southeast Energy Authority A Cooperative District, Series 2025 E                                       | CUSIP: 84136HCT8<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5374108.50   | 0.93%             | 2030-10-01      | Fixed         | 5.00%                 | 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      | $2711269.25   | 0.47%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                | Tarrant County Cultural Education Facilities Finance Corp., Series 2024 B                              | CUSIP: 87638THP1<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1637368.20   | 0.28%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                | Tarrant County Cultural Education Facilities Finance Corp., Series 2025 C                              | CUSIP: 87638TJU8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3909965.50   | 0.68%             | 2064-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition and Supply Corp. II                                       | Texas Municipal Gas Acquisition and Supply Corp. II, Series 2012 C                                     | CUSIP: 88255QBH1<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |    895000 | PA      | $895939.66    | 0.16%             | 2027-09-15      | Floating      | 3.32%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                            | State of Texas, Series 2015                                                                            | CUSIP: 882723F61<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2503343.50   | 0.44%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                            | State of Texas, Series 2025 F                                                                          | CUSIP: 882725BW3<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    400000 | PA      | $403736.28    | 0.07%             | 2030-08-01      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                            | State of Texas, Series 2025 F                                                                          | CUSIP: 882725BY9<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    960000 | PA      | $971306.40    | 0.17%             | 2031-08-01      | Fixed         | 4.12%                 | 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      | $1579655.85   | 0.27%             | 2028-03-01      | Fixed         | 5.00%                 | 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      | $1073059.80   | 0.19%             | 2028-12-01      | Fixed         | 5.00%                 | 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      | $2944404.63   | 0.51%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trustees of Dartmouth College                                                             | Trustees of Dartmouth College                                                                          | CUSIP: 89837RAE2<br>LEI: JVPL1XBV6YI9538FWQ05 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1010164.43   | 0.18%             | 2030-06-01      | Fixed         | 4.27%                 | 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      | $2259144.80   | 0.39%             | 2031-11-15      | 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      | $2506876.50   | 0.44%             | 2029-04-01      | Fixed         | 4.00%                 | 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      | $2979965.93   | 0.52%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                                                   | University of Minnesota, Series 2016 A                                                                 | CUSIP: 914460PB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2605000 | PA      | $2615856.60   | 0.45%             | 2030-04-01      | 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      | $3009277.50   | 0.52%             | 2041-12-01      | Floating      | 3.50%                 | 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      | $2202596.00   | 0.38%             | 2054-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Transit Authority                                                                    | Utah Transit Authority, Series 2025                                                                    | CUSIP: 917567JG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2332362.60   | 0.41%             | 2033-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                                     | Utility Debt Securitization Authority, Series 2025 TE-2                                                | CUSIP: 91802RHT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3343852.80   | 0.58%             | 2032-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Transportation & Infrastructure Corp.                                      | Virgin Islands Transportation & Infrastructure Corp., Series 2025                                      | CUSIP: 927686AE5<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |   1000000 | PA      | $1063638.10   | 0.18%             | 2029-09-01      | Fixed         | 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        |   1890000 | PA      | $1891211.11   | 0.33%             | 2027-10-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                    | Virginia Housing Development Authority, Series 2025 G                                                  | CUSIP: 92812XRF1<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1650138.77   | 0.29%             | 2056-07-01      | Variable      | 3.12%                 | 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      | $1041362.90   | 0.18%             | 2029-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                               | Washington Health Care Facilities Authority, Series 2025 B                                             | CUSIP: 93978HC86<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3282830.10   | 0.57%             | 2030-10-01      | Fixed         | 5.00%                 | 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      | $1007810.10   | 0.18%             | 2043-12-01      | Variable      | 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      | $1608745.82   | 0.28%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                            | Wayne County Airport Authority, Series 2025 G                                                          | CUSIP: 9445142U1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4337517.60   | 0.75%             | 2030-12-01      | 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      | $2360397.41   | 0.41%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                              | West Virginia Economic Development Authority, Series 2011 A                                            | CUSIP: 95648VBY4<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2519785.25   | 0.44%             | 2041-01-01      | Variable      | 3.30%                 | 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      | $2706292.05   | 0.47%             | 2030-11-15      | Fixed         | 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      | $2523135.50   | 0.44%             | 2044-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wilmington Housing Authority                                                              | Wilmington Housing Authority, Series 2025                                                              | CUSIP: 971696AK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1774286.27   | 0.31%             | 2044-05-01      | Variable      | 2.95%                 | 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        |    445000 | PA      | $445213.24    | 0.08%             | 2054-11-01      | Variable      | 3.88%                 | 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        |   1240000 | PA      | $1248480.48   | 0.22%             | 2055-11-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                                                  | Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class              | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |    292495 | NS      | $292495.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Francis J. Smith

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

**Title:** Principal Financial Officer