# EDGAR Filing Document

**Accession Number:** 0000215740
**File Stem:** 0001410368-25-031917
**Filing Date:** 2025-11
**Character Count:** 345120
**Document Hash:** d416fc0e58a567b2197b6f2df32fc28e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-031917.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-031917

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ELFUN TAX EXEMPT INCOME FUND
- **CENTRAL INDEX KEY:** 0000215740

**ORGANIZATION NAME:**
- **EIN:** 066210148
- **STATE OF INCORPORATION:** CT
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02735
- **FILM NUMBER:** 251525279

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02114
- **BUSINESS PHONE:** 6176643920

**MAIL ADDRESS:**
- **STREET 1:** ONE CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02114

## Series and Classes Contracts Data

### ELFUN TAX EXEMPT INCOME FUND (Series ID: S000011830)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000032332 | Elfun Tax Exempt Income Fund | elftx           |

## Nport-Ex

## Quarterly Report
September 30, 2025

## Elfun Tax-Exempt Income Fund
![](img70a4b5431.gif)

------

Elfun Tax-Exempt Income Fund

Quarterly Report

September 30, 2025

**Table of Contents**

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Page |
| [Schedule of Investments](#xx_b15f1d0e-fa74-429a-87ee-7f02dd7d22df_1)<br>| &nbsp;&nbsp;1 |
| [Notes to Schedule of Investments](#xx_551ec8f1-e79e-4bb0-8440-5ac886943742_1)<br>| &nbsp;&nbsp;8 |

---

------

[**Table of Contents**](#JOB_NQ_-__0be5b2b1-755d-4f53-9f5e-40d1bc7979bd_TOC)

Elfun Tax-Exempt Income Fund

Schedule of Investments

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Fair<br> Value** |
| **Municipal Bonds and Notes - 98.3% †** | **Municipal Bonds and Notes - 98.3% †** | **Municipal Bonds and Notes - 98.3% †** |
| Arizona - 1.8% | Arizona - 1.8% | Arizona - 1.8% |
| City of Mesa Utility System Revenue, AZ Revenue, AG | City of Mesa Utility System Revenue, AZ Revenue, AG | City of Mesa Utility System Revenue, AZ Revenue, AG |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$569834 |
| City of Mesa Utility System Revenue, AZ Revenue | City of Mesa Utility System Revenue, AZ Revenue | City of Mesa Utility System Revenue, AZ Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542775 |
| City of Phoenix Civic Improvement Corp., AZ Revenue | City of Phoenix Civic Improvement Corp., AZ Revenue | City of Phoenix Civic Improvement Corp., AZ Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909581 |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2772608 |
| Maricopa County Unified School District No. 80 Chandler, AZ GO | Maricopa County Unified School District No. 80 Chandler, AZ GO | Maricopa County Unified School District No. 80 Chandler, AZ GO |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2945598 |
| Maricopa County Union High School District No. 216 Agua Fria, AZ GO | Maricopa County Union High School District No. 216 Agua Fria, AZ GO | Maricopa County Union High School District No. 216 Agua Fria, AZ GO |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364501 |
| Salt River Project Agricultural Improvement & Power District, AZ Revenue | Salt River Project Agricultural Improvement & Power District, AZ Revenue | Salt River Project Agricultural Improvement & Power District, AZ Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4945348 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15050245 |
| Arkansas - 0.1% | Arkansas - 0.1% | Arkansas - 0.1% |
| City of Bentonville Sales & Use Tax Revenue, AR Revenue | City of Bentonville Sales & Use Tax Revenue, AR Revenue | City of Bentonville Sales & Use Tax Revenue, AR Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 11/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544513 |
| California - 5.1% | California - 5.1% | California - 5.1% |
| Bay Area Toll Authority, CA Revenue | Bay Area Toll Authority, CA Revenue | Bay Area Toll Authority, CA Revenue |
| &nbsp;&nbsp;&nbsp;4.13% 04/01/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169503 |
| City of Los Angeles Department of Airports, CA Revenue | City of Los Angeles Department of Airports, CA Revenue | City of Los Angeles Department of Airports, CA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 05/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702803 |
| City of Los Angeles Wastewater System Revenue, CA Revenue | City of Los Angeles Wastewater System Revenue, CA Revenue | City of Los Angeles Wastewater System Revenue, CA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 06/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10189840 |
| Northern California Transmission Agency, CA Revenue | Northern California Transmission Agency, CA Revenue | Northern California Transmission Agency, CA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 05/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3644757 |
| Oakland Unified School District/Alameda County, CA GO, AG | Oakland Unified School District/Alameda County, CA GO, AG | Oakland Unified School District/Alameda County, CA GO, AG |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147103 |
| Oakland Unified School District/Alameda County, CA GO | Oakland Unified School District/Alameda County, CA GO | Oakland Unified School District/Alameda County, CA GO |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910365 |
| Sacramento Municipal Utility District, CA Revenue | Sacramento Municipal Utility District, CA Revenue | Sacramento Municipal Utility District, CA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055351 |
| San Diego County Regional Airport Authority, CA Revenue | San Diego County Regional Airport Authority, CA Revenue | San Diego County Regional Airport Authority, CA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122944 |
| San Diego Unified School District, CA GO | San Diego Unified School District, CA GO | San Diego Unified School District, CA GO |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938454 |
| San Francisco City & County Airport Comm-San Francisco International Airport, CA Revenue | San Francisco City & County Airport Comm-San Francisco International Airport, CA Revenue | San Francisco City & County Airport Comm-San Francisco International Airport, CA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 05/01/33 - 05/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3450417 |
| San Francisco City & County Public Utilities Commission Wastewater Revenue, CA Revenue | San Francisco City & County Public Utilities Commission Wastewater Revenue, CA Revenue | San Francisco City & County Public Utilities Commission Wastewater Revenue, CA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496827 |
| Santa Cruz City High School District, CA GO | Santa Cruz City High School District, CA GO | Santa Cruz City High School District, CA GO |
| &nbsp;&nbsp;&nbsp;4.00% 08/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201173 |
| Southern California Public Power Authority, CA Revenue | Southern California Public Power Authority, CA Revenue | Southern California Public Power Authority, CA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 09/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534376 |
| State of California, CA GO | State of California, CA GO | State of California, CA GO |
| &nbsp;&nbsp;&nbsp;4.00% 09/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1937659 |
| &nbsp;&nbsp;&nbsp;4.75% 12/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035931 |
| &nbsp;&nbsp;&nbsp;5.00% 03/01/27 - 08/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7568096 |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/36 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580109 |
| University of California, CA Revenue | University of California, CA Revenue | University of California, CA Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 05/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690735 |
| &nbsp;&nbsp;&nbsp;5.00% 05/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2095933 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43472376 |
| Colorado - 2.9% | Colorado - 2.9% | Colorado - 2.9% |
| Adams & Arapahoe Counties Joint School District 28J Aurora, CO GO, State Aid Withholding | Adams & Arapahoe Counties Joint School District 28J Aurora, CO GO, State Aid Withholding | Adams & Arapahoe Counties Joint School District 28J Aurora, CO GO, State Aid Withholding |
| &nbsp;&nbsp;&nbsp;5.00% 12/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043436 |
| Adams & Arapahoe Counties Joint School District 28J Aurora, CO GO, BAM | Adams & Arapahoe Counties Joint School District 28J Aurora, CO GO, BAM | Adams & Arapahoe Counties Joint School District 28J Aurora, CO GO, BAM |
| &nbsp;&nbsp;&nbsp;5.50% 12/01/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171515 |
| Board of Governors of Colorado State University System, CO Revenue | Board of Governors of Colorado State University System, CO Revenue | Board of Governors of Colorado State University System, CO Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 03/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942763 |
| Board of Water Commissioners City & County of Denver, CO Revenue | Board of Water Commissioners City & County of Denver, CO Revenue | Board of Water Commissioners City & County of Denver, CO Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 09/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013000 |
| Cherokee Metropolitan District, CO Revenue, BAM | Cherokee Metropolitan District, CO Revenue, BAM | Cherokee Metropolitan District, CO Revenue, BAM |
| &nbsp;&nbsp;&nbsp;4.00% 08/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2601555 |
| City & County of Denver Airport System Revenue, CO Revenue | City & County of Denver Airport System Revenue, CO Revenue | City & County of Denver Airport System Revenue, CO Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 12/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978584 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;5.00% 11/15/29 - 11/15/41 | &nbsp;&nbsp;&nbsp;$4105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4268771 |
| City & County of Denver Pledged Excise Tax Revenue, CO Revenue | City & County of Denver Pledged Excise Tax Revenue, CO Revenue | City & County of Denver Pledged Excise Tax Revenue, CO Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 08/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260743 |
| City of Colorado Springs Utilities System Revenue, CO Revenue | City of Colorado Springs Utilities System Revenue, CO Revenue | City of Colorado Springs Utilities System Revenue, CO Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 11/15/42 - 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4120384 |
| Colorado Health Facilities Authority, CO Revenue | Colorado Health Facilities Authority, CO Revenue | Colorado Health Facilities Authority, CO Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 05/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351108 |
| &nbsp;&nbsp;&nbsp;5.00% 05/15/34 - 05/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2692857 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24444716 |
| Connecticut - 1.8% | Connecticut - 1.8% | Connecticut - 1.8% |
| City of New Haven, CT GO, AG | City of New Haven, CT GO, AG | City of New Haven, CT GO, AG |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136429 |
| Connecticut State Health & Educational Facilities Authority, CT Revenue | Connecticut State Health & Educational Facilities Authority, CT Revenue | Connecticut State Health & Educational Facilities Authority, CT Revenue |
| &nbsp;&nbsp;&nbsp;2.95% 07/01/49 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001790 |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581254 |
| State of Connecticut Special Tax Revenue, CT Revenue | State of Connecticut Special Tax Revenue, CT Revenue | State of Connecticut Special Tax Revenue, CT Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 05/01/36 - 11/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4075485 |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232850 |
| State of Connecticut, CT GO, AG | State of Connecticut, CT GO, AG | State of Connecticut, CT GO, AG |
| &nbsp;&nbsp;&nbsp;4.00% 04/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012319 |
| State of Connecticut, CT GO | State of Connecticut, CT GO | State of Connecticut, CT GO |
| &nbsp;&nbsp;&nbsp;5.00% 09/15/26 - 03/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3665487 |
| &nbsp;&nbsp;&nbsp;5.00% 08/15/36 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574157 |
| University of Connecticut, CT Revenue | University of Connecticut, CT Revenue | University of Connecticut, CT Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 05/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101725 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15381496 |
| Delaware - 0.6% | Delaware - 0.6% | Delaware - 0.6% |
| Delaware Transportation Authority, DE Revenue | Delaware Transportation Authority, DE Revenue | Delaware Transportation Authority, DE Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 06/01/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999975 |
| State of Delaware, DE GO | State of Delaware, DE GO | State of Delaware, DE GO |
| &nbsp;&nbsp;&nbsp;3.50% 03/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003684 |
| &nbsp;&nbsp;&nbsp;5.00% 05/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1664851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4668510 |
| District of Columbia - 3.6% | District of Columbia - 3.6% | District of Columbia - 3.6% |
| District of Columbia Income Tax Revenue, DC Revenue | District of Columbia Income Tax Revenue, DC Revenue | District of Columbia Income Tax Revenue, DC Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 03/01/39 - 05/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10321689 |
| District of Columbia Water & Sewer Authority, DC Revenue | District of Columbia Water & Sewer Authority, DC Revenue | District of Columbia Water & Sewer Authority, DC Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 10/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2186773 |
| District of Columbia, DC GO | District of Columbia, DC GO | District of Columbia, DC GO |
| &nbsp;&nbsp;&nbsp;4.00% 06/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002576 |
| District of Columbia, DC Revenue | District of Columbia, DC Revenue | District of Columbia, DC Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 04/01/42 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887184 |
| Metropolitan Washington Airports Authority Aviation Revenue, DC Revenue | Metropolitan Washington Airports Authority Aviation Revenue, DC Revenue | Metropolitan Washington Airports Authority Aviation Revenue, DC Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/29 - 10/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10333030 |
| Washington Metropolitan Area Transit Authority, DC Revenue | Washington Metropolitan Area Transit Authority, DC Revenue | Washington Metropolitan Area Transit Authority, DC Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5083469 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30814721 |
| Florida - 7.3% | Florida - 7.3% | Florida - 7.3% |
| Central Florida Tourism Oversight District, FL GO | Central Florida Tourism Oversight District, FL GO | Central Florida Tourism Oversight District, FL GO |
| &nbsp;&nbsp;&nbsp;5.00% 06/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089711 |
| City of Cocoa Water & Sewer Revenue, FL Revenue | City of Cocoa Water & Sewer Revenue, FL Revenue | City of Cocoa Water & Sewer Revenue, FL Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290719 |
| City of Fort Lauderdale Water & Sewer Revenue, FL Revenue | City of Fort Lauderdale Water & Sewer Revenue, FL Revenue | City of Fort Lauderdale Water & Sewer Revenue, FL Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 09/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989801 |
| &nbsp;&nbsp;&nbsp;5.50% 09/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613775 |
| City of Miami, FL Revenue | City of Miami, FL Revenue | City of Miami, FL Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531498 |
| City of St. Petersburg Public Utility Revenue, FL Revenue | City of St. Petersburg Public Utility Revenue, FL Revenue | City of St. Petersburg Public Utility Revenue, FL Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028144 |
| City of Tallahassee Energy System Revenue, FL Revenue | City of Tallahassee Energy System Revenue, FL Revenue | City of Tallahassee Energy System Revenue, FL Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571303 |
| City of Tampa Water & Wastewater System Revenue, FL Revenue | City of Tampa Water & Wastewater System Revenue, FL Revenue | City of Tampa Water & Wastewater System Revenue, FL Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538830 |
| &nbsp;&nbsp;&nbsp;5.25% 10/01/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7347609 |
| County of Hillsborough, FL GO | County of Hillsborough, FL GO | County of Hillsborough, FL GO |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2938021 |
| County of Miami-Dade Aviation Revenue, FL Revenue | County of Miami-Dade Aviation Revenue, FL Revenue | County of Miami-Dade Aviation Revenue, FL Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 10/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1648827 |
| County of Miami-Dade Seaport Department, FL Revenue, AG | County of Miami-Dade Seaport Department, FL Revenue, AG | County of Miami-Dade Seaport Department, FL Revenue, AG |
| &nbsp;&nbsp;&nbsp;4.00% 10/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2922600 |

---

See Notes to Schedule of Investments.

Elfun Tax-Exempt Income Fund 1

------

[**Table of Contents**](#JOB_NQ_-__0be5b2b1-755d-4f53-9f5e-40d1bc7979bd_TOC)

Elfun Tax-Exempt Income Fund

Schedule of Investments

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Fair<br> Value** |
| County of Miami-Dade Seaport Department, FL Revenue | County of Miami-Dade Seaport Department, FL Revenue | County of Miami-Dade Seaport Department, FL Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 10/01/50 | &nbsp;&nbsp;&nbsp;$2485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2129820 |
| County of Miami-Dade Transit System, FL Revenue | County of Miami-Dade Transit System, FL Revenue | County of Miami-Dade Transit System, FL Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233300 |
| County of Miami-Dade Water & Sewer System Revenue, FL Revenue | County of Miami-Dade Water & Sewer System Revenue, FL Revenue | County of Miami-Dade Water & Sewer System Revenue, FL Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 10/01/37 - 10/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12017643 |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135180 |
| Florida Development Finance Corp., FL Revenue, AG | Florida Development Finance Corp., FL Revenue, AG | Florida Development Finance Corp., FL Revenue, AG |
| &nbsp;&nbsp;&nbsp;5.25% 07/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475394 |
| Florida Municipal Power Agency, FL Revenue | Florida Municipal Power Agency, FL Revenue | Florida Municipal Power Agency, FL Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 10/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112015 |
| Florida State Board of Governors University of North Florida Dormitory Revenue, FL Revenue, BAM | Florida State Board of Governors University of North Florida Dormitory Revenue, FL Revenue, BAM | Florida State Board of Governors University of North Florida Dormitory Revenue, FL Revenue, BAM |
| &nbsp;&nbsp;&nbsp;5.00% 11/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2752256 |
| JEA Electric System Revenue, FL Revenue | JEA Electric System Revenue, FL Revenue | JEA Electric System Revenue, FL Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709988 |
| School Board of Miami-Dade County, FL GO, BAM | School Board of Miami-Dade County, FL GO, BAM | School Board of Miami-Dade County, FL GO, BAM |
| &nbsp;&nbsp;&nbsp;5.00% 03/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5192268 |
| State of Florida Department of Transportation, FL Revenue | State of Florida Department of Transportation, FL Revenue | State of Florida Department of Transportation, FL Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999223 |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106011 |
| State of Florida, FL GO | State of Florida, FL GO | State of Florida, FL GO |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3708026 |
| Sumter County School Board, FL COP, AG | Sumter County School Board, FL COP, AG | Sumter County School Board, FL COP, AG |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567223 |
| Tampa Bay Water, FL Revenue | Tampa Bay Water, FL Revenue | Tampa Bay Water, FL Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151223 |
| West Palm Beach Community Redevelopment Agency, FL Tax Allocation Revenue, AG | West Palm Beach Community Redevelopment Agency, FL Tax Allocation Revenue, AG | West Palm Beach Community Redevelopment Agency, FL Tax Allocation Revenue, AG |
| &nbsp;&nbsp;&nbsp;5.00% 03/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067845 |
| Wildwood Utility Dependent District, FL Revenue, AG | Wildwood Utility Dependent District, FL Revenue, AG | Wildwood Utility Dependent District, FL Revenue, AG |
| &nbsp;&nbsp;&nbsp;5.25% 10/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102456 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61970709 |
| Georgia - 1.9% | Georgia - 1.9% | Georgia - 1.9% |
| City of Atlanta Airport Passenger Facility Charge, GA Revenue | City of Atlanta Airport Passenger Facility Charge, GA Revenue | City of Atlanta Airport Passenger Facility Charge, GA Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/37 - 07/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977908 |
| City of Atlanta Water & Wastewater Revenue, GA Revenue, AG | City of Atlanta Water & Wastewater Revenue, GA Revenue, AG | City of Atlanta Water & Wastewater Revenue, GA Revenue, AG |
| &nbsp;&nbsp;&nbsp;5.75% 11/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3468533 |
| County of Fulton, GA GO | County of Fulton, GA GO | County of Fulton, GA GO |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001565 |
| Georgia Ports Authority, GA Revenue | Georgia Ports Authority, GA Revenue | Georgia Ports Authority, GA Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4610181 |
| Jackson County School District, GA GO, State Aid Withholding | Jackson County School District, GA GO, State Aid Withholding | Jackson County School District, GA GO, State Aid Withholding |
| &nbsp;&nbsp;&nbsp;5.00% 03/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863260 |
| Private Colleges & Universities Authority, GA Revenue | Private Colleges & Universities Authority, GA Revenue | Private Colleges & Universities Authority, GA Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 09/01/36 - 10/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3899763 |
| Upper Oconee Basin Water Authority, GA Revenue | Upper Oconee Basin Water Authority, GA Revenue | Upper Oconee Basin Water Authority, GA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530726 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16351936 |
| Hawaii - 0.0%\* | Hawaii - 0.0%\* | Hawaii - 0.0%\* |
| City & County of Honolulu, HI GO | City & County of Honolulu, HI GO | City & County of Honolulu, HI GO |
| &nbsp;&nbsp;&nbsp;5.00% 09/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53596 |
| Illinois - 7.2% | Illinois - 7.2% | Illinois - 7.2% |
| Chicago Midway International Airport, IL Revenue, BAM | Chicago Midway International Airport, IL Revenue, BAM | Chicago Midway International Airport, IL Revenue, BAM |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497989 |
| Chicago O'Hare International Airport, IL Revenue | Chicago O'Hare International Airport, IL Revenue | Chicago O'Hare International Airport, IL Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/35 - 01/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13450509 |
| &nbsp;&nbsp;&nbsp;5.25% 01/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8098693 |
| Chicago Park District, IL GO, BAM-TCRS | Chicago Park District, IL GO, BAM-TCRS | Chicago Park District, IL GO, BAM-TCRS |
| &nbsp;&nbsp;&nbsp;4.00% 01/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934657 |
| Chicago Park District, IL GO | Chicago Park District, IL GO | Chicago Park District, IL GO |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/35 - 01/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603224 |
| Chicago Transit Authority Sales Tax Receipts Fund, IL Revenue | Chicago Transit Authority Sales Tax Receipts Fund, IL Revenue | Chicago Transit Authority Sales Tax Receipts Fund, IL Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 12/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759954 |
| City of Chicago Wastewater Transmission Revenue, IL Revenue, BAM | City of Chicago Wastewater Transmission Revenue, IL Revenue, BAM | City of Chicago Wastewater Transmission Revenue, IL Revenue, BAM |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461688 |
| City of Chicago Wastewater Transmission Revenue, IL Revenue, AG | City of Chicago Wastewater Transmission Revenue, IL Revenue, AG | City of Chicago Wastewater Transmission Revenue, IL Revenue, AG |
| &nbsp;&nbsp;&nbsp;5.50% 01/01/62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5270918 |
| Illinois Finance Authority, IL Revenue | Illinois Finance Authority, IL Revenue | Illinois Finance Authority, IL Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 11/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978951 |
| &nbsp;&nbsp;&nbsp;5.00% 04/01/35 - 10/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2134615 |
| Illinois State Toll Highway Authority, IL Revenue | Illinois State Toll Highway Authority, IL Revenue | Illinois State Toll Highway Authority, IL Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 01/01/44 - 01/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4546046 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/37 - 01/01/46 | &nbsp;&nbsp;&nbsp;$6330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6382345 |
| Lake County School District No. 112 North Shore, IL GO | Lake County School District No. 112 North Shore, IL GO | Lake County School District No. 112 North Shore, IL GO |
| &nbsp;&nbsp;&nbsp;4.00% 12/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009037 |
| Sales Tax Securitization Corp., IL Revenue | Sales Tax Securitization Corp., IL Revenue | Sales Tax Securitization Corp., IL Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718670 |
| Southwestern Illinois Development Authority, IL Revenue | Southwestern Illinois Development Authority, IL Revenue | Southwestern Illinois Development Authority, IL Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 04/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2551200 |
| State of Illinois Sales Tax Revenue, IL Revenue | State of Illinois Sales Tax Revenue, IL Revenue | State of Illinois Sales Tax Revenue, IL Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 06/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088228 |
| State of Illinois, IL GO | State of Illinois, IL GO | State of Illinois, IL GO |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/30 - 02/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5048486 |
| &nbsp;&nbsp;&nbsp;5.50% 05/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2159096 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60694306 |
| Indiana - 1.6% | Indiana - 1.6% | Indiana - 1.6% |
| Indiana Finance Authority, IN Revenue | Indiana Finance Authority, IN Revenue | Indiana Finance Authority, IN Revenue |
| &nbsp;&nbsp;&nbsp;5.25% 10/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3211952 |
| Indiana Municipal Power Agency, IN Revenue | Indiana Municipal Power Agency, IN Revenue | Indiana Municipal Power Agency, IN Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223223 |
| Indianapolis Local Public Improvement Bond Bank, IN Revenue | Indianapolis Local Public Improvement Bond Bank, IN Revenue | Indianapolis Local Public Improvement Bond Bank, IN Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 02/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3295257 |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/30 - 01/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4931044 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13661476 |
| Iowa - 0.6% | Iowa - 0.6% | Iowa - 0.6% |
| Cedar Rapids Community School District Infrastructure Sales Services & Use Tax, IA Revenue, AG | Cedar Rapids Community School District Infrastructure Sales Services & Use Tax, IA Revenue, AG | Cedar Rapids Community School District Infrastructure Sales Services & Use Tax, IA Revenue, AG |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097848 |
| City of Ames, IA GO | City of Ames, IA GO | City of Ames, IA GO |
| &nbsp;&nbsp;&nbsp;5.00% 06/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216553 |
| Iowa Finance Authority, IA Revenue | Iowa Finance Authority, IA Revenue | Iowa Finance Authority, IA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4599567 |
| Kansas - 0.3% | Kansas - 0.3% | Kansas - 0.3% |
| City of Lawrence Water & Sewage System Revenue, KS Revenue | City of Lawrence Water & Sewage System Revenue, KS Revenue | City of Lawrence Water & Sewage System Revenue, KS Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 11/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365527 |
| Kentucky - 0.8% | Kentucky - 0.8% | Kentucky - 0.8% |
| Kentucky State Property & Building Commission, KY Revenue | Kentucky State Property & Building Commission, KY Revenue | Kentucky State Property & Building Commission, KY Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 04/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2581249 |
| Louisville Water Co., KY Revenue | Louisville Water Co., KY Revenue | Louisville Water Co., KY Revenue |
| &nbsp;&nbsp;&nbsp;3.00% 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957559 |
| Northern Kentucky University, KY Revenue, State Intercept | Northern Kentucky University, KY Revenue, State Intercept | Northern Kentucky University, KY Revenue, State Intercept |
| &nbsp;&nbsp;&nbsp;5.00% 09/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2276014 |
| University of Kentucky, KY Revenue, State Intercept | University of Kentucky, KY Revenue, State Intercept | University of Kentucky, KY Revenue, State Intercept |
| &nbsp;&nbsp;&nbsp;4.00% 04/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979399 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6794221 |
| Louisiana - 0.2% | Louisiana - 0.2% | Louisiana - 0.2% |
| Iberia Parishwide School District, LA GO | Iberia Parishwide School District, LA GO | Iberia Parishwide School District, LA GO |
| &nbsp;&nbsp;&nbsp;5.00% 03/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631487 |
| Maine - 0.4% | Maine - 0.4% | Maine - 0.4% |
| Maine Turnpike Authority, ME Revenue | Maine Turnpike Authority, ME Revenue | Maine Turnpike Authority, ME Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1904429 |
| Regional School Unit No. 14, ME GO | Regional School Unit No. 14, ME GO | Regional School Unit No. 14, ME GO |
| &nbsp;&nbsp;&nbsp;5.00% 11/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567170 |
| Town of Bar Harbor, ME GO | Town of Bar Harbor, ME GO | Town of Bar Harbor, ME GO |
| &nbsp;&nbsp;&nbsp;5.00% 09/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643686 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3115285 |
| Maryland - 1.9% | Maryland - 1.9% | Maryland - 1.9% |
| City of Baltimore, MD Revenue | City of Baltimore, MD Revenue | City of Baltimore, MD Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2928027 |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/33 - 07/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2203809 |
| County of Baltimore, MD GO | County of Baltimore, MD GO | County of Baltimore, MD GO |
| &nbsp;&nbsp;&nbsp;4.00% 03/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196478 |
| &nbsp;&nbsp;&nbsp;5.00% 03/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6296086 |
| County of Prince George's, MD GO | County of Prince George's, MD GO | County of Prince George's, MD GO |
| &nbsp;&nbsp;&nbsp;5.00% 07/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058558 |
| Washington Suburban Sanitary Commission, MD Revenue | Washington Suburban Sanitary Commission, MD Revenue | Washington Suburban Sanitary Commission, MD Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 06/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926493 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15609451 |

---

See Notes to Schedule of Investments.

2 Elfun Tax-Exempt Income Fund

------

[**Table of Contents**](#JOB_NQ_-__0be5b2b1-755d-4f53-9f5e-40d1bc7979bd_TOC)

Elfun Tax-Exempt Income Fund

Schedule of Investments

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Fair<br> Value** |
| Massachusetts - 5.3% | Massachusetts - 5.3% | Massachusetts - 5.3% |
| Commonwealth of Massachusetts Transportation Fund Revenue, MA Revenue | Commonwealth of Massachusetts Transportation Fund Revenue, MA Revenue | Commonwealth of Massachusetts Transportation Fund Revenue, MA Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 06/01/50 | &nbsp;&nbsp;&nbsp;$2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1868407 |
| Commonwealth of Massachusetts, MA GO | Commonwealth of Massachusetts, MA GO | Commonwealth of Massachusetts, MA GO |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/33 - 09/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9507044 |
| &nbsp;&nbsp;&nbsp;5.25% 04/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1988888 |
| Commonwealth of Massachusetts, MA Revenue, NATL | Commonwealth of Massachusetts, MA Revenue, NATL | Commonwealth of Massachusetts, MA Revenue, NATL |
| &nbsp;&nbsp;&nbsp;5.50% 01/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500149 |
| Massachusetts Bay Transportation Authority Assessment Revenue, MA Revenue | Massachusetts Bay Transportation Authority Assessment Revenue, MA Revenue | Massachusetts Bay Transportation Authority Assessment Revenue, MA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5178084 |
| Massachusetts Bay Transportation Authority Sales Tax Revenue, MA Revenue | Massachusetts Bay Transportation Authority Sales Tax Revenue, MA Revenue | Massachusetts Bay Transportation Authority Sales Tax Revenue, MA Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172305 |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/36 - 07/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031795 |
| Massachusetts Development Finance Agency, MA Revenue | Massachusetts Development Finance Agency, MA Revenue | Massachusetts Development Finance Agency, MA Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 10/01/44 - 10/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8468307 |
| &nbsp;&nbsp;&nbsp;4.00% 06/01/49 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052609 |
| Massachusetts State College Building Authority, MA Revenue, State Intercept | Massachusetts State College Building Authority, MA Revenue, State Intercept | Massachusetts State College Building Authority, MA Revenue, State Intercept |
| &nbsp;&nbsp;&nbsp;4.00% 05/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448275 |
| Massachusetts State College Building Authority, MA Revenue | Massachusetts State College Building Authority, MA Revenue | Massachusetts State College Building Authority, MA Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 05/01/40 - 05/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2945425 |
| Northeast Metropolitan Regional Vocational School District, MA GO | Northeast Metropolitan Regional Vocational School District, MA GO | Northeast Metropolitan Regional Vocational School District, MA GO |
| &nbsp;&nbsp;&nbsp;4.00% 04/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394250 |
| Town of Andover, MA GO | Town of Andover, MA GO | Town of Andover, MA GO |
| &nbsp;&nbsp;&nbsp;4.00% 07/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2431229 |
| Town of East Longmeadow, MA GO | Town of East Longmeadow, MA GO | Town of East Longmeadow, MA GO |
| &nbsp;&nbsp;&nbsp;4.00% 11/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931835 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44918602 |
| Michigan - 1.6% | Michigan - 1.6% | Michigan - 1.6% |
| Ann Arbor School District, MI GO | Ann Arbor School District, MI GO | Ann Arbor School District, MI GO |
| &nbsp;&nbsp;&nbsp;5.00% 05/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108043 |
| City of Kalamazoo, MI GO, BAM | City of Kalamazoo, MI GO, BAM | City of Kalamazoo, MI GO, BAM |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139696 |
| City of Lansing, MI GO, AG | City of Lansing, MI GO, AG | City of Lansing, MI GO, AG |
| &nbsp;&nbsp;&nbsp;5.00% 06/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048411 |
| Great Lakes Water Authority Sewage Disposal System Revenue, MI Revenue | Great Lakes Water Authority Sewage Disposal System Revenue, MI Revenue | Great Lakes Water Authority Sewage Disposal System Revenue, MI Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/33 - 07/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3026644 |
| Great Lakes Water Authority Water Supply System Revenue, MI Revenue | Great Lakes Water Authority Water Supply System Revenue, MI Revenue | Great Lakes Water Authority Water Supply System Revenue, MI Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139245 |
| Michigan Finance Authority, MI Revenue | Michigan Finance Authority, MI Revenue | Michigan Finance Authority, MI Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 11/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474902 |
| Michigan State University, MI Revenue | Michigan State University, MI Revenue | Michigan State University, MI Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647829 |
| University of Michigan, MI Revenue | University of Michigan, MI Revenue | University of Michigan, MI Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 04/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3216162 |
| Warren Consolidated Schools, MI GO, Q-SBLF | Warren Consolidated Schools, MI GO, Q-SBLF | Warren Consolidated Schools, MI GO, Q-SBLF |
| &nbsp;&nbsp;&nbsp;5.00% 05/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720052 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13520984 |
| Minnesota - 2.7% | Minnesota - 2.7% | Minnesota - 2.7% |
| City of Bloomington, MN GO | City of Bloomington, MN GO | City of Bloomington, MN GO |
| &nbsp;&nbsp;&nbsp;5.00% 02/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834271 |
| City of Minneapolis, MN GO | City of Minneapolis, MN GO | City of Minneapolis, MN GO |
| &nbsp;&nbsp;&nbsp;3.00% 12/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290693 |
| &nbsp;&nbsp;&nbsp;4.00% 12/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131414 |
| City of Rochester, MN Revenue | City of Rochester, MN Revenue | City of Rochester, MN Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4644253 |
| City of St. Paul Water Revenue, MN Revenue | City of St. Paul Water Revenue, MN Revenue | City of St. Paul Water Revenue, MN Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 12/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2446935 |
| County of Hennepin, MN GO | County of Hennepin, MN GO | County of Hennepin, MN GO |
| &nbsp;&nbsp;&nbsp;5.00% 12/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032183 |
| County of St. Louis, MN GO | County of St. Louis, MN GO | County of St. Louis, MN GO |
| &nbsp;&nbsp;&nbsp;3.00% 12/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549063 |
| Dover & Eyota Independent School District No. 533, MN GO, School District Credit Enhancement Program | Dover & Eyota Independent School District No. 533, MN GO, School District Credit Enhancement Program | Dover & Eyota Independent School District No. 533, MN GO, School District Credit Enhancement Program |
| &nbsp;&nbsp;&nbsp;4.00% 02/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300817 |
| Maple River Independent School District No. 2135, MN GO, School District Credit Enhancement Program | Maple River Independent School District No. 2135, MN GO, School District Credit Enhancement Program | Maple River Independent School District No. 2135, MN GO, School District Credit Enhancement Program |
| &nbsp;&nbsp;&nbsp;5.00% 02/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795281 |
| Redwood Area Schools Independent School District No. 2897, MN GO, School District Credit Enhancement Program | Redwood Area Schools Independent School District No. 2897, MN GO, School District Credit Enhancement Program | Redwood Area Schools Independent School District No. 2897, MN GO, School District Credit Enhancement Program |
| &nbsp;&nbsp;&nbsp;4.00% 02/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742858 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Fair<br> Value** |
| State of Minnesota Department of Iron Range Resources & Rehabilitation, MN Revenue | State of Minnesota Department of Iron Range Resources & Rehabilitation, MN Revenue | State of Minnesota Department of Iron Range Resources & Rehabilitation, MN Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/32 | &nbsp;&nbsp;&nbsp;$1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1155423 |
| State of Minnesota, MN GO | State of Minnesota, MN GO | State of Minnesota, MN GO |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/36 - 08/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3249702 |
| Stillwater Independent School District No. 834, MN GO, School District Credit Enhancement Program | Stillwater Independent School District No. 834, MN GO, School District Credit Enhancement Program | Stillwater Independent School District No. 834, MN GO, School District Credit Enhancement Program |
| &nbsp;&nbsp;&nbsp;4.00% 02/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000155 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23173048 |
| Mississippi - 0.1% | Mississippi - 0.1% | Mississippi - 0.1% |
| Mississippi Development Bank, MS Revenue | Mississippi Development Bank, MS Revenue | Mississippi Development Bank, MS Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563916 |
| Missouri - 1.1% | Missouri - 1.1% | Missouri - 1.1% |
| City of St. Louis, MO GO | City of St. Louis, MO GO | City of St. Louis, MO GO |
| &nbsp;&nbsp;&nbsp;5.00% 02/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834458 |
| Health & Educational Facilities Authority of the State of Missouri, MO Revenue | Health & Educational Facilities Authority of the State of Missouri, MO Revenue | Health & Educational Facilities Authority of the State of Missouri, MO Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/46 - 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3841415 |
| &nbsp;&nbsp;&nbsp;5.00% 04/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710821 |
| Missouri Joint Municipal Electric Utility Commission, MO Revenue | Missouri Joint Municipal Electric Utility Commission, MO Revenue | Missouri Joint Municipal Electric Utility Commission, MO Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138024 |
| St. Louis County School District C-2 Parkway, MO GO | St. Louis County School District C-2 Parkway, MO GO | St. Louis County School District C-2 Parkway, MO GO |
| &nbsp;&nbsp;&nbsp;4.00% 03/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414402 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8939120 |
| Montana - 0.2% | Montana - 0.2% | Montana - 0.2% |
| Yellowstone County K-12 School District No. 26 Lockwood, MT GO | Yellowstone County K-12 School District No. 26 Lockwood, MT GO | Yellowstone County K-12 School District No. 26 Lockwood, MT GO |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1642131 |
| Nevada - 0.4% | Nevada - 0.4% | Nevada - 0.4% |
| Clark County School District, NV GO, BAM-TCRS | Clark County School District, NV GO, BAM-TCRS | Clark County School District, NV GO, BAM-TCRS |
| &nbsp;&nbsp;&nbsp;5.00% 06/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094365 |
| County of Clark, NV GO | County of Clark, NV GO | County of Clark, NV GO |
| &nbsp;&nbsp;&nbsp;4.00% 06/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022512 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3116877 |
| New Hampshire - 0.1% | New Hampshire - 0.1% | New Hampshire - 0.1% |
| New Hampshire Municipal Bond Bank, NH Revenue | New Hampshire Municipal Bond Bank, NH Revenue | New Hampshire Municipal Bond Bank, NH Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 08/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957730 |
| New Jersey - 4.9% | New Jersey - 4.9% | New Jersey - 4.9% |
| Madison Borough Board of Education, NJ GO | Madison Borough Board of Education, NJ GO | Madison Borough Board of Education, NJ GO |
| &nbsp;&nbsp;&nbsp;4.00% 08/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989218 |
| New Jersey Economic Development Authority, NJ Revenue | New Jersey Economic Development Authority, NJ Revenue | New Jersey Economic Development Authority, NJ Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 06/15/41 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4377272 |
| &nbsp;&nbsp;&nbsp;5.00% 06/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4604601 |
| New Jersey Educational Facilities Authority, NJ Revenue | New Jersey Educational Facilities Authority, NJ Revenue | New Jersey Educational Facilities Authority, NJ Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/33 - 03/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3063092 |
| &nbsp;&nbsp;&nbsp;5.50% 09/01/30 - 09/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14016208 |
| New Jersey Transportation Trust Fund Authority, NJ Revenue | New Jersey Transportation Trust Fund Authority, NJ Revenue | New Jersey Transportation Trust Fund Authority, NJ Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 12/15/34 - 06/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8888148 |
| New Jersey Turnpike Authority, NJ Revenue | New Jersey Turnpike Authority, NJ Revenue | New Jersey Turnpike Authority, NJ Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/29 - 01/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5726212 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41664751 |
| New Mexico - 0.3% | New Mexico - 0.3% | New Mexico - 0.3% |
| County of Santa Fe, NM GO | County of Santa Fe, NM GO | County of Santa Fe, NM GO |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040673 |
| State of New Mexico, NM GO | State of New Mexico, NM GO | State of New Mexico, NM GO |
| &nbsp;&nbsp;&nbsp;5.00% 03/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1632376 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2673049 |
| New York - 10.0% | New York - 10.0% | New York - 10.0% |
| City of New York, NY GO | City of New York, NY GO | City of New York, NY GO |
| &nbsp;&nbsp;&nbsp;4.00% 08/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155978 |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/27 - 08/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4689241 |
| Empire State Development Corp., NY Revenue | Empire State Development Corp., NY Revenue | Empire State Development Corp., NY Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 03/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944224 |
| &nbsp;&nbsp;&nbsp;5.00% 03/15/54 - 03/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4121441 |
| Hudson Yards Infrastructure Corp., NY Revenue | Hudson Yards Infrastructure Corp., NY Revenue | Hudson Yards Infrastructure Corp., NY Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 02/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4246652 |
| &nbsp;&nbsp;&nbsp;5.00% 02/15/36 - 02/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4736809 |
| Hudson Yards Infrastructure Corp., NY Revenue, AG | Hudson Yards Infrastructure Corp., NY Revenue, AG | Hudson Yards Infrastructure Corp., NY Revenue, AG |
| &nbsp;&nbsp;&nbsp;4.00% 02/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5431327 |
| Long Island Power Authority, NY Revenue | Long Island Power Authority, NY Revenue | Long Island Power Authority, NY Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 09/01/29 - 09/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430018 |

---

See Notes to Schedule of Investments.

Elfun Tax-Exempt Income Fund 3

------

[**Table of Contents**](#JOB_NQ_-__0be5b2b1-755d-4f53-9f5e-40d1bc7979bd_TOC)

Elfun Tax-Exempt Income Fund

Schedule of Investments

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Fair<br> Value** |
| Metropolitan Transportation Authority Dedicated Tax Fund, NY Special Tax | Metropolitan Transportation Authority Dedicated Tax Fund, NY Special Tax | Metropolitan Transportation Authority Dedicated Tax Fund, NY Special Tax |
| &nbsp;&nbsp;&nbsp;4.00% 11/15/46 | &nbsp;&nbsp;&nbsp;$1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1402871 |
| Metropolitan Transportation Authority, NY Revenue | Metropolitan Transportation Authority, NY Revenue | Metropolitan Transportation Authority, NY Revenue |
| &nbsp;&nbsp;&nbsp;5.25% 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019509 |
| New York City Municipal Water Finance Authority, NY Revenue | New York City Municipal Water Finance Authority, NY Revenue | New York City Municipal Water Finance Authority, NY Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 06/15/41 - 06/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12686001 |
| &nbsp;&nbsp;&nbsp;5.00% 06/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1849478 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, NY Revenue | New York City Transitional Finance Authority Future Tax Secured Revenue, NY Revenue | New York City Transitional Finance Authority Future Tax Secured Revenue, NY Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 11/01/32 - 02/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5123990 |
| New York City Transitional Finance Authority, NY Revenue | New York City Transitional Finance Authority, NY Revenue | New York City Transitional Finance Authority, NY Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 11/01/29 - 05/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220552 |
| &nbsp;&nbsp;&nbsp;5.50% 05/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2676759 |
| New York Liberty Development Corp., NY Revenue | New York Liberty Development Corp., NY Revenue | New York Liberty Development Corp., NY Revenue |
| &nbsp;&nbsp;&nbsp;5.25% 10/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149836 |
| New York Power Authority, NY Revenue, AG | New York Power Authority, NY Revenue, AG | New York Power Authority, NY Revenue, AG |
| &nbsp;&nbsp;&nbsp;5.13% 11/15/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103144 |
| New York State Dormitory Authority, NY Revenue | New York State Dormitory Authority, NY Revenue | New York State Dormitory Authority, NY Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 08/01/38 - 02/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7098846 |
| &nbsp;&nbsp;&nbsp;5.00% 03/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336868 |
| New York State Dormitory Authority, NY Revenue, AG | New York State Dormitory Authority, NY Revenue, AG | New York State Dormitory Authority, NY Revenue, AG |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565696 |
| New York State Environmental Facilities Corp., NY Revenue | New York State Environmental Facilities Corp., NY Revenue | New York State Environmental Facilities Corp., NY Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 06/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5087025 |
| New York State Thruway Authority, NY Revenue | New York State Thruway Authority, NY Revenue | New York State Thruway Authority, NY Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 03/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1901953 |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807861 |
| New York Transportation Development Corp., NY Revenue | New York Transportation Development Corp., NY Revenue | New York Transportation Development Corp., NY Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 12/01/37 - 06/30/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2660748 |
| &nbsp;&nbsp;&nbsp;5.50% 06/30/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054214 |
| Onondaga County Trust for Cultural Resources, NY Revenue | Onondaga County Trust for Cultural Resources, NY Revenue | Onondaga County Trust for Cultural Resources, NY Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 12/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030312 |
| Port Authority of New York & New Jersey, NY Revenue | Port Authority of New York & New Jersey, NY Revenue | Port Authority of New York & New Jersey, NY Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 12/01/28 - 07/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2128320 |
| Troy Capital Resource Corp., NY Revenue | Troy Capital Resource Corp., NY Revenue | Troy Capital Resource Corp., NY Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 09/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451840 |
| Utility Debt Securitization Authority, NY Revenue | Utility Debt Securitization Authority, NY Revenue | Utility Debt Securitization Authority, NY Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 12/15/40 - 12/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365077 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84476590 |
| North Carolina - 1.3% | North Carolina - 1.3% | North Carolina - 1.3% |
| City of Charlotte Airport Revenue, NC Revenue | City of Charlotte Airport Revenue, NC Revenue | City of Charlotte Airport Revenue, NC Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1509070 |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3119464 |
| City of Durham, NC Revenue | City of Durham, NC Revenue | City of Durham, NC Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 04/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029221 |
| County of Union, NC GO | County of Union, NC GO | County of Union, NC GO |
| &nbsp;&nbsp;&nbsp;5.00% 09/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672552 |
| County of Wake, NC Revenue | County of Wake, NC Revenue | County of Wake, NC Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 05/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565608 |
| North Carolina Turnpike Authority, NC Revenue, AG | North Carolina Turnpike Authority, NC Revenue, AG | North Carolina Turnpike Authority, NC Revenue, AG |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222138 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11118053 |
| Ohio - 1.1% | Ohio - 1.1% | Ohio - 1.1% |
| City of Cleveland, OH GO | City of Cleveland, OH GO | City of Cleveland, OH GO |
| &nbsp;&nbsp;&nbsp;5.00% 12/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254137 |
| City of Columbus, OH GO | City of Columbus, OH GO | City of Columbus, OH GO |
| &nbsp;&nbsp;&nbsp;5.00% 04/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085370 |
| Dublin City School District, OH GO | Dublin City School District, OH GO | Dublin City School District, OH GO |
| &nbsp;&nbsp;&nbsp;4.00% 12/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055255 |
| Ohio Turnpike & Infrastructure Commission, OH Revenue | Ohio Turnpike & Infrastructure Commission, OH Revenue | Ohio Turnpike & Infrastructure Commission, OH Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 02/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021715 |
| Ohio Water Development Authority, OH Revenue | Ohio Water Development Authority, OH Revenue | Ohio Water Development Authority, OH Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 12/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100474 |
| Shaker Heights City School District, OH GO | Shaker Heights City School District, OH GO | Shaker Heights City School District, OH GO |
| &nbsp;&nbsp;&nbsp;5.25% 12/15/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3046831 |
| State of Ohio, OH Revenue | State of Ohio, OH Revenue | State of Ohio, OH Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772398 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9336180 |
| Oklahoma - 1.3% | Oklahoma - 1.3% | Oklahoma - 1.3% |
| City of Oklahoma City, OK GO | City of Oklahoma City, OK GO | City of Oklahoma City, OK GO |
| &nbsp;&nbsp;&nbsp;5.00% 03/01/28 - 03/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4293869 |
| Oklahoma Water Resources Board, OK Revenue | Oklahoma Water Resources Board, OK Revenue | Oklahoma Water Resources Board, OK Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 04/01/41 - 04/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939396 |
| &nbsp;&nbsp;&nbsp;5.00% 04/01/36 - 04/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221224 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Fair<br> Value** |
| Tulsa Metropolitan Utility Authority, OK Revenue | Tulsa Metropolitan Utility Authority, OK Revenue | Tulsa Metropolitan Utility Authority, OK Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 04/01/39 | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1007613 |
| Washington County Rural Water District No. 3, OK Revenue | Washington County Rural Water District No. 3, OK Revenue | Washington County Rural Water District No. 3, OK Revenue |
| &nbsp;&nbsp;&nbsp;3.00% 09/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2527429 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10989531 |
| Oregon - 1.5% | Oregon - 1.5% | Oregon - 1.5% |
| City of Bend, OR GO | City of Bend, OR GO | City of Bend, OR GO |
| &nbsp;&nbsp;&nbsp;5.00% 06/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162388 |
| City of Eugene Water Utility System Revenue, OR Revenue | City of Eugene Water Utility System Revenue, OR Revenue | City of Eugene Water Utility System Revenue, OR Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3448710 |
| Multnomah-Clackamas Counties Centennial School District No. 28JT, OR GO, School Bond Guaranty | Multnomah-Clackamas Counties Centennial School District No. 28JT, OR GO, School Bond Guaranty | Multnomah-Clackamas Counties Centennial School District No. 28JT, OR GO, School Bond Guaranty |
| &nbsp;&nbsp;&nbsp;5.00% 06/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4112160 |
| Port of Portland Airport Revenue, OR Revenue | Port of Portland Airport Revenue, OR Revenue | Port of Portland Airport Revenue, OR Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/29 - 07/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2129532 |
| State of Oregon Department of Transportation, OR Revenue | State of Oregon Department of Transportation, OR Revenue | State of Oregon Department of Transportation, OR Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080230 |
| Tri-County Metropolitan Transportation District of Oregon, OR Revenue | Tri-County Metropolitan Transportation District of Oregon, OR Revenue | Tri-County Metropolitan Transportation District of Oregon, OR Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049741 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12982761 |
| Pennsylvania - 6.3% | Pennsylvania - 6.3% | Pennsylvania - 6.3% |
| Allegheny County Sanitary Authority, PA Revenue | Allegheny County Sanitary Authority, PA Revenue | Allegheny County Sanitary Authority, PA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 06/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271969 |
| Bethlehem Area School District, PA GO, BAM, State Aid Withholding | Bethlehem Area School District, PA GO, BAM, State Aid Withholding | Bethlehem Area School District, PA GO, BAM, State Aid Withholding |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565121 |
| Bucks County Water & Sewer Authority, PA Revenue, AG | Bucks County Water & Sewer Authority, PA Revenue, AG | Bucks County Water & Sewer Authority, PA Revenue, AG |
| &nbsp;&nbsp;&nbsp;5.25% 12/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798858 |
| Chester County Industrial Development Authority, PA Revenue, BAM | Chester County Industrial Development Authority, PA Revenue, BAM | Chester County Industrial Development Authority, PA Revenue, BAM |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105943 |
| City of Philadelphia Airport Revenue, PA Revenue | City of Philadelphia Airport Revenue, PA Revenue | City of Philadelphia Airport Revenue, PA Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2914507 |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/28 - 07/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3148951 |
| City of Philadelphia Water & Wastewater Revenue, PA Revenue | City of Philadelphia Water & Wastewater Revenue, PA Revenue | City of Philadelphia Water & Wastewater Revenue, PA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/33 - 10/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13419977 |
| City of Philadelphia Water & Wastewater Revenue, PA Revenue, AG | City of Philadelphia Water & Wastewater Revenue, PA Revenue, AG | City of Philadelphia Water & Wastewater Revenue, PA Revenue, AG |
| &nbsp;&nbsp;&nbsp;5.00% 09/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578345 |
| City of Philadelphia, PA GO | City of Philadelphia, PA GO | City of Philadelphia, PA GO |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/33 - 05/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666252 |
| City of Pittsburgh, PA GO | City of Pittsburgh, PA GO | City of Pittsburgh, PA GO |
| &nbsp;&nbsp;&nbsp;5.00% 09/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817741 |
| Commonwealth of Pennsylvania, PA GO | Commonwealth of Pennsylvania, PA GO | Commonwealth of Pennsylvania, PA GO |
| &nbsp;&nbsp;&nbsp;4.00% 09/15/34 - 09/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3529353 |
| County of Allegheny, PA GO | County of Allegheny, PA GO | County of Allegheny, PA GO |
| &nbsp;&nbsp;&nbsp;5.00% 12/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691985 |
| County of Delaware, PA GO | County of Delaware, PA GO | County of Delaware, PA GO |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043865 |
| Lehigh County General Purpose Authority, PA Revenue | Lehigh County General Purpose Authority, PA Revenue | Lehigh County General Purpose Authority, PA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 02/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900811 |
| Middletown Area School District, PA GO, AG, State Aid Withholding | Middletown Area School District, PA GO, AG, State Aid Withholding | Middletown Area School District, PA GO, AG, State Aid Withholding |
| &nbsp;&nbsp;&nbsp;4.00% 03/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005243 |
| Pennsylvania Higher Educational Facilities Authority, PA Revenue | Pennsylvania Higher Educational Facilities Authority, PA Revenue | Pennsylvania Higher Educational Facilities Authority, PA Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 02/15/43 - 08/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2987017 |
| &nbsp;&nbsp;&nbsp;5.00% 05/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004083 |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, PA Revenue | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, PA Revenue | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, PA Revenue |
| &nbsp;&nbsp;&nbsp;5.25% 12/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7634221 |
| Pennsylvania Turnpike Commission, PA Revenue | Pennsylvania Turnpike Commission, PA Revenue | Pennsylvania Turnpike Commission, PA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 12/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209269 |
| Philadelphia Gas Works Co., PA Revenue | Philadelphia Gas Works Co., PA Revenue | Philadelphia Gas Works Co., PA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3398538 |
| Phoenixville Area School District, PA GO, State Aid Withholding | Phoenixville Area School District, PA GO, State Aid Withholding | Phoenixville Area School District, PA GO, State Aid Withholding |
| &nbsp;&nbsp;&nbsp;4.00% 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996140 |
| Temple University-of The Commonwealth System of Higher Education, PA Revenue, AG | Temple University-of The Commonwealth System of Higher Education, PA Revenue, AG | Temple University-of The Commonwealth System of Higher Education, PA Revenue, AG |
| &nbsp;&nbsp;&nbsp;5.00% 04/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149311 |
| Upper Merion Area School District, PA GO, State Aid Withholding | Upper Merion Area School District, PA GO, State Aid Withholding | Upper Merion Area School District, PA GO, State Aid Withholding |
| &nbsp;&nbsp;&nbsp;4.00% 01/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355319 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53192819 |

---

See Notes to Schedule of Investments.

4 Elfun Tax-Exempt Income Fund

------

[**Table of Contents**](#JOB_NQ_-__0be5b2b1-755d-4f53-9f5e-40d1bc7979bd_TOC)

Elfun Tax-Exempt Income Fund

Schedule of Investments

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Fair<br> Value** |
| Rhode Island - 0.3% | Rhode Island - 0.3% | Rhode Island - 0.3% |
| Rhode Island Health & Educational Building Corp., RI Revenue, BAM | Rhode Island Health & Educational Building Corp., RI Revenue, BAM | Rhode Island Health & Educational Building Corp., RI Revenue, BAM |
| &nbsp;&nbsp;&nbsp;5.00% 05/15/35 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$610373 |
| Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund, RI Revenue | Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund, RI Revenue | Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund, RI Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004076 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2614449 |
| South Carolina - 1.3% | South Carolina - 1.3% | South Carolina - 1.3% |
| Anderson County School District No. 5, SC GO | Anderson County School District No. 5, SC GO | Anderson County School District No. 5, SC GO |
| &nbsp;&nbsp;&nbsp;5.00% 03/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010187 |
| Beaufort County School District, SC GO | Beaufort County School District, SC GO | Beaufort County School District, SC GO |
| &nbsp;&nbsp;&nbsp;4.00% 03/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300995 |
| City of Columbia Waterworks & Sewer System Revenue, SC Revenue | City of Columbia Waterworks & Sewer System Revenue, SC Revenue | City of Columbia Waterworks & Sewer System Revenue, SC Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 02/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138878 |
| Clemson University, SC Revenue | Clemson University, SC Revenue | Clemson University, SC Revenue |
| &nbsp;&nbsp;&nbsp;3.00% 05/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766118 |
| South Carolina Ports Authority, SC Revenue | South Carolina Ports Authority, SC Revenue | South Carolina Ports Authority, SC Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905191 |
| Spartanburg County School District No. 4, SC GO | Spartanburg County School District No. 4, SC GO | Spartanburg County School District No. 4, SC GO |
| &nbsp;&nbsp;&nbsp;5.00% 03/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2835615 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10956984 |
| Tennessee - 1.8% | Tennessee - 1.8% | Tennessee - 1.8% |
| City of Knoxville Electric System Revenue, TN Revenue | City of Knoxville Electric System Revenue, TN Revenue | City of Knoxville Electric System Revenue, TN Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/41 - 07/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2822710 |
| City of Knoxville Wastewater System Revenue, TN Revenue | City of Knoxville Wastewater System Revenue, TN Revenue | City of Knoxville Wastewater System Revenue, TN Revenue |
| &nbsp;&nbsp;&nbsp;3.50% 04/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2918387 |
| City of Memphis Memphis Light Gas & Water Division Electric System Revenue, TN Revenue | City of Memphis Memphis Light Gas & Water Division Electric System Revenue, TN Revenue | City of Memphis Memphis Light Gas & Water Division Electric System Revenue, TN Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 12/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539835 |
| City of Memphis, TN GO | City of Memphis, TN GO | City of Memphis, TN GO |
| &nbsp;&nbsp;&nbsp;4.00% 05/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350208 |
| County of Montgomery, TN GO | County of Montgomery, TN GO | County of Montgomery, TN GO |
| &nbsp;&nbsp;&nbsp;4.00% 06/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272352 |
| County of Rutherford, TN GO | County of Rutherford, TN GO | County of Rutherford, TN GO |
| &nbsp;&nbsp;&nbsp;3.00% 04/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914568 |
| Tennessee State School Bond Authority, TN Revenue, State Intercept | Tennessee State School Bond Authority, TN Revenue, State Intercept | Tennessee State School Bond Authority, TN Revenue, State Intercept |
| &nbsp;&nbsp;&nbsp;5.00% 11/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3391588 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15209648 |
| Texas - 8.2% | Texas - 8.2% | Texas - 8.2% |
| Arlington Higher Education Finance Corp., TX Revenue, Permanent School Fund | Arlington Higher Education Finance Corp., TX Revenue, Permanent School Fund | Arlington Higher Education Finance Corp., TX Revenue, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;5.00% 02/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551156 |
| Austin Independent School District, TX GO, Permanent School Fund | Austin Independent School District, TX GO, Permanent School Fund | Austin Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;5.25% 08/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064335 |
| Azle Independent School District, TX GO, Permanent School Fund | Azle Independent School District, TX GO, Permanent School Fund | Azle Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;5.00% 02/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135132 |
| Barbers Hill Independent School District, TX GO, Permanent School Fund | Barbers Hill Independent School District, TX GO, Permanent School Fund | Barbers Hill Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;4.00% 02/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389604 |
| Board of Regents of the University of Texas System, TX Revenue | Board of Regents of the University of Texas System, TX Revenue | Board of Regents of the University of Texas System, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/15/31 - 08/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117983 |
| Central Texas Turnpike System, TX Revenue | Central Texas Turnpike System, TX Revenue | Central Texas Turnpike System, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/15/32 - 08/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3916959 |
| City of Austin Airport System Revenue, TX Revenue | City of Austin Airport System Revenue, TX Revenue | City of Austin Airport System Revenue, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098897 |
| City of Austin Electric Utility Revenue, TX Revenue | City of Austin Electric Utility Revenue, TX Revenue | City of Austin Electric Utility Revenue, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653536 |
| City of Austin Water & Wastewater System Revenue, TX Revenue | City of Austin Water & Wastewater System Revenue, TX Revenue | City of Austin Water & Wastewater System Revenue, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139168 |
| City of El Paso Water & Sewer Revenue, TX Revenue | City of El Paso Water & Sewer Revenue, TX Revenue | City of El Paso Water & Sewer Revenue, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 03/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568308 |
| City of Fort Worth Water & Sewer System Revenue, TX Revenue | City of Fort Worth Water & Sewer System Revenue, TX Revenue | City of Fort Worth Water & Sewer System Revenue, TX Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 02/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2568076 |
| City of Frisco, TX GO | City of Frisco, TX GO | City of Frisco, TX GO |
| &nbsp;&nbsp;&nbsp;5.00% 02/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068646 |
| City of Galveston Wharves & Terminal Revenue, TX Revenue | City of Galveston Wharves & Terminal Revenue, TX Revenue | City of Galveston Wharves & Terminal Revenue, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/27 - 08/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588687 |
| City of Garland Electric Utility System Revenue, TX Revenue, AG | City of Garland Electric Utility System Revenue, TX Revenue, AG | City of Garland Electric Utility System Revenue, TX Revenue, AG |
| &nbsp;&nbsp;&nbsp;5.00% 03/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460077 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Fair<br> Value** |
| City of Houston Airport System Revenue, TX Revenue | City of Houston Airport System Revenue, TX Revenue | City of Houston Airport System Revenue, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/28 | &nbsp;&nbsp;&nbsp;$1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1584762 |
| City of Houston Combined Utility System Revenue, TX Revenue | City of Houston Combined Utility System Revenue, TX Revenue | City of Houston Combined Utility System Revenue, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131740 |
| City of McKinney, TX GO | City of McKinney, TX GO | City of McKinney, TX GO |
| &nbsp;&nbsp;&nbsp;4.00% 08/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959276 |
| City of Tyler Water & Sewer System Revenue, TX Revenue | City of Tyler Water & Sewer System Revenue, TX Revenue | City of Tyler Water & Sewer System Revenue, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 09/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380212 |
| Conroe Independent School District, TX GO, Permanent School Fund | Conroe Independent School District, TX GO, Permanent School Fund | Conroe Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;5.00% 02/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561662 |
| County of El Paso, TX GO | County of El Paso, TX GO | County of El Paso, TX GO |
| &nbsp;&nbsp;&nbsp;5.00% 02/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061727 |
| County of Harris Toll Road Revenue, TX Revenue | County of Harris Toll Road Revenue, TX Revenue | County of Harris Toll Road Revenue, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708077 |
| Dallas Fort Worth International Airport, TX Revenue | Dallas Fort Worth International Airport, TX Revenue | Dallas Fort Worth International Airport, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 11/01/27 - 11/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3021589 |
| Dickinson Independent School District, TX GO, Permanent School Fund | Dickinson Independent School District, TX GO, Permanent School Fund | Dickinson Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;4.00% 02/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972302 |
| Forney Independent School District, TX GO, Permanent School Fund | Forney Independent School District, TX GO, Permanent School Fund | Forney Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;5.00% 08/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295272 |
| Fort Bend County Texas Public Facility Corp., TX Revenue | Fort Bend County Texas Public Facility Corp., TX Revenue | Fort Bend County Texas Public Facility Corp., TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 03/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572552 |
| Fort Bend Independent School District, TX GO, Permanent School Fund | Fort Bend Independent School District, TX GO, Permanent School Fund | Fort Bend Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;4.00% 08/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102052 |
| Grand Parkway Transportation Corp., TX Revenue | Grand Parkway Transportation Corp., TX Revenue | Grand Parkway Transportation Corp., TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225269 |
| Hays Consolidated Independent School District, TX GO, Permanent School Fund | Hays Consolidated Independent School District, TX GO, Permanent School Fund | Hays Consolidated Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;5.00% 02/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629115 |
| Hutto Independent School District, TX GO, Permanent School Fund | Hutto Independent School District, TX GO, Permanent School Fund | Hutto Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690393 |
| Katy Independent School District, TX GO, Permanent School Fund | Katy Independent School District, TX GO, Permanent School Fund | Katy Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;5.00% 02/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787659 |
| Lamar Consolidated Independent School District, TX GO, Permanent School Fund | Lamar Consolidated Independent School District, TX GO, Permanent School Fund | Lamar Consolidated Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;4.00% 02/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995320 |
| &nbsp;&nbsp;&nbsp;5.00% 02/15/37 - 02/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1854157 |
| Lower Colorado River Authority, TX Revenue | Lower Colorado River Authority, TX Revenue | Lower Colorado River Authority, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 05/15/31 - 05/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3180652 |
| Mount Vernon Independent School District, TX GO, Permanent School Fund | Mount Vernon Independent School District, TX GO, Permanent School Fund | Mount Vernon Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;5.00% 08/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558113 |
| North Texas Municipal Water District, TX Revenue | North Texas Municipal Water District, TX Revenue | North Texas Municipal Water District, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 06/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111940 |
| North Texas Tollway Authority, TX Revenue | North Texas Tollway Authority, TX Revenue | North Texas Tollway Authority, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786032 |
| Pittsburg Independent School District, TX GO, Permanent School Fund | Pittsburg Independent School District, TX GO, Permanent School Fund | Pittsburg Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;4.00% 02/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151212 |
| Port Authority of Houston of Harris County Texas, TX Revenue | Port Authority of Houston of Harris County Texas, TX Revenue | Port Authority of Houston of Harris County Texas, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 10/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049266 |
| Red River Education Finance Corp., TX Revenue | Red River Education Finance Corp., TX Revenue | Red River Education Finance Corp., TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 03/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152846 |
| San Antonio Independent School District, TX GO, Permanent School Fund | San Antonio Independent School District, TX GO, Permanent School Fund | San Antonio Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;5.00% 08/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852564 |
| San Antonio Water System, TX Revenue | San Antonio Water System, TX Revenue | San Antonio Water System, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 05/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577325 |
| Spring Independent School District, TX GO, Permanent School Fund | Spring Independent School District, TX GO, Permanent School Fund | Spring Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;5.00% 08/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142170 |
| State of Texas, TX GO | State of Texas, TX GO | State of Texas, TX GO |
| &nbsp;&nbsp;&nbsp;4.00% 10/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1839583 |
| Tarrant Regional Water District Water Supply System Revenue, TX Revenue | Tarrant Regional Water District Water Supply System Revenue, TX Revenue | Tarrant Regional Water District Water Supply System Revenue, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 03/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549153 |
| Texas A&M University, TX Revenue | Texas A&M University, TX Revenue | Texas A&M University, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 05/15/28 - 05/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2797190 |
| Texas Water Development Board, TX Revenue | Texas Water Development Board, TX Revenue | Texas Water Development Board, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104864 |
| &nbsp;&nbsp;&nbsp;5.00% 10/15/36 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572056 |
| &nbsp;&nbsp;&nbsp;5.25% 10/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586058 |

---

See Notes to Schedule of Investments.

Elfun Tax-Exempt Income Fund 5

------

[**Table of Contents**](#JOB_NQ_-__0be5b2b1-755d-4f53-9f5e-40d1bc7979bd_TOC)

Elfun Tax-Exempt Income Fund

Schedule of Investments

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Fair<br> Value** |
| Tomball Independent School District, TX GO, Permanent School Fund | Tomball Independent School District, TX GO, Permanent School Fund | Tomball Independent School District, TX GO, Permanent School Fund |
| &nbsp;&nbsp;&nbsp;4.00% 02/15/44 | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$964749 |
| &nbsp;&nbsp;&nbsp;5.00% 02/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754133 |
| Trinity River Authority Central Regional Wastewater System Revenue, TX Revenue | Trinity River Authority Central Regional Wastewater System Revenue, TX Revenue | Trinity River Authority Central Regional Wastewater System Revenue, TX Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544102 |
| Upper Trinity Regional Water District, TX Revenue, BAM | Upper Trinity Regional Water District, TX Revenue, BAM | Upper Trinity Regional Water District, TX Revenue, BAM |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552953 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69680661 |
| Utah - 2.5% | Utah - 2.5% | Utah - 2.5% |
| Central Valley Water Reclamation Facility, UT Revenue | Central Valley Water Reclamation Facility, UT Revenue | Central Valley Water Reclamation Facility, UT Revenue |
| &nbsp;&nbsp;&nbsp;3.00% 03/01/30 - 03/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2187648 |
| &nbsp;&nbsp;&nbsp;4.00% 03/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934710 |
| City of Salt Lake City Airport Revenue, UT Revenue | City of Salt Lake City Airport Revenue, UT Revenue | City of Salt Lake City Airport Revenue, UT Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/46 - 07/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4041660 |
| City of Salt Lake City Public Utilities Revenue, UT Revenue | City of Salt Lake City Public Utilities Revenue, UT Revenue | City of Salt Lake City Public Utilities Revenue, UT Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 02/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172838 |
| County of Utah, UT Revenue | County of Utah, UT Revenue | County of Utah, UT Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 05/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159460 |
| &nbsp;&nbsp;&nbsp;5.00% 05/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192158 |
| Intermountain Power Agency, UT Revenue | Intermountain Power Agency, UT Revenue | Intermountain Power Agency, UT Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/37 - 07/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3251030 |
| &nbsp;&nbsp;&nbsp;5.25% 07/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568698 |
| Ogden City Redevelopment Agency, UT Revenue | Ogden City Redevelopment Agency, UT Revenue | Ogden City Redevelopment Agency, UT Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 01/15/48 - 01/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995221 |
| University of Utah, UT Revenue | University of Utah, UT Revenue | University of Utah, UT Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782880 |
| Weber School District, UT GO, School Bond Guaranty | Weber School District, UT GO, School Bond Guaranty | Weber School District, UT GO, School Bond Guaranty |
| &nbsp;&nbsp;&nbsp;4.00% 06/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979054 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21265357 |
| Virginia - 2.9% | Virginia - 2.9% | Virginia - 2.9% |
| Alexandria Sanitation Authority, VA Revenue | Alexandria Sanitation Authority, VA Revenue | Alexandria Sanitation Authority, VA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619530 |
| Chesapeake Bay Bridge & Tunnel District, VA Revenue | Chesapeake Bay Bridge & Tunnel District, VA Revenue | Chesapeake Bay Bridge & Tunnel District, VA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/46 - 07/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4003083 |
| City of Alexandria, VA GO, State Aid Withholding | City of Alexandria, VA GO, State Aid Withholding | City of Alexandria, VA GO, State Aid Withholding |
| &nbsp;&nbsp;&nbsp;4.00% 12/15/48 - 12/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7112851 |
| City of Richmond Public Utility Revenue, VA Revenue | City of Richmond Public Utility Revenue, VA Revenue | City of Richmond Public Utility Revenue, VA Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 01/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4355512 |
| County of Fairfax Sewer Revenue, VA Revenue | County of Fairfax Sewer Revenue, VA Revenue | County of Fairfax Sewer Revenue, VA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 07/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3261357 |
| County of Fairfax, VA GO, State Aid Withholding | County of Fairfax, VA GO, State Aid Withholding | County of Fairfax, VA GO, State Aid Withholding |
| &nbsp;&nbsp;&nbsp;4.00% 10/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2458793 |
| Fairfax County Water Authority, VA Revenue | Fairfax County Water Authority, VA Revenue | Fairfax County Water Authority, VA Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 04/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992308 |
| Virginia College Building Authority, VA Revenue, State Intercept | Virginia College Building Authority, VA Revenue, State Intercept | Virginia College Building Authority, VA Revenue, State Intercept |
| &nbsp;&nbsp;&nbsp;4.00% 09/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012814 |
| Virginia Commonwealth Transportation Board, VA Revenue | Virginia Commonwealth Transportation Board, VA Revenue | Virginia Commonwealth Transportation Board, VA Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 05/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955088 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24771336 |
| Washington - 4.3% | Washington - 4.3% | Washington - 4.3% |
| City of Seattle Drainage & Wastewater Revenue, WA Revenue | City of Seattle Drainage & Wastewater Revenue, WA Revenue | City of Seattle Drainage & Wastewater Revenue, WA Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 07/01/36 - 09/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4280059 |
| City of Seattle Municipal Light & Power Revenue, WA Revenue | City of Seattle Municipal Light & Power Revenue, WA Revenue | City of Seattle Municipal Light & Power Revenue, WA Revenue |
| &nbsp;&nbsp;&nbsp;4.00% 01/01/39 - 09/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4540172 |
| &nbsp;&nbsp;&nbsp;5.00% 07/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3092709 |
| City of Seattle, WA GO | City of Seattle, WA GO | City of Seattle, WA GO |
| &nbsp;&nbsp;&nbsp;4.00% 12/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2501251 |
| City of Tacoma Electric System Revenue, WA Revenue | City of Tacoma Electric System Revenue, WA Revenue | City of Tacoma Electric System Revenue, WA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566217 |
| County of King, WA GO | County of King, WA GO | County of King, WA GO |
| &nbsp;&nbsp;&nbsp;4.00% 12/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151815 |
| Grant County Public Utility District No. 2 Electric Revenue, WA Revenue | Grant County Public Utility District No. 2 Electric Revenue, WA Revenue | Grant County Public Utility District No. 2 Electric Revenue, WA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 01/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407999 |
| King County School District No. 414 Lake Washington, WA GO, School Bond Guaranty | King County School District No. 414 Lake Washington, WA GO, School Bond Guaranty | King County School District No. 414 Lake Washington, WA GO, School Bond Guaranty |
| &nbsp;&nbsp;&nbsp;5.00% 12/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52196 |
| Port of Seattle, WA Revenue | Port of Seattle, WA Revenue | Port of Seattle, WA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/28 - 08/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6282271 |
| Snohomish County Public Utility District No. 1 Electric System Revenue, WA Revenue | Snohomish County Public Utility District No. 1 Electric System Revenue, WA Revenue | Snohomish County Public Utility District No. 1 Electric System Revenue, WA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 12/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1689345 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Fair<br> Value** |
| Spokane County School District No. 356 Central Valley, WA GO, School Bond Guaranty | Spokane County School District No. 356 Central Valley, WA GO, School Bond Guaranty | Spokane County School District No. 356 Central Valley, WA GO, School Bond Guaranty |
| &nbsp;&nbsp;&nbsp;4.00% 12/01/31 | &nbsp;&nbsp;&nbsp;$2605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2676655 |
| State of Washington, WA GO | State of Washington, WA GO | State of Washington, WA GO |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/30 - 06/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5632694 |
| Vancouver Library Capital Facilities Area, WA GO | Vancouver Library Capital Facilities Area, WA GO | Vancouver Library Capital Facilities Area, WA GO |
| &nbsp;&nbsp;&nbsp;4.00% 12/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017664 |
| Washington Health Care Facilities Authority, WA Revenue | Washington Health Care Facilities Authority, WA Revenue | Washington Health Care Facilities Authority, WA Revenue |
| &nbsp;&nbsp;&nbsp;5.00% 08/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786015 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36677062 |
| Wisconsin - 0.7% | Wisconsin - 0.7% | Wisconsin - 0.7% |
| County of Dane, WI GO | County of Dane, WI GO | County of Dane, WI GO |
| &nbsp;&nbsp;&nbsp;5.00% 06/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476229 |
| Oshkosh Area School District, WI GO | Oshkosh Area School District, WI GO | Oshkosh Area School District, WI GO |
| &nbsp;&nbsp;&nbsp;5.00% 03/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102963 |
| State of Wisconsin, WI GO | State of Wisconsin, WI GO | State of Wisconsin, WI GO |
| &nbsp;&nbsp;&nbsp;4.00% 05/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010449 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5589641 |
| **Total Municipal Bonds and Notes<br> (Cost $833,179,047)** | **Total Municipal Bonds and Notes<br> (Cost $833,179,047)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831255418 |
| **Short-Term Investment - 0.5%** | **Short-Term Investment - 0.5%** | **Short-Term Investment - 0.5%** |
| State Street Institutional Treasury Plus Money Market Fund - Premier Class 4.07% (d)(e)<br> (Cost $3,886,285) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3886285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3886285 |
| **Total Investments<br> (Cost $837,065,332)** | **Total Investments<br> (Cost $837,065,332)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835141703 |
| **Other Assets and Liabilities, net - 1.2%** | **Other Assets and Liabilities, net - 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10552477 |
| **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | &nbsp;&nbsp;$845694180 |

---

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund's future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund's summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.

---

| | |
|:---|:---|
| (a) | Settlement is on a delayed delivery or when-issued basis with final maturity to be announced ("TBA") in the future. |
| (b) | Variable Rate Security - Interest rate shown is rate in effect at September 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. |
| (c) | Pre-refunded bonds are collateralized by U.S. Treasury securities, which are held in escrow by a trustee and are used to pay principal and interest on the tax-exempt issue to retire the bonds at the earliest refunding date. |
| (d) | Sponsored by SSGA Funds Management, Inc., the Fund's investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund's sub-administrator, custodian and accounting agent. |
| (e) | Coupon amount represents effective yield. |
| † | Percentages are based on net assets as of September 30, 2025. |
| \* | Less than 0.05%. |

---

---

| |
|:---|
| **Abbreviations:** |
| AG - Assured Guaranty, Inc |
| BAM - Build America Mutual Assurance Company |

---

See Notes to Schedule of Investments.

6 Elfun Tax-Exempt Income Fund

------

[**Table of Contents**](#JOB_NQ_-__0be5b2b1-755d-4f53-9f5e-40d1bc7979bd_TOC)

Elfun Tax-Exempt Income Fund

Schedule of Investments

September 30, 2025 (Unaudited)

The following table presents the Fund's investments measured at fair value on a recurring basis at September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $831255418 | $— | $831255418 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;3886285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3886285 |
| Total Investments in Securities | $3886285 | $831255418 | $— | $835141703 |

---

**Affiliate Table**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number<br> of Shares<br> Held at<br> 12/31/24** | **Value at<br> 12/31/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares<br> Sold** | **Realized<br> Gain<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Number of<br> Shares<br> Held at<br> 9/30/25** | **Value at<br> 9/30/25** | **Dividend<br> Income** |
| State Street Institutional Treasury Plus Money Market Fund - Premier Class | 2198910 | $2198910 | $98798969 | $97111594 | $— | $— | 3886285 | $3886285 | $176958 |

---

See Notes to Schedule of Investments.

Elfun Tax-Exempt Income Fund 7

------

[**Table of Contents**](#JOB_NQ_-__0be5b2b1-755d-4f53-9f5e-40d1bc7979bd_TOC)

Elfun Tax-Exempt Income Fund

Notes to Schedule of Investments

September 30, 2025 (Unaudited)

#### Security Valuation
The Fund's investments are valued at fair value each day that the New York Stock Exchange ("NYSE") is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of the Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the "Committee") and approved by the Board of Trustees of the Trust (the "Board"). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for overseeing the determination of the fair value of investments.

Valuation techniques used to value the Fund's investments by major category are as follows:

• Government and municipal fixed income securities are generally valued using quotations from independent pricing services or brokers. Certain government inflation-indexed securities may require a calculated fair valuation as the cumulative inflation is contained within the price provided by the pricing service or broker. For these securities, the inflation component of the price is "cleaned" from the pricing service or broker price utilizing the published inflation factors in order to ensure proper accrual of income.

• Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day's published net asset value ("NAV") per share or unit.

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

The Fund values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

• Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs for the asset or liability, including the Committee's assumptions used in determining the fair value of investments.

The value of the Fund's investments according to the fair value hierarchy as of September 30, 2025 is disclosed in the Fund's Schedule of Investments.

#### Delayed Delivery and When-Issued Securities
During the period ended September 30, 2025, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated.

The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to such purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic or other factors.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** ELFUN TAX EXEMPT INCOME FUND

- **b. Investment Company Act file number:** 811-02735

- **c. CIK number of Registrant:** 0000215740

- **d. LEI of Registrant:** 54930051FSXB5CV41B97

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

  - **Street Address 1:** One Iron Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02210

  - **Telephone number:** 617-664-7037

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

- **a. Name of Series:** ELFUN TAX EXEMPT INCOME FUND

- **b. EDGAR series identifier (if any):** S000011830

- **c. LEI of Series:** 54930051FSXB5CV41B97

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $849605813.47

**Total Liabilities:** $5396038.64

**Net Assets:** $844209774.83

**Delayed Delivery Securities:** $2333880.20

**Cash Not Reported:** $0.27

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1759.54000000 | **1-Year:** -41821.75000000 | **5-Year:** -149558.48000000 | **10-Year:** -260261.82000000 | **30-Year:** -71860.39000000

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

- **3-Month:** -2.42000000 | **1-Year:** -369.49000000 | **5-Year:** -268.69000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000032332 | -0.59%               | 0.87%                | 2.62%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2773369.82             | $-4773471.36                               |
| Month 2  | $-2976007.28             | $7205782.71                                |
| Month 3  | $-183522.66              | $18964464.84                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Mount Vernon Independent School District                                       | MOUNT VERNON TX INDEP SCH DIST                               | CUSIP: 623742FT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $558112.65    | 0.07%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                              | ILLINOIS ST                                                  | CUSIP: 4521526K2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2159096.00   | 0.26%             | 2030-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                            | WASHINGTON ST                                                | CUSIP: 93974D2P2<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1348992.71   | 0.16%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Redwood Area Schools Independent School District No 2897                       | REDWOOD MN AREA SCHS INDEP SCH DIST #2897                    | CUSIP: 757763CP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1705000 | PA      | $1742857.99   | 0.21%             | 2036-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                           | COLORADO SPRINGS CO UTILITIES REVENUE                        | CUSIP: 196632A37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2420000 | PA      | $2435199.29   | 0.29%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Galveston TX Wharves & Terminal Revenue                                | GALVESTON TX WHARVES & TERMINAL REVENUE                      | CUSIP: 364568JE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075628.70   | 0.13%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GWJ9<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2440260.00   | 0.29%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District                                           | N TX MUNI WTR DIST REGL WSTWTR SYS CONTRACT REVENUE          | CUSIP: 66283AJH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1111939.80   | 0.13%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority Central Regional Wastewater System Revenue             | TRINITY RIVER TX AUTH REGL WSTWTR SYS REVENUE                | CUSIP: 89658HZN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $544101.60    | 0.06%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                   | MASSACHUSETTS ST BAY TRANSPRTN AUTH SALES TAX REVENUE        | CUSIP: 575579U62<br>LEI: 549300D2U0XBUXGX8P68 | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1455885.67   | 0.17%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                       | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116HS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1919185.40   | 0.23%             | 2060-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                             | PHILADELPHIA PA WTR & WSTWTR REVENUE                         | CUSIP: 717893L58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2199043.60   | 0.26%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                    | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647LA7<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |   2940000 | PA      | $3173049.68   | 0.38%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                          | HARRIS CNTY TX TOLL ROAD REVENUE                             | CUSIP: 41423PDN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1708076.85   | 0.20%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Garland TX Electric Utility System Revenue                             | GARLAND TX ELEC UTILITY SYS REVENUE                          | CUSIP: 366133UE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1460076.94   | 0.17%             | 2044-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                       | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758P72<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1232850.39   | 0.15%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                            | CALIFORNIA ST                                                | CUSIP: 13063DZ27<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035930.50   | 0.12%             | 2042-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Washington Suburban Sanitary Commission                                        | WASHINGTON MD SUBURBAN SAN DIST                              | CUSIP: 940157M64<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1015321.96   | 0.12%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                 | INDIANA ST MUNI PWR AGY                                      | CUSIP: 454898XC6<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |   2160000 | PA      | $2223223.42   | 0.26%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Knoxville TN Wastewater System Revenue                                 | KNOXVILLE TN WSTWTR SYS REVENUE                              | CUSIP: 499815QY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2918386.80   | 0.35%             | 2038-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                    | JEA FL ELEC SYS REVENUE                                      | CUSIP: 46613SSN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1709987.92   | 0.20%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                  | MASSACHUSETTS ST                                             | CUSIP: 57582RMW3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1988887.88   | 0.24%             | 2042-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                           | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FVJ0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1351108.05   | 0.16%             | 2052-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                            | CALIFORNIA ST                                                | CUSIP: 13063ECH7<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2105000 | PA      | $2260376.58   | 0.27%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp                                               | HUDSON YARDS INFRASTRUCTURE CORP NY 2ND INDENTURE REVENUE    | CUSIP: 44420RAY6<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2562070.25   | 0.30%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spokane County School District No 356 Central Valley                           | SPOKANE CNTY WA SCH DIST #356 CENTRAL VLY                    | CUSIP: 848797QG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2605000 | PA      | $2676654.69   | 0.32%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Beaufort County School District/SC                                             | BEAUFORT CNTY SC SCH DIST                                    | CUSIP: 073900R38<br>LEI: 549300B1H1V9F55UPU08 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2300995.62   | 0.27%             | 2033-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                          | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252NQ8<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2802006.90   | 0.33%             | 2044-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Dane WI                                                              | DANE CNTY WI                                                 | CUSIP: 236092NS7<br>LEI: 5493000I57K3U1SCHU17 | Long             | DBT              | MUN               | US        |   2340000 | PA      | $2476229.18   | 0.29%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                            | NEW YORK NY                                                  | CUSIP: 64966SLN4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1697169.30   | 0.20%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Connecticut                                                      | UNIV OF CONNECTICUT CT                                       | CUSIP: 9142333G4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1101724.44   | 0.13%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                             | MINNESOTA ST                                                 | CUSIP: 60412AYH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1110226.00   | 0.13%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                    | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 646066F21<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4098078.40   | 0.49%             | 2031-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Central Florida Tourism Oversight District                                     | CENTRL FLORIDA TOURISM OVERSIGHT DIST                        | CUSIP: 153480AR9<br>LEI: 549300DLSKH6SZ96KV94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1089711.10   | 0.13%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                          | UTILITY DEBT SECURITIZATION AUTH NY                          | CUSIP: 91802RGX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1315777.19   | 0.16%             | 2040-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Wastewater System Revenue                               | LOS ANGELES CA WSTWTR SYS REVENUE                            | CUSIP: 53945CJY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10189840.00  | 1.21%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                           | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917SV67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004082.70   | 0.12%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                  | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646140DD2<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1523612.95   | 0.18%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                           | CHARLOTTE NC ARPT REVENUE                                    | CUSIP: 161036VM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3119463.60   | 0.37%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dickinson Independent School District                                          | DICKINSON TX INDEP SCH DIST                                  | CUSIP: 253363C60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $972301.80    | 0.12%             | 2043-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of El Paso TX Water & Sewer Revenue                                       | EL PASO TX WTR & SWR REVENUE                                 | CUSIP: 283822ZH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $568307.95    | 0.07%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                     | INTERMOUNTAIN PWR AGY UT PWR SPLY REVENUE                    | CUSIP: 45884AK85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064954.60   | 0.13%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Palm Beach Community Redevelopment Agency                                 | W PALM BEACH FL CMNTY REDEV AGY                              | CUSIP: 955070DN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067844.80   | 0.13%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                     | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FXA8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1129325.60   | 0.13%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cedar Rapids Community School District Infrastructure Sales Services & Use Tax | CEDAR RAPIDS IA CMNTY SCH DIST INFRASTRUCTURE SALES SVC      | CUSIP: 150539BW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1097848.09   | 0.13%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Tacoma WA Electric System Revenue                                      | TACOMA WA ELEC SYS REVENUE                                   | CUSIP: 873519QU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $566216.65    | 0.07%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                           | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593M58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6048327.60   | 0.72%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC                                                              | DURHAM NC LTD OBLIG REVENUE                                  | CUSIP: 26678PFH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3029220.60   | 0.36%             | 2037-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp                                               | HUDSON YARDS INFRASTRUCTURE CORP NY 2ND INDENTURE REVENUE    | CUSIP: 44420RBF6<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2815570.80   | 0.33%             | 2044-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                       | SAN ANTONIO TX WTR REVENUE                                   | CUSIP: 79642GSP8<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |    500000 | PA      | $577324.50    | 0.07%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                           | MIAMI-DADE CNTY FL WTR & SWR REVENUE                         | CUSIP: 59334DKL7<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2956314.00   | 0.35%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp                                              | LIBERTY DEV CORP NY REVENUE                                  | CUSIP: 531127AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1149835.90   | 0.14%             | 2035-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chesapeake Bay Bridge & Tunnel District                                        | CHESAPEAKE BAY VA BRIDGE & TUNNEL DIST REVENUE               | CUSIP: 16514PAE9<br>LEI: 549300JGWE66ZSSOYN09 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000712.40   | 0.24%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                      | NEW JERSEY ST ECON DEV AUTH                                  | CUSIP: 64578EMG9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4604600.70   | 0.55%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of Houston of Harris County Texas                               | PORT HOUSTON TX AUTH                                         | CUSIP: 734262FY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1049265.65   | 0.12%             | 2051-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                        | PHILADELPHIA PA ARPT REVENUE                                 | CUSIP: 717817WG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054607.40   | 0.12%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                 | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CEB0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081945.10   | 0.13%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Pledged Excise Tax Revenue                          | DENVER CO CITY & CNTY DEDICATED TAX REVENUE                  | CUSIP: 24917DAU7<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   2485000 | PA      | $2260742.67   | 0.27%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                         | MESA AZ UTILITY SYS REVENUE                                  | CUSIP: 590545J42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1542774.75   | 0.18%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Onondaga County Trust for Cultural Resources                                   | ONONDAGA CNTY NY TRUST CULTURAL RESOURCE REVENUE             | CUSIP: 68276FDQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030311.50   | 0.12%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                           | CONNECTICUT ST                                               | CUSIP: 20772KRR2<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2558085.50   | 0.30%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport   | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DVM8<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1109359.20   | 0.13%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hays Consolidated Independent School District                                  | HAYS TX CONSOL INDEP SCH DIST                                | CUSIP: 421111AH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $629115.14    | 0.07%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                  | FLORIDA ST DEPT OF TRANSN SEAPORT INVESTMENT PROGRAM REVENUE | CUSIP: 34161BBW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1106010.90   | 0.13%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA                                                             | SEATTLE WA                                                   | CUSIP: 8126264Z9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2501251.50   | 0.30%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                           | DIST OF COLUMBIA                                             | CUSIP: 25476FRS9<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002575.50   | 0.12%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                     | PENNSYLVANIA ST TURNPIKE COMMISSION OIL FRANCHISE TAX REVENU | CUSIP: 709221VE2<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7634220.75   | 0.90%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tarrant Regional Water District Water Supply System Revenue                    | TARRANT TX REGL WTR DIST WTR REVENUE                         | CUSIP: 876443VU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $549152.70    | 0.07%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                 | LOWER COLORADO RIVER TX AUTH REVENUE                         | CUSIP: 54811GQ78<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    500000 | PA      | $560045.25    | 0.07%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Upper Trinity Regional Water District                                          | UPPER TRINITY TX REGL WTR DIST WTR REVENUE                   | CUSIP: 916672W20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $552953.03    | 0.07%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Power Authority                                                       | NEW YORK ST PWR AUTH GREEN TRANSMISSION PROJ REVENUE         | CUSIP: 65000XBV1<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |   2020000 | PA      | $2103144.01   | 0.25%             | 2058-11-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| City of Frisco TX                                                              | FRISCO TX                                                    | CUSIP: 3587762Y7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068645.60   | 0.13%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                    | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647MR9<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2233186.40   | 0.26%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                        | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358XHY1<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064217.70   | 0.13%             | 2038-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Andover MA                                                             | ANDOVER MA                                                   | CUSIP: 034286HA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2605000 | PA      | $2431229.31   | 0.29%             | 2052-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                              | ILLINOIS ST                                                  | CUSIP: 452153KX6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    675000 | PA      | $729595.96    | 0.09%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                       | AUSTIN TX ARPT SYS REVENUE                                   | CUSIP: 052398HJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1098897.10   | 0.13%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Galveston TX Wharves & Terminal Revenue                                | GALVESTON TX WHARVES & TERMINAL REVENUE                      | CUSIP: 364568JN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513058.00    | 0.06%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Water and Sewer Authority                                         | BUCKS CNTY PA WTR & SWR AUTH SWR SYS REVENUE                 | CUSIP: 118683JZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1798857.55   | 0.21%             | 2047-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                       | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758D26<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1361919.97   | 0.16%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Tyler TX Water & Sewer System Revenue                                  | TYLER TX WTR & SWR SYS REVENUE                               | CUSIP: 902354QL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1380211.98   | 0.16%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                   | PENNSYLVANIA ST                                              | CUSIP: 70914PF23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1588026.04   | 0.19%             | 2034-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                             | UNIV OF TEXAS TX UNIV REVENUES                               | CUSIP: 91514ALZ6<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |    500000 | PA      | $551279.00    | 0.07%             | 2040-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                      | PHILADELPHIA PA GAS WKS REVENUE                              | CUSIP: 71783MAT2<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3398538.00   | 0.40%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                 | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CEN4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1123120.50   | 0.13%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bend OR                                                                | BEND OR                                                      | CUSIP: 081617XQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1162387.60   | 0.14%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Middletown Area School District                                                | MIDDLETOWN PA SCH DIST                                       | CUSIP: 597212QU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005243.30   | 0.12%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Adams & Arapahoe Counties Joint School District 28J Aurora                     | ADAMS & ARAPAHOE CNTYS CO JT SCH DIST #28J AURORA COPS       | CUSIP: 005484DE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1171515.40   | 0.14%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                          | CHICAGO IL PARK DIST                                         | CUSIP: 167615YV9<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $934656.80    | 0.11%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                  | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 6461397E9<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054659.70   | 0.12%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 112 North Shore                                 | LAKE CNTY IL SCH DIST #112 N SHORE                           | CUSIP: 509076CN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009037.40   | 0.12%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue        | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971WM64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005309.60   | 0.12%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                 | OKLAHOMA ST WTR RESOURCE BRD REVOLVING FUND REVENUE          | CUSIP: 67919PUY7<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |    600000 | PA      | $651304.74    | 0.08%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Michigan                                                         | UNIV OF MICHIGAN MI                                          | CUSIP: 914455UB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3120000 | PA      | $3216162.14   | 0.38%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH                                                           | CLEVELAND OH                                                 | CUSIP: 186343L64<br>LEI: 549300IQSLQPCVVMKJ96 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1254137.00   | 0.15%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GXB5<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1755000 | PA      | $1849478.49   | 0.22%             | 2041-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oklahoma City OK                                                       | OKLAHOMA CITY OK                                             | CUSIP: 6785192S7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1130202.90   | 0.13%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                           | BALTIMORE MD REVENUE                                         | CUSIP: 059231E89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1179457.93   | 0.14%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Bend County Texas Public Facility Corp                                    | FORT BEND CNTY TX PUB FAC CORPLEASE REV                      | CUSIP: 34687KAT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1572552.30   | 0.19%             | 2042-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                            | WASHINGTON ST                                                | CUSIP: 93974FBN2<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1164907.10   | 0.14%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                           | DIST OF COLUMBIA UNIV REVENUE                                | CUSIP: 25484JDE7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1887183.66   | 0.22%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wildwood Utility Dependent District                                            | WILDWOOD UTILITY DEPENDENT DIST FL UTILITY REVENUE           | CUSIP: 968214BU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1102456.40   | 0.13%             | 2038-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                    | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647ER8<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1632419.41   | 0.19%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                  | MASSACHUSETTS ST                                             | CUSIP: 57582RS31<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2558858.75   | 0.30%             | 2051-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri             | MISSOURI ST HLTH & EDUCTNL FACS AUTH HLTH FACS REVENUE       | CUSIP: 60637AMW9<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2013845.24   | 0.24%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                    | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647LN9<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2193198.00   | 0.26%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Independent School District                                             | AUSTIN TX INDEP SCH DIST                                     | CUSIP: 052430XB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064335.50   | 0.13%             | 2049-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lamar Consolidated Independent School District                                 | LAMAR TX CONSOL INDEP SCH DIST                               | CUSIP: 513174K92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1225297.92   | 0.15%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                               | NEW YORK ST THRUWAY AUTH PERSONAL INCOME TAX REVENUE         | CUSIP: 650028YW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1901953.40   | 0.23%             | 2044-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maple River Independent School District No 2135/MN                             | MAPLE RIVER MN INDEP SCH DIST#2135                           | CUSIP: 565323BX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $795280.80    | 0.09%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Drainage & Wastewater Revenue                               | SEATTLE WA DRAIN & WSTWTR REVENUE                            | CUSIP: 812631NY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3019296.90   | 0.36%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of St Petersburg FL Public Utility Revenue                                | SAINT PETERSBURG FL PUBLIC UTILITIES REVENUE                 | CUSIP: 793323C87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028144.40   | 0.12%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors                                                   | State Street Institutional Treasury Plus Money Market Fund   | CUSIP: 857492854<br>LEI: 549300PNASLVKQG64331 | Long             | STIV             | RF                | US        |   3886285 | NS      | $3886284.99   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| City of Houston TX Airport System Revenue                                      | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349CD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1584762.15   | 0.19%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                          | CHICAGO IL PARK DIST                                         | CUSIP: 1676154P5<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |    500000 | PA      | $557683.75    | 0.07%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee State School Bond Authority                                          | TENNESSEE ST SCH BOND AUTH                                   | CUSIP: 880558QP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3280000 | PA      | $3391588.22   | 0.40%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                  | TEXAS WTR DEV BRD REVENUE                                    | CUSIP: 88285AJQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $572056.40    | 0.07%             | 2036-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                  | TEXAS WTR DEV BRD ST WTR IMPLEMENTATION REVENUE FUND         | CUSIP: 88285ADT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1586057.85   | 0.19%             | 2051-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                        | PHILADELPHIA PA                                              | CUSIP: 717813YW3<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093871.00   | 0.13%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville Water Co                                                            | LOUISVILLE & JEFFERSON CNTY KY METRO GOVT BRD OF WTR WKS     | CUSIP: 54659REK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $957559.10    | 0.11%             | 2034-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Airport Passenger Facility Charge                           | ATLANTA GA ARPT PASSENGER FAC CHARGE REVENUE                 | CUSIP: 04780TDL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993450.00    | 0.12%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                      | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BTL8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4377271.78   | 0.52%             | 2041-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport   | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DRU5<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1240740.30   | 0.15%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                  | MASSACHUSETTS ST SPL OBLG DEDICATED TAX REVENUE              | CUSIP: 576002BP3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   3950000 | PA      | $4500148.89   | 0.53%             | 2034-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                      | SALT LAKE CITY UT ARPT REVENUE                               | CUSIP: 795576KB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2022760.00   | 0.24%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                  | FLORIDA ST DEPT OF TRANSN SEAPORT INVESTMENT PROGRAM REVENUE | CUSIP: 34161BBZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999223.40    | 0.12%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Unified School District No 80 Chandler                         | MARICOPA CNTY AZ UNIF SCH DIST #80 CHANDLER                  | CUSIP: 567389WJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2890000 | PA      | $2945598.40   | 0.35%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Phoenixville Area School District                                              | PHOENIXVILLE PA AREA SCH DIST                                | CUSIP: 719189G63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996139.80    | 0.12%             | 2038-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                         | IOWA ST FIN AUTH REVENUE                                     | CUSIP: 46247SEV2<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   2035000 | PA      | $2285165.81   | 0.27%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp                              | RHODE ISLAND HLTH & EDUCTNL BLDG CORP PUBLIC SCHS REVENUE    | CUSIP: 76219MFL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $610373.18    | 0.07%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dublin City School District                                                    | DUBLIN OH CITY SCH DIST                                      | CUSIP: 26371GTQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1055254.67   | 0.12%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                   | MISSISSIPPI DEV BK SPL OBLIG                                 | CUSIP: 60534XWU6<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $563916.10    | 0.07%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GVY7<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   3405000 | PA      | $3228268.58   | 0.38%             | 2042-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District/CA                                           | SAN DIEGO CA UNIF SCH DIST                                   | CUSIP: 797356JP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $938454.30    | 0.11%             | 2053-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chesapeake Bay Bridge & Tunnel District                                        | CHESAPEAKE BAY VA BRIDGE & TUNNEL DIST REVENUE               | CUSIP: 16514PAD1<br>LEI: 549300JGWE66ZSSOYN09 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002371.40   | 0.24%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                             | SEATTLE WA MUNI LIGHT & PWR REVENUE                          | CUSIP: 812643YC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3092709.60   | 0.37%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                 | TEXAS ST                                                     | CUSIP: 882723TA7<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   1985000 | PA      | $1839583.07   | 0.22%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                          | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252KS7<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   2285000 | PA      | $2286162.38   | 0.27%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority Dedicated Tax Fund                       | MET TRANSPRTN AUTH NY DEDICATED TAX FUND                     | CUSIP: 59260XCD8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1402871.25   | 0.17%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                           | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917S6Y4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1781879.80   | 0.21%             | 2049-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                           | MISSOURI JT MUNI ELEC UTILITY COMMISSION PWR PROJ REVENUE    | CUSIP: 606092MB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1138023.70   | 0.13%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                   | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JBP2<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1121070.60   | 0.13%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                   | PRINCE GEORGES CNTY MD                                       | CUSIP: 7417014W3<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058558.50   | 0.13%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Utah UT                                                              | UTAH CNTY UT HOSP REVENUE                                    | CUSIP: 917393CK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1192158.23   | 0.14%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Lauderdale FL Water & Sewer Revenue                               | FORT LAUDERDALE FL WTR & SWR REVENUE                         | CUSIP: 347658ZY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1613775.30   | 0.19%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Upper Merion Area School District/PA                                           | UPPER MERION PA AREA SCH DIST                                | CUSIP: 915899RJ9<br>LEI: 549300VSHSYXQGHRSD87 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1355318.77   | 0.16%             | 2046-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of St Louis MO                                                            | SAINT LOUIS MO                                               | CUSIP: 791621WJ0<br>LEI: 5493004O38W8EYGEZ656 | Long             | DBT              | MUN               | US        |    800000 | PA      | $834457.84    | 0.10%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                         | BALTIMORE CNTY MD                                            | CUSIP: 05914GDD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5985000 | PA      | $6296085.94   | 0.75%             | 2045-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vancouver Library Capital Facilities Area                                      | VANCOUVER WA LIBRARY CAPITAL FACS AREA                       | CUSIP: 921586CA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017664.00   | 0.12%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Tallahassee FL Energy System Revenue                                   | TALLAHASSEE FL ENERGY SYS REVENUE                            | CUSIP: 874476ML5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $571303.20    | 0.07%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Suburban Sanitary Commission                                        | WASHINGTON SUBURBAN SAN DIST MD                              | CUSIP: 940158DN5<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1926493.40   | 0.23%             | 2047-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                 | OKLAHOMA ST WTR RESOURCE BRD REVOLVING FUND REVENUE          | CUSIP: 67919PUF8<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001637.10   | 0.12%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                       | UNIV OF CALIFORNIA CA REVENUES                               | CUSIP: 91412HKT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2095933.00   | 0.25%             | 2046-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Sewage Disposal System Revenue                     | GREAT LAKES MI WTR AUTH SEWAGE DISPOSAL SYS REVENUE          | CUSIP: 39081HAS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1871285.73   | 0.22%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                 | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CBD9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1294060.45   | 0.15%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                  | KENTUCKY ST PROPERTY & BLDGS COMMISSION REVENUES             | CUSIP: 49151FTM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2581249.17   | 0.31%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                             | PHILADELPHIA PA WTR & WSTWTR REVENUE                         | CUSIP: 7178933L3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $578345.15    | 0.07%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stillwater Independent School District No 834                                  | STILLWATER MN INDEP SCH DIST #834                            | CUSIP: 860758TB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000154.70   | 0.12%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                           | BALTIMORE MD PROJ REVENUE                                    | CUSIP: 05922KH36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $935471.80    | 0.11%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                             | WISCONSIN ST                                                 | CUSIP: 97705MVH5<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2010448.40   | 0.24%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                         | PHOENIX AZ CIVIC IMPT CORP ARPT REVENUE                      | CUSIP: 71883MNL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2772607.82   | 0.33%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                  | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646140FE8<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079381.20   | 0.13%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                 | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE   | CUSIP: 54811BSW2<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1528189.80   | 0.18%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                             | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 735389V88<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515424.10    | 0.06%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Sales Tax Receipts Fund                              | CHICAGO IL TRANSIT AUTH SALES TAX RECPTS REVENUE             | CUSIP: 16772PDL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1759954.20   | 0.21%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                               | FLORIDA ST                                                   | CUSIP: 34115PEE1<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |   3950000 | PA      | $3708025.77   | 0.44%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northern Kentucky University                                                   | NTHRN KY UNIV GEN RECPTS                                     | CUSIP: 665304KC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2276013.80   | 0.27%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spartanburg County School District No 4/SC                                     | SPARTANBURG CNTY SC SCH DIST #4                              | CUSIP: 847031CU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2745000 | PA      | $2835614.92   | 0.34%             | 2047-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                             | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 735389D54<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2031442.40   | 0.24%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade Seaport Department                                        | MIAMI-DADE CNTY FL SEAPORT REVENUE                           | CUSIP: 59335KDD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2922600.30   | 0.35%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                | INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK                  | CUSIP: 45528VBB4<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   3605000 | PA      | $3899054.44   | 0.46%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Troy Capital Resource Corp                                                     | TROY NY CAPITAL RESOURCE CORP REVENUE                        | CUSIP: 897579BX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1451839.90   | 0.17%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Public Utilities Revenue                             | SALT LAKE CITY UT PUBLIC UTILS REVENUE                       | CUSIP: 795604BS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1172837.73   | 0.14%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp                                   | NEW YORK ST ENVRNMNTL FACS CORP ST CLEAN WTR & DRINKING WTR  | CUSIP: 64986DDY8<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5087025.50   | 0.60%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                         | MINNEAPOLIS MN                                               | CUSIP: 60375BMQ6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1131413.63   | 0.13%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts State College Building Authority                                 | MASSACHUSETTS ST CLG BLDG AUTH REVENUE                       | CUSIP: 575831DR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1448274.53   | 0.17%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Sewage Disposal System Revenue                     | GREAT LAKES MI WTR AUTH SEWAGE DISPOSAL SYS REVENUE          | CUSIP: 39081HFR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1155357.90   | 0.14%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                      | SALT LAKE CITY UT ARPT REVENUE                               | CUSIP: 795576JD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2018900.20   | 0.24%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bloomington MN                                                         | BLOOMINGTON MN                                               | CUSIP: 0947806E8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1834270.62   | 0.22%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa Metropolitan Utility Authority                                           | TULSA OK MET UTILITY AUTH                                    | CUSIP: 899656WF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007613.10   | 0.12%             | 2039-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                            | AUSTIN TX WTR & WSTWTR SYS REVENUE                           | CUSIP: 052477YG5<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1139167.80   | 0.13%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Private Colleges & Universities Authority                                      | PRIV CLGS & UNIVS AUTH GA                                    | CUSIP: 74265LK31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2355000 | PA      | $2175370.02   | 0.26%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                         | BALTIMORE CNTY MD                                            | CUSIP: 05914FU24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1196477.98   | 0.14%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                                                  | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 650036JJ6<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030880.60   | 0.12%             | 2054-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                   | HONOLULU CITY & CNTY HI                                      | CUSIP: 438687FD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53595.75     | 0.01%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri             | MISSOURI ST HLTH & EDUCTNL FACS AUTH HLTH FACS REVENUE       | CUSIP: 60637ATN2<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1827570.60   | 0.22%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                               | FLORIDA ST DEV FIN CORP                                      | CUSIP: 340618DW4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1475393.55   | 0.17%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GZR8<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   5360000 | PA      | $4895623.54   | 0.58%             | 2052-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                           | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FXV1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1146631.70   | 0.14%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                  | ATLANTA GA WTR & WSTWTR REVENUE                              | CUSIP: 047870FC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3468533.10   | 0.41%             | 2030-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                       | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116ES1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $741563.34    | 0.09%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Kentucky                                                         | UNIV OF KENTUCKY KY GEN RECPTS                               | CUSIP: 914378RK2<br>LEI: 549300CXE3YQ1HXYCQ71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979399.20    | 0.12%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                             | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990GGH9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $474578.60    | 0.06%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                             | SEATTLE WA MUNI LIGHT & PWR REVENUE                          | CUSIP: 812643WF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1975000 | PA      | $1986369.29   | 0.24%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                            | CALIFORNIA ST                                                | CUSIP: 13063ECD6<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1937658.60   | 0.23%             | 2047-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                          | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AG50<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019508.80   | 0.12%             | 2055-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Alexandria VA                                                          | ALEXANDRIA VA                                                | CUSIP: 015303EK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4709754.50   | 0.56%             | 2053-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iberia Parishwide School District                                              | IBERIA PARISH LA PARISHWIDE SCH DIST                         | CUSIP: 450812S45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1631486.94   | 0.19%             | 2041-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hutto Independent School District                                              | HUTTO TX INDEP SCH DIST                                      | CUSIP: 4484925P9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1690393.44   | 0.20%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Richmond VA Public Utility Revenue                                     | RICHMOND VA PUBLIC UTILITY REVENUE                           | CUSIP: 765433KP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4350000 | PA      | $4355512.32   | 0.52%             | 2036-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Kalamazoo MI                                                           | KALAMAZOO MI                                                 | CUSIP: 483207CG9<br>LEI: 549300HLUQ75FKMC2544 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1139696.40   | 0.14%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp                                                  | SALES TAX SECURITIZATION CORP IL                             | CUSIP: 79467BFF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1718669.82   | 0.20%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                              | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RBH1<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1222137.74   | 0.14%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                           | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 1675932K7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $875704.72    | 0.10%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington County Rural Water District No 3                                    | WASHINGTON CNTY OK RURAL WTR DIST #3                         | CUSIP: 938203AX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2527429.50   | 0.30%             | 2041-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                     | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204E4M7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $978951.50    | 0.12%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                               | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224R84<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1209269.30   | 0.14%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                  | MASSACHUSETTS ST                                             | CUSIP: 57582RY26<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2081505.40   | 0.25%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cherokee Metropolitan District/CO                                              | CHEROKEE CO MET DIST WTR & WSTWTR ENTERPRISE REVENUE         | CUSIP: 16415TBY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2601554.49   | 0.31%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                            | PORT OF PORTLAND OR ARPT REVENUE                             | CUSIP: 735240L76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022636.90   | 0.12%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                            | NEW YORK NY                                                  | CUSIP: 64966QQB9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1155978.05   | 0.14%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                 | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE   | CUSIP: 54811BVP3<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1092416.60   | 0.13%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                            | WASHINGTON ST                                                | CUSIP: 93974ET89<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1136660.50   | 0.13%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lawrence KS Water & Sewage System Revenue                              | LAWRENCE KS WTR & SWR SYS REVENUE                            | CUSIP: 520192SX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2420000 | PA      | $2365527.25   | 0.28%             | 2040-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                             | PHILADELPHIA PA WTR & WSTWTR REVENUE                         | CUSIP: 717893H95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009157.00   | 0.12%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Delaware                                                              | DELAWARE ST                                                  | CUSIP: 246381SR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1664850.90   | 0.20%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bentonville AR Sales & Use Tax Revenue                                 | BENTONVILLE AR SALES & USE TAX                               | CUSIP: 083422EL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $544512.60    | 0.06%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                             | PHILADELPHIA PA WTR & WSTWTR REVENUE                         | CUSIP: 717893H87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10211776.00  | 1.21%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alexandria Sanitation Authority                                                | ALEXANDRIA VA SANTN AUTH WSTWTR REVENUE                      | CUSIP: 015343AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $619529.78    | 0.07%             | 2044-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Anderson County School District No 5/SC                                        | ANDERSON CNTY SC SCH DIST #5                                 | CUSIP: 033753QB3<br>LEI: 549300L05WYQWAQXHB66 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010186.70   | 0.12%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                      | INDIANA FIN AUTH IN WSTWTR UTIL REVENUE                      | CUSIP: 45505MNH5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3105000 | PA      | $3211952.04   | 0.38%             | 2052-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                     | INTERMOUNTAIN PWR AGY UT PWR SPLY REVENUE                    | CUSIP: 45884AG31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1568698.35   | 0.19%             | 2045-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| University of California                                                       | UNIV OF CALIFORNIA CA REVENUES                               | CUSIP: 91412HJF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1690735.14   | 0.20%             | 2046-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                     | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45203H8V7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005288.70   | 0.12%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Ports Authority                                                 | SOUTH CAROLINA ST PORTS AUTH PORTS REVENUE                   | CUSIP: 837123JZ2<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1905190.74   | 0.23%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue                        | GREAT LAKES MI WTR AUTH WTR SPLY SYS REVENUE                 | CUSIP: 39081JHB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1139245.30   | 0.13%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                    | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GQY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1122944.20   | 0.13%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                              | ILLINOIS ST                                                  | CUSIP: 452153JS9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1111405.80   | 0.13%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri             | MISSOURI ST HLTH & EDUCTNL FACS AUTH HLTH FACS REVENUE       | CUSIP: 60637AWZ1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1710820.65   | 0.20%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Wastewater Revenue     | SAN FRANCISCO CITY & CNTY CA PUBLIC UTILS COMMISSION WSTWTR  | CUSIP: 79768HCU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1496827.19   | 0.18%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oklahoma City OK                                                       | OKLAHOMA CITY OK                                             | CUSIP: 6785192K4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2975000 | PA      | $3163666.47   | 0.37%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                              | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182KP0<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   3105000 | PA      | $3229044.13   | 0.38%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                            | COLUMBUS OH                                                  | CUSIP: 199492YT0<br>LEI: 254900NS3ODS0FZ3AM48 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1085369.76   | 0.13%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yellowstone County K-12 School District No 26 Lockwood                         | YELLOWSTONE CNTY MT SCH DIST #26                             | CUSIP: 985794DF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1642131.14   | 0.19%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery TN                                                        | MONTGOMERY CNTY TN                                           | CUSIP: 61366ALQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1272352.00   | 0.15%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ogden City Redevelopment Agency                                                | OGDEN CITY UT REDEV AGY SALES TAX & TAX INCR REVENUE         | CUSIP: 67629TAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028665.90   | 0.12%             | 2048-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Parkway Transportation Corp                                              | GRAND PARKWAY TRANSPRTN CORP TX SYS TOLL REVENUE             | CUSIP: 38611TBN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2145000 | PA      | $2225268.69   | 0.26%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                             | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FPV0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1871075.60   | 0.22%             | 2047-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Miami FL                                                               | MIAMI FL                                                     | CUSIP: 59338CBU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $531497.50    | 0.06%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Drainage & Wastewater Revenue                               | SEATTLE WA DRAIN & WSTWTR REVENUE                            | CUSIP: 812631QC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1260761.69   | 0.15%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northeast Metropolitan Regional Vocational School District                     | NORTHEAST MET REGL VOCATIONAL TECH SCD DIST MA               | CUSIP: 664262BA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1394250.00   | 0.17%             | 2047-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                            | WASHINGTON ST                                                | CUSIP: 93974FAX1<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1117547.20   | 0.13%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                               | NEW YORK ST THRUWAY AUTH GEN REVENUE JUNIOR INDEBTEDNESS OBL | CUSIP: 650010BB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $807860.79    | 0.10%             | 2051-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                            | CALIFORNIA ST                                                | CUSIP: 13063EMU7<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    500000 | PA      | $580108.80    | 0.07%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Eugene OR Water Utility System Revenue                                 | EUGENE OR WTR REVENUE                                        | CUSIP: 298245MM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3448710.54   | 0.41%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                       | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584Y2D0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2285000 | PA      | $2137463.95   | 0.25%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Temple University-of The Commonwealth System of Higher Education               | TEMPLE UNIV PA OF THE CMWLTH SYS OF HGR EDU UNIV REVENUE     | CUSIP: 880178CS5<br>LEI: 549300SCHVPNNFRR3L71 | Long             | DBT              | MUN               | US        |    130000 | PA      | $149310.85    | 0.02%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                | INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK                  | CUSIP: 45528UZG9<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3295257.00   | 0.39%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Board of Governors of Colorado State University System                         | COLORADO ST BRD OF GOVERNORS UNIV ENTERPRISE SYS REVENUE     | CUSIP: 196707ZV8<br>LEI: 549300MAE3RAIIEIQV71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $942763.30    | 0.11%             | 2043-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                    | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HVN2<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    750000 | PA      | $786015.08    | 0.09%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Valley Water Reclamation Facility                                      | CNTRL VLY WTR RECLAMATION FAC UT SWR REVENUE                 | CUSIP: 155796AJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1155376.91   | 0.14%             | 2030-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of McKinney TX                                                            | MCKINNEY TX                                                  | CUSIP: 58178CLY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $959275.70    | 0.11%             | 2044-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport   | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DWM7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1100318.20   | 0.13%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                            | VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE PUBLIC HGR ED | CUSIP: 92778WGQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012813.50   | 0.12%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                         | PHOENIX AZ CIVIC IMPT CORP ARPT REVENUE                      | CUSIP: 71883MPZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $909580.50    | 0.11%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                        | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE              | CUSIP: 23503CEC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1259501.40   | 0.15%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA Sewer Revenue                                             | FAIRFAX CNTY VA SWR REVENUE                                  | CUSIP: 303867NJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3125000 | PA      | $3261356.88   | 0.39%             | 2054-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Union High School District No 216 Agua Fria                    | MARICOPA CNTY AZ UN HIGH SCH DIST #216 AGUA FRIA             | CUSIP: 567541SP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1364501.30   | 0.16%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Water Authority                                                 | FAIRFAX CNTY VA WTR AUTH WTR REVENUE                         | CUSIP: 303891M77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992307.50    | 0.12%             | 2043-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund        | RHODE ISLAND ST INFRASTRUCTURE BANK WTR POLL CONTROL REVENUE | CUSIP: 76221UCE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2004075.60   | 0.24%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grant County Public Utility District No 2 Electric Revenue                     | GRANT CNTY WA PUBLIC UTILITY DIST #2 ELEC REVENUE            | CUSIP: 387874ZU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1407998.72   | 0.17%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                                                  | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 650036JM9<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3090560.40   | 0.37%             | 2057-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                        | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 041806FL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1551155.68   | 0.18%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp                                               | HUDSON YARDS INFRASTRUCTURE CORP NY 2ND INDENTURE REVENUE    | CUSIP: 44420RBE9<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013608.20   | 0.12%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                 | OKLAHOMA ST WTR RESOURCE BRD REVOLVING FUND REVENUE          | CUSIP: 67919PUG6<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $937758.70    | 0.11%             | 2048-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                        | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                    | CUSIP: 072024YW6<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1169503.38   | 0.14%             | 2054-04-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                                   | DIST OF COLUMBIA WTR & SWR AUTH PUBLIC UTILITY REVENUE       | CUSIP: 254845MQ0<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |   2185000 | PA      | $2186772.91   | 0.26%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Airport Passenger Facility Charge                           | ATLANTA GA ARPT PASSENGER FAC CHARGE REVENUE                 | CUSIP: 04780TDM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984458.20    | 0.12%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                          | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252KR9<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001311.80   | 0.24%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                     | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TSD6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1474901.97   | 0.17%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                            | NEW YORK NY                                                  | CUSIP: 64966MS91<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067690.70   | 0.13%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                    | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE              | CUSIP: 20775DZJ4<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    500000 | PA      | $581254.35    | 0.07%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbia SC Waterworks & Sewer System Revenue                          | COLUMBIA SC WTRWKS & SWR SYS                                 | CUSIP: 198504N40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1138878.51   | 0.13%             | 2048-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                    | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 646067KC1<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    750000 | PA      | $855937.73    | 0.10%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                        | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE              | CUSIP: 23503CCM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1762088.28   | 0.21%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                                | CHESTER CNTY PA INDL DEV AUTHSTUDENT HSG REVENUE             | CUSIP: 16559PBF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1105943.20   | 0.13%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Weber School District                                                          | WEBER UT SCH DIST                                            | CUSIP: 94766PMR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979054.20    | 0.12%             | 2043-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                       | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116GR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054214.50   | 0.12%             | 2039-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                       | MASSACHUSETTS ST DEV FIN AGY SPL OBLG                        | CUSIP: 57584FEC0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3813443.60   | 0.45%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                       | MIAMI-DADE CNTY FL AVIATION REVENUE                          | CUSIP: 59333P5X2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1648827.46   | 0.20%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                            | WASHINGTON ST                                                | CUSIP: 93974D5H7<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    840000 | PA      | $864587.39    | 0.10%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Cruz City High School District                                           | SANTA CRUZ CITY CA HIGH SCH DIST                             | CUSIP: 801733JZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1201172.76   | 0.14%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                    | LONG ISLAND NY PWR AUTH ELEC SYS REVENUE                     | CUSIP: 542691KV1<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1100125.50   | 0.13%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                   | SALT RIVER AZ PROJ AGRIC IMPT& PWR DIST ELEC SYS REVENUE     | CUSIP: 79574CFL2<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   4730000 | PA      | $4945348.39   | 0.59%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                               | OHIO ST WTR DEV AUTH REVENUE                                 | CUSIP: 67765QPJ9<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1100474.20   | 0.13%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Union NC                                                             | UNION CNTY NC                                                | CUSIP: 9063954T2<br>LEI: 5493007ESG9QHLUW6165 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1672552.35   | 0.20%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                        | PHILADELPHIA PA ARPT REVENUE                                 | CUSIP: 717817VE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2914507.50   | 0.35%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Private Colleges & Universities Authority                                      | PRIV CLGS & UNIVS AUTH GA                                    | CUSIP: 74265LT57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1724393.47   | 0.20%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Pittsburgh PA                                                          | PITTSBURGH PA                                                | CUSIP: 725209PT1<br>LEI: 549300EZQQVTL1QEIU17 | Long             | DBT              | MUN               | US        |    750000 | PA      | $817741.50    | 0.10%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue        | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971XRT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2135000 | PA      | $2351018.45   | 0.28%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allegheny PA                                                         | ALLEGHENY CNTY PA                                            | CUSIP: 01728VWK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $691985.20    | 0.08%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                              | ILLINOIS ST                                                  | CUSIP: 452153EA3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1101199.00   | 0.13%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                     | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445EL9<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1702802.67   | 0.20%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Delaware                                                              | DELAWARE ST                                                  | CUSIP: 246381GF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003684.20   | 0.24%             | 2033-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Sumter County School Board                                                     | SUMTER CNTY FL SCH BRD                                       | CUSIP: 866536CY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $567222.90    | 0.07%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Paul MN Water Revenue                                               | SAINT PAUL MN WTR REVENUE                                    | CUSIP: 793073JF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2446935.00   | 0.29%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Snohomish County Public Utility District No 1 Electric System Revenue          | SNOHOMISH CNTY WA PUBLIC UTILITY DIST #1 ELEC REVENUE        | CUSIP: 833102E28<br>LEI: 549300LU0VT11TQC1877 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1689345.45   | 0.20%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Madison Borough Board of Education                                             | MADISON BORO NJ BRD OF EDU                                   | CUSIP: 556649LR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $989218.00    | 0.12%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bethlehem Area School District                                                 | BETHLEHEM PA AREA SCH DIST                                   | CUSIP: 087365YG1<br>LEI: 549300PVLLD0D81XYN53 | Long             | DBT              | MUN               | US        |    500000 | PA      | $565120.75    | 0.07%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Assessment Revenue                  | MASSACHUSETTS BAY MA TRANSPRTN AUTH REVENUE                  | CUSIP: 575577NZ0<br>LEI: 549300D2U0XBUXGX8P68 | Long             | DBT              | MUN               | US        |   5020000 | PA      | $5178083.82   | 0.61%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts State College Building Authority                                 | MASSACHUSETTS ST CLG BLDG AUTH PROJ REVENUE                  | CUSIP: 5758326L9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1018708.00   | 0.12%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                  | MASSACHUSETTS ST                                             | CUSIP: 57582RD52<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2490000 | PA      | $2585110.53   | 0.31%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Warren Consolidated Schools                                                    | WARREN MI CONSOL SCH DIST                                    | CUSIP: 935341G27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $720051.90    | 0.09%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tomball Independent School District                                            | TOMBALL TX INDEP SCH DIST                                    | CUSIP: 889855Z21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $964749.00    | 0.11%             | 2044-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of East Longmeadow MA                                                     | EAST LONGMEADOW MA                                           | CUSIP: 273533US6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $931835.30    | 0.11%             | 2049-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                             | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 735389U22<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1591005.60   | 0.19%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                                           | ROCHESTER MN HLTH CARE FACS REVENUE                          | CUSIP: 771902HF3<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4644253.50   | 0.55%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Spring Independent School District                                             | SPRING TX INDEP SCH DIST                                     | CUSIP: 850001BX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1142170.40   | 0.14%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                          | UTILITY DEBT SECURITIZATION AUTH NY                          | CUSIP: 91802RHG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049299.90   | 0.12%             | 2050-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                     | STHRN CA PUBLIC PWR AUTH REVENUE                             | CUSIP: 84247PNC1<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    500000 | PA      | $534375.55    | 0.06%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakland Unified School District/Alameda County                                 | OAKLAND CA UNIF SCH DIST ALAMEDA CNTY                        | CUSIP: 672325S40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1147102.80   | 0.14%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Bend Independent School District                                          | FORT BEND TX INDEP SCH DIST                                  | CUSIP: 346843NJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1102052.24   | 0.13%             | 2036-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                             | UNIV OF TEXAS TX UNIV REVENUES                               | CUSIP: 91514AMX0<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |    500000 | PA      | $566704.10    | 0.07%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                            | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227UP4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088228.40   | 0.13%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                              | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182QT6<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039727.30   | 0.12%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                 | WASHINGTON DC MET AREA TRANSIT AUTH GROSS REVENUE            | CUSIP: 938782FT1<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5083469.50   | 0.60%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                             | CLARK CNTY NV                                                | CUSIP: 180848F73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2022512.60   | 0.24%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas A&M University                                                           | TEXAS ST A & M UNIV REVENUES                                 | CUSIP: 88213ATR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2020000 | PA      | $2264043.27   | 0.27%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                           | COLORADO SPRINGS CO UTILITIES REVENUE                        | CUSIP: 196632A29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1685184.46   | 0.20%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                           | CONNECTICUT ST                                               | CUSIP: 20772KF53<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $574156.55    | 0.07%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                             | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 735389V21<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1482103.70   | 0.18%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                       | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758ZZ9<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1703603.07   | 0.20%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dover & Eyota Independent School District No 533                               | DOVER & EYOTA MN INDEP SCH DIST #533                         | CUSIP: 260093JN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1300817.19   | 0.15%             | 2040-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                           | BALTIMORE MD PROJ REVENUE                                    | CUSIP: 05922KYP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024350.50   | 0.12%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lamar Consolidated Independent School District                                 | LAMAR TX CONSOL INDEP SCH DIST                               | CUSIP: 513174P22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $628858.58    | 0.07%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                  | MASSACHUSETTS ST                                             | CUSIP: 57582TAG7<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1119757.50   | 0.13%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                         | MESA AZ UTILITY SYS REVENUE                                  | CUSIP: 5905452Y4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $569833.70    | 0.07%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Transportation Fund Revenue                      | MASSACHUSETTS ST TRANSPRTN FUND REVENUE                      | CUSIP: 57604THK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1868407.20   | 0.22%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                            | CALIFORNIA ST                                                | CUSIP: 13063EMH6<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037652.50   | 0.12%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL Water & Wastewater System Revenue                             | TAMPA FL WTR & WSTWTR SYS REVENUE                            | CUSIP: 875291BP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7347609.50   | 0.87%             | 2057-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Transit System                                         | MIAMI-DADE CNTY FL TRANSIT SALES SURTAX REVENUE              | CUSIP: 59334PGQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1233300.11   | 0.15%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Utah UT                                                              | UTAH CNTY UT HOSP REVENUE                                    | CUSIP: 917393BN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1159460.24   | 0.14%             | 2047-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ogden City Redevelopment Agency                                                | OGDEN CITY UT REDEV AGY SALES TAX & TAX INCR REVENUE         | CUSIP: 67629TAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1966554.98   | 0.23%             | 2053-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional School Unit No 14                                                     | REGIONAL SCH UNIT #14 ME                                     | CUSIP: 75915PAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $567169.90    | 0.07%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                   | PENNSYLVANIA ST                                              | CUSIP: 70914P2S0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1941327.20   | 0.23%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue        | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971XU71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1767662.16   | 0.21%             | 2047-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County/The                                          | MIAMI-DADE CNTY FL SCH DIST                                  | CUSIP: 59333RLL6<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5192268.00   | 0.62%             | 2047-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                   | MASSACHUSETTS ST BAY TRANSPRTN AUTH SALES TAX REVENUE        | CUSIP: 575579Q75<br>LEI: 549300D2U0XBUXGX8P68 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1172305.50   | 0.14%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Independent School District/TX                                     | SAN ANTONIO TX INDEP SCH DIST                                | CUSIP: 796269P51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $852563.85    | 0.10%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN Memphis Light Gas & Water Division Electric System Revenue  | MEMPHIS TN ELEC SYS REVENUE                                  | CUSIP: 586158SA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $539835.40    | 0.06%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Red River Education Finance Corp                                               | RED RIVER TX EDU FIN CORP EDU REVENUE                        | CUSIP: 756872LJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1152846.30   | 0.14%             | 2035-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                        | DIST OF COLUMBIA INCOME TAX SECURED REVENUE                  | CUSIP: 25477GPK5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5015256.50   | 0.59%             | 2039-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                        | PHILADELPHIA PA ARPT REVENUE                                 | CUSIP: 717817XM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2094344.16   | 0.25%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tampa Bay Water                                                                | TAMPA BAY WTR FL UTILITY SYS REVENUE                         | CUSIP: 875128JZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1151223.10   | 0.14%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                             | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 735389U97<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    610000 | PA      | $662295.06    | 0.08%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                            | CALIFORNIA ST                                                | CUSIP: 13063CX21<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2180000 | PA      | $2229529.82   | 0.26%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                       | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584YSK6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052608.50   | 0.12%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Hennepin MN                                                          | HENNEPIN CNTY MN                                             | CUSIP: 425507GW4<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032182.60   | 0.12%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hillsborough FL                                                      | HILLSBOROUGH CNTY FL                                         | CUSIP: 432290QE7<br>LEI: 549300L0R7XNYJEJGF23 | Long             | DBT              | MUN               | US        |   2825000 | PA      | $2938020.62   | 0.35%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                       | MIAMI-DADE CNTY FL AVIATION REVENUE                          | CUSIP: 59333P7N2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1638403.65   | 0.19%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                  | OHIO ST MAJOR NEW STATE INFRASTRUCTURE PROJ REVENUE          | CUSIP: 677581GK0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    760000 | PA      | $772398.34    | 0.09%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                    | LONG ISLAND NY PWR AUTH ELEC SYS REVENUE                     | CUSIP: 542691KK5<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    300000 | PA      | $329892.57    | 0.04%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                           | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 1675932L5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507133.65    | 0.06%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                 | FLORIDA ST MUNI PWR AGY                                      | CUSIP: 342816Q40<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1112014.76   | 0.13%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                 | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136Y54<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2250526.05   | 0.27%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                 | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CGG7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043855.30   | 0.12%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                        | DIST OF COLUMBIA INCOME TAX SECURED REVENUE                  | CUSIP: 25477GPN9<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   4075000 | PA      | $3896799.03   | 0.46%             | 2044-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                             | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64985SHT3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $565696.00    | 0.07%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Bar Harbor ME                                                          | BAR HARBOR ME                                                | CUSIP: 066878NF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $643685.59    | 0.08%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN                                                             | MEMPHIS TN                                                   | CUSIP: 586145W91<br>LEI: 254900N4APYJWTAF5J46 | Long             | DBT              | MUN               | US        |   2345000 | PA      | $2350207.54   | 0.28%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                            | PORT OF PORTLAND OR ARPT REVENUE                             | CUSIP: 7352402Y8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1106895.10   | 0.13%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts State College Building Authority                                 | MASSACHUSETTS ST CLG BLDG AUTH PROJ REVENUE                  | CUSIP: 5758326P0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1926717.20   | 0.23%             | 2043-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Conroe Independent School District                                             | CONROE TX INDEP SCH DIST                                     | CUSIP: 2084184W0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $561661.60    | 0.07%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                   | MASSACHUSETTS ST BAY TRANSPRTN AUTH SALES TAX REVENUE        | CUSIP: 575579Z26<br>LEI: 549300D2U0XBUXGX8P68 | Long             | DBT              | MUN               | US        |    500000 | PA      | $575909.15    | 0.07%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                           | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593WQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8098693.60   | 0.96%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                           | MIAMI-DADE CNTY FL WTR & SWR REVENUE                         | CUSIP: 59334DKM5<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3515732.50   | 0.42%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                           | BALTIMORE MD PROJ REVENUE                                    | CUSIP: 05922KB73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2130000 | PA      | $1992554.93   | 0.24%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                     | VIRGINIA ST CMWLTH TRANSPRTN BRD TRANSPRTN REVENUE           | CUSIP: 927793U23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $955087.90    | 0.11%             | 2044-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                 | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461364F5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051677.60   | 0.12%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lamar Consolidated Independent School District                                 | LAMAR TX CONSOL INDEP SCH DIST                               | CUSIP: 513174YG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995319.80    | 0.12%             | 2040-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Lansing MI                                                             | LANSING MI                                                   | CUSIP: 516372TZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048411.10   | 0.12%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                    | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 646066F47<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8174794.40   | 0.97%             | 2033-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ann Arbor School District                                                      | ANN ARBOR MI SCH DIST                                        | CUSIP: 035519ZG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1108043.40   | 0.13%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                  | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646140GA5<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1494295.96   | 0.18%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jackson County School District/GA                                              | JACKSON CNTY GA SCH DIST                                     | CUSIP: 466784EK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $863260.05    | 0.10%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lehigh County General Purpose Authority                                        | LEHIGH CNTY PA GEN PURPOSE AUTH REVENUES                     | CUSIP: 52480RFW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $900810.71    | 0.11%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                            | ALLEGHENY CNTY PA SAN AUTH                                   | CUSIP: 017357E67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1271968.57   | 0.15%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                  | TEXAS ST WTR DEV BRD                                         | CUSIP: 8828546Y3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1104864.00   | 0.13%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                   | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JPW2<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1099480.80   | 0.13%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Turnpike Authority                                                       | MAINE ST TURNPIKE AUTH                                       | CUSIP: 560551QY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1904429.20   | 0.23%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida State Board of Governors University of North Florida Dormitory Revenue | FL ST BRD GOVERNORS UNIV OF NORTH FL DORM REV                | CUSIP: 34157XAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2560000 | PA      | $2752255.74   | 0.33%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                           | MIAMI-DADE CNTY FL WTR & SWR REVENUE                         | CUSIP: 59334DPH1<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1135180.20   | 0.13%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shaker Heights City School District                                            | SHAKER HEIGHTS OH CITY SCH DIST                              | CUSIP: 819071SN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2900000 | PA      | $3046830.77   | 0.36%             | 2059-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                  | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646140JT1<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $574261.80    | 0.07%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA                                                           | FAIRFAX CNTY VA                                              | CUSIP: 30382ANW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2458793.50   | 0.29%             | 2043-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Forney Independent School District                                             | FORNEY TX INDEP SCH DIST                                     | CUSIP: 346425JS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1295271.72   | 0.15%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                          | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252PX1<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   2045000 | PA      | $2094871.42   | 0.25%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                  | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WQ33<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1786032.46   | 0.21%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                        | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358XJW3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064102.10   | 0.13%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                             | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990F6H2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1336867.97   | 0.16%             | 2038-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas A&M University                                                           | TEXAS ST A & M UNIV REVENUES                                 | CUSIP: 88213ASK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $533146.95    | 0.06%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                          | CHICAGO IL WTRWKS REVENUE                                    | CUSIP: 167736Y76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1131536.80   | 0.13%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                  | TEXAS ST TRANSPRTN COMMISSION CENTRAL TX TURNPIKE SYS REVENU | CUSIP: 88283KBX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2823960.50   | 0.33%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cocoa FL Water & Sewer Revenue                                         | COCOA FL WTR & SWR REVENUE                                   | CUSIP: 191783GF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1290719.29   | 0.15%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Katy Independent School District                                               | KATY TX INDEP SCH DIST                                       | CUSIP: 486063U81<br>LEI: 254900H9QSKVP2HWVL72 | Long             | DBT              | MUN               | US        |    750000 | PA      | $787659.23    | 0.09%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                  | MASSACHUSETTS ST                                             | CUSIP: 57582TEP3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1161811.90   | 0.14%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp                                               | HUDSON YARDS INFRASTRUCTURE CORP NY 2ND INDENTURE REVENUE    | CUSIP: 44420RBA7<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1161130.76   | 0.14%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                           | CHARLOTTE NC ARPT REVENUE                                    | CUSIP: 161036PA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1509069.75   | 0.18%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                    | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE              | CUSIP: 20775DXK3<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001790.10   | 0.12%             | 2049-07-01      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                              | WAKE CNTY NC LIMITED OBLIG                                   | CUSIP: 930876HZ3<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $565608.55    | 0.07%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Knoxville TN Electric System Revenue                                   | KNOXVILLE TN ELEC REVENUE                                    | CUSIP: 4997463Z6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048933.40   | 0.12%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                        | DIST OF COLUMBIA INCOME TAX SECURED REVENUE                  | CUSIP: 25477GTF2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1409633.25   | 0.17%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                       | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758H48<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009962.30   | 0.12%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Fulton GA                                                            | FULTON CNTY GA                                               | CUSIP: 360046U79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001564.70   | 0.12%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                        | PHILADELPHIA PA                                              | CUSIP: 717813A33<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    500000 | PA      | $572380.75    | 0.07%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                           | CONNECTICUT ST                                               | CUSIP: 20772KRY7<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2012319.40   | 0.24%             | 2038-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| St Louis County School District C-2 Parkway                                    | SAINT LOUIS CNTY MO PARKWAY #C-2 SCH DIST                    | CUSIP: 791319MC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1414401.66   | 0.17%             | 2039-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Utah/The                                                         | UNIV OF UTAH UT REVENUES                                     | CUSIP: 9151832C0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1782880.30   | 0.21%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Ports Authority                                                        | GEORGIA ST PORTS AUTH                                        | CUSIP: 373586GU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4610181.00   | 0.55%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northern California Transmission Agency                                        | NTHRN CA TRANSMISSION AGY REVENUE                            | CUSIP: 664848BX5<br>LEI: 549300Q5SNIPZIW57C52 | Long             | DBT              | MUN               | US        |   3610000 | PA      | $3644757.08   | 0.43%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                 | OKLAHOMA ST WTR RESOURCE BRD REVOLVING FUND REVENUE          | CUSIP: 67919PVQ3<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $569918.50    | 0.07%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                           | CONNECTICUT ST                                               | CUSIP: 20772KZW2<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1107401.00   | 0.13%             | 2030-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA                                                              | KING CNTY WA                                                 | CUSIP: 49474FPH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2151814.60   | 0.25%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                | INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK                  | CUSIP: 45528VAU3<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031989.40   | 0.12%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Adams & Arapahoe Counties Joint School District 28J Aurora                     | ADAMS & ARAPAHOE CNTYS CO JT SCH DIST #28J AURORA            | CUSIP: 0054823C6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2043436.00   | 0.24%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                              | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182LL8<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $978583.50    | 0.12%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pittsburg Independent School District                                          | PITTSBURG TX INDEP SCH DIST                                  | CUSIP: 724751JU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1151212.13   | 0.14%             | 2049-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tomball Independent School District                                            | TOMBALL TX INDEP SCH DIST                                    | CUSIP: 889855V25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1754132.76   | 0.21%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Azle Independent School District                                               | AZLE TX INDEP SCH DIST                                       | CUSIP: 054789ZK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1135131.70   | 0.13%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota Department of Iron Range Resources & Rehabilitation         | MINNESOTA ST DEPT IRON RANGE RESOURCES & REHABILITATION REVE | CUSIP: 60414HAF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1155422.61   | 0.14%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Valley Water Reclamation Facility                                      | CNTRL VLY WTR RECLAMATION FAC UT SWR REVENUE                 | CUSIP: 155796BS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $934709.50    | 0.11%             | 2047-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Wastewater Transmission Revenue                             | CHICAGO IL WSTWTR TRANSMISSION REVENUE                       | CUSIP: 167727C61<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   5035000 | PA      | $5270917.95   | 0.62%             | 2062-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oshkosh Area School District/WI                                                | OSHKOSH WI AREA SCH DIST                                     | CUSIP: 687908KN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1102963.10   | 0.13%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp                                               | HUDSON YARDS INFRASTRUCTURE CORP NY 2ND INDENTURE REVENUE    | CUSIP: 44420RCF5<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1431081.45   | 0.17%             | 2044-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                       | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584Y5M7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2730000 | PA      | $2517399.07   | 0.30%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clemson University                                                             | CLEMSON SC UNIV HGR EDU REVENUE                              | CUSIP: 185633BN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1795000 | PA      | $1766117.73   | 0.21%             | 2033-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                 | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461366M8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042963.80   | 0.12%             | 2039-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                          | CHICAGO IL PARK DIST                                         | CUSIP: 1676153Y7<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045539.90   | 0.12%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Santa Fe NM                                                          | SANTA FE CNTY NM                                             | CUSIP: 801889SF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040672.90   | 0.12%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| King County School District No 414 Lake Washington                             | KING CNTY WA SCH DIST #414 LAKE WASHINGTON                   | CUSIP: 495260K91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52196.02     | 0.01%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                    | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 646067HP6<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2207153.80   | 0.26%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Ames IA                                                                | AMES IA                                                      | CUSIP: 0308074C2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1216552.82   | 0.14%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State University                                                      | MICHIGAN ST UNIV REVENUES                                    | CUSIP: 594712ZB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $647828.58    | 0.08%             | 2041-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New Haven CT                                                           | NEW HAVEN CT                                                 | CUSIP: 645021DR4<br>LEI: 549300U4OHEAZ124LQ06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1136429.10   | 0.13%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                            | NEW YORK NY                                                  | CUSIP: 64966MHZ5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1885000 | PA      | $1924381.04   | 0.23%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp                                               | HUDSON YARDS INFRASTRUCTURE CORP NY 2ND INDENTURE REVENUE    | CUSIP: 44420RBH2<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   5830000 | PA      | $5431326.53   | 0.64%             | 2047-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                             | SEATTLE WA MUNI LIGHT & PWR REVENUE                          | CUSIP: 812643LD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1052548.66   | 0.12%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sacramento Municipal Utility District                                          | SACRAMENTO CA MUNI UTILITY DIST ELEC REVENUE                 | CUSIP: 786005H84<br>LEI: E3GSVR6ZOU1MX2V7HF33 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055351.30   | 0.13%             | 2048-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                           | MIAMI-DADE CNTY FL WTR & SWR REVENUE                         | CUSIP: 59334DMR2<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4594804.00   | 0.54%             | 2048-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of St Louis MN                                                          | SAINT LOUIS CNTY MN                                          | CUSIP: 791230VB8<br>LEI: 5493003TZLKXNN2MGO51 | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1549063.50   | 0.18%             | 2031-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Delaware PA                                                          | DELAWARE CNTY PA                                             | CUSIP: 246001A68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1043864.80   | 0.12%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Multnomah-Clackamas Counties Centennial School District No 28JT/OR             | MULTNOMAH-CLACKAMAS CNTYS OR CENTENNIAL SCH DIST #28JT       | CUSIP: 625485DQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4112159.60   | 0.49%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southwestern Illinois Development Authority                                    | S WSTRN IL DEV AUTH REV                                      | CUSIP: 84552YRA1<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2551200.19   | 0.30%             | 2031-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Alexandria VA                                                          | ALEXANDRIA VA                                                | CUSIP: 015303EE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2403096.50   | 0.28%             | 2048-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Knoxville TN Electric System Revenue                                   | KNOXVILLE TN ELEC REVENUE                                    | CUSIP: 4997464B8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1773777.36   | 0.21%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Wastewater Transmission Revenue                             | CHICAGO IL WSTWTR TRANSMISSION REVENUE                       | CUSIP: 167727J23<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1461688.48   | 0.17%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                          | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252PY9<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1744039.45   | 0.21%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                           | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FYB4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1546224.82   | 0.18%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Upper Oconee Basin Water Authority                                             | UPPER OCONEE BASIN GA WTR AUTH                               | CUSIP: 916281DG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $530725.65    | 0.06%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                                                  | NEW YORK ST URBAN DEV CORP SALES TAX REVENUE                 | CUSIP: 64985TCR0<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $944224.30    | 0.11%             | 2044-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                             | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990C7Q8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   4850000 | PA      | $4753191.09   | 0.56%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                           | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917S3Z4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1205137.50   | 0.14%             | 2043-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                             | MINNESOTA ST                                                 | CUSIP: 60412ARC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2139476.40   | 0.25%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX Water & Sewer System Revenue                             | FORT WORTH TX WTR & SWR REVENUE                              | CUSIP: 349515B88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2530000 | PA      | $2568076.50   | 0.30%             | 2035-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                            | CALIFORNIA ST                                                | CUSIP: 13063C4S6<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2040537.00   | 0.24%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Mexico                                                            | NEW MEXICO ST                                                | CUSIP: 647293TH2<br>LEI: 549300H4YLM23QKOGK29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1632375.75   | 0.19%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Turnpike & Infrastructure Commission                                      | OHIO ST TURNPIKE COMMISSION                                  | CUSIP: 67760HNK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021715.50   | 0.12%             | 2051-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                              | ILLINOIS ST                                                  | CUSIP: 4521523E9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2106284.80   | 0.25%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                   | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JCF3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2676759.00   | 0.32%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                           | CHICAGO IL MIDWAY ARPT REVENUE                               | CUSIP: 167562RX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $497988.86    | 0.06%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL Water & Wastewater System Revenue                             | TAMPA FL WTR & WSTWTR SYS REVENUE                            | CUSIP: 875291AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1538829.60   | 0.18%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                  | TEXAS ST TRANSPRTN COMMISSION CENTRAL TX TURNPIKE SYS REVENU | CUSIP: 88283KBV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1092999.00   | 0.13%             | 2038-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Rutherford TN                                                        | RUTHERFORD CNTY TN                                           | CUSIP: 783244GJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1914567.40   | 0.23%             | 2035-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Municipal Bond Bank                                              | NEW HAMPSHIRE ST MUNI BOND BANK                              | CUSIP: 64465QRP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $957730.00    | 0.11%             | 2043-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Electric Utility Revenue                                     | AUSTIN TX ELEC UTILITY SYS REVENUE                           | CUSIP: 052414WG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $653536.19    | 0.08%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade Seaport Department                                        | MIAMI-DADE CNTY FL SEAPORT REVENUE                           | CUSIP: 59335KDL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2485000 | PA      | $2129820.19   | 0.25%             | 2050-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon Department of Transportation                                   | OREGON ST DEPT OF TRANSPRTN HIGHWAY USER TAX REVENUE         | CUSIP: 68607DTE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1080230.01   | 0.13%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Lauderdale FL Water & Sewer Revenue                               | FORT LAUDERDALE FL WTR & SWR REVENUE                         | CUSIP: 347658XN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $989800.60    | 0.12%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Board of Water Commissioners City & County of Denver/The                       | DENVER CITY & CNTY CO BRD OF WTR COMMISSIONERS WTR REVENUE   | CUSIP: 24916PGB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2013000.40   | 0.24%             | 2047-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                           | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593UT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3603186.00   | 0.43%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                           | MIAMI-DADE CNTY FL WTR & SWR REVENUE                         | CUSIP: 59334DMP6<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $950792.30    | 0.11%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tri-County Metropolitan Transportation District of Oregon                      | TRI-CNTY MET TRANSPRTN DIST OR REVENUE                       | CUSIP: 89546RPR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049741.20   | 0.12%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                    | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 646066E97<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1743336.06   | 0.21%             | 2030-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Delaware Transportation Authority                                              | DELAWARE ST TRANSPRTN AUTH US 301 PROJ REVENUE               | CUSIP: 246430AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999974.70    | 0.12%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GZP2<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2270000 | PA      | $2121847.54   | 0.25%             | 2045-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                           | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593L26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024367.60   | 0.12%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                   | CLARK CNTY NV SCH DIST                                       | CUSIP: 1810592U9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094364.90   | 0.13%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Valley Water Reclamation Facility                                      | CNTRL VLY WTR RECLAMATION FAC UT SWR REVENUE                 | CUSIP: 155796AP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1032271.13   | 0.12%             | 2035-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of El Paso TX                                                           | EL PASO CNTY TX                                              | CUSIP: 283497U52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1061727.39   | 0.13%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                             | SEATTLE WA MUNI LIGHT & PWR REVENUE                          | CUSIP: 812643RS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501253.85   | 0.18%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                     | INTERMOUNTAIN PWR AGY UT PWR SPLY REVENUE                    | CUSIP: 45884AB28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2035000 | PA      | $2186075.14   | 0.26%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                             | HOUSTON TX UTILITY SYS REVENUE                               | CUSIP: 44244CT31<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1131740.50   | 0.13%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                    | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647NC1<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1101177.11   | 0.13%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                           | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 1675936R8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1391787.72   | 0.16%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                         | MINNEAPOLIS MN                                               | CUSIP: 60375BHB5<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1290693.28   | 0.15%             | 2034-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Oakland Unified School District/Alameda County                                 | OAKLAND CA UNIF SCH DIST ALAMEDA CNTY                        | CUSIP: 672325F28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $910364.71    | 0.11%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Barbers Hill Independent School District                                       | BARBERS HILL TX INDEP SCH DIST                               | CUSIP: 067167D86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1389604.50   | 0.16%             | 2049-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** ELFUN TAX EXEMPT INCOME FUND

**Signature:** Arthur Jensen

**Name of Signer:** Arthur Jensen

**Title:** Deputy Treasurer