# EDGAR Filing Document

**Accession Number:** 0000357204
**File Stem:** 0001752724-25-203735
**Filing Date:** 2025-8
**Character Count:** 68742
**Document Hash:** c07bb62b17befe6e724c0f1cc87c84de
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203735.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203735

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Segall Bryant & Hamill Trust
- **CENTRAL INDEX KEY:** 0000357204

**ORGANIZATION NAME:**
- **EIN:** 510263765
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03373
- **FILM NUMBER:** 251253468

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 303-623-2577

**MAIL ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WESTCORE TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WESTCORE FUNDS INC
- **DATE OF NAME CHANGE:** 19860506

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SUNMONT WEST FUND INC
- **DATE OF NAME CHANGE:** 19820520

## Series and Classes Contracts Data

### Segall Bryant & Hamill Colorado Tax Free Fund (Series ID: S000006745)

| Class ID   | Class Name                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000018312 | Segall Bryant & Hamill Colorado Tax Free Fund-Retail Class        | WTCOX           |
| C000169263 | Segall Bryant & Hamill Colorado Tax Free Fund-Institutional Class | WICOX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Segall Bryant & Hamill Trust

- **b. Investment Company Act file number:** 811-03373

- **c. CIK number of Registrant:** 0000357204

- **d. LEI of Registrant:** 549300D12PXTPNG46V56

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

  - **Street Address 1:** 225 Pictoria Drive

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 513-587-3400

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

- **a. Name of Series:** SBH COLORADO TAX FREE FUND

- **b. EDGAR series identifier (if any):** S000006745

- **c. LEI of Series:** 549300VLICAE0RNL7Z15

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $314179685.20

**Total Liabilities:** $3861727.64

**Net Assets:** $310317957.56

**Cash Not Reported:** $19676384.67

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1555.53788832 | **1-Year:** 14947.43196079 | **5-Year:** 36324.03186024 | **10-Year:** 65830.78736382 | **30-Year:** 15328.54439242

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

- **3-Month:** 0.16663113 | **1-Year:** 0.08893234 | **5-Year:** 224.47507870 | **10-Year:** 1299.08139718 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000169263 | -0.46%               | -0.09%               | 0.48%                |
| Class ID C000018312 | -0.48%               | -0.10%               | 0.47%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-345797.21              | $-2128397.82                               |
| Month 2  | $-3640765.42             | $2556011.98                                |
| Month 3  | $-1796078.10             | $2369235.01                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GRAND CNTY COLO                                              | GRAND CNTY COLO CTFS PARTN COPS 2025 5%, DUE 12/01/2043                            | CUSIP: 385301AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516508.25    | 0.17%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND CNTY COLO                                              | GRAND CNTY COLO CTFS PARTN COPS 2025 5%, DUE 12/01/2044                            | CUSIP: 385301AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $656757.31    | 0.21%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                      | Colorado State Housing and Financial Authority 2.1750%, Due 11/01/2025             | CUSIP: 196480FR3<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |    500000 | PA      | $496497.15    | 0.16%             | 2025-11-01      | Fixed         | 2.17%                 | No            |                  2 | On Loan: No      |
| COLORADO EDL & CULTURAL FACS AUTH                            | Colorado Educational & Cultural Facilities Auth. Authorized Revenue                | CUSIP: 19645RJ77<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000572.00   | 0.32%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                      | COLORADO HSG & FIN AUTH SINGLE FAMILY MTG 4.255%, DUE 8/1/2041                     | CUSIP: 1964794J5<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |    910000 | PA      | $918495.58    | 0.30%             | 2049-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| COLORADO EDL & CULTURAL FACS AUTH                            | Colorado Educational & Cultural Facilities Auth. Authorized Revenue                | CUSIP: 19645RP70<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1975000 | PA      | $1648814.33   | 0.53%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| E 470 PUB HWY AUTH COLO                                      | E 470 PUB HWY AUTH COLO REV SR BDS VAR Due 09/01/2039                              | CUSIP: 26822LMX9<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2982450.00   | 0.96%             | 2039-09-01      | Floating      | 3.69%                 | No            |                  2 | On Loan: No      |
| BRECKENRIDGE COLO                                            | RECKENRIDGE COLO CTFS PARTN COPS 5%, Due 12/01/2042                                | CUSIP: 106443DA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2355304.75   | 0.76%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH PINE VISTAS MET DIST NO 3 COLO                         | NORTH PINE VISTAS MET DIST NO 3 COLO 4.000%, Due 12/01/2036                        | CUSIP: 661558AT3<br>LEI: 549300JO4PQGD5ZFAB64 | Long             | DBT              | MUN               | US        |    175000 | PA      | $173836.69    | 0.06%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                      | Colorado Housing and Finance Authority 6%, DUE 11/1/2052                           | CUSIP: 196480Q83<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   2085000 | PA      | $2218596.17   | 0.71%             | 2052-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TODD CREEK VLG MET DIST COLO                                 | Todd Creek Village CO Metro. Dist. Water Activity 5.250%, Due 12/01/2038           | CUSIP: 88901MAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011619.40   | 0.33%             | 2038-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BNC MET DIST NO 1 COLO                                       | BNC Metropolitan District No. 1, BAM 5%, due 12/1/2037                             | CUSIP: 05567BAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $561702.67    | 0.18%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST VRAIN LAKES MET DIST NO 2 COLO                            | St Vrain Lakes Metropolitan District No 2 5%, Due 12/1/2026                        | CUSIP: 85236GAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $158395.10    | 0.05%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHSHORE MET DIST NO 2 COLO                                | Southshore Met Dist #2 Colorado 4.0%, Due 12/01/2046                               | CUSIP: 84467PAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6300000 | PA      | $5552456.49   | 1.79%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PARK CREEK MET DIST COLO                                     | PARK CREEK MET DIST COLO LTD PPTY 5%, Due 12/01/2041                               | CUSIP: 700385AS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $514637.55    | 0.17%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS & ARAPAHOE CNTYS COLO JT SCH DIST NO 28J AURORA        | Adams & Arapahoe Joint School District 28J Aurora 5.5%, DUE 12/01/2026             | CUSIP: 0054824G6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $384975.42    | 0.12%             | 2026-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO EDL & CULTURAL FACS AUTH                            | Colorado Educational & Cultural Facilities Auth. Authorized Revenue                | CUSIP: 19645RXM8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000947.70   | 0.32%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                 | U.S. Treasury Notes 4.625%, Due 3/15/2026                                          | CUSIP: 91282CGR6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $4014101.56   | 1.29%             | 2026-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| COLORADO SCH MINES                                           | COLORADO SCH MINES AUXILIARY FACS REV 0%, Due 12/1/2025                            | CUSIP: 196567CR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $443042.51    | 0.14%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDL & CULTURAL FACS AUTH                            | Colorado Educational & Cultural Facilities Auth 5.375%, DUE 12/01/2060             | CUSIP: 19645UUV4<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1593591.68   | 0.51%             | 2060-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| DENVER COLO HEALTH & HOSP AUTH                               | Denver Health & Hospital Authority 5%, due 12/1/2030                               | CUSIP: 24918TAL1<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |    350000 | PA      | $365425.90    | 0.12%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                      | COLORADO HSG & FIN AUTH SINGLE FAMILY MTG BDS 4.255%, DUE 11/1/2049                | CUSIP: 1964795U9<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |    700000 | PA      | $707656.18    | 0.23%             | 2049-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GRAND JCT COLO ARPT AUTH                                     | Grand Junction Regional Airport Authority 5%, due 12/1/2031                        | CUSIP: 385785AM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1175749.58   | 0.38%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                      | COLORADO HSG & FIN AUTH SINGLE FAM 3% Due 11/1/2051                                | CUSIP: 196480TW7<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |    325000 | PA      | $319907.90    | 0.10%             | 2051-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BASALT & RURAL FIRE PROTN DIST COLO                          | Basalt & Rural Fire Protection District 5%, Due 12/01/2043                         | CUSIP: 069745CM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $642326.23    | 0.21%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER COLO HEALTH & HOSP AUTH                               | Denver Health & Hospital Authority 5%, due 12/1/2032                               | CUSIP: 24918TAN7<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |    225000 | PA      | $232489.13    | 0.07%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EAGLE CNTY COLO                                              | EAGLE CNTY COLO HSG & DEV MULTIFAMILY HSG REV BDS VAR, DUE 12/01/2045              | CUSIP: 26947XAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3260000 | PA      | $3269005.75   | 1.05%             | 2045-12-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| RAMPART RANGE MET DIST NO 1 COLO                             | Rampart Range Colorado Met District 5.0%, Due 12/01/2047                           | CUSIP: 75157TAB5<br>LEI: 549300YG458KQEHMQF33 | Long             | DBT              | MUN               | US        |  10835000 | PA      | $11011587.75  | 3.55%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH                                    | Puerto Rico Electric Power Authority 2.394%, due 7/1/2029                          | CUSIP: 74526QLY6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    400000 | PA      | $382298.32    | 0.12%             | 2029-07-01      | Floating      | 3.57%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                      | COLORADO HSG & FIN AUTH MULTI FAMILY PROJ 3.35%, Due 10/1/2026                     | CUSIP: 1964808G5<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   5290000 | PA      | $5291675.87   | 1.71%             | 2026-10-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| RAINDANCE MET DIST NO 2 COLO                                 | Raindance Metropolitan District No 2 4%. DUE 12/1/2044                             | CUSIP: 75087FAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1605143.88   | 0.52%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDL & CULTURAL FACS AUTH                            | Colorado Educational & Cultural Facilities Auth. Authorized Revenue                | CUSIP: 19645RY54<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003544.60   | 0.32%             | 2036-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ADAMS & ARAPAHOE CNTYS COLO JT SCH DIST NO 28J AURORA        | Adams & Arapahoe Joint School District 28J Aurora 5.5%, DUE 12/01/2040             | CUSIP: 0054824Q4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2270317.20   | 0.73%             | 2040-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DENVER COLO CITY & CNTY                                      | DENVER COLO CITY & CNTY ARPT VAR Due 11/15/2031                                    | CUSIP: 249182PH3<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   7690000 | PA      | $7727364.17   | 2.49%             | 2031-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| EAGLE CNTY COLO SCH DIST                                     | EAGLE CNTY COLO SCH DIST 0.793% Due 12/01/2025                                     | CUSIP: 269479JU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2959896.00   | 0.95%             | 2025-12-01      | Fixed         | 0.79%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                      | COLORADO HSG & FIN AUTH MULTI FAMILY 3.8%, DUE 4/1/2028                            | CUSIP: 19648GE99<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6047396.40   | 1.95%             | 2028-04-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| PARK CREEK MET DIST COLO                                     | PARK CREEK MET DIST COLO LTD PPTY 5%, Due 12/01/2038                               | CUSIP: 700385AP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $689481.30    | 0.22%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIRABELLE MET DIST NO 2 COLO                                 | Mirabelle Metropolitan District No 2 4.375%, DUE 12/01/2044                        | CUSIP: 60458HAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $931360.40    | 0.30%             | 2044-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                      | COLORADO HSG & FIN AUTH MULTI FAMILY PROJ 4.7%, Due 10/1/2048                      | CUSIP: 1964808B6<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |    275000 | PA      | $265287.36    | 0.09%             | 2048-10-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ERIE COMMONS MET DIST NO 2 COLO                              | ERIE COMMONS MET DIST NO 2 COLO SR 3%, Due 12/1/2049                               | CUSIP: 295022AU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $70348.17     | 0.02%             | 2049-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                 | U.S. Treasury Notes 4.5%, Due 11/15/2025                                           | CUSIP: 91282CFW6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $4002070.32   | 1.29%             | 2025-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PARK CREEK MET DIST COLO                                     | PARK CREEK MET DIST COLO LTD PPTY 5%, Due 12/01/2039                               | CUSIP: 700385AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $762418.13    | 0.25%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                      | Colorado Housing and Finance Authority 3.375%, Due 4/1/2028                        | CUSIP: 19648GLX8<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |    715000 | PA      | $719283.21    | 0.23%             | 2028-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH                                    | COLORADO HEALTH FACS 4.000%, Due 05/15/2041                                        | CUSIP: 19648FTD6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $442596.90    | 0.14%             | 2041-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GUNNISON WATERSHED COLO SCH DIST NO RE-1J                    | General Obligation UNLTD Gunnison Watershed                                        | CUSIP: 402892EP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6694343.50   | 2.16%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND CNTY COLO                                              | GRAND CNTY COLO CTFS PARTN COPS 2025 5%, DUE 12/01/2042                            | CUSIP: 385301AS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $473515.22    | 0.15%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ERIE FARM MET DIST COLO                                      | ERIE FARM MET DIST COLO GO LTD TAX REF 4.000%, Due 06/01/2051                      | CUSIP: 295244AV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $936915.76    | 0.30%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOULDER LARIMER & WELD CNTYS COLO ST VRAIN VY SCH DIST       | Boulder Larimer & Weld Cnty St Vrain Valley Sch 5%, DUE 12/15/2025                 | CUSIP: 101565K73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $247634.90    | 0.08%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH PINE VISTAS MET DIST NO 2 COLO                         | NORTH PINE VISTAS MET DIST NO 2 COLO 5.25%, Due 12/1/2042                          | CUSIP: 661557AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $648332.13    | 0.21%             | 2042-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AURORA COLO                                                  | City of Aurora Colorado 5%, due 12/1/2035                                          | CUSIP: 051556HY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $627259.59    | 0.20%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDL & CULTURAL FACS AUTH                            | Colorado Educational & Cultural Facilities Auth 5.25%, DUE 12/01/2055              | CUSIP: 19645UUU6<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1325892.16   | 0.43%             | 2055-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DENVER COLO HEALTH & HOSP AUTH                               | Denver Health & Hospital Authority 5%, due 12/1/2033                               | CUSIP: 24918TAP2<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |    240000 | PA      | $247153.58    | 0.08%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                      | Colorado Housing and Finance Authority 4.887%, Due 11/1/2025                       | CUSIP: 1964805F0<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |    630000 | PA      | $630000.00    | 0.20%             | 2025-11-01      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                      | COLORADO HSG & FIN AUTH SINGLE FAMILY MTG 6.5%, DUE 5/1/2055                       | CUSIP: 19648GB27<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $7322257.80   | 2.36%             | 2055-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                      | Colorado Housing and Finance Authority 4.339%, DUE 5/1/2026                        | CUSIP: 19648GRJ3<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |    145000 | PA      | $145048.71    | 0.05%             | 2026-05-01      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| FOSSIL RIDGE MET DIST NO 3 COLO                              | Fossil Ridge Met Dist No 3 Colorado 2.375%, Due 12/1/2039                          | CUSIP: 34988CBR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $535002.38    | 0.17%             | 2039-12-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                      | COLORADO HSG & FIN AUTH MULTIFAMILY HSG VAR Due 10/1/2027                          | CUSIP: 19647PDU4<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2699412.48   | 0.87%             | 2027-10-01      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH                                    | COLORADO HEALTH FACS AUTH REV VAR Due 5/15/2062                                    | CUSIP: 19648FVN1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15000000.00  | 4.83%             | 2062-05-15      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                      | COL HEALTH FACS AUTH HOS 2020 Variable Due 12/1/2052                               | CUSIP: 19647PDN0<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2353462.73   | 0.76%             | 2043-11-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                      | COLORADO HSG & FIN AUTH MULTIFAMILY HSG 3.375%, DUE 7/1/2044                       | CUSIP: 19647PDX8<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   4160000 | PA      | $4174527.97   | 1.35%             | 2044-07-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| EVERGREEN COLO PK & REC DIST                                 | Evergreen Park & Recreation District 5%, DUE 12/01/2040                            | CUSIP: 300224AQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $753685.13    | 0.24%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUNTERS OVERLOOK MET DIST NO 5 COLO                          | HUNTERS OVERLOOK MET DIST NO 5COLO LTD 5%, DUE 12/1/2044                           | CUSIP: 445788AU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $266010.97    | 0.09%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GYPSUM COLO                                                  | Town of Gypsum CO Sewer Revenue 5%, Due 12/01/2044                                 | CUSIP: 40377VBV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2845333.43   | 0.92%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROMLEY PK MET DIST NO 3 COLO                                | Bromley Park Metropolitan District No 3 5%, DUE 12/01/2034                         | CUSIP: 11222PAK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $123023.64    | 0.04%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                      | COLORADO HSG & FIN AUTH TAXABLE SINGLE FAMILY 4.364%, Due 11/1/2025                | CUSIP: 1964802V8<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1620000.00   | 0.52%             | 2025-11-01      | Fixed         | 4.36%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                      | Colorado Housing and Finance Authority 2.2%, DUE 11/1/2038                         | CUSIP: 196480MH7<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |    480000 | PA      | $355754.83    | 0.11%             | 2038-11-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH                                    | Colorado Health Facilities Authority 5%, due 5/15/2030                             | CUSIP: 19648FFL3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    710000 | PA      | $730623.73    | 0.24%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARK CREEK MET DIST COLO                                     | PARK CREEK MET DIST COLO LTD PPTY 5%, Due 12/01/2042                               | CUSIP: 700385AT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511530.25    | 0.16%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WHISPERING PINES MET DIST NO 1 COLO                          | Whispering Pines Metropolitan District No 1 CO 5%, Due 12/1/2043                   | CUSIP: 96337CAV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $330514.80    | 0.11%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHERRY CREEK CORPORATE CTR MET DIST COLO                     | Cherry Creek Corporate Center Metropolitan Distric t                               | CUSIP: 164562AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $235029.56    | 0.08%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO SCH MINES                                           | COLORADO SCH MINES INSTL ENTERPRISE REV 4.8%, Due 12/1/2027                        | CUSIP: 19658QGF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2028503.40   | 0.65%             | 2027-12-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| TODD CREEK VLG MET DIST COLO                                 | Todd Creek Village CO Metro. Dist. Water Activity 5.875%, Due 12/01/2038           | CUSIP: 88901MAU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $772830.62    | 0.25%             | 2038-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ADAMS CNTY COLO                                              | County of Adams CO 5.25%, DUE 12/1/2049                                            | CUSIP: 005596FF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6259202.40   | 2.02%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO SCH MINES                                           | COLORADO SCH MINES INSTL ENTERPRISE REV 5.25%, Due 12/1/2052                       | CUSIP: 19658QGE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6835000 | PA      | $7055380.22   | 2.27%             | 2052-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                      | COLORADO HSG & FIN AUTH SING FAMILY 4.25%, DUE 5/1/2049                            | CUSIP: 1964793F4<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |    540000 | PA      | $544735.80    | 0.18%             | 2049-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DENVER COLO CITY & CNTY                                      | DENVER COLO CITY & CNTY MULTI-FAMILY HSG 4.7%, DUE 10/1/2042                       | CUSIP: 249190GK9<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3501869.35   | 1.13%             | 2042-10-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH                                    | Colorado Health Facilities Authority 5%, due 5/15/2030                             | CUSIP: 19648A5D3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500455.50    | 0.16%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PLATTEVILLE-GILCREST FIRE PROTN DIST                         | Platteville-Gilcrest Fire Prot Cops 2018 5.0%, due 12/01/2033                      | CUSIP: 727866AQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $183369.03    | 0.06%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                      | COLORADO HSG & FIN AUTH SINGLE FAMILY MTG 5.75%, Due 11/1/2053                     | CUSIP: 19648GAV4<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   7005000 | PA      | $7469185.62   | 2.41%             | 2053-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GARFIELD CNTY COLO SCH DIST NO RE-2 GARFIELD                 | Garfield County School District No. RE2 3.050%, DUE 12/01/2026                     | CUSIP: 365653ND2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $493265.50    | 0.16%             | 2026-12-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH                                    | COLORADO HEALTH FACS AUTH REV HOSP 5% Due 1/15/2035                                | CUSIP: 19648A4M4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1639389.29   | 0.53%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TIMNATH RANCH MET DIST NO 4 COLO                             | TIMNATH RANCH MET DIST NO 4 COLO GO LTD TAX 5%, Due 12/1/2039                      | CUSIP: 887431AR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $620495.64    | 0.20%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS & ARAPAHOE CNTYS COLO JT SCH DIST NO 28J AURORA        | Adams & Arapahoe Joint School District 28J Aurora 5.5%, DUE 12/01/2041             | CUSIP: 0054824R2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4775824.88   | 1.54%             | 2041-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PARK CREEK MET DIST COLO                                     | Park Creek Metropolitan District 5%, due 12/1/2027                                 | CUSIP: 700387DB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $624397.10    | 0.20%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND CNTY COLO                                              | GRAND CNTY COLO CTFS PARTN COPS 2025 5%, DUE 12/01/2045                            | CUSIP: 385301AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $505745.06    | 0.16%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS & ARAPAHOE CNTYS COLO JT SCH DIST NO 28J AURORA        | Adams & Arapahoe Joint School District 28J Aurora 5.5%, DUE 12/01/2039             | CUSIP: 0054824P6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2965000 | PA      | $3383126.08   | 1.09%             | 2039-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BRADBURN MET DIST NO 2 COLO                                  | Bradburn Metropolitan District No. 2 5%, due 12/1/2038                             | CUSIP: 103844AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $591425.76    | 0.19%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                      | COLORADO HSG & FIN AUTH MULTIFAMILY TAX-EXEMPT 4.48%, Due 3/1/2044                 | CUSIP: 19648WAD9<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2893151.10   | 0.93%             | 2040-10-01      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| HOGBACK MET DIST COLO                                        | HOGBACK MET DIST COLO 5.000%. Due 12/01/2041                                       | CUSIP: 434610AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $651350.91    | 0.21%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOFFAT CNTY COLO                                             | MOFFAT CNTY COL 2021 4.000% Due 3/1/2046                                           | CUSIP: 60787PDC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4060000 | PA      | $3519310.31   | 1.13%             | 2046-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TELLURIDE COLO                                               | TELLURIDE COLO CTFS PARTN COPS 5%, Due 12/1/2043                                   | CUSIP: 879676BK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513350.65    | 0.17%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARK CREEK MET DIST COLO                                     | Park Creek Metropolitan District 5%, due 12/1/2036                                 | CUSIP: 700387ET6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300974.61    | 0.10%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH                                    | COLORADO HEALTH FACS 3.000%, Due 05/15/2030                                        | CUSIP: 19648FSW5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    340000 | PA      | $322614.64    | 0.10%             | 2030-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PARK CREEK MET DIST COLO                                     | Park Creek Metropolitan District 3.45%, due 12/1/2025                              | CUSIP: 700387FC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $497492.10    | 0.16%             | 2025-12-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| DENVER COLO URBAN RENEWAL AUTH                               | Denver Colorado Urban Renewal Authority Tax Incr 9th & Co Urban Redevelopment Area | CUSIP: 249301FY3<br>LEI: 54930040L61W75KRAG79 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1065430.63   | 0.34%             | 2039-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| STERLING RANCH CMNTY AUTH BRD COLO                           | Sterling Ranch Community Colorado 3.750%, Due 12/01/2040                           | CUSIP: 85950NAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $429654.70    | 0.14%             | 2040-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ADAMS & ARAPAHOE CNTYS COLO JT SCH DIST NO 28J AURORA        | Adams & Arapahoe Joint School District 28J Aurora 5.5%, DUE 12/01/2042             | CUSIP: 0054824S0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3496604.27   | 1.13%             | 2042-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO EDL & CULTURAL FACS AUTH                            | Colorado Educational & Cultural Facilities Auth. Authorized Revenue                | CUSIP: 19645DBY7<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   3145000 | PA      | $3157902.05   | 1.02%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREMONT CUSTER & EL PASO CNTYS COLO SCH DIST NO RE-2 FREMONT | Fremont Custer & El Paso Counties School 5.25%, Due 12/1/2047                      | CUSIP: 357281FS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3393720.20   | 1.09%             | 2047-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CRESTED BUTTE COLO                                           | CRESTED BUTTE COLO CTFS PARTN CTFS OF PARTN 5%, Due 12/1/2043                      | CUSIP: 22611CAR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026082.60   | 0.33%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDL & CULTURAL FACS AUTH                            | Colorado Educational & Cultural Facilities Auth. Authorized Revenue                | CUSIP: 19645RU33<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1147554.67   | 0.37%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ESTES PARK COLO                                              | Town of Estes Park CO Power & Communications 2.6460%, Due 11/01/2025               | CUSIP: 29747TAY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $427781.72    | 0.14%             | 2025-11-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| DENVER COLO CITY & CNTY                                      | DENVER COLO CITY & CNTY MULTI-FAMILY HSG VAR 10/01/2028                            | CUSIP: 249190GL7<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039162.10   | 0.33%             | 2028-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SILVERTHORNE COLO                                            | Town of Silverthorne CO 5%, Due 12/1/2044                                          | CUSIP: 82845JAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1712324.63   | 0.55%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ERIE FARM MET DIST COLO                                      | ERIE FARM MET DIST COLO GO LTD TAX REF 5.000%, Due 12/01/2041                      | CUSIP: 295244AT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $587625.03    | 0.19%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH                                    | COLORADO HEALTH FACS AUTH REV HOSP 4%, Due 10/1/35                                 | CUSIP: 19648FRP1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    335000 | PA      | $330606.84    | 0.11%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GYPSUM COLO                                                  | Town of Gypsum CO Sewer Revenue 5%, Due 12/01/2043                                 | CUSIP: 40377VBU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1560010.35   | 0.50%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                      | Colorado Housing and Finance Authority 5.75%, DUE 11/1/2054                        | CUSIP: 19648GSX1<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10942609.00  | 3.53%             | 2054-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COLORADO EDL & CULTURAL FACS AUTH                            | Colorado Educational & Cultural Facilities Auth. Authorized Revenue                | CUSIP: 19645RC66<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |     10000 | PA      | $9988.90      | 0.00%             | 2026-07-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| CENTENNIAL WTR & SANTN DIST COLO                             | Centennial Water & Sanitation District 5.25%, Due 12/01/2053                       | CUSIP: 15141GBF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3404790.68   | 1.10%             | 2053-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MAIKER HSG PARTNERS COLO                                     | MAIKER HSG PARTNERS COLO MULTIFAMILY HSG 4.5%, Due 5/1/2042                        | CUSIP: 56031AAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6044734.80   | 1.95%             | 2042-05-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                      | COLORADO HSG & FIN AUTH SINGLE FAMILY MTG BDS 2022 3.25%, DUE 5/1/2052             | CUSIP: 196480ZE0<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   4955000 | PA      | $4896192.57   | 1.58%             | 2052-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NORTH PINE VISTAS MET DIST NO 2 COLO                         | NORTH PINE VISTAS MET DIST NO 2 COLO 5%, Due 12/1/2052                             | CUSIP: 661557AP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997169.60    | 0.32%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH                                    | COLORADO HEALTH FACS AUTH VAR Due 5/15/2062                                        | CUSIP: 19648FVP6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |  11500000 | PA      | $11500000.00  | 3.71%             | 2062-05-15      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| GOLD HILL MESA MET DIST NO 2 COLO                            | Gold Hill Mesa Metropolitan District No 2 5%, Due 12/01/2025                       | CUSIP: 38060PAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $135958.70    | 0.04%             | 2025-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| AURORA COLO                                                  | City of Aurora CO Water Revenue 5%, DUE 8/1/2025                                   | CUSIP: 051595CH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1277060.53   | 0.41%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                                 | U.S. Treasury Bill 0.000%, Due 10/30/2025                                          | CUSIP: 912797NA1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4929689.75   | 1.59%             | 2025-10-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DENVER COLO HEALTH & HOSP AUTH                               | Denver Health & Hospital Authority 5%, due 12/1/2031                               | CUSIP: 24918TAM9<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |    350000 | PA      | $363930.53    | 0.12%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                      | Colorado Housing and Finance Authority 4.684%, Due 5/1/2026                        | CUSIP: 1964805G8<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1434471.18   | 0.46%             | 2026-05-01      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| CHERRY CREEK COLO SCH DIST NO 005                            | Arapahoe County School District No 5 Cherry Creek 5%, DUE 12/15/2026               | CUSIP: 164555DQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $206934.48    | 0.07%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BASALT & RURAL FIRE PROTN DIST COLO                          | Basalt & Rural Fire Protection District 4.8%, Due 12/01/2025                       | CUSIP: 069745CP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $425799.98    | 0.14%             | 2025-12-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| MIRABELLE MET DIST NO 2 COLO                                 | Mirabelle Metropolitan District No 2 4.5%, DUE 12/01/2049                          | CUSIP: 60458HAW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1925691.81   | 0.62%             | 2049-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COLORADO EDL & CULTURAL FACS AUTH                            | Colorado Educational & Cultural Facilities Auth. Authorized Revenue                | CUSIP: 19645RZP9<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1341272.73   | 0.43%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDL & CULTURAL FACS AUTH                            | Colorado Educational & Cultural Facilities Auth. Authorized Revenue                | CUSIP: 19645RR86<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    715000 | PA      | $730196.54    | 0.24%             | 2031-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO SCH MINES                                           | COLORADO SCH MINES INSTL ENTERPRISE REV 5.25%, Due 12/1/2047                       | CUSIP: 19658QGD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039752.30   | 0.34%             | 2047-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTHGLENN MET DIST COLO                                     | Southglenn Met Dist Colorado Special Rev 5.0%, Due 12/01/2030                      | CUSIP: 84437RAE7<br>LEI: 549300ETN4YRI5O2PU39 | Long             | DBT              | MUN               | US        |   4255000 | PA      | $4254993.19   | 1.37%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRASER VY MET RECREATIONAL DIST COLO                         | FRASER VY MET REC DIST COLO 5.25%, Due 12/01/2053                                  | CUSIP: 35553DAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502766.25    | 0.16%             | 2053-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TODD CREEK VLG MET DIST COLO                                 | TODD CREEK VLG MET DIST COLO WTR ACTIVITY 5.25%, Due 12/01/2033                    | CUSIP: 88901MAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1388329.61   | 0.45%             | 2033-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DENVER COLO URBAN RENEWAL AUTH                               | Denver Colorado Urban Renewal Authority Tax Incr 9th & Co Urban Redevelopment Area | CUSIP: 249301FX5<br>LEI: 54930040L61W75KRAG79 | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3293149.22   | 1.06%             | 2039-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                      | COLORADO HSG & FIN AUTH MULTI FAMILY 3.4%, DUE 10/1/2029                           | CUSIP: 19648GZG0<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2606274.58   | 0.84%             | 2029-10-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| COLORADO EDL & CULTURAL FACS AUTH                            | COLORADO EDL & CULTURAL FACS AUTH REV 5%, Due 3/1/2040                             | CUSIP: 19645R6B2<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506521.85    | 0.16%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS COLO                                        | NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS VAR 06/15/2050                    | CUSIP: 196632BH5<br>LEI: 2549003N3PXBHQH2V448 | Long             | DBT              | MUN               | US        |   6825000 | PA      | $6825000.00   | 2.20%             | 2036-11-01      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| COLORADO EDL & CULTURAL FACS AUTH                            | Colorado Educational & Cultural Facilities Auth. Authorized Revenue                | CUSIP: 19645RW56<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1590024.78   | 0.51%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARK CREEK MET DIST COLO                                     | PARK CREEK MET DIST COLO LTD PPTY 5%, Due 12/01/2037                               | CUSIP: 700385AN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $391844.28    | 0.13%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BASALT & RURAL FIRE PROTN DIST COLO                          | BASALT & RURAL FIRE PROTN DISTCOLO TAXABLE 4.65%, Due 12/1/2026                    | CUSIP: 069745CQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $226721.63    | 0.07%             | 2026-12-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| CORNERSTAR MET DIST COLO                                     | Cornerstar Metropolitan District 5.125%, due 12/1/2037                             | CUSIP: 21923JAC2<br>LEI: 549300E33QX68QTOF873 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $969476.50    | 0.31%             | 2037-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| COLORADO EDL & CULTURAL FACS AUTH                            | Colorado Educational & Cultural Facilities Auth 5.25%, DUE 12/01/2045              | CUSIP: 19645UUT9<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    800000 | PA      | $807324.32    | 0.26%             | 2045-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY COLO HOSP AUTH                                    | COLORADO HEALTH FACS AUTH REV BDS 2024 VAR 05/15/2064                              | CUSIP: 914183BQ0<br>LEI: GQ60RLZ5ZEBY2J9KLI75 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.48%             | 2064-05-15      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| TODD CREEK VLG MET DIST COLO                                 | TODD CREEK VLG MET DIST COLO W REF BDS 2018A 5.000%, Due 12/01/2028                | CUSIP: 88901MAL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1232310.72   | 0.40%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARK CREEK MET DIST COLO                                     | Park Creek Metropolitan District 5%, due 12/1/2037                                 | CUSIP: 700387EU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $401035.64    | 0.13%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                      | COLORADO HSG & FIN AUTH MULTI FAMILY PROJ 5.082%, Due 10/1/2026                    | CUSIP: 1964808H3<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2008059.60   | 0.65%             | 2026-10-01      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| HYLAND HILLS PK & REC DIST COLO                              | Hyland Hills Park & Recreation District 5%, Due 12/15/2041                         | CUSIP: 44909GAP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2430000 | PA      | $2505443.24   | 0.81%             | 2041-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EVERGREEN COLO PK & REC DIST                                 | Evergreen Park & Recreation District 5%, DUE 12/01/2041                            | CUSIP: 300224AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $528858.58    | 0.17%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SBC MET DIST COLO                                            | SBC Metropolitan District 5%, due 12/1/2034                                        | CUSIP: 805845BP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $209284.19    | 0.07%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS COLO                                        | City of Colorado Springs CO Utilities 1.25% due 11/01/2037                         | CUSIP: 196632BK8<br>LEI: 2549003N3PXBHQH2V448 | Long             | DBT              | MUN               | US        |   7600000 | PA      | $7600000.00   | 2.45%             | 2037-11-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** SBH Colorado Tax Free Fund

**Signature:** Daniel D. Bauer

**Name of Signer:** Daniel D. Bauer

**Title:** Assistant Treasurer