# EDGAR Filing Document

**Accession Number:** 0000784056
**File Stem:** 0001752724-23-042971
**Filing Date:** 2023-2
**Character Count:** 135790
**Document Hash:** 2f26120f5cd5e49d4b9a88f4197b66b7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-042971.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-042971

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AQUILA MUNICIPAL TRUST
- **CENTRAL INDEX KEY:** 0000784056
- **IRS NUMBER:** 136864349
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04503
- **FILM NUMBER:** 23673873

**BUSINESS ADDRESS:**
- **STREET 1:** 120 WEST 45TH STREET
- **STREET 2:** STE 3600
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 2126976666

**MAIL ADDRESS:**
- **STREET 1:** 120 WEST 45TH STREET
- **STREET 2:** SUITE 3600
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TAX-FREE TRUST OF ARIZONA
- **DATE OF NAME CHANGE:** 20060126

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TAX FREE TRUST OF ARIZONA
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Aquila Tax-Free Trust of Oregon (Series ID: S000068287)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000218603 | Class Y      | ORTYX           |
| C000218604 | Class A      | ORTFX           |
| C000218605 | Class C      | ORTCX           |
| C000218606 | Class F      | ORFFX           |

## Nport-Ex

**AQUILA TAX-FREE TRUST OF OREGON**

SCHEDULE OF INVESTMENTS

**December 31, 2022**

(unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount** | **<u> </u>** | **General Obligation Bonds (63.6%)** | **Ratings Moody's, S&P and Fitch** | **Value** | **(a)** |
|  |  | City & County (6.9%) |  |  |  |
|  |  | Bend, Oregon |  |  |  |
| $2690000 |  | 5.000%, 06/01/32 | NR/AA+/NR | $3136406 |  |
|  |  | Boardman, Oregon Green Bond |  |  |  |
| 1000000 |  | 4.000%, 06/15/33 Series 2021 BAMAC Insured | NR/AA/NR | 1057430 |  |
|  |  | Clackamas County, Oregon Refunding |  |  |  |
| 1135000 |  | 4.000%, 06/01/24 | Aaa/NR/NR | 1135613 |  |
|  |  | Clackamas County, Oregon (Tax-Exempt) |  |  |  |
| 1485000 |  | 5.000%, 06/01/25 Series 2016B | Aaa/NR/NR | 1566482 |  |
|  |  | Clatsop County, Oregon |  |  |  |
| 1000000 |  | 5.000%, 06/15/32 | Aa2/NR/NR | 1130420 |  |
|  |  | Deschutes, Oregon Public Library District |  |  |  |
| 1000000 |  | 4.000%, 06/01/31 Series 2021 | Aa2/NR/NR | 1090300 |  |
|  |  | Gresham, Oregon Full Faith and Credit Refunding and Project Obligations |  |  |  |
| 1545000 |  | 5.000%, 05/01/23 | Aa2/NR/NR | 1554857 |  |
|  |  | Hermiston, Oregon Full Faith and Credit Refunding Obligations |  |  |  |
| 780000 |  | 4.000%, 06/01/32 Series 2020 | NR/A+/NR | 825419 |  |
|  |  | Lake Oswego, Oregon Refunding |  |  |  |
| 3140000 |  | 4.000%, 12/01/30 | Aaa/AAA/NR | 3328055 |  |
|  |  | Lebanon, Oregon Refunding |  |  |  |
| 1050000 |  | 5.000%, 06/01/24 | A1/NR/NR | 1060091 |  |
| 1165000 |  | 5.000%, 06/01/25 | A1/NR/NR | 1221130 |  |
|  |  | McMinnville, Oregon Refunding |  |  |  |
| 2075000 |  | 5.000%, 02/01/27 | Aa3/NR/NR | 2164785 |  |
|  |  | Multnomah County, Oregon |  |  |  |
| 3000000 |  | 5.000%, 06/01/30 | Aaa/AAA/NR | 3291600 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount** | **<u> </u>** | **General Obligation Bonds (continued)** | **Ratings Moody's, S&P and Fitch** | **Value** | **(a)** |
|  |  | City & County (continued) |  |  |  |
|  |  | Portland, Oregon Limited Tax, Build Portland & Fuel Stations Projects |  |  |  |
| $1210000 |  | 5.000%, 04/01/36 2017 Series 2022D | Aaa/NR/NR | $1393787 |  |
|  |  | Portland, Oregon Limited Tax, Sellwood Bridge & Archive Space Projects |  |  |  |
| 1640000 |  | 4.000%, 04/01/29 2017 Series A | Aaa/NR/NR | 1729036 |  |
| 1710000 |  | 4.000%, 04/01/30 2017 Series A | Aaa/NR/NR | 1802323 |  |
| 1775000 |  | 4.000%, 04/01/31 2017 Series A | Aaa/NR/NR | 1864709 |  |
|  |  | Portland, Oregon Public Safety |  |  |  |
| 1345000 |  | 5.000%, 06/15/25 Series A | Aaa/NR/NR | 1420724 |  |
|  |  | Redmond, Oregon Full Faith and Credit Bonds |  |  |  |
| 1140000 |  | 5.000%, 06/01/34 Series B-1 | Aa2/NR/NR | 1272411 |  |
|  |  | Total City & County |  | 32045578 |  |
|  |  | Community College (4.0%) |  |  |  |
|  |  | Blue Mountain Community College District Umatilla, Oregon Morrow and Baker Counties Oregon (Umatilla and Morrow Counties Service Area) |  |  |  |
| 970000 |  | 4.000%, 06/15/27 Series 2015 | NR/AA+/NR | 1000846 |  |
|  |  | Chemeketa, Oregon Community College District |  |  |  |
| 2000000 |  | 5.000%, 06/15/25 | NR/AA+/NR | 2062440 |  |
|  |  | Clackamas, Oregon Community College District |  |  |  |
| 1405000 |  | 5.000%, 06/15/27 Series A | Aa1/AA+/NR | 1480687 |  |
|  |  | Columbia Gorge, Oregon Community College District, Refunding |  |  |  |
| 1000000 |  | 4.000%, 06/15/24 | Aa1/NR/NR | 1000540 |  |
|  |  | Lane, Oregon Community College |  |  |  |
| 1840000 |  | 5.000%, 06/15/24 | NR/AA+/NR | 1842318 |  |
| 1735000 |  | 4.000%, 06/15/32 Series 2020A | Aa1/NR/NR | 1858810 |  |
| 1070000 |  | 4.000%, 06/15/34 Series 2020 A | Aa1/NR/NR | 1133269 |  |
|  |  | Linn Benton, Oregon Community College |  |  |  |
| 1520000 |  | 5.000%, 06/01/27 | NR/AA+/NR | 1600499 |  |
|  |  | Mount Hood, Oregon Community College District Refunding |  |  |  |
| 1865000 |  | 5.000%, 06/01/27 | Aa2/NR/NR | 2009892 |  |
| 1000000 |  | 5.000%, 06/01/29 | Aa2/NR/NR | 1074640 |  |
|  |  | Oregon Coast Community College District State |  |  |  |
| 1770000 |  | 5.000%, 06/15/25 | Aa1/NR/NR | 1771522 |  |
|  |  | Rogue, Oregon Community College District |  |  |  |
| 1375000 |  | 4.000%, 06/15/29 Series B | Aa1/NR/NR | 1433465 |  |
|  |  | Total Community College |  | 18268928 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount** | **<u> </u>** | **General Obligation Bonds (continued)** | **Ratings Moody's, S&P and Fitch** | **Value** | **(a)** |
|  |  | Hospital (1.0%) |  |  |  |
|  |  | Pacific Communities Health District, Oregon |  |  |  |
| $1220000 |  | 5.000%, 06/01/29 | A1/NR/NR | $1297543 |  |
| 1060000 |  | 5.000%, 06/01/30 | A1/NR/NR | 1125254 |  |
| 1000000 |  | 5.000%, 06/01/31 | A1/NR/NR | 1059230 |  |
| 1200000 |  | 5.000%, 06/01/32 | A1/NR/NR | 1267500 |  |
|  |  | Total Hospital |  | 4749527 |  |
|  |  | School District (34.9%) |  |  |  |
|  |  | Benton & Linn Counties, Oregon School District #509J (Corvallis) |  |  |  |
| 2000000 |  | 5.000%, 06/15/31 Series B | Aa1/AA+/NR | 2232880 |  |
| 1615000 |  | 5.000%, 06/15/32 Series B | Aa1/AA+/NR | 1797947 |  |
|  |  | Clackamas County, Oregon School District #12 (North Clackamas) |  |  |  |
| 1165000 |  | 5.000%, 06/15/25 | Aa1/AA+/NR | 1228889 |  |
| 3205000 |  | 5.000%, 06/15/30 | Aa1/AA+/NR | 3513449 |  |
| 4725000 |  | 5.000%, 06/15/31 | Aa1/AA+/NR | 5169386 |  |
| 1100000 |  | 5.000%, 06/15/32 | Aa1/NR/NR | 1224025 |  |
| 1000000 |  | 5.000%, 06/15/35 | Aa1/NR/NR | 1096200 |  |
| 2160000 |  | 5.000%, 06/15/29 Series B | Aa1/AA+/NR | 2370730 |  |
| 3000000 |  | 5.000%, 06/15/34 Series B | Aa1/AA+/NR | 3252030 |  |
|  |  | Clackamas County, Oregon School District #62 (Oregon City) |  |  |  |
| 1310000 |  | 5.000%, 06/15/31 Series B | Aa1/AA+/NR | 1462536 |  |
|  |  | Clackamas & Washington Counties, Oregon School District No. 3JT (West Linn-Wilsonville) |  |  |  |
| 3500000 |  | 5.000%, 06/15/26 | Aa1/AA+/NR | 3697890 |  |
| 5500000 |  | 5.000%, 06/15/27 | Aa1/AA+/NR | 5804315 |  |
| 1115000 |  | 5.000%, 06/15/28 | Aa1/AA+/NR | 1176693 |  |
| 1000000 |  | 5.000%, 06/15/34 | Aa1/NR/NR | 1176560 |  |
|  |  | Clatsop County, Oregon School District #1C (Astoria) |  |  |  |
| 1080000 |  | 5.000%, 06/15/31 Series B | Aa1/NR/NR | 1226923 |  |
| 1215000 |  | 5.000%, 06/15/32 Series B | Aa1/NR/NR | 1369645 |  |
|  |  | Clatsop County, Oregon School District #10 (Seaside) |  |  |  |
| 1000000 |  | 5.000%, 06/15/29 Series B | Aa1/AA+/NR | 1096680 |  |
|  |  | Clatsop County, Oregon School District #30 (Warrenton-Hammond) |  |  |  |
| 1590000 |  | 5.000%, 06/15/31 Series B | Aa1/NR/NR | 1806304 |  |
| 1145000 |  | 5.000%, 06/15/32 Series B | Aa1/NR/NR | 1290736 |  |
| 1690000 |  | 5.000%, 06/15/34 Series B | Aa1/NR/NR | 1891566 |  |
|  |  | Columbia County, Oregon School District #502 (St. Helens) |  |  |  |
| 1000000 |  | 5.000%, 06/15/34 | Aa1/NR/NR | 1083150 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount** | **<u> </u>** | **General Obligation Bonds (continued)** | **Ratings Moody's, S&P and Fitch** | **Value** | **(a)** |
|  |  | School District (continued) |  |  |  |
|  |  | Columbia & Clatsop Counties, Oregon School District #6J (Clatskanie) |  |  |  |
| $665000 |  | 4.000%, 06/15/35 Series 2021 | NR/AA+/NR | $695464 |  |
|  |  | Coos County, Oregon School District #9 (Coos Bay) |  |  |  |
| 1035000 |  | 5.000%, 06/15/32 | NR/AA+/NR | 1153352 |  |
|  |  | Deschutes County, Oregon Administrative School District #1 (Bend - La Pine) |  |  |  |
| 740000 |  | 5.000%, 06/15/30 | Aa1/NR/NR | 841661 |  |
| 3000000 |  | 4.000%, 06/15/30 | Aa1/AA+/NR | 3147420 |  |
| 2150000 |  | 5.000%, 06/15/31 | Aa1/NR/NR | 2449323 |  |
| 1470000 |  | 4.000%, 06/15/32 | Aa1/NR/NR | 1564021 |  |
|  |  | Deschutes and Jefferson Counties, Oregon School District #02J (Redmond) |  |  |  |
| 1025000 |  | zero coupon, 06/15/23 | Aa1/NR/NR | 1010363 |  |
|  |  | Greater Albany School District #8J (Linn & Benton Counties) |  |  |  |
| 1000000 |  | 5.000%, 06/15/30 | Aa1/AA+/NR | 1095800 |  |
|  |  | Hood River County, Oregon School District |  |  |  |
| 2260000 |  | 4.000%, 06/15/30 | NR/AA+/NR | 2351033 |  |
| 2400000 |  | 4.000%, 06/15/31 | NR/AA+/NR | 2494992 |  |
|  |  | Jackson County, Oregon School District #5 (Ashland) |  |  |  |
| 1385000 |  | 5.000%, 06/15/28 | Aa1/AA+/NR | 1545037 |  |
| 1000000 |  | 5.000%, 06/15/34 | Aa1/AA+/NR | 1119270 |  |
| 1620000 |  | 5.000%, 06/15/33 Series 2019 | Aa1/AA+/NR | 1821593 |  |
|  |  | Jackson County, Oregon School District #6 (Central Point) |  |  |  |
| 2665000 |  | 5.000%, 06/15/31 | Aa1/NR/NR | 3019125 |  |
|  |  | Jackson County, Oregon School District #549C (Medford) |  |  |  |
| 750000 |  | 4.000%, 12/15/33 Series 2021 | Aa3/NR/NR | 804450 |  |
| 570000 |  | 4.000%, 12/15/34 Series 2021 | Aa3/NR/NR | 609598 |  |
|  |  | Lane County, Oregon School District #4J (Eugene) Refunding |  |  |  |
| 3300000 |  | 5.000%, 06/15/33 | Aa1/NR/NR | 3862584 |  |
| 1105000 |  | 4.000%, 06/15/35 | Aa1/NR/NR | 1150095 |  |
|  |  | Lane County, Oregon School District #19 (Springfield) |  |  |  |
| 1000000 |  | 5.000%, 06/15/25 | Aa1/AA+/NR | 1054600 |  |
|  |  | Lane & Douglas Counties, Oregon School District #45J3 |  |  |  |
| 2665000 |  | 4.000%, 06/15/27 Series B | Aa1/NR/NR | 2787324 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount** | **<u> </u>** | **General Obligation Bonds (continued)** | **Ratings Moody's, S&P and Fitch** | **Value** | **(a)** |
|  |  | School District (continued) |  |  |  |
|  |  | Lincoln County, Oregon School District |  |  |  |
| $2370000 |  | 4.000%, 06/15/24 Series A | Aa1/NR/NR | $2371280 |  |
|  |  | Linn & Marion Counties, Oregon School District #129J (Santiam Canyon) |  |  |  |
| 750000 |  | 5.000%, 06/15/34 | NR/AA+/NR | 839453 |  |
|  |  | Marion & Polk Counties, Oregon School District #24J (Salem-Keizer) |  |  |  |
| 5000000 |  | 5.000%, 06/15/30 | Aa1/AA+/NR | 5587900 |  |
| 5525000 |  | 5.000%, 06/15/31 | Aa1/AA+/NR | 6153524 |  |
| 1135000 |  | 5.000%, 06/15/32 Series 2020B | Aa1/AA+/NR | 1295523 |  |
| 7600000 |  | 5.000%, 06/15/33 Series 2020B | Aa1/AA+/NR | 8650168 |  |
| 1000000 |  | 5.000%, 06/15/34 Series 2020B | Aa1/AA+/NR | 1135830 |  |
|  |  | Multnomah County, Oregon School District #1J (Portland) |  |  |  |
| 2970000 |  | 5.000%, 06/15/26 Series B | Aa1/AA+/NR | 3135043 |  |
|  |  | Multnomah County, Oregon School District #7 (Reynolds) |  |  |  |
| 5680000 |  | 5.000%, 06/15/26 Series A | Aa1/NR/NR | 5987345 |  |
| 1500000 |  | 5.000%, 06/15/27 Series A | Aa1/NR/NR | 1580805 |  |
| 1825000 |  | 5.000%, 06/15/28 Series A | Aa1/NR/NR | 1921086 |  |
|  |  | Multnomah County, Oregon School District #40 (David Douglas) |  |  |  |
| 1500000 |  | 5.000%, 06/15/23 Series A | NR/AA+/NR | 1501335 |  |
|  |  | Multnomah and Clackamas Counties, Oregon School District #10 (Gresham-Barlow) |  |  |  |
| 1535000 |  | 5.000%, 06/15/29 | Aa1/NR/NR | 1746538 |  |
| 1175000 |  | 5.000%, 06/15/31 | Aa1/AA+/NR | 1283958 |  |
| 2500000 |  | 5.000%, 06/15/29 Series B | Aa1/AA+/NR | 2741700 |  |
|  |  | Multnomah and Clackamas Counties, Oregon School District #28JT (Centennial) |  |  |  |
| 715000 |  | 5.000%, 06/15/35 Series 2020 | Aa1/NR/NR | 805805 |  |
|  |  | Polk, Marion & Benton Counties, Oregon School District #13J (Central) |  |  |  |
| 1515000 |  | 4.000%, 02/01/28 | NR/AA+/NR | 1555920 |  |
|  |  | Tillamook & Yamhill Counties, Oregon School District #101 (Nestucca Valley) |  |  |  |
| 1275000 |  | 5.000%, 06/15/31 | NR/AA+/NR | 1426891 |  |
|  |  | Umatilla County, Oregon School District #8 (Hermiston) |  |  |  |
| 2750000 |  | 5.000%, 06/15/30 | NR/AA+/NR | 3176800 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount** | **<u> </u>** | **General Obligation Bonds (continued)** | **Ratings Moody's, S&P and Fitch** | **Value** | **(a)** |
|  |  | School District (continued) |  |  |  |
|  |  | Washington County, Oregon School District #48J (Beaverton) |  |  |  |
| $1500000 |  | 5.000%, 06/15/27 Series C | Aa1/AA+/NR | $1647000 |  |
| 2400000 |  | 5.000%, 06/15/35 Series C | Aa1/AA+/NR | 2588136 |  |
|  |  | Washington & Clackamas Counties, Oregon School District #23J (Tigard) |  |  |  |
| 2405000 |  | 5.000%, 06/15/30 | Aa1/AA+/NR | 2636457 |  |
| 1000000 |  | 5.000%, 06/15/31 Series A | Aa1/AA+/NR | 1132880 |  |
| 1000000 |  | 5.000%, 06/15/32 Series A | Aa1/AA+/NR | 1130420 |  |
|  |  | Washington, Clackamas & Yamhill Counties, Oregon School District #88J |  |  |  |
| 2785000 |  | 5.000%, 06/15/29 Series B | Aa1/AA+/NR | 3054254 |  |
| 2000000 |  | 5.000%, 06/15/29 Series B | Aa1/AA+/NR | 2225160 |  |
|  |  | Washington, Multnomah & Yamhill Counties, Oregon School District #1J (Hillsboro) |  |  |  |
| 3105000 |  | 5.000%, 06/15/30 | Aa1/NR/NR | 3401093 |  |
| 2110000 |  | 5.000%, 06/15/31 | Aa1/NR/NR | 2301968 |  |
| 1750000 |  | 4.000%, 06/15/32 | Aa1/NR/NR | 1859218 |  |
|  |  | Yamhill, Clackamas & Washington Counties, Oregon School District #29J (Newberg) |  |  |  |
| 1685000 |  | 4.000%, 06/15/35 Series 2021B | Aa1/NR/NR | 1756343 |  |
|  |  | Yamhill County, Oregon School District #8 (Dayton) |  |  |  |
| 1045000 |  | 5.000%, 06/15/32 | NR/AA+/NR | 1174726 |  |
| 1080000 |  | 5.000%, 06/15/33 | NR/AA+/NR | 1211015 |  |
| 900000 |  | 5.000%, 06/15/34 | NR/AA+/NR | 1004544 |  |
|  |  | Yamhill County, Oregon School District #40 (McMinnville) |  |  |  |
| 1000000 |  | 4.000%, 06/15/29 | Aa1/AA+/NR | 1043860 |  |
| 1000000 |  | 4.000%, 06/15/30 | Aa1/AA+/NR | 1043630 |  |
|  |  | Total School District |  | 161653247 |  |
|  |  | Special District (6.0%) |  |  |  |
|  |  | Bend, Oregon Metropolitan Park & Recreational District |  |  |  |
| 1430000 |  | 4.000%, 06/01/27 | Aa2/NR/NR | 1438223 |  |
|  |  | Clackamas County, Oregon Fire District No. 1 |  |  |  |
| 1020000 |  | 4.000%, 06/01/30 | NR/AA/NR | 1072367 |  |
| 2705000 |  | 4.000%, 06/01/31 | NR/AA/NR | 2838302 |  |
|  |  | Metro, Oregon |  |  |  |
| 4000000 |  | 4.000%, 06/01/26 Series A | Aaa/AAA/NR | 4002480 |  |
| 5050000 |  | 4.000%, 06/01/33 Series 2020 A | Aaa/AAA/NR | 5376432 |  |
| 1400000 |  | 4.000%, 06/01/34 Series 2020 A | Aaa/AAA/NR | 1478092 |  |
|  |  | Tualatin Hills, Oregon Park & Recreational District |  |  |  |
| 3480000 |  | 5.000%, 06/01/23 | Aa1/NR/NR | 3507770 |  |
| 4725000 |  | 5.000%, 06/01/24 | Aa1/NR/NR | 4864813 |  |
| 2775000 |  | 5.000%, 06/01/26 | Aa1/NR/NR | 2922630 |  |
|  |  | Total Special District |  | 27501109 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount** | **<u> </u>** | **General Obligation Bonds (continued)** | **Ratings Moody's, S&P and Fitch** | **Value** | **(a)** |
|  |  | State (9.4%) |  |  |  |
|  |  | State of Oregon |  |  |  |
| $750000 |  | 5.000%, 05/01/25 Series A | Aa1/AA+/AA+ | $772043 |  |
| 2000000 |  | 5.000%, 05/01/33 Series 2022A | Aa1/AA+/AA+ | 2356140 |  |
|  |  | State of Oregon Article XI-F(1) University Project |  |  |  |
| 835000 |  | 4.000%, 08/01/35 Series H | Aa1/AA+/AA+ | 879455 |  |
| 1250000 |  | 5.000%, 08/01/31 Series I | Aa1/AA+/AA+ | 1374638 |  |
|  |  | State of Oregon Article XI-G Higher Education |  |  |  |
| 500000 |  | 5.000%, 08/01/25 Series O | Aa1/AA+/AA+ | 530070 |  |
|  |  | State of Oregon Article XI-M Seismic Projects |  |  |  |
| 1000000 |  | 5.000%, 06/01/30 | Aa1/AA+/AA+ | 1076670 |  |
|  |  | State of Oregon Article XI-Q State Projects |  |  |  |
| 2140000 |  | 5.000%, 11/01/28 | Aa1/AA+/AA+ | 2302362 |  |
| 1000000 |  | 5.000%, 11/01/30 | Aa1/AA+/AA+ | 1074880 |  |
| 2000000 |  | 5.000%, 11/01/31 | Aa1/AA+/AA+ | 2146460 |  |
| 1800000 |  | 5.000%, 05/01/25 Series A | Aa1/AA+/AA+ | 1897254 |  |
| 2920000 |  | 5.000%, 05/01/31 Series A | Aa1/AA+/AA+ | 3318434 |  |
| 4000000 |  | 5.000%, 05/01/32 Series A | Aa1/AA+/AA+ | 4533600 |  |
| 1195000 |  | 5.000%, 05/01/28 Series D | Aa1/AA+/AA+ | 1285665 |  |
| 1255000 |  | 5.000%, 05/01/29 Series D | Aa1/AA+/AA+ | 1349389 |  |
| 1000000 |  | 5.000%, 05/01/30 Series D | Aa1/AA+/AA+ | 1074880 |  |
| 2300000 |  | 5.000%, 05/01/28 Series F | Aa1/AA+/AA+ | 2423211 |  |
|  |  | State of Oregon Higher Education |  |  |  |
| 1000000 |  | 5.000%, 08/01/28 Series A | Aa1/AA+/AA+ | 1059890 |  |
| 1390000 |  | 5.000%, 08/01/31 Series G | Aa1/AA+/AA+ | 1582084 |  |
| 1920000 |  | 5.000%, 08/01/32 Series G | Aa1/AA+/AA+ | 2184230 |  |
| 3000000 |  | 5.000%, 08/01/33 Series G | Aa1/AA+/AA+ | 3397950 |  |
| 1900000 |  | 5.000%, 08/01/34 Series G | Aa1/AA+/AA+ | 2140996 |  |
| 1250000 |  | 5.000%, 08/01/30 Series L | Aa1/AA+/AA+ | 1375763 |  |
| 1300000 |  | 5.000%, 08/01/32 Series L | Aa1/AA+/AA+ | 1424917 |  |
|  |  | State of Oregon Veteran's Welfare |  |  |  |
| 450000 |  | 1.950%, 06/01/31 Series 2020 I | Aa1/AA+/AA+ | 389493 |  |
| 2000000 |  | 2.150%, 12/01/34 Series 2020 I | Aa1/AA+/AA+ | 1642400 |  |
|  |  | Total State |  | 43592874 |  |
|  |  | Transportation (1.4%) |  |  |  |
|  |  | Oregon State Department Transportation Highway Usertax (Senior Lien) |  |  |  |
| 5000000 |  | 5.000%, 11/15/29 Series B | Aa1/AAA/AA+ | 5451200 |  |
|  |  | State of Oregon ODOT Projects |  |  |  |
| 1020000 |  | 5.000%, 11/15/30 Series M | Aa1/AA+/AA+ | 1118206 |  |
|  |  | Total Transportation |  | 6569406 |  |
|  |  | Total General Obligation Bonds |  | 294380669 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount** | **Revenue Bonds (26.3%)** | **Ratings Moody's, S&P and Fitch** | **Value** | **(a)** |
|  | City & County (0.3%) |  |  |  |
|  | Beaverton, Oregon Special Revenue Bonds |  |  |  |
| $200000 | 5.000%, 06/01/32 Series 2020A | Aa3/NR/NR | $228892 |  |
| 500000 | 5.000%, 06/01/33 Series 2020A | Aa3/NR/NR | 570630 |  |
| 400000 | 5.000%, 06/01/34 Series 2020A | Aa3/NR/NR | 454216 |  |
|  | Total City & County |  | 1253738 |  |
|  | Electric (2.1%) |  |  |  |
|  | Eugene, Oregon Electric Utility Refunding System |  |  |  |
| 2875000 | 5.000%, 08/01/29 Series A | Aa2/AA-/AA- | 3088325 |  |
| 4030000 | 5.000%, 08/01/30 Series A | Aa2/AA-/AA- | 4314840 |  |
|  | Warm Springs Reservation, Oregon Confederated Tribes, Hydroelectric Revenue, Tribal Economic Development, Pelton Round Butte Project (Green Bonds) |  |  |  |
| 500000 | 5.000%, 11/01/32 Series 2019B144A | A3/NR/NR | 552325 |  |
| 1000000 | 5.000%, 11/01/33 Series 2019B144A | A3/NR/NR | 1101590 |  |
| 500000 | 5.000%, 11/01/34 Series 2019B144A | A3/NR/NR | 548790 |  |
|  | Total Electric |  | 9605870 |  |
|  | Hospital (3.3%) |  |  |  |
|  | Oregon Health Sciences University |  |  |  |
| 500000 | 5.000%, 07/01/30 Series A | Aa3/AA-/AA- | 568845 |  |
| 250000 | 5.000%, 07/01/31 Series A | Aa3/AA-/AA- | 284040 |  |
| 1250000 | 5.000%, 07/01/28 Series B | Aa3/AA-/AA- | 1334725 |  |
| 1000000 | 5.000%, 07/01/33 Series B | Aa3/AA-/AA- | 1061630 |  |
|  | Oregon Health Sciences University (Green Bonds) |  |  |  |
| 1000000 | 5.000%, 07/01/34 Series 2021A | Aa3/AA-/AA- | 1152400 |  |
| 1000000 | 5.000%, 07/01/35 Series 2021A | Aa3/AA-/AA- | 1137750 |  |
|  | Oregon Health Sciences University |  |  |  |
| 5500000 | 5.000%, 07/01/46 Series 2021B-2 (Mandatory Put Date 02/01/32) | Aa3/AA-/AA- | 6277370 |  |
|  | Oregon State Facilities Authority (Legacy Health Project) |  |  |  |
| 2000000 | 5.000%, 06/01/30 Series 2022B | A1/A+/NR | 2223700 |  |
|  | Union County, Oregon Hospital Facility Authority (Grande Ronde Hospital Project) |  |  |  |
| 135000 | 5.000%, 07/01/28 Series 2022 | NR/BBB/BBB- | 142521 |  |
| 175000 | 5.000%, 07/01/29 Series 2022 | NR/BBB/BBB- | 185535 |  |
| 200000 | 5.000%, 07/01/30 Series 2022 | NR/BBB/BBB- | 213282 |  |
| 325000 | 5.000%, 07/01/31 Series 2022 | NR/BBB/BBB- | 346297 |  |
| 500000 | 5.000%, 07/01/32 Series 2022 | NR/BBB/BBB- | 533550 |  |
|  | Total Hospital |  | 15461645 |  |
|  | Housing (0.3%) |  |  |  |
|  | Clackamas County, Oregon Housing Authority Multifamily Housing Revenue (Easton Ridge Apartments Project) |  |  |  |
| 1310000 | 4.000%, 09/01/27 Series A | Aa2/NR/NR | 1311559 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount** | **Revenue Bonds (continued)** | **Ratings Moody's, S&P and Fitch** | **Value** | **(a)** |
|  | Lottery (4.5%) |  |  |  |
|  | Oregon State Department of Administration Services (Lottery Revenue) |  |  |  |
| $2000000 | 5.000%, 04/01/32 Series A | Aa2/AAA/NR | $2248040 |  |
| 1000000 | 5.000%, 04/01/33 Series A | Aa2/AAA/NR | 1121460 |  |
| 1500000 | 5.000%, 04/01/35 Series A | Aa2/AAA/NR | 1734540 |  |
| 1000000 | 5.000%, 04/01/25 Series B | Aa2/AAA/NR | 1027640 |  |
| 4000000 | 5.000%, 04/01/30 Series C | Aa2/AAA/NR | 4354880 |  |
| 5000000 | 5.000%, 04/01/26 Series D | Aa2/AAA/NR | 5253350 |  |
| 4000000 | 5.000%, 04/01/28 Series D | Aa2/AAA/NR | 4199120 |  |
| 1000000 | 5.000%, 04/01/29 Series D | Aa2/AAA/NR | 1049560 |  |
|  | Total Lottery |  | 20988590 |  |
|  | Sales Tax (0.2%) |  |  |  |
|  | Metro, Oregon Dedicated Tax Revenue (Oregon Convention Center Hotel) |  |  |  |
| 750000 | 5.000%, 06/15/31 | Aa3/NR/NR | 811058 |  |
|  | Transportation (4.0%) |  |  |  |
|  | Oregon State Department Transportation Highway Usertax (Subordinate Lien) |  |  |  |
| 2250000 | 5.000%, 11/15/35 Series 2020A | Aa2/AA+/AA+ | 2552198 |  |
|  | Port Portland, Oregon Airport Revenue Refunding, Portland International Airport Series Twenty Three |  |  |  |
| 2525000 | 5.000%, 07/01/26 | NR/AA-/NR | 2661350 |  |
| 1000000 | 5.000%, 07/01/28 | NR/AA-/NR | 1048790 |  |
| 2390000 | 5.000%, 07/01/29 | NR/AA-/NR | 2509213 |  |
|  | Tri-County Metropolitan Transportation District, Oregon Capital Grant Receipt |  |  |  |
| 1100000 | 5.000%, 10/01/27 Series A | A3/A/NR | 1204104 |  |
| 2000000 | 5.000%, 10/01/30 Series A | A3/A/NR | 2185700 |  |
| 3000000 | 5.000%, 10/01/31 Series 2018A | A3/A/NR | 3266250 |  |
|  | Tri-County Metropolitan Transportation District, Oregon (Senior Lien Payroll Tax) |  |  |  |
| 1000000 | 5.000%, 09/01/25 Series A | Aaa/AAA/NR | 1061380 |  |
| 1890000 | 5.000%, 09/01/28 Series A | Aaa/AAA/NR | 2045604 |  |
|  | Total Transportation |  | 18534589 |  |
|  | Water and Sewer (11.6%) |  |  |  |
|  | Beaverton, Oregon Water Revenue |  |  |  |
| 1000000 | 5.000%, 04/01/32 Series 2020 | NR/AA+/NR | 1145490 |  |
|  | Clackamas County, Oregon Service District No. 1 |  |  |  |
| 2240000 | 5.000%, 12/01/26 | NR/AAA/NR | 2438890 |  |
|  | Clean Water Services, Oregon Refunding (Senior Lien) |  |  |  |
| 1510000 | 5.000%, 10/01/27 | Aa1/AAA/NR | 1671268 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount** | **Revenue Bonds (continued)** | **Ratings Moody's, S&P and Fitch** | **Value** | **(a)** |
|  | Water and Sewer (continued) |  |  |  |
|  | Eugene, Oregon Water Utility System |  |  |  |
| $115000 | 5.000%, 08/01/28 | Aa2/AA/AA+ | $123735 |  |
| 450000 | 5.000%, 08/01/29 | Aa2/AA/AA+ | 483390 |  |
|  | Grants Pass, Oregon |  |  |  |
| 345000 | 4.000%, 12/01/23 | NR/AA/NR | 345173 |  |
|  | Hillsboro, Oregon Water System |  |  |  |
| 1630000 | 5.000%, 06/01/31 | Aa2/NR/NR | 1850669 |  |
| 1710000 | 5.000%, 06/01/32 | Aa2/NR/NR | 1931941 |  |
|  | Portland, Oregon Sewer System (Second Lien) |  |  |  |
| 5405000 | 4.500%, 05/01/31 Series A | Aa2/AA/NR | 5681520 |  |
| 6355000 | 5.000%, 03/01/32 Series A | Aa2/AA/NR | 7225508 |  |
| 2000000 | 5.000%, 10/01/25 Series B | Aa2/AA/NR | 2077180 |  |
| 2000000 | 5.000%, 06/01/26 Series B | Aa2/AA/NR | 2109260 |  |
| 2000000 | 5.000%, 06/01/27 Series B | Aa2/AA/NR | 2108780 |  |
| 5000000 | 4.000%, 03/01/34 Series 2020A | Aa2/AA/NR | 5308550 |  |
|  | Portland, Oregon Water System (First Lien) |  |  |  |
| 3230000 | 5.000%, 05/01/27 Series A | Aa1/NR/NR | 3320246 |  |
| 3500000 | 5.000%, 06/01/28 Series A | Aa1/AA+/NR | 3682000 |  |
|  | Portland, Oregon Water System (Second Lien) |  |  |  |
| 2590000 | 5.000%, 05/01/31 Series A | Aa2/NR/NR | 2958505 |  |
| 2000000 | 5.000%, 05/01/32 Series A | Aa2/NR/NR | 2279340 |  |
| 2000000 | 5.000%, 05/01/33 Series A | Aa2/NR/NR | 2269560 |  |
| 2230000 | 5.000%, 05/01/35 Series 2019A | Aa2/NR/NR | 2495325 |  |
|  | Portland, Oregon Water System Revenue Refunding (Junior Lien) |  |  |  |
| 2000000 | 5.000%, 10/01/23 | Aa2/NR/NR | 2010120 |  |
|  | Total Water and Sewer |  | 53516450 |  |
|  | Total Revenue Bonds |  | 121483499 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount** | **Pre-Refunded\Escrowed to Maturity Bonds (8.4%)††** | **Ratings Moody's, S&P and Fitch** | **Value** | **(a)** |
|  | Pre-Refunded General Obligation Bonds (3.7%) |  |  |  |
|  | Higher Education (0.6%) |  |  |  |
|  | Oregon State Higher Education |  |  |  |
| $1795000 | 5.000%, 08/01/27 Series C | Aa1/AA+/AA+ | $1857592 |  |
|  | Oregon State, Oregon University System |  |  |  |
| 1090000 | 5.000%, 08/01/25 Series N | Aa1/AA+/AA+ | 1103058 |  |
|  | Total Higher Education |  | 2960650 |  |
|  | School District (2.4%) |  |  |  |
|  | Clackamas County, Oregon School District #62 (Oregon City) |  |  |  |
| 440000 | 5.000%, 06/01/29 AGMC Insured | NR/AA/NR | 452958 |  |
| 560000 | 5.000%, 06/01/29 AGMC Insured | A1/AA/NR | 576492 |  |
|  | Jefferson County, Oregon School District #509J |  |  |  |
| 1400000 | 5.000%, 06/15/25 | Aa1/NR/NR | 1412264 |  |
|  | Klamath County, Oregon School District |  |  |  |
| 1250000 | 5.000%, 06/15/24 | NR/AA+/NR | 1261513 |  |
|  | Lane County, Oregon School District #4J (Eugene) Refunding |  |  |  |
| 2000000 | 5.000%, 06/15/26 | Aa1/NR/NR | 2063400 |  |
|  | Marion County, Oregon School District #103 (Woodburn) |  |  |  |
| 2260000 | 5.000%, 06/15/28 | Aa1/NR/NR | 2386515 |  |
|  | Union County, Oregon School District #1 (La Grande) |  |  |  |
| 1000000 | 5.000%, 06/15/27 | Aa1/NR/NR | 1055980 |  |
|  | Washington County, Oregon School District #48J (Beaverton) |  |  |  |
| 1845000 | 5.000%, 06/15/29 Series 2014B | Aa1/AA+/NR | 1903487 |  |
|  | Total School District |  | 11112609 |  |
|  | State (0.7%) |  |  |  |
|  | State of Oregon Article XI-G Community College Projects |  |  |  |
| 1160000 | 5.000%, 08/01/27 Series J | Aa1/AA+/AA+ | 1228579 |  |
|  | State of Oregon Article XI-G Higher Education |  |  |  |
| 1000000 | 5.000%, 08/01/26 Series O | Aa1/AA+/AA+ | 1060140 |  |
| 1000000 | 5.000%, 08/01/27 Series O | Aa1/AA+/AA+ | 1060140 |  |
|  | Total State |  | 3348859 |  |
|  | Total Pre-Refunded General Obligation Bonds |  | 17422118 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount** | **Pre-Refunded\Escrowed to Maturity Revenue Bonds (4.7%)** | **Ratings Moody's, S&P and Fitch** | **Value** | **(a)** |
|  | Higher Education (0.6%) |  |  |  |
|  | Oregon State Facilities Authority (Linfield College Project) |  |  |  |
| $1000000 | 5.000%, 10/01/23 Series A ETM | Baa2/NR/NR | $1013370 |  |
|  | Oregon State Facilities Authority (Reed College Project) |  |  |  |
| 500000 | 5.000%, 07/01/30 Series A | Aa2/AA-/NR | 545255 |  |
| 1135000 | 4.000%, 07/01/31 Series A | Aa2/AA-/NR | 1190184 |  |
|  | Total Higher Education |  | 2748809 |  |
|  | Transportation (3.9%) |  |  |  |
|  | Oregon State Department Transportation Highway Usertax (Senior Lien) |  |  |  |
| 1000000 | 5.000%, 11/15/26 Series A | Aa1/AAA/AA+ | 1018210 |  |
| 1040000 | 5.000%, 11/15/26 Series A | Aa1/AAA/AA+ | 1083545 |  |
| 8000000 | 5.000%, 11/15/28 Series A | Aa1/AAA/AA+ | 8334960 |  |
|  | Tri-County Metropolitan Transportation District, Oregon (Senior Lien Payroll Tax) |  |  |  |
| 3975000 | 5.000%, 09/01/30 Series A | Aaa/AAA/NR | 4308026 |  |
| 1000000 | 5.000%, 09/01/31 Series A | Aaa/AAA/NR | 1108770 |  |
|  | Tri-County Metropolitan Transportation District, Oregon (Senior Lien Payroll Tax) |  |  |  |
| 2010000 | 5.000%, 09/01/29 Series B | Aaa/AAA/NR | 2132831 |  |
|  | Total Transportation |  | 17986342 |  |
|  | Water and Sewer (0.2%) |  |  |  |
|  | Madras, Oregon |  |  |  |
| 725000 | 4.500%, 02/15/27 | A3/NR/NR | 726182 |  |
|  | Total Pre-Refunded\ Escrowed to Maturity Revenue Bonds |  | 21461333 |  |
|  | Total Pre-Refunded\ Escrowed to Maturity Bonds |  | 38883451 |  |
|  | Total Municipal Bonds (cost $465,312,583) |  | 454747619 |  |
| **Shares** | **Short-Term Investment (1.1%)** |  |  |  |
| 5049707 | Dreyfus Treasury Obligations Cash Management - <br> Institutional Shares, 4.17%\* (cost $5,049,707) | Aaa-mf/AAAm/NR | 5049707 |  |
|  | Total Investments <br> (cost $470,362,290- note b) | 99.4% | 459797326 |  |
|  | Other assets less liabilities | 0.6 | 2993119 |  |
|  | Net Assets | 100.0% | $462790445 |  |
|  |  | **Percent of** |  |  |
|  | **Portfolio Distribution By Quality Rating** | **Investments †** |  |  |
|  | Aaa of Moody's or AAA of S&P | 13.6% |  |  |
|  | Pre-refunded bonds\ ETM bonds†† | 8.6 |  |  |
|  | Aa of Moody's or AA of S&P or Fitch | 73.3 |  |  |
|  | A of Moody's or S&P | 4.2 |  |  |
|  | BBB of S&P and Fitch | 0.3 |  |  |
|  |  | 100.0% |  |  |

---

---

| |
|:---|
| **PORTFOLIO ABBREVIATIONS:** |
| AGMC - Assured Guaranty Municipal Corp. |
| BAMAC - Build America Mutual Assurance Co. |
| ETM - Escrowed to Maturity |
| NR - Not Rated |
| ODOT - Oregon Department of Transportation |
| AGMC - Assured Guaranty Municipal Corp. |

---

---

| | |
|:---|:---|
| \*\* | The rate is an annualized seven-day yield at period end. |
| † | Where applicable, calculated using the highest rating of the three NRSRO. Percentages in this table do not include the Short-Term Investment. |
| †† | Pre-refunded bonds are bonds for which U.S. Government Obligations usually have been placed in escrow to retire the bonds at their earliest call date. Escrowed to Maturity bonds are bonds where money has been placed in the escrow account which is used to pay principal and interest through the bond's originally scheduled maturity date. Escrowed to Maturity are shown as ETM. All other securities in the category are pre-refunded. |
|  | Note: 144A – Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |

---

See accompanying notes to financial statements.

**AQUILA TAX-FREE TRUST OF OREGON**

NOTES TO FINANCIAL STATEMENTS

**December 31, 2022**

(unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities valuation policies and other investment related disclosures are hereby incorporated by reference
in the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At December 31, 2022, the net unrealized depreciation on investments, based on cost for federal income
tax purposes of $470,362,290 amounted to $10,564,964, which consisted of aggregate gross unrealized appreciation of $474,713 and aggregate
gross unrealized depreciation of $11,039,677.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Fair Value Measurements: The Trust follows a fair value hierarchy that distinguishes between market
data obtained from independent sources (observable inputs) and the Trust's own market assumptions (unobservable inputs). These inputs
are used in determining the value of the Trust's investments and are summarized in the following fair value hierarchy:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Level 1 – | &nbsp;&nbsp;Unadjusted quoted prices in inactive markets for identical assets or liabilities that the Trust has the ability to access. |
| &nbsp;&nbsp;Level 2 – | &nbsp;&nbsp;Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
| &nbsp;&nbsp;Level 3 – | &nbsp;&nbsp;Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Trust's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |

---

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the valuation inputs, representing 100% of the Trust's investments, used to value the Trust's net assets as of December 31, 2022:

---

| | |
|:---|:---|
| **Valuation Inputs** | **Investments in<br> Securities** |
| Level 1 – Quoted Prices | $5049707 |
| Level 2 – Other Significant Observable Inputs - Municipal Bonds+ | 454747619 |
| Level 3 – Significant Unobservable Inputs |  |
| Total | $459797326 |

---

+ See schedule of investments for a detailed listing of securities.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Aquila Municipal Trust

- **b. Investment Company Act file number:** 811-04503

- **c. CIK number of Registrant:** 0000784056

- **d. LEI of Registrant:** 5493000LE8UHAHYCT855

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

  - **Street Address 1:** 120 West 45th Street

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

  - **Telephone number:** 212-697-6666

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

- **a. Name of Series:** Aquila Tax-Free Trust of Oregon

- **b. EDGAR series identifier (if any):** S000068287

- **c. LEI of Series:** 549300PD08MQ6LG3ZQ46

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

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-30

**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:** $464839936.06

**Total Liabilities:** $2662845.56

**Net Assets:** $462177090.50

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 602.92735000 | **1-Year:** 32302.30766000 | **5-Year:** 119316.85283000 | **10-Year:** 33144.40043000 | **30-Year:** 0.00000000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000218604 | -0.25%               | 3.15%                | 0.41%                |
| Class ID C000218603 | -0.23%               | 3.27%                | 0.43%                |
| Class ID C000218605 | -0.22%               | 3.09%                | 0.34%                |
| Class ID C000218606 | -0.13%               | 3.17%                | 0.43%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-1650163.20                               |
| Month 2  | $-2024101.21             | $16244635.48                               |
| Month 3  | $-994914.43              | $2259207.18                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PORT OF PORTLAND OR ARPT REVEN                    | Port of Portland OR Airport Revenue                                          | CUSIP: 735240H71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048790.00   | 0.23%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON COAST OR CMNTY CLG DIST                    | Oregon Coast Community College District                                      | CUSIP: 68583NBS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1771522.20   | 0.38%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST DEPT OF ADMIN SVCS L                    | Oregon State Lottery                                                         | CUSIP: 68607VN76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5253350.00   | 1.14%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRESHAM OR                                        | City of Gresham OR                                                           | CUSIP: 397730RY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1554857.10   | 0.34%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68608UH90<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |    750000 | PA      | $772042.50    | 0.17%             | 2025-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNION CNTY OR HOSP FAC AUTH                       | Union County Hospital Facility Authority                                     | CUSIP: 906420BU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $213282.00    | 0.05%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON MULTNOMAH & YAMHILL                    | Hillsboro School District No 1J                                              | CUSIP: 939307JC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2110000 | PA      | $2301967.80   | 0.50%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR SCH DIST #12                    | Clackamas County School District No 12 North Clackamas                       | CUSIP: 179093JE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3205000 | PA      | $3513449.20   | 0.76%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC CMNTYS HLTH DIST OR                       | Pacific Communities Health District                                          | CUSIP: 69413PAR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1267500.00   | 0.27%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DESCHUTES CNTY OR ADMIN SCH DI                    | Deschutes County Administrative School District No 1 Bend-La Pine            | CUSIP: 250325TY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1564021.20   | 0.34%             | 2032-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLEAN WTR SVCS OR REVENUE                         | Washington County Clean Water Services                                       | CUSIP: 18452GAH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1671268.00   | 0.36%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNION CNTY OR HOSP FAC AUTH                       | Union County Hospital Facility Authority                                     | CUSIP: 906420BV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $346297.25    | 0.07%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR SCH DIST #62                    | Oregon City School District No 62                                            | CUSIP: 179162GS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1462536.40   | 0.32%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORTLAND OR WTR SYS REVENUE                       | City of Portland OR Water System Revenue                                     | CUSIP: 736754QE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2269560.00   | 0.49%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON & CLACKAMAS CNTYS O                    | Washington & Clackamas Counties School District No 23J Tigard-Tualatin       | CUSIP: 938395RN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2405000 | PA      | $2636457.20   | 0.57%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68609BYW1<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1897254.00   | 0.41%             | 2025-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR SCH DIST #12                    | Clackamas County School District No 12 North Clackamas                       | CUSIP: 179093HZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1228888.60   | 0.27%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST HLTH & SCIENCE UNIV                     | Oregon Health & Science University                                           | CUSIP: 685869GJ2<br>LEI: 549300XTWOAGON8L2G98 | Long             | DBT              | MUN               | US        |    250000 | PA      | $284040.00    | 0.06%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY OR SCH DIST #5 AS                    | Jackson County School District No 5 Ashland                                  | CUSIP: 467736DW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1119270.00   | 0.24%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST DEPT OF ADMIN SVCS L                    | Oregon State Lottery                                                         | CUSIP: 68607VN92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4199120.00   | 0.91%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST DEPT OF TRANSPRTN HI                    | State of Oregon Department of Transportation                                 | CUSIP: 68607DUQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2552197.50   | 0.55%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNT HOOD OR CMNTY CLG DIST                      | Mount Hood Community College District                                        | CUSIP: 621587KA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1865000 | PA      | $2009891.85   | 0.43%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRANTS PASS OR                                    | City of Grants Pass OR                                                       | CUSIP: 388334KA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $345172.50    | 0.07%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST FACS AUTH REVENUE                       | Oregon State Facilities Authority                                            | CUSIP: 68608JWU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1190183.70   | 0.26%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HERMISTON OR                                      | City of Hermiston OR                                                         | CUSIP: 427542MX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $825419.40    | 0.18%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68609BUF2<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076670.00   | 0.23%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORTLAND OR SWR SYS REVENUE                       | City of Portland OR Sewer System Revenue                                     | CUSIP: 736742ZX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6355000 | PA      | $7225507.90   | 1.56%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORTLAND OR SWR SYS REVENUE                       | City of Portland OR Sewer System Revenue                                     | CUSIP: 736742WR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3682000.00   | 0.80%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLATSOP CNTY OR SCH DIST #1                       | Clatsop County School District No 1-C                                        | CUSIP: 182810BY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1226923.20   | 0.27%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANE OR CMNTY CLG                                 | Lane Community College                                                       | CUSIP: 515182ES8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1858809.60   | 0.40%             | 2032-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLATSOP CNTY OR SCH DIST #30 W                    | Clatsop County School District No 30 Warrenton-Hammond                       | CUSIP: 182855EZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1806303.60   | 0.39%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS OR CMNTY CLG DIST                       | Clackamas Community College District                                         | CUSIP: 179390MS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1480687.35   | 0.32%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY OR SCH DIST #4                    | Washington & Multnomah Counties School District No 48J Beaverton             | CUSIP: 938429J40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1845000 | PA      | $1903486.50   | 0.41%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68609BW86<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1424917.00   | 0.31%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68609B7S0<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1920000 | PA      | $2184230.40   | 0.47%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YAMHILL CNTY OR SCH DIST #29J                     | Yamhill Clackamas & Washington Counties School District No 29J Newberg       | CUSIP: 984657JP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1756342.90   | 0.38%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORTLAND OR SWR SYS REVENUE                       | City of Portland OR Sewer System Revenue                                     | CUSIP: 736742VQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2077180.00   | 0.45%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOOD RIVER CNTY OR SCH DIST                       | Hood River County School District                                            | CUSIP: 438811DF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2260000 | PA      | $2351032.80   | 0.51%             | 2030-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR FIRE DIST #1                    | Clackamas County Fire District No 1                                          | CUSIP: 17902GBX4<br>LEI: 549300X3Q9OTSUQ4S648 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1072366.80   | 0.23%             | 2030-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LANE OR CMNTY CLG                                 | Lane Community College                                                       | CUSIP: 515182CY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1842318.40   | 0.40%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST DEPT OF TRANSPRTN HI                    | State of Oregon Department of Transportation                                 | CUSIP: 68607DRQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1083544.80   | 0.23%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOOD RIVER CNTY OR SCH DIST                       | Hood River County School District                                            | CUSIP: 438811DG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2494992.00   | 0.54%             | 2031-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DESCHUTES CNTY OR ADMIN SCH DI                    | Deschutes County Administrative School District No 1 Bend-La Pine            | CUSIP: 250325TC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3147420.00   | 0.68%             | 2030-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BENTON & LINN CNTYS OR SCH DIS                    | Benton & Linn Counties Consolidated School District No 509J & 509A Corvallis | CUSIP: 082744CZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1615000 | PA      | $1797947.20   | 0.39%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68609BNC7<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060140.00   | 0.23%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORTLAND OR REVENUE                               | City of Portland OR                                                          | CUSIP: 736740QV6<br>LEI: 254900RPNQMJF9NBMF52 | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1802322.90   | 0.39%             | 2030-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR SCH DIST #12                    | Clackamas County School District No 12 North Clackamas                       | CUSIP: 179093JF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4725000 | PA      | $5169386.25   | 1.12%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS & WASHINGTON CNTYS O                    | Clackamas & Washington Counties School District No 3                         | CUSIP: 178882LZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3697890.00   | 0.80%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LINN BENTON OR CMNTY CLG DIST                     | Linn Benton Community College District                                       | CUSIP: 535769DX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1600499.20   | 0.35%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANE OR CMNTY CLG                                 | Lane Community College                                                       | CUSIP: 515182EU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1133269.10   | 0.25%             | 2034-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68609BTG2<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   2140000 | PA      | $2302361.80   | 0.50%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BEAVERTON OR SPL REVENUE                          | City of Beaverton OR Special Revenue                                         | CUSIP: 075554BL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $454216.00    | 0.10%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORTLAND OR SWR SYS REVENUE                       | City of Portland OR Sewer System Revenue                                     | CUSIP: 736742XG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2108780.00   | 0.46%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MULTNOMAH CNTY OR SCH DIST #7                     | Multnomah County School District No 7 Reynolds                               | CUSIP: 625574KG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1921086.25   | 0.42%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC CMNTYS HLTH DIST OR                       | Pacific Communities Health District                                          | CUSIP: 69413PAN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1297543.20   | 0.28%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON MULTNOMAH & YAMHILL                    | Hillsboro School District No 1J                                              | CUSIP: 939307KC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1859217.50   | 0.40%             | 2032-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BEAVERTON OR SPL REVENUE                          | City of Beaverton OR Special Revenue                                         | CUSIP: 075554BK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $570630.00    | 0.12%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR                                 | County of Clackamas OR                                                       | CUSIP: 178890KN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1135612.90   | 0.25%             | 2024-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST HLTH & SCIENCE UNIV                     | Oregon Health & Science University                                           | CUSIP: 685869HJ1<br>LEI: 549300XTWOAGON8L2G98 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $6277370.00   | 1.36%             | 2046-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HILLSBORO OR WTR REVENUE                          | City of Hillsboro OR Water Revenue                                           | CUSIP: 432134BN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1850669.40   | 0.40%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68609TYB8<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |    450000 | PA      | $389493.00    | 0.08%             | 2031-06-01      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68609BZ42<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1118205.60   | 0.24%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST HLTH & SCIENCE UNIV                     | Oregon Health & Science University                                           | CUSIP: 685869EL9<br>LEI: 549300XTWOAGON8L2G98 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061630.00   | 0.23%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68609BGV3<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2423211.00   | 0.52%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHEMEKETA OR CMNTY CLG DIST                       | Chemeketa Community College District                                         | CUSIP: 163597HH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2062440.00   | 0.45%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dreyfus Treasury Obligations Cash Management Fund | Dreyfus Treasury Obligations Cash Management Fund                            | CUSIP: 261908107<br>LEI: 549300MKKM9KT7BF6329 | Long             | STIV             | RF                | US        |   5049707 | NS      | $5049707.22   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68608UN69<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1795000 | PA      | $1857591.65   | 0.40%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CLACKAMAS & YAMHILL                    | Washington Clackamas & Yamhill Counties School District No 88J               | CUSIP: 937440EL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2785000 | PA      | $3054253.80   | 0.66%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68609T2F4<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |    835000 | PA      | $879455.40    | 0.19%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNION CNTY OR HOSP FAC AUTH                       | Union County Hospital Facility Authority                                     | CUSIP: 906420BT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $185535.00    | 0.04%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BEND OR MET PARK & RECREATIOND                    | Bend Metropolitan Park & Recreation District                                 | CUSIP: 081645CH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1438222.50   | 0.31%             | 2027-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68609TYD4<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1642400.00   | 0.36%             | 2034-12-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| MARION CNTY OR SCH DIST #103 W                    | Marion County School District No 103 Woodburn/OR                             | CUSIP: 569280DC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2260000 | PA      | $2386514.80   | 0.52%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC CMNTYS HLTH DIST OR                       | Pacific Communities Health District                                          | CUSIP: 69413PAP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1125253.60   | 0.24%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANE CNTY OR SCH DIST #4J EUGE                    | Lane County School District No 4J Eugene                                     | CUSIP: 515300SW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1150095.05   | 0.25%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KLAMATH CNTY OR SCH DIST                          | Klamath County School District                                               | CUSIP: 498368BT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1261512.50   | 0.27%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68609TLE6<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   2920000 | PA      | $3318434.00   | 0.72%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR SCH DIST #62                    | Oregon City School District No 62                                            | CUSIP: 179162JG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $576492.00    | 0.12%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORTLAND OR WTR SYS REVENUE                       | City of Portland OR Water System Revenue                                     | CUSIP: 736754QD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2279340.00   | 0.49%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68609BR66<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1374637.50   | 0.30%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68609BRU3<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1285664.65   | 0.28%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EUGENE OR ELEC UTILITY REVENUE                    | City of Eugene OR Electric Utility System Revenue                            | CUSIP: 298191M20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2875000 | PA      | $3088325.00   | 0.67%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANE CNTY OR SCH DIST #19 SPRI                    | Lane County School District No 19 Springfield                                | CUSIP: 515318LS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054600.00   | 0.23%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MULTNOMAH CLACKAMAS CNTYS OR S                    | Multnomah & Clackamas Counties School District No 10JT Gresham-Barlow        | CUSIP: 625482GX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1283957.75   | 0.28%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MULTNOMAH CLACKAMAS CNTYS OR S                    | Multnomah & Clackamas Counties School District No 10JT Gresham-Barlow        | CUSIP: 625482JC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1746538.35   | 0.38%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EUGENE OR WTR REVENUE                             | City of Eugene OR Water Utility System Revenue                               | CUSIP: 298245JT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $483390.00    | 0.10%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MULTNOMAH CNTY OR SCH DIST #7                     | Multnomah County School District No 7 Reynolds                               | CUSIP: 625574KE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5680000 | PA      | $5987344.80   | 1.30%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| POLK MARION & BENTON OR SCH DI                    | Polk Marion & Benton Counties School District No 13J Central                 | CUSIP: 731418MA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1555920.15   | 0.34%             | 2028-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEBANON OR                                        | City of Lebanon OR                                                           | CUSIP: 522822HM0<br>LEI: 549300Y5CEQOKKG33019 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1060090.50   | 0.23%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRI-CNTY OR MET TRANSPRTN DIST                    | Tri-County Metropolitan Transportation District of Oregon                    | CUSIP: 89546RNQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3975000 | PA      | $4308025.50   | 0.93%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WARM SPRINGS OR RESERVATION CO                    | Warm Springs Reservation Confederated Tribe                                  | CUSIP: 934312AN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $548790.00    | 0.12%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRI-CNTY OR MET TRANSPRTN DIST                    | Tri-County Metropolitan Transportation District of Oregon                    | CUSIP: 89546RKZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061380.00   | 0.23%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DESCHUTES OR PUBLIC LIBRARY DI                    | Deschutes Public Library District                                            | CUSIP: 250353BA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1090300.00   | 0.24%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST DEPT OF ADMIN SVCS L                    | Oregon State Lottery                                                         | CUSIP: 68607V2Y0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1734540.00   | 0.38%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY OR SCH DIST #549C                    | Jackson County School District No 549C Medford                               | CUSIP: 468034QF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $804450.00    | 0.17%             | 2033-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY OR SCH DIST #4                    | Washington & Multnomah Counties School District No 48J Beaverton             | CUSIP: 938429T64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1647000.00   | 0.36%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST HLTH & SCIENCE UNIV                     | Oregon Health & Science University                                           | CUSIP: 685869GX1<br>LEI: 549300XTWOAGON8L2G98 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1137750.00   | 0.25%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORTLAND OR WTR SYS REVENUE                       | City of Portland OR Water System Revenue                                     | CUSIP: 736754MK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2010120.00   | 0.43%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST DEPT OF ADMIN SVCS L                    | Oregon State Lottery                                                         | CUSIP: 68607VY33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2248040.00   | 0.49%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORTLAND OR WTR SYS REVENUE                       | City of Portland OR Water System Revenue                                     | CUSIP: 736754QG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2230000 | PA      | $2495325.40   | 0.54%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANE CNTY OR SCH DIST #4J EUGE                    | Lane County School District No 4J Eugene                                     | CUSIP: 515300QS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2063400.00   | 0.45%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MULTNOMAH CLACKAMAS CNTYS OR S                    | Multnomah & Clackamas Counties School District No 10JT Gresham-Barlow        | CUSIP: 625482GV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2741700.00   | 0.59%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON & CLACKAMAS CNTYS O                    | Washington & Clackamas Counties School District No 23J Tigard-Tualatin       | CUSIP: 938395SL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1130420.00   | 0.24%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR                                 | County of Clackamas OR                                                       | CUSIP: 178890LG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1566481.95   | 0.34%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68609B7T8<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3397950.00   | 0.74%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68609B7U5<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2140996.00   | 0.46%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR FIRE DIST #1                    | Clackamas County Fire District No 1                                          | CUSIP: 17902GBY2<br>LEI: 549300X3Q9OTSUQ4S648 | Long             | DBT              | MUN               | US        |   2705000 | PA      | $2838302.40   | 0.61%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GTR ALBANY OR SCH DIST #8J                        | Linn & Benton Counties School District No 8J Greater Albany                  | CUSIP: 391554BQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1095800.00   | 0.24%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST HLTH & SCIENCE UNIV                     | Oregon Health & Science University                                           | CUSIP: 685869GW3<br>LEI: 549300XTWOAGON8L2G98 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1152400.00   | 0.25%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR HSG AUTH MF                     | Clackamas County Housing Authority/OR                                        | CUSIP: 179032BB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1311558.90   | 0.28%             | 2027-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLATSOP CNTY OR SCH DIST #30 W                    | Clatsop County School District No 30 Warrenton-Hammond                       | CUSIP: 182855FA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1290735.60   | 0.28%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LINCOLN CNTY OR SCH DIST                          | Lincoln County School District/OR                                            | CUSIP: 533404CR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2370000 | PA      | $2371279.80   | 0.51%             | 2024-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA & CLATSOP CNTYS OR SC                    | Columbia & Clatsop Counties School District No 6J Clatskanie                 | CUSIP: 197165CE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $695463.65    | 0.15%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARION & POLK CNTYS OR SCH DIS                    | Salem-Keizer School District No 24J                                          | CUSIP: 569203PF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7600000 | PA      | $8650168.00   | 1.87%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN                    | Port of Portland OR Airport Revenue                                          | CUSIP: 735240H55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2661350.00   | 0.58%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR SCH DIST #62                    | Oregon City School District No 62                                            | CUSIP: 179162HV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $452958.00    | 0.10%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST DEPT OF ADMIN SVCS L                    | Oregon State Lottery                                                         | CUSIP: 68607VP25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049560.00   | 0.23%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOS CNTY OR SCH DIST #9 COOS                     | Coos County School District No 9 Coos Bay                                    | CUSIP: 21709EBC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1153352.25   | 0.25%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS & WASHINGTON CNTYS O                    | Clackamas & Washington Counties School District No 3                         | CUSIP: 178882QH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1176560.00   | 0.25%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNT HOOD OR CMNTY CLG DIST                      | Mount Hood Community College District                                        | CUSIP: 621587KC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074640.00   | 0.23%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST DEPT OF TRANSPRTN HI                    | State of Oregon Department of Transportation                                 | CUSIP: 68607DQL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018210.00   | 0.22%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKE OSWEGO OR                                    | City of Lake Oswego OR                                                       | CUSIP: 510390YH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3140000 | PA      | $3328054.60   | 0.72%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST DEPT OF ADMIN SVCS L                    | Oregon State Lottery                                                         | CUSIP: 68607VW50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4354880.00   | 0.94%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WARM SPRINGS OR RESERVATION CO                    | Warm Springs Reservation Confederated Tribe                                  | CUSIP: 934312AM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1101590.00   | 0.24%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARION & POLK CNTYS OR SCH DIS                    | Salem-Keizer School District No 24J                                          | CUSIP: 569203PE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1295523.05   | 0.28%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MULTNOMAH CNTY OR SCH DIST #1J                    | Multnomah County School District No 1 Portland/OR                            | CUSIP: 625517EQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2970000 | PA      | $3135042.90   | 0.68%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST FACS AUTH REVENUE                       | Oregon State Facilities Authority                                            | CUSIP: 68608JZD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2223700.00   | 0.48%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METRO OR                                          | Metro/OR                                                                     | CUSIP: 59163PGW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4002480.00   | 0.87%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| REDMOND OR                                        | City of Redmond OR                                                           | CUSIP: 757657WS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1272411.00   | 0.28%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MADRAS OR                                         | City of Madras OR                                                            | CUSIP: 558770BQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $726181.75    | 0.16%             | 2027-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PORTLAND OR SWR SYS REVENUE                       | City of Portland OR Sewer System Revenue                                     | CUSIP: 736742ZK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5405000 | PA      | $5681519.80   | 1.23%             | 2031-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY OR SCH DIST #6 CE                    | Jackson County School District No 6 Central Point                            | CUSIP: 467754HL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2665000 | PA      | $3019125.20   | 0.65%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TUALATIN HILLS OR PARK & RECRE                    | Tualatin Hills Park & Recreation District                                    | CUSIP: 898541LM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2775000 | PA      | $2922630.00   | 0.63%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANE CNTY OR SCH DIST #4J EUGE                    | Lane County School District No 4J Eugene                                     | CUSIP: 515300TZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3862584.00   | 0.84%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68609B7R2<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1582084.10   | 0.34%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON & CLACKAMAS CNTYS O                    | Washington & Clackamas Counties School District No 23J Tigard-Tualatin       | CUSIP: 938395SK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1132880.00   | 0.25%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR SVC DIST #1                     | Clackamas County Service District No 1                                       | CUSIP: 179282FQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2240000 | PA      | $2438889.60   | 0.53%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRI-CNTY OR MET TRANSPRTN DIST                    | Tri-County Metropolitan Transportation District of Oregon                    | CUSIP: 89546RMC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2010000 | PA      | $2132831.10   | 0.46%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68609BNB9<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060140.00   | 0.23%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YAMHILL CNTY OR SCH DIST #40                      | Yamhill County School District No 40 McMinnville                             | CUSIP: 984674HZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043630.00   | 0.23%             | 2030-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORTLAND OR WTR SYS REVENUE                       | City of Portland OR Water System Revenue                                     | CUSIP: 736754QC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2590000 | PA      | $2958505.20   | 0.64%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC CMNTYS HLTH DIST OR                       | Pacific Communities Health District                                          | CUSIP: 69413PAQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059230.00   | 0.23%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TUALATIN HILLS OR PARK & RECRE                    | Tualatin Hills Park & Recreation District                                    | CUSIP: 898541LJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3480000 | PA      | $3507770.40   | 0.76%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLUE MOUNTAIN OR CMNTY CLG DIS                    | Blue Mountain Community College District                                     | CUSIP: 095743CU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    970000 | PA      | $1000846.00   | 0.22%             | 2027-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS & WASHINGTON CNTYS O                    | Clackamas & Washington Counties School District No 3                         | CUSIP: 178882MA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5804315.00   | 1.26%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68609BJS7<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1228579.20   | 0.27%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BEAVERTON OR SPL REVENUE                          | City of Beaverton OR Special Revenue                                         | CUSIP: 075554BJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $228892.00    | 0.05%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA CNTY OR SCH DIST #502                    | Columbia County School District No 502                                       | CUSIP: 197558EJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1083150.00   | 0.23%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN                    | Port of Portland OR Airport Revenue                                          | CUSIP: 735240H89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2390000 | PA      | $2509213.20   | 0.54%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68609BTK3<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2146460.00   | 0.46%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORTLAND OR REVENUE                               | City of Portland OR                                                          | CUSIP: 736740XD8<br>LEI: 254900RPNQMJF9NBMF52 | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1393786.90   | 0.30%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS & WASHINGTON CNTYS O                    | Clackamas & Washington Counties School District No 3                         | CUSIP: 178882MB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1176692.95   | 0.25%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TILLAMOOK & YAMHILL CNTY OR SC                    | Tillamook & Yamhill Counties School District No 101 Nestucca Valley          | CUSIP: 886791CH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1426890.75   | 0.31%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY OR SCH DIST #5 AS                    | Jackson County School District No 5 Ashland                                  | CUSIP: 467736DQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1545036.75   | 0.33%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68609BRV1<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1349388.55   | 0.29%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLATSOP CNTY OR                                   | County of Clatsop OR                                                         | CUSIP: 182765BK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1130420.00   | 0.24%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TUALATIN HILLS OR PARK & RECRE                    | Tualatin Hills Park & Recreation District                                    | CUSIP: 898541LK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4725000 | PA      | $4864812.75   | 1.05%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST HLTH & SCIENCE UNIV                     | Oregon Health & Science University                                           | CUSIP: 685869EK1<br>LEI: 549300XTWOAGON8L2G98 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1334725.00   | 0.29%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68609T5V6<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2356140.00   | 0.51%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRI-CNTY OR MET TRANSPRTN DIST                    | Tri-County Metropolitan Transportation District of Oregon                    | CUSIP: 89546RMT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1890000 | PA      | $2045603.70   | 0.44%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORTLAND OR REVENUE                               | City of Portland OR                                                          | CUSIP: 736740QU8<br>LEI: 254900RPNQMJF9NBMF52 | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1729035.60   | 0.37%             | 2029-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNION CNTY OR SCH DIST #1 LA G                    | Union County School District No 1 La Grande                                  | CUSIP: 906429DN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055980.00   | 0.23%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METRO OR                                          | Metro/OR                                                                     | CUSIP: 59163PLL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5050000 | PA      | $5376432.00   | 1.16%             | 2033-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68608UE77<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1103058.20   | 0.24%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARION & POLK CNTYS OR SCH DIS                    | Salem-Keizer School District No 24J                                          | CUSIP: 569203PG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1135830.00   | 0.25%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DESCHUTES CNTY OR ADMIN SCH DI                    | Deschutes County Administrative School District No 1 Bend-La Pine            | CUSIP: 250325TX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2449323.00   | 0.53%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY OR SCH DIST #4                    | Washington & Multnomah Counties School District No 48J Beaverton             | CUSIP: 938429U21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2588136.00   | 0.56%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLATSOP CNTY OR SCH DIST #10 S                    | Seaside School District No 10                                                | CUSIP: 182846CC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1096680.00   | 0.24%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST HLTH & SCIENCE UNIV                     | Oregon Health & Science University                                           | CUSIP: 685869GH6<br>LEI: 549300XTWOAGON8L2G98 | Long             | DBT              | MUN               | US        |    500000 | PA      | $568845.00    | 0.12%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORTLAND OR                                       | City of Portland OR                                                          | CUSIP: 736679VR9<br>LEI: 254900RPNQMJF9NBMF52 | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1420723.50   | 0.31%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YAMHILL CNTY OR SCH DIST #8 DA                    | Yamhill County School District No 8 Dayton                                   | CUSIP: 984644DC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $1004544.00   | 0.22%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNION CNTY OR HOSP FAC AUTH                       | Union County Hospital Facility Authority                                     | CUSIP: 906420BS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $142520.85    | 0.03%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRI-CNTY OR MET TRANSPRTN DIST                    | Tri-County Metropolitan Transportation District of Oregon                    | CUSIP: 89546RQJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1108770.00   | 0.24%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METRO OR                                          | Metro/OR                                                                     | CUSIP: 59163PLM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1478092.00   | 0.32%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEBANON OR                                        | City of Lebanon OR                                                           | CUSIP: 522822JA4<br>LEI: 549300Y5CEQOKKG33019 | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1221129.70   | 0.26%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EUGENE OR ELEC UTILITY REVENUE                    | City of Eugene OR Electric Utility System Revenue                            | CUSIP: 298191M38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4030000 | PA      | $4314840.40   | 0.93%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68609BNA1<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |    500000 | PA      | $530070.00    | 0.11%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOARDMAN OR                                       | City of Boardman OR                                                          | CUSIP: 096582AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057430.00   | 0.23%             | 2033-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EUGENE OR WTR REVENUE                             | City of Eugene OR Water Utility System Revenue                               | CUSIP: 298245JS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $123735.40    | 0.03%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST DEPT OF ADMIN SVCS L                    | Oregon State Lottery                                                         | CUSIP: 68607VY41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1121460.00   | 0.24%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR SCH DIST #12                    | Clackamas County School District No 12 North Clackamas                       | CUSIP: 179093KA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1224025.00   | 0.26%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRI-CNTY OR MET TRANSPRTN DIST                    | Tri-County Metropolitan Transportation District of Oregon                    | CUSIP: 89546RPR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2185700.00   | 0.47%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CLACKAMAS & YAMHILL                    | Washington Clackamas & Yamhill Counties School District No 88J               | CUSIP: 937440FW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2225160.00   | 0.48%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORTLAND OR SWR SYS REVENUE                       | City of Portland OR Sewer System Revenue                                     | CUSIP: 736742C39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5308550.00   | 1.15%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DESCHUTES & JEFFERSON CNTYS OR                    | Deschutes & Jefferson Counties School District No 2J Redmond/OR              | CUSIP: 250343GC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1010363.00   | 0.22%             | 2023-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TRI-CNTY OR MET TRANSPRTN DIST                    | Tri-County Metropolitan Transportation District of Oregon                    | CUSIP: 89546RPS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3266250.00   | 0.71%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MULTNOMAH CNTY OR SCH DIST #7                     | Multnomah County School District No 7 Reynolds                               | CUSIP: 625574KF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1580805.00   | 0.34%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MCMINNVILLE OR                                    | City of McMinnville OR                                                       | CUSIP: 582363JC2<br>LEI: 549300KG76ZCMPH7EQ88 | Long             | DBT              | MUN               | US        |   2075000 | PA      | $2164785.25   | 0.47%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YAMHILL CNTY OR SCH DIST #8 DA                    | Yamhill County School District No 8 Dayton                                   | CUSIP: 984644DA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1174726.30   | 0.25%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MULTNOMAH CNTY OR                                 | County of Multnomah OR                                                       | CUSIP: 625506PC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3291600.00   | 0.71%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WARM SPRINGS OR RESERVATION CO                    | Warm Springs Reservation Confederated Tribe                                  | CUSIP: 934312AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $552325.00    | 0.12%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MULTNOMAH CNTY OR SCH DIST #40                    | Multnomah County School District No 40                                       | CUSIP: 625693GV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501335.00   | 0.32%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA GORGE OR CMNTY CLG DI                    | Columbia Gorge Community College District                                    | CUSIP: 197659CY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000540.00   | 0.22%             | 2024-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARION & POLK CNTYS OR SCH DIS                    | Salem-Keizer School District No 24J                                          | CUSIP: 569203NB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5587900.00   | 1.21%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST DEPT OF TRANSPRTN HI                    | State of Oregon Department of Transportation                                 | CUSIP: 68607DTE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5451200.00   | 1.18%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORTLAND OR WTR SYS REVENUE                       | City of Portland OR Water System Revenue                                     | CUSIP: 736754NB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3230000 | PA      | $3320246.20   | 0.72%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST DEPT OF TRANSPRTN HI                    | State of Oregon Department of Transportation                                 | CUSIP: 68607DSF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8334960.00   | 1.80%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST FACS AUTH REVENUE                       | Oregon State Facilities Authority                                            | CUSIP: 68608JWT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $545255.00    | 0.12%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68609TLF3<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4533600.00   | 0.98%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARION & POLK CNTYS OR SCH DIS                    | Salem-Keizer School District No 24J                                          | CUSIP: 569203NC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5525000 | PA      | $6153524.00   | 1.33%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68609BRW9<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074880.00   | 0.23%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY OR SCH DIST #50                    | Jefferson County School District No 509J                                     | CUSIP: 473448EC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1412264.00   | 0.31%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROGUE OR CMNTY CLG DIST                           | Rogue Community College District                                             | CUSIP: 775356GS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1433465.00   | 0.31%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UMATILLA CNTY OR SCH DIST #8 R                    | Umatilla County School District No 8R Hermiston                              | CUSIP: 904121PP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $3176800.00   | 0.69%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR SCH DIST #12                    | Clackamas County School District No 12 North Clackamas                       | CUSIP: 179093JD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2160000 | PA      | $2370729.60   | 0.51%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DESCHUTES CNTY OR ADMIN SCH DI                    | Deschutes County Administrative School District No 1 Bend-La Pine            | CUSIP: 250325TW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $841661.20    | 0.18%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNION CNTY OR HOSP FAC AUTH                       | Union County Hospital Facility Authority                                     | CUSIP: 906420BW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $533550.00    | 0.12%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET OR DEDICATED TAX REVENUE                      | Metro/OR                                                                     | CUSIP: 59165CAP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $811057.50    | 0.18%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LINN & MARION CNTYS OR SCH DIS                    | Santiam Canyon School District 129J                                          | CUSIP: 53577KAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $839452.50    | 0.18%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANE & DOUGLAS CNTYS OR SCH DI                    | Lane & Douglas Counties School District No 45J3                              | CUSIP: 515156FT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2665000 | PA      | $2787323.50   | 0.60%             | 2027-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY OR SCH DIST #549C                    | Jackson County School District No 549C Medford                               | CUSIP: 468034QG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $609597.90    | 0.13%             | 2034-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON MULTNOMAH & YAMHILL                    | Hillsboro School District No 1J                                              | CUSIP: 939307JB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3105000 | PA      | $3401092.80   | 0.74%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR SCH DIST #12                    | Clackamas County School District No 12 North Clackamas                       | CUSIP: 179093KD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1096200.00   | 0.24%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YAMHILL CNTY OR SCH DIST #8 DA                    | Yamhill County School District No 8 Dayton                                   | CUSIP: 984644DB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1211014.80   | 0.26%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORTLAND OR REVENUE                               | City of Portland OR                                                          | CUSIP: 736740QW4<br>LEI: 254900RPNQMJF9NBMF52 | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1864708.50   | 0.40%             | 2031-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HILLSBORO OR WTR REVENUE                          | City of Hillsboro OR Water Revenue                                           | CUSIP: 432134BP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1931940.90   | 0.42%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MULTNOMAH-CLACKAMAS CNTYS OR C                    | Multnomah-Clackamas Counties Centennial School District No 28JT/OR           | CUSIP: 625485DE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $805805.00    | 0.17%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BEND OR                                           | City of Bend OR                                                              | CUSIP: 081617TM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2690000 | PA      | $3136405.50   | 0.68%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLATSOP CNTY OR SCH DIST #30 W                    | Clatsop County School District No 30 Warrenton-Hammond                       | CUSIP: 182855FC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1891566.30   | 0.41%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YAMHILL CNTY OR SCH DIST #40                      | Yamhill County School District No 40 McMinnville                             | CUSIP: 984674HY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043860.00   | 0.23%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRI-CNTY OR MET TRANSPRTN DIST                    | Tri-County Metropolitan Transportation District of Oregon                    | CUSIP: 89546RPE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1204104.00   | 0.26%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BEAVERTON OR WTR REVENUE                          | City of Beaverton OR Water Revenue                                           | CUSIP: 07556MFR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1145490.00   | 0.25%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BENTON & LINN CNTYS OR SCH DIS                    | Benton & Linn Counties Consolidated School District No 509J & 509A Corvallis | CUSIP: 082744CY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2232880.00   | 0.48%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORTLAND OR SWR SYS REVENUE                       | City of Portland OR Sewer System Revenue                                     | CUSIP: 736742XF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2109260.00   | 0.46%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST FACS AUTH REVENUE                       | Oregon State Facilities Authority                                            | CUSIP: 68608JTJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013370.00   | 0.22%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY OR SCH DIST #5 AS                    | Jackson County School District No 5 Ashland                                  | CUSIP: 467736DV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1821592.80   | 0.39%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST DEPT OF ADMIN SVCS L                    | Oregon State Lottery                                                         | CUSIP: 68607VH57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027640.00   | 0.22%             | 2025-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR SCH DIST #12                    | Clackamas County School District No 12 North Clackamas                       | CUSIP: 179093JJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3252030.00   | 0.70%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68609BTJ6<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074880.00   | 0.23%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68608U2R6<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059890.00   | 0.23%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                         | State of Oregon                                                              | CUSIP: 68609BW60<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1375762.50   | 0.30%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLATSOP CNTY OR SCH DIST #1                       | Clatsop County School District No 1-C                                        | CUSIP: 182810BZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1369645.20   | 0.30%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** Aquila Municipal Trust

**Signature:** Joseph DiMaggio

**Name of Signer:** Joseph DiMaggio

**Title:** Chief Financial Officer & Treasurer