Annual Shareholder Report: August 31, 2026

Intermediate-Term Municipal Fund

SEI Tax Exempt Trust/Class F Shares - SEIMX

Fund Overview

This annual shareholder report contains important information about Class F Shares of the Intermediate-Term Municipal Fund (the "Fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Intermediate-Term Municipal Fund, Class F Shares	$64	0.63%

How did the Fund perform during the last 10 years?

Total Return Based on $100,000 Investment

Table Summary
	Intermediate-Term Municipal Fund, Class F Shares	Bloomberg US Municipal Bond Index (USD)	Bloomberg 3-15 Year Municipal Blend Index (2-17) (USD)
Aug/16	$100,000	$100,000	$100,000
Aug/17	$100,586	$100,883	$101,094
Aug/18	$100,482	$101,376	$101,136
Aug/19	$108,499	$110,215	$109,387
Aug/20	$111,168	$113,781	$113,098
Aug/21	$115,588	$117,645	$116,205
Aug/22	$105,987	$107,490	$107,966
Aug/23	$107,165	$109,322	$109,779
Aug/24	$113,670	$115,978	$115,550
Aug/25	$114,329	$116,067	$117,662
Aug/26	$118,213	$120,849	$121,105

How did the Fund perform in the last year?

Class F Shares of the Fund outperformed its benchmark, the Bloomberg 3-15 Year Municipal Blend Index (2-17) (USD), for the 12-month period ending August 31, 2026.

The target range on the federal funds rate began the reporting period at 4.25%-4.50%. The Federal Reserve (Fed) then cut its benchmark interest rate by 25 basis points (0.25%) at its September 2025 meeting. The Fed subsequently reduced the rate by 25 basis points at both its October and December 2025 meetings, bringing the target range to 3.50%-3.75%. The Fed maintained the range for the first eight months of 2026. The ongoing conflict between the U.S. and Iran, which began on February 28, 2026, has contributed to renewed inflationary pressure, while the labor market has remained on solid ground. Municipal market performance has remained resilient thus far in 2026, supported by strong fund inflows and solid issuer fundamentals despite record issuance and a higher interest-rate environment.

Additionally, lower-rated and high-yield municipal sectors have led performance this year, while investment-grade municipals have generated modest positive returns amid upward pressure on long-term interest rates.

The Fund’s outperformance versus its benchmark for the reporting period was due primarily to an overweight allocation to longer-dated bonds and overweight to BBB and A rated names relative to the index. Security selection within the healthcare and education sectors contributed positively to Fund performance, while security selection in tobacco was a detractor. At the sub-adviser level, Wellington Management Company LLP outperformed the benchmark, benefiting from security selection in the housing sector, while an overweight allocation to healthcare bonds had a negative impact on performance. Insight North America LLC outperformed due to an underweight allocation to general obligation (GO) bonds and an overweight to revenue bonds. Nomura Investments Fund Advisers’ outperformance was attributable to allocations to BBB rated and high-yield bonds.

Average Annual Total Returns as of August 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	10 Years
Intermediate-Term Municipal Fund, Class F Shares	3.40%	0.45%	1.69%
Bloomberg US Municipal Bond Index (USD)	4.12%	0.54%	1.91%
Bloomberg 3-15 Year Municipal Blend Index (2-17) (USD)	2.93%	0.83%	1.93%

Key Fund Statistics as of August 31, 2026

Table Summary
	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$1,556,636	893	$3,002	17%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Mortgage-Backed Security	0.0%
Cash Equivalent	0.0%
Board Bank Revenue	0.1%
Public Facilities	0.1%
Pollution Control	0.2%
Utilities	1.5%
Tobacco	2.8%
Industrial Development	3.0%
Nursing Homes	3.3%
Power	5.0%
Housing	5.6%
Water	6.1%
Transportation	6.1%
Airports	8.3%
General Obligations	9.5%
Education	11.0%
Health Care	11.7%
General Revenue	25.2%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net Assets^{Footnote Reference(A)}
Southeast Alabama, Energy Authority, Ser E	5.000%	10/01/30	0.8%
Wisconsin State, Public Finance Authority, Duke Energy Progress Project	3.700%	10/01/46	0.7%
Massachusetts State, Development Finance Agency, Dana Farber Cancer Institute	5.000%	12/01/42	0.7%
New Jersey State, Tobacco Settlement Financing, Ser A	5.000%	06/01/35	0.7%
Massachusetts State, Development Finance Agency, Beth Israel Lahey Health	5.250%	07/01/44	0.6%
Pennsylvania State, Economic Development Financing Authority, PENNDOT Major Bridges Project, AMT	5.000%	06/30/34	0.6%
King County, Public Hospital District No. 1	5.000%	12/01/27	0.5%
Southeast Alabama, Energy Authority, Cooperative District, Ser B	5.000%	09/01/33	0.5%
California State, Community Choice Financing Authority, Clean Energy Project, Ser B-1	4.000%	02/01/52	0.5%
Texas State, Municipal Gas Acquisition & Supply IV, Ser B	5.500%	01/01/54	0.5%

Footnote	Description
Footnote(A)	Cash Equivalents are not shown in the top ten holdings.

Material Fund Changes

There were no material fund changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

(610) 676-1000
https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports
https://www.seic.com/mutual-fund-documentation/proxy-voting

Intermediate-Term Municipal Fund

SEI Tax Exempt Trust/Class F Shares - SEIMX

Annual Shareholder Report: August 31, 2026

SEIMX-AR-2026

Annual Shareholder Report: August 31, 2026

Intermediate-Term Municipal Fund

SEI Tax Exempt Trust/Class Y Shares - SINYX

Fund Overview

This annual shareholder report contains important information about Class Y Shares of the Intermediate-Term Municipal Fund (the "Fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Intermediate-Term Municipal Fund, Class Y Shares	$39	0.38%

How did the Fund perform during the last 10 years?

Total Return Based on $100,000 Investment

Table Summary
	Intermediate-Term Municipal Fund, Class Y Shares	Bloomberg US Municipal Bond Index (USD)	Bloomberg 3-15 Year Municipal Blend Index (2-17) (USD)
Aug/16	$100,000	$100,000	$100,000
Aug/17	$100,921	$100,883	$101,094
Aug/18	$100,995	$101,376	$101,136
Aug/19	$109,414	$110,215	$109,387
Aug/20	$112,385	$113,781	$113,098
Aug/21	$117,144	$117,645	$116,205
Aug/22	$107,693	$107,490	$107,966
Aug/23	$109,164	$109,322	$109,779
Aug/24	$116,076	$115,978	$115,550
Aug/25	$117,042	$116,067	$117,662
Aug/26	$121,320	$120,849	$121,105

How did the Fund perform in the last year?

Class Y Shares of the Fund outperformed its benchmark, the Bloomberg 3-15 Year Municipal Blend Index (2-17) (USD), for the 12-month period ending August 31, 2026.

Average Annual Total Returns as of August 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	10 Years
Intermediate-Term Municipal Fund, Class Y Shares	3.66%	0.70%	1.95%
Bloomberg US Municipal Bond Index (USD)	4.12%	0.54%	1.91%
Bloomberg 3-15 Year Municipal Blend Index (2-17) (USD)	2.93%	0.83%	1.93%

Key Fund Statistics as of August 31, 2026

Table Summary
	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$1,556,636	893	$3,002	17%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Mortgage-Backed Security	0.0%
Cash Equivalent	0.0%
Board Bank Revenue	0.1%
Public Facilities	0.1%
Pollution Control	0.2%
Utilities	1.5%
Tobacco	2.8%
Industrial Development	3.0%
Nursing Homes	3.3%
Power	5.0%
Housing	5.6%
Water	6.1%
Transportation	6.1%
Airports	8.3%
General Obligations	9.5%
Education	11.0%
Health Care	11.7%
General Revenue	25.2%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net Assets^{Footnote Reference(A)}
Southeast Alabama, Energy Authority, Ser E	5.000%	10/01/30	0.8%
Wisconsin State, Public Finance Authority, Duke Energy Progress Project	3.700%	10/01/46	0.7%
Massachusetts State, Development Finance Agency, Dana Farber Cancer Institute	5.000%	12/01/42	0.7%
New Jersey State, Tobacco Settlement Financing, Ser A	5.000%	06/01/35	0.7%
Massachusetts State, Development Finance Agency, Beth Israel Lahey Health	5.250%	07/01/44	0.6%
Pennsylvania State, Economic Development Financing Authority, PENNDOT Major Bridges Project, AMT	5.000%	06/30/34	0.6%
King County, Public Hospital District No. 1	5.000%	12/01/27	0.5%
Southeast Alabama, Energy Authority, Cooperative District, Ser B	5.000%	09/01/33	0.5%
California State, Community Choice Financing Authority, Clean Energy Project, Ser B-1	4.000%	02/01/52	0.5%
Texas State, Municipal Gas Acquisition & Supply IV, Ser B	5.500%	01/01/54	0.5%

Footnote	Description
Footnote(A)	Cash Equivalents are not shown in the top ten holdings.

Material Fund Changes

There were no material fund changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

(610) 676-1000
https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports
https://www.seic.com/mutual-fund-documentation/proxy-voting

Intermediate-Term Municipal Fund

SEI Tax Exempt Trust/Class Y Shares - SINYX

Annual Shareholder Report: August 31, 2026

SINYX-AR-2026

Annual Shareholder Report: August 31, 2026

Short Duration Municipal Fund

SEI Tax Exempt Trust/Class F Shares - SUMAX

Fund Overview

This annual shareholder report contains important information about Class F Shares of the Short Duration Municipal Fund (the "Fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Short Duration Municipal Fund, Class F Shares	$64	0.63%

How did the Fund perform during the last 10 years?

Total Return Based on $100,000 Investment

Table Summary
	Short Duration Municipal Fund, Class F Shares	Bloomberg US Municipal Bond Index (USD)	Bloomberg 1 Year Municipal Bond Index (1-2) (USD)
Aug/16	$100,000	$100,000	$100,000
Aug/17	$100,471	$100,883	$101,040
Aug/18	$100,996	$101,376	$101,689
Aug/19	$103,168	$110,215	$104,388
Aug/20	$104,911	$113,781	$106,425
Aug/21	$105,714	$117,645	$107,089
Aug/22	$103,253	$107,490	$105,383
Aug/23	$105,184	$109,322	$107,312
Aug/24	$109,646	$115,978	$111,829
Aug/25	$113,071	$116,067	$115,474
Aug/26	$115,571	$120,849	$118,197

How did the Fund perform in the last year?

Class F Shares of the Fund modestly underperformed its benchmark, the Bloomberg 1-Year Municipal Bond Index, for the 12-month period ending August 31, 2026.

Security selection in the housing sector weighed on Fund performance over the reporting period. Fund performance was enhanced by security selection in revenue sectors such as prepaid gas and transportation, while an underweight allocation to general obligation (GO) bonds had a positive impact as the sector underperformed the overall municipal market. At the sub-adviser level, both Neuberger Berman Investment Advisers LLC and Allspring Global Investments LLC outperformed the benchmark for the reporting period. Neuberger Berman Investment Advisers LLC benefited from an overweight to cash-collateralized housing bonds, which property developers use to secure favorable tax credits for affordable housing projects. Allspring Global Investments LLC’s performance was bolstered by security selection in healthcare and transportation bonds.

Average Annual Total Returns as of August 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	10 Years
Short Duration Municipal Fund, Class F Shares	2.21%	1.80%	1.46%
Bloomberg US Municipal Bond Index (USD)	4.12%	0.54%	1.91%
Bloomberg 1 Year Municipal Bond Index (1-2) (USD)	2.36%	1.99%	1.69%

Key Fund Statistics as of August 31, 2026

Table Summary
	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$713,612	502	$1,458	28%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Board Bank Revenue	0.1%
Nursing Homes	0.4%
Airports	1.8%
Pollution Control	2.2%
Utilities	2.3%
Power	2.8%
Water	3.0%
Transportation	3.3%
Industrial Development	3.5%
Health Care	8.5%
Education	10.7%
General Obligations	15.5%
General Revenue	21.0%
Housing	25.4%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net Assets
Kentucky Public Energy Authority, Ser A	5.250%	06/01/55	2.1%
City of Andover Kansas, Ser A	3.500%	10/01/28	1.4%
City of Lawrence Kansas, Ser I	3.000%	05/01/29	1.3%
Dallas City, Housing Finance Corporation, Multifamily Housing Revenue, Waterford at Goldmark	3.300%	01/01/43	1.2%
Georgia State, Main Street Natural Gas, Ser C	4.000%	03/01/50	1.2%
Tennergy	5.000%	10/01/54	1.1%
Alachua County, Housing Finance Authority	3.300%	12/01/29	1.0%
Salt Verde Financial Corp, Gas Revenue	5.250%	12/01/27	1.0%
Board of Cooperative Educational Services of Second Supervisory District	3.750%	06/30/27	1.0%
Southeast Alabama, Energy Authority, Ser E	5.000%	10/01/30	1.0%

Material Fund Changes

There were no material fund changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

(610) 676-1000
https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports
https://www.seic.com/mutual-fund-documentation/proxy-voting

Short Duration Municipal Fund

SEI Tax Exempt Trust/Class F Shares - SUMAX

Annual Shareholder Report: August 31, 2026

SUMAX-AR-2026

Annual Shareholder Report: August 31, 2026

Short Duration Municipal Fund

SEI Tax Exempt Trust/Class Y Shares - SHYMX

Fund Overview

This annual shareholder report contains important information about Class Y Shares of the Short Duration Municipal Fund (the "Fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Short Duration Municipal Fund, Class Y Shares	$38	0.38%

How did the Fund perform during the last 10 years?

Total Return Based on $100,000 Investment

Table Summary
	Short Duration Municipal Fund, Class Y Shares	Bloomberg US Municipal Bond Index (USD)	Bloomberg 1 Year Municipal Bond Index (1-2) (USD)
Aug/16	$100,000	$100,000	$100,000
Aug/17	$100,724	$100,883	$101,040
Aug/18	$101,504	$101,376	$101,689
Aug/19	$103,947	$110,215	$104,388
Aug/20	$105,873	$113,781	$106,425
Aug/21	$106,946	$117,645	$107,089
Aug/22	$104,700	$107,490	$105,383
Aug/23	$106,925	$109,322	$107,312
Aug/24	$111,740	$115,978	$111,829
Aug/25	$115,519	$116,067	$115,474
Aug/26	$118,367	$120,849	$118,197

How did the Fund perform in the last year?

Class Y Shares of the Fund modestly outperformed its benchmark, the Bloomberg 1-Year Municipal Bond Index, for the 12-month period ending August 31, 2026.

Average Annual Total Returns as of August 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	10 Years
Short Duration Municipal Fund, Class Y Shares	2.47%	2.05%	1.70%
Bloomberg US Municipal Bond Index (USD)	4.12%	0.54%	1.91%
Bloomberg 1 Year Municipal Bond Index (1-2) (USD)	2.36%	1.99%	1.69%

Key Fund Statistics as of August 31, 2026

Table Summary
	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$713,612	502	$1,458	28%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Board Bank Revenue	0.1%
Nursing Homes	0.4%
Airports	1.8%
Pollution Control	2.2%
Utilities	2.3%
Power	2.8%
Water	3.0%
Transportation	3.3%
Industrial Development	3.5%
Health Care	8.5%
Education	10.7%
General Obligations	15.5%
General Revenue	21.0%
Housing	25.4%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net Assets
Kentucky Public Energy Authority, Ser A	5.250%	06/01/55	2.1%
City of Andover Kansas, Ser A	3.500%	10/01/28	1.4%
City of Lawrence Kansas, Ser I	3.000%	05/01/29	1.3%
Dallas City, Housing Finance Corporation, Multifamily Housing Revenue, Waterford at Goldmark	3.300%	01/01/43	1.2%
Georgia State, Main Street Natural Gas, Ser C	4.000%	03/01/50	1.2%
Tennergy	5.000%	10/01/54	1.1%
Alachua County, Housing Finance Authority	3.300%	12/01/29	1.0%
Salt Verde Financial Corp, Gas Revenue	5.250%	12/01/27	1.0%
Board of Cooperative Educational Services of Second Supervisory District	3.750%	06/30/27	1.0%
Southeast Alabama, Energy Authority, Ser E	5.000%	10/01/30	1.0%

Material Fund Changes

There were no material fund changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

(610) 676-1000
https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports
https://www.seic.com/mutual-fund-documentation/proxy-voting

Short Duration Municipal Fund

SEI Tax Exempt Trust/Class Y Shares - SHYMX

Annual Shareholder Report: August 31, 2026

SHYMX-AR-2026

Annual Shareholder Report: August 31, 2026

California Municipal Bond Fund

SEI Tax Exempt Trust/Class F Shares - SBDAX

Fund Overview

This annual shareholder report contains important information about Class F Shares of the California Municipal Bond Fund (the "Fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
California Municipal Bond Fund, Class F Shares	$61	0.60%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.59%.

How did the Fund perform during the last 10 years?

Total Return Based on $100,000 Investment

Table Summary
	California Municipal Bond Fund, Class F Shares	Bloomberg US Municipal Bond Index (USD)	Bloomberg California Intermediate Municipal Index (USD)
Aug/16	$100,000	$100,000	$100,000
Aug/17	$100,537	$100,883	$100,989
Aug/18	$99,263	$101,376	$100,760
Aug/19	$106,373	$110,215	$108,412
Aug/20	$108,919	$113,781	$112,430
Aug/21	$110,346	$117,645	$114,080
Aug/22	$101,844	$107,490	$106,419
Aug/23	$102,589	$109,322	$107,834
Aug/24	$107,075	$115,978	$112,936
Aug/25	$108,737	$116,067	$116,270
Aug/26	$110,949	$120,849	$118,321

How did the Fund perform in the last year?

Class F shares of the Fund outperformed its benchmark, the Bloomberg California Intermediate Municipal Index (USD), for the 12-month period ending August 31, 2026.

Insight North America LLC is the sub-adviser for the Fund. Security selection was the largest driver of the Fund’s relative performance over the reporting period. Positions in the healthcare and education sectors contributed to performance, while security selection within California general obligation bonds was a detractor.

As California is one of the largest economies in the world, the state’s general obligation (GO) bonds are currently rated AA/AA2/AA- by Fitch Ratings, Moody’s Corp., and S&P Global Ratings, respectively, reflecting a strong credit profile. The state’s reserves of nearly $20 billion provide protection from a credit standpoint, in addition to numerous spending cuts to which the state government has committed. While wildfires in January 2025 were devastating, the state of California has significant resources to help navigate the recovery.

Average Annual Total Returns as of August 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	10 Years
California Municipal Bond Fund, Class F Shares	2.04%	0.11%	1.04%
Bloomberg US Municipal Bond Index (USD)	4.12%	0.54%	1.91%
Bloomberg California Intermediate Municipal Index (USD)	1.76%	0.73%	1.70%

Key Fund Statistics as of August 31, 2026

Table Summary
	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$217,102	137	$536	22%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Tobacco	0.1%
Utilities	0.8%
Pollution Control	0.9%
Cash Equivalent	2.5%
Water	3.0%
Transportation	3.2%
Housing	3.7%
Nursing Homes	4.2%
Power	7.5%
General Obligations	12.9%
Airports	13.0%
Health Care	14.2%
Education	14.3%
General Revenue	21.3%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net Assets^{Footnote Reference(A)}
Los Angeles, Department of Water & Power, Water System Revenue, Ser E	5.000%	07/01/35	3.1%
California State	5.000%	10/01/35	2.5%
California State, Community Choice Financing Authority, Clean Energy Project, Ser B-1	4.000%	02/01/52	2.3%
California State	5.000%	11/01/31	2.2%
Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Ser B, AMT	5.000%	07/01/32	2.1%
Los Angeles, Department of Airports, Ser B, AMT	5.000%	05/15/33	2.0%
California State, Community Choice Financing Authority, Clean Energy Project	5.000%	01/01/55	2.0%
California State, Health Facilities Financing Authority, Kaiser Permanente Project, Ser 2006-C	5.000%	06/01/41	2.0%
California State, Statewide Communities Development Authority, Kaiser Permanente Project, Ser 2004-M	5.000%	04/01/38	2.0%
California State	4.000%	08/01/34	1.9%

Footnote	Description
Footnote(A)	Cash Equivalents are not shown in the top ten holdings.

Material Fund Changes

There were no material fund changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

(610) 676-1000
https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports
https://www.seic.com/mutual-fund-documentation/proxy-voting

California Municipal Bond Fund

SEI Tax Exempt Trust/Class F Shares - SBDAX

Annual Shareholder Report: August 31, 2026

SBDAX-AR-2026

Annual Shareholder Report: August 31, 2026

California Municipal Bond Fund

SEI Tax Exempt Trust/Class Y Shares - SCYYX

Fund Overview

This annual shareholder report contains important information about Class Y Shares of the California Municipal Bond Fund (the "Fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
California Municipal Bond Fund, Class Y Shares	$45	0.45%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.44%.

How did the Fund perform during the last 10 years?

Total Return Based on $100,000 Investment

Table Summary
	California Municipal Bond Fund, Class Y Shares	Bloomberg US Municipal Bond Index (USD)	Bloomberg California Intermediate Municipal Index (USD)
Aug/16	$100,000	$100,000	$100,000
Aug/17	$100,688	$100,883	$100,989
Aug/18	$99,561	$101,376	$100,760
Aug/19	$106,853	$110,215	$108,412
Aug/20	$109,475	$113,781	$112,430
Aug/21	$111,071	$117,645	$114,080
Aug/22	$102,655	$107,490	$106,419
Aug/23	$103,679	$109,322	$107,834
Aug/24	$108,267	$115,978	$112,936
Aug/25	$110,150	$116,067	$116,270
Aug/26	$112,558	$120,849	$118,321

How did the Fund perform in the last year?

Class Y shares of the Fund outperformed its benchmark, the Bloomberg California Intermediate Municipal Index (USD), for the 12-month period ending August 31, 2026.

Average Annual Total Returns as of August 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	10 Years
California Municipal Bond Fund, Class Y Shares	2.19%	0.27%	1.19%
Bloomberg US Municipal Bond Index (USD)	4.12%	0.54%	1.91%
Bloomberg California Intermediate Municipal Index (USD)	1.76%	0.73%	1.70%

The line graph represents historical performance of a hypothetical investment of $100,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance. Class Y Shares commenced operations on August 19, 1998. For periods prior to August 19, 1998, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

Key Fund Statistics as of August 31, 2026

Table Summary
	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$217,102	137	$536	22%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Tobacco	0.1%
Utilities	0.8%
Pollution Control	0.9%
Cash Equivalent	2.5%
Water	3.0%
Transportation	3.2%
Housing	3.7%
Nursing Homes	4.2%
Power	7.5%
General Obligations	12.9%
Airports	13.0%
Health Care	14.2%
Education	14.3%
General Revenue	21.3%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net Assets^{Footnote Reference(A)}
Los Angeles, Department of Water & Power, Water System Revenue, Ser E	5.000%	07/01/35	3.1%
California State	5.000%	10/01/35	2.5%
California State, Community Choice Financing Authority, Clean Energy Project, Ser B-1	4.000%	02/01/52	2.3%
California State	5.000%	11/01/31	2.2%
Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Ser B, AMT	5.000%	07/01/32	2.1%
Los Angeles, Department of Airports, Ser B, AMT	5.000%	05/15/33	2.0%
California State, Community Choice Financing Authority, Clean Energy Project	5.000%	01/01/55	2.0%
California State, Health Facilities Financing Authority, Kaiser Permanente Project, Ser 2006-C	5.000%	06/01/41	2.0%
California State, Statewide Communities Development Authority, Kaiser Permanente Project, Ser 2004-M	5.000%	04/01/38	2.0%
California State	4.000%	08/01/34	1.9%

Footnote	Description
Footnote(A)	Cash Equivalents are not shown in the top ten holdings.

Material Fund Changes

There were no material fund changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

(610) 676-1000
https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports
https://www.seic.com/mutual-fund-documentation/proxy-voting

California Municipal Bond Fund

SEI Tax Exempt Trust/Class Y Shares - SCYYX

Annual Shareholder Report: August 31, 2026

SCYYX-AR-2026

Annual Shareholder Report: August 31, 2026

Massachusetts Municipal Bond Fund

SEI Tax Exempt Trust/Class F Shares - SMAAX

Fund Overview

This annual shareholder report contains important information about Class F Shares of the Massachusetts Municipal Bond Fund (the "Fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Massachusetts Municipal Bond Fund, Class F Shares	$62	0.61%

How did the Fund perform during the last 10 years?

Total Return Based on $100,000 Investment

Table Summary
	Massachusetts Municipal Bond Fund, Class F Shares	Bloomberg US Municipal Bond Index (USD)	Bloomberg Massachusetts Intermediate Municipal Index (USD)
Aug/16	$100,000	$100,000	$100,000
Aug/17	$100,226	$100,883	$101,191
Aug/18	$98,214	$101,376	$99,956
Aug/19	$106,098	$110,215	$108,371
Aug/20	$109,061	$113,781	$112,896
Aug/21	$110,079	$117,645	$114,608
Aug/22	$101,516	$107,490	$106,723
Aug/23	$102,451	$109,322	$108,125
Aug/24	$106,734	$115,978	$112,816
Aug/25	$108,138	$116,067	$115,433
Aug/26	$110,239	$120,849	$117,729

How did the Fund perform in the last year?

Class F Shares of the Fund performed in line with its benchmark, the Bloomberg Massachusetts Intermediate Municipal Bond Index, for the 12-month period ending August 31, 2026.

Insight North America LLC is the sub-adviser for the Fund. An overweight to utilities and security selection in transportation detracted from Fund performance for the period. Fund performance benefited from security selection in the education and healthcare sectors.

Average Annual Total Returns as of August 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	10 Years
Massachusetts Municipal Bond Fund, Class F Shares	1.94%	0.03%	0.98%
Bloomberg US Municipal Bond Index (USD)	4.12%	0.54%	1.91%
Bloomberg Massachusetts Intermediate Municipal Index (USD)	1.99%	0.54%	1.65%

Key Fund Statistics as of August 31, 2026

Table Summary
	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$59,591	73	$158	21%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Cash Equivalent	0.5%
Nursing Homes	1.8%
Housing	2.0%
Power	3.6%
Water	6.3%
General Revenue	7.2%
Airports	7.5%
Transportation	8.0%
General Obligations	15.6%
Health Care	19.9%
Education	26.7%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net Assets^{Footnote Reference(A)}
Massachusetts State, Development Finance Agency, Children's Hospital, Ser T	5.000%	03/01/34	5.6%
Massachusetts State, Ser C	5.000%	10/01/33	4.6%
Massachusetts Development Finance Agency	5.000%	12/01/38	3.3%
Massachusetts Bay, Transportation Authority, Ser A	5.000%	07/01/36	2.8%
Boston, Ser A	4.000%	11/01/31	2.6%
Massachusetts State, Development Finance Agency, Harvard University, Ser B	4.000%	02/15/36	2.2%
Massachusetts State, Development Finance Agency, Babson College	5.000%	10/01/33	2.1%
Massachusetts State, Development Finance Agency, Amherst College	5.000%	11/01/55	1.9%
Massachusetts State, Development Finance Agency, Trustees of Deerfield Academy	5.000%	10/01/32	1.9%
Massachusetts Water Resources Authority, Ser C	5.000%	08/01/38	1.9%

Footnote	Description
Footnote(A)	Cash Equivalents are not shown in the top ten holdings.

Material Fund Changes

There were no material fund changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

(610) 676-1000
https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports
https://www.seic.com/mutual-fund-documentation/proxy-voting

Massachusetts Municipal Bond Fund

SEI Tax Exempt Trust/Class F Shares - SMAAX

Annual Shareholder Report: August 31, 2026

SMAAX-AR-2026

Annual Shareholder Report: August 31, 2026

Massachusetts Municipal Bond Fund

SEI Tax Exempt Trust/Class Y Shares - SMSYX

Fund Overview

This annual shareholder report contains important information about Class Y Shares of the Massachusetts Municipal Bond Fund (the "Fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Massachusetts Municipal Bond Fund, Class Y Shares	$46	0.46%

How did the Fund perform during the last 10 years?

Total Return Based on $100,000 Investment

Table Summary
	Massachusetts Municipal Bond Fund, Class Y Shares	Bloomberg US Municipal Bond Index (USD)	Bloomberg Massachusetts Intermediate Municipal Index (USD)
Aug/16	$100,000	$100,000	$100,000
Aug/17	$100,291	$100,883	$101,191
Aug/18	$98,422	$101,376	$99,956
Aug/19	$106,590	$110,215	$108,371
Aug/20	$109,637	$113,781	$112,896
Aug/21	$110,930	$117,645	$114,608
Aug/22	$102,344	$107,490	$106,723
Aug/23	$103,545	$109,322	$108,125
Aug/24	$107,932	$115,978	$112,816
Aug/25	$109,622	$116,067	$115,433
Aug/26	$111,807	$120,849	$117,729

How did the Fund perform in the last year?

Class Y Shares of the Fund performed in line with its benchmark, the Bloomberg Massachusetts Intermediate Municipal Bond Index, for the 12-month period ending August 31, 2026.

Average Annual Total Returns as of August 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	10 Years
Massachusetts Municipal Bond Fund, Class Y Shares	1.99%	0.16%	1.12%
Bloomberg US Municipal Bond Index (USD)	4.12%	0.54%	1.91%
Bloomberg Massachusetts Intermediate Municipal Index (USD)	1.99%	0.54%	1.65%

Key Fund Statistics as of August 31, 2026

Table Summary
	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$59,591	73	$158	21%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Cash Equivalent	0.5%
Nursing Homes	1.8%
Housing	2.0%
Power	3.6%
Water	6.3%
General Revenue	7.2%
Airports	7.5%
Transportation	8.0%
General Obligations	15.6%
Health Care	19.9%
Education	26.7%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net Assets^{Footnote Reference(A)}
Massachusetts State, Development Finance Agency, Children's Hospital, Ser T	5.000%	03/01/34	5.6%
Massachusetts State, Ser C	5.000%	10/01/33	4.6%
Massachusetts Development Finance Agency	5.000%	12/01/38	3.3%
Massachusetts Bay, Transportation Authority, Ser A	5.000%	07/01/36	2.8%
Boston, Ser A	4.000%	11/01/31	2.6%
Massachusetts State, Development Finance Agency, Harvard University, Ser B	4.000%	02/15/36	2.2%
Massachusetts State, Development Finance Agency, Babson College	5.000%	10/01/33	2.1%
Massachusetts State, Development Finance Agency, Amherst College	5.000%	11/01/55	1.9%
Massachusetts State, Development Finance Agency, Trustees of Deerfield Academy	5.000%	10/01/32	1.9%
Massachusetts Water Resources Authority, Ser C	5.000%	08/01/38	1.9%

Footnote	Description
Footnote(A)	Cash Equivalents are not shown in the top ten holdings.

Material Fund Changes

There were no material fund changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

(610) 676-1000
https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports
https://www.seic.com/mutual-fund-documentation/proxy-voting

Massachusetts Municipal Bond Fund

SEI Tax Exempt Trust/Class Y Shares - SMSYX

Annual Shareholder Report: August 31, 2026

SMSYX-AR-2026

Annual Shareholder Report: August 31, 2026

New Jersey Municipal Bond Fund

SEI Tax Exempt Trust/Class F Shares - SENJX

Fund Overview

This annual shareholder report contains important information about Class F Shares of the New Jersey Municipal Bond Fund (the "Fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
New Jersey Municipal Bond Fund, Class F Shares	$61	0.60%

How did the Fund perform during the last 10 years?

Total Return Based on $100,000 Investment

Table Summary
	New Jersey Municipal Bond Fund, Class F Shares	Bloomberg US Municipal Bond Index (USD)	Bloomberg 3-10 Year Municipal Blend Index (2-12) (USD)
Aug/16	$100,000	$100,000	$100,000
Aug/17	$100,687	$100,883	$101,263
Aug/18	$100,167	$101,376	$100,909
Aug/19	$107,156	$110,215	$108,214
Aug/20	$109,540	$113,781	$111,879
Aug/21	$111,114	$117,645	$114,290
Aug/22	$103,584	$107,490	$107,341
Aug/23	$104,964	$109,322	$108,839
Aug/24	$109,292	$115,978	$114,071
Aug/25	$111,376	$116,067	$117,248
Aug/26	$113,795	$120,849	$119,968

How did the Fund perform in the last year?

Class F Shares of the Fund modestly underperformed its benchmark, the Bloomberg 3-10 Year Municipal Blend Index (2-12) (USD), for the 12-month period ending August 31, 2026.

Insight North America LLC is the sub-adviser for the Fund. The manager’s slight underperformance versus the benchmark during the reporting period was due to an overweight to education bonds and security selection in the transportation sector. Fund performance was bolstered by security selection in revenue bonds and the education sector, as well as an overweight allocation to tobacco bonds. New Jersey municipal bonds outperformed the municipal market overall for the reporting period, which contributed positively to the Fund’s relative performance.

Average Annual Total Returns as of August 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	10 Years
New Jersey Municipal Bond Fund, Class F Shares	2.17%	0.48%	1.30%
Bloomberg US Municipal Bond Index (USD)	4.12%	0.54%	1.91%
Bloomberg 3-10 Year Municipal Blend Index (2-12) (USD)	2.32%	0.97%	1.84%

Key Fund Statistics as of August 31, 2026

Table Summary
	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$91,649	85	$212	20%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Industrial Development	1.1%
Cash Equivalent	1.4%
Housing	1.7%
Tobacco	3.9%
Water	4.8%
General Obligations	6.3%
Airports	7.8%
Health Care	15.8%
Transportation	16.3%
Education	17.9%
General Revenue	24.0%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net Assets^{Footnote Reference(A)}
New Jersey State, Turnpike Authority, Ser B	5.000%	01/01/34	3.6%
Tobacco Settlement Financing, Ser A	5.000%	06/01/34	3.3%
New Jersey State, Transportation Trust Fund Authority, Ser S	5.000%	06/15/32	2.9%
New Jersey State, Transportation Trust Fund Authority, Ser A	4.000%	06/15/35	2.8%
New Jersey State, Higher Education Student Assistance Authority, Ser A, AMT	5.000%	12/01/33	2.8%
New York & New Jersey, Port Authority, AMT	5.000%	11/01/32	2.7%
New York & New Jersey, Port Authority, Ser 223, AMT	5.000%	07/15/33	2.5%
New Jersey State, Educational Facilities Authority, Ser A1	5.000%	03/01/37	2.4%
New Jersey State, Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group	5.000%	07/01/36	2.4%
New Jersey State, Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group	5.000%	07/01/29	2.3%

Footnote	Description
Footnote(A)	Cash Equivalents are not shown in the top ten holdings.

Material Fund Changes

There were no material fund changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

(610) 676-1000
https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports
https://www.seic.com/mutual-fund-documentation/proxy-voting

New Jersey Municipal Bond Fund

SEI Tax Exempt Trust/Class F Shares - SENJX

Annual Shareholder Report: August 31, 2026

SENJX-AR-2026

Annual Shareholder Report: August 31, 2026

New Jersey Municipal Bond Fund

SEI Tax Exempt Trust/Class Y Shares - SNJYX

Fund Overview

This annual shareholder report contains important information about Class Y Shares of the New Jersey Municipal Bond Fund (the "Fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
New Jersey Municipal Bond Fund, Class Y Shares	$45	0.45%

How did the Fund perform during the last 10 years?

Total Return Based on $100,000 Investment

Table Summary
	New Jersey Municipal Bond Fund, Class Y Shares	Bloomberg US Municipal Bond Index (USD)	Bloomberg 3-10 Year Municipal Blend Index (2-12) (USD)
Aug/16	$100,000	$100,000	$100,000
Aug/17	$100,834	$100,883	$101,263
Aug/18	$100,464	$101,376	$100,909
Aug/19	$107,634	$110,215	$108,214
Aug/20	$110,194	$113,781	$111,879
Aug/21	$111,945	$117,645	$114,290
Aug/22	$104,515	$107,490	$107,341
Aug/23	$105,959	$109,322	$108,839
Aug/24	$110,607	$115,978	$114,071
Aug/25	$112,882	$116,067	$117,248
Aug/26	$115,388	$120,849	$119,968

How did the Fund perform in the last year?

Class Y Shares of the Fund modestly underperformed its benchmark, the Bloomberg 3-10 Year Municipal Blend Index (2-12) (USD), for the 12-month period ending August 31, 2026.

Average Annual Total Returns as of August 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	10 Years
New Jersey Municipal Bond Fund, Class Y Shares	2.22%	0.61%	1.44%
Bloomberg US Municipal Bond Index (USD)	4.12%	0.54%	1.91%
Bloomberg 3-10 Year Municipal Blend Index (2-12) (USD)	2.32%	0.97%	1.84%

The line graph represents historical performance of a hypothetical investment of $100,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance. Class Y Shares commenced operations on October 30, 2015. For periods prior to October 30, 2015, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

Key Fund Statistics as of August 31, 2026

Table Summary
	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$91,649	85	$212	20%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Industrial Development	1.1%
Cash Equivalent	1.4%
Housing	1.7%
Tobacco	3.9%
Water	4.8%
General Obligations	6.3%
Airports	7.8%
Health Care	15.8%
Transportation	16.3%
Education	17.9%
General Revenue	24.0%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net Assets^{Footnote Reference(A)}
New Jersey State, Turnpike Authority, Ser B	5.000%	01/01/34	3.6%
Tobacco Settlement Financing, Ser A	5.000%	06/01/34	3.3%
New Jersey State, Transportation Trust Fund Authority, Ser S	5.000%	06/15/32	2.9%
New Jersey State, Transportation Trust Fund Authority, Ser A	4.000%	06/15/35	2.8%
New Jersey State, Higher Education Student Assistance Authority, Ser A, AMT	5.000%	12/01/33	2.8%
New York & New Jersey, Port Authority, AMT	5.000%	11/01/32	2.7%
New York & New Jersey, Port Authority, Ser 223, AMT	5.000%	07/15/33	2.5%
New Jersey State, Educational Facilities Authority, Ser A1	5.000%	03/01/37	2.4%
New Jersey State, Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group	5.000%	07/01/36	2.4%
New Jersey State, Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group	5.000%	07/01/29	2.3%

Footnote	Description
Footnote(A)	Cash Equivalents are not shown in the top ten holdings.

Material Fund Changes

There were no material fund changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

(610) 676-1000
https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports
https://www.seic.com/mutual-fund-documentation/proxy-voting

New Jersey Municipal Bond Fund

SEI Tax Exempt Trust/Class Y Shares - SNJYX

Annual Shareholder Report: August 31, 2026

SNJYX-AR-2026

Annual Shareholder Report: August 31, 2026

New York Municipal Bond Fund

SEI Tax Exempt Trust/Class F Shares - SENYX

Fund Overview

This annual shareholder report contains important information about Class F Shares of the New York Municipal Bond Fund (the "Fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
New York Municipal Bond Fund, Class F Shares	$61	0.60%

How did the Fund perform during the last 10 years?

Total Return Based on $100,000 Investment

Table Summary
	New York Municipal Bond Fund, Class F Shares	Bloomberg US Municipal Bond Index (USD)	Bloomberg New York Intermediate Municipal Index (USD)
Aug/16	$100,000	$100,000	$100,000
Aug/17	$100,609	$100,883	$101,391
Aug/18	$98,961	$101,376	$100,369
Aug/19	$106,292	$110,215	$108,422
Aug/20	$107,658	$113,781	$110,611
Aug/21	$110,092	$117,645	$114,047
Aug/22	$102,601	$107,490	$106,901
Aug/23	$103,945	$109,322	$108,720
Aug/24	$108,640	$115,978	$113,765
Aug/25	$110,367	$116,067	$116,655
Aug/26	$113,182	$120,849	$119,400

How did the Fund perform in the last year?

Class F Shares of the Fund modestly outperformed its benchmark, the Bloomberg New York Intermediate Municipal Index, for the 12-month period ending August 31, 2026.

Insight North America LLC is the sub-adviser for the Fund. The manager outperformed the Fund’s benchmark for the reporting period due to security selection within revenue sectors, particularly transportation and utilities. Overweight allocations to education and transportation bonds also bolstered Fund performance while selection in healthcare detracted.

While New York State faces challenges, including an above-average debt burden, large other post-employment benefits (OPEB) liability (a commitment to provide future non-pension benefits, such as healthcare and life insurance, to retired employees) and population growth issues, the state is buffered by sizable financial reserves and benefits from a diverse economy and well-funded pension system. The state’s debt is rated AA+/AA+/Aa1 by S&P Global Ratings, Fitch Ratings, and Moody’s Ratings, respectively, reflecting a strong credit profile.

Average Annual Total Returns as of August 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	10 Years
New York Municipal Bond Fund, Class F Shares	2.55%	0.56%	1.25%
Bloomberg US Municipal Bond Index (USD)	4.12%	0.54%	1.91%
Bloomberg New York Intermediate Municipal Index (USD)	2.35%	0.92%	1.79%

Key Fund Statistics as of August 31, 2026

Table Summary
	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$109,470	78	$254	21%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Cash Equivalent	0.2%
Utilities	2.0%
Tobacco	2.1%
Water	2.8%
Power	3.4%
Housing	3.6%
General Obligations	5.1%
Industrial Development	6.0%
Health Care	11.0%
Airports	12.5%
Transportation	12.7%
General Revenue	18.5%
Education	19.0%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net Assets^{Footnote Reference(A)}
Triborough, Bridge & Tunnel Authority, MTA Bridges & Tunnels, Sub-Ser A	5.000%	02/01/28	3.1%
New York & New Jersey, Port Authority, AMT	5.000%	11/01/30	3.0%
New York City Transitional Finance Authority Future Tax Secured Revenue, Sub-Ser S	5.000%	02/01/39	2.9%
New York State, Dormitory Authority, School Districts Financing Program, Ser A, ST AID WITHHLDG	5.000%	10/01/29	2.3%
New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured, Sub-Ser	5.000%	05/01/37	2.2%
Suffolk, Tobacco Asset Securitization	4.000%	06/01/35	2.1%
New York State, Dormitory Authority, AG ST AID WITHHLDG	5.000%	10/01/32	2.0%
Metropolitan Transportation Authority	5.000%	11/15/32	2.0%
New York State, Dormitory Authority, Presbyterian Hospital Obligated Group	5.000%	08/01/35	2.0%
Trust for Cultural Resources of The City of New York	5.000%	12/01/32	2.0%

Footnote	Description
Footnote(A)	Cash Equivalents are not shown in the top ten holdings.

Material Fund Changes

There were no material fund changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

(610) 676-1000
https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports
https://www.seic.com/mutual-fund-documentation/proxy-voting

New York Municipal Bond Fund

SEI Tax Exempt Trust/Class F Shares - SENYX

Annual Shareholder Report: August 31, 2026

SENYX-AR-2026

Annual Shareholder Report: August 31, 2026

New York Municipal Bond Fund

SEI Tax Exempt Trust/Class Y Shares - SNYYX

Fund Overview

This annual shareholder report contains important information about Class Y Shares of the New York Municipal Bond Fund (the "Fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
New York Municipal Bond Fund, Class Y Shares	$46	0.45%

How did the Fund perform during the last 10 years?

Total Return Based on $100,000 Investment

Table Summary
	New York Municipal Bond Fund, Class Y Shares	Bloomberg US Municipal Bond Index (USD)	Bloomberg New York Intermediate Municipal Index (USD)
Aug/16	$100,000	$100,000	$100,000
Aug/17	$100,859	$100,883	$101,391
Aug/18	$99,262	$101,376	$100,369
Aug/19	$106,789	$110,215	$108,422
Aug/20	$108,327	$113,781	$110,611
Aug/21	$110,948	$117,645	$114,047
Aug/22	$103,538	$107,490	$106,901
Aug/23	$105,046	$109,322	$108,720
Aug/24	$110,068	$115,978	$113,765
Aug/25	$111,984	$116,067	$116,655
Aug/26	$115,013	$120,849	$119,400

How did the Fund perform in the last year?

Class Y Shares of the Fund modestly outperformed its benchmark, the Bloomberg New York Intermediate Municipal Index, for the 12-month period ending August 31, 2026.

Average Annual Total Returns as of August 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	10 Years
New York Municipal Bond Fund, Class Y Shares	2.70%	0.72%	1.41%
Bloomberg US Municipal Bond Index (USD)	4.12%	0.54%	1.91%
Bloomberg New York Intermediate Municipal Index (USD)	2.35%	0.92%	1.79%

The line graph represents historical performance of a hypothetical investment of $100,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance. Class Y Shares commenced operations on August 18, 1998. For periods prior to August 18, 1998, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

Key Fund Statistics as of August 31, 2026

Table Summary
	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$109,470	78	$254	21%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Cash Equivalent	0.2%
Utilities	2.0%
Tobacco	2.1%
Water	2.8%
Power	3.4%
Housing	3.6%
General Obligations	5.1%
Industrial Development	6.0%
Health Care	11.0%
Airports	12.5%
Transportation	12.7%
General Revenue	18.5%
Education	19.0%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net Assets^{Footnote Reference(A)}
Triborough, Bridge & Tunnel Authority, MTA Bridges & Tunnels, Sub-Ser A	5.000%	02/01/28	3.1%
New York & New Jersey, Port Authority, AMT	5.000%	11/01/30	3.0%
New York City Transitional Finance Authority Future Tax Secured Revenue, Sub-Ser S	5.000%	02/01/39	2.9%
New York State, Dormitory Authority, School Districts Financing Program, Ser A, ST AID WITHHLDG	5.000%	10/01/29	2.3%
New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured, Sub-Ser	5.000%	05/01/37	2.2%
Suffolk, Tobacco Asset Securitization	4.000%	06/01/35	2.1%
New York State, Dormitory Authority, AG ST AID WITHHLDG	5.000%	10/01/32	2.0%
Metropolitan Transportation Authority	5.000%	11/15/32	2.0%
New York State, Dormitory Authority, Presbyterian Hospital Obligated Group	5.000%	08/01/35	2.0%
Trust for Cultural Resources of The City of New York	5.000%	12/01/32	2.0%

Footnote	Description
Footnote(A)	Cash Equivalents are not shown in the top ten holdings.

Material Fund Changes

There were no material fund changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

(610) 676-1000
https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports
https://www.seic.com/mutual-fund-documentation/proxy-voting

New York Municipal Bond Fund

SEI Tax Exempt Trust/Class Y Shares - SNYYX

Annual Shareholder Report: August 31, 2026

SNYYX-AR-2026

Annual Shareholder Report: August 31, 2026

Pennsylvania Municipal Bond Fund

SEI Tax Exempt Trust/Class F Shares - SEPAX

Fund Overview

This annual shareholder report contains important information about Class F Shares of the Pennsylvania Municipal Bond Fund (the "Fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Pennsylvania Municipal Bond Fund, Class F Shares	$64	0.63%

How did the Fund perform during the last 10 years?

Total Return Based on $100,000 Investment

Table Summary
	Pennsylvania Municipal Bond Fund, Class F Shares	Bloomberg US Municipal Bond Index (USD)	Bloomberg Pennsylvania Intermediate Municipal Index (USD)
Aug/16	$100,000	$100,000	$100,000
Aug/17	$100,930	$100,883	$102,004
Aug/18	$99,504	$101,376	$101,578
Aug/19	$107,870	$110,215	$111,473
Aug/20	$111,303	$113,781	$115,768
Aug/21	$113,004	$117,645	$119,313
Aug/22	$104,347	$107,490	$110,819
Aug/23	$105,057	$109,322	$112,231
Aug/24	$109,637	$115,978	$117,276
Aug/25	$112,073	$116,067	$120,848
Aug/26	$114,330	$120,849	$123,715

How did the Fund perform in the last year?

Class F of the Fund modestly underperformed its benchmark, the Bloomberg Pennsylvania Intermediate Municipal Index (USD), for the 12-month period ending August 31, 2026.

Insight North America LLC is the sub-adviser for the Fund. Security selection in the utility and tobacco sectors detracted from performance for the reporting period. Fund performance benefited from security selection in revenue sectors such as education and healthcare, as well as overweight allocations to the utility and healthcare sectors.

Average Annual Total Returns as of August 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	10 Years
Pennsylvania Municipal Bond Fund, Class F Shares	2.01%	0.23%	1.35%
Bloomberg US Municipal Bond Index (USD)	4.12%	0.54%	1.91%
Bloomberg Pennsylvania Intermediate Municipal Index (USD)	2.37%	0.73%	2.15%

Key Fund Statistics as of August 31, 2026

Table Summary
	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$137,022	115	$367	22%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Utilities	0.8%
Public Facilities	1.6%
Cash Equivalent	1.6%
Housing	2.3%
Tobacco	2.3%
Airports	3.1%
Nursing Homes	4.5%
General Revenue	9.7%
Water	9.8%
Transportation	10.4%
General Obligations	11.5%
Health Care	18.5%
Education	24.8%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net Assets^{Footnote Reference(A)}
Philadelphia, Industrial Development Authority, The Children's Hospital of Philadelphia Project	4.000%	07/01/35	3.9%
Pennsylvania State, Higher Education Assistance Agency, AMT	5.000%	06/01/35	3.6%
Pennsylvania State, BAM	4.000%	03/01/35	2.6%
Pennsylvania State	5.000%	09/01/32	2.1%
Philadelphia, Water & Wastewater Revenue Authority, Ser C, AGC	5.000%	09/01/35	2.1%
Philadelphia, Housing Authority, PHADC Acquisition Program	5.250%	03/01/38	2.0%
Adams County, General Authority, The Brethren Home Community	5.000%	06/01/34	1.9%
Commonwealth Financing Authority, Tobacco Master Settlement	5.000%	06/01/28	1.9%
Allegheny County, Hospital Development Authority, Allegheny Health Network	5.000%	04/01/28	1.9%
Philadelphia, Water & Wastewater Revenue Authority, Ser C	5.000%	10/01/31	1.8%

Footnote	Description
Footnote(A)	Cash Equivalents are not shown in the top ten holdings.

Material Fund Changes

There were no material fund changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

(610) 676-1000
https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports
https://www.seic.com/mutual-fund-documentation/proxy-voting

Pennsylvania Municipal Bond Fund

SEI Tax Exempt Trust/Class F Shares - SEPAX

Annual Shareholder Report: August 31, 2026

SEPAX-AR-2026

Annual Shareholder Report: August 31, 2026

Pennsylvania Municipal Bond Fund

SEI Tax Exempt Trust/Class Y Shares - SPAYX

Fund Overview

This annual shareholder report contains important information about Class Y Shares of the Pennsylvania Municipal Bond Fund (the "Fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Pennsylvania Municipal Bond Fund, Class Y Shares	$49	0.48%

How did the Fund perform during the last 10 years?

Total Return Based on $100,000 Investment

Table Summary
	Pennsylvania Municipal Bond Fund, Class Y Shares	Bloomberg US Municipal Bond Index (USD)	Bloomberg Pennsylvania Intermediate Municipal Index (USD)
Aug/16	$100,000	$100,000	$100,000
Aug/17	$101,080	$100,883	$102,004
Aug/18	$99,707	$101,376	$101,578
Aug/19	$108,355	$110,215	$111,473
Aug/20	$111,970	$113,781	$115,768
Aug/21	$113,842	$117,645	$119,313
Aug/22	$105,279	$107,490	$110,819
Aug/23	$106,045	$109,322	$112,231
Aug/24	$110,922	$115,978	$117,276
Aug/25	$113,559	$116,067	$120,848
Aug/26	$116,016	$120,849	$123,715

How did the Fund perform in the last year?

Class Y of the Fund modestly underperformed its benchmark, the Bloomberg Pennsylvania Intermediate Municipal Index (USD), for the 12-month period ending August 31, 2026.

Average Annual Total Returns as of August 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	10 Years
Pennsylvania Municipal Bond Fund, Class Y Shares	2.16%	0.38%	1.50%
Bloomberg US Municipal Bond Index (USD)	4.12%	0.54%	1.91%
Bloomberg Pennsylvania Intermediate Municipal Index (USD)	2.37%	0.73%	2.15%

The line graph represents historical performance of a hypothetical investment of $100,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance. Class Y Shares commenced operations on August 26, 1998. For periods prior to August 26, 1998, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

Key Fund Statistics as of August 31, 2026

Table Summary
	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$137,022	115	$367	22%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Utilities	0.8%
Public Facilities	1.6%
Cash Equivalent	1.6%
Housing	2.3%
Tobacco	2.3%
Airports	3.1%
Nursing Homes	4.5%
General Revenue	9.7%
Water	9.8%
Transportation	10.4%
General Obligations	11.5%
Health Care	18.5%
Education	24.8%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net Assets^{Footnote Reference(A)}
Philadelphia, Industrial Development Authority, The Children's Hospital of Philadelphia Project	4.000%	07/01/35	3.9%
Pennsylvania State, Higher Education Assistance Agency, AMT	5.000%	06/01/35	3.6%
Pennsylvania State, BAM	4.000%	03/01/35	2.6%
Pennsylvania State	5.000%	09/01/32	2.1%
Philadelphia, Water & Wastewater Revenue Authority, Ser C, AGC	5.000%	09/01/35	2.1%
Philadelphia, Housing Authority, PHADC Acquisition Program	5.250%	03/01/38	2.0%
Adams County, General Authority, The Brethren Home Community	5.000%	06/01/34	1.9%
Commonwealth Financing Authority, Tobacco Master Settlement	5.000%	06/01/28	1.9%
Allegheny County, Hospital Development Authority, Allegheny Health Network	5.000%	04/01/28	1.9%
Philadelphia, Water & Wastewater Revenue Authority, Ser C	5.000%	10/01/31	1.8%

Footnote	Description
Footnote(A)	Cash Equivalents are not shown in the top ten holdings.

Material Fund Changes

There were no material fund changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

(610) 676-1000
https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports
https://www.seic.com/mutual-fund-documentation/proxy-voting

Pennsylvania Municipal Bond Fund

SEI Tax Exempt Trust/Class Y Shares - SPAYX

Annual Shareholder Report: August 31, 2026

SPAYX-AR-2026

Annual Shareholder Report: August 31, 2026

Tax-Advantaged Income Fund

SEI Tax Exempt Trust/Class F Shares - SEATX

Fund Overview

This annual shareholder report contains important information about Class F Shares of the Tax-Advantaged Income Fund (the "Fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Tax-Advantaged Income Fund, Class F Shares	$88	0.86%

How did the Fund perform during the last 10 years?

Total Return Based on $100,000 Investment

Table Summary
	Tax-Advantaged Income Fund, Class F Shares	Bloomberg US Municipal Bond Index (USD)	Bloomberg 60% Tax-Exempt High Yield/40% Municipal Investment Grade Custom Capped Custom Weighted Index Unhedged US
Aug/16	$100,000	$100,000	$100,000
Aug/17	$102,374	$100,883	$101,713
Aug/18	$105,237	$101,376	$105,668
Aug/19	$113,556	$110,215	$115,573
Aug/20	$116,957	$113,781	$117,844
Aug/21	$127,401	$117,645	$127,963
Aug/22	$114,649	$107,490	$115,821
Aug/23	$114,573	$109,322	$116,991
Aug/24	$126,908	$115,978	$128,489
Aug/25	$125,167	$116,067	$127,377
Aug/26	$131,017	$120,849	$134,560

How did the Fund perform in the last year?

Class F Shares of the Fund underperformed its benchmark, a 60%/40% blend of the Bloomberg High Yield Municipal Bond Index and the Bloomberg U.S. Municipal Bond Index, for the 12-month period ending August 31, 2026.

An allocation to preferred securities, which are not represented in the benchmark, hampered Fund performance for the reporting period. Fund performance was bolstered by security selection within the transportation, tobacco, and housing sectors. Additionally, an allocation to BBB rated bonds contributed to performance as lower-quality bonds outperformed higher-quality bonds during the period. The largest detractor from performance among sub-advisers for the period was Spectrum Asset Management Inc, the Fund’s preferred securities sub-adviser. Allspring Global Investments LLC benefited from security selection in revenue sectors, while Pacific Investment Management Company LLC’s performance was enhanced by security selection within the project finance sector.

Average Annual Total Returns as of August 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	10 Years
Tax-Advantaged Income Fund, Class F Shares	4.67%	0.56%	2.74%
Bloomberg US Municipal Bond Index (USD)	4.12%	0.54%	1.91%
Bloomberg 60% Tax-Exempt High Yield/40% Municipal Investment Grade Custom Capped Custom Weighted Index Unhedged US	5.64%	1.01%	3.01%

Key Fund Statistics as of August 31, 2026

Table Summary
	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$826,087	479	$3,026	39%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Cash Equivalent	0.1%
Board Bank Revenue	0.4%
Pollution Control	0.7%
Loan Participation	1.0%
Mortgage-Backed Securities	1.2%
Airports	1.5%
Power	1.6%
Transportation	2.1%
General Obligations	3.1%
Water	3.7%
Preferred Stock	3.9%
Health Care	4.4%
U.S. Treasury Obligations	4.7%
Nursing Homes	6.0%
Education	6.1%
Tobacco	6.6%
Industrial Development	7.4%
Housing	9.9%
General Revenue	17.2%
Corporate Obligations	18.9%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net Assets^{Footnote Reference(A)}
U.S. Treasury Notes	4.250%	07/31/28	1.3%
Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A1	0.000%	07/01/51	1.3%
Texas State, Water Development Board, Ser A	4.875%	10/15/48	1.3%
Puerto Rico, Sub-Ser Senior	0.000%	11/01/51	1.0%
North Fort Bend Water Authority, Ser A	4.000%	12/15/44	0.9%
West Virginia State, Tobacco Settlement, Finance Authority, Ser B	0.000%	06/01/47	0.9%
M-S-R, Energy Authority, Ser C	6.500%	11/01/39	0.8%
Rhode Island State, Tobacco Settlement Financing Authority, Ser B	5.000%	06/01/50	0.8%
Puerto Rico, GDB Debt Recovery Authority	7.500%	08/20/40	0.8%
Freddie Mac, Multifamily ML Certificates, Ser ML-29	4.870%	01/25/43	0.8%

Footnote	Description
Footnote(A)	Cash Equivalents are not shown in the top ten holdings.

Material Fund Changes

There were no material fund changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

(610) 676-1000
https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports
https://www.seic.com/mutual-fund-documentation/proxy-voting

Tax-Advantaged Income Fund

SEI Tax Exempt Trust/Class F Shares - SEATX

Annual Shareholder Report: August 31, 2026

SEATX-AR-2026

Annual Shareholder Report: August 31, 2026

Tax-Advantaged Income Fund

SEI Tax Exempt Trust/Class Y Shares - STAYX

Fund Overview

This annual shareholder report contains important information about Class Y Shares of the Tax-Advantaged Income Fund (the "Fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Tax-Advantaged Income Fund, Class Y Shares	$63	0.61%

How did the Fund perform during the last 10 years?

Total Return Based on $100,000 Investment

Table Summary
	Tax-Advantaged Income Fund, Class Y Shares	Bloomberg US Municipal Bond Index (USD)	Bloomberg 60% Tax-Exempt High Yield/40% Municipal Investment Grade Custom Capped Custom Weighted Index Unhedged US
Aug/16	$100,000	$100,000	$100,000
Aug/17	$102,626	$100,883	$101,713
Aug/18	$105,757	$101,376	$105,668
Aug/19	$114,401	$110,215	$115,573
Aug/20	$118,119	$113,781	$117,844
Aug/21	$128,989	$117,645	$127,963
Aug/22	$116,350	$107,490	$115,821
Aug/23	$116,555	$109,322	$116,991
Aug/24	$129,431	$115,978	$128,489
Aug/25	$127,962	$116,067	$127,377
Aug/26	$134,274	$120,849	$134,560

How did the Fund perform in the last year?

Class Y Shares of the Fund underperformed its benchmark, a 60%/40% blend of the Bloomberg High Yield Municipal Bond Index and the Bloomberg U.S. Municipal Bond Index, for the 12-month period ending August 31, 2026.

Average Annual Total Returns as of August 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	10 Years
Tax-Advantaged Income Fund, Class Y Shares	4.93%	0.81%	2.99%
Bloomberg US Municipal Bond Index (USD)	4.12%	0.54%	1.91%
Bloomberg 60% Tax-Exempt High Yield/40% Municipal Investment Grade Custom Capped Custom Weighted Index Unhedged US	5.64%	1.01%	3.01%

Key Fund Statistics as of August 31, 2026

Table Summary
	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$826,087	479	$3,026	39%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Cash Equivalent	0.1%
Board Bank Revenue	0.4%
Pollution Control	0.7%
Loan Participation	1.0%
Mortgage-Backed Securities	1.2%
Airports	1.5%
Power	1.6%
Transportation	2.1%
General Obligations	3.1%
Water	3.7%
Preferred Stock	3.9%
Health Care	4.4%
U.S. Treasury Obligations	4.7%
Nursing Homes	6.0%
Education	6.1%
Tobacco	6.6%
Industrial Development	7.4%
Housing	9.9%
General Revenue	17.2%
Corporate Obligations	18.9%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net Assets^{Footnote Reference(A)}
U.S. Treasury Notes	4.250%	07/31/28	1.3%
Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A1	0.000%	07/01/51	1.3%
Texas State, Water Development Board, Ser A	4.875%	10/15/48	1.3%
Puerto Rico, Sub-Ser Senior	0.000%	11/01/51	1.0%
North Fort Bend Water Authority, Ser A	4.000%	12/15/44	0.9%
West Virginia State, Tobacco Settlement, Finance Authority, Ser B	0.000%	06/01/47	0.9%
M-S-R, Energy Authority, Ser C	6.500%	11/01/39	0.8%
Rhode Island State, Tobacco Settlement Financing Authority, Ser B	5.000%	06/01/50	0.8%
Puerto Rico, GDB Debt Recovery Authority	7.500%	08/20/40	0.8%
Freddie Mac, Multifamily ML Certificates, Ser ML-29	4.870%	01/25/43	0.8%

Footnote	Description
Footnote(A)	Cash Equivalents are not shown in the top ten holdings.

Material Fund Changes

There were no material fund changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

(610) 676-1000
https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports
https://www.seic.com/mutual-fund-documentation/proxy-voting

Tax-Advantaged Income Fund

SEI Tax Exempt Trust/Class Y Shares - STAYX

Annual Shareholder Report: August 31, 2026

STAYX-AR-2026

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS — 99.7%
Alabama — 6.2%
Alabama State, Highway Authority, RB, AG
5.000%, 09/01/2045	$	1,210	$	1,268
Alabama State, Port Authority, Ser A, AMT, RB, AGM
5.000%, 10/01/2026		1,000		1,002
Black Belt, Energy Gas District, RB
4.000%, 06/01/2051 (A)		5,570		5,616
Black Belt, Energy Gas District, Ser A, RB
5.250%, 05/01/2055 (A)		2,500		2,571
5.000%, 12/01/2034		1,420		1,473
Black Belt, Energy Gas District, Ser B, RB
5.250%, 12/01/2053 (A)		290		307
5.000%, 12/01/2034		530		560
5.000%, 10/01/2035		1,500		1,508
5.000%, 10/01/2055 (A)		2,600		2,705
Black Belt, Energy Gas District, Ser C-1, RB
5.250%, 02/01/2053 (A)		1,000		1,042
Black Belt, Energy Gas District, Ser D, RB
5.000%, 11/01/2034		2,000		2,075
Black Belt, Energy Gas District, Ser D-1, RB
5.500%, 06/01/2049 (A)		2,500		2,609
Black Belt, Energy Gas District, Ser E, RB
5.000%, 07/01/2033		855		889
Black Belt, Energy Gas District, Ser F, RB
5.000%, 12/01/2035		1,385		1,442
Black Belt, Energy Gas District, Ser G, RB
5.000%, 10/01/2035		1,825		1,889
Black Belt, Energy Gas District, Ser I, RB
5.000%, 10/01/2033		775		813
Black Belt, Energy Gas District, Ser K, RB
5.000%, 10/01/2033		6,000		6,219
Jefferson County, Sewer Revenue Refunding Warrants, RB
5.250%, 10/01/2040		2,000		2,114
5.250%, 10/01/2041		1,000		1,053
5.250%, 10/01/2043		1,500		1,570
5.000%, 10/01/2032		2,500		2,718
5.000%, 10/01/2038		5,345		5,618
Lower Alabama, Gas District, Ser A, RB
5.000%, 09/01/2028		4,300		4,413
5.000%, 09/01/2031		640		665
5.000%, 09/01/2046		235		236
Southeast Alabama, Energy Authority, Cooperative District, RB
5.000%, 11/01/2033		3,000		3,135
5.000%, 04/01/2034		1,000		1,039
Southeast Alabama, Energy Authority, Cooperative District, Ser A-1, RB
5.500%, 11/01/2053 (A)		500		530

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Southeast Alabama, Energy Authority, Cooperative District, Ser B, RB
5.250%, 03/01/2055 (A)	$	1,550	$	1,591
5.000%, 09/01/2033		7,500		7,613
5.000%, 11/01/2033		1,535		1,609
Southeast Alabama, Energy Authority, Cooperative District, Ser B-1, RB
5.750%, 04/01/2054 (A)		2,500		2,696
Southeast Alabama, Energy Authority, Cooperative District, Ser C, RB
5.000%, 05/01/2055 (A)		1,500		1,577
Southeast Alabama, Energy Authority, Project No. 3, Ser A-1, RB
5.500%, 01/01/2053 (A)		4,920		5,194
Southeast Alabama, Energy Authority, RB
5.000%, 09/01/2035		3,640		3,855
Southeast Alabama, Energy Authority, Ser E, RB
5.000%, 10/01/2030		12,250		12,969
Southeast Alabama, Energy Authority, Ser H, RB
5.000%, 11/01/2035		500		516
Southeast Alabama, Gas Supply District, Ser A, RB
5.000%, 08/01/2054 (A)		2,000		2,081
				96,780
Alaska — 0.2%
CIVICVentures, RB
5.000%, 09/01/2036		1,550		1,653
Northern Alaska, Tobacco Securitization, Ser A, RB
4.000%, 06/01/2036		615		621
				2,274
Arizona — 2.4%
Arizona State, Board of Regents, Ser S, RB
5.000%, 07/01/2038		5,500		5,946
Arizona State, Industrial Development Authority, American Charter Schools Foundation Project, RB
6.000%, 07/01/2037 (B)		1,460		1,477
Arizona State, Industrial Development Authority, Equitable School Project, RB
4.000%, 11/01/2036		4,570		4,522
Arizona State, Industrial Development Authority, Equitable School Revolving Fund, RB
5.000%, 11/01/2031		2,750		2,949
5.000%, 11/01/2040		350		365
5.000%, 11/01/2041		925		957
Arizona State, Industrial Development Authority, Legacy Cares Project, RB
7.750%, 07/01/2050 (B)(C)		3,560		4

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Arizona State, Industrial Development Authority, Macombs Facility Project, Ser A-SUSTAIN, RB
4.000%, 07/01/2051	$	750	$	598
Arizona State, Industrial Development Authority, Municipal Certificates, Ser 2019-2, RB
3.625%, 05/20/2033		2,695		2,674
Arizona State, Industrial Development Authority, RB, BAM
5.000%, 07/01/2039		1,050		1,115
Arizona State, Transportation Board, State Highway Revenue, RB
5.000%, 07/01/2046		1,500		1,565
Chandler, Industrial Development Authority, AMT, RB
4.000%, 06/01/2049 (A)		6,800		6,833
Maricopa County, Industrial Development Authority, Banner Health, RB
5.000%, 01/01/2038		400		436
Maricopa County, Industrial Development Authority, Commercial Metals Company Project, AMT, RB
4.000%, 10/15/2047 (B)		305		258
Phoenix, Industrial Development Authority, Downtown Phoenix Student Housing, ASU Project, RB
5.000%, 07/01/2029		350		357
5.000%, 07/01/2032		115		117
5.000%, 07/01/2033		355		360
Phoenix, Industrial Development Authority, RB
5.250%, 12/01/2045		1,000		1,001
Salt Verde, Financial Corp, Gas Revenue, RB
5.000%, 12/01/2032		2,500		2,611
Tempe, Industrial Development Authority, Friendship Village Project, RB
4.000%, 12/01/2027		355		357
4.000%, 12/01/2028		365		369
4.000%, 12/01/2029		385		390
Tempe, Industrial Development Authority, Mirabella at ASU Project, Ser A, RB
6.000%, 10/01/2037 (B)		1,200		1,013
5.500%, 10/01/2027 (B)		475		464
Tempe, Industrial Development Authority, RB
3.500%, 12/01/2030		590		588
				37,326
Arkansas — 0.2%
Fayetteville, Sales & Use Tax Revenue, RB
4.000%, 11/01/2035		2,445		2,486

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
California — 6.6%
Bay Area, Toll Authority, RB
2.580%, 04/01/2056 (A)	$	1,115	$	1,112
Bay Area, Toll Authority, RB, TD BANK N.A.
2.550%, 04/01/2059 (A)(D)		3,500		3,500
Burbank-Glendale-Pasadena, Airport Authority Brick Campaign, Ser B, AMT, RB
5.000%, 07/01/2035		2,000		2,179
Burbank-Glendale-Pasadena, Airport Authority Brick Campaign, Ser B, AMT, RB, AG
5.250%, 07/01/2041		3,500		3,752
California State, Community Choice Financing Authority, Clean Energy Project, RB
5.000%, 11/01/2033		1,470		1,559
5.000%, 12/01/2035		545		583
5.000%, 02/01/2055 (A)		2,390		2,554
5.000%, 10/01/2055 (A)		5,000		5,051
5.000%, 12/01/2055 (A)		2,850		2,953
5.000%, 01/01/2056 (A)		1,000		1,068
5.000%, 10/01/2056 (A)		2,000		2,105
California State, Community Choice Financing Authority, Clean Energy Project, Ser A, RB
5.000%, 01/01/2056 (A)		535		545
California State, Community Choice Financing Authority, Clean Energy Project, Ser B-1, RB
4.000%, 02/01/2052 (A)		7,520		7,546
California State, Community Choice Financing Authority, Clean Energy Project, Ser D, RB
5.500%, 05/01/2054 (A)		3,500		3,638
California State, Community Choice Financing Authority, Clean Energy Project, Ser E, RB
5.000%, 02/01/2055 (A)		5,000		5,237
California State, Community Choice Financing Authority, RB
5.000%, 07/01/2035		2,495		2,674
5.000%, 06/01/2036		2,410		2,575
California State, Enterprise Development Authority, M@College Project, Ser A, RB
5.000%, 08/01/2045		370		371
California State, GO
5.000%, 09/01/2028		3,000		3,005
5.000%, 09/01/2029		1,500		1,502
5.000%, 09/01/2030		3,395		3,400
5.000%, 11/01/2042		1,500		1,589
3.000%, 12/01/2046		1,000		771

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
California State, Health Facilities Financing Authority, Adventist Health System/West, Ser S, RB
5.000%, 12/01/2032	$	665	$	716
California State, Housing Finance Agency, Certificates, Ser 2021-1, RB
3.500%, 11/20/2035		2,742		2,610
California State, Infrastructure & Economic Development Bank, Brightline West Passenger Rail, Ser B, AMT, RB
12.000%, 01/01/2065 (A)(B)		1,905		1,210
California State, Infrastructure & Economic Development Bank, Equitable School Revolving Fund, RB
5.000%, 11/01/2039		410		433
5.000%, 11/01/2042		760		791
California State, Municipal Finance Authority, Caritas Project, Ser A, RB
4.000%, 08/15/2037		1,055		1,011
California State, Municipal Finance Authority, Orchard Park Student Housing Project, RB, BAM
4.000%, 05/15/2034		1,170		1,197
California State, Municipal Finance Authority, Ser 1, RB
4.050%, 07/20/2041		2,460		2,328
California State, Municipal Finance Authority, Ser 2, RB
4.500%, 03/20/2048 (A)		390		391
California State, RB
5.000%, 08/01/2037		400		453
California State, Ser C, GO
5.000%, 09/01/2030		125		125
FHLMC Multifamily VRD Certificates, Ser ML-3, RB
4.416%, 07/25/2042 (A)		2,000		2,000
Golden State, Tobacco Securitization Project, Ser A1, RB
Pre-Refunded @ 100
5.000%, 06/01/2028 (E)		4,960		5,172
Golden State, Tobacco Securitization Project, Sub-Ser B-2, RB
0.000%, 06/01/2066 (F)		6,375		594
Inland Empire, Tobacco Securitization, Ser E, RB
0.000%, 06/01/2057 (B)(F)		68,900		4,391
Los Angeles, Department of Airports, AMT, RB
5.250%, 05/15/2046		2,020		2,106
Los Angeles, Department of Airports, Los Angeles International Airport Project, Sub-Ser S, AMT, RB
5.000%, 05/15/2033		535		569

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Los Angeles, Department of Water & Power, Ser A, RB, BAM
5.250%, 07/01/2044	$	1,300	$	1,372
5.250%, 07/01/2046		500		524
5.000%, 07/01/2039		750		793
Los Angeles, Department of Water & Power, Ser C, RB
5.000%, 07/01/2036		3,250		3,554
Los Angeles, Department of Water & Power, Ser E, RB
5.000%, 07/01/2034		4,100		4,514
Riverside County, Transportation Commission, RB
4.000%, 06/01/2038		1,000		1,005
San Bernardino, Community College District, Ser F, GO
0.000%, 08/01/2046 (F)		430		158
San Francisco City & County, Airport Commission, San Francisco International Airport, Ser A, AMT, RB
5.250%, 05/01/2045		1,085		1,148
San Jose-Evergreen, Community College District, Ser C-ELECTION, GO
4.000%, 09/01/2041		2,600		2,552
University of California, Ser CD, RB 5.000%, 05/15/2040		2,000		2,166
				103,152
Colorado — 2.3%
Broomfield, Special Revenue Refunding and Improvements, Ser A, GO, AGC
5.000%, 12/01/2030		15		16
5.000%, 12/01/2031		420		453
Colorado State, Educational & Cultural Facilities Authority, Ascent Classical Academy Project, RB
5.250%, 04/01/2039 (B)		1,000		985
Colorado State, Educational & Cultural Facilities Authority, Loveland Classical Schools Project, RB
5.000%, 07/01/2046 (B)		500		472
Colorado State, Health Facilities Authority, AdventHealth, RB
Pre-Refunded @ 100
5.000%, 11/19/2026 (A)(E)		235		236
Colorado State, Health Facilities Authority, Commonspirit Health Project, Ser A, RB
5.000%, 08/01/2037		1,000		1,024
4.000%, 08/01/2044		2,550		2,301
Colorado State, Health Facilities Authority, Covenant Living Communities Project, RB
4.000%, 12/01/2040		205		192

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Colorado State, Health Facilities Authority, Ser A, RB
5.000%, 11/15/2034	$	400	$	440
Colorado State, Health Facilities Authority, Ser A-, RB
5.000%, 08/01/2044		3,500		3,533
Colorado State, Housing & Finance Authority, RB, GNMA/FNMA/FHLMC
6.500%, 11/01/2055		455		508
Denver City & County, Airport System Revenue Authority, Ser A, AMT, RB
5.000%, 11/15/2030		1,250		1,275
Denver City & County, Airport System Revenue Authority, Ser A, RB
5.000%, 11/15/2031		1,000		1,004
Denver City & County, Airport System Revenue Authority, Ser D, AMT, RB
5.500%, 11/15/2032		280		312
5.500%, 11/15/2033		1,030		1,141
Denver City & County, Airport System Revenue Authority, Sub-Ser A, AMT, RB
5.000%, 12/01/2031		2,000		2,070
Denver City & County, Housing Authority, RB
5.000%, 06/01/2029		210		217
Denver, Convention Center Hotel Authority, RB
5.000%, 12/01/2029		400		402
5.000%, 12/01/2031		855		858
5.000%, 12/01/2032		1,200		1,203
5.000%, 12/01/2034		1,000		1,002
5.000%, 12/01/2035		800		802
5.000%, 12/01/2036		600		601
E-470 Public Highway Authority, Ser A-2, RB
0.000%, 09/01/2037 (F)		295		185
0.000%, 09/01/2039 (F)		220		120
Park Creek, Metropolitan District, Ser A, RB, AGM
4.000%, 12/01/2032		1,000		1,013
Regional Transportation District, Eagle P3 Project, RB
5.000%, 01/15/2029		600		622
5.000%, 07/15/2031		1,200		1,265
5.000%, 07/15/2032		1,020		1,073
Regional Transportation District, Sales Tax Revenue, Fastracks Project, Ser A, RB
5.000%, 11/01/2046		3,000		3,012
Southern Ute Indian Tribe of the Southern Ute Reservation, Ser A, GO
5.000%, 04/01/2035 (B)		5,405		5,722
Vauxmont Metropolitan District, Sub-Ser, GO, AGM
5.000%, 12/15/2026		20		20

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Weld County, School District No. RE-4, GO, ST AID WITHHLDG
5.000%, 12/01/2042	$	2,000	$	2,089
				36,168
Connecticut — 2.1%
Aquarion Water Authority, Ser A, RB
5.250%, 08/01/2044		2,000		2,146
5.250%, 08/01/2045		1,095		1,170
Aquarion Water Authority, Sub-Ser D, RB, BAM
5.250%, 08/01/2041		1,000		1,082
Connecticut State, Health & Educational Facilities Authority, Covenant Home Project, Ser B, RB
5.000%, 12/01/2036		1,230		1,245
Connecticut State, Health & Educational Facilities Authority, Quinnipiac University, RB
5.000%, 07/01/2042		2,500		2,629
Connecticut State, Health & Educational Facilities Authority, RB
5.000%, 08/01/2041		1,250		1,321
Connecticut State, Health & Educational Facilities Authority, Ser A-4-REMK, RB
2.950%, 07/01/2042 (A)		4,000		4,000
Connecticut State, Health & Educational Facilities Authority, Yale University, Ser A-3-YALE, RB
2.950%, 07/01/2049 (A)		1,335		1,337
Connecticut State, Housing Finance Authority, RB, GNMA/FNMA/FHLMC
4.000%, 05/15/2047		70		70
Connecticut State, Ser E, GO
5.000%, 09/15/2029		4,000		4,182
Connecticut State, Ser F, GO
5.000%, 11/15/2038		4,460		4,835
Connecticut State, Ser G, GO
5.000%, 11/15/2041		1,500		1,597
Connecticut State, Special Tax Obligation, Transportation Infrastructure, Ser A, RB
4.000%, 05/01/2036		1,300		1,313
University of Connecticut, Ser A, RB, ST APPROP
5.000%, 05/01/2038		4,740		5,045
				31,972
District of Columbia — 1.0%
District of Columbia, Georgetown University, RB
5.000%, 04/01/2060 (A)		3,000		3,224
District of Columbia, Ser A, RB
5.000%, 07/01/2041		4,000		4,192

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
District of Columbia, Tobacco Settlement Financing, Ser A, RB
0.000%, 06/15/2046 (F)	$	3,125	$	684
Metropolitan Washington, Airports Authority, Sub-Ser, RB
4.000%, 10/01/2035		1,000		999
Metropolitan Washington, Transit Authority, Ser A, RB
4.000%, 07/15/2039		3,000		2,941
Metropolitan Washington, Transit Authority, Ser S, RB
5.000%, 07/15/2040		3,250		3,388
				15,428
Florida — 5.5%
Alachua County, Health Facilities Authority, RB
5.000%, 12/01/2037 (A)		4,000		4,004
3.750%, 10/01/2030		245		245
Broward County, Airport System Revenue, AMT, RB
5.000%, 10/01/2034		1,300		1,317
5.000%, 10/01/2035		2,000		2,022
Central Florida, Expressway Authority, Ser D, RB, AGM
5.000%, 07/01/2035		1,500		1,606
Florida State, Capital Projects Finance Authority, Florida University Project, Ser A-1, RB
5.000%, 10/01/2027		365		371
Florida State, Capital Trust Agency, RB
4.750%, 12/01/2042		1,325		1,329
Florida State, Capital Trust Agency, University Bridge, Student Housing Project, RB
5.250%, 12/01/2043 (B)		3,000		2,946
Florida State, Development Finance, Brightline Florida Passenger Rail Project, AMT, RB
12.000%, 07/15/2032 (A)(B)(C)		3,465		970
12.000%, 07/01/2057 (A)(B)		1,695		1,102
Florida State, Development Finance, Brightline Project, AMT, RB
5.500%, 07/01/2053		2,075		1,525
Florida State, Development Finance, Brightline Project, AMT, RB, AGM
5.250%, 07/01/2053		3,625		3,536
Florida State, Development Finance, Ser A, RB
5.000%, 08/01/2045		1,520		1,561
Florida State, Higher Educational Facilities Financial Authority, Ringling College Project, RB
5.000%, 03/01/2037		1,295		1,285

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Florida State, Sunshine Skyway Bridge, Ser A, RB
4.000%, 07/01/2033	$	2,930	$	2,953
Greater Orlando, Aviation Authority, AMT, RB
5.000%, 10/01/2035		1,000		1,081
Hillsborough County, Industrial Development Authority, RB
5.000%, 11/15/2029		3,525		3,750
Hillsborough County, Solid Waste & Resource Recovery Revenue, Ser A, AMT, RB
5.000%, 09/01/2031		3,695		3,700
JEA Electric System Revenue, Ser Three, RB
5.000%, 10/01/2034		4,870		5,123
5.000%, 10/01/2035		3,000		3,143
JEA Water & Sewer System Revenue, Ser A, RB
5.000%, 10/01/2035		1,000		1,054
5.000%, 10/01/2045		1,000		1,044
Lee County, Industrial Development Authority, Shell Point, RB
4.125%, 11/15/2029		120		120
Miami-Dade County, Aviation Revenue, Ser A, AMT, RB
5.000%, 10/01/2034		5,000		5,389
5.000%, 10/01/2036		920		978
Miami-Dade County, Educational Facilities Authority, University of Miami Project, Ser A, RB
5.250%, 04/01/2047		3,500		3,616
Miami-Dade County, Seaport Department, Ser A, AMT, RB
5.500%, 10/01/2056		2,000		2,071
5.000%, 10/01/2038		440		457
Miami-Dade County, Water & Sewer System Revenue, RB
4.000%, 10/01/2034		1,750		1,761
Miami-Dade County, Water & Sewer System Revenue, Ser B, RB
5.000%, 10/01/2041		2,500		2,621
Orange County, Tourist Development Tax Revenue, Ser B, RB
5.000%, 10/01/2032		3,270		3,276
Osceola County, Transportation Revenue, Ser A-2, RB
0.000%, 10/01/2026 (F)		275		274
0.000%, 10/01/2027 (F)		360		346
Palm Beach County, Health Facilities Authority, Acts Retirement Life Community Project, RB
5.000%, 11/15/2032		5,850		5,865

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Palm Beach County, Health Facilities Authority, Lifespace Communities Project, RB
5.125%, 05/15/2046	$	395	$	391
Seminole County, Industrial Development Authority, Legacy Pointe at UCF Project, RB
5.250%, 11/15/2039		3,660		3,568
South Miami, Health Facilities Authority, Baptist Health South Florida, RB
5.000%, 08/15/2031		3,000		3,052
St. Johns County, Industrial Development Authority, Vicars Landing Project, RB
4.000%, 12/15/2046		305		247
St. Johns County, School Board, Ser A, COP, AGM
5.000%, 07/01/2041		1,600		1,672
Tampa, Cigarette Tax Allocation, Ser A, RB
0.000%, 09/01/2036 (F)		305		199
The Villages, Community Development District No. 13, Wildwood, SAB
3.000%, 05/01/2029		570		562
The Villages, Community Development District No. 14, Leesburg, SAB
5.125%, 05/01/2037		1,135		1,160
4.750%, 05/01/2032		185		190
The Villages, Community Development District No. 15, Wildwood, SAB
4.200%, 05/01/2039 (B)		990		947
The Villages, Community Development District No. 16, Wildwood, SAB
4.000%, 05/01/2035		890		873
				85,302
Georgia — 2.1%
Atlanta, Department of Aviation, Ser B, AMT, RB
5.000%, 07/01/2035		1,500		1,599
5.000%, 07/01/2036		1,000		1,060
Atlanta, Department of Aviation, Ser B-1, AMT, RB
5.000%, 07/01/2038		1,500		1,589
Bartow County, Development Authority, RB
3.950%, 12/01/2032 (A)		930		942
Cobb County, Development Authority, Junior Subordinate-KSU Housing, Sub-Ser, RB
5.000%, 06/15/2027		130		132
5.000%, 06/15/2028		200		205
Fulton County, Development Authority, RB
5.250%, 07/01/2046 (B)		1,750		1,717
5.000%, 04/01/2033		1,000		1,010

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
George L Smith II, Georgia World Congress Center Authority, Convention Center Hotel, RB
5.000%, 01/01/2036 (B)	$	710	$	731
Georgia State, Housing & Finance Authority, Single Family Mortgage, Ser A, RB
5.000%, 12/01/2042		210		218
Georgia State, Main Street Energy, Ser A, RB
5.000%, 10/01/2033		970		1,018
Georgia State, Main Street Natural Gas, Ser A, RB
5.000%, 05/01/2054 (A)		880		929
5.000%, 06/01/2055 (A)		665		704
Georgia State, Main Street Natural Gas, Ser A1, RB
5.500%, 09/15/2028		1,915		1,998
Georgia State, Main Street Natural Gas, Ser B, RB
5.000%, 07/01/2053 (A)		1,705		1,778
5.000%, 12/01/2054 (A)		675		716
Georgia State, Main Street Natural Gas, Ser C, RB
5.000%, 09/01/2053 (A)		1,665		1,742
5.000%, 12/01/2054 (A)		1,000		1,043
4.000%, 03/01/2050 (A)		5,000		5,000
Georgia State, Main Street Natural Gas, Ser D, RB
5.000%, 04/01/2054 (A)		90		95
Georgia State, Main Street Natural Gas, Ser E-1, RB
5.000%, 12/01/2053 (A)		1,225		1,291
Georgia State, Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project, RB
5.000%, 01/01/2035		1,500		1,542
Georgia State, Municipal Electric Authority, Project One Subordinated, Sub-Ser, RB
5.000%, 01/01/2036		2,955		3,202
Georgia State, Private Colleges & Universities Authority, Mercer University Project, RB
5.250%, 10/01/2038		1,700		1,852
Savannah, Convention Center Authority, RB, AG
5.000%, 06/01/2034		300		329
5.000%, 06/01/2035		300		329
5.000%, 06/01/2037		200		216
				32,987
Guam — 0.3%
Guam, Power Authority, Ser A, RB
5.000%, 10/01/2032		2,000		2,124
5.000%, 10/01/2033		2,205		2,330

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Guam, Ser G, RB
5.000%, 01/01/2029	$	200	$	208
				4,662
Hawaii — 0.2%
Hawaii State, Airports System Revenue, Ser A, AMT, RB
5.000%, 07/01/2032		3,000		3,085
Honolulu, City & County, Ser A, GO
5.000%, 07/01/2041		250		264
				3,349
Idaho — 0.1%
Idaho State, Housing & Finance Association, Single Family Mortgage, Ser C, RB, GNMA/FNMA/FHLMC
5.750%, 01/01/2053		2,005		2,152

Illinois — 7.6%
Chicago, Board of Education, Dedicated
Capital Improvement, RB
5.250%, 04/01/2035		380		410
5.250%, 04/01/2036		645		693
5.000%, 04/01/2033		500		503
5.000%, 04/01/2034		620		624
5.000%, 04/01/2036		445		447
Chicago, Board of Education, Ser A, GO
5.000%, 12/01/2032		1,435		1,452
Chicago, Board of Education, Ser B, GO
5.000%, 12/01/2027		650		656
5.000%, 12/01/2028		100		102
Chicago, Board of Education, Ser C, GO
6.000%, 12/01/2037		1,000		1,067
Chicago, Midway International Airport, Senior Lien Airport Revenue Refunding Bonds, Ser C, AMT, RB
5.000%, 01/01/2040		2,000		2,056
Chicago, O'Hare International Airport, AMT, RB
5.000%, 01/01/2036		1,040		1,090
Chicago, O'Hare International Airport, RB, AGM
5.000%, 01/01/2038		1,890		1,992
Chicago, O'Hare International Airport, RB, BAM
5.000%, 01/01/2035		1,515		1,641
5.000%, 01/01/2037		1,130		1,205
Chicago, O'Hare International Airport, Ser A, AMT, RB
5.000%, 01/01/2036		1,290		1,320
5.000%, 07/01/2038		1,500		1,516
Chicago, O'Hare International Airport, Ser A, RB
5.000%, 01/01/2046		2,000		2,055

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Chicago, O'Hare International Airport, Ser B, RB
5.000%, 01/01/2033	$	1,665	$	1,676
Chicago, Ser A, GO
5.500%, 01/01/2035		3,020		3,081
5.250%, 01/01/2045		2,750		2,667
5.000%, 01/01/2044		2,000		1,900
4.000%, 01/01/2036		5,550		5,189
Chicago, Transit Authority Sales Tax Receipts Fund, Ser A, RB
5.000%, 12/01/2043		1,600		1,664
Chicago, Wastewater Transmission Revenue, RB, BAM
5.000%, 01/01/2041		305		319
5.000%, 01/01/2042		1,750		1,823
Chicago, Waterworks Revenue, RB
5.000%, 11/01/2026		1,820		1,826
5.000%, 11/01/2046		1,500		1,538
Chicago, Waterworks Revenue, Ser A, RB
5.000%, 11/01/2039		2,750		2,892
Chicago, Waterworks Revenue, Ser B, RB, AGM
5.000%, 11/01/2037		470		494
5.000%, 11/01/2038		1,150		1,204
Cook County, Community College District No. 508, GO, BAM
5.000%, 12/01/2038		100		105
5.000%, 12/01/2039		800		833
Cook County, Tax Revenue Authority, RB
5.000%, 11/15/2035		4,000		4,057
Illinois State, Finance Authority, Chicago International Charter School Project, RB
5.000%, 12/01/2037		1,500		1,502
Illinois State, Finance Authority, Northshore - Edward-Elmhurst Health Credit Group, Ser A, RB
5.000%, 08/15/2047		2,000		2,017
Illinois State, Finance Authority, RB
4.000%, 02/15/2041		5		5
Illinois State, Finance Authority, RB
Pre-Refunded @ 100
4.000%, 02/15/2027 (E)		2,140		2,152
Illinois State, Finance Authority, Ser A, RB
5.000%, 11/15/2035		1,480		1,611
Illinois State, Finance Authority, University of Chicago Project, Ser A, RB
5.250%, 04/01/2045		1,550		1,619
Illinois State, Finance Authority, University of Illinois Chicago Project, RB
5.000%, 02/15/2027		200		201
5.000%, 02/15/2029		400		403
5.000%, 02/15/2031		365		367

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Illinois State, GO
5.500%, 05/01/2030	$	3,750	$	3,925
5.000%, 11/01/2036		2,970		2,974
Illinois State, Housing Development Authority, Homeowner Mortgage, Ser C, RB
3.500%, 08/01/2046		65		65
Illinois State, Housing Development Authority, Ser D, RB, GNMA/FNMA/FHLMC
5.500%, 10/01/2053		1,070		1,140
Illinois State, Housing Development Authority, Ser E, RB, GNMA/FNMA/FHLMC
5.250%, 10/01/2052		2,160		2,245
Illinois State, Housing Development Authority, Ser H, RB, FNMA/GNMA/FHLMC
5.750%, 10/01/2053		295		312
Illinois State, Housing Development Authority, Ser I, RB, GNMA/FNMA/FHLMC
6.000%, 10/01/2055		765		835
Illinois State, Housing Development Authority, Ser K, RB, FNMA/GNMA/FHLMC
5.250%, 10/01/2043		1,200		1,237
4.950%, 10/01/2038		1,100		1,124
Illinois State, Rebuild Illinois Program, Ser B, GO
4.000%, 11/01/2035		2,800		2,778
Illinois State, Regional Transportation Authority, RB, NATL
6.500%, 07/01/2030		1,500		1,616
Illinois State, Regional Transportation Authority, Ser A, RB, NATL
6.000%, 07/01/2031		1,000		1,085
Illinois State, Ser A, GO
5.500%, 03/01/2042		670		702
Illinois State, Ser B, GO
5.000%, 10/01/2030		2,500		2,590
5.000%, 03/01/2031		2,000		2,141
4.000%, 10/01/2035		4,020		3,992
Illinois State, Ser C, GO
5.250%, 04/01/2043		1,750		1,830
5.000%, 12/01/2042		2,850		2,911
Illinois State, Ser D, GO
5.000%, 09/01/2040		1,000		1,036
Illinois State, Sports Facilities Authority, RB, BAM
5.000%, 06/15/2029		1,500		1,566
Illinois State, Toll Highway Authority, Ser A, RB
5.250%, 01/01/2045		3,660		3,838
Kendall Kane & Will Counties, School District No. 308, Ser A, GO, AGM
5.000%, 02/01/2027		1,055		1,064

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, RB
5.000%, 12/15/2031	$	250	$	255
5.000%, 12/15/2032		255		259
5.000%, 12/15/2033		300		305
5.000%, 12/15/2034		400		406
4.000%, 12/15/2042		1,000		919
Rock Island County, School District No. 41, Ser A, GO, AGC
5.000%, 01/01/2032		500		540
5.000%, 01/01/2034		650		710
Sales Tax Securitization, RB
5.000%, 01/01/2034		2,500		2,699
Sales Tax Securitization, Ser A, RB
5.000%, 01/01/2033		4,465		4,851
5.000%, 01/01/2036		4,500		4,715
Sales Tax Securitization, Ser A, RB, BAM
5.000%, 01/01/2037		200		208
Sales Tax Securitization, Ser C, RB
5.000%, 01/01/2037		635		658
				117,505
Indiana — 1.6%
Danville, Multi-School Building, RB, ST INTERCEPT
5.000%, 01/15/2031		500		539
5.000%, 01/15/2032		800		870
5.000%, 07/15/2032		500		546
5.000%, 01/15/2033		500		547
5.000%, 07/15/2033		555		610
Indiana State, Finance Authority, CHF - Tippecanoe, LLC, Student Housing Project, RB
5.000%, 06/01/2038		200		203
Indiana State, Finance Authority, Health System Revenue, Francisan Alliance, RB
5.000%, 11/01/2041		5,000		5,237
Indiana State, Finance Authority, Wastewater Utility Revenue, CWA Authority Project, Ser S, RB
4.000%, 10/01/2035		2,725		2,757
4.000%, 10/01/2036		1,485		1,496
Indiana State, Finance Authority, Water Utility Revenue, Citizens Energy Group Project, RB
5.000%, 10/01/2035		2,585		2,838
Indiana State, Housing & Community Development Authority, Tax-Exempt Student Loan Program, Ser B-1, RB, GNMA
3.250%, 07/01/2049		115		115
Indiana State, Secondary Market for Education Loans, Ser 1A, AMT, RB
5.000%, 06/01/2034		815		841

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Indianapolis, Local Public Improvement Bond Bank, Indiana Convention Center Hotel, RB
5.500%, 03/01/2038	$	1,400	$	1,469
Richmond, Hospital Authority, Reid Hospital Project, RB
5.000%, 01/01/2035		3,400		3,400
Westfield-Washington, Multi-School Building, Ser A, RB, BAM ST INTERCEPT
5.250%, 07/15/2037		2,520		2,760
Whiting, Industry Environmental Facilities, BP Products North America Project, AMT, RB
4.400%, 11/01/2045 (A)		635		649
4.000%, 12/01/2044 (A)		365		364
				25,241
Iowa — 0.5%
Iowa State, Finance Authority, Iowa Fertilizer Company Project, RB
Pre-Refunded @ 100
5.000%, 12/01/2032 (E)		2,515		2,789
Iowa State, Finance Authority, RB
5.000%, 05/15/2036		700		730
Iowa State, Finance Authority, Ser A, RB, GNMA/FNMA/FHLMC
5.250%, 07/01/2053		710		740
Iowa State, Student Loan Liquidity Corporation, Ser B, AMT, RB
5.000%, 12/01/2032		1,130		1,213
Iowa State, Tobacco Settlement Authority, Ser A-2, RB
4.000%, 06/01/2035		500		501
PEFA, Gas Project Revenue, Ser A, RB
5.000%, 04/01/2035		1,975		2,065
				8,038
Kentucky — 1.2%
Kentucky State, Bond Development, RB
5.250%, 10/31/2046		1,000		1,046
5.000%, 10/31/2041		2,030		2,126
5.000%, 10/31/2043		2,250		2,336
Kentucky State, Municipal Power Agency, Ser B, RB, AG
5.000%, 09/01/2037		505		549
5.000%, 09/01/2038		1,500		1,613
Kentucky State, Public Energy Authority, Ser A-1, RB
5.250%, 04/01/2054 (A)		2,250		2,352
Kentucky State, Public Energy Authority, Ser B, RB
5.000%, 12/01/2033		3,000		3,049
5.000%, 01/01/2055 (A)		2,750		2,871

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Louisville and Jefferson County, RB
5.000%, 10/01/2036	$	430	$	466
5.000%, 10/01/2037		960		1,033
5.000%, 10/01/2039		1,500		1,582
				19,023
Louisiana — 0.6%
Louisiana State, Public Facilities Authority, Department of Public Safety Crime Lab Project, RB, AGC
5.000%, 08/01/2031		400		434
5.000%, 08/01/2032		15		16
Louisiana State, Public Facilities Authority, Lincoln Preparatory School Project, Ser A, RB
6.125%, 06/01/2037 (B)		400		378
New Orleans, Aviation Board, AMT, RB
5.000%, 01/01/2034		2,250		2,420
5.000%, 01/01/2036		1,695		1,800
New Orleans, Aviation Board, Consolidated Rental Car Facility Project, RB, AGM
5.000%, 01/01/2031		1,260		1,290
5.000%, 10/01/2036		1,550		1,578
Shreveport, Water & Sewer Revenue, RB, AG
5.000%, 12/01/2032		1,000		1,086
				9,002
Maine — 0.0%
Maine State, Health & Higher Educational Facilities Authority, Ser A, RB, AGM
4.000%, 07/01/2035		20		20
4.000%, 07/01/2037		15		15
				35
Maryland — 1.7%
Maryland State, Community Development Administration, RB, FNMA
4.000%, 08/01/2039		1,935		1,829
Maryland State, Community Development Administration, Ser C, RB
3.500%, 03/01/2050		190		189
Maryland State, Department of Transportation, AMT, RB, AGC
5.000%, 08/01/2031		1,000		1,075
Maryland State, Department of Transportation, RB
4.000%, 10/01/2032		1,500		1,510
Maryland State, Economic Development, Core Natural Resources Project, RB
5.000%, 07/01/2048 (A)(B)		1,500		1,582

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Maryland State, Health & Higher Educational Facilities Authority, Adventist HealthCare, RB
5.500%, 01/01/2036	$	2,000	$	2,008
Maryland State, Health & Higher Educational Facilities Authority, RB
5.000%, 07/01/2036		1,100		1,164
Maryland State, Health & Higher Educational Facilities Authority, Ser C, RB
5.000%, 08/15/2042		1,250		1,296
Maryland State, Health & Higher Educational Facilities Authority, University of Maryland Medical System, Ser B, RB
5.000%, 07/01/2032		5,000		5,069
Maryland State, Stadium Authority, RB
5.000%, 06/01/2036		2,670		2,932
Maryland State, Transportation Authority, Transportation Facilities Project, Ser S, RB
5.000%, 07/01/2034		3,065		3,437
Prince George's County, Episcopal Life Project, RB
5.000%, 04/01/2031		2,000		2,007
Prince George's County, Ser A, GO
5.000%, 08/01/2042		2,000		2,121
				26,219
Massachusetts — 3.2%
Massachusetts State, Development Finance Agency, Beth Israel Lahey Health, RB
5.250%, 07/01/2044		9,000		9,572
Massachusetts State, Development Finance Agency, Boston University Housing Project, RB
5.000%, 10/01/2065 (A)		1,000		1,101
Massachusetts State, Development Finance Agency, Dana Farber Cancer Institute, RB
5.000%, 12/01/2037		450		490
5.000%, 12/01/2039		1,000		1,067
5.000%, 12/01/2042		10,000		10,525
Massachusetts State, Development Finance Agency, Emerson College, RB
5.000%, 01/01/2027		145		146
Massachusetts State, Development Finance Agency, Harvard University, Ser S, RB
5.000%, 02/15/2033		275		306
Massachusetts State, Development Finance Agency, Lasell Village, RB
5.000%, 07/01/2029		435		455

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Massachusetts State, Development Finance Agency, Suffolk University Project, RB
5.000%, 07/01/2035	$	150	$	150
Massachusetts State, Development Finance Agency, Tufts University Housing Project, RB
5.250%, 06/01/2044		530		554
5.000%, 06/01/2035		285		314
5.000%, 06/01/2036		455		492
Massachusetts State, Development Finance Agency, UMass Student Housing Project, RB
5.000%, 10/01/2027		2,965		2,969
Massachusetts State, Development Finance Agency, Wentworth Institute of Technology, RB
5.000%, 07/01/2036 (B)		760		789
Massachusetts State, Educational Financing Authority, AMT, RB
5.000%, 07/01/2030		1,125		1,194
5.000%, 07/01/2031		1,500		1,572
Massachusetts State, Educational Financing Authority, Ser B, AMT, RB
5.000%, 07/01/2027		915		927
5.000%, 07/01/2028		1,750		1,799
5.000%, 07/01/2029		1,925		2,028
Massachusetts State, Port Authority, Bosfuel Project, Ser A, AMT, RB
5.000%, 07/01/2030		1,330		1,390
Massachusetts State, Ser A, GO
5.000%, 01/01/2037		2,500		2,584
Massachusetts State, Ser B, GO
5.000%, 06/01/2039		40		43
Massachusetts State, Ser D, GO
4.000%, 05/01/2034		6,500		6,591
University of Massachusetts, Building Authority, RB
5.000%, 11/01/2040		3,000		3,256
				50,314
Michigan — 2.5%
Detroit, Downtown Development Authority, Catalyst Development Project, TA
5.000%, 07/01/2040		2,000		2,091
5.000%, 07/01/2048		645		654
Detroit, Regional Convention Facility Authority, Ser C, RB
5.000%, 10/01/2036		1,355		1,449
5.000%, 10/01/2037		215		229
Gerald R Ford International Airport Authority, AMT, RB
5.000%, 01/01/2040		1,245		1,305

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Great Lakes, Water Authority, Sewage Disposal System, RB
5.000%, 07/01/2038	$	1,750	$	1,874
Great Lakes, Water Authority, Sewage Disposal System, Ser B, RB
5.000%, 07/01/2036		2,500		2,787
Great Lakes, Water Authority, Water Supply System, Ser A, RB
5.000%, 07/01/2037		430		464
Michigan State, Finance Authority, Beaumont-Spectrum Consolidation, RB
5.000%, 04/15/2033		3,610		3,888
Michigan State, Finance Authority, Hospital Trinity Health Credit, RB
5.000%, 12/01/2034		2,000		2,035
Michigan State, Finance Authority, RB
5.250%, 02/28/2041		450		474
5.250%, 02/28/2042		2,200		2,312
5.250%, 02/28/2043		800		838
Michigan State, Finance Authority, Trinity Health Credit Group, RB
3.000%, 03/01/2046		3,500		2,600
Michigan State, Hospital Finance Authority, RB
5.000%, 05/15/2033		4,500		4,868
Michigan State, Hospital Finance Authority, Ser A-1, RB
5.000%, 11/15/2037		615		665
Michigan State, Housing Development Authority, Ser B, RB
5.750%, 06/01/2054		1,610		1,708
3.750%, 06/01/2050		65		65
Michigan State, Housing Development Authority, Ser D, RB
3.400%, 06/01/2030		640		640
Michigan State, Strategic Fund, I-75 Improvement Project, AMT, RB
5.000%, 12/31/2031		3,500		3,587
Michigan State, Strategic Fund, Various Consumer Energy Companies, AMT, RB
3.350%, 10/01/2049 (A)		345		344
Michigan State, Trunk Line Revenue, RB
5.000%, 11/15/2038		1,000		1,100
Oakland University, Ser A, RB
5.000%, 03/01/2043		1,625		1,690
5.000%, 03/01/2044		800		828
				38,495
Minnesota — 1.7%
Apple Valley, Senior Living Project, RB
5.500%, 01/01/2029		1,320		1,313
5.500%, 01/01/2031		1,085		1,064
5.250%, 01/01/2037		475		267

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Minneapolis & St. Paul, Metropolitan Airports Commission, Ser C, RB
5.000%, 01/01/2029	$	300	$	302
5.000%, 01/01/2031		300		302
Minneapolis & St. Paul, Metropolitan Airports Commission, Sub-Ser B, AMT, RB
4.000%, 01/01/2038		915		886
Minneapolis & St. Paul, Metropolitan Airports Commission, Sub-Ser, AMT, RB
5.250%, 01/01/2049		2,700		2,769
5.000%, 01/01/2036		3,355		3,602
Minneapolis, Fairview Health Services, Ser A, RB
5.000%, 11/15/2035		2,845		2,898
Minnesota State, Agricultural & Economic Development Board, RB
5.000%, 01/01/2037		1,530		1,625
Minnesota State, Higher Education Facilities Authority, St. Olaf College, RB
3.000%, 10/01/2038		250		213
3.000%, 10/01/2041		1,000		792
Minnesota State, Municipal Power Agency, Ser A, RB
5.000%, 10/01/2027		600		601
Minnesota State, Public Facilities Authority State Revolving Fund, Ser A, RB
5.000%, 03/01/2033		3,000		3,005
Minnetonka State, Independent School District No. 276, Ser E, GO, SD CRED PROG
0.000%, 02/01/2039 (F)		755		447
0.000%, 02/01/2041 (F)		550		288
Rochester, Health Care Facilities, Mayo Clinic, Ser A, RB
5.000%, 11/15/2042		5,000		5,298
				25,672
Mississippi — 0.1%
Mississippi State, Gaming Tax Revenue, Ser A, RB
5.000%, 10/15/2029		300		312
5.000%, 10/15/2030		850		882
Mississippi State, Gaming Tax Revenue, Ser E, RB
5.000%, 10/15/2029		1,000		1,002
				2,196
Missouri — 0.2%
Missouri State, Housing Development Commission, RB, GNMA/FNMA/FHLMC
3.875%, 05/01/2050		345		346

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
St Louis, Industrial Development Authority, Confluence Academy Project, RB
5.500%, 06/15/2042 (B)	$	2,350	$	2,149
St. Louis, Sewer District, Ser A, RB
5.000%, 05/01/2037		995		1,110
				3,605
Montana — 0.0%
Montana State, Facility Finance Authority, RB
5.000%, 02/15/2065 (A)		400		420

Nebraska — 0.9%
Central Plains, Energy Project, Ser A, RB
5.000%, 09/01/2036		4,860		4,980
5.000%, 09/01/2042		495		496
Nebraska State, Investment Finance Authority, Ser G, RB, GNMA/FNMA/FHLMC
5.150%, 09/01/2043		1,100		1,131
4.950%, 09/01/2038		550		567
Omaha, Airport Authority, AMT, RB, AGC
5.000%, 12/15/2032		1,335		1,446
5.000%, 12/15/2033		2,050		2,225
5.000%, 12/15/2034		1,000		1,087
Omaha, Public Power District, Ser A, RB
5.000%, 02/01/2041		1,700		1,767
				13,699
Nevada — 0.4%
Clark County, School District, Ser A, GO
5.000%, 06/15/2039		2,115		2,214
North Las Vegas, Ser B, GO
5.000%, 06/01/2038		2,000		2,153
Reno, Sales Tax Revenue, First Lien, RB
5.000%, 06/01/2037		590		607
Reno, Sales Tax Revenue, Second Lien, RB, AGM
5.000%, 06/01/2033		400		414
				5,388
New Hampshire — 0.3%
New Hampshire State, National Finance Authority, Municipal Certificates, RB
4.250%, 07/20/2041		3,250		3,043
New Hampshire State, National Finance Authority, RB
5.250%, 02/01/2037		340		368
New Hampshire State, National Finance Authority, Ser 1-CLASS, RB
5.100%, 12/20/2042		615		627

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
New Hampshire State, National Finance Authority, Springpoints Senior Living Project, RB
4.000%, 01/01/2029	$	300	$	303
4.000%, 01/01/2030		285		287
4.000%, 01/01/2031		290		291
				4,919
New Jersey — 4.0%
New Jersey State, COVID-19 Emergency Bonds, GO
4.000%, 06/01/2032		3,070		3,213
New Jersey State, Economic Development Authority, Continental Airlines Project, AMT, RB
5.625%, 11/15/2030		1,005		1,007
New Jersey State, Economic Development Authority, Provident Group Montclair Project, RB, AGM
5.000%, 06/01/2027		995		1,009
New Jersey State, Educational Facilities Authority, Montclair State University, RB, AGM
5.000%, 07/01/2037		810		887
New Jersey State, Educational Facilities Authority, Ser A, RB
5.000%, 07/01/2064 (A)		1,905		2,115
New Jersey State, Health Care Facilities Financing Authority, Inspira Health Obligated Group, RB
5.000%, 07/01/2036		2,250		2,275
New Jersey State, Health Care Facilities Financing Authority, Valley Health System Obligated Group, RB
5.000%, 07/01/2033		2,590		2,701
New Jersey State, Higher Education Student Assistance Authority, AMT, RB
5.000%, 12/01/2032		505		539
New Jersey State, Higher Education Student Assistance Authority, Ser A, AMT, RB
5.000%, 12/01/2030		1,400		1,480
New Jersey State, Higher Education Student Assistance Authority, Ser B, AMT, RB
5.000%, 12/01/2028		1,450		1,503
New Jersey State, Institute of Technology, Ser A, RB, BAM
5.000%, 07/01/2041		2,000		2,139
New Jersey State, Tobacco Settlement Financing, Ser A, RB
5.000%, 06/01/2035		10,000		10,210

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
New Jersey State, Transportation Trust Fund Authority, Federal Highway Reimbursement Notes, RB
5.000%, 06/15/2028	$	4,975	$	5,002
5.000%, 06/15/2029		3,500		3,517
5.000%, 06/15/2030		3,280		3,296
New Jersey State, Transportation Trust Fund Authority, RB
5.250%, 06/15/2039		2,500		2,664
New Jersey State, Transportation Trust Fund Authority, Ser A, RB
5.250%, 06/15/2039		3,000		3,250
5.000%, 06/15/2032		2,305		2,520
New Jersey State, Transportation Trust Fund Authority, Ser AA, RB
5.250%, 06/15/2041		2,000		2,133
5.000%, 06/15/2036		500		552
5.000%, 06/15/2038		1,250		1,329
New Jersey State, Transportation Trust Fund Authority, Ser BB, RB
5.000%, 06/15/2038		3,000		3,201
New Jersey State, Transportation Trust Fund Authority, Ser CC, RB
5.000%, 06/15/2034		710		785
New Jersey State, Transportation Trust Fund Authority, Ser S, RB
5.000%, 06/15/2032		1,250		1,300
South Jersey Port, Marine Terminal, Sub-Ser B, AMT, RB
5.000%, 01/01/2032		900		915
5.000%, 01/01/2033		425		432
5.000%, 01/01/2034		570		578
5.000%, 01/01/2036		570		577
South Jersey, Transportation Authority, Ser A, RB, BAM
4.000%, 11/01/2039		1,500		1,447
				62,576
New Mexico — 0.4%
New Mexico State, Hospital Equipment Loan Council, Ser A, RB
5.000%, 08/01/2044		5,000		5,027
Santa Fe, Retirement Facilities Revenue, El Castillo Retirement Project, RB
5.000%, 05/15/2034		545		552
				5,579
New York — 9.5%
Albany, Capital Resource, RB
5.250%, 05/01/2043		1,750		1,866
5.000%, 05/01/2036		500		547

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Build NYC Resource, Kipp Public School, Canal West Project, RB
5.000%, 07/01/2029	$	450	$	470
5.000%, 07/01/2031		525		559
Build NYC Resource, RB
6.500%, 12/15/2045 (B)		1,010		1,013
Long Island, Power Authority, Ser A, RB
4.000%, 09/01/2037		1,980		1,982
Metropolitan New York, Transportation Authority, RB
5.250%, 11/15/2043		1,000		1,055
5.000%, 11/15/2033		3,000		3,327
Metropolitan New York, Transportation Authority, Ser A-2, RB
5.000%, 11/15/2045 (A)		500		530
Metropolitan New York, Transportation Authority, Ser C-1, RB
5.000%, 11/15/2031		4,000		4,123
5.000%, 11/15/2033		2,005		2,012
4.000%, 11/15/2032		1,500		1,515
4.000%, 11/15/2038		1,925		1,836
Metropolitan New York, Transportation Authority, Ser E, RB
5.000%, 11/15/2032		2,190		2,353
Monroe County, Industrial Development Authority, University of Rochester Project, Ser A, RB
5.000%, 07/01/2028		1,325		1,350
Nassau County, Local Economic Assistance, Catholic Health Services of Long Island Project, RB
5.000%, 07/01/2029		1,000		1,006
New York & New Jersey, Port Authority, AMT, RB
5.000%, 09/01/2035		5,000		5,158
5.000%, 01/15/2036		1,000		1,065
5.000%, 08/01/2039		605		624
New York & New Jersey, Port Authority, Ser 246, AMT, RB
5.000%, 09/01/2030		2,000		2,133
New York City, Energy Finance Development, RB
5.000%, 07/01/2056 (A)		3,705		3,783
New York City, Health & Hospitals, Ser A, RB
5.000%, 02/15/2039		1,000		1,078
New York City, Housing Development Authority, RB
4.000%, 12/15/2031		500		504
New York City, Housing Development Authority, RB, FHA
4.600%, 08/01/2048		1,090		1,069

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
New York City, Industrial Development Agency, Queens Baseball Stadium Project, RB, AGM
3.000%, 01/01/2033	$	330	$	319
3.000%, 01/01/2034		740		705
New York City, Industrial Development Agency, Yankee Stadium Project, RB, AGM
5.000%, 03/01/2028		110		114
5.000%, 03/01/2030		100		106
New York City, Municipal Water Finance Authority, RB
3.100%, 06/15/2048 (A)		5,500		5,500
New York City, Municipal Water Finance Authority, Ser DD, RB
5.000%, 06/15/2046		1,500		1,562
New York City, Ser A, GO
5.250%, 08/01/2047		370		385
5.000%, 08/01/2035		1,000		1,095
5.000%, 08/01/2036		25		27
New York City, Ser A-1, GO
4.000%, 08/01/2037		4,000		3,922
New York City, Ser C, GO
4.000%, 08/01/2036		2,750		2,750
New York City, Ser F-1, GO
4.000%, 03/01/2038		1,500		1,465
New York City, Sub-Ser B, GO
5.250%, 10/01/2041		6,240		6,556
5.000%, 10/01/2033		280		305
New York City, Sub-Ser G-SUBSER, GO
5.000%, 02/01/2039		985		1,048
New York City, Transitional Finance Authority, Building Aid Revenue, Sub-Ser S1A, RB, ST AID WITHHLDG
5.000%, 07/15/2035		1,650		1,729
New York City, Transitional Finance Authority, Future Tax Secured Revenue, Sub-Ser B-1, RB
4.000%, 11/01/2043		1,350		1,225
New York City, Transitional Finance Authority, Future Tax Secured Revenue, Sub-Ser, RB
5.000%, 05/01/2038		1,040		1,105
5.000%, 05/01/2041		1,000		1,041
New York City, Transitional Finance Authority, Sub-Ser A-, RB
5.000%, 05/01/2042		410		428
New York City, Transitional Finance Authority, Sub-Ser D, RB
5.500%, 05/01/2052		2,000		2,093
New York City, Transitional Finance Authority, Sub-Ser D-1, RB
5.000%, 11/01/2041		3,000		3,124

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
New York City, Transitional Finance Authority, Sub-Ser S, RB
5.000%, 02/01/2045	$	1,500	$	1,548
5.000%, 11/01/2048		2,770		2,807
New York City, Transitional Finance Authority, Sub-Ser, RB
5.000%, 11/01/2041		1,215		1,276
New York State, Dormitory Authority, Pace University, Ser A, RB
5.250%, 05/01/2043		560		569
New York State, Dormitory Authority, Prefunded School Districts, RB, AGM
Pre-Refunded @ 100
5.000%, 10/01/2028 (E)		5		5
New York State, Dormitory Authority, RB
Pre-Refunded @ 100
4.000%, 03/15/2032 (E)		5		5
New York State, Dormitory Authority, RB
4.000%, 03/15/2038		4,840		4,715
New York State, Dormitory Authority, RB, AGC
5.250%, 10/01/2040		1,000		1,069
New York State, Dormitory Authority, Ser A, RB
5.000%, 03/15/2041		1,000		1,055
New York State, Dormitory Authority, Ser E, RB
3.000%, 03/15/2041		1,500		1,213
New York State, Liberty Development Authority, 4 World Trade Center Project, RB
2.875%, 11/15/2046		1,170		842
1.200%, 11/15/2028		1,355		1,268
New York State, Thruway Authority, Ser A-1- GROUP, RB
4.000%, 03/15/2036		2,895		2,896
3.000%, 03/15/2049		5,000		3,632
New York State, Thruway Authority, Ser B, RB
4.000%, 01/01/2041		2,380		2,197
New York State, Transportation Development Corporation, Delta Air Lines Inc, AMT, RB
5.000%, 01/01/2034		4,000		4,062
5.000%, 10/01/2040		2,625		2,664
New York State, Transportation Development Corporation, Delta Air Lines Inc, LaGuardia Airport Terminals C&D Redevelopment Project, AMT, RB
4.000%, 10/01/2030		4,550		4,607

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
New York State, Transportation Development Corporation, JFK International Airport Project, AMT, RB
6.000%, 06/30/2040	$	730	$	798
6.000%, 06/30/2059		1,250		1,307
5.500%, 06/30/2039		1,000		1,040
5.500%, 06/30/2041		850		877
5.250%, 06/30/2043		2,500		2,545
5.000%, 12/01/2036		4,000		4,197
5.000%, 12/01/2037		3,000		3,127
New York State, Transportation Development Corporation, JFK International Airport Project, AMT, RB, AG
6.000%, 06/30/2043		1,850		2,019
New York State, Transportation Development Corporation, JFK International Airport Project, AMT, RB, AGM
5.500%, 06/30/2043		1,200		1,244
5.250%, 06/30/2039		250		262
4.250%, 06/30/2042		4,000		3,721
New York State, Utility Debt Securitization Authority, Ser B, RB
5.000%, 12/15/2035		1,825		1,829
Suffolk Regional Off-Track Betting, RB
5.750%, 12/01/2044		1,750		1,779
Triborough, Bridge & Tunnel Authority, RB
5.250%, 12/01/2054		2,500		2,561
5.000%, 11/15/2047		2,000		2,071
0.000%, 11/15/2036 (F)		905		604
TSASC, Tobacco Settlement Bonds, Ser A, RB
5.000%, 06/01/2030		525		532
5.000%, 06/01/2031		525		531
Westchester County, Local Development, Westchester Medical Center Project, RB, AGM
5.000%, 11/01/2047		750		761
Westchester, Tobacco Asset Securitization, Ser B, RB
5.000%, 06/01/2031		2,000		2,027
				147,824
North Carolina — 1.2%
Charlotte, Airport Revenue, Douglas International Airport, AMT, RB
5.000%, 07/01/2037		2,250		2,368
Charlotte-Mecklenburg, Hospital Authority, Atrium Health Group, RB
5.000%, 01/15/2049 (A)		5,000		5,395
Greater Asheville, Regional Airport Authority, Ser A, AMT, RB, AGM
5.000%, 07/01/2031		445		476

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Nash Health Care Systems, RB
5.000%, 02/01/2032	$	2,625	$	2,819
North Carolina State, Housing Finance Agency, RB, GNMA/FNMA/FHLMC
3.750%, 07/01/2052		955		958
North Carolina State, Housing Finance Agency, Ser 5, RB, GNMA/FNMA/FHLMC
6.250%, 01/01/2056		470		519
North Carolina State, Medical Care Commission, Penick Village Project, Ser A, RB
5.500%, 09/01/2044		1,380		1,421
North Carolina State, Medical Care Commission, RB
3.200%, 11/01/2030		2,000		1,964
North Carolina State, Medical Care Commission, Retirement Facilities First Mortgage, RB
5.000%, 01/01/2029		285		287
North Carolina State, Medical Care Commission, The Forest at Duke Project, RB
4.000%, 09/01/2041		830		751
North Carolina State, Medical Care Commission, Twin Lakes Community, Ser A, RB
5.000%, 01/01/2038		605		614
North Carolina State, Turnpike Authority, RB, AGM
5.000%, 01/01/2034		1,000		1,037
				18,609
North Dakota — 0.1%
North Dakota State, Housing Finance Agency, Home Mortgage Finance Program, RB
4.500%, 07/01/2043		760		736
3.550%, 07/01/2033		380		375
North Dakota State, Housing Finance Agency, Home Mortgage Finance Program, Ser D, RB
5.500%, 01/01/2031		990		1,076
				2,187
Ohio — 2.5%
Buckeye, Tobacco Settlement Financing Authority, Ser A-2, RB
5.000%, 06/01/2032		4,325		4,591
Buckeye, Tobacco Settlement Financing Authority, Ser B, RB
5.000%, 06/01/2055		1,100		840
Cuyahoga County, Hospital Revenue, Metrohealth System, RB
5.000%, 02/15/2037		3,000		3,005

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Hamilton County, Tax Revenue Authority, Ser A, RB
4.000%, 12/01/2032	$	1,600	$	1,605
Kettering, School District, Ser B, GO
5.000%, 10/01/2043		1,000		1,032
Miami University, Ser A, RB
5.000%, 09/01/2045		1,000		1,050
Ohio State, Air Quality Development Authority, RB
4.000%, 09/01/2030 (A)		990		993
Ohio State, Hospital Facility Authority, Childrens Hospital Center, RB
5.000%, 08/15/2054 (A)		2,000		2,154
Ohio State, Hospital Facility Authority, Cleveland Clinic Health Project, RB
2.750%, 01/01/2052 (A)		480		477
Ohio State, Portsmouth Bypass Project, AMT, RB, AGM
5.000%, 12/31/2027		655		656
Ohio State, Water Development Authority, Fresh Water Bonds, Ser A, RB
5.000%, 12/01/2040		5,545		5,901
Ohio State, Water Development Authority, Water Pollution Control Loan Fund, Ser A, RB
5.000%, 12/01/2041		4,000		4,246
Ohio State, Water Development Authority, Water Pollution Control Loan Fund, Ser B, RB
5.000%, 12/01/2042		7,000		7,381
Ohio State, Water Development Authority, Water Pollution Control Loan Fund, Ser C, RB
3.100%, 12/01/2054 (A)		1,500		1,500
Summit County, Development Finance Authority, RB, BAM
5.000%, 07/01/2039		860		889
Warren County, Healthcare Facilities, Otterbein Homes Obligated Group, RB
5.000%, 07/01/2037		1,015		1,072
5.000%, 07/01/2038		775		812
				38,204
Oklahoma — 0.0%
Oklahoma State, Turnpike Authority, Ser B, RB
5.000%, 01/01/2039		410		447

Oregon — 0.5%
Lincoln County, School District, GO, SCH BD GTY
5.000%, 06/15/2035		240		270

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Oregon State, Facilities Authority, Legacy Health Project, Ser A, RB
5.000%, 06/01/2035	$	2,500	$	2,512
5.000%, 06/01/2046		2,500		2,501
Oregon State, GO
5.000%, 05/01/2040		1,970		2,084
Portland, Water System Revenue, RB
5.250%, 04/01/2056		1,000		1,039
				8,406
Pennsylvania — 7.2%
Allegheny County, Hospital Development Authority, Allegheny Health Network Project, RB
5.000%, 04/01/2030		5,000		5,131
Allentown, Neighborhood Improvement Zone Development Authority, City Center Project, RB
5.000%, 05/01/2042 (B)		1,850		1,851
Bucks County, Industrial Development Authority, Lane Charter School Project, RB
5.125%, 03/15/2036		2,000		2,010
Coatesville, School District, GO, AG ST AID WITHHLDG
5.250%, 11/15/2040		1,420		1,498
Delaware River, Joint Toll Bridge Commission, Ser A, RB
5.000%, 07/01/2046		850		889
Delaware River, Port Authority, RB
5.000%, 01/01/2040		1,000		1,067
Doylestown, Hospital Authority, RB
5.000%, 07/01/2031 (B)		835		873
Lancaster County, Hospital Authority, Penn State Health, RB
5.000%, 11/01/2046		2,000		2,012
Lancaster, School District, Ser A, GO, BAM ST AID WITHHLDG
5.000%, 06/01/2031		550		597
5.000%, 06/01/2032		750		822
Luzerne County, Industrial Development Authority, American Water Project, AMT, RB
2.450%, 12/01/2039 (A)		2,500		2,358
Montgomery County, Higher Education & Health Authority, Thomas Jefferson University Project, RB
5.000%, 09/01/2033		2,815		2,885
Montgomery County, Industrial Development Authority, Retirement Communities Revenue, RB
5.000%, 11/15/2036		4,485		4,494

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Moon Township, Industrial Development Authority, Presbyterian Health Care Project, RB
5.625%, 07/01/2030	$	1,490	$	1,491
Pennsylvania State, Commonwealth Financing Authority, Tobacco Master Settlement, RB
5.000%, 06/01/2032		2,150		2,219
5.000%, 06/01/2033		3,500		3,606
Pennsylvania State, Economic Development Financing Authority, PENNDOT Major Bridges Project, AMT, RB
5.000%, 06/30/2034		8,235		8,756
Pennsylvania State, Economic Development Financing Authority, RB, AGM
5.000%, 01/01/2039		540		561
Pennsylvania State, Economic Development Financing Authority, University of Pittsburgh Medical Center, RB
5.000%, 05/15/2031		5,855		6,268
Pennsylvania State, Economic Development Financing Authority, University of Pittsburgh Medical Center, Ser A, RB
5.000%, 10/15/2033		2,300		2,457
Pennsylvania State, GO
5.000%, 08/15/2033		6,395		7,125
Pennsylvania State, Higher Education Assistance Agency, Ser A, AMT, RB
5.000%, 06/01/2031		1,450		1,522
Pennsylvania State, Higher Educational Facilities Authority, RB
5.250%, 11/01/2039		3,000		3,154
Pennsylvania State, Housing Finance Agency, RB
5.125%, 10/01/2041		1,030		1,045
Pennsylvania State, Housing Finance Agency, Ser 142-A, RB
5.500%, 10/01/2053		795		833
4.850%, 10/01/2043		4,650		4,662
Pennsylvania State, Housing Finance Agency, Ser 150A, RB
5.000%, 10/01/2037		1,150		1,200
Pennsylvania State, Housing Finance Agency, Ser 151-A, RB
5.000%, 10/01/2033		1,120		1,214
Philadelphia, Airport Revenue, AMT, RB, AGM
4.000%, 07/01/2040		500		473
Philadelphia, Airport Revenue, Ser B, AMT, RB
5.000%, 07/01/2031		1,000		1,013
Philadelphia, Gas Works, RB
5.000%, 08/01/2036		2,170		2,356

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Philadelphia, Hospitals & Higher Education Facilities Authority, Temple University Health System Project, RB, AGM
5.000%, 07/01/2036	$	700	$	738
Philadelphia, Housing Authority, PHADC Acquisition Program, RB
5.250%, 03/01/2038		1,500		1,606
Philadelphia, Industrial Development Authority, RB
5.000%, 05/01/2040		5,655		5,959
Philadelphia, Industrial Development Authority, University Square Apartments Project, RB
Pre-Refunded @ 100
5.000%, 12/01/2026 (E)		4,285		4,306
Philadelphia, School District, Ser A, GO, ST AID WITHHLDG
5.000%, 09/01/2036		2,000		2,049
4.000%, 09/01/2035		2,500		2,503
4.000%, 09/01/2038		3,000		2,916
Philadelphia, School District, Ser F, GO, ST AID WITHHLDG
5.000%, 09/01/2028		3,390		3,390
Philadelphia, Water & Wastewater Revenue, Ser B, RB, AGM
5.000%, 09/01/2040		4,520		4,784
Philadelphia, Water & Wastewater Revenue, Ser C, RB, AGC
5.000%, 09/01/2034		4,350		4,881
Pittsburgh, Water & Sewer Authority, Ser A, RB
5.000%, 09/01/2044		725		759
Southeastern Pennsylvania, Transportation Authority, RB
5.250%, 06/01/2039		2,250		2,402
				112,735
Puerto Rico — 2.6%
Puerto Rico, Electric Power Authority, Ser CCC, RB
5.250%, 07/01/2027 (C)		2,990		2,213
Puerto Rico, Electric Power Authority, Ser TT, RB
5.000%, 07/01/2032 (C)		1,000		740
Puerto Rico, Electric Power Authority, Ser WW, RB
5.250%, 07/01/2033 (C)		3,035		2,246
Puerto Rico, Electric Power Authority, Ser XX, RB
5.250%, 07/01/2040 (C)		2,940		2,176
Puerto Rico, GDB Debt Recovery Authority, RB
7.500%, 08/20/2040		860		848

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Puerto Rico, Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, AMT, RB
6.500%, 01/01/2042	$	2,000	$	2,213
Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A1, RB
5.000%, 07/01/2058		1,000		969
0.000%, 07/01/2046 (F)		14,803		5,302
Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A-1, RB
4.550%, 07/01/2040		6,975		6,898
Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A-2, RB
4.329%, 07/01/2040		5,750		5,621
Puerto Rico, Ser A1, GO
5.625%, 07/01/2027		1,695		1,723
4.000%, 07/01/2046		3,600		3,194
Puerto Rico, Sub-Ser CW, GO
0.000%, 11/01/2043 (A)(G)		8,979		6,397
				40,540
Rhode Island — 1.0%
Providence, Public Building Authority, RB, AGC
5.000%, 09/15/2038		335		352
5.000%, 09/15/2039		1,000		1,039
Rhode Island State, Health & Educational Building, Central Falls Public School Projects, RB, ST APPROP
4.000%, 05/15/2041		5,420		5,109
Rhode Island State, Health & Educational Building, City of Pawtucket, Ser C, RB, AGM ST AID WITHHLDG
5.000%, 05/15/2035		40		44
Rhode Island State, Health & Educational Building, City of Providence, Ser G, RB, BAM ST AID WITHHLDG
5.000%, 05/15/2034		415		457
5.000%, 05/15/2035		500		542
Rhode Island State, Health & Educational Building, Lifespan Obligation Group, RB
5.250%, 05/15/2049		1,650		1,687
5.000%, 05/15/2039		550		571
5.000%, 05/15/2044		600		609
Rhode Island State, Health & Educational Building, Ser A, RB, AG
5.000%, 07/01/2036		500		534
5.000%, 07/01/2037		750		796
5.000%, 07/01/2040		700		719
Rhode Island State, Housing & Mortgage Finance, Homeownership Opportunity, Ser 81-A, RB, GNMA
5.250%, 10/01/2043		770		791

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Rhode Island State, Student Loan Authority, Ser B, AMT, RB
5.000%, 12/01/2031	$	535	$	567
Rhode Island State, Turnpike & Bridge Authority, Ser A, RB, AG
5.000%, 10/01/2037		770		839
5.000%, 10/01/2038		1,125		1,214
				15,870
South Carolina — 1.9%
Patriots Energy Group, Financing Agency, RB
5.250%, 02/01/2054 (A)		600		637
Piedmont, Municipal Power Agency, Ser B, RB
4.000%, 01/01/2033		5,125		5,151
South Carolina State, Housing Finance & Development Authority, Ser A, RB
5.750%, 01/01/2054		1,320		1,415
South Carolina State, Housing Finance & Development Authority, Ser B, RB
3.750%, 01/01/2050		250		251
South Carolina State, Jobs-Economic Development Authority, Gray Collegiate Academy Project, RB
5.750%, 07/01/2046 (B)		640		620
South Carolina State, Jobs-Economic Development Authority, High Point Academy Project, Ser A, RB
5.750%, 06/15/2039 (B)		1,000		942
South Carolina State, Jobs-Economic Development Authority, Novant Health Obligated Group, RB
5.000%, 11/01/2035		885		953
5.000%, 11/01/2037		655		695
South Carolina State, Medical University Hospital Authority, RB, FHA
5.250%, 11/15/2044		1,565		1,629
South Carolina State, Port Authority, AMT, RB
5.000%, 07/01/2030		1,500		1,542
4.000%, 07/01/2035		1,160		1,141
South Carolina State, Public Service Authority, Santee Cooper, Ser A, RB
5.000%, 12/01/2036		2,750		2,924
4.000%, 12/01/2038		175		169
South Carolina State, Public Service Authority, Santee Cooper, Ser B, RB
5.000%, 12/01/2036		2,445		2,657
South Carolina State, Public Service Authority, Santee Cooper, Ser E, RB, AGM
5.250%, 12/01/2038		2,500		2,690

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
South Carolina State, Public Service Authority, Ser A, RB
5.000%, 12/01/2040	$	1,220	$	1,283
4.000%, 12/01/2034		2,000		2,014
4.000%, 12/01/2036		2,250		2,228
				28,941
South Dakota — 0.1%
South Dakota State, Health & Educational Facilities Authority, Sanford Obligated Group, Ser C-1, RB
5.000%, 11/01/2052 (A)		740		775
South Dakota State, Housing Development Authority, Ser A, RB, GNMA/FNMA/FHLMC
6.000%, 05/01/2054		210		221
South Dakota State, Housing Development Authority, Ser B, RB
4.000%, 11/01/2049		340		342
				1,338
Tennessee — 0.8%
Knox County, Health Educational & Housing Facility Board, University of Tennessee Project, Ser A-1, RB, BAM
5.000%, 07/01/2037		300		319
Knox County, Health Educational & Housing Facility Board, University of Tennessee Project, Ser B-1, RB, BAM
5.000%, 07/01/2044		2,200		2,256
Nashville & Davidson County, Metropolitan Government, Health & Educational Facilities Board, Belmont University, RB
5.000%, 05/01/2038		705		739
Nashville & Davidson County, Metropolitan Government, Sports Authority, Stadium Project, Ser A, RB, AGM
5.000%, 07/01/2043		1,300		1,349
Nashville & Davidson County, Metropolitan Government, Vanderbilt University Medical Center, RB
5.000%, 07/01/2040		585		619
Tennergy, Ser A, RB
4.000%, 12/01/2051 (A)		2,500		2,523
Tennessee State, Energy Acquisition, Gas Project, Ser A, RB
5.000%, 11/01/2034		500		524
Tennessee State, Energy Acquisition, Ser A, RB
5.000%, 12/01/2035		4,000		4,164
				12,493

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Texas — 7.6%
Arlington, Higher Education Finance, Riverwalk Education Foundation, RB, PSF-GTD
5.000%, 08/15/2038	$	810	$	848
Austin, Electric Utility Revenue, RB
5.000%, 11/15/2032		1,535		1,541
5.000%, 11/15/2039		800		851
5.000%, 11/15/2041		1,100		1,157
Austin, Special Tax Revenue, Sub-Ser, RB, AG
5.000%, 11/15/2043		750		780
Austin, Texas Airport System Revenue, Ser B, AMT, RB
5.000%, 11/15/2037		900		902
Austin-Bergstrom, Landhost Enterprises, RB
5.000%, 10/01/2026		465		466
Boerne, Independent School District, GO, PSF-GTD
4.000%, 02/01/2054 (A)		225		228
3.125%, 02/01/2053 (A)		900		901
Cedar Hill, Independent School District, GO, PSF-GTD
5.000%, 02/15/2040		2,000		2,113
Central Texas, Regional Mobility Authority, Senior Lien, Ser D, RB
4.000%, 01/01/2037		770		766
Central Texas, Regional Mobility Authority, Ser B, RB
5.000%, 01/01/2036		200		212
Central Texas, Turnpike System, Ser A, RB
5.000%, 08/15/2037		1,750		1,875
5.000%, 08/15/2038		680		724
Central Texas, Turnpike System, Ser C, RB
5.000%, 08/15/2037		5,000		5,348
Clifton, Higher Education Finance, International Leadership, RB, PSF-GTD
5.000%, 08/15/2035		900		964
Clifton, Higher Education Finance, Public Schools Project, RB, PSF-GTD
5.000%, 08/15/2037		1,000		1,062
4.000%, 08/15/2032		1,000		1,007
Collin County, Community College District, Ser A, GO
4.000%, 08/15/2034		2,500		2,514
Corpus Christi, Utility System Revenue, Ser A, RB
5.000%, 07/15/2033		1,500		1,578
Dallas City, Hotel Occupancy Tax Revenue, RB
4.000%, 08/15/2034		500		498

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Dallas City, Love Field, Airport Modernization, AMT, RB
5.000%, 11/01/2030	$	1,000	$	1,003
5.000%, 11/01/2031		1,250		1,253
5.000%, 11/01/2032		2,500		2,506
5.000%, 11/01/2033		1,175		1,177
5.000%, 11/01/2034		1,000		1,002
5.000%, 11/01/2035		1,000		1,002
Dallas-Fort Worth, International Airport Revenue, Ser C, AMT, RB
5.000%, 11/01/2031		3,000		3,222
Dayton, Independent School District, GO, PSF-GTD
4.000%, 02/15/2040		2,400		2,306
East Montgomery County, Improvement District Sales Tax Revenue, RB, AGC
5.000%, 08/15/2033		1,000		1,094
El Paso County, Hospital District, GO, AG
5.000%, 02/15/2035		865		935
Garland, Electric Utility System Revenue, RB, AGC
5.000%, 03/01/2031		25		27
Garland, Independent School District, Ser A, GO, PSF-GTD
5.000%, 02/15/2039		2,000		2,118
5.000%, 02/15/2042		2,500		2,610
Georgetown, Utility System Revenue, RB, AGM
5.000%, 08/15/2037		1,705		1,796
Harris County, Houston Sports Authority, Ser B, RB, AGC
5.000%, 11/15/2031		1,600		1,723
5.000%, 11/15/2033		370		403
Harris County, Industrial Development, RB
4.050%, 11/01/2050 (A)		390		397
Hidalgo County, Regional Mobility Authority, Ser A, RB
5.000%, 12/01/2031		260		271
5.000%, 12/01/2032		300		312
Houston, Airport System Revenue, Sub-Ser C, AMT, RB
5.000%, 07/01/2032		1,500		1,541
Houston, Hotel Occupancy Tax & Special Revenue, RB, AG
5.000%, 09/01/2042		940		969
5.000%, 09/01/2043		1,400		1,459
5.000%, 09/01/2046		2,000		2,061
Lamar, Consolidated Independent School District, GO
5.000%, 02/15/2039		2,000		2,097
Lower Colorado River Authority, Transmission Contract Refunding and Improvement, RB
5.000%, 05/15/2046		1,000		1,027

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Montgomery County, Toll Road Authority, RB
5.000%, 09/15/2043	$	2,500	$	2,583
New Hope, Cultural Education Facilities Finance, Sanctuary LTC Project, RB
5.500%, 01/01/2057		750		688
North East Texas, Regional Mobility Authority, Ser A, RB
5.000%, 01/01/2038		1,000		1,066
North Texas, Tollway Authority, Ser B, RB
5.000%, 01/01/2037		4,000		4,301
Northwest, Independent School District, GO, PSF-GTD
4.000%, 02/15/2043		7,000		6,545
Port Arthur, Independent School District, GO, PSF-GTD
5.000%, 02/15/2034		1,000		1,102
5.000%, 02/15/2035		730		809
Princeton, Independent School District, GO, PSF-GTD
5.000%, 02/15/2039		650		698
Prosper, Independent School District, Ser A, GO, PSF-GTD
5.000%, 02/15/2031		1,000		1,084
San Antonio, Electric & Gas Systems Revenue, Ser A, RB
5.000%, 02/01/2033		1,410		1,507
5.000%, 02/01/2034		1,700		1,809
5.000%, 02/01/2039		20		21
3.080%, 02/01/2055 (A)		835		833
San Antonio, Electric & Gas Systems Revenue, Ser B, RB
5.000%, 02/01/2043		2,000		2,099
San Antonio, Electric & Gas Systems Revenue, Ser B-REMK, RB
4.000%, 02/01/2033		1,000		1,030
Southwest Texas, Independent School District, GO, PSF-GTD
5.000%, 02/01/2035		445		477
Tarrant County, Cultural Education Facilities Finance, RB
5.000%, 11/15/2051 (A)		485		524
Tarrant County, Cultural Education Facilities Finance, Trinity Terrace, RB
5.000%, 10/01/2037		2,675		2,814
Texas State University, Board of Regents, University System Financing, Ser C, RB
5.000%, 03/15/2033		1,000		1,097
5.000%, 03/15/2036		250		277
Texas State, GO
5.000%, 10/01/2040		1,500		1,606
Texas State, Municipal Gas Acquisition & Supply I, Senior Lien, Ser D, RB
6.250%, 12/15/2026		210		212

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Texas State, Municipal Gas Acquisition & Supply III, RB
5.000%, 12/15/2030	$	285	$	297
Texas State, Municipal Gas Acquisition & Supply IV, Ser B, RB
5.500%, 01/01/2054 (A)		7,000		7,462
Texas State, Municipal Gas Acquisition & Supply V, RB
5.000%, 01/01/2055 (A)		6,500		6,777
Texas State, Municipal Gas Acquisition & Supply VI, RB
5.000%, 01/01/2036		1,000		1,039
Texas State, Ser B, GO
4.000%, 08/01/2031		435		435
Texas State, Water Development Board, RB
5.000%, 10/15/2026		3,750		3,761
University of Texas, Board of Regents, Ser A, RB
5.000%, 08/15/2037		2,000		2,177
5.000%, 08/15/2040		1,000		1,075
University of Texas, Permanent University Fund, Ser B, RB
5.000%, 07/01/2035		1,000		1,119
Uptown Development Authority, TA
4.000%, 09/01/2033		400		393
4.000%, 09/01/2035		275		265
				118,628
Utah — 1.0%
Downtown Revitalization Public Infrastructure District, Seg Redevelopment Project, RB, AG
5.000%, 06/01/2037		750		813
Intermountain Power Agency, RB
5.000%, 07/01/2036		5,370		5,757
Mida Mountain Village Public Infrastructure District, Sub-Ser 1, TA
5.125%, 06/15/2054 (B)		500		479
Salt Lake City, Airport Revenue, Ser A, AMT, RB
5.000%, 07/01/2035		5,000		5,054
Utah State, Municipal Power Agency, Ser A, RB
5.000%, 07/01/2037		1,750		1,922
West Utah City, Public Infrastructure District No. 1, Special Assessment Bonds, SAB
5.500%, 12/01/2046 (B)		890		893
				14,918
Virgin Islands — 0.2%
Virgin Islands, Matching Fund, Special Purpose Securitization, Ser A, RB
5.000%, 10/01/2039		3,065		3,129

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Virginia — 1.7%
Arlington County, Industrial Development Authority, Arlington Health System, Virginia Hospital, Ser A, RB
5.000%, 07/01/2053 (A)	$	880	$	929
Henrico County, Economic Development Authority, Westminster Canterbury Richmond, RB
5.000%, 10/01/2042		430		437
Norfolk, Economic Development Authority, Sentara Health Care, Ser B, RB
5.000%, 11/01/2048 (A)		1,035		1,079
Virginia Beach, Development Authority, RB
5.375%, 09/01/2029		465		466
Virginia State, College Building Authority, 21st Century College Program, RB
5.000%, 02/01/2028		2,000		2,070
Virginia State, Public Building Authority, Ser A, RB
4.000%, 08/01/2038		5,500		5,464
Virginia State, Small Business Financing Authority, AMT, RB
5.000%, 07/01/2035		1,085		1,126
5.000%, 06/30/2042		2,000		2,023
5.000%, 12/31/2047		440		438
4.000%, 07/01/2030		1,140		1,153
4.000%, 07/01/2031		365		366
Virginia State, Small Business Financing Authority, RB
5.000%, 12/01/2039		3,000		3,100
Virginia State, Tobacco Settlement Financing, Sub-Ser C, RB
0.000%, 06/01/2047 (F)		34,300		7,414
				26,065
Washington — 2.7%
King & Snohomish Counties, School District No. 417, GO, SCH BD GTY
5.000%, 12/01/2042		5,000		5,287
King County, Housing Authority, RB
5.375%, 07/01/2045		90		93
King County, Housing Authority, Ser A1, RB
5.000%, 01/01/2030		225		234
King County, Public Hospital District No. 1, GO
5.000%, 12/01/2027		7,720		7,758
Kitsap County, School District No. 100-C Bremerton, Ser C, GO, SCH BD GTY
5.000%, 12/01/2040		1,790		1,897
Port of Seattle, AMT, RB
5.250%, 07/01/2040		2,000		2,108
5.250%, 07/01/2041		1,405		1,473
5.250%, 07/01/2042		5,000		5,227
5.000%, 08/01/2041		1,000		1,021

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Seattle, Housing Authority, RB
5.000%, 12/01/2029	$	360	$	374
Washington State, GO
4.000%, 07/01/2036		4,500		4,573
Washington State, Health Care Facilities Authority, RB
5.000%, 10/01/2035		555		605
Washington State, Health Care Facilities Authority, Ser A, RB
5.000%, 10/01/2042		1,800		1,771
Washington State, Housing Finance Commission, Heron's Key Phase II Project, Ser S, RB
5.000%, 07/01/2031		255		274
5.000%, 07/01/2032		370		400
5.000%, 07/01/2033		425		464
5.000%, 07/01/2034		380		416
Washington State, Housing Finance Commission, Radford & Norheim Courts, RB
5.000%, 07/01/2036		1,645		1,675
5.000%, 07/01/2038		1,000		1,004
Washington State, Housing Finance Commission, RB, BAM
5.000%, 07/01/2040 (B)		2,000		2,047
Washington State, Housing Finance Commission, Social Certificate, Ser A-, RB
3.500%, 12/20/2035		906		862
Washington State, Housing Finance Commission, Transforming Age Project, Ser A, RB
5.000%, 01/01/2034 (B)		745		760
Washington State, Ser A, GO
5.000%, 08/01/2035		1,665		1,787
				42,110
West Virginia — 0.2%
Ohio County, Special District Excise Tax Revenue, RB, AGC
5.000%, 06/01/2035		550		600
5.000%, 06/01/2036		525		568
West Virginia State, Economic Development Authority, AMT, RB
3.750%, 04/01/2036 (A)		310		307
West Virginia State, Parkways Authority, Turnpike Toll Revenue, RB
5.000%, 06/01/2034		1,000		1,032
5.000%, 06/01/2035		1,005		1,034
				3,541
Wisconsin — 2.8%
Milwaukee, Ser B4, GO, AGM
5.000%, 04/01/2036		2,965		3,179

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Sheboygan, School District, GO
3.000%, 03/01/2041	$	2,400	$	1,972
University of Wisconsin, Hospitals & Clinics, RB
4.000%, 04/01/2039		295		285
University of Wisconsin, Hospitals & Clinics, Ser A, RB
5.000%, 04/01/2038		590		628
Wisconsin State, Center District, Ser C, RB, AGM
0.000%, 12/15/2029 (F)		370		331
Wisconsin State, Health & Educational Facilities Authority, Children's Hospital of Wisconsin, RB
5.000%, 08/15/2034		1,835		1,860
Wisconsin State, Health & Educational Facilities Authority, Hospital Sisters Credit Group, RB, AG
5.000%, 08/15/2030		2,500		2,666
5.000%, 08/15/2040		3,000		3,169
Wisconsin State, Health & Educational Facilities Authority, Oakwood Lutheran Senior Ministries, RB
4.000%, 01/01/2037		665		643
Wisconsin State, Health & Educational Facilities Authority, RB
5.000%, 11/01/2035		385		412
Wisconsin State, Health & Educational Facilities Authority, St. Camilus Health System, RB
5.000%, 11/01/2028		470		483
5.000%, 11/01/2030		1,035		1,066
Wisconsin State, Health & Educational Facilities Authority, Three Pillars Senior Living Communities, RB
4.000%, 08/15/2041		705		629
Wisconsin State, Health & Educational Facilities Authority, Three Pillars Senior Living Community, RB
5.750%, 08/15/2059		220		224
Wisconsin State, Housing & Economic Development Authority, Ser C, RB, GNMA/FNMA/FHLMC
6.000%, 03/01/2055		1,145		1,232
5.500%, 03/01/2032		950		1,054
Wisconsin State, Public Finance Authority, Appalachian State University Project, RB, AGM
4.000%, 07/01/2027		225		226
4.000%, 07/01/2028		225		228
4.000%, 07/01/2029		225		227
Wisconsin State, Public Finance Authority, Duke Energy Progress Project, RB
3.700%, 10/01/2046 (A)		10,450		10,594

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Wisconsin State, Public Finance Authority, Elme Germantown Apartments, RB
4.000%, 05/01/2036	$	615	$	602
Wisconsin State, Public Finance Authority, Grand Hyatt San Antonio Hotel Acquisition Project, RB
5.000%, 02/01/2052		755		717
5.000%, 02/01/2062		1,030		955
Wisconsin State, Public Finance Authority, Kahala Nui Project, RB
5.250%, 11/15/2055		440		441
Wisconsin State, Public Finance Authority, Kawa Fund, RB
3.625%, 06/15/2063 (A)		450		444
Wisconsin State, Public Finance Authority, Lindenwood Education System, RB
4.750%, 06/01/2040 (B)		1,000		954
Wisconsin State, Public Finance Authority, Oxford Properties Project, RB, BAM
5.000%, 07/01/2036		725		772
Wisconsin State, Public Finance Authority, Senior-KSU Bixby Real Estate Facility, RB
5.000%, 06/15/2038		350		373
5.000%, 06/15/2040		350		366
Wisconsin State, Public Finance Authority, United Methodist Retirement Facility Project, RB
4.000%, 10/01/2026		300		300
4.000%, 10/01/2027		125		126
4.000%, 10/01/2028		250		255
Wisconsin State, Public Finance Authority, Wake Forest University Office Building Project, RB
5.000%, 07/01/2035		4,365		4,766
Wisconsin State, Ser 1, GO
5.000%, 05/01/2033		150		166
5.000%, 05/01/2034		200		223
5.000%, 05/01/2035		175		195
				42,763
Wyoming — 0.0%
Wyoming State, Community Development Authority, Ser 1, RB
6.000%, 12/01/2054		190		204

Total Municipal Bonds
(Cost $1,590,268) ($ Thousands)				1,550,916

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITY — 0.0%
Agency Mortgage-Backed Obligation — 0.0%
Public Finance Authority, Ser 1, Cl A1
4.481%, 12/05/2040(A)	$	230	$	222

Total Mortgage-Backed Security
(Cost $230) ($ Thousands)				222

	Shares
CASH EQUIVALENT — 0.0%
SEI Daily Income Trust, Government Fund, Institutional Class
3.570%**^†		531,488		531
Total Cash Equivalent
(Cost $531) ($ Thousands)				531
Total Investments in Securities — 99.7%
(Cost $1,591,029) ($ Thousands)			$	1,551,669

	Percentages are based on Net Assets of $1,556,636 ($ Thousands).
**	The rate reported is the 7-day effective yield as of August 31, 2026.
^†	Investment in Affiliated Security (see Note 3).
(A)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.
(B)	Security, or a portion thereof, exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On August 31, 2026, the value of these securities amounted to $39,739 ($ Thousands), representing 2.6% of the Net Assets of the Fund.
(C)	Security is in default on interest payment.
(D)	Securities are held in connection with a letter of credit issued by a major bank.
(E)	Pre-Refunded Securities — The maturity date shown is the pre-refunded date.
(F)	Zero coupon security.
(G)	No interest rate available.

The following is a summary of the level of inputs used as of August 31, 2026, in valuing the Fund's investments carried at value ($ Thousands):

Investments in Securities

Level 1 ($)

Level 2 ($)

Level 3 ($)

Total ($)

Municipal Bonds

–

1,550,916

–

1,550,916

Mortgage-Backed Security

–

222

–

222

Cash Equivalent

531

–

531

Total Investments in Securities

531

1,551,138

–

1,551,669

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS — 100.5%
Alabama — 3.9%
Black Belt, Energy Gas District, RB
2.630%, 10/01/2052 (A)	$	3,250	$	3,250
Black Belt, Energy Gas District, Ser B, RB
4.000%, 10/01/2052 (A)		1,220		1,230
Black Belt, Energy Gas District, Ser D, RB
5.000%, 11/01/2027		2,000		2,037
Black Belt, Energy Gas District, Ser E, RB
5.000%, 05/01/2053 (A)		610		625
Black Belt, Energy Gas District, Ser F, RB
5.000%, 12/01/2030		1,625		1,694
Black Belt, Energy Gas District, Sub-Ser, RB
3.838%, 07/01/2052 (A)		2,000		2,004
Columbia, Industrial Development Board, Pollution Control Revenue, Alabama Power Company Project, RB
3.810%, 12/01/2037 (A)		3,500		3,538
Industrial Development Board of the City of Mobile Alabama, RB
2.950%, 06/01/2034 (A)		3,000		2,987
Southeast Alabama, Energy Authority, Cooperative District, Ser B, RB
5.000%, 12/01/2027		250		255
Southeast Alabama, Energy Authority, Ser E, RB
5.000%, 10/01/2030		6,625		7,014
Southeast Alabama, Gas Supply District, Project #1, Ser A, RB
5.000%, 04/01/2027		500		505
5.000%, 04/01/2028		1,250		1,279
Southeast Energy Authority A Cooperative District, RB
5.000%, 09/01/2029		680		709
5.000%, 09/01/2030		685		718
				27,845
Alaska — 0.3%
Alaska Railroad, Cruise Port, AMT, RB, AG
5.500%, 10/01/2030		300		324
Alaska State, Industrial Development & Export Authority, Tanana Chiefs Conference Project, RB
5.000%, 10/01/2029		1,000		1,049
Municipality of Anchorage Alaska, Ser A, AMT, RB
5.000%, 02/01/2029		450		468
5.000%, 02/01/2030		415		436
				2,277
Arizona — 1.7%
Arizona Industrial Development Authority, RB
4.000%, 11/01/2027		330		331
2.950%, 03/01/2045 (A)		1,570		1,570

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Chandler, Industrial Development Authority, Intel Corporation Project, Ser S, AMT, RB
5.000%, 09/01/2052 (A)	$	1,300	$	1,313
Maricopa County, Industrial Development Authority, Ser A-3, RB
5.000%, 01/01/2053 (A)		400		426
Phoenix, Industrial Development Authority, Republic Services Inc Project, AMT, RB
3.000%, 12/01/2035 (A)		1,000		999
Salt Verde Financial Corp, Gas Revenue, RB
5.250%, 12/01/2027		7,000		7,162
				11,801
Arkansas — 0.6%
Arkansas Development Finance Authority, RB, GNMA/FNMA/FHLMC
2.875%, 07/01/2057 (A)		1,250		1,249
Springdale, Water & Sewer, RB
5.000%, 09/01/2027		250		256
5.000%, 09/01/2028		200		209
5.000%, 09/01/2029		350		372
5.000%, 09/01/2031		350		376
West Memphis, Sales & Use Tax, RB, AGM
5.000%, 06/01/2029		1,630		1,709
				4,171
California — 5.0%
California Community Choice Financing Authority, RB
5.000%, 02/01/2031		2,000		2,101
5.000%, 07/01/2031		500		530
California Enterprise Development Authority, RB
5.000%, 06/01/2029		115		120
5.000%, 06/01/2030		130		137
California Housing Finance Agency, RB
2.950%, 02/01/2056 (A)		6,195		6,193
California Municipal Finance Authority, Ser A, RB
2.950%, 01/01/2056 (A)		1,047		1,044
California State, Community Choice Financing Authority, Clean Energy Project, RB
4.000%, 10/01/2052 (A)		2,710		2,728
California State, Community Choice Financing Authority, Clean Energy Project, Ser F, RB
5.000%, 11/01/2027		1,500		1,528
5.000%, 05/01/2028		1,650		1,692
5.000%, 11/01/2028		1,850		1,909
5.000%, 05/01/2029		1,750		1,813

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
California State, Community Choice Financing Authority, Clean Energy Project, Ser S, RB
4.000%, 12/01/2026	$	450	$	451
California State, Housing Finance Agency, Ser I, RB
5.000%, 05/01/2054 (A)		5,500		5,506
City of Los Angeles California, RB
2.850%, 05/01/2060 (A)		1,145		1,137
City of Los Angeles Department of Airports, Ser B, AMT, RB
5.000%, 05/15/2027		2,000		2,031
East County, Advanced Water Purification Joint Powers Authority, Ser S, RB
3.125%, 09/01/2026		1,310		1,310
Northern California, Energy Authority, RB
5.000%, 08/01/2027		700		710
Pittsburg Successor Agency Redevelopment Agency, TA, AMBAC
0.000%, 08/01/2028 (B)		500		473
Rio, Elementary School District, GO, BAM
0.000%, 07/01/2028 (B)		505		478
San Mateo County, Community College District, Ser C, GO, NATL
0.000%, 09/01/2029 (B)		500		459
Southern California, Public Power Authority, Canyon Power Project, Ser S, RB
3.700%, 07/01/2040 (A)		1,000		1,001
Southern California, Public Power Authority, Clean Energy Project, Ser A, RB
5.000%, 09/01/2030		350		363
5.000%, 04/01/2055 (A)		1,500		1,557
Tender Option Bond Trust Receipts, Ser 2025, RB, CITIBANK N.A.
2.400%, 09/01/2048 (A)(C)(D)		500		500
				35,771
Colorado — 2.0%
Colorado State, Health Facilities Authority, Adventhealth Obligated Group Project, RB
5.000%, 11/15/2027		485		486
5.000%, 11/15/2058 (A)		480		500
Colorado State, Health Facilities Authority, Intermountain Healthcare, RB
5.000%, 05/15/2062 (A)		3,415		3,556
Colorado State, Science & Technology Park, Metropolitan District No. 1, Ser A, RB, AGM
5.000%, 12/01/2026		375		377
Denver City & County, Airport System Revenue Authority, Ser A, AMT, RB
5.000%, 11/15/2028		260		271

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Denver City & County, Airport System Revenue Authority, Sub-Ser A, AMT, RB
5.000%, 12/01/2031	$	500	$	518
Denver, Convention Center Hotel Authority, RB
5.000%, 12/01/2026		2,500		2,510
Grand River Hospital District, GO, AG
5.000%, 12/01/2027		1,270		1,301
Jefferson County, School District R-1, GO
5.000%, 12/15/2030		2,065		2,124
Mirabelle Metropolitan District No. 2, Ser A, GO, AGC
5.000%, 12/01/2027		215		220
5.000%, 12/01/2028		235		244
5.000%, 12/01/2029		200		211
Thornton Development Authority, East 144th Avenue & I-25 Project, TA
5.000%, 12/01/2028		1,260		1,310
Wildwing, Metropolitan District No. 5, GO, AGM
5.000%, 12/01/2027		140		143
5.000%, 12/01/2028		155		161
5.000%, 12/01/2029		165		174
5.000%, 12/01/2030		120		128
				14,234
Connecticut — 2.1%
Aquarion Water Authority, Ser A, RB
5.000%, 08/01/2029		500		528
5.000%, 08/01/2030		1,250		1,339
Aquarion Water Authority, Ser B, RB
5.250%, 02/01/2029		1,250		1,318
Aquarion Water Authority, Sub-Ser D, RB
5.000%, 08/01/2030		100		106
5.000%, 08/01/2031		325		350
5.000%, 08/01/2032		500		543
Connecticut Housing Finance Authority, RB, GNMA/FNMA/FHLMC
3.150%, 05/15/2052 (A)		2,000		2,000
Connecticut Housing Finance Authority, Ser D-2, RB
3.100%, 11/15/2064 (A)		440		440
Connecticut State, Health & Educational Facilities Authority, Ser A-4-REMK, RB
2.950%, 07/01/2042 (A)		5,000		5,000
Norwalk, Housing Authority, Wall Street Place, RB
3.050%, 09/01/2058 (A)		3,330		3,332
Town of Wethersfield Connecticut, Ser B, GO
4.000%, 03/01/2028		305		305
				15,261

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
District of Columbia — 1.8%
Deutsche Bank Spears, Tender Option Bond Trust Receipts, Ser DBE-8070, RB, Deutsche Bank A.G.
2.680%, 08/01/2040 (A)(C)(D)	$	1,100	$	1,100
District of Columbia, Housing Finance Agency, Belmont Crossing Phase II Project, RB
5.000%, 03/01/2029 (A)		3,750		3,846
District of Columbia, Ser C, GO
2.430%, 06/01/2051 (A)		5,500		5,500
Metropolitan Washington, Airports Authority, Ser A, AMT, RB
5.000%, 10/01/2029		500		525
5.000%, 10/01/2031		1,650		1,652
				12,623
Florida — 3.8%
Alachua County, Housing Finance Authority, RB
3.300%, 12/01/2029 (A)		7,250		7,264
County of Miami-Dade, Florida Aviation Revenue, Ser A, AMT, RB
5.000%, 10/01/2030		1,190		1,263
Florida Housing Finance, RB
3.100%, 12/01/2044 (A)		2,000		1,986
Florida Insurance Assistance Interlocal Agency, Ser A-1, RB
5.000%, 09/01/2028		2,000		2,000
Hillsborough County, Industrial Development Authority, RB, TD BANK N.A.
3.100%, 11/01/2038 (A)(D)		1,525		1,525
Lee County, Housing Finance Authority, RB
2.950%, 01/01/2060 (A)		1,500		1,486
Miami Beach Health Facilities Authority, RB
5.000%, 11/15/2028		750		783
5.000%, 11/15/2030		1,935		2,066
Miami-Dade County, Aviation Revenue, Ser A, AMT, RB
5.000%, 10/01/2028		1,500		1,558
Miami-Dade County, Expressway Authority, Ser B, RB
5.000%, 07/01/2028		1,000		1,002
Miami-Dade County, Housing Finance Authority, Homestead Gardens Phase I, RB
3.400%, 01/01/2045 (A)		5,000		5,016
Miami-Dade County, Housing Finance Authority, Rainbow Village Project, Ser B, RB, FHA
3.550%, 03/01/2029 (A)		1,000		1,008

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Pasco County, H Lee Moffitt Cancer Center & Research Institute, RB, AGM
5.250%, 09/01/2027	$	300	$	307
				27,264
Georgia — 5.4%
Atlanta, Water & Wastewater Revenue Authority, Ser A, RB, NATL
5.500%, 11/01/2027		1,480		1,509
Bartow County, Development Authority, RB
3.950%, 12/01/2032 (A)		450		456
Burke County, Development Authority, Plant Vogtle Project, RB
3.050%, 07/01/2049 (A)		200		200
Burke County, Development Authority, Pollution Control, Georgia Power Company Plant Vogtle Project, RB
3.300%, 12/01/2049 (A)		3,280		3,293
Columbus County, Housing Authority, Columbus Gardens Project, RB, FHA
5.000%, 04/01/2028 (A)		1,250		1,264
Dalton, Housing Authority, Mountain Woods Apartment Project, RB, FHA
5.000%, 11/01/2027 (A)		4,032		4,046
Decatur, Housing Authority, Multifamily Housing Revenue, Calvin Court Project, RB
3.600%, 08/01/2028 (A)		2,865		2,879
Development Authority of Burke County, RB
3.375%, 11/01/2048 (A)		180		180
Georgia State, Main Street Natural Gas, Ser A, RB
5.000%, 06/01/2027		1,100		1,113
4.000%, 09/01/2026		415		415
Georgia State, Main Street Natural Gas, Ser B, RB
5.000%, 09/01/2026		850		850
5.000%, 03/01/2027		400		404
Georgia State, Main Street Natural Gas, Ser C, RB
4.000%, 03/01/2050 (A)		8,320		8,320
4.000%, 05/01/2052 (A)		1,540		1,555
4.000%, 08/01/2052 (A)(C)		4,000		3,995
Georgia State, Main Street Natural Gas, Ser D, RB
5.000%, 04/01/2054 (A)		2,260		2,374
Georgia State, Main Street Natural Gas, Ser E, RB
5.000%, 12/01/2027		2,605		2,652
Monroe County, Development Authority, Georgia Power Company Project, Plant Scherer, RB
3.350%, 11/01/2048 (A)		2,000		2,008

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Savannah, Housing Authority, The Pines at Garden City Project, RB
5.000%, 03/01/2028 (A)	$	610	$	616
Walker County, Development Authority, RB
3.050%, 01/01/2044 (A)		480		478
				38,607
Guam — 0.4%
Guam, Antonio B. Won Pat International Airport Authority, Ser B, RB
5.000%, 10/01/2031		200		214
Guam, Waterworks Authority, Ser A, RB
5.000%, 07/01/2027		710		720
5.000%, 07/01/2028		800		825
Territory of Guam, Business Privilege Tax, Ser G, RB
5.000%, 01/01/2028		1,335		1,366
				3,125
Illinois — 6.3%
Board of Trustees of the University of Illinois, University of Illinois Health Services Facilities System, RB
5.000%, 10/01/2027		375		384
5.000%, 10/01/2028		475		493
Chicago, Midway International Airport, Ser B, RB
5.000%, 01/01/2030		575		611
5.000%, 01/01/2031		230		247
Chicago, Multi-Family Housing, The Ave SW Project, RB
3.200%, 10/01/2028 (A)		2,465		2,470
Chicago, Ser A, GO
5.000%, 01/01/2027		1,265		1,271
5.000%, 01/01/2029		1,500		1,536
Chicago, Ser B, GO
5.000%, 01/01/2031		1,000		1,030
Chicago, Ser B-EXCHANGE, GO
4.000%, 01/01/2030		1,000		996
Chicago, Wastewater Transmission, RB, BAM
5.000%, 01/01/2029		675		710
Cook County, Ser A, GO
5.000%, 11/15/2030		1,000		1,005
Granite, Solid Waste Disposal, Waste Management Inc Project, AMT, RB
1.250%, 05/01/2027		4,100		4,019
Illinois Finance Authority, University of Chicago, Medical Center, RB
5.000%, 08/15/2054 (A)		1,880		1,999
Illinois Sales Tax Revenue State, Ser A, RB
5.000%, 06/15/2027		1,500		1,525

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Illinois State, Finance Authority, American Water Capital Corp Project, RB
3.875%, 05/01/2040 (A)	$	1,000	$	1,013
Illinois State, Finance Authority, Noble Network of Charter Schools, RB
5.000%, 09/01/2027		490		497
5.000%, 09/01/2028		515		529
Illinois State, Finance Authority, Southern Illinois Healthcare Enterprises, RB
5.000%, 03/01/2028		410		414
Illinois State, Finance Authority, The Chicago School, RB
5.000%, 04/01/2027		300		303
5.000%, 04/01/2028		400		409
Illinois State, Finance Authority, Waste Management Inc Project, AMT, RB
4.600%, 10/01/2053 (A)		5,500		5,506
Illinois State, Housing Development Authority, Leyden Senior Apartments, RB
3.380%, 07/01/2045 (A)		1,250		1,252
Illinois State, Sales Tax Revenue, Ser A, RB, BAM
5.000%, 06/15/2031		1,000		1,032
Illinois State, Ser A, GO
5.000%, 11/01/2026		2,740		2,750
Illinois State, Ser D, GO
5.000%, 11/01/2026		3,590		3,603
Illinois State, Sports Facilities Authority, RB, AGM
5.000%, 06/15/2027		1,500		1,508
Illinois State, Toll Highway Authority, Ser C, RB
5.000%, 01/01/2029		270		271
5.000%, 01/01/2036		165		165
Illinois State, University, RB
5.000%, 04/01/2029		200		210
5.000%, 04/01/2030		200		212
Jefferson County, Township High School District No. 201 Mt Vernon, Ser A, GO
6.500%, 12/30/2030		1,085		1,221
Kankakee County, Community High School District No. 307 Bradley-Bourbonnais, GO, AG
5.000%, 12/01/2029		225		239
5.000%, 12/01/2030		200		214
Metropolitan Chicago, Water Reclamation District, Ser A, GO
5.000%, 12/01/2031		1,500		1,507
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, RB
4.000%, 12/15/2026		1,000		1,003
Sales Tax Securitization, RB
5.000%, 01/01/2030		1,000		1,027

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Springfield, GO
5.000%, 12/01/2027	$	1,200	$	1,230
Will County, Community Unit School District No. 201-U Crete-Monee, Ser U-A, GO, BAM
5.000%, 01/01/2028		350		360
				44,771
Indiana — 2.1%
Greenfield Middle School Building, RB, ST INTERCEPT
5.000%, 07/15/2028		300		312
5.000%, 01/15/2029		200		209
5.000%, 07/15/2029		350		369
Indiana Housing & Community Development Authority, RB
3.200%, 09/01/2044 (A)		2,765		2,762
2.750%, 04/01/2043 (A)		2,310		2,295
2.740%, 10/01/2045 (A)		2,000		1,981
Indiana State, Finance Authority, Southern Indiana Gas and Electric Company Projects, RB
3.550%, 05/01/2037 (A)		1,930		1,951
Indiana State, Municipal Power Agency, Ser A, RB, AGC
5.000%, 01/01/2027		1,865		1,878
Indianapolis, Local Public Improvement Bond Bank, Indianapolis Public Transportation Corporation Project, RB
5.000%, 01/15/2029		450		473
Valparaiso 21st Century School Building, RB, ST AID INTERCEPT
5.000%, 07/15/2027		250		255
5.000%, 01/15/2028		550		566
5.000%, 07/15/2028		450		468
Westfield, Redevelopment Authority, RB
5.000%, 07/01/2027		480		488
Westfield-Washington, Multi-School Building, Ser A, RB, BAM
5.000%, 01/15/2029		900		944
				14,951
Iowa — 0.0%
Iowa Finance Authority, UnityPoint Health Project, RB, TD BANK N.A.
3.100%, 02/15/2039 (A)(D)		200		200
Iowa State, Finance Authority, Mortgage-Backed Securities Program, Ser E, RB, GNMA/FNMA/FHLMC
2.240%, 01/01/2049 (A)		100		100
				300

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Kansas — 4.4%
City of Andover Kansas, Ser A, GO
3.500%, 10/01/2028	$	10,235	$	10,248
City of Augusta Kansas, Ser 1, GO
3.500%, 09/01/2029		1,065		1,070
City of Lawrence Kansas, Ser I, GO
3.000%, 05/01/2029		9,625		9,593
City of Topeka Kansas, Ser A, GO
3.000%, 10/01/2026		2,600		2,600
City of Valley Center Kansas, Ser 1, GO
3.500%, 12/01/2029		700		701
City of Wichita Kansas, RB
3.200%, 09/01/2026 (C)		2,620		2,620
City of Wichita Kansas, Ser S, RB
3.150%, 02/01/2030 (A)		2,250		2,252
Kansas State, Development Finance Authority, University of Kansas Project, Ser A, RB
5.000%, 05/01/2027		1,235		1,237
Manhattan, GO, BAM
5.000%, 06/15/2028		1,385		1,387
				31,708
Kentucky — 5.4%
Berea, Educational Facilities, Berea College, Ser B, RB
3.000%, 06/01/2029 (A)		1,370		1,370
County of Carroll, Kentucky, RB
1.550%, 09/01/2042 (A)		2,000		2,000
Kentucky Municipal Power Agency, Ser B, RB
5.000%, 09/01/2031		1,250		1,340
Kentucky Public Energy Authority, Ser A, RB
5.250%, 06/01/2055 (A)		14,440		15,172
Kentucky State, Housing Corporation, Beecher Terrace Phase IV Project, RB, FHA
5.000%, 09/01/2043 (A)		4,315		4,315
Kentucky State, Interlocal School Transportation Association, COP, ST INTERCEPT
4.000%, 03/01/2028		1,200		1,218
Paducah Electric Plant Board, RB
5.000%, 10/01/2027		750		767
5.000%, 10/01/2029		875		924
5.000%, 10/01/2031		1,000		1,073
Rural Water Financing Agency, RB
3.700%, 05/01/2027		2,000		2,000
Rural Water Financing Agency, Ser S, RB
3.050%, 05/01/2027		2,000		2,000
Trimble County, Environmental Facilities, AMT, RB
4.700%, 06/01/2054 (A)		750		752

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Trimble County, Environmental Facilities, Louisville Gas and Electric Company Project, AMT, RB
4.700%, 06/01/2054 (A)	$	750	$	755
University of Louisville, Ser D, RB, ST INTERCEPT
5.000%, 03/01/2030		3,140		3,144
University of Louisville, Ser F, RB, ST INTERCEPT
5.000%, 03/01/2027		2,000		2,023
				38,853
Louisiana — 0.8%
City of Shreveport Louisiana Water & Sewer Revenue, RB, AG
5.000%, 12/01/2027		775		793
Louisiana State, Local Government Environmental Facilities & Community Development Authority, Louisiana Insurance Guaranty Association Project, RB
5.000%, 08/15/2027		1,000		1,023
Louisiana State, Offshore Terminal Authority, Ser A, RB
4.150%, 09/01/2027		2,500		2,521
St. John the Baptist Parish, Marathon Oil Project, RB
3.300%, 06/01/2037 (A)		1,000		1,003
				5,340
Maryland — 0.6%
Maryland Health & Higher Educational Facilities Authority, RB
5.000%, 05/15/2030		850		910
Maryland Health & Higher Educational Facilities Authority, Ser A, RB
5.000%, 08/15/2028		700		729
Maryland Health & Higher Educational Facilities Authority, Ser C, RB
5.000%, 08/15/2029		1,500		1,586
Maryland State, Stadium Authority, Football Stadium, Ser A, RB
5.000%, 03/01/2028		1,220		1,262
				4,487
Massachusetts — 1.9%
City of Quincy Massachusetts, GO
5.000%, 08/13/2027		2,000		2,042
Massachusetts State, Development Finance Agency, Partners Health Care System, RB
5.000%, 07/01/2027		1,490		1,500

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Massachusetts State, Development Finance Agency, Waste Management Inc Project, AMT, RB
1.250%, 05/01/2027 (C)	$	2,500	$	2,451
Massachusetts State, Development Finance Agency, Wellforce Inc, Ser C, RB, AGM
5.000%, 10/01/2027		435		446
Metrowest Regional Transit Authority, RB, COMWLTH APPROP
3.375%, 09/11/2026		6,775		6,775
				13,214
Michigan — 0.2%
Michigan State, Finance Authority, Henry Ford Health, Detroit South Campus, Central Utility Plant Project, RB
5.000%, 08/31/2027		355		362
Michigan State, Strategic Fund, Consumers Energy Company Project, AMT, RB
0.875%, 04/01/2035 (A)		900		897
				1,259
Minnesota — 1.4%
Brooklyn Center Independent School District No. 286, GO, SD CRED PROG
4.000%, 09/30/2026		700		700
Center City, Health Care Facilities, Hazelden Betty Ford Foundation Project, RB
5.000%, 11/01/2030		250		267
Gibbon, Independent School District No. 2365, Ser A, GO, SD CRED PROG
6.000%, 02/01/2027		200		203
Maple Grove, Health Care Facilities Revenue, North Memorial Health Care, RB
5.000%, 09/01/2029		2,830		2,831
Minneapolis, Allina Health System, Ser A, RB
5.000%, 11/15/2052 (A)		2,000		2,081
Minneapolis, Fairview Health Services, Ser A, RB
5.000%, 11/15/2026		1,310		1,311
Minnesota State, Housing Finance Agency, Ser C, AMT, RB, GNMA/FNMA/FHLMC
1.200%, 01/01/2027		570		564
Nicollet Independent School District No. 507, Ser A, GO, SD CRED PROG
0.000%, 02/01/2027 (B)		130		128
0.000%, 02/01/2029 (B)		140		129
0.000%, 02/01/2031 (B)		230		194

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Saint Paul, Housing & Redevelopment Authority, Health Care System, Fairview Health Services, RB
5.000%, 11/15/2029	$	705	$	717
Woodbury Housing & Redevelopment Authority, Reserve at Settlers Ridge, RB
3.200%, 02/01/2046 (A)		995		997
				10,122
Missouri — 0.5%
Barry County, Law Enforcement Center Project, COP
5.000%, 10/01/2027		580		589
Health & Educational Facilities Authority of the Missouri State, Ser B, RB
3.125%, 02/01/2027		235		235
Jackson County, RB
5.000%, 12/01/2027		1,110		1,142
Missouri State, Health & Educational Facilities Authority, Lutheran Senior Services Projects, RB
5.000%, 02/01/2030		1,200		1,254
Missouri State, Health & Educational Facilities Authority, Saint Lukes Health System, RB
5.000%, 11/15/2026		620		621
				3,841
Montana — 0.1%
Big Sky Resort Area District, RB, AG
5.000%, 07/01/2029		250		265
5.000%, 07/01/2030		220		236
5.000%, 07/01/2031		225		244
				745
Nebraska — 0.2%
Central Plains, Energy Project, Ser A, RB
5.000%, 05/01/2054 (A)		1,000		1,037

New Hampshire — 0.3%
New Hampshire State, Housing Finance Authority, Ser 4, RB, FHA
3.700%, 01/01/2027		1,870		1,871
New Hampshire State, National Finance Authority, Pollution Control, New York State Electric & Gas Corporation Project, AMT, RB
4.000%, 12/01/2028		525		530
				2,401
New Jersey — 2.7%
City of Newark New Jersey, GO
4.000%, 12/11/2026		2,000		2,006

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Haddonfield, Public Schools District, GO, SCH BD RES FD
1.000%, 04/15/2027	$	1,725	$	1,704
1.000%, 04/15/2028		1,370		1,325
1.000%, 04/15/2029		1,396		1,320
Hopewell Valley Regional School District, GO, SCH BD RES FD
1.500%, 02/01/2033		3,925		3,365
Monmouth County, Improvement Authority, RB
4.000%, 03/12/2027		2,000		2,013
New Jersey Housing & Mortgage Finance Agency, RB, HUD SECT 8
3.100%, 07/01/2029 (A)		2,425		2,426
New Jersey State, Transportation Trust Fund Authority, Ser C, RB, AGM
0.000%, 12/15/2029 (B)		1,390		1,255
New Jersey State, Turnpike Authority, Ser A, RB
5.000%, 01/01/2033		1,200		1,207
Township of Belleville New Jersey, GO
4.000%, 07/06/2027		2,000		2,011
Winslow, GO
2.000%, 03/01/2029		875		851
				19,483
New Mexico — 0.7%
Farmington, Pollution Control Revenue Bonds, San Juan Project, RB
3.900%, 06/01/2040 (A)		1,000		1,010
New Mexico State, Municipal Energy Acquisition Authority, Gas Supply, RB
5.000%, 06/01/2054 (A)		2,500		2,622
Santa Fe County, Multifamily Housing, Cresta Ranch Apartments, RB
3.290%, 12/10/2049 (A)		1,500		1,503
				5,135
New York — 8.2%
Board of Cooperative Educational Services of Second Supervisory District, RB
3.750%, 06/30/2027		7,115		7,134
Buffalo, Municipal Housing Authority, RB, FHA
2.650%, 07/01/2031		690		645
Glenville Hill Fire District No. 8, GO
4.000%, 09/25/2026		3,410		3,411
Homer Central School District, GO, ST AID WITHHLDG
3.150%, 09/18/2026		5,000		5,000
Long Island Power Authority, Ser B, RB
3.000%, 09/01/2055 (A)		2,050		2,046

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Long Island, Power Authority, Ser B, RB
5.000%, 09/01/2052 (A)	$	1,435	$	1,452
3.000%, 09/01/2049 (A)		4,470		4,445
Metropolitan New York, Transportation Authority, RB
5.000%, 11/15/2030		900		973
Metropolitan New York, Transportation Authority, Ser A2, RB
5.000%, 11/15/2027		1,500		1,508
Metropolitan Transportation Authority, RB
5.000%, 11/15/2031		3,000		3,278
New York City Housing Development, RB
3.730%, 05/01/2063 (A)		3,385		3,381
3.250%, 11/01/2065 (A)		5,000		4,993
New York City Housing Development, Ser G, RB
3.100%, 11/01/2032		1,450		1,408
New York City Municipal Water Finance Authority, Sub-Ser, RB
3.150%, 06/15/2041 (A)		2,600		2,600
New York City, Housing Development Authority, Ser E-2, RB
3.800%, 11/01/2063 (A)		3,000		3,022
New York City, Ser A-4, GO
3.100%, 09/01/2049 (A)		1,450		1,450
New York City, Sub-Ser D-4, GO, TD BANK N.A.
3.100%, 08/01/2040 (A)(D)		1,800		1,800
New York City, Sub-Ser L-4, GO, U.S. BANK N.A.
2.900%, 04/01/2038 (A)(D)		200		200
New York State, Housing Finance Agency, RB
3.450%, 11/01/2063 (A)		1,725		1,725
New York State, Housing Finance Agency, Ser A-2, RB
3.450%, 06/15/2054 (A)		1,000		1,004
New York State, Housing Finance Agency, Ser B-2, RB, SONYMA HUD SECT 8
3.600%, 11/01/2062 (A)		120		120
New York State, Housing Finance Agency, Ser C-2, RB, SONYMA
3.200%, 05/01/2066 (A)		450		447
New York State, Housing Finance Agency, Ser F-2, RB, SONYMA
3.250%, 05/01/2056 (A)		80		79
3.125%, 05/01/2056 (A)		70		70
New York State, Transportation Development Corporation, JFK International Airport Terminal 4 Project, AMT, RB
5.000%, 12/01/2026		1,000		1,004

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
New York State, Transportation Development Corporation, JFK International Airport Terminal 4 Project, RB
5.000%, 12/01/2026	$	1,000	$	1,005
Niagara Frontier Transportation Authority Airport System Revenues, AMT, RB
5.000%, 04/01/2028		1,045		1,070
Rib Floater Trust Various States, Ser 2026-1002, RB
2.360%, 07/01/2046 (A)(C)		1,640		1,640
Village of Freeport New York, Ser C, GO
4.000%, 04/23/2027		500		504
Village of Great Neck Plaza New York, GO
4.000%, 04/14/2027		1,173		1,180
				58,594
North Carolina — 0.9%
Charlotte-Mecklenburg, Hospital Authority, RB
3.050%, 01/15/2037 (A)		1,300		1,300
Durham, Housing Authority, 500 East Main, RB, FHA
3.625%, 04/01/2029 (A)		3,575		3,609
North Carolina Medical Care Commission, RB
5.000%, 12/01/2029		1,500		1,592
				6,501
North Dakota — 1.4%
Cass County, Joint Water Resource District, Ser A, RB
3.450%, 04/01/2027		5,000		4,999
Grand Forks, Altru Health System, Ser A, RB, AGM
5.000%, 12/01/2026		100		100
5.000%, 12/01/2027		125		128
5.000%, 12/01/2028		125		130
North Dakota Housing Finance Agency, RB
3.200%, 02/01/2061		4,425		4,423
				9,780
Ohio — 4.3%
American Municipal Power, R.I.C.E. Peaking Project, RB
5.000%, 02/15/2030		805		850
City of Huber Heights Ohio, GO, ST STANDBY NT PURCHASE
5.000%, 11/19/2026		4,000		4,019
City of Monroe Ohio, GO, ST STANDBY NT PURCHASE
4.000%, 08/19/2027		3,000		3,031

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Columbus-Franklin County, Finance Authority, RB
3.190%, 06/01/2044 (A)	$	1,500	$	1,500
2.950%, 07/01/2066 (A)		1,500		1,494
County of Allen, Ohio Hospital Facilities Revenue, Hospital Facilities Revenue, RB
5.000%, 10/01/2049 (A)		3,500		3,560
County of Allen, Ohio Hospital Facilities Revenue, RB, TRUIST BANK
3.150%, 11/01/2050 (A)(D)		300		300
Cuyahoga County, Convention Hotel Project, COP
5.000%, 12/01/2026		845		849
Ohio Housing Finance Agency, Community & Pendelton Apartments Project, RB
3.400%, 07/01/2042 (A)		2,600		2,605
Ohio Housing Finance Agency, Pebble Brooke Apartments Project, RB
3.350%, 07/01/2043 (A)		1,300		1,306
Ohio Housing Finance Agency, RB
3.150%, 01/01/2044 (A)		1,200		1,196
Ohio State, Air Quality Development Authority, Duke Energy, AMT, RB
4.250%, 11/01/2039 (A)		1,500		1,507
Ohio State, Higher Educational Facility Commission, Xavier University 2024 Project, RB
5.000%, 05/01/2028		700		717
5.000%, 05/01/2030		540		562
Ohio State, Housing Finance Agency, Terrace Gardens, Ser A, RB, FHA
4.000%, 12/01/2027 (A)		3,075		3,083
Ohio State, RB
5.000%, 01/15/2028		2,000		2,052
Ohio State, University Hospitals Health System, RB
2.550%, 01/15/2045 (A)		2,000		2,000
				30,631
Oklahoma — 2.0%
Garfield County, Educational Facilities Authority, RB
5.000%, 09/01/2029		1,250		1,310
Mcintosh County, Educational Facilities Authority, Eufaula Public Schools Project, RB
5.000%, 09/01/2028		340		350
Murray County, Educational Facilities Authority, RB
5.000%, 09/01/2027		525		532
5.000%, 09/01/2028		550		564

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Oklahoma County, Finance Authority, Western Heights Public Schools Project, RB
5.000%, 09/01/2028	$	1,365	$	1,395
Oklahoma Housing Finance Agency, RB
3.375%, 02/01/2047 (A)		2,000		2,005
Oklahoma State, Development Finance Authority, Ser A, RB
5.000%, 08/15/2031		810		811
Tulsa County, Industrial Authority, Educational Facilities, Broken Arrow Public Schools Project, RB
5.000%, 09/01/2029		350		371
5.000%, 09/01/2030		375		403
Tulsa County, Industrial Authority, RB
5.000%, 09/01/2027		550		561
Tulsa, Ser A, GO
0.050%, 01/01/2027		5,735		5,681
				13,983
Oregon — 0.3%
Lane County, School District No. 1 Pleasant Hill, Ser B-CABS, GO, SCH BD GTY
0.000%, 06/15/2027 (B)		350		341
Multnomah County, School District No. 40, Ser A, GO, SCH BD GTY
0.000%, 06/15/2028 (B)		395		374
Oregon State, Business Development Commission, Intel Corporation Project, Ser 232-RE, RB
3.800%, 12/01/2040 (A)		1,000		1,009
Port of Portland, Airport Revenue, Ser THIRTY-B, AMT, RB
5.000%, 07/01/2027		665		677
				2,401
Pennsylvania — 3.3%
Allegheny County, Hospital Development Authority, University of Pittsburgh Medical Center, Ser Senior D2-E-REMK, RB
2.980%, 11/15/2047 (A)		3,000		2,985
Geisinger, Health System Authority, RB
5.000%, 04/01/2043 (A)		1,000		1,001
Lehigh County, Industrial Development Authority, PPL Electric Utilities, RB
2.625%, 02/15/2027		1,000		998
Lycoming County, College Revenue Authority, Lycoming College Project, RB
3.850%, 11/01/2035 (A)		2,000		2,004
Monroeville, Finance Authority, University of Pittsburgh Medical Center, Ser C, RB
5.000%, 05/15/2028		570		590

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Pennsylvania Economic Development Financing Authority, AMT, RB
3.050%, 04/01/2049 (A)	$	3,000	$	2,997
Pennsylvania Housing Finance Agency, RB, HUD SECT 8
3.150%, 01/01/2046 (A)		3,500		3,499
Pennsylvania State, Economic Development Financing Authority, Rapid Bridge Replacement Project, AMT, RB
5.000%, 12/31/2030		640		641
Pennsylvania State, Higher Educational Facilities Authority, Drexel University, Ser A, RB, AGM
5.000%, 05/01/2029		1,500		1,576
Pennsylvania State, Housing Finance Agency, Ser 120, RB
2.350%, 04/01/2027		1,295		1,289
Philadelphia, School District, Ser A, GO
5.000%, 09/01/2027		1,155		1,180
Philadelphia, School District, Ser B, RN, ST AID WITHHLDG
5.000%, 06/30/2027		2,000		2,034
Philadelphia, School District, Ser F, GO
5.000%, 09/01/2029		295		295
Scranton-Lackawanna Health & Welfare Authority, University of Scranton, RB
5.000%, 11/01/2027		310		317
5.000%, 11/01/2028		400		415
State, Public School Building Authority, School District of Philadelphia, RB, ST AID WITHHLDG
5.000%, 06/01/2027		1,500		1,508
				23,329
Rhode Island — 0.1%
Providence, Public Building Authority, Capital Improvement Program Projects, RB, AGC
5.000%, 09/15/2029		850		894

South Carolina — 0.7%
Medical University Hospital Authority, RB, FHA INS
5.000%, 11/15/2031		175		189
South Carolina State, Housing Finance & Development Authority, RB
3.250%, 01/01/2046 (A)		2,500		2,497
South Carolina State, Housing Finance & Development Authority, Settlement Manor Apartments Project, RB
5.000%, 11/01/2028 (A)		1,250		1,278

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
South Carolina State, Public Service Authority, Santee Cooper, Ser A, RB
5.000%, 12/01/2030	$	675	$	728
				4,692
Tennessee — 5.1%
Chattanooga, Health Educational & Housing Facility Board, One Westside Phase 1B Project, RB
3.600%, 06/01/2048 (A)		2,500		2,515
Chattanooga, Health Educational & Housing Facility Board, Shallowford Project, RB, FHA
3.800%, 12/01/2029 (A)		2,000		2,003
Franklin, Health & Educational Facilities Board, Multifamily Housing, Harpeth Hills Apartments Project, RB, FHA
3.600%, 11/01/2029 (A)		1,500		1,506
Johnson City, Health & Educational Facilities Board, Ballad Health, Ser A, RB
5.000%, 07/01/2027		400		407
5.000%, 07/01/2028		400		414
Knoxville's Community Development, RB
3.150%, 05/01/2046 (A)		6,000		6,002
Knoxville's Community Development, Ser B-REMK, RB, GNMA HUD SECT 8
2.700%, 12/01/2064 (A)		1,250		1,230
Metropolitan Government Nashville & Davidson County, Health & Educational Facs Bd, RB
5.000%, 07/01/2030		1,000		1,062
3.150%, 12/01/2042 (A)		2,700		2,703
Rutherford County, Health & Educational Facilities Board, RB
5.000%, 11/15/2048 (A)		1,500		1,601
Shelby County, Health Educational & Housing Facility Board, Methodist Le Bonheur Healthcare, RB
5.000%, 05/01/2031		260		262
Tennergy, Gas Supply, Ser A, RB
5.500%, 10/01/2053 (A)		1,000		1,048
Tennergy, RB
5.000%, 06/01/2028		275		283
5.000%, 06/01/2029		825		859
5.000%, 10/01/2054 (A)		7,500		7,809
Tennergy, Ser A, RB
5.500%, 12/01/2027		750		766
5.250%, 12/01/2026		700		703
Tennessee Energy Acquisition, Ser A, RB
5.000%, 11/01/2033		2,200		2,314

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Williamson County, Industrial Development Board, Wood Duck Court Apartments, RB, FHA
5.000%, 05/01/2042 (A)	$	3,060	$	3,070
				36,557
Texas — 13.3%
Austin Affordable Pfc, RB
2.950%, 11/01/2059 (A)		3,200		3,175
Central Texas, Turnpike System, Ser B, RB
5.000%, 08/15/2042 (A)		2,540		2,686
City of San Antonio Texas Electric & Gas Systems Revenue, Ser A, RB
3.000%, 02/01/2055 (A)		2,000		1,979
Conroe, Municipal Management District No. 1, GO, BAM
6.500%, 09/01/2026		390		390
6.500%, 09/01/2027		635		657
6.500%, 09/01/2028		245		261
Dallas City, Housing Finance Corporation, Multifamily Housing Revenue, Waterford at Goldmark, RB
3.300%, 01/01/2043 (A)		8,710		8,734
Denton County, GO
4.000%, 07/15/2027		740		741
Denton Independent School District, Ser B1, GO, PSF-GTD
4.000%, 08/15/2055 (A)		1,300		1,323
Ector County, Independent School District, Ser B, GO, PSF-GTD
4.000%, 08/15/2049 (A)		1,000		1,010
El Paso County, Community College District, RB
5.000%, 04/01/2028		875		907
Fort Bend County, Municipal Utility District No. 162, GO, BAM
5.500%, 09/01/2027		520		532
Fort Bend County, Municipal Utility District No. 222, GO, AG
6.000%, 07/01/2027		290		297
6.000%, 07/01/2028		305		320
6.000%, 07/01/2029		315		340
6.000%, 07/01/2030		335		368
5.000%, 07/01/2031		350		375
Fort Bend, Independent School District, Ser B, GO, PSF-GTD
4.000%, 08/01/2054 (A)		1,980		1,998
Galveston, Wharves & Terminal Revenue, Ser B, RB
5.000%, 08/01/2028		250		259
5.000%, 08/01/2029		300		316
5.000%, 08/01/2030		300		319

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Greater Texoma, Utility Authority, RB, AGM
4.000%, 10/01/2027	$	385	$	390
4.000%, 10/01/2028		525		536
Harris County, Cultural Education Facilities Finance, Texas Medical Center, Ser A, RB
5.000%, 05/15/2050 (A)		1,000		1,067
Harris County, Hospital District, GO
5.000%, 02/15/2028		750		775
Harris County, Houston Sports Authority, Ser B, RB, AGC
5.000%, 11/15/2026		740		743
Harris County, Municipal Utility District No. 1, GO, AGM
4.000%, 09/01/2026		665		665
4.000%, 09/01/2027		695		702
4.000%, 09/01/2028		725		739
4.000%, 09/01/2029		755		768
Harris County, Municipal Utility District No. 165, GO, BAM
5.500%, 03/01/2027		320		324
5.500%, 03/01/2028		335		348
5.125%, 03/01/2029		350		368
5.000%, 03/01/2030		365		387
Harris County, Municipal Utility District No. 238, GO, NATL
4.000%, 04/01/2030		710		710
Harris County, Municipal Utility District No. 502, GO, BAM
7.250%, 09/01/2026		470		470
7.250%, 09/01/2027		480		499
7.250%, 09/01/2028		495		537
Harris-Waller Counties, Municipal Utility District No. 4, GO, AGC
6.500%, 11/01/2026		695		699
6.500%, 11/01/2027		735		763
6.500%, 11/01/2028		765		820
6.500%, 11/01/2029		805		886
6.500%, 11/01/2030		840		945
Harris-Waller Counties, Municipal Utility District No. 4, GO, BAM
7.250%, 11/01/2026		230		232
7.250%, 11/01/2027		350		366
7.250%, 11/01/2028		345		376
7.250%, 11/01/2029		390		439
Hays Consolidated Independent School District, GO, PSF-GTD
5.000%, 02/15/2029		750		789
Highway 380, Municipal Management District No. 1, GO, BAM
5.500%, 05/01/2027		375		381
5.500%, 05/01/2028		390		407
5.000%, 05/01/2030		420		446

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Houston Housing Finance, RB
2.890%, 08/01/2041 (A)	$	1,000	$	999
Hutto Independent School District, GO, PSF-GTD
4.000%, 02/01/2055 (A)		1,435		1,460
Kaufman County, Municipal Utility District No. 5, GO, BAM
5.000%, 03/01/2028		305		314
Lubbock, Water & Wastewater System, RB
5.000%, 02/15/2028		355		367
Midland County, Hospital District, Ser A, RB, BAM
5.000%, 05/15/2029		800		839
Montgomery County, Municipal Utility District No. 140, GO, AGM
5.750%, 09/01/2026		175		175
5.750%, 09/01/2027		185		190
5.750%, 09/01/2028		195		205
5.750%, 09/01/2029		205		221
5.375%, 09/01/2030		220		237
Montgomery County, Municipal Utility District No. 186, GO, AGM
5.500%, 12/01/2026		250		251
5.500%, 12/01/2027		250		256
5.500%, 12/01/2028		250		264
5.250%, 12/01/2029		250		266
New Hope, Cultural Education Facilities, Westminster Project, RB
5.000%, 11/01/2027		345		352
5.000%, 11/01/2028		440		455
5.000%, 11/01/2029		570		597
North Texas, Tollway Authority, Ser A, RB
5.000%, 01/01/2027		1,665		1,678
Northside, Independent School District, GO, PSF-GTD
3.550%, 06/01/2050 (A)		1,500		1,508
Northside, Independent School District, Ser B, GO, PSF-GTD
3.450%, 08/01/2054 (A)		3,380		3,386
Pottsboro, Independent School District, GO, PSF-GTD
4.000%, 02/15/2052 (A)		2,100		2,121
Round Rock, Independent School District, Ser A, GO, PSF-GTD
5.000%, 08/01/2044 (A)		1,000		1,072
San Antonio, Electric & Gas Systems Revenue, RB
3.650%, 02/01/2053 (A)		1,000		1,002
San Antonio, Electric & Gas Systems Revenue, Ser A, RB
3.080%, 02/01/2055 (A)		2,000		1,995
San Antonio, Water System, Ser 2013F-REMK, RB
1.000%, 05/01/2043 (A)		1,120		1,116

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Sinton Independent School District, GO, PSF-GTD
5.000%, 08/15/2047 (A)	$	2,000	$	2,040
Spring Independent School District, GO, PSF-GTD
4.000%, 08/15/2033		445		441
Tarrant County, Cultural Education Facilities Finance, RB
5.000%, 11/15/2030		2,000		2,149
Tarrant County, Housing Finance Corporation, Multifamily Housing, Wildwood Branch, RB
3.600%, 02/01/2043 (A)		5,500		5,531
Texas Municipal Gas Acquisition & Supply IV, Ser A, RB
5.500%, 01/01/2054 (A)		2,000		2,090
Texas Municipal Gas Acquisition & Supply V, RB
5.000%, 04/01/2029		750		772
Texas State, Affordable Housing Corporation, Norman Commons, RB
3.625%, 01/01/2045 (A)		940		942
Texas State, Affordable Housing, RB
3.050%, 07/01/2030 (A)		1,725		1,719
Texas State, Department of Housing & Community Affairs, Multifamily Housing, Palladium Old FM 471, RB, FHA
3.050%, 09/01/2029 (A)		3,530		3,532
Texas State, Municipal Gas Acquisition & Supply I, Ser Senior B, RB
3.330%, 12/15/2026 (A)		345		345
Texas State, Municipal Gas Acquisition & Supply II, Ser C, RB
3.281%, 09/15/2027 (A)		2,150		2,154
Texas State, Municipal Gas Acquisition & Supply IV, Ser A, RB
5.250%, 01/01/2028		3,185		3,262
Texas State, Municipal Gas Acquisition & Supply V, RB
5.000%, 01/01/2027		750		754
THF Public Facility, Covington Acres, RB
3.340%, 02/01/2044 (A)		1,000		1,005
Victory Street Public Facility, Ser N, RB
3.150%, 01/01/2047 (A)		2,000		2,000
				94,626
Utah — 0.5%
Cache County, School District, GO, SCH BD GTY
4.000%, 06/15/2030		1,500		1,501

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Utah State, Charter School Finance Authority, Summit Academy, Ser A, RB, UT CSCE
5.000%, 04/15/2027	$	250	$	253
5.000%, 04/15/2029		200		209
5.000%, 04/15/2030		215		227
Utah State, Housing Corporation, Promontory Place Apartments, RB
3.400%, 02/01/2028 (A)		1,000		1,004
				3,194
Virgin Islands — 0.3%
Virgin Islands, Matching Fund, Special Purpose Securitization, Ser A, RB
5.000%, 10/01/2026		2,425		2,428

Virginia — 1.3%
Fairfax County, Redevelopment & Housing Authority, Dominion Square North Project, RB
5.000%, 01/01/2045 (A)		50		51
Harrisonburg, Redevelopment & Housing Authority, Wesley Apartments Project, RB
4.000%, 12/01/2028 (A)		1,950		1,955
Isle of Wight County, Economic Development Authority, RB, AGM
5.000%, 07/01/2029		500		530
5.000%, 07/01/2030		550		590
Louisa Industrial Development Authority, Virginia Electric and Power Company Project, RB
3.125%, 11/01/2035 (A)		3,435		3,406
Virginia Housing Development Authority, Sub-Ser F-SUB, RB
3.650%, 07/01/2033		245		243
3.600%, 01/01/2033		260		258
3.450%, 07/01/2032		370		364
3.400%, 01/01/2032		240		237
Virginia Small Business Financing Authority, RB
5.000%, 10/01/2029		1,110		1,159
Virginia State, Housing Development Authority, Ser C, RB
3.900%, 01/01/2030		315		318
3.800%, 07/01/2029		355		359
				9,470
Washington — 1.2%
King County, Housing Authority, Ser A1, RB
5.000%, 01/01/2030		3,295		3,426
Port of Seattle, AMT, RB
5.000%, 07/01/2029		510		534

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Port of Seattle, Ser A, AMT, RB
5.000%, 05/01/2029	$	1,595	$	1,616
Skagit County, Public Hospital District No. 1, RB
4.000%, 12/01/2026		1,000		1,001
Washington Health Care Facilities Authority, RB
5.000%, 10/01/2030		1,700		1,813
				8,390
West Virginia — 0.2%
West Virginia Housing Development Fund, RB, HUD SECT 8
2.875%, 11/01/2028 (A)		1,650		1,646

Wisconsin — 2.8%
County of Buffalo, Wisconsin, GO
4.000%, 09/01/2028		595		603
Dane County, Airport Project, AMT, GO
5.000%, 06/01/2027		2,230		2,266
Fort Atkinson, GO
4.000%, 02/01/2027		340		342
Milwaukee, Ser B3, GO
4.000%, 03/15/2028		1,115		1,116
Milwaukee, Ser N3, GO, AGM
5.000%, 04/01/2029		1,000		1,051
Milwaukee, Ser N-4, GO
5.000%, 04/01/2029		885		928
Public Finance Authority, RB
5.000%, 12/01/2030		870		910
Slinger, Redevelopment Authority, Police Station Project, Ser A, RB
5.000%, 03/01/2030		75		80
Wisconsin Health & Educational Facilities Authority, Hospital Sisters Credit Group, RB
5.000%, 08/15/2028		1,250		1,299
Wisconsin Health & Educational Facilities Authority, RB
5.000%, 12/01/2026		3,625		3,643
Wisconsin State, Health & Educational Facilities Authority, Rogers Memorial Hospital, RB
5.000%, 07/01/2029		310		311
Wisconsin State, Health & Educational Facilities Authority, UnityPoint Health, Ser A, RB
5.000%, 12/01/2028		1,300		1,304
Wisconsin State, Housing & Economic Development Authority, Multifamily Housing, The Intersect Project, Ser I, RB
5.000%, 11/01/2058 (A)		1,250		1,260

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Wisconsin State, Housing & Economic Development Authority, Ser B, RB
3.750%, 11/01/2055 (A)	$	2,555	$	2,558
Wisconsin State, Public Finance Authority, Duke Energy Progress Project, RB
3.700%, 10/01/2046 (A)		920		933
3.300%, 10/01/2046 (A)		1,000		1,000
				19,604

Total Municipal Bonds
(Cost $718,144) ($ Thousands)				717,346

Total Investments in Securities — 100.5%
(Cost $718,144) ($ Thousands)			$	717,346

Percentages are based on Net Assets of $713,612 ($ Thousands).

(A)

Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.

(B)

Zero coupon security.

(C)

Security, or a portion thereof, exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On August 31, 2026, the value of these securities amounted to $12,306 ($ Thousands), representing 1.7% of the Net Assets of the Fund.

(D)

Securities are held in connection with a letter of credit issued by a major bank.

As of August 31, 2026, all of the Fund's investments were considered Level 2, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS — 99.1%
California — 98.4%
Anaheim, Housing & Public Improvements Authority, Electric Utility Generation System Improvements, Ser S, RB
5.000%, 10/01/2034	$	1,000	$	1,020
Bay Area Toll Authority, Ser F-2, RB
5.000%, 04/01/2036		1,000		1,096
Bay Area Toll Authority, Sub-Ser S-11, RB
5.000%, 04/01/2036		2,000		2,241
Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Ser B, AMT, RB
5.000%, 07/01/2032		4,215		4,576
Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Ser B, AMT, RB, AG
5.250%, 07/01/2038		1,800		1,982
5.250%, 07/01/2039		1,900		2,070
California Municipal Finance Authority, SAC Health System, RB
5.000%, 09/01/2031		370		393
5.000%, 09/01/2033		470		504
5.000%, 09/01/2035		510		545
California State, Community Choice Financing Authority, Clean Energy Project, RB
5.001%, 08/01/2055 (A)		2,000		2,074
5.000%, 11/01/2033		3,500		3,712
5.000%, 01/01/2055 (A)		4,250		4,315
5.000%, 10/01/2055 (A)		3,000		3,030
5.000%, 03/01/2056 (A)		2,000		2,108
California State, Community Choice Financing Authority, Clean Energy Project, Ser B-1, RB
4.000%, 02/01/2052 (A)		5,000		5,017
California State, Community Choice Financing Authority, Clean Energy Project, Ser D, RB
5.500%, 05/01/2054 (A)		1,000		1,039
California State, Educational Facilities Authority, Chapman University Project, Ser A, RB
5.000%, 04/01/2031		470		516
California State, Enterprise Development Authority, CSAC Headquarters Building Project, RB
5.000%, 06/01/2036		250		265
5.000%, 06/01/2038		250		260
California State, GO
Pre-Refunded @ 100
5.000%, 08/01/2027 (B)		15		15

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
California State, GO
5.000%, 11/01/2031	$	4,500	$	4,860
5.000%, 09/01/2032		1,000		1,109
5.000%, 09/01/2035		1,000		1,103
5.000%, 10/01/2035		5,000		5,486
5.000%, 10/01/2039		1,000		1,070
4.000%, 08/01/2034		4,000		4,188
California State, GO, AGM
5.250%, 08/01/2032		2,000		2,215
California State, Health Facilities Financing Authority, Adventist Health System, Ser S, RB
5.000%, 12/01/2036		2,500		2,659
5.000%, 12/01/2037		3,180		3,352
California State, Health Facilities Financing Authority, Children's Hospital of Orange County, RB
5.000%, 11/01/2054 (A)		1,000		1,087
California State, Health Facilities Financing Authority, Common Spirit Health, Ser A, RB
5.000%, 12/01/2035		1,000		1,095
5.000%, 12/01/2036		1,000		1,087
California State, Health Facilities Financing Authority, El Camino Health Services, Ser A, RB
5.000%, 02/01/2035		500		570
5.000%, 02/01/2036		200		222
5.000%, 02/01/2037		750		827
California State, Health Facilities Financing Authority, Kaiser Permanente Project, Ser 2006-C, RB
5.000%, 06/01/2041 (A)		4,000		4,244
California State, Health Facilities Financing Authority, Rady Children's Hospital San Diego, RB
5.000%, 08/15/2047 (A)		2,000		2,168
California State, Health Facilities Financing Authority, St. Joseph Health System, RB
5.250%, 10/01/2050 (A)		1,000		1,101
5.000%, 10/01/2039 (A)		1,500		1,532
California State, Health Facilities Financing Authority, Sutter Health, Ser A, RB
5.000%, 11/15/2034		700		791
California State, Housing Finance Agency, Ser 2, RB
4.000%, 03/20/2033		810		816
California State, Housing Finance Agency, Ser A, RB
4.250%, 01/15/2035		1,234		1,258
California State, Infrastructure & Economic Development Bank, California Academy of Sciences, RB
3.250%, 08/01/2029		3,000		3,007

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
California State, Infrastructure & Economic Development Bank, Los Angeles County Museum, RB
3.250%, 06/01/2033	$	1,000	$	989
California State, Infrastructure & Economic Development Bank, National Charter School Revolving Loan Fund, RB
5.000%, 11/01/2035		850		932
5.000%, 11/01/2037		465		501
California State, Infrastructure & Economic Development Bank, National Charter School Revolving Loan Fund, Ser B, RB
5.000%, 11/01/2031		535		583
5.000%, 11/01/2032		850		931
California State, Municipal Finance Authority, Eisenhower Medical Center, Ser A, RB
5.000%, 07/01/2027		1,170		1,186
California State, Municipal Finance Authority, Eskaton Properties, RB
5.000%, 11/15/2034		1,275		1,381
5.000%, 11/15/2035		1,340		1,444
5.000%, 11/15/2036		1,410		1,508
California State, Municipal Finance Authority, Humangood Obligation Group, RB
5.000%, 10/01/2036		1,000		1,051
California State, Municipal Finance Authority, Humangood Obligation Group, Ser A, RB
4.000%, 10/01/2029		1,260		1,261
California State, Municipal Finance Authority, Ignatius College Prep, Ser A, RB
5.000%, 09/01/2034		500		568
California State, Municipal Finance Authority, Orchard Park Student Housing Project, RB, BAM
5.000%, 05/15/2029		700		738
5.000%, 05/15/2030		900		960
California State, Municipal Finance Authority, Republic Services Inc Project, AMT, RB
4.375%, 09/01/2053 (A)		2,000		2,055
California State, Municipal Finance Authority, Ser A-1, RB
5.000%, 06/01/2056 (A)		2,000		2,076
California State, Municipal Finance Authority, SFMTA Potrero Yard Modernization, RB
5.000%, 06/30/2032		1,000		1,066
5.000%, 09/01/2038		1,000		1,087

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
California State, Public Finance Authority, Healthcare Obligated Group, RB
5.000%, 08/01/2033	$	1,550	$	1,747
California State, Public Works Board, May Lee State Office Complex, Ser S, RB
5.000%, 04/01/2036		750		830
California State, Public Works Board, Various Capital Projects, RB
5.000%, 12/01/2035		2,000		2,184
California State, Public Works Board, Various Capital Projects, Ser B, RB
Pre-Refunded @ 100
5.000%, 10/01/2027 (B)		120		123
California State, School Finance Authority, Magnolia Public Schools Obligation, RB
4.250%, 07/01/2035 (C)		1,980		1,985
California State, Statewide Communities Development Authority, John Muir Health, Ser A, RB
5.000%, 12/01/2035		1,250		1,393
California State, Statewide Communities Development Authority, Kaiser Permanente Project, Ser 2004-M, RB
5.000%, 04/01/2038 (A)		4,000		4,244
California State, Statewide Communities Development Authority, Odd Fellows Home of California Project, RB, CA MTG INS
2.500%, 04/01/2031		2,000		1,946
California State, Statewide Communities Development Authority, Sequoia Living Project, RB, CA MTG INS
5.000%, 07/01/2032		490		539
California State, Statewide Communities Development Authority, Student Housing, University of California, Irvine Campus Apartments, RB, BAM
4.000%, 05/15/2046		1,000		919
California State, University Revenue Systemwide, Ser 2016B-2, RB
0.550%, 11/01/2049 (A)		3,000		2,990
Chabot-Las Positas, Community College District, Ser B, GO
3.000%, 08/01/2030		1,250		1,257
Eureka, Public Financing Authority, RB, BAM
5.000%, 10/01/2034		510		571
FHLMC Multifamily Certificates, Relating to Municipal Securities, Ser M-049, RB
3.050%, 04/15/2034		1,320		1,206
Indio, Electric Financing Authority, Ser A, RB
5.000%, 01/01/2033		130		145
5.000%, 01/01/2034		175		194
5.000%, 01/01/2035		135		148

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Long Beach, Bond Finance Authority, RB
5.000%, 08/01/2035	$	500	$	558
Los Angeles County, Metropolitan Transportation Authority, I-105 Express Lanes Project, Ser A, RB
5.000%, 06/01/2037		1,350		1,476
Los Angeles County, Public Works Financing Authority, Ser H, RB
5.000%, 12/01/2035		2,000		2,267
Los Angeles, Department of Airports, Los Angeles International Airport Project, Ser G, AMT, RB
5.000%, 05/15/2034		1,500		1,596
Los Angeles, Department of Airports, Los Angeles International Airport Project, Sub-Ser, AMT, RB
5.000%, 05/15/2028		1,000		1,033
5.000%, 05/15/2029		3,000		3,147
Los Angeles, Department of Airports, Ser B, AMT, RB
5.000%, 05/15/2033		4,005		4,377
Los Angeles, Department of Water & Power, Water System Revenue, Ser D, RB
5.000%, 07/01/2033		385		419
5.000%, 07/01/2034		545		589
5.000%, 07/01/2035		1,210		1,295
Los Angeles, Department of Water & Power, Water System Revenue, Ser E, RB
5.000%, 07/01/2035		6,225		6,792
Los Angeles, Municipal Improvement Corp, Capital Equipment and Real Property, RB
5.000%, 05/01/2034		500		556
5.000%, 05/01/2035		500		553
Los Angeles, Municipal Improvement Corp, Los Angeles Convention Center, RB
5.000%, 05/01/2038		1,750		1,904
Los Angeles, Unified School District, COP
5.000%, 10/01/2035		1,220		1,337
Los Angeles, Unified School District, COP
Pre-Refunded @ 100
5.000%, 10/01/2033 (B)		1,780		2,026
Los Angeles, Unified School District, Ser A, GO
5.000%, 07/01/2031		2,500		2,717
5.000%, 07/01/2034		2,230		2,503
Modesto, Irrigation District, Ser A, RB
5.000%, 10/01/2034		700		783
5.000%, 10/01/2035		900		999
Mount Diablo, Unified School District, Ser C, GO
5.000%, 08/01/2037		285		320
Northern California, Tobacco Securitization Authority, RB
4.000%, 06/01/2049		130		128

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Ontario, Public Financing Authority, Ser A, RB
5.000%, 11/01/2037	$	1,000	$	1,113
Pasadena County, Public Financing Authority, Rose Bowl Renovation Project, RB
5.000%, 06/01/2036		1,000		1,127
5.000%, 06/01/2037		2,000		2,233
Plumas Lake, Elementary School District, COP, AG
5.000%, 06/01/2033		580		608
River Islands, Public Financing Authority, Ser A, RB, AG
5.000%, 09/01/2036		300		334
Riverside County, Public Financing Authority, TA, AGM
5.000%, 10/01/2035		1,000		1,108
5.000%, 10/01/2036		650		716
5.000%, 10/01/2037		700		765
Sacramento, Municipal Utility District, Ser N-1, RB
5.000%, 11/15/2036		3,000		3,357
Sacramento, Municipal Utility District, Sub-Ser G, RB
5.000%, 08/15/2056 (A)		2,000		2,217
Sacramento, Unified School District, GO, AG
5.000%, 08/01/2038		2,085		2,213
San Diego County, Regional Airport Authority, AMT, RB
5.250%, 07/01/2035		2,000		2,200
5.250%, 07/01/2037		750		827
San Diego County, Regional Airport Authority, Sub-Ser B, AMT, RB
5.000%, 07/01/2027		500		509
5.000%, 07/01/2028		1,000		1,017
San Francisco City & County, Airport Commission, San Francisco International Airport, AMT, RB
5.000%, 05/01/2037		1,500		1,605
San Francisco City & County, Airport Commission, San Francisco International Airport, Ser A, AMT, Special Tax
5.250%, 05/01/2038		1,000		1,106
San Francisco City & County, Airport Commission, San Francisco International Airport, Ser D, AMT, RB
5.000%, 05/01/2032		2,000		2,167
San Francisco City & County, Public Utilities Commission Wastewater Revenue, Ser A, RB
5.000%, 10/01/2035		2,000		2,202

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
San Francisco City & County, Redevelopment Agency Successor Agency, Special Tax, AGM
5.000%, 08/01/2035	$	700	$	774
Santa Ana, College Improvement District #1, Rancho Santiago Community College District, GO
3.000%, 08/01/2032		1,000		975
3.000%, 08/01/2033		2,580		2,489
Southern California, Logistics Airport Authority, Ser A, TA, AG
5.000%, 12/01/2037		430		482
Southern California, Public Power Authority, RB
5.000%, 07/01/2053 (A)		2,000		2,081
Southern California, Public Power Authority, Ser A, RB
5.000%, 07/01/2035		400		427
Stockton, Unified School District, Ser A, GO, BAM
5.000%, 08/01/2031		750		828
5.000%, 08/01/2032		600		671
Tulare, Local Health Care District, GO, BAM
4.000%, 08/01/2027		585		591
4.000%, 08/01/2028		435		444
4.000%, 08/01/2029		735		754
4.000%, 08/01/2030		1,320		1,360
University of California, Ser BV, RB
5.000%, 05/15/2036		3,000		3,316
University of California, Ser BZ, RB
5.000%, 05/15/2038		2,000		2,194
University of California, Ser CD, RB
5.000%, 05/15/2036		3,500		3,950
University of California, Ser CE, RB
5.000%, 11/15/2039		2,000		2,219
				213,717
Guam — 0.7%
Guam, Waterworks Authority, Water Revenue, Ser A, RB
5.000%, 07/01/2035		1,375		1,474

Total Municipal Bonds
(Cost $222,398) ($ Thousands)				215,191

Description	Shares		Market Value ($ Thousands)
CASH EQUIVALENT — 2.5%
SEI Daily Income Trust, Government Fund, Institutional Class
3.570%**^†		5,402,609	$	5,403
Total Cash Equivalent
(Cost $5,403) ($ Thousands)				5,403
Total Investments in Securities — 101.6%
(Cost $227,801) ($ Thousands)			$	220,594

	Percentages are based on Net Assets of $217,102 ($ Thousands).
**	The rate reported is the 7-day effective yield as of August 31, 2026.
^†	Investment in Affiliated Security (see Note 3).
(A)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.
(B)	Pre-Refunded Securities — The maturity date shown is the pre-refunded date.
(C)	Security, or a portion thereof, exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On August 31, 2026, the value of these securities amounted to $1,985 ($ Thousands), representing 0.9% of the Net Assets of the Fund.

The following is a summary of the level of inputs used as of August 31, 2026, in valuing the Fund's investments carried at value ($ Thousands):

Investments in Securities

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Municipal Bonds

–

215,191

–

215,191

Cash Equivalent

5,403

–

5,403

Total Investments in Securities

5,403

215,191

–

220,594

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS — 98.6%
Guam — 0.7%
Guam, Waterworks Authority, Water Revenue, Ser A, RB
5.000%, 07/01/2036	$	400	$	425

Massachusetts — 97.9%
Boston, Ser A, GO
4.000%, 11/01/2031		1,500		1,566
Commonwealth of Massachusetts Transportation Fund Revenue, RB
5.000%, 06/01/2038		1,000		1,105
Commonwealth of Massachusetts, Ser B, GO
5.000%, 06/01/2036		750		839
Hingham, GO
4.000%, 02/15/2030		340		349
4.000%, 02/15/2031		320		327
Massachusetts Bay, Transportation Authority, Ser A, RB
5.250%, 07/01/2030		400		438
5.250%, 07/01/2031		750		831
5.000%, 07/01/2036		1,500		1,698
Massachusetts Bay, Transportation Authority, Ser B, RB
5.000%, 07/01/2037		1,000		1,110
Massachusetts Bay, Transportation Authority, Sub-Ser A-1, RB
5.000%, 07/01/2031		1,000		1,097
Massachusetts Development Finance Agency, Beth Israel Lahey Health, RB, AG
5.000%, 07/01/2032		250		274
Massachusetts Development Finance Agency, RB
5.500%, 10/01/2035		500		541
5.000%, 03/01/2031		590		618
5.000%, 10/01/2032		860		939
5.000%, 09/01/2038		1,000		1,084
5.000%, 12/01/2038		1,800		1,944
Massachusetts Development Finance Agency, Ser F, RB
5.000%, 07/01/2038		1,000		1,102
Massachusetts Development Finance Agency, Ser N, RB
5.000%, 07/01/2037		500		554
Massachusetts Development Finance Agency, Ser S, RB
4.000%, 02/15/2036		500		523
Massachusetts Development Finance Agency, Tufts University Student Housing Project, RB
5.000%, 06/01/2037		440		473
5.000%, 06/01/2038		670		712

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Massachusetts Port Authority, Ser A, AMT, RB
5.000%, 07/01/2036	$	500	$	516
Massachusetts School Building Authority, Sub-Ser, RB
5.000%, 02/15/2038		500		564
Massachusetts State, Clean Water Trust, RB
5.000%, 02/01/2032		1,000		1,107
5.000%, 02/01/2033		500		559
Massachusetts State, Development Finance Agency, Amherst College, RB
5.000%, 11/01/2055 (A)		1,000		1,123
Massachusetts State, Development Finance Agency, Babson College, RB
5.000%, 10/01/2033		1,115		1,224
Massachusetts State, Development Finance Agency, Boston University Housing Project, RB
5.000%, 10/01/2065 (A)		1,000		1,101
Massachusetts State, Development Finance Agency, Children's Hospital, Ser T, RB
5.000%, 03/01/2034		3,000		3,361
Massachusetts State, Development Finance Agency, Emerson College, RB
5.250%, 01/01/2038		610		647
5.000%, 01/01/2037		600		631
Massachusetts State, Development Finance Agency, Harvard University, Ser B, RB
4.000%, 02/15/2036		1,250		1,308
Massachusetts State, Development Finance Agency, Lasell Village, RB
5.000%, 07/01/2029		1,000		1,046
Massachusetts State, Development Finance Agency, Mass General Brigham, Ser A, RB
5.000%, 07/01/2050 (A)		1,000		1,058
Massachusetts State, Development Finance Agency, Mass General Brigham, Ser D, RB
5.000%, 07/01/2030		400		428
Massachusetts State, Development Finance Agency, Northeastern University, RB
5.000%, 10/01/2036		350		385
Massachusetts State, Development Finance Agency, Olin College, Ser F, RB
5.000%, 11/01/2035		650		705
Massachusetts State, Development Finance Agency, Partners Healthcare System, RB
5.000%, 07/01/2030		1,000		1,027
Massachusetts State, Development Finance Agency, Trustees of Deerfield Academy, RB
5.000%, 10/01/2032		1,000		1,121

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Massachusetts State, Development Finance Agency, UMass Memorial Health Care, RB
5.000%, 07/01/2031	$	1,000	$	1,011
5.000%, 07/01/2035		1,000		1,088
Massachusetts State, Development Finance Agency, Worcester Polytechnic Institute, RB
5.000%, 09/01/2030		210		223
Massachusetts State, Educational Financing Authority, AMT, RB
5.000%, 07/01/2028		850		874
Massachusetts State, Educational Financing Authority, Ser B, AMT, RB
5.000%, 07/01/2030		375		398
5.000%, 07/01/2033		1,000		1,050
Massachusetts State, Municipal Wholesale Electric, Cotton Solar Project, RB
5.000%, 07/01/2033		380		419
5.000%, 07/01/2034		200		220
5.000%, 07/01/2035		250		273
5.000%, 07/01/2036		275		299
Massachusetts State, Municipal Wholesale Electric, Ser A, RB
5.000%, 07/01/2031		410		444
5.000%, 07/01/2032		440		478
Massachusetts State, Port Authority, BosFuel Project, Ser A, AMT, RB
5.000%, 07/01/2027		1,000		1,017
5.000%, 07/01/2029		840		882
Massachusetts State, Port Authority, Ser A, AMT, RB
5.000%, 07/01/2027		1,000		1,017
5.000%, 07/01/2028		750		772
5.000%, 07/01/2029		500		526
Massachusetts State, Port Authority, Ser C, AMT, RB
5.000%, 07/01/2028		1,000		1,036
Massachusetts State, RB, NATL
5.500%, 01/01/2034 (B)		350		392
Massachusetts State, Ser A, GO
5.000%, 01/01/2035		310		322
5.000%, 03/01/2035		565		629
Massachusetts State, Ser B, GO
5.000%, 11/01/2036		750		826
Massachusetts State, Ser C, GO
5.000%, 10/01/2033		2,500		2,762
5.000%, 10/01/2034		210		230
Massachusetts State, Ser E, GO
5.000%, 11/01/2030		1,000		1,088
5.000%, 11/01/2031		345		373
Massachusetts State, Transportation Fund Revenue, Ser A, RB
5.000%, 06/01/2037		1,000		1,103

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Massachusetts State, Water Resources Authority, Ser C, RB
5.000%, 08/01/2037	$	510	$	563
Massachusetts Water Resources Authority, Ser C, RB
5.000%, 08/01/2038		1,000		1,115
Tri-County, Regional Vocational Technical School District, GO
5.000%, 06/01/2038		775		840
				58,305

Total Municipal Bonds
(Cost $60,096) ($ Thousands)				58,730


	Shares
CASH EQUIVALENT — 0.5%
SEI Daily Income Trust, Government Fund, Institutional Class
3.570%**^†		315,837		316
Total Cash Equivalent
(Cost $316) ($ Thousands)				316
Total Investments in Securities — 99.1%
(Cost $60,412) ($ Thousands)			$	59,046

	Percentages are based on Net Assets of $59,591 ($ Thousands).
**	The rate reported is the 7-day effective yield as of August 31, 2026.
^†	Investment in Affiliated Security (see Note 6).
(A)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.
(B)	Security is escrowed to maturity.

The following is a summary of the level of inputs used as of August 31, 2026, in valuing the Fund's investments carried at value ($ Thousands):

Investments in Securities

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Municipal Bonds

–

58,730

–

58,730

Cash Equivalent

316

–

316

Total Investments in Securities

316

58,730

–

59,046

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS — 99.6%
Delaware — 3.0%
Delaware State, River & Bay Authority, RB
5.000%, 01/01/2029	$	1,000	$	1,052
5.000%, 01/01/2030		180		192
5.000%, 01/01/2031		115		124
5.000%, 01/01/2032		225		247
5.000%, 01/01/2033		225		245
Delaware State, River & Bay Authority, Ser B, RB
5.000%, 01/01/2035		450		497
5.000%, 01/01/2036		340		373
				2,730
Guam — 1.2%
Guam, Waterworks Authority, Ser A, RB
5.000%, 07/01/2034		625		673
5.000%, 07/01/2037		400		424
				1,097
New Jersey — 84.4%
Bergen County, GO
3.000%, 07/15/2029		1,000		998
Casino Reinvestment Development Authority, Ser A, RB, AGC
5.000%, 11/01/2035		1,600		1,740
Casino Reinvestment Development Authority, Ser B, RB, AGC
5.000%, 11/01/2035		500		544
Edison, GO
3.000%, 03/15/2033		1,635		1,574
Gloucester County, Improvement Authority, RB, BAM
5.000%, 07/01/2036		700		745
Gloucester County, Improvement Authority, Rowan University Fossil Park, RB, BAM
5.000%, 07/01/2031		375		402
Jersey City, Redevelopment Agency, RB, MUN GOVT GTD
4.000%, 12/15/2031		1,000		1,030
Monmouth County, Improvement Authority, Governmental Pooled Loans, Ser A, RB
5.000%, 03/01/2031		365		401
Montclair State University, RB
5.000%, 07/01/2031		1,250		1,354
Montclair State University, Ser A, RB, AG
5.000%, 07/01/2036		520		575
New Jersey State, COVID-19 Emergency Bonds, GO
4.000%, 06/01/2031		2,000		2,087
New Jersey State, Economic Development Authority, Portal North Bridge Project, RB
5.000%, 11/01/2033		650		707

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
New Jersey State, Economic Development Authority, Provident Group Montclair Project, RB, AGM
5.000%, 06/01/2027	$	1,000	$	1,015
New Jersey State, Economic Development Authority, Ser A, RB, BAM
5.000%, 07/01/2027		1,140		1,158
New Jersey State, Economic Development Authority, Ser SSS, RB
5.000%, 06/15/2035		1,030		1,128
New Jersey State, Educational Facilities Authority, Higher Education Capital Improvement, RB
5.000%, 09/01/2035		1,000		1,084
New Jersey State, Educational Facilities Authority, Ramapo College Project, Ser A, RB, AGM
5.000%, 07/01/2033		350		380
New Jersey State, Educational Facilities Authority, RB
5.000%, 07/01/2029		1,605		1,690
New Jersey State, Educational Facilities Authority, Ser A, RB
5.000%, 07/01/2033		1,360		1,437
New Jersey State, Educational Facilities Authority, Ser A1, RB
5.000%, 03/01/2037		2,000		2,204
New Jersey State, Educational Facilities Authority, Stevens Institute of Technology, RB
5.000%, 07/01/2028		880		895
New Jersey State, Educational Facilities Authority, William Patterson University, RB, BAM
5.000%, 07/01/2032		1,500		1,635
New Jersey State, Health Care Facilities Financing Authority, AtlantiCare Health System, RB
5.000%, 07/01/2031		725		783
New Jersey State, Health Care Facilities Financing Authority, Inspira Health Obligated Group, RB
5.000%, 07/01/2031		1,080		1,097
5.000%, 07/01/2033		1,000		1,096
5.000%, 07/01/2035		350		386
5.000%, 07/01/2036		525		575
5.000%, 07/01/2037		820		828
New Jersey State, Health Care Facilities Financing Authority, RB
5.000%, 07/01/2028		1,365		1,422

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
New Jersey State, Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group, RB
5.000%, 07/01/2029	$	2,000	$	2,119
5.000%, 07/01/2032		1,225		1,324
5.000%, 07/01/2034		1,205		1,334
5.000%, 07/01/2036		2,000		2,185
New Jersey State, Health Care Facilities Financing Authority, Valley Health System Obligated Group, RB
5.000%, 07/01/2030		1,250		1,317
New Jersey State, Higher Education Student Assistance Authority, Ser A, AMT, RB
5.000%, 12/01/2033		2,400		2,571
New Jersey State, Higher Education Student Assistance Authority, Ser B, AMT, RB
5.000%, 12/01/2030		700		742
5.000%, 12/01/2031		615		654
New Jersey State, Housing & Mortgage Finance Agency, Ser H, RB
5.000%, 04/01/2029		485		510
New Jersey State, Institute of Technology, RB
5.000%, 07/01/2028		200		208
5.000%, 07/01/2029		270		287
5.000%, 07/01/2030		260		275
5.000%, 07/01/2031		375		396
New Jersey State, Transportation Trust Fund Authority, RB
5.250%, 06/15/2032		1,375		1,522
New Jersey State, Transportation Trust Fund Authority, Ser A, RB
4.000%, 06/15/2034		1,055		1,066
4.000%, 06/15/2035		2,585		2,599
4.000%, 06/15/2036		1,515		1,512
New Jersey State, Transportation Trust Fund Authority, Ser AA, RB
5.000%, 06/15/2037		500		535
5.000%, 06/15/2038		1,500		1,624
New Jersey State, Transportation Trust Fund Authority, Ser CC, RB
5.000%, 06/15/2034		1,500		1,659
New Jersey State, Transportation Trust Fund Authority, Ser S, RB
5.000%, 06/15/2032		2,500		2,696
5.000%, 06/15/2036		940		999
New Jersey State, Turnpike Authority, Ser A, RB
5.000%, 01/01/2033		1,500		1,654

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
New Jersey State, Turnpike Authority, Ser B, RB
5.000%, 01/01/2034	$	3,000	$	3,334
5.000%, 01/01/2036		750		831
New Jersey State, Turnpike Authority, Ser C, RB
5.000%, 01/01/2035		1,000		1,115
New Jersey State, Turnpike Authority, Ser G, RB
4.000%, 01/01/2035		1,000		1,004
North Hudson Sewerage Authority, RB, AG
5.000%, 06/01/2035		565		633
5.000%, 06/01/2036		500		560
5.000%, 06/01/2037		650		718
5.000%, 06/01/2038		500		546
5.000%, 06/01/2039		750		813
Passaic County, Improvement Authority, Paterson Project, RB, ST AID WITHHLDG
5.000%, 08/01/2027		545		546
Somerset County, Ser A&B, GO
3.000%, 08/01/2030		540		538
South Jersey, Transportation Authority, Ser A, RB, AGM
5.000%, 11/01/2032		1,250		1,316
Tobacco Settlement Financing, Ser A, RB
5.000%, 06/01/2032		500		512
5.000%, 06/01/2034		3,000		3,069
Union County, Improvement Authority, RB, CNTY-GTD
5.000%, 04/15/2036		400		445
5.000%, 04/15/2037		550		607
				77,345
New York — 7.8%
New York & New Jersey, Port Authority, AMT, RB
5.000%, 11/01/2032		2,415		2,518
New York & New Jersey, Port Authority, Ser 223, AMT, RB
5.000%, 07/15/2033		2,165		2,300
4.000%, 07/15/2036		1,325		1,309
New York & New Jersey, Port Authority, Ser 231ST, AMT, RB
5.000%, 08/01/2037		1,000		1,045
				7,172
Pennsylvania — 3.2%
Delaware River, Joint Toll Bridge Commission, Ser A, RB
5.000%, 07/01/2027		1,000		1,019
Delaware River, Joint Toll Bridge Commission, Ser C, RB
5.000%, 07/01/2039		1,000		1,089

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Delaware River, Port Authority, RB
5.000%, 01/01/2037	$	750	$	825
				2,933

Total Municipal Bonds
(Cost $93,421) ($ Thousands)				91,277


	Shares
CASH EQUIVALENT — 1.4%
SEI Daily Income Trust, Government Fund, Institutional Class
3.570%**^†		1,312,755		1,313
Total Cash Equivalent
(Cost $1,313) ($ Thousands)				1,313
Total Investments in Securities — 101.0%
(Cost $94,734) ($ Thousands)			$	92,590

	Percentages are based on Net Assets of $91,649 ($ Thousands).
**	The rate reported is the 7-day effective yield as of August 31, 2026.
^†	Investment in Affiliated Security (see Note 3).

The following is a summary of the level of inputs used as of August 31, 2026, in valuing the Fund's investments carried at value ($ Thousands):

Investments in Securities

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Municipal Bonds

–

91,277

–

91,277

Cash Equivalent

1,313

–

1,313

Total Investments in Securities

1,313

91,277

–

92,590

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS — 98.7%
Guam — 1.9%
Guam, Waterworks Authority, Ser A, RB
5.000%, 07/01/2034	$	725	$	781
5.000%, 07/01/2037		420		445
Territory of Guam, Business Privilege Tax, Ser G, RB
5.000%, 01/01/2030		800		841
				2,067

New York — 96.8%
Albany Capital Resource, RB
5.000%, 05/01/2035		415		456
Albany, Capital Resource, RB
5.000%, 05/01/2036		500		547
Broome County, Local Development, United Health Services Hospitals, RB, AGM
5.000%, 04/01/2030		900		954
Build NYC Resource, Kipp Public School, Canal West Project, RB
5.000%, 07/01/2034		1,000		1,060
Build NYC Resource, Success Academy Charter School Project, RB
5.000%, 09/01/2035		900		944
5.000%, 09/01/2036		1,000		1,044
5.000%, 09/01/2037		1,475		1,532
Build NYC Resource, The Chapin School Project, RB
5.000%, 11/01/2026		500		502
Build NYC Resource, Urban Resource Institute Project, RB
4.125%, 12/01/2035		500		505
Genesee County, Funding, Rochester Regional Health Project, RB
5.000%, 12/01/2032		650		691
Hudson Yards Infrastructure, RB
5.000%, 02/15/2034		1,970		2,169
Long Island Power Authority, Ser B, RB
5.000%, 09/01/2032		600		666
Long Island, Power Authority, Ser B, RB
5.000%, 09/01/2030		1,500		1,500
Metropolitan New York, Transportation Authority, RB
5.000%, 11/15/2037		1,895		2,049
Metropolitan New York, Transportation Authority, Ser A, RB
5.000%, 11/15/2031		1,000		1,093
Metropolitan New York, Transportation Authority, Ser C-1-B, RB, BAM-TCRS
5.000%, 11/15/2031		1,750		1,806
Metropolitan Transportation Authority, RB
5.000%, 11/15/2032		2,000		2,202

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Monroe County, Industrial Development Authority, St. John Fisher University Project, RB
5.000%, 06/01/2033	$	750	$	812
New York & New Jersey, Port Authority, AMT, RB
5.000%, 11/01/2030		3,100		3,253
New York & New Jersey, Port Authority, Ser 231ST, AMT, RB
5.000%, 08/01/2033		1,500		1,608
5.000%, 08/01/2037		1,765		1,844
New York City Municipal Water Finance Authority, Ser DD-REMK, RB
5.000%, 06/15/2033		1,000		1,119
New York City Municipal Water Finance Authority, Sub-Ser, RB
5.000%, 06/15/2036		650		732
New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured, Sub-Ser C-S, RB
5.000%, 05/01/2038		1,500		1,608
New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured, Sub-Ser, RB
5.000%, 05/01/2037		2,280		2,456
New York City Transitional Finance Authority Future Tax Secured Revenue, Sub-Ser S, RB
5.000%, 02/01/2039		3,000		3,223
New York City Transitional Finance Authority Future Tax Secured Revenue, Sub-Ser, RB
5.000%, 11/01/2032		1,000		1,100
New York City, Energy Finance Development, RB
5.000%, 07/01/2056 (A)		2,125		2,169
New York City, Industrial Development Agency, Queens Baseball Stadium Project, RB, AGM
5.000%, 01/01/2028		1,000		1,028
New York City, Industrial Development Agency, Yankee Stadium Project, RB, AGM
5.000%, 03/01/2029		1,750		1,838
New York City, Ser 1, GO
5.000%, 08/01/2028		1,000		1,020
New York City, Ser A, GO
5.000%, 08/01/2034		1,000		1,107
New York City, Ser C, GO
5.000%, 08/01/2032		1,345		1,427
New York City, Ser F-1, GO
5.000%, 08/01/2029		1,895		1,987

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
New York State, Dormitory Authority, Iona University, RB, AG
5.000%, 07/01/2037	$	760	$	828
5.000%, 07/01/2038		850		918
New York State, Dormitory Authority, Memorial Sloan-Kettering Project, RB
5.000%, 07/01/2030		1,095		1,164
New York State, Dormitory Authority, Mount Sinai Hospital Obligated Group, RB
5.500%, 07/01/2038		1,925		2,062
New York State, Dormitory Authority, Northwell Healthcare Inc Obligated Group, RB
5.000%, 05/01/2034		1,000		1,100
4.000%, 05/01/2037		1,250		1,232
New York State, Dormitory Authority, Presbyterian Hospital Obligated Group, RB
5.000%, 08/01/2035		2,000		2,202
New York State, Dormitory Authority, RB
5.000%, 07/01/2027		1,490		1,521
5.000%, 07/01/2027 (B)		10		10
5.000%, 03/15/2032		1,500		1,654
4.000%, 07/01/2030 (B)		40		42
New York State, Dormitory Authority, RB, AG ST AID WITHHLDG
5.000%, 10/01/2032		2,000		2,214
New York State, Dormitory Authority, Rochester Institute of Technology, RB
5.000%, 07/01/2033		1,000		1,094
New York State, Dormitory Authority, Roswell Park Cancer Institute Obligated Group, RB, AG
5.000%, 07/01/2033		750		825
5.000%, 07/01/2034		1,255		1,386
New York State, Dormitory Authority, School Districts Financing Program, RB, AGM
5.000%, 10/01/2026 (B)		5			5
New York State, Dormitory Authority, School Districts Financing Program, Ser A, RB, AGM
5.000%, 10/01/2030		1,200		1,275
5.000%, 10/01/2036		2,000		2,157
New York State, Dormitory Authority, School Districts Financing Program, Ser A, RB, ST AID WITHHLDG
5.000%, 10/01/2029		2,500		2,560
New York State, Dormitory Authority, Ser S, RB
4.000%, 07/01/2030		790		820
New York State, Dormitory Authority, The New School, Ser A, RB
5.000%, 07/01/2035		1,365		1,484

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
New York State, Dormitory Authority, White Plains Hospital Obligated Group, RB, AG
5.000%, 10/01/2038	$	1,000	$	1,067
New York State, Energy Research & Development Authority, Pollution Control, Ser C-REMK, RB
4.000%, 04/01/2034		1,000		1,016
New York State, Liberty Development Authority, Goldman Sachs Headquarters Project, RB
5.250%, 10/01/2035		1,500		1,668
New York State, Mortgage Agency, Ser 2, AMT, RB
5.000%, 04/01/2029		1,700		1,762
New York State, Power Authority, Green Transmission Project, RB, AGM
5.000%, 11/15/2035		1,370		1,529
New York State, Thruway Authority, Ser L, RB
5.000%, 01/01/2034		1,860		1,905
New York State, Transportation Development Corporation, JFK International Airport Terminal 4 Project, AMT, RB
5.000%, 12/01/2032		1,055		1,134
5.000%, 12/01/2033		1,560		1,668
New York State, Transportation Development Corporation, JFK International Airport Terminal 4 Project, RB
5.000%, 12/01/2030		1,000		1,073
New York State, Transportation Development Corporation, LaGuardia Airport Terminal B Redevelopment Project, AMT, RB
5.000%, 07/01/2030		1,275		1,276
New York State, Transportation Development, Delta Airlines, AMT, RB
5.000%, 10/01/2035		1,000		1,036
New York State, Urban Development, Ser E, RB
5.000%, 03/15/2032		615		657
New York Transportation Development, JFK International Airport Terminal 1 Project, AMT, RB, AG
5.500%, 06/30/2038		1,700		1,846
Suffolk, Tobacco Asset Securitization, RB
4.000%, 06/01/2035		2,345		2,332
Triborough Bridge & Tunnel Authority, RB
5.000%, 11/15/2031		1,250		1,378
Triborough, Bridge & Tunnel Authority, MTA Bridges & Tunnels, RB
5.000%, 12/01/2037		2,000		2,195

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Triborough, Bridge & Tunnel Authority, MTA Bridges & Tunnels, Sub-Ser A, RB
5.000%, 02/01/2028	$	3,335	$	3,447
Trust for Cultural Resources of The City of New York, RB
5.000%, 12/01/2032		2,000		2,202
Utility Debt Securitization Authority, Ser TE-2, RB
5.000%, 12/15/2032		2,000		2,176
				105,971
Total Municipal Bonds
(Cost $109,513) ($ Thousands)				108,038

	Shares
CASH EQUIVALENT — 0.2%
SEI Daily Income Trust, Government Fund, Institutional Class
3.570%^**†		270,453		270
Total Cash Equivalent
(Cost $270) ($ Thousands)				270
Total Investments in Securities — 98.9%
(Cost $109,783) ($ Thousands)			$	108,308

Percentages are based on Net Assets of $109,470 ($ Thousands).
**	The rate reported is the 7-day effective yield as of August 31, 2026.
^†	Investment in Affiliated Security (see Note 6).
(A)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.
(B)	Security is escrowed to maturity.

The following is a summary of the level of inputs used as of August 31, 2026, in valuing the Fund's investments carried at value ($ Thousands):

Investments in Securities

Level 1 ($)

Level 2 ($)

Level 3 ($)

Total ($)

Municipal Bonds

–

108,038

–

108,038

Cash Equivalent

270

–

270

Total Investments in Securities

270

108,038

–

108,308

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS — 99.1%
Guam — 0.7%
Guam, Waterworks Authority, Water Revenue, Ser A, RB
5.000%, 07/01/2036	$	900	$	958

Pennsylvania — 98.4%
Adams County, General Authority, The Brethren Home Community, RB
5.000%, 06/01/2034		2,505		2,623
Allegheny County, Airport Authority, Ser A, AMT, RB
5.000%, 01/01/2031		1,325		1,408
Allegheny County, Higher Education Building Authority, Carnegie Mellon University, RB
5.000%, 02/01/2030		500		536
Allegheny County, Hospital Development Authority, Allegheny Health Network, RB
5.000%, 04/01/2028		2,500		2,577
5.000%, 04/01/2036		1,000		1,014
Allegheny County, Port Authority, RB
5.000%, 03/01/2029		1,000		1,053
Allentown, School District, Ser A, GO, BAM ST AID WITHHLDG
5.000%, 06/01/2032		1,610		1,768
5.000%, 06/01/2033		1,105		1,223
5.000%, 06/01/2034		1,485		1,653
Allentown, School District, Ser B, GO, BAM
5.000%, 02/01/2029		1,750		1,834
Chester County, GO
4.000%, 07/15/2029		300		309
4.000%, 07/15/2030		250		256
Chester County, Ser B, GO
5.000%, 07/15/2036		750		823
Commonwealth Financing Authority, Tobacco Master Settlement, RB
5.000%, 06/01/2028		2,500		2,592
5.000%, 06/01/2029		500		518
Cumberland County, Municipal Authority, Penn State Health, RB
5.000%, 11/01/2029		780		821
Delaware County, AD Valorem Property Tax, GO
5.000%, 08/01/2034		230		252
5.000%, 08/01/2036		255		275
5.000%, 08/01/2037		345		369
Delaware County, Cabrini University Project, RB
5.000%, 07/01/2027 (A)		500		509
Delaware County, Cabrini University Project, RB
Pre-Refunded @ 100
5.000%, 07/01/2027 (B)		500		509

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Delaware River, Joint Toll Bridge Commission, Ser C, RB
5.000%, 07/01/2038	$	1,000	$	1,100
Delaware River, Port Authority, RB
5.000%, 01/01/2037		1,000		1,099
Delaware Valley Regional Finance Authority, Ser A, RB
4.000%, 09/01/2035		1,345		1,355
4.000%, 12/01/2038		1,000		981
Downingtown, School District, Ser A, GO, ST AID WITHHLDG
5.000%, 11/01/2037		750		814
5.000%, 11/01/2038		1,000		1,078
5.000%, 11/01/2039		650		695
Lancaster County, Hospital Authority, Masonic Villages of Grand Lodge Project, RB
5.000%, 11/01/2028		1,360		1,389
Lancaster, Higher Education Authority, Harrisburg Area Community College Project, RB, BAM
4.000%, 10/01/2030		400		405
Lehigh County, General Purpose Authority, RB
4.000%, 06/01/2031		1,225		1,220
Luzerne County, Industrial Development Authority, American Water Project, AMT, RB
2.450%, 12/01/2039 (C)		1,700		1,604
Lycoming County, College Revenue Authority, Pennsylvania College of Technology Project, RB, BAM
5.000%, 07/01/2030		900		960
Montgomery County, Higher Education & Health Authority, Thomas Jefferson University Project, RB
5.000%, 09/01/2028		1,500		1,553
Montgomery County, Industrial Development Authority, Retirement Communities Revenue, RB
5.000%, 11/15/2036		750		751
Mount Lebanon, Hospital Authority, St. Clair Memorial Hospital Project, RB
5.000%, 07/01/2027		400		407
5.000%, 07/01/2029		350		362
Northampton County, General Purpose Authority, RB, AGM
5.000%, 08/15/2037		1,000		1,077
Northampton County, General Purpose Authority, Ser A, RB
5.000%, 11/15/2034		1,000		1,123
Pennsylvania State University, RB
5.000%, 09/01/2035		850		932

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Pennsylvania State, Economic Development Financing Authority, Junior Insured, RB, AGM
5.000%, 01/01/2027	$	1,100	$	1,107
Pennsylvania State, Economic Development Financing Authority, PENNDOT Major Bridges Project, AMT, RB
5.000%, 06/30/2034		1,500		1,595
Pennsylvania State, Economic Development Financing Authority, Presbyterian Senior Living, RB
4.000%, 07/01/2033		1,350		1,357
Pennsylvania State, Economic Development Financing Authority, UPMC, RB
5.000%, 05/15/2031		1,000		1,071
Pennsylvania State, Economic Development Financing Authority, UPMC, Ser A, RB
5.000%, 10/15/2029		750		794
5.000%, 10/15/2030		925		990
5.000%, 12/15/2039		1,200		1,242
Pennsylvania State, Economic Development Financing Authority, UPMC, Ser B, RB
5.000%, 03/15/2038		2,000		2,129
Pennsylvania State, Economic Development Financing Authority, Villanova University Project, RB
5.000%, 08/01/2035		750		830
5.000%, 08/01/2036		725		795
Pennsylvania State, GO
5.000%, 05/01/2030		1,000		1,076
5.000%, 09/01/2032		2,590		2,859
5.000%, 08/15/2033		1,310		1,459
5.000%, 04/01/2038		1,250		1,373
Pennsylvania State, GO, BAM
4.000%, 03/01/2035		3,500		3,514
Pennsylvania State, Higher Education Assistance Agency, AMT, RB
5.000%, 06/01/2035		4,700		4,934
Pennsylvania State, Higher Educational Facilities Authority, Drexel University, RB
5.000%, 05/01/2035		1,000		1,056
5.000%, 05/01/2036		1,000		1,052
Pennsylvania State, Higher Educational Facilities Authority, RB
Pre-Refunded @ 100
5.000%, 06/15/2027 (B)		265		269
Pennsylvania State, Higher Educational Facilities Authority, RB
5.000%, 06/15/2028 (A)		70		71
5.000%, 08/15/2034		1,445		1,607
5.000%, 02/15/2035		2,000		2,247
Pennsylvania State, Higher Educational Facilities Authority, Ser AX, RB, AGM
5.000%, 06/15/2027 (A)		75		76

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Pennsylvania State, Higher Educational Facilities Authority, Thomas Jefferson University, RB
5.250%, 11/01/2037	$	1,500	$	1,603
Pennsylvania State, Higher Educational Facilities Authority, University of Pennsylvania Health System, RB
5.000%, 08/15/2037		1,300		1,417
Pennsylvania State, Housing Finance Agency, Ser 133, RB
5.000%, 10/01/2029		500		530
Pennsylvania State, Housing Finance Agency, Ser 153A, RB
5.500%, 10/01/2028		740		781
Pennsylvania State, Housing Finance Agency, Ser 2022, RB
4.250%, 10/01/2052		1,235		1,249
Pennsylvania State, Ser A, COP
5.000%, 07/01/2028		400		412
Pennsylvania State, Turnpike Commission, Ser A, RB
5.000%, 12/01/2030		1,350		1,462
5.000%, 12/01/2031		1,000		1,087
5.000%, 12/01/2032		2,000		2,182
Pennsylvania State, Turnpike Commission, Ser B, RB
5.000%, 12/01/2032		1,550		1,688
5.000%, 12/01/2033		375		411
Pennsylvania State, Turnpike Commission, Ser C, RB
5.000%, 12/01/2032		500		545
Pennsylvania State, Turnpike Commission, Sub-Ser, RB
5.000%, 12/01/2028		500		514
5.000%, 06/01/2031		1,165		1,267
5.000%, 06/01/2033		895		992
5.000%, 12/01/2034		1,000		1,093
Philadelphia, Airport Revenue Authority, AMT, RB
5.000%, 07/01/2029		1,590		1,666
5.000%, 07/01/2031		1,100		1,176
Philadelphia, Gas Works Revenue Authority, Ser A, RB, AGM
5.000%, 08/01/2031		1,000		1,072
Philadelphia, Housing Authority, PHADC Acquisition Program, RB
5.250%, 03/01/2038		2,500		2,677
Philadelphia, Industrial Development Authority, RB
5.000%, 10/01/2029		1,000		1,062
Philadelphia, Industrial Development Authority, Rebuild Project, Ser A, RB
5.000%, 12/01/2037		1,750		1,904

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Philadelphia, Industrial Development Authority, The Children's Hospital of Philadelphia Project, RB
4.000%, 07/01/2035	$	5,325	$	5,309
Philadelphia, School District, Ser A, GO, ST AID WITHHLDG
5.000%, 09/01/2039		1,500		1,607
Philadelphia, School District, Ser B, RN, ST AID WITHHLDG
5.000%, 06/30/2027		1,250		1,271
Philadelphia, Ser A, GO
5.000%, 05/01/2031		1,000		1,085
5.000%, 08/01/2038		1,000		1,088
Philadelphia, Water & Wastewater Revenue Authority, RB
5.000%, 10/01/2032		1,250		1,341
Philadelphia, Water & Wastewater Revenue Authority, Ser B, RB
5.000%, 11/01/2027		300		308
Philadelphia, Water & Wastewater Revenue Authority, Ser C, RB
5.000%, 10/01/2031		2,250		2,457
5.000%, 06/01/2034		800		869
Philadelphia, Water & Wastewater Revenue Authority, Ser C, RB, AGC
5.000%, 09/01/2035		2,500		2,813
Pittsburgh & Allegheny County, Sports & Exhibition Parking Authority, RB, BAM
5.000%, 12/15/2027		1,000		1,027
Pittsburgh & Allegheny County, Sports & Exhibition Parking Authority, Ser A, RB, AGM
5.000%, 02/01/2033		1,000		1,079
Pittsburgh, Water & Sewer Authority, Ser A, RB, AGC
5.000%, 09/01/2036		200		222
5.000%, 09/01/2037		300		331
5.000%, 09/01/2038		400		437
Pittsburgh, Water & Sewer Authority, Ser B, RB, AGM
5.000%, 09/01/2029		450		479
Quaker Valley, School District, GO, ST AID WITHHLDG
5.000%, 10/01/2030		250		269
5.000%, 10/01/2031		325		348
Southcentral Pennsylvania, General Authority, Wellspan Health Obligated Group, RB
5.000%, 06/01/2032		1,250		1,362
Southeastern Pennsylvania, Transportation Authority, Asset Improvement Program, RB
5.000%, 06/01/2032		1,000		1,096
5.000%, 06/01/2033		1,000		1,089

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Southeastern Pennsylvania, Transportation Authority, RB
5.000%, 03/01/2028	$	725	$	742
State College, School District, Ser B, GO, ST AID WITHHLDG
5.000%, 03/15/2038		550		604
5.000%, 03/15/2039		500		543
Swarthmore Borough, Authority, Swarthmore College, RB
5.000%, 09/15/2055 (C)		1,000		1,099
University of Pittsburgh, Commonwealth System of Higher Education, RB
5.000%, 02/15/2034		2,000		2,234
Westmoreland County, Municipal Authority, Ser A, RB, BAM
5.000%, 08/15/2037		1,500		1,628
				134,857

Total Municipal Bonds
(Cost $138,415) ($ Thousands)				135,815

		Shares
CASH EQUIVALENT — 1.6%
SEI Daily Income Trust, Government Fund, Institutional Class 3.570%^**†		2,169,281		2,169
Total Cash Equivalent
(Cost $2,169) ($ Thousands)				2,169
Total Investments in Securities — 100.7%
(Cost $140,584) ($ Thousands)			$	137,984

Percentages are based on Net Assets of $137,022 ($ Thousands).
^†	Investment in Affiliated Security (see Note 3).
**	The rate reported is the 7-day effective yield as of August 31, 2026.
(A)	Security is escrowed to maturity.
(B)	Pre-Refunded Securities — The maturity date shown is the pre-refunded date.
(C)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.

The following is a summary of the level of inputs used as of August 31, 2026, in valuing the Fund's investments carried at value ($ Thousands):

Investments in Securities

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Municipal Bonds

–

135,815

–

135,815

Cash Equivalent

2,169

–

2,169

Total Investments in Securities

2,169

135,815

–

137,984

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS — 70.5%
Alabama — 1.8%
Alabama State, Special Care Facilities Financing Authority, Methodist Home for the Aging Project, Ser S, RB
5.750%, 06/01/2045	$	800	$	768
Baldwin County, Industrial Development Authority, AMT, RB
4.625%, 06/01/2055 (A)(B)		600		604
4.300%, 03/01/2056 (A)(B)		250		247
Baldwin County, Industrial Development Authority, Novelis Corporation Project, AMT, RB
5.000%, 06/01/2055 (A)(B)		2,200		2,256
Black Belt Energy Gas District, RB
5.000%, 11/01/2036		2,000		2,066
Black Belt Energy Gas District, Ser E, RB
5.000%, 12/01/2055 (B)		500		521
Black Belt, Energy Gas District, Ser B, RB
5.000%, 10/01/2035		2,085		2,096
Black Belt, Energy Gas District, Ser C, RB
5.500%, 10/01/2054 (B)		3,100		3,294
Southeast Alabama, Energy Authority, Cooperative District, Ser B, RB
5.250%, 03/01/2055 (B)		510		523
Southeast Alabama, Energy Authority, Cooperative District, Ser B-1, RB
5.750%, 04/01/2054 (B)		1,000		1,078
Southeast Energy Authority A Cooperative District, Ser A, RB
5.000%, 01/01/2056 (B)		1,245		1,257
				14,710
Alaska — 0.2%
Anchorage, Solid Waste Services Revenue, Ser A, RB
5.250%, 11/01/2062		620		630
Northern Tobacco Securitization, Ser B-2- CLASS, RB
0.000%, 06/01/2066 (C)		10,900		1,190
				1,820
Arizona — 0.9%
Arizona State, Industrial Development Authority, Basis Schools Projects, Ser A, RB
5.375%, 07/01/2050 (A)		1,090		1,044
Arizona State, Industrial Development Authority, Great Lakes Senior Living Community, RB
5.125%, 01/01/2059		5,428		4,760
Arizona State, Industrial Development Authority, Legacy Cares Project, RB
7.750%, 07/01/2050 (A)(D)		3,000		3

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Arizona State, Industrial Development Authority, Master Academy Mountain Vista Campus Project, RB
5.250%, 12/15/2038 (A)	$	1,510	$	1,510
Pima County, Industrial Development Authority, Tucson Country Day School Project, RB
5.000%, 06/01/2037		220		197
				7,514
Arkansas — 0.1%
Arkansas State, Development Finance Authority, United States Steel Project, AMT, RB
5.450%, 09/01/2052		785		792

California — 8.3%
California Community Choice Financing Authority, Ser A-1, RB
5.000%, 04/01/2056 (B)		1,000		1,052
California State, Community Choice Financing Authority, Clean Energy Project, RB
5.500%, 10/01/2054 (B)		990		1,062
5.000%, 01/01/2055 (B)		1,400		1,421
5.000%, 10/01/2055 (B)		100		101
5.000%, 11/01/2055 (B)		850		864
California State, Community Choice Financing Authority, Clean Energy Project, Ser A, RB
5.000%, 01/01/2056 (B)		500		509
California State, Housing Finance Agency, Limited Obligation Multifamily Housing, Battery Point Apartments, Ser S, RB, FHA
5.970%, 11/01/2053 (A)(B)		2,600		2,609
California State, Housing Finance Agency, Limited Obligation Multifamily Housing, Valley Pride Village Apartments, RB
5.700%, 06/01/2054 (A)(B)		4,700		4,689
California State, Housing Finance Agency, Vose Apartments, Ser K, RB
7.000%, 03/01/2053 (A)(B)		1,600		1,526
6.000%, 03/01/2053 (A)(B)		6,200		6,248
California State, Infrastructure & Economic Development Bank, Wonderful Foundations, RB
0.000%, 01/01/2035 (C)		835		521
California State, Municipal Finance Authority, Ascent 613 Project, Ser A, RB
5.000%, 01/01/2040 (A)		1,305		1,292
California State, Municipal Finance Authority, California Baptist University Project, Ser A, RB
5.000%, 11/01/2046 (A)		1,000		965

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
California State, Pollution Control Financing Authority, Calplant I Project, Sub-Ser, AMT, RB
7.500%, 12/01/2039 (A)(D)	$	3,432	$	–
California State, Public Finance Authority, Enso Village Project, RB
5.000%, 11/15/2046 (A)		500		469
California State, School Finance Authority, Downtown Prep-Obligated Group, RB
5.000%, 06/01/2046 (A)(D)		1,000		600
5.000%, 06/01/2051 (A)(D)		1,000		600
California State, Statewide Communities Development Authority, Arbor Square Apartments, RB
4.250%, 11/01/2059 (B)		1,940		1,656
California State, Statewide Communities Development Authority, Ser A, RB
6.250%, 09/02/2061 (A)		1,500		1,523
California State, Statewide Communities Development Authority, Southern California Edison Company, RB
4.500%, 11/01/2033		2,200		2,246
California State, Statewide Financing Authority, Tobacco Settlement, Ser B, RB
6.000%, 05/01/2037		2,805		2,861
City of Los Angeles Department of Airports, AMT, RB
5.000%, 05/15/2056		6,000		5,952
CMFA, Special Finance Agency, Solana at Grand, Ser A-2-JUNIOR, RB
4.000%, 08/01/2045 (A)		1,090		956
CSCDA, Community Improvement Authority, 1818 Platinum Triange-Anaheim, RB
4.000%, 04/01/2057 (A)		500		364
CSCDA, Community Improvement Authority, Dublin, RB
4.000%, 02/01/2057 (A)		1,000		737
CSCDA, Community Improvement Authority, Pasadena Portfolio, RB
4.000%, 12/01/2056 (A)		500		371
CSCDA, Community Improvement Authority, Towne-Glendale, RB
5.000%, 09/01/2037 (A)		2,000		2,010
0.000%, 09/01/2062 (A)(E)(F)		7,800		5,142
Golden State, Tobacco Securitization Project, Sub-Ser B-2, RB
0.000%, 06/01/2066 (C)		22,000		2,050
Golden State, Tobacco Securitization Project, Sub-Ser, RB
3.850%, 06/01/2050		795		719
Hastings Campus Housing Finance Authority, Ser A, RB
5.000%, 07/01/2061 (A)		2,000		1,794

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Morongo, Band of Mission Indians, Ser B, RB
Pre-Refunded @ 100
5.000%, 10/01/2028 (A)(G)	$	1,000	$	1,049
M-S-R, Energy Authority, Ser C, RB
6.500%, 11/01/2039		5,885		6,893
Northern California, Tobacco Securitization Authority, RB
0.000%, 06/01/2060 (C)		15,040		2,386
Poway, School Facilities Improvement Authority, Unified School District Capital Appreciation Project, GO
0.000%, 08/01/2038 (C)		5,410		3,390
Southern California, Tobacco Securitization Authority, RB
0.000%, 06/01/2054 (C)		5,700		1,008
Windsor, Unified School District, Election 2008, Ser D, GO
0.000%, 08/01/2035 (C)		1,800		1,296
				68,931
Colorado — 2.6%
Aurora, Harvest Crossing Metropolitan District No. 4, Ser A, GO
7.250%, 12/01/2052		1,500		1,466
Aviation Station North, Metropolitan District No. 2, Ser A, GO
5.000%, 12/01/2039		500		500
5.000%, 12/01/2048		500		470
Broadway Station, Metropolitan District No. 3, GO
5.000%, 12/01/2049		500		330
Colorado Health Facilities Authority, Ser A, RB
5.000%, 11/15/2032		4,250		4,626
Colorado International Center, Metropolitan District No. 7, GO
0.000%, 12/01/2051 (E)(F)		2,000		1,626
Colorado State, Educational & Cultural Facilities Authority, New Summit Charter Academy Project, RB
4.000%, 07/01/2061 (A)		600		389
Colorado State, Health Facilities Authority, Commonspirit Health Project, Ser A, RB
4.000%, 08/01/2044		2,000		1,805
Colorado State, Health Facilities Authority, Covenant Living Communities and Services, RB
5.000%, 12/01/2035		1,000		1,070
Colorado State, Housing & Finance Authority, The Irving at Mile High Vista Project, RB
6.000%, 06/01/2028 (A)(B)		2,140		2,150

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Colorado State, Public Energy Authority, RB
6.250%, 11/15/2028	$	420	$	435
Denver, International Business Center Metropolitan District No. 1, Sub-Ser B, GO
6.000%, 12/01/2048		1,143		1,107
Dominion, Water & Sanitation District, RB
5.875%, 12/01/2052		3,999		4,069
Kinston Metropolitan District No. 5, Ser A, GO
5.500%, 12/01/2045 (A)		560		568
Village at Dry Creek, Metropolitan District No. 2, GO
4.375%, 12/01/2044		313		305
Village Metropolitan District, Ser A, GO
5.750%, 12/01/2055		500		501
				21,417
Connecticut — 0.6%
Aquarion Water Authority, Ser C, RB
0.000%, 08/01/2054 (C)		2,965		678
Aquarion Water Authority, Sub-Ser E, RB, BAM
0.000%, 08/01/2050 (C)		3,860		1,102
Connecticut Housing Finance Authority, RB, GNMA/FNMA/FHLMC
3.150%, 05/15/2052 (B)		1,000		1,000
Connecticut State, Health & Educational Facilities Authority, Church Home of Hartford Project, RB
5.000%, 09/01/2053 (A)		1,500		1,399
Connecticut State, Health & Educational Facilities Authority, Ser A-4-REMK, RB
2.950%, 07/01/2042 (B)		500		500
				4,679
Delaware — 0.1%
Delaware State, Economic Development Authority, Acts-Retirement Life Communities, RB
5.250%, 11/15/2053		1,000		1,003

District of Columbia — 0.2%
District of Columbia Water & Sewer Authority, Sub-Ser, RB
3.100%, 10/01/2054 (B)		1,150		1,150
District of Columbia, RB
5.000%, 06/01/2050		650		593
				1,743
Florida — 3.0%
Atlantic Beach, Health Care, Fleet Landing Project, Ser B, RB
5.625%, 11/15/2043		1,325		1,326

Description		Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Babcock Ranch Community Independent Special District, SAB
5.375%, 05/01/2046 (A)	$	750	$	737
Capital Trust Agency, H-Bay Ministries, RB
5.000%, 07/01/2053 (D)		750		28
Capital Trust Agency, Renaissance Charter School Project, RB
5.000%, 06/15/2049 (A)		1,000		894
Capital Trust Agency, Wonderful Foundations Charter, RB
5.000%, 01/01/2055 (A)		3,500		2,925
Charlotte County, Industrial Development Authority, Town & Country Utilities Project, AMT, RB
6.125%, 10/01/2055		600		609
4.000%, 10/01/2051 (A)		500		393
County, of Miami-Dade Florida Water & Sewer System Revenue, Ser B, RB
4.000%, 10/01/2049		4,000		3,519
County, of Miami-Dade Seaport Department, Ser A, AMT, RB
5.000%, 10/01/2056		2,200		2,151
Florida Higher Educational Facilities Financing Authority, Jacksonville University, RB
4.500%, 06/01/2033 (A)		500		494
Florida Higher Educational Facilities Financing Authority, Keiser University Project, Ser UNIV, RB
6.000%, 07/01/2045 (A)		1,700		1,725
Florida Higher Educational Facilities Financing Authority, Ser UNIV, RB
6.250%, 07/01/2055 (A)		300		302
Florida State, Capital Trust Agency, RB
4.750%, 12/01/2042		300		301
Florida State, Development Finance, Brightline Florida Passenger Rail Project, AMT, RB, AG
5.000%, 07/01/2044		3,200		3,145
Highlands County, Health Facilities Authority, Senior Living Revenue, Trousdale Foundation Properties, RB
6.000%, 04/01/2038 (D)		318		4
Lakewood Ranch Stewardship District, Southeast Project, SAB
5.500%, 05/01/2040		1,345		1,410
Miami-Dade County, Seaport Department, Ser A, AMT, RB
5.250%, 10/01/2052		1,000		1,011
Midtown Miami, Community Development District, Parking Garage Project, Ser A, SAB
5.000%, 05/01/2029		1,250		1,251

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Polk County, Industrial Development Authority, Mineral Development Project, AMT, RB
5.875%, 01/01/2033 (A)(D)	$	3,365	$	673
Prosperity Lakes Community Development District, SAB
5.450%, 05/01/2046 (A)		795		778
Sarasota County, Health Facilities Authority, Sunnyside Village Project, RB
5.000%, 05/15/2033		630		639
4.000%, 05/15/2028		510		514
Trout Creek, Community Development District, SAB
5.000%, 05/01/2028		145		147
				24,976
Georgia — 2.0%
Atlanta, Development Authority, Westside Gulch Area Project, Ser A, TA
5.000%, 04/01/2034 (A)		300		305
Augusta, Development Authority, Wellstar Health System Inc Project, RB
5.125%, 04/01/2053		3,500		3,532
Gainesville & Hall County, Development Authority, Riverside Military Academy Project, RB
5.125%, 03/01/2052 (D)		1,620		567
George L Smith II, Georgia World Congress Center Authority, Convention Center Hotel, RB
5.000%, 01/01/2054 (A)		1,460		1,367
Georgia State, Main Street Natural Gas, Ser A, RB
5.000%, 06/01/2053 (B)		2,150		2,229
Georgia State, Main Street Natural Gas, Ser C, RB
4.000%, 08/01/2052 (A)(B)		500		499
Georgia State, Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project, RB
5.500%, 07/01/2063		5,500		5,553
5.000%, 01/01/2056		500		492
Main Street Natural Gas, Ser B, RB
5.000%, 12/01/2055 (B)		1,700		1,775
				16,319
Idaho — 0.2%
Idaho State, Housing & Finance Association, Compass Charter School Project, Ser A, RB
4.625%, 07/01/2029 (A)		170		171

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Spring Valley Community, Infrastructure District No. 1, SAB
3.750%, 09/01/2051 (A)	$	1,300	$	1,231
				1,402
Illinois — 1.1%
Chicago Board of Education, GO
5.750%, 12/01/2050		1,000		969
Chicago Board of Education, Ser B, GO
5.000%, 12/01/2040		2,100		1,973
Chicago Board of Education, Ser C, GO
6.000%, 12/01/2038		500		528
Chicago, Board of Education, Ser D, GO
5.000%, 12/01/2046		1,085		983
Chicago, O'Hare International Airport, AMT, RB
5.000%, 07/01/2048		500		484
Chicago, Wastewater Transmission, Ser A, RB, AGM
5.250%, 01/01/2053		1,000		1,022
City of Chicago Illinois, Ser A, GO
5.500%, 01/01/2039		800		815
Hillside, TA
5.000%, 01/01/2030		950		952
Illinois Finance Authority, Ascension, Ser C, RB
Pre-Refunded @ 100
5.000%, 02/15/2027 (G)		480		485
Illinois State, Finance Authority, Acero Charter Schools, RB
4.000%, 10/01/2042 (A)		350		299
Illinois State, Finance Authority, Art in Motion Project, RB
5.000%, 07/01/2051 (A)		1,000		707
Illinois State, Finance Authority, Friendship Village of Schaumburg Project, RB
5.125%, 02/15/2045 (D)		1,561		47
5.000%, 02/15/2037 (D)		1,561		47
				9,311
Indiana — 0.4%
Indiana State, Finance Authority, Polyflow Project, AMT, RB
7.000%, 03/01/2039 (A)(D)		10,200		1
Indianapolis, Local Public Improvement Bond Bank, Indiana Convention Center Hotel, RB
5.750%, 03/01/2043		3,050		3,156
				3,157
Iowa — 1.2%
City of Stuart Iowa, Ser B, RB
5.125%, 06/01/2042		525		518

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Iowa Finance Authority, RB
4.500%, 10/01/2035	$	750	$	747
Iowa State, Finance Authority, Iowa Fertilizer Company Project, RB
Pre-Refunded @ 100
4.000%, 12/01/2032 (B)(G)		4,200		4,421
Iowa State, Finance Authority, Lifespace Communities Inc, RB
5.000%, 05/15/2049		1,000		940
Iowa State, Finance Authority, Northcrest Project, Ser A, RB
5.000%, 03/01/2028		420		423
Iowa State, Finance Authority, Tamid Waterloo Project, RB
8.000%, 01/01/2042 (A)		2,000		1,594
Iowa State, Tobacco Settlement Authority, Sub-Ser B, RB
0.000%, 06/01/2065 (C)		10,345		1,464
				10,107
Kansas — 0.3%
Kansas State, Development Finance Authority, Village of Shalom Project, Ser A, RB
5.500%, 11/15/2038		1,025		900
Wichita, Presbyterian Manor Project, RB
5.000%, 05/15/2050		600		523
Wichita, Presbyterian Manor Project, Ser I, RB
5.000%, 05/15/2028		210		213
Wyandotte County, Kansas City Unified Government, RB
0.000%, 09/01/2034 (A)(C)		1,645		968
				2,604
Kentucky — 0.2%
Kentucky State, Economic Development Finance Authority, Baptist Life Community Project, Ser S, RB
6.250%, 11/15/2046		1,000		699
6.000%, 11/15/2036		1,700		1,318
				2,017
Louisiana — 0.2%
Louisiana State, Local Government Environmental Facilities & Community Development Authority, Cameron Parish GOMESA Project, RB
5.650%, 11/01/2037 (A)		600		615
Louisiana State, Local Government Environmental Facilities & Community Development Authority, Jefferson Parish GOMESA Project, RB
4.000%, 11/01/2044 (A)		400		356

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Louisiana State, Local Government Environmental Facilities & Community Development Authority, Terrebonne Parish GOMESA Project, RB
5.500%, 11/01/2039 (A)	$	430	$	435
				1,406
Maryland — 0.2%
Maryland Health & Higher Educational Facilities Authority, RB, BANK OF AMERICA N.A.
3.100%, 05/15/2053 (B)(H)		1,000		1,000
Maryland State, Economic Development Corporation, Purple Line Light Rail Project, AMT, RB
5.250%, 06/30/2055		625		611
				1,611
Massachusetts — 1.6%
Commonwealth of Massachusetts, GO
5.000%, 02/01/2055		3,900		3,970
Massachusetts Bay Transportation Authority Sales Tax Revenue, Ser A, RB
5.000%, 07/01/2056		4,400		4,473
Massachusetts Development Finance Agency, Beth Israel Lahey Health, RB, AG
5.000%, 07/01/2050		1,600		1,626
Massachusetts Development Finance Agency, RB
5.375%, 07/01/2061 (A)		1,000		952
University of Massachusetts Building Authority, RB
5.000%, 11/01/2033		2,000		2,247
				13,268
Michigan — 2.4%
Detroit, Ser A, GO
6.000%, 05/01/2039		1,000		1,098
Detroit, Ser B-1, GO
4.000%, 04/01/2044 (B)		5,736		4,588
Michigan Finance Authority, RB
4.000%, 02/15/2047		2,500		2,224
Michigan State, Finance Authority, Public School Academy, Bradford Academy Project, RB
5.000%, 09/01/2050		310		219
4.800%, 09/01/2040		185		143
Michigan State, Finance Authority, Tobacco Settlement, RB
0.000%, 06/01/2045 (C)		5,000		1,356
Michigan State, Finance Authority, Tobacco Settlement, Ser B, RB
0.000%, 06/01/2046 (C)		28,500		4,076

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Michigan State, Finance Authority, Tobacco Settlement, Ser B-2, Cl 2, RB
0.000%, 06/01/2065 (C)	$	19,800	$	1,988
Michigan State, Finance Authority, Tobacco Settlement, Ser C, RB
0.000%, 06/01/2058 (C)		125,250		2,053
Michigan Strategic Fund, RB
4.625%, 10/01/2041 (A)		1,100		1,088
4.250%, 10/01/2036 (A)		1,000		998
				19,831
Minnesota — 0.2%
Minneapolis, Charter School Lease, NorthEast College Prep Project, RB
5.000%, 07/01/2055		710		518
Minneapolis, Charter School Lease, Twin Cities International School, RB
5.000%, 12/01/2032 (A)		750		740
				1,258
Missouri — 1.0%
Health & Educational Facilities Authority of the Missouri State, RB
6.250%, 06/01/2046 (A)		350		342
Joplin Industrial Development Authority, RB
4.750%, 05/01/2036		200		202
Lees Summit Industrial Development Authority, Ser A, RB
5.375%, 08/15/2050		400		398
Lees Summit, Industrial Development Authority, John Knox Village Project, Ser A, RB
5.000%, 08/15/2051		1,050		973
Missouri State, Development Finance Board, Saint Louis Zoo Projects, Ser 2022, RB
5.250%, 05/01/2055		4,005		4,079
St. Louis, Land Clearance for Redevelopment Authority, National Geospatial Intelligence, RB
5.125%, 06/01/2046		2,085		2,026
				8,020
Nevada — 0.4%
Nevada State, Department of Business & Industry, Fulcrum Sierra Biofuels Project, AMT, RB
6.950%, 02/15/2038 (A)		2,688		–
5.125%, 12/15/2037 (A)		1,754		–
Reno, Sub-Ser D, RB
0.000%, 07/01/2058 (A)(C)		10,000		1,187

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Reno, Sub-Ser, RB
0.000%, 07/01/2058 (A)(C)	$	13,500	$	2,137
				3,324
New Hampshire — 0.6%
New Hampshire State, National Finance Authority, Ser 1, RB
3.787%, 09/20/2034 (A)		3,856		3,679
New Hampshire State, National Finance Authority, Ser 2023-2, RB
3.875%, 01/20/2038		1,442		1,365
				5,044
New Jersey — 1.4%
New Jersey State, Economic Development Authority, Kapowski Road Landfill Project, SAB
5.750%, 04/01/2031		2,500		2,506
New Jersey State, Economic Development Authority, Portal North Bridge Project, RB
5.000%, 11/01/2052		4,000		4,043
New Jersey State, Economic Development Authority, Sub-Ser A, RB
3.125%, 07/01/2029		445		440
New Jersey State, Educational Facilities Authority, Higher Education Capital Improvement Fund, RB
4.625%, 09/01/2048		1,450		1,428
New Jersey State, Educational Facilities Authority, Stockton University, Ser A, RB
5.000%, 07/01/2041		2,000		2,000
New Jersey State, Tobacco Settlement Financing, Ser A, RB
5.000%, 06/01/2046		635		618
Passaic County, Improvement Authority, Paterson Arts & Science Charter School Project, RB
5.375%, 07/01/2053		500		483
				11,518
New York — 6.6%
Build NYC Resource, NYU Law School Project, RB
5.000%, 07/01/2041		1,500		1,411
Hempstead Town, Local Development, The Academy Charter School Project, RB
6.760%, 02/01/2048		1,000		1,005
4.600%, 02/01/2051		500		384
Monroe County, Industrial Development, Ann's Community Project, RB
5.000%, 01/01/2040		1,000		972

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured Revenue, Sub-Ser, RB
5.250%, 05/01/2048	$	2,000	$	2,057
New York City Transitional Finance Authority Future Tax Secured Revenue, Sub-Ser B, RB
5.000%, 05/01/2051		400		402
New York City, Energy Finance Development, RB
5.000%, 07/01/2056 (B)		1,950		1,991
New York City, Transitional Finance Authority, Future Tax Secured Revenue, Sub-Ser E-1, RB
3.000%, 02/01/2051		1,000		700
New York Counties, Tobacco Trust IV, Ser E, RB
0.000%, 06/01/2055 (C)		57,000		4,784
New York Counties, Tobacco Trust V, Sub-Ser, RB
0.000%, 06/01/2055 (C)		28,000		2,368
New York State, Dormitory Authority, Ser A, RB
5.000%, 03/15/2053		1,400		1,416
New York State, Liberty Development Authority, Goldman Sachs Headquarters Project, RB
5.500%, 10/01/2037		1,000		1,131
New York State, Liberty Development Authority, World Trade Center Project, RB
5.375%, 11/15/2040 (A)		4,000		4,005
5.000%, 11/15/2044 (A)		1,000		1,001
New York State, Thruway Authority, RB
5.000%, 01/01/2053		5,000		5,078
New York State, Thruway Authority, Ser A, RB
5.000%, 09/15/2047		4,000		4,142
New York State, Transportation Development Corporation, Delta Air Lines Inc, LaGuardia Airport Terminals C&D Redevelopment Project, AMT, RB
6.000%, 04/01/2035		2,000		2,194
5.000%, 01/01/2033		4,085		4,153
4.000%, 10/01/2030		1,000		1,013
New York State, Transportation Development Corporation, JFK International Airport New Terminal One Project, AMT, RB, AGM
5.500%, 06/30/2044		2,000		2,073

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
New York State, Transportation Development Corporation, JFK International Airport Project, AMT, RB
6.000%, 06/30/2040	$	775	$	848
New York State, Urban Development Corporation, Ser A, RB
5.000%, 03/15/2053		3,500		3,546
New York Transportation Development, JFK International Airport Project, AMT, RB, BAM-TCRS
5.500%, 06/30/2060		2,540		2,577
Suffolk Regional, Off-Track Betting, RB
6.000%, 12/01/2053		500		507
Suffolk, Tobacco Asset Securitization, Sub-Ser, RB
0.000%, 06/01/2066 (C)		18,500		1,512
Ulster County, Capital Resource, Woodland Pond at New Paltz, RB
5.250%, 09/15/2047		1,000		940
5.250%, 09/15/2053		2,500		2,265
				54,475
North Carolina — 0.1%
North Carolina State, Housing Finance Agency, 1998 Trust Agreement, Ser 54-A, RB, GNMA/FNMA/FHLMC
6.250%, 01/01/2055		835		915

North Dakota — 0.0%
Grand Forks County, Solid Waste Facility, Red River Biorefinery Project, AMT, RB
7.000%, 12/15/2043 (A)(D)		1,500		–
6.625%, 12/15/2031 (A)(D)		1,000		–
				–
Ohio — 3.2%
Blanchard Valley Port Authority, RB
6.250%, 01/01/2046 (A)		1,100		1,094
Buckeye, Tobacco Settlement Financing Authority, Ser B, RB
5.000%, 06/01/2055		7,700		5,879
0.000%, 06/01/2057 (C)		42,200		2,824
Columbus-Franklin County, Finance Authority, RB
6.300%, 01/01/2046 (A)		900		888
County, of Muskingum Ohio, RB
5.000%, 02/15/2048		500		461
Dayton-Montgomery County, Port Authority, Liberty Assisted Living, Springfield Project, RB
6.625%, 01/01/2045 (A)		500		521

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Franklin County, Convention Facilities Authority, Greater Columbus Convention Center, RB
5.000%, 12/01/2044	$	4,000	$	3,892
Lake Development Authority, RB
6.125%, 01/01/2046 (A)		200		198
Lancaster Port Authority, Ser A, RB
6.375%, 01/01/2046 (A)		950		953
Montgomery County, Trousdale Foundation Properties Project, RB
6.250%, 04/01/2049 (A)(D)		1,508		19
6.000%, 04/01/2038 (A)(D)		1,282		16
Ohio Housing Finance Agency, RB
6.500%, 01/01/2045 (A)		500		513
6.375%, 01/01/2046 (A)		825		823
6.300%, 01/01/2045		1,300		1,318
6.250%, 01/01/2045 (A)		940		966
6.125%, 01/01/2046 (A)		700		704
Ohio State, Air Quality Development Authority, Vanadium Project, AMT, RB
5.000%, 07/01/2049 (A)		4,250		3,821
Port of Greater Cincinnati Development Authority, RB
5.625%, 03/01/2046 (A)		800		785
5.000%, 03/01/2041 (A)		1,145		1,106
				26,781
Oklahoma — 0.4%
Murray County, Educational Facilities Authority, RB
4.750%, 09/01/2043		500		461
Oklahoma State, Development Finance Authority, Oklahoma City University Project, RB
4.000%, 08/01/2035		2,790		2,622
Payne County, Economic Development Authority, Epworth Living Retirement Community, RB
7.000%, 11/01/2051 (D)		2,163		11
6.875%, 11/01/2046 (D)		1,081		5
6.625%, 11/01/2036 (D)		522		3
				3,102
Oregon — 0.1%
University of Oregon, Ser A, RB
5.000%, 04/01/2050		600		617

Other — 2.6%
Freddie Mac, Multifamily ML Certificates, Ser ML15, RB
4.140%, 01/25/2040 (B)		4,836		4,649

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Freddie Mac, Multifamily ML Certificates, Ser ML19, RB
4.555%, 08/25/2040 (B)	$	5,777	$	5,809
4.033%, 12/25/2036 (B)		5,078		4,988
Freddie Mac, Multifamily ML Certificates, Ser ML-29, RB
4.870%, 01/25/2043 (B)		6,242		6,317
				21,763
Pennsylvania — 3.7%
Allegheny County, Airport Authority, Ser A, AMT, RB
5.000%, 01/01/2056		1,000		983
Berks County, Municipal Authority, Tower Health Project, RB
8.000%, 06/30/2034		577		579
Berks County, Municipal Authority, Tower Health Project, Ser A-2A, RB
6.000%, 06/30/2034		289		303
Blythe, Solid Waste Authority, AMT, RB
Pre-Refunded @ 100
7.750%, 12/01/2027 (G)		3,275		3,432
Lancaster County, Hospital Authority, Penn State Health, RB
5.000%, 11/01/2051		3,000		2,984
Pennsylvania Economic Development Financing Authority, Noble Environmental Inc Project, AMT, RB
6.875%, 09/01/2047 (A)		500		560
Pennsylvania Economic Development Financing Authority, Ser D-REMK, RB, JP MORGAN CHASE BANK NA
3.050%, 05/15/2053 (B)(H)		1,800		1,800
Pennsylvania Higher Educational Facilities Authority, RB, AG
5.000%, 11/01/2051		6,000		5,906
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, RB
5.000%, 08/15/2049		1,210		1,214
Pennsylvania State, Economic Development Financing Authority, PENNDOT Major Bridges Project, AMT, RB
5.250%, 06/30/2053		5,000		5,004
Pennsylvania State, Economic Development Financing Authority, PPL Energy Supply Project, RB
5.250%, 12/01/2037 (B)		1,000		1,002
Pennsylvania State, Economic Development Financing Authority, Presbyterian Senior Living Project, RB
5.250%, 07/01/2049		1,250		1,255

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Southcentral Pennsylvania, General Authority, York Academy Regional Christian School Program, RB
6.500%, 07/15/2048 (A)	$	2,800	$	2,827
Terry Apartments, RB
7.000%, 08/01/2066		3,200		3,070
				30,919
Puerto Rico — 6.0%
Commonwealth of Puerto Rico, Sub-Ser ALLOWED, Notes
%, 11/01/2051 (B)(E)		6,000		1,973
Municipality of San Juan Puerto Rico, GO
5.000%, 07/01/2051		1,000		1,010
Puerto Rico, Electric Power Authority, Ser AAA-PSA, RB
5.250%, 07/01/2031 (D)		2,895		2,142
Puerto Rico, Electric Power Authority, Ser UU, RB, AGM
3.196%, 07/01/2029 (B)		3,995		3,953
Puerto Rico, GDB Debt Recovery Authority, RB
7.500%, 08/20/2040		6,675		6,582
Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A1, RB
5.000%, 07/01/2058		4,503		4,363
0.000%, 07/01/2046 (C)		15,600		5,588
0.000%, 07/01/2051 (C)		41,435		10,806
Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A-2, RB
4.329%, 07/01/2040		800		782
Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A-2A, RB
4.550%, 07/01/2040		2,000		1,978
Puerto Rico, Sub-Ser CW, GO
0.000%, 11/01/2043 (B)(E)		3,550		2,529
Puerto Rico, Sub-Ser Senior, Notes
0.000%, 11/01/2051 (B)(E)		11,183		8,107
				49,813
Rhode Island — 0.9%
Rhode Island State, Tobacco Settlement Financing Authority, Ser A, RB
0.000%, 06/01/2052 (C)		6,890		928
Rhode Island State, Tobacco Settlement Financing Authority, Ser B, RB
5.000%, 06/01/2050		7,000		6,890
				7,818
South Carolina — 0.3%
Patriots Energy Group, Financing Agency, RB
5.250%, 02/01/2054 (B)		1,800		1,911

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
South Carolina Jobs-Economic Development Authority, RB
6.250%, 10/15/2042 (A)	$	500	$	507
				2,418
Tennessee — 0.4%
Bristol, Industrial Development Board, Pinnacle Project, TA
5.625%, 06/01/2035		2,000		1,751
Cleveland, Health & Educational Facilities Board, Multifamily Housing, Horizon Square Apartments Project, RB, FNMA/FHA
4.200%, 05/01/2040		985		919
Memphis-Shelby County, Industrial Development Board, Graceland Project, TA
5.500%, 07/01/2037		700		526
Nashville, Metropolitan Development & Housing Agency, TA
4.500%, 06/01/2028 (A)		235		237
				3,433
Texas — 6.3%
Angelina & Neches, River Authority, Jefferson Enterprise Energy, AMT, RB
12.000%, 12/01/2045 (A)(D)		3,000		150
7.500%, 12/01/2045 (A)(D)		1,750		88
Arlington Higher Education Finance, Basis Texas Charter Schools, RB
5.750%, 06/15/2055 (A)		1,500		1,498
Austin Affordable Pfc, Multifamily Housing, Heritage Pointe Seniors Apartments, RB, FNMA
4.350%, 05/01/2043		2,750		2,533
Baytown, Municipal Development District, Baytown Convention Center Hotel, RB
5.000%, 10/01/2050 (A)		500		363
Brazoria County, Industrial Development, Aleon Renewable Metals Project, AMT, RB
10.000%, 06/01/2042 (A)(B)		1,406		25
City of Austin Texas Special Tax Revenue, Sub-Ser, RB
5.000%, 11/15/2046		1,215		1,234
City of Houston Texas Airport System Revenue, AMT, RB
5.500%, 07/15/2035		250		265
County, of Dallas Texas, GO
5.000%, 08/15/2056		2,000		2,031
Dallas City, Housing Finance, West Virginia Apartments, RB, FNMA
4.350%, 10/01/2041		995		927

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Denton Essential Investments Public Facility Corporation, RB
6.697%, 01/01/2059	$	2,900	$	2,743
Houston, Airport System Revenue, United Airlines Inc Terminal Improvement Projects, Ser B, AMT, RB
5.500%, 07/15/2035		4,000		4,278
Lower Neches Valley, Industrial Development Authority, ExxonMobil Project, RB
3.100%, 11/01/2038 (B)		500		500
New Hope, Cultural Education Facilities, Cardinal Bay Village Project, RB
5.500%, 07/01/2046 (D)		1,500		979
5.000%, 07/01/2031 (D)		250		163
5.000%, 07/01/2046		2,540		2,246
5.000%, 07/01/2051		700		675
New Hope, Cultural Education Facilities, Edgemere Project, RB
5.000%, 01/01/2047		925		902
New Hope, Cultural Education Facilities, Longhorn Village Project, RB
5.000%, 01/01/2042		500		490
New Hope, Cultural Education Facilities, Quality Senior Housing Foundation, Ser A1, RB
5.000%, 12/01/2054		500		456
North East Texas Regional Mobility Authority, Sub-Ser B, RB
5.000%, 01/01/2027		325		327
North Fort Bend Water Authority, Ser A, RB
4.000%, 12/15/2044		8,455		7,568
Port Isabel, GO
5.100%, 02/15/2049 (A)		1,000		921
Tarrant County, Cultural Education Facilities Finance, RB
2.950%, 11/15/2063 (B)		1,500		1,500
Texas Department of Housing & Community Affairs, Ser C, RB, GNMA
4.950%, 07/01/2056		1,300		1,281
Texas Municipal Gas Acquisition & Supply V, RB
5.000%, 04/01/2036		4,600		4,770
Texas Municipal Gas Acquisition & Supply Virgin Islands, Ser A, RB
5.250%, 03/01/2037		2,100		2,223
Texas State, Water Development Board, Ser A, RB
4.875%, 10/15/2048		10,500		10,557
				51,693

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Utah — 1.3%
Mida Mountain Village, Public Infrastructure District, Mountain Village Assessment, SAB
4.000%, 08/01/2050 (A)	$	1,885	$	1,551
Mida Mountain Village, Public Infrastructure District, Sub-Ser 2, TA
6.000%, 06/15/2054 (A)		500		509
5.500%, 06/15/2039 (A)		1,790		1,824
Pine View Public Infrastructure District No. 2, SAB
6.250%, 12/01/2055 (A)		500		501
Skyfall Infrastructure Financing District, SAB
7.000%, 12/01/2055 (A)		3,400		3,361
Soleil Hills, Public Infrastructure District No. 1, Ser A, GO
5.875%, 03/01/2055 (A)		1,000		1,003
South Salt Lake Redevelopment Agency, TA
6.250%, 04/15/2046 (A)		500		505
Utah State, Charter School Finance Authority, Early Light Academy Project, RB
4.500%, 07/15/2027 (A)		100		100
Utah State, Charter School Finance Authority, St George Campus Project, Ser A, RB
5.000%, 06/15/2052 (A)		1,300		988
				10,342
Virginia — 1.4%
Farms of New Kent, Community Development Authority, Ser A, SAB
3.750%, 03/01/2036 (A)		2,000		1,923
Hanover County, Economic Development Authority, Covenant Woods Project, RB
5.000%, 07/01/2038		375		376
Henrico County, Economic Development Authority, Pinnacle Living Obligation Group, Ser A, RB
5.000%, 06/01/2044		1,000		993
Lewistown, Commerce Center, Community Development Authority, Ser B, TA
6.050%, 03/01/2044		23		21
Lewistown, Commerce Center, Community Development Authority, Ser C, TA
6.050%, 03/01/2054		118		59
Lewistown, Commerce Center, Community Development Authority, TA
6.050%, 03/01/2044 (D)		33		25
Virginia State, Small Business Financing Authority, Mary Washington Healthcare Obligated Group, RB
5.000%, 06/15/2041		1,000		1,043

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Virginia State, Small Business Financing Authority, Rixey Student Housing Project, Ser A, RB
5.500%, 07/01/2044 (A)	$	6,565	$	5,385
Virginia State, Small Business Financing Authority, Transform 66 P3 Project, AMT, RB
5.000%, 12/31/2049		1,500		1,464
				11,289
Washington — 1.0%
King County, Public Hospital District No. 4, Ser S, RB
6.625%, 12/01/2045		500		498
Washington Economic Development Finance Authority, AMT, RB
5.875%, 12/01/2045 (B)		500		505
Washington State, Housing Finance Commission, Emerald Heights Project, Ser A, RB
5.000%, 07/01/2048		1,050		1,057
Washington State, Housing Finance Commission, Judson Park Project, RB
5.000%, 07/01/2033 (A)		225		226
4.000%, 07/01/2028 (A)		200		200
Washington State, Housing Finance Commission, Lansdale Pointe Apartments Project, RB, FNMA
4.400%, 03/01/2043		2,000		1,862
Washington State, Housing Finance Commission, Social Certificates, RB
3.375%, 04/20/2037		2,619		2,401
Washington State, Housing Finance Commission, Social Certificates, Ser 2, RB
4.221%, 03/01/2050 (B)		1,968		1,860
				8,609
West Virginia — 1.5%
West Virginia Economic Development Authority, Core Natural Resources Inc Project, AMT, RB
5.450%, 01/01/2055 (A)(B)		2,500		2,678
West Virginia State, Hospital Finance Authority, Refunding & Improvement, Vandalia Health Group, Ser B, RB
6.000%, 09/01/2053		2,100		2,198
West Virginia State, Tobacco Settlement, Finance Authority, Ser B, RB
0.000%, 06/01/2047 (C)		73,250		7,202
				12,078

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Wisconsin — 3.5%
Public Finance Authority, Georgia Express Lanes Project, Ser Senior 400, AMT, RB
5.750%, 12/31/2065	$	3,150	$	3,232
Public Finance Authority, RB
6.500%, 04/01/2041 (A)		500		476
5.500%, 06/15/2036 (A)		1,000		987
Public Finance Authority, RB, AG
5.000%, 07/01/2058		1,975		1,943
Wisconsin Health & Educational Facilities Authority, Covenant Communities Inc Project, RB
4.500%, 07/01/2043		300		271
Wisconsin Health & Educational Facilities Authority, RB
5.000%, 08/15/2047 (B)		1,000		1,084
Wisconsin State, Health & Educational Facilities Authority, Camillus Health System, RB
5.000%, 11/01/2046		1,000		946
Wisconsin State, Health & Educational Facilities Authority, Three Pillars Senior Living Communities, RB
5.750%, 08/15/2054		1,000		1,023
Wisconsin State, Health & Educational Facilities Authority, Wisconsin Illinois Senior Housing, RB
5.250%, 08/01/2048		1,500		1,271
5.000%, 08/01/2028		415		415
Wisconsin State, Public Finance Authority, Barton College Project, Ser A, RB
5.000%, 03/01/2038		2,500		2,275
5.000%, 03/01/2048		1,500		1,228
Wisconsin State, Public Finance Authority, Delray Beach Radiation Therapy Project, Ser A, RB
7.000%, 11/01/2046 (A)(D)		3,500		1,225
Wisconsin State, Public Finance Authority, Estancia Valley Classical, RB
4.250%, 07/01/2051 (A)		1,000		708
Wisconsin State, Public Finance Authority, Irving Convention Center Hotel Project, RB
7.000%, 01/01/2050 (A)		3,250		3,426
Wisconsin State, Public Finance Authority, Lake Erie College, RB
5.875%, 10/01/2054 (A)(D)		2,770		1,367
Wisconsin State, Public Finance Authority, Marys Woods at Marylhurst Project, RB
5.250%, 05/15/2052 (A)		1,750		1,661
Wisconsin State, Public Finance Authority, Northwest Nazarene University Project, RB
4.250%, 10/01/2049		1,000		811

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Wisconsin State, Public Finance Authority, Procure Proton Therapy Center Project, RB
6.375%, 01/01/2048 (A)(D)	$	5,070	$	2,281
Wisconsin State, Public Finance Authority, Retirement Facilities First Mortgage, RB
5.250%, 03/01/2055 (A)		2,500		2,251
				28,881

Total Municipal Bonds
(Cost $644,278) ($ Thousands)				582,728

CORPORATE OBLIGATIONS — 18.9%
Financials — 18.3%
Allianz
6.500%, H15T5Y + 2.233%(A)(B)(I)		3,000		2,979
American Express
6.450%, H15T5Y + 2.119%(B)(I)		2,500		2,518
3.550%, H15T5Y + 2.854%(B)(I)		1,600		1,598
Banco Bilbao Vizcaya Argentaria
9.375%, H15T5Y + 5.099%(B)(I)		1,200		1,297
7.125%, H15T5Y + 2.985%(B)(I)		1,000		1,004
Banco Santander
9.625%, H15T5Y + 5.306%(B)(I)		3,000		3,230
7.250%, H15T5Y + 2.837%(B)(I)		500		503
Bank of America
6.625%, H15T5Y + 2.684%(B)(I)		5,100		5,230
6.250%, H15T5Y + 2.351%(B)(I)		2,000		2,003
6.125%, H15T5Y + 3.231%(B)(I)		800		804
Bank of Montreal
7.700%, H15T5Y + 3.452%, 05/26/2084 (B)		2,000		2,089
6.875%, H15T5Y + 2.976%, 11/26/2085 (B)		800		806
Bank of New York Mellon
5.625%, H15T5Y + 2.034%(B)(I)		2,200		2,173
3.750%, H15T5Y + 2.630%(B)(I)		3,100		3,086
Bank of Nova Scotia
8.625%, H15T5Y + 4.389%, 10/27/2082 (B)		3,200		3,321
Barclays PLC
9.625%, USISSO05 + 5.775%(B)(I)		200		221
7.625%, USISSO05 + 3.686%(B)(I)		3,700		3,839
BNP Paribas
9.250%, H15T5Y + 4.969%(A)(B)(I)		1,200		1,252
7.750%, H15T5Y + 4.899%(A)(B)(I)		4,290		4,472
BP Capital Markets PLC
6.125%, H15T5Y + 1.924%(B)(I)		2,700		2,683
Canadian Imperial Bank of Commerce
6.500%, H15T5Y + 2.727%, 07/28/2086 (B)		2,000		1,974

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Capital One Financial
3.950%, H15T5Y + 3.157%(B)(I)	$	700	$	700
Charles Schwab
6.100%, H15T5Y + 2.250%(B)(I)		3,200		3,156
Citigroup
7.125%, H15T5Y + 2.693%(B)(I)		1,000		1,020
7.000%, H15T10Y + 2.757%(B)(I)		1,500		1,542
6.950%, H15T5Y + 2.726%(B)(I)		1,250		1,265
6.875%, H15T5Y + 2.890%(B)(I)		1,300		1,316
6.625%, H15T5Y + 3.001%(B)(I)		2,400		2,434
Citizens Financial Group
6.750%, H15T5Y + 2.379%(B)(I)		900		891
Corebridge Financial
6.875%, H15T5Y + 3.181%(B)(I)		930		963
6.875%, H15T5Y + 3.846%, 12/15/2052 (B)		950		964
Credit Agricole
7.125%, USISSO05 + 3.584%(A)(B)(I)		600		606
Credit Agricole MTN
4.750%, H15T5Y + 3.237%(A)(B)(I)		3,000		2,893
Goldman Sachs Group
7.500%, H15T5Y + 2.809%(B)(I)		5,100		5,284
6.850%, H15T5Y + 2.461%(B)(I)		300		307
HSBC Holdings PLC
7.000%, H15T5Y + 2.798%(B)(I)		1,000		1,005
6.750%, H15T5Y + 2.513%(B)(I)		300		298
Huntington Bancshares
6.250%, H15T5Y + 2.653%(B)(I)		1,750		1,763
4.450%, H15T7Y + 4.045%(B)(I)		4,218		4,162
ING Groep
7.000%, USISSO05 + 3.594%(B)(I)		2,400		2,442
5.750%, H15T5Y + 4.342%(B)(I)		4,600		4,607
JPMorgan Chase
6.875%, H15T5Y + 2.737%(B)(I)		4,500		4,659
6.500%, H15T5Y + 2.152%(B)(I)		1,500		1,524
6.100%, H15T5Y + 2.080%(B)(I)		2,500		2,504
KeyCorp
5.000%, TSFR3M + 3.868%(B)(I)		1,700		1,699
Lloyds Banking Group PLC
8.000%, H15T5Y + 3.913%(B)(I)		4,800		5,079
MetLife
5.850%, H15T5Y + 1.817%, 03/15/2056 (B)		500		485
NatWest Group PLC
8.125%, H15T5Y + 3.752%(B)(I)		2,000		2,177
Nomura Holdings
7.000%, H15T5Y + 3.084%(B)(I)		1,200		1,212
PNC Financial Services Group
6.250%, H15T7Y + 2.808%(B)(I)		2,100		2,133
6.000%, H15T5Y + 3.000%(B)(I)		3,300		3,310
Prudential Financial
6.500%, H15T5Y + 2.404%, 03/15/2054 (B)		1,000		1,021

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Royal Bank of Canada
7.500%, H15T5Y + 2.887%, 05/02/2084 (B)	$	500	$	517
6.750%, H15T5Y + 2.815%, 08/24/2085 (B)		900		911
6.500%, H15T5Y + 2.462%, 11/24/2085 (B)		4,600		4,441
6.350%, H15T5Y + 2.257%, 11/24/2084 (B)		500		477
Societe Generale
10.000%, H15T5Y + 5.448%(B)(I)		200		216
Standard Chartered PLC
7.014%, US0003M + 1.460%(A)(B)(I)		4,000		4,048
State Street
6.700%, H15T5Y + 2.628%(B)(I)		1,200		1,232
6.450%, H15T5Y + 2.135%(B)(I)		2,400		2,419
Toronto-Dominion Bank
8.125%, H15T5Y + 4.075%, 10/31/2082 (B)		4,000		4,120
Truist Financial
6.250%, H15T5Y + 2.129%(B)(I)		2,000		1,975
5.100%, H15T10Y + 4.349%(B)(I)		1,000		991
UBS Group
9.250%, H15T5Y + 4.745%(A)(B)(I)		2,000		2,139
9.250%, H15T5Y + 4.758%(A)(B)(I)		1,000		1,139
4.375%, H15T5Y + 3.313%(A)(B)(I)		6,000		5,471
US Bancorp
3.700%, H15T5Y + 2.541%(B)(I)		6,200		6,151
Voya Financial
7.758%, H15T5Y + 3.358%(B)(I)		1,700		1,756
Wells Fargo
6.125%, H15T5Y + 2.340%(B)(I)		3,000		2,973
				151,479
Government — 0.3%
CoBank ACB
6.750%, H15T5Y + 2.620%(B)(I)		300		300
6.250%, TSFR3M + 4.660%(B)(I)		500		501
Farm Credit Bank of Texas
7.000%, H15T5Y + 3.010%(B)(I)		1,750		1,774
				2,575
Utilities — 0.3%
Dominion Energy
4.350%, H15T5Y + 3.195%(B)(I)		1,100		1,094
Electricite de France
9.125%, H15T5Y + 5.411%(B)(I)		1,000		1,146
				2,240

Total Corporate Obligations
(Cost $154,777) ($ Thousands)				156,294

Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS — 4.7%
U.S. Treasury Bills
3.790%, 09/22/2026 (J)	$	300	$	299
3.678%, 10/13/2026 (J)		10,800		10,753
3.631%, 09/17/2026 (J)		7,700		7,688
U.S. Treasury Bills - WI Post Auction
3.818%, 10/27/2026 (J)	$	8,900		8,848
U.S. Treasury Notes
4.250%, 07/31/2028	$	11,000		10,981

Total U.S. Treasury Obligations
(Cost $38,593) ($ Thousands)				38,569

		Shares
PREFERRED STOCK — 3.9%
Communication Services — 0.3%
AT&T
4.750%		133,799		2,252

Financials — 3.4%
Allstate
4.750%		21,234		369
Arch Capital Group
5.450%		12,797		243
Associated Banc-Corp
5.875%		4,125		82
Axis Capital Holdings
5.500%		24,272		446
Bank of America
4.679%, TSFR3M + 0.912%(B)		16,853		314
Bank of Hawaii
4.375%		18,284		279
Capital One Financial
5.000%		70,400		1,231
Citigroup
6.250%		8,121		197
Citizens Financial Group
6.500%, H15T5Y + 2.629%(B)		59,343		1,472
Equitable Holdings
5.250%		28,094		534
4.300%		57,619		962
Fifth Third Bancorp
7.671%, TSFR3M + 3.972%(B)		49,904		1,270
6.875%, H15T5Y + 3.125%(B)		24,700		637
First Horizon
6.750%		60,658		1,480
Goldman Sachs Group
4.689%, TSFR3M + 0.932%(B)		4,166		78
KeyCorp
6.200%, H15T5Y + 3.132%(B)		15,000		377
6.125%, TSFR3M + 4.154%(B)		4,283		107

Description	Shares		Market Value ($ Thousands)
PREFERRED STOCK (continued)
M&T Bank
6.625%		98,000	$	2,472
6.350%		9,696		235
MetLife
5.625%		9,151		192
4.750%		189,735		3,347
Morgan Stanley
4.715%, TSFR3M + 0.962%(B)		133,149		2,514
Northern Trust
4.700%		20,248		383
Regions Financial
6.950%, H15T5Y + 2.771%(B)		6,289		160
5.700%, TSFR3M + 3.410%(B)		16,465		403
4.450%		53,474		871
RenaissanceRe Holdings
4.200%		61,349		903
Santander Holdings USA
6.500%		33,896		813
5.250%		43,031		901
Stifel Financial
4.500%		43,946		695
Truist Financial
4.750%		20,569		361
UMB Financial
7.750%, H15T5Y + 3.743%(B)		36,600		970
US Bancorp
5.500%		19,936		415
5.035%, TSFR3M + 1.282%(B)		500		384
Voya Financial
5.350%, H15T5Y + 3.210%(B)		94,170		2,207
				28,304
Utilities — 0.2%
Entergy Texas
5.375%		39,700		937
NSTAR Electric
4.780%		10,708		809
				1,746

Total Preferred Stock
(Cost $36,804) ($ Thousands)				32,302

	Face Amount (Thousands)
MORTGAGE-BACKED SECURITIES — 1.2%
Agency Mortgage-Backed Obligations — 1.2%
FHLMC
5.210%, 08/01/2040	$	3,529	3,709
3.850%, 07/01/2039		4,085	3,774
Freddie Mac, Multifamily ML Certificates, Ser ML17, Cl A
3.084%, 04/25/2043(B)		1,943	1,692

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Washington State Housing Finance Commission, Ser 1, Cl A2
4.081%, 08/20/2063(B)	$	594	$	535

Total Mortgage-Backed Securities
(Cost $9,379) ($ Thousands)				9,710

LOAN PARTICIPATION — 1.0%
TAKE BACK & EXIT FACILITY
8.500%, 10/21/2027 (K)		11,898		8,464

Total Loan Participation
(Cost $10,665) ($ Thousands)				8,464

	Shares
CASH EQUIVALENT — 0.1%
SEI Daily Income Trust, Government Fund, Institutional Class
3.570%^**†	776,132		776
Total Cash Equivalent
(Cost $776) ($ Thousands)			776
Total Investments in Securities — 100.3%
(Cost $895,272) ($ Thousands)		$	828,843

	Percentages are based on Net Assets of $826,087 ($ Thousands).
**	The rate reported is the 7-day effective yield as of August 31, 2026.
^†	Investment in Affiliated Security (see Note 6).
(A)	Security, or a portion thereof, exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On August 31, 2026, the value of these securities amounted to $156,430 ($ Thousands), representing 18.9% of the Net Assets of the Fund.
(B)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.
(C)	Zero coupon security.
(D)	Security is in default on interest payment.
(E)	No interest rate available.
(F)	Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.
(G)	Pre-Refunded Securities — The maturity date shown is the pre-refunded date.
(H)	Securities are held in connection with a letter of credit issued by a major bank.
(I)	Perpetual security with no stated maturity date.
(J)	Interest rate represents the security's effective yield at the time of purchase.
(K)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

The following is a summary of the level of inputs used as of August 31, 2026, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

Investments in Securities	Level 1 ($)		Level 2 ($)		Level 3 ($)		Total ($)
Municipal Bonds		–		582,728		–		582,728
Corporate Obligations		–		156,294		–		156,294
U.S. Treasury Obligations		–		38,569		–		38,569
Preferred Stock		32,302		–		–		32,302
Mortgage-Backed Securities		–		9,710		–		9,710
Loan Participation		–		–		8,464		8,464
Cash Equivalent		776		–		–		776
Total Investments in Securities		33,078		787,301		8,464		828,843

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

1. ORGANIZATION

SEI Tax Exempt Trust (the “Trust”) was organized as a Massachusetts business trust under a Declaration of Trust dated March 15, 1982.

The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment management company with eight operational funds: the Intermediate-Term Municipal, Short Duration Municipal, California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond, Pennsylvania Municipal Bond and Tax-Advantaged Income (each a “Fund”, collectively the “Funds”). The California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond and New York Municipal Bond Funds are non-diversified. The Trust is registered to offer Class F and Class Y shares of each Fund.

The Trust’s prospectuses provide a description of each Fund’s investment objective, policies and strategies. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held.

2. SIGNIFICANT ACCOUNTING POLICIES

The following are significant accounting policies, which are consistently followed in the preparation of its financial statements by the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).

Use of Estimates — The preparation of financial statements, in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Security Valuation — Pursuant to the requirements of the 1940 Act and Rule 2a-5, the administrator, as delegated by the Board of Trustees (the “Board”), has the responsibility for the valuation of Fund investments with readily available market quotations in accordance with the Funds’ Valuation and Pricing Policy. The Trust's Board of Trustees has designated SEI Investments Management Corporation (“SIMC”) as the Valuation Designee for the Funds pursuant to Rule 2a-5 (the “Rule”) under the 1940 Act. The Valuation Designee has the responsibility for the fair value determination with respect to all Fund investments that do not have readily available market quotations or quotations that are no

longer reliable. SIMC, in furtherance of the Board’s designation, has appointed a valuation committee of SIMC persons to function as the Valuation Designee (the “Committee”) and has established a Valuation and Pricing Policy to implement the Rule and the Funds' Valuation and Pricing Policy (together with SIMC’s Valuation and Pricing Policy, the “Procedures”).

As discussed in detail below, the Committee will typically first seek to fair value investments with valuations received from an independent, third-party pricing agent (a “Pricing Service”). If such valuations are not available or are unreliable, the Committee will seek to obtain a bid price from at least one independent broker or dealer. If a broker or dealer quote is unavailable, the Committee will convene, subject to the Fair Value Procedures, to establish a fair value for the fair value investments.

When valuing portfolio securities, a Fund values securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (other than securities traded on National Association of Securities Dealers Automated Quotations (“NASDAQ”) or as otherwise noted below) at the last quoted sale price on an exchange or market (foreign or domestic) on which the securities are traded, or, if there is no such reported sale, at the most recent quoted bid price. A Fund values securities traded on NASDAQ at the NASDAQ Official Closing Price. If available, debt securities, swaps (which are not centrally cleared), bank loans or debt tranches of collateralized debt obligations (including collateralized loan obligations), such as those held by the Funds, are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations or other methodologies designed to identify the market value for such securities. Redeemable securities issued by open-end investment companies are valued at the investment company’s applicable NAV per share, with the exception of exchange-traded funds, which are priced as equity securities. These open-end investment companies’ shares are offered in separate prospectuses, each of which describes the process by which the applicable investment company’s NAV is determined. The prices of foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. If a security’s price cannot be obtained, as noted above, or in the case of an equity tranche of a CDO/CLO, the Fund will value the securities using a bid price from at least one independent broker.

On the first day a new debt security purchase is recorded, if a price is not available from a third-party pricing agent or an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Funds’ Fair Value Pricing Policies and Procedures (Fair Value Procedures) until an independent source can be secured. Debt securities held by a Fund with remaining maturities of 60 days or less will be valued by the amortized cost method, which involves valuing a security at its cost on the date of purchase and thereafter (absent unusual circumstances) assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuations in general market rates of interest on the value of the instrument. While this method provides certainty in valuation, it may result in periods during which value, as determined by this method, is higher or lower than the price a Fund would receive if it sold the instrument, and the value of securities in the Fund can be expected to vary inversely with changes in prevailing interest rates. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used.

Prices for most securities held by a Fund are provided daily by third-party independent pricing agents. SIMC or a Sub-Adviser, as applicable, reasonably believes that prices provided by independent pricing agents are reliable. However, there can be no assurance that such pricing service’s prices will be reliable. SIMC, through the Committee, or a Sub-Adviser, as applicable, will continuously monitor the reliability of prices obtained from any pricing service and shall promptly notify the Funds’ administrator if it believes that a particular pricing service is no longer a reliable source of prices. The Funds’ administrator, in turn, will notify the Committee if it receives such notification from SIMC or a Sub-Adviser, as applicable, or if the Funds’ administrator reasonably believes that a particular pricing service is no longer a reliable source for prices.

The Funds’ Fair Value Procedures provide that any change in a primary pricing agent or a pricing methodology requires prior approval by the Board. However, when the change would not materially affect the valuation of a Fund’s net assets or involve a material departure in pricing methodology from that of the Fund’s existing pricing agent or pricing methodology, ratification may be obtained at the next regularly scheduled meeting of the Board.

Securities for which market prices are not "readily available" are valued in accordance with Rule 2a-5 and the Procedures. The Committee must monitor for

circumstances that may necessitate that a security be valued using Fair Value Procedures which can include: (i) the security's trading has been halted or suspended, (ii) the security has been de-listed from a national exchange, (iii) the security's primary trading market is temporarily closed at a time when under normal conditions it would be open, (iv) the security has not been traded for an extended period of time, (v) the security's primary pricing source is not able or willing to provide a price, (vi) trading of the security is subject to local government-imposed restrictions; or (vii) a significant event (as defined below). When a security is valued in accordance with the Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. Examples of factors the Committee may consider include: (i) the type of security or asset, (ii) the last trade price, (iii) evaluation of the forces that influence the market in which the security is purchased and sold, (iv) the liquidity of the security, (v) the size of the holding in a Fund or (vi) any other appropriate information.

The Committee is responsible for selecting and applying, in a consistent manner, the appropriate methodologies for determining and calculating the fair value of holdings of the Funds, including specifying the key inputs and assumptions specific to each asset class or holding. The determination of a security’s fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available.

In accordance with U.S. GAAP, fair value is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three tier hierarchy has been established to maximize the use of observable and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances.

The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

Level 1 — quoted prices in active markets for identical investments

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risks, etc.)

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

Debt securities are valued in accordance with the evaluated bid price supplied by the pricing service and generally categorized as Level 2 in the hierarchy. Other securities that are categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, warrants, swaps and forward contracts.

When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

The valuation techniques used by the Funds to measure fair value during the year ended August 31, 2026 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the year ended August 31, 2026, there have been no significant changes to the Trust’s fair valuation methodologies.

For details of the investment classification, reference the Schedules of Investments.

Classes — Class-specific expenses are borne by that class of shares. Income, expenses, and realized and unrealized gains/losses and non-class specific expenses are allocated to the respective class on the basis of relative daily net assets.

Expenses — Expenses that are directly related to one of the Funds are charged directly to that Fund. Other operating expenses of the Funds are prorated to the Funds on the basis of relative net assets.

Security Transactions and Investment Income — Security transactions are recorded on the trade date.

Cost used in determining net realized capital gains and losses on the sale of securities is determined on the basis of specific identification. Dividend income and expense is recognized on the ex-dividend date, and interest income or expense is recognized using the accrual basis of accounting.

Cash and Cash Equivalents — Idle cash and currency balances may be swept into various overnight sweep accounts and are classified as cash equivalents on the Statement of Assets and Liabilities. These amounts, at times, may exceed United States federally insured limits. Amounts swept are available on the next business day.

Futures Contracts — To the extent consistent with its investment objective and strategies, a Fund may use interest rate futures contracts for tactical hedging purposes as well as to enhance the Fund’s returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked-to-market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction. Refer to each Fund’s Schedule of Investments for details regarding open futures contracts as of August 31, 2026, if applicable.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds, if any, are reported separately on the Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Funds, if any, is noted in its Schedule of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the Funds from its counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty nonperformance.

Discount and Premium Amortization — All amortization is calculated using the effective interest method.

Amortization of premiums and discounts is included in interest income.

Dividends and Distributions to Shareholders — Dividends from net investment income are declared daily and paid monthly. Any net realized capital gains on sales of securities after capital loss carryover are distributed at least annually by the Funds.

3. INVESTMENT ADVISORY, ADMINISTRATION AND DISTRIBUTION AGREEMENTS, INVESTMENT SUBADVISORY AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory, Administration and Distribution Agreements — SIMC serves as the Investment Adviser (the “Adviser”) to each Fund. In connection with serving as Adviser to the Funds, SIMC is entitled to a fee, which is calculated daily and paid monthly, based on the average daily net assets of each Fund.

SEI Investments Global Funds Services (the “Administrator”) serves as administrator to the Funds. The Administrator provides the Trust with administrative and transfer agent services. For its services, the Administrator is entitled to a fee, which is calculated daily and paid monthly, based on the average daily net assets of each Fund.

SEI Investments Distribution Co. (the “Distributor”), a wholly owned subsidiary of SEI Investments Company (“SEI”) is the Distributor of the shares of the Funds under

a Distribution Agreement. The Funds have adopted a shareholder services plan and agreement (the “Service Plan”) with respect to Class F Shares that allows such shares to pay service providers a fee based on average daily net assets of such Class F Shares, in connection with the ongoing servicing of shareholder accounts owning such shares. The Service Plan provides that shareholder service fees on Class F Shares will be paid to the Distributor, which may then be used by the Distributor to compensate financial intermediaries for providing shareholder services with respect to Class F Shares.

The Adviser, Administrator and/or Distributor have voluntarily agreed to waive a portion of their fees in order to keep total direct operating expenses (exclusive of interest from borrowings, brokerage commissions and prime broker fees, taxes, costs associated with litigation- or tax-related services, Trustee fees, interest and dividend expenses related to short sales and extraordinary expenses not incurred in the ordinary course of the Funds’ business) at a specified level. The voluntary waivers by the Funds’ Adviser, Administrator and/or Distributor are limited to the Funds’ direct operating expenses and, therefore, do not apply to indirect expense incurred by the Funds, such as acquired fund fees and expenses. The waivers are voluntary and the Funds’ Adviser, Administrator and/or Distributor may discontinue all or part of these waivers at any time.

As of August 31, 2026, SIMC has entered into investment sub-advisory agreements with the following parties and pays the sub-advisers out of the fee that it receives from the Funds:

Investment Sub-Adviser

Intermediate-Term Municipal Fund

Nomura Investments Fund Advisers, a series of

Nomura Investment Management Business Trust

Insight North America LLC

Wellington Management Company LLP

Short Duration Municipal Fund

Allspring Global Investments, LLC

Neuberger Berman Investment Advisers LLC

California Municipal Bond Fund

Investment Sub-Adviser

Insight North America LLC

Massachusetts Municipal Bond Fund

Insight North America LLC

New Jersey Municipal Bond Fund

Insight North America LLC

New York Municipal Bond Fund

Insight North America LLC

Pennsylvania Municipal Bond Fund

Insight North America LLC

Tax-Advantaged Income Fund

Allspring Global Investments, LLC

Pacific Investment Management Company LLC

Spectrum Asset Management, Inc.

Payment to Affiliates — Certain Officers and Trustees of the Trust are also Officers and/or Directors of the Administrator, the Distributor, and/or SIMC. The Trust pays each unaffiliated Trustee an annual fee for attendance at quarterly, interim, and committee meetings. The Administrator or the Adviser pays compensation of Officers and affiliated Trustees. A portion of the services provided by the Chief Compliance Officer (“CCO”) and his staff, whom are employees of the administrator, are paid for by the Trust as incurred.

Investment in Affiliated Security — The Funds may invest in the SEI Daily Income Trust Government Fund, an affiliated money market fund, to manage excess cash or to serve as margin or collateral for derivative positions. Refer to each Fund’s Schedule of Investments for details regarding transactions with affiliated securities for the year ended August 31, 2026, if applicable.

Interfund Lending — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (the “Program”) with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the “SEI Funds”). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes.

Participation in the Program is voluntary for both borrowing and lending funds.

Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements (“Repo Rate”), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings (“Bank Loan Rate”). The Bank Loan Rate will be determined using a formula reviewed annually by the Trust’s Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate. For the year ended August 31, 2026, the Trust has not participated in the Program.

4. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale of securities, other than short-term investments and U.S. Government securities, for the year ended August 31, 2026, were as follows:

	U.S. Gov't ($ Thousands)		Other ($ Thousands)		Total ($ Thousands)
Intermediate-Term Municipal Fund
Purchases	$	—	$	289,561	$	289,561
Sales		—		259,661		259,661

	U.S. Gov't ($ Thousands)		Other ($ Thousands)		Total ($ Thousands)
Short Duration Municipal Fund
Purchases		—		172,837		172,837
Sales		—		215,669		215,669
California Municipal Bond Fund
Purchases		—		48,155		48,155
Sales		—		57,989		57,989
Massachusetts Municipal Bond Fund
Purchases		—		13,427		13,427
Sales		—		12,788		12,788
New Jersey Municipal Bond Fund
Purchases		—		19,799		19,799
Sales		—		18,003		18,003
New York Municipal Bond Fund
Purchases		—		25,206		25,206
Sales		—		23,117		23,117
Pennsylvania Municipal Bond Fund
Purchases		—		30,443		30,443
Sales		—		29,255		29,255
Tax-Advantaged Income Fund
Purchases		65,720		219,694		285,414
Sales		51,997		233,999		285,996

5. FEDERAL TAX INFORMATION

It is each Fund’s intention to continue to qualify as a regulated investment company, under Sub-chapter M of the Internal Revenue Code, and to distribute all of its taxable income and net capital gains. Accordingly, no provision for Federal income taxes is required.

Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years and has concluded that as of August 31, 2026, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year ended August 31, 2026, the Funds did not incur any interest or penalties.

Reclassification of components of net assets — The timing and characterization of certain income and capital gains distributions are determined annually in accordance with Federal tax regulations, which may differ from U.S. GAAP. As a result, the net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such periods. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital and distributable earnings, as appropriate, in the period that the differences arise. The permanent differences primarily consist of market discount adjustments, defaulted bond adjustments, perpetual bond adjustments, gains and losses on paydowns of mortgage and asset-backed securities for tax purposes. There are no permanent differences credited or charged to paid-in capital and distributable earnings as of August 31, 2026.

	Short-Term ($ Thousands)		Long-Term ($ Thousands)		Total Capital Loss Carryforwards 8/31/26 ($ Thousands)
Intermediate-Term Municipal Fund	$	20,848	$	35,081	$	55,929
Short Duration Municipal Fund		655		11,592		12,247
California Municipal Bond Fund		–		6,660		6,660

	Short-Term ($ Thousands)		Long-Term ($ Thousands)		Total Capital Loss Carryforwards 8/31/26 ($ Thousands)
Massachusetts Municipal Bond Fund		13		1,381		1,394
New Jersey Municipal Bond Fund		96		1,145		1,241
New York Municipal Bond Fund		–		1,820		1,820

	Short-Term ($ Thousands)		Long-Term ($ Thousands)		Total Capital Loss Carryforwards 8/31/26 ($ Thousands)
Pennsylvania Municipal Bond Fund		14		1,908		1,922
Tax-Advantaged Income Fund		15,355		42,033		57,388

In the normal course of business, the Trust enters into contracts that provide general indemnifications by the Trust to the counterparty to the contract. The Trust’s maximum exposure under these arrangements is dependent on the future claims that may be made against the Trust and, therefore, cannot be estimated; however, Management believes that, based on experience, the risk of loss from such claims is considered remote.

To the extent consistent with its investment strategy a Fund may have one or more of the following principal risks:

Municipal Securities Risk — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer’s current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and

principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund’s holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund’s securities.

Market Risk — The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund’s value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund’s liquidity or force the Fund to sell securities into a declining or illiquid market.

California Investment Risk — The Fund’s performance will be affected by the fiscal and economic health of the State of California, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting California municipal issuers.

Massachusetts Investment Risk — The Fund’s performance will be affected by the fiscal and economic health of the Commonwealth of Massachusetts, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting Massachusetts municipal issuers.

New Jersey Investment Risk — The Fund’s performance will be affected by the fiscal and economic health of the State of New Jersey, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting New Jersey municipal issuers.

New York Investment Risk — The Fund’s performance will be affected by the fiscal and economic health of the State of New York, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting New York municipal issuers.

Pennsylvania Investment Risk — The Fund’s performance will be affected by the fiscal and economic health of the Commonwealth of Pennsylvania, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting Pennsylvania municipal issuers.

Non-Diversification — The California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond and New York Municipal Bond Funds are non-diversified, which means that they may invest in the

securities of relatively few issuers. As a result, these Funds may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. However, the Funds intend to satisfy the asset diversification requirements under the Internal Revenue Code of 1986, as amended, for classification as a regulated investment company. The Intermediate-Term Municipal, Tax-Advantaged Income, Short Duration Municipal and Pennsylvania Municipal Bond Funds are diversified.

Credit Risk — The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price.

Interest Rate Risk — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

Commercial Paper Risk — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such an issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

Call Risk — Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Bonds may be called due to falling interest rates or non-economical circumstances.

Current Market Conditions Risk — Current market conditions risk is the risk that a particular investment, or shares of the Funds in general, may fall in value due to current market conditions. As a means to fight inflation, which remains at elevated levels, the Federal Reserve and certain foreign central banks have raised interest rates and expect to continue to do so, and the Federal Reserve has announced that it intends to reverse previously implemented quantitative easing. U.S. regulators have proposed several changes to market and issuer regulations that could directly impact the Funds, and any regulatory changes could adversely impact the Funds' ability to achieve its investment strategies or make certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters. If geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Funds' assets may go down. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. Advancements in technology may also adversely impact markets and the overall performance of the Funds.

Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security’s value.

Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which

could have a negative effect on Fund management or performance.

Duration Risk — Longer-term securities in which the Fund may invest are more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

Below Investment Grade Securities (Junk Bonds) Risk — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative.

Taxation Risk — The Fund will rely on the opinion of issuers’ bond counsel on the tax-exempt status of interest on municipal bond obligations. Neither the Fund nor its Sub-Advisers will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. Tax advantages of municipal bond funds are not applicable for those investing through a tax-deferred account, such as an individual retirement account or employer-sponsored retirement plan.

Convertible and Preferred Securities Risk — Convertible and preferred securities generally have less potential for gain or loss than common stocks. In addition, convertible and preferred securities generally provide yields higher than the underlying common stocks, but generally lower than comparable non-convertible securities. Because of this higher yield, convertible and preferred securities generally sell at a price above their “conversion value,” which is the current market value of the stock to be received upon conversion. The difference between this conversion value and the price of convertible and preferred securities will vary over time depending on changes in the value of the underlying common stocks and interest rates. Convertible and preferred securities are also subject to credit risk and are often lower-quality securities.

Investment Company Risk — When the Fund invests in an investment company, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company’s expenses. In addition, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund’s share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund.

Private Placements Risk — Investment in privately placed securities may be less liquid than in publicly traded

securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Furthermore, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

The foregoing is not intended to be a complete discussion of the risks associated with investing in a Fund. Please review each Fund’s current prospectus for additional disclosures regarding the principal risks associated with investing in a Fund.

8. CONCENTRATION OF SHAREHOLDERS

SEI Private Trust Company (“SPTC”) and SIMC are subsidiaries of SEI Investments Company. As of August 31, 2026, SPTC held of record the following percentage of outstanding shares of each Fund:

Intermediate-Term Municipal Fund
Class F	94.69%
Class Y	83.30%
Short Duration Municipal Fund
Class F	95.66%
Class Y	76.29%
California Municipal Bond Fund
Class F	93.40%
Class Y	97.76%
Massachusetts Municipal Bond Fund
Class F	97.78%
Class Y	88.50%
New Jersey Municipal Bond Fund
Class F	97.08%
Class Y	61.14%
New York Municipal Bond Fund
Class F	96.49%
Class Y	96.27%
Pennsylvania Municipal Bond Fund
Class F	94.59%
Class Y	45.27%
Tax-Advantaged Income Fund
Class F	95.28%
Class Y	82.29%

SPTC is not a direct service provider to the SEI Funds. However, SPTC performs a role in the comprehensive investment solution that SEI provides to investors. SPTC holds the shares in the Funds as custodian for shareholders that are clients of independent registered investment advisers, financial planners, bank trust departments and other financial advisers. SPTC maintains omnibus accounts at the Fund’s transfer agent.

9. SEGMENT REPORTING

The Funds adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280) – “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). Adoption of this standard impacted financial statement disclosures only and did not affect the Funds’ financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund’s Chief Financial Officer serves as the CODM. The CODM reviews Fund-level financial information, including total returns, expense ratios, changes in net assets, schedules of investments, and other performance and profitability reports, to assess the Fund’s operating results. Each Fund is structured as an investment company and represents a single operating segment. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as “Total Assets” and significant segment expenses are listed on the accompanying Statements of Operations.

10. SUBSEQUENT EVENTS

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no adjustments were required to the financial statements.

Trustees

Robert A. Nesher, Chairman

Dennis McGonigle

Nina Lesavoy

James M. Williams

Susan C. Cote

James B. Taylor

Christine Reynolds

Thomas Melendez

Kimberly Walker

Eli Powell Niepoky

Officers

Robert A. Nesher

President and Chief Executive Officer

Glenn R. Kurdziel

Controller and Chief Financial Officer

Stephen Panner

Chief Compliance Officer

Timothy D. Barto

Vice President, Secretary

David F. McCann

Vice President, Assistant Secretary

Stephen G. MacRae

Vice President

Marci Morgan

Anti-Money Laundering Compliance Officer

Privacy Officer

Investment Adviser

SEI Investments Management Corporation

Administrator

SEI Investments Global Funds Services

Distributor

SEI Investments Distribution Co.

Legal Counsel

Morgan, Lewis & Bockius LLP

Independent Registered Public Accounting Firm

KPMG LLP

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Trust and must be preceded or accompanied by a current prospectus. Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, any bank. The shares are not federally insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other government agency. Investment in the shares involves risk, including the possible loss of principal.

For more information call

1 800 DIAL SEI

(1 800 342 5734)

		Fiscal Year 2026			Fiscal Year 2025
		All fees and services to the Registrant that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval	All fees and services to the Registrant that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees⁽¹⁾	$189,834	$0	$0	$184,305	$0	$0
(b)	Audit-Related Fees	$0	$0	$0	$0	$0	$0
(c)	Tax Fees	$0	$0	$0	$0	$0	$0
(d)	All Other Fees⁽²⁾	$0	$263,866	$0	$0	$339,683	$0

	Fiscal Year 2026	Fiscal Year 2025
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

Financial Statements (Form N-CSR Item 7)
Schedules of Investments	1
Glossary	72
Statements of Assets and Liabilities	73
Statements of Operations	75
Statements of Changes in Net Assets	77
Financial Highlights	80
Notes to Financial Statements	84
Report of Independent Registered Public Accounting Firm	96
Notice to Shareholders (Unaudited)	97
Other Information (Form N-CSR Items 8-11) (Unaudited)	98

Security Description		Value 8/31/2025				Purchases at Cost				Proceeds from Sales				Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)				Value 8/31/2026				Income				Capital Gains
SEI Daily Income Trust, Government Fund, Institutional Class		$	—			$	153,926			$	(153,395	)		$	—			$	—			$	531			$	190			$	—

STATEMENTS OF ASSETS AND LIABILITIES ($ Thousands)
August 31, 2026

		Intermediate-Term Municipal Fund			Short Duration Municipal Fund
Assets:
Investments, at value ^†	$	1,551,138		$	717,346
Affiliated investment, at value ^††		531			—
Cash and cash equivalents		7,898			1,133
Dividends and interest receivable		18,622			8,100
Receivable for fund shares sold		554			573
Receivable for investment securities sold		—			2,517
Prepaid expenses		68			32
Total Assets		1,578,811			729,701
Liabilities:
Payable for investment securities purchased		19,938			14,797
Payable for fund shares redeemed		719			540
Income distribution payable		574			253
Shareholder servicing fees payable		292			141
Investment advisory fees payable		256			120
Administration fees payable		219			155
Chief Compliance Officer fees payable		5			2
Trustees’ fees payable		1			—
Accrued expense payable		171			81
Total Liabilities		22,175			16,089
Net Assets	$	1,556,636		$	713,612
^†Cost of investments	$	1,590,498		$	718,144
^††Cost of affiliated investment		531			—
Net Assets:
Paid-in capital — (unlimited authorization — no par value)	$	1,649,738		$	726,521
Total accumulated losses		(93,102	)		(12,909	)
Net Assets	$	1,556,636		$	713,612
Net Asset Value, Offering and Redemption Price Per Share — Class F	$	10.95		$	10.00
	($1,370,021,783 ÷ 125,098,008 shares)				($662,856,651 ÷ 66,293,892 shares)
Net Asset Value, Offering and Redemption Price Per Share — Class Y	$	10.96		$	9.99
	($186,614,114 ÷ 17,028,736 shares)				($50,755,663 ÷ 5,078,543 shares)

	California Municipal Bond Fund			Massachusetts Municipal Bond Fund			New Jersey Municipal Bond Fund			New York Municipal Bond Fund			Pennsylvania Municipal Bond Fund			Tax-Advantaged Income Fund

$	215,191		$	58,730		$	91,277		$	108,038		$	135,815		$	828,067
	5,403			316			1,313			270			2,169			776
	—			—			—			—			—			448
	2,387			617			891			1,295			1,610			8,389
	234			1			29			8			13			247
	—			—			—			—			—			—
	10			3			4			5			6			40
	223,225			59,667			93,514			109,616			139,613			837,967

	5,827			—			1,691			—			2,425			10,278
	97			12			100			46			48			235
	70			26			18			35			32			738
	25			8			12			13			17			120
	44			13			18			21			31			258
	35			10			15			18			22			154
	1			—			—			—			—			3
	—			—			—			—			—			1
	24			7			11			13			16			93
	6,123			76			1,865			146			2,591			11,880
$	217,102		$	59,591		$	91,649		$	109,470		$	137,022		$	826,087
$	222,398		$	60,096		$	93,421		$	109,513		$	138,415		$	894,496
	5,403			316			1,313			270			2,169			776

$	230,942		$	62,347		$	95,030		$	112,772		$	141,450		$	946,810
	(13,840	)		(2,756	)		(3,381	)		(3,302	)		(4,428	)		(120,723	)
$	217,102		$	59,591		$	91,649		$	109,470		$	137,022		$	826,087
$	10.16		$	10.09		$	9.94		$	10.23		$	10.36		$	8.87
	($198,818,786 ÷ 19,575,155 shares)			($59,428,450 ÷ 5,892,146 shares)			($91,356,896 ÷ 9,192,607 shares)			($101,380,443 ÷ 9,909,984 shares)			($136,936,871 ÷ 13,221,683 shares)			($568,723,645 ÷ 64,151,336 shares)
$	10.17		$	10.07		$	9.93		$	10.22		$	10.36		$	8.86
	($18,282,778 ÷ 1,798,391 shares)			($162,498 ÷ 16,137 shares)			($292,489 ÷ 29,447 shares)			($8,089,195 ÷ 791,869 shares)			($85,354 ÷ 8,241 shares)			($257,363,713 ÷ 29,056,916 shares)

STATEMENTS OF OPERATIONS ($ Thousands)
For the year ended August 31, 2026

	Intermediate-Term Municipal Fund			Short Duration Municipal Fund
Investment Income:
Interest income	$	58,309		$	24,566
Dividend income		—			—
Income from Affiliated Investments		190			—
Total Investment Income		58,499			24,566
Expenses:
Investment advisory fees		5,151			2,435
Shareholder servicing fees - Class F		3,424			1,711
Administration fees		3,108			1,476
Trustees’ fees		45			22
Chief Compliance Officer fees		10			5
Registration fees		122			60
Professional fees		117			52
Pricing fees		111			59
Printing fees		108			49
Custodian/Wire Agent fees		45			21
Proxy fees		3			2
Other expenses		53			26
Total Expenses		12,297			5,918
Less, waiver of:
Investment advisory fees		(2,149	)		(977	)
Administration fees		(744	)		(403	)
Shareholder servicing fees - Class F		—			—
Net Expenses		9,404			4,538
Net Investment Income		49,095			20,028
Net Realized Gain/(Loss) on:
Investments		(2,358	)		(851	)
Net Realized Gain/(Loss)		(2,358	)		(851	)
Net Change in Unrealized Appreciation/(Depreciation) on:
Investments		5,143			(2,858	)
Net Change in Unrealized Appreciation/(Depreciation)		5,143			(2,858	)
Net Realized and Unrealized Gain/(Loss)		2,785			(3,709	)
Net Increase in Net Assets Resulting from Operations	$	51,880		$	16,319

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)
For the years ended August 31,

	Intermediate-Term Municipal Fund						Short Duration Municipal Fund
	9/1/2025 to 8/31/2026			9/1/2024 to 8/31/2025			9/1/2025 to 8/31/2026			9/1/2024 to 8/31/2025
Operations:
Net investment income	$	49,095		$	48,644		$	20,028		$	21,302
Net realized loss		(2,358	)		(9,677	)		(851	)		(2,417	)
Net change in unrealized appreciation (depreciation)		5,143			(28,768	)		(2,858	)		6,225
Net Increase in Net Assets Resulting from Operations		51,880			10,199			16,319			25,110
Distributions:
Class F		(42,029	)		(41,442	)		(18,395	)		(19,757	)
Class Y		(6,344	)		(6,382	)		(1,575	)		(1,524	)
Total Distributions		(48,373	)		(47,824	)		(19,970	)		(21,281	)
Capital Share Transactions:⁽¹⁾
Class F:
Proceeds from shares issued		198,000			350,344			81,545			134,587
Reinvestment of dividends & distributions		37,311			36,833			15,475			16,695
Cost of shares redeemed		(216,221	)		(372,943	)		(146,767	)		(220,247	)
Net Increase (Decrease) from Class F Transactions		19,090			14,234			(49,747	)		(68,965	)
Class Y:
Proceeds from shares issued		26,265			46,112			4,962			17,340
Reinvestment of dividends & distributions		4,217			4,683			1,203			1,185
Cost of shares redeemed		(36,618	)		(45,311	)		(10,133	)		(11,535	)
Net Increase (Decrease) from Class Y Transactions		(6,136	)		5,484			(3,968	)		6,990
Net Increase (Decrease) in Net Assets from Capital Share Transactions		12,954			19,718			(53,715	)		(61,975	)
Net Increase (Decrease) in Net Assets		16,461			(17,907	)		(57,366	)		(58,146	)
Net Assets:
Beginning of year		1,540,175			1,558,082			770,978			829,124
End of year	$	1,556,636		$	1,540,175		$	713,612		$	770,978

	Net Asset Value, Beginning of Year		Net Investment Income*		Net Realized and Unrealized Gains (Losses)			Total from Operations			Distributions from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Net Asset Value, End of Year		Total Return^†			Net Assets End of Year ($ Thousands)		Ratio of Net Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate^†
Intermediate-Term Municipal Fund
Class F
2026	$	10.92	$	0.35	$	0.02		$	0.37		$	(0.34	)	$	—		$	(0.34	)	$	10.95		3.40	%	$	1,370,022		0.63	%		0.82	%		3.11	%		17	%
2025		11.18		0.33		(0.27	)		0.06			(0.32	)		—			(0.32	)		10.92		0.58			1,348,018		0.64	⁽¹⁾		0.82			2.98			25
2024		10.84		0.31		0.34			0.65			(0.31	)		—			(0.31	)		11.18		6.07			1,366,706		0.63			0.82			2.85			24
2023		11.00		0.28		(0.16	)		0.12			(0.28	)		—			(0.28	)		10.84		1.11			1,443,612		0.63			0.81			2.60			18
2022		12.29		0.25		(1.26	)		(1.01	)		(0.25	)		(0.03	)		(0.28	)		11.00		(8.31	)		1,755,076		0.63			0.80			2.16			24
Class Y
2026	$	10.93	$	0.38	$	0.02		$	0.40		$	(0.37	)	$	—		$	(0.37	)	$	10.96		3.66	%	$	186,614		0.38	%		0.57	%		3.36	%		17	%
2025		11.19		0.36		(0.27	)		0.09			(0.35	)		—			(0.35	)		10.93		0.83			192,157		0.39	⁽²⁾		0.57			3.23			25
2024		10.85		0.34		0.34			0.68			(0.34	)		—			(0.34	)		11.19		6.33			191,376		0.38			0.57			3.10			24
2023		11.01		0.31		(0.16	)		0.15			(0.31	)		—			(0.31	)		10.85		1.37			199,741		0.38			0.56			2.85			18
2022		12.30		0.28		(1.26	)		(0.98	)		(0.28	)		(0.03	)		(0.31	)		11.01		(8.07	)		174,307		0.38			0.55			2.41			24
Short Duration Municipal Fund
Class F
2026	$	10.05	$	0.27	$	(0.05	)	$	0.22		$	(0.27	)	$	—		$	(0.27	)	$	10.00		2.21	%	$	662,856		0.63	%		0.82	%		2.70	%		28	%
2025		10.00		0.26		0.05			0.31			(0.26	)		—			(0.26	)		10.05		3.12			715,984		0.64	⁽¹⁾		0.83			2.59			31
2024		9.83		0.24		0.17			0.41			(0.24	)		—			(0.24	)		10.00		4.24			781,433		0.63			0.82			2.45			37
2023		9.83		0.18		—			0.18			(0.18	)		—			(0.18	)		9.83		1.87			918,844		0.63			0.81			1.85			40
2022		10.13		0.06		(0.30	)		(0.24	)		(0.06	)		—			(0.06	)		9.83		(2.33	)		1,094,787		0.63			0.80			0.65			35
Class Y
2026	$	10.04	$	0.30	$	(0.06	)	$	0.24		$	(0.29	)	$	—		$	(0.29	)	$	9.99		2.47	%	$	50,756		0.38	%		0.57	%		2.95	%		28	%
2025		9.99		0.28		0.05			0.33			(0.28	)		—			(0.28	)		10.04		3.38			54,994		0.39	⁽²⁾		0.58			2.84			31
2024		9.82		0.27		0.17			0.44			(0.27	)		—			(0.27	)		9.99		4.50			47,691		0.38			0.57			2.70			37
2023		9.82		0.21		—			0.21			(0.21	)		—			(0.21	)		9.82		2.12			52,717		0.38			0.56			2.10			40
2022		10.12		0.09		(0.30	)		(0.21	)		(0.09	)		—			(0.09	)		9.82		(2.10	)		63,199		0.38			0.55			0.90			35
California Municipal Bond Fund
Class F
2026	$	10.19	$	0.24	$	(0.03	)	$	0.21		$	(0.24	)	$	—		$	(0.24	)	$	10.16		2.04	%	$	198,819		0.60	%		0.82	%		2.30	%		22	%
2025		10.24		0.21		(0.05	)		0.16			(0.21	)		—			(0.21	)		10.19		1.55			211,532		0.61	⁽³⁾		0.83			2.03			28
2024		9.99		0.18		0.25			0.43			(0.18	)		—			(0.18	)		10.24		4.37			220,137		0.60			0.82			1.80			26
2023		10.10		0.16		(0.09	)		0.07			(0.16	)		(0.02	)		(0.18	)		9.99		0.73			229,828		0.60			0.82			1.60			11
2022		11.13		0.15		(1.00	)		(0.85	)		(0.15	)		(0.03	)		(0.18	)		10.10		(7.71	)		267,060		0.60			0.81			1.44			9
Class Y
2026	$	10.20	$	0.25	$	(0.03	)	$	0.22		$	(0.25	)	$	—		$	(0.25	)	$	10.17		2.19	%	$	18,283		0.45	%		0.57	%		2.45	%		22	%
2025		10.24		0.22		(0.05	)		0.17			(0.21	)		—			(0.21	)		10.20		1.74			21,086		0.46	⁽⁴⁾		0.58			2.18			28
2024		10.00		0.20		0.24			0.44			(0.20	)		—			(0.20	)		10.24		4.42			19,660		0.45			0.57			1.95			26
2023		10.09		0.17		(0.07	)		0.10			(0.17	)		(0.02	)		(0.19	)		10.00		1.00			21,238		0.45			0.57			1.75			11
2022		11.12		0.17		(1.00	)		(0.83	)		(0.17	)		(0.03	)		(0.20	)		10.09		(7.58	)		35,948		0.45			0.56			1.60			9
Massachusetts Municipal Bond Fund
Class F
2026	$	10.11	$	0.22	$	(0.02	)	$	0.20		$	(0.22	)	$	—		$	(0.22	)	$	10.09		1.94	%	$	59,428		0.61	%		0.82	%		2.12	%		21	%
2025		10.16		0.18		(0.05	)		0.13			(0.18	)		—			(0.18	)		10.11		1.32			60,092		0.65	⁽¹⁾		0.86			1.83			20
2024		9.91		0.16		0.25			0.41			(0.16	)		—			(0.16	)		10.16		4.18			58,938		0.64			0.83			1.58			21
2023		9.96		0.14		(0.05	)		0.09			(0.14	)		—			(0.14	)		9.91		0.92			61,290		0.63			0.82			1.40			14
2022		10.98		0.13		(0.97	)		(0.84	)		(0.13	)		(0.05	)		(0.18	)		9.96		(7.78	)		72,934		0.63			0.82			1.21			5
Class Y
2026	$	10.10	$	0.23	$	(0.03	)	$	0.20		$	(0.23	)	$	—		$	(0.23	)	$	10.07		1.99	%	$	163		0.46	%		0.57	%		2.28	%		21	%
2025		10.14		0.20		(0.04	)		0.16			(0.20	)		—			(0.20	)		10.10		1.57			147		0.50	⁽⁵⁾		0.61			1.98			20
2024		9.90		0.17		0.25			0.42			(0.18	)		—			(0.18	)		10.14		4.24			281		0.49			0.58			1.73			21
2023		9.94		0.15		(0.03	)		0.12			(0.16	)		—			(0.16	)		9.90		1.17			337		0.48			0.57			1.55			14
2022		10.97		0.14		(0.98	)		(0.84	)		(0.14	)		(0.05	)		(0.19	)		9.94		(7.74	)		882		0.48			0.57			1.36			5

	*	Per share calculated using average shares.
	^†	Total return and portfolio turnover rate are for the period indicated and have not been annualized. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
	(1)	The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.63%.
	(2)	The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.38%.
	(3)	The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.60%.
	(4)	The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.45%.
	(5)	The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.48%.

	Advisory Fees	Shareholder Servicing Fees	Voluntary Expense Limitations
Intermediate-Term Municipal Fund
Class F	0.33%	0.25%	0.63%
Class Y	0.33%	0.00%	0.38%
Short Duration Municipal Fund
Class F	0.33%	0.25%	0.63%
Class Y	0.33%	0.00%	0.38%
California Municipal Bond Fund
Class F	0.33%	0.25%	0.60%
Class Y	0.33%	0.00%	0.45%
Massachusetts Municipal Bond Fund
Class F	0.33%	0.25%	0.63%
Class Y	0.33%	0.00%	0.48%
New Jersey Municipal Bond Fund
Class F	0.33%	0.25%	0.60%
Class Y	0.33%	0.00%	0.45%
New York Municipal Bond Fund
Class F	0.33%	0.25%	0.60%
Class Y	0.33%	0.00%	0.45%
Pennsylvania Municipal Bond Fund
Class F	0.35%	0.25%	0.63%
Class Y	0.35%	0.00%	0.48%
Tax-Advantaged Income Fund
Class F	0.50%	0.25%	0.86%
Class Y	0.50%	0.00%	0.61%

	First $1.5 Billion of Assets	Next $500 Million of Assets	Next $500 Million of Assets	Next $500 Million of Assets	Over $3 Billion of Assets
Intermediate-Term Municipal Fund	0.2000%	0.1775%	0.1550%	0.1325%	0.1100%
Short Duration Municipal Fund	0.2000%	0.1775%	0.1550%	0.1325%	0.1100%
California Municipal Bond Fund	0.2000%	0.1775%	0.1550%	0.1325%	0.1100%
Massachusetts Municipal Bond Fund	0.2000%	0.1775%	0.1550%	0.1325%	0.1100%
New Jersey Municipal Bond Fund	0.2000%	0.1775%	0.1550%	0.1325%	0.1100%
New York Municipal Bond Fund	0.2000%	0.1775%	0.1550%	0.1325%	0.1100%
Pennsylvania Municipal Bond Fund	0.2000%	0.1775%	0.1550%	0.1325%	0.1100%
Tax-Advantaged Income Fund	0.3000%	0.2550%	0.2100%	0.1650%	0.1200%

		Tax-Exempt Income ($ Thousands)		Ordinary Income ($ Thousands)		Long-Term Capital Gain ($ Thousands)		Total ($ Thousands)
Intermediate-Term Municipal Fund	2026	$	47,997	$	376	$	—	$	48,373
	2025		47,332		492		—		47,824
Short Duration Municipal Fund	2026		19,879		91		—		19,970
	2025		21,228		53		—		21,281
California Municipal Bond Fund	2026		5,162		63		—		5,225
	2025		4,940		147		—		5,087
Massachusetts Municipal Bond Fund	2026		1,263		25		—		1,288
	2025		1,076		31		—		1,107
New Jersey Municipal Bond Fund	2026		2,027		50		—		2,077
	2025		2,026		72		—		2,098
New York Municipal Bond Fund	2026		2,640		55		—		2,695
	2025		2,364		88		—		2,452
Pennsylvania Municipal Bond Fund	2026		3,050		75		—		3,125
	2025		2,907		67		—		2,974
Tax-Advantaged Income Fund	2026		24,864		16,284		—		41,148
	2025		26,082		15,162		—		41,244

	Undistributed Tax-Exempt Income ($ Thousands)		Undistributed Ordinary Income ($ Thousands)		Undistributed Long-Term Capital Gain ($ Thousands)		Capital Loss Carryforwards ($ Thousands)			Post October Losses ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)			Other Temporary Differences ($ Thousands)			Total Distributable Earnings (Accumulated Losses) ($ Thousands)
Intermediate-Term Municipal Fund	$	4,184	$	—	$	—	$	(55,929	)	$	—	$	(37,226	)	$	(4,131	)	$	(93,102	)
Short Duration Municipal Fund		1,611		—		—		(12,247	)		—		(692	)		(1,581	)		(12,909	)
California Municipal Bond Fund		487		—		—		(6,660	)		—		(7,207	)		(460	)		(13,840	)
Massachusetts Municipal Bond Fund		136		—		—		(1,394	)		—		(1,366	)		(132	)		(2,756	)
New Jersey Municipal Bond Fund		185		—		—		(1,241	)		—		(2,142	)		(183	)		(3,381	)
New York Municipal Bond Fund		242		—		—		(1,820	)		—		(1,492	)		(232	)		(3,302	)
Pennsylvania Municipal Bond Fund		280		—		—		(1,922	)		—		(2,510	)		(276	)		(4,428	)
Tax-Advantaged Income Fund		4,906		—		—		(57,388	)		—		(64,209	)		(4,035	)		(120,726	)

	Federal Tax Cost ($ Thousands)		Aggregate Gross Unrealized Appreciation ($ Thousands)		Aggregate Gross Unrealized Depreciation ($ Thousands)			Net Unrealized Appreciation/ (Depreciation) ($ Thousands)
Intermediate-Term Municipal Fund	$	1,588,893	$	8,809	$	(46,035	)	$	(37,226	)
Short Duration Municipal Fund		718,039		1,604		(2,296	)		(692	)
California Municipal Bond Fund		227,801		645		(7,852	)		(7,207	)
Massachusetts Municipal Bond Fund		60,412		183		(1,549	)		(1,366	)
New Jersey Municipal Bond Fund		94,734		112		(2,254	)		(2,142	)
New York Municipal Bond Fund		109,800		351		(1,843	)		(1,492	)
Pennsylvania Municipal Bond Fund		140,494		611		(3,121	)		(2,510	)
Tax-Advantaged Income Fund		893,052		22,885		(87,094	)		(64,209	)

	Intermediate-Term Municipal Fund						Short Duration Municipal Fund						California Municipal Bond Fund
	09/01/2025 to 08/31/2026			09/01/2024 to 08/31/2025			09/01/2025 to 08/31/2026			09/01/2024 to 08/31/2025			09/01/2025 to 08/31/2026			09/01/2024 to 08/31/2025
Shares Issued and Redeemed:
Class F:
Shares Issued		17,762			31,684			8,126			13,490			2,145			4,671
Shares Issued in Lieu of Dividends and Distributions		3,351			3,344			1,543			1,671			392			395
Redeemed		(19,411	)		(33,875	)		(14,623	)		(22,070	)		(3,719	)		(5,816	)
Total Class F Transactions		1,702			1,153			(4,954	)		(6,909	)		(1,182	)		(750	)
Class Y:
Shares Issued		2,354			4,168			494			1,741			109			443
Shares Issued in Lieu of Dividends and Distributions		378			425			120			119			36			36
Redeemed		(3,281	)		(4,122	)		(1,010	)		(1,157	)		(414	)		(332	)
Total Class Y Transactions		(549	)		471			(396	)		703			(269	)		147
Increase (Decrease) in Share Transactions		1,153			1,624			(5,350	)		(6,206	)		(1,451	)		(603	)

	Massachusetts Municipal Bond Fund						New Jersey Municipal Bond Fund						New York Municipal Bond Fund
	09/01/2025 to 08/31/2026			09/01/2024 to 08/31/2025			09/01/2025 to 08/31/2026			09/01/2024 to 08/31/2025			09/01/2025 to 08/31/2026			09/01/2024 to 08/31/2025
Shares Issued and Redeemed:
Class F:
Shares Issued		655			1,035			1,096			2,886			1,006			3,583
Shares Issued in Lieu of Dividends and Distributions		101			92			185			186			203			194
Redeemed		(805	)		(988	)		(1,304	)		(3,115	)		(1,179	)		(3,260	)
Total Class F Transactions		(49	)		139			(23	)		(43	)		30			517
Class Y:
Shares Issued		1			—			7			—			45			81
Shares Issued in Lieu of Dividends and Distributions		—			—			—			1			19			19
Redeemed		—			(13	)		(6	)		(47	)		(175	)		(89	)
Total Class Y Transactions		1			(13	)		1			(46	)		(111	)		11
Increase (Decrease) in Share Transactions		(48	)		126			(22	)		(89	)		(81	)		528

Annual Shareholder Report: August 31, 2026

Intermediate-Term Municipal Fund

SEI Tax Exempt Trust/Class F Shares - SEIMX

Fund Overview

What were the Fund costs for the last year?

How did the Fund perform during the last 10 years?

Total Return Based on $100,000 Investment

How did the Fund perform in the last year?

Average Annual Total Returns as of August 31, 2026

Key Fund Statistics as of August 31, 2026

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Intermediate-Term Municipal Fund

SEI Tax Exempt Trust/Class F Shares - SEIMX

Annual Shareholder Report: August 31, 2026

SEIMX-AR-2026

Annual Shareholder Report: August 31, 2026

Intermediate-Term Municipal Fund

SEI Tax Exempt Trust/Class Y Shares - SINYX

Fund Overview

What were the Fund costs for the last year?

How did the Fund perform during the last 10 years?

Total Return Based on $100,000 Investment

How did the Fund perform in the last year?

Average Annual Total Returns as of August 31, 2026

Key Fund Statistics as of August 31, 2026

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Intermediate-Term Municipal Fund

SEI Tax Exempt Trust/Class Y Shares - SINYX

Annual Shareholder Report: August 31, 2026

SINYX-AR-2026

Annual Shareholder Report: August 31, 2026

Short Duration Municipal Fund

SEI Tax Exempt Trust/Class F Shares - SUMAX

Fund Overview

What were the Fund costs for the last year?

How did the Fund perform during the last 10 years?

Total Return Based on $100,000 Investment

How did the Fund perform in the last year?

Average Annual Total Returns as of August 31, 2026

Key Fund Statistics as of August 31, 2026

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Short Duration Municipal Fund

SEI Tax Exempt Trust/Class F Shares - SUMAX

Annual Shareholder Report: August 31, 2026

SUMAX-AR-2026

Annual Shareholder Report: August 31, 2026

Short Duration Municipal Fund

SEI Tax Exempt Trust/Class Y Shares - SHYMX

Fund Overview

What were the Fund costs for the last year?

How did the Fund perform during the last 10 years?

Total Return Based on $100,000 Investment

How did the Fund perform in the last year?

Average Annual Total Returns as of August 31, 2026

Key Fund Statistics as of August 31, 2026

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Short Duration Municipal Fund

SEI Tax Exempt Trust/Class Y Shares - SHYMX

Annual Shareholder Report: August 31, 2026

SHYMX-AR-2026

Sector Weightings^{Footnote Reference*}

Sector Weightings^{Footnote Reference*}

Sector Weightings^{Footnote Reference*}

Sector Weightings^{Footnote Reference*}

Asset/Sector Weightings^{Footnote Reference*}

Asset/Sector Weightings^{Footnote Reference*}

Asset/Sector Weightings^{Footnote Reference*}

	Pennsylvania Municipal Bond Fund						Tax-Advantaged Income Fund
	09/01/2025 to 08/31/2026			09/01/2024 to 08/31/2025			09/01/2025 to 08/31/2026			09/01/2024 to 08/31/2025
Shares Issued and Redeemed:
Class F:
Shares Issued		1,516			2,774			6,078			11,497
Shares Issued in Lieu of Dividends and Distributions		264			257			2,647			2,770
Redeemed		(1,855	)		(2,573	)		(12,965	)		(30,883	)
Total Class F Transactions		(75	)		458			(4,240	)		(16,616	)
Class Y:
Shares Issued		3			1			8,671			4,179
Shares Issued in Lieu of Dividends and Distributions		—			—			1,045			881
Redeemed		(19	)		(1	)		(5,522	)		(3,971	)
Total Class Y Transactions		(16	)		—			4,194			1,089
Increase (Decrease) in Share Transactions		(91	)		458			(46	)		(15,527	)

Fund	(A) Long-Term Capital Gain Distribution	(B) Ordinary Income Distributions (Tax Basis)	(C) Tax Exempt Income Distributions⁽⁶⁾	Total Distributions	(D) Dividends Received Deduction⁽¹⁾
Intermediate-Term Municipal Fund⁽⁶⁾⁽⁷⁾	0.00%	0.78%	99.22%	100.00%	0.00%
Short Duration Municipal Fund⁽⁶⁾⁽⁷⁾	0.00%	0.45%	99.55%	100.00%	0.00%
California Municipal Bond Fund⁽⁷⁾	0.00%	1.23%	98.77%	100.00%	0.00%
Massachusetts Municipal Bond Fund⁽⁶⁾	0.00%	2.01%	97.99%	100.00%	0.00%
New Jersey Municipal Bond Fund⁽⁷⁾	0.00%	2.42%	97.58%	100.00%	0.00%
New York Municipal Bond Fund⁽⁷⁾	0.00%	2.04%	97.96%	100.00%	0.00%
Pennsylvania Municipal Bond Fund⁽⁶⁾⁽⁷⁾	0.00%	2.42%	97.58%	100.00%	0.00%
Tax-Advantaged Income Fund⁽⁶⁾⁽⁷⁾	0.00%	40.63%	59.37%	100.00%	4.13%

Fund	(E) Qualifying Dividend Income⁽²⁾	(F) U.S. Government Interest (Tax Basis)⁽³⁾	(G) Interest Related Dividends⁽⁴⁾	(H) Short-Term Capital Gains Dividends⁽⁵⁾
Intermediate-Term Municipal Fund⁽⁶⁾⁽⁷⁾	0.00%	0.00%	0.00%	0.00%
Short Duration Municipal Fund⁽⁶⁾⁽⁷⁾	0.00%	0.00%	0.00%	0.00%
California Municipal Bond Fund⁽⁷⁾	0.00%	0.00%	0.00%	0.00%
Massachusetts Municipal Bond Fund⁽⁶⁾	0.00%	0.00%	0.00%	0.00%
New Jersey Municipal Bond Fund⁽⁷⁾	0.00%	0.00%	0.00%	0.00%
New York Municipal Bond Fund⁽⁷⁾	0.00%	0.00%	0.00%	0.00%
Pennsylvania Municipal Bond Fund⁽⁶⁾⁽⁷⁾	0.00%	0.00%	0.00%	0.00%
Tax-Advantaged Income Fund⁽⁶⁾⁽⁷⁾	4.17%	0.00%	0.00%	0.00%

	SEI Tax Exempt Trust

By	/s/ Robert A. Nesher
	Robert A. Nesher
	President and Chief Executive Officer
	(Principal Executive Officer)

By	/s/ Glenn R. Kurdziel
	Glenn R. Kurdziel
	Controller and Chief Financial Officer
	(Principal Financial Officer)