# EDGAR Filing Document

**Accession Number:** 0000844790
**File Stem:** 0001752724-25-153743
**Filing Date:** 2025-6
**Character Count:** 168811
**Document Hash:** b1a5c1105ebae664a4ad1dfa2e1ee9e4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-153743.hdr.sgml**: 20250624

**ACCESSION NUMBER**: 0001752724-25-153743

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250624

**DATE AS OF CHANGE**: 20250624

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM MANAGED MUNICIPAL INCOME TRUST
- **CENTRAL INDEX KEY:** 0000844790

**ORGANIZATION NAME:**
- **EIN:** 046608976
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05740
- **FILM NUMBER:** 251068706

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6172921000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Putnam Managed Municipal Income Trust

- **b. Investment Company Act file number:** 811-05740

- **c. CIK number of Registrant:** 0000844790

- **d. LEI of Registrant:** 549300MCDIUT86HMWI73

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

  - **Street Address 1:** 100 Federal Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 617-292-1000

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

- **a. Name of Series:** Putnam Managed Municipal Income Trust

- **c. LEI of Series:** 549300MCDIUT86HMWI73

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $292346000.30

**Total Liabilities:** $13959702.59

**Net Assets:** $278386297.71

**Delayed Delivery Securities:** $526240.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 598.24000000 | **1-Year:** 6538.34000000 | **5-Year:** 31934.39000000 | **10-Year:** 103661.61000000 | **30-Year:** 60005.09000000

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

- **3-Month:** 374.96000000 | **1-Year:** 4375.96000000 | **5-Year:** 17884.58000000 | **10-Year:** 56722.98000000 | **30-Year:** 31744.62000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.83%                | -3.30%               | -1.75%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-156964.19              | $4424778.72                                |
| Month 2  | $-68986.69               | $-10317466.50                              |
| Month 3  | $-484938.94              | $-6038093.21                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                                             | Title                                                                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, Series 2013                                                   | CUSIP: 6459182G7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    900000 | PA      | $901255.41    | 0.32%             | 2033-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| California Community Housing Agency                                              | California Community Housing Agency, Series 2021 A-1                                                     | CUSIP: 13013FAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $389395.60    | 0.14%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Millsboro DE                                                             | Town of Millsboro, Series 2018                                                                           | CUSIP: 601266AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $471678.41    | 0.17%             | 2038-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston Airport System, Series 2015 B-1                                                          | CUSIP: 4423487S1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2460602.50   | 0.88%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)            | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2015 A                     | CUSIP: 71885FDN4<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    900000 | PA      | $900302.49    | 0.32%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cumberland County Municipal Authority                                            | Cumberland County Municipal Authority, Series 2019                                                       | CUSIP: 230614PN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $446371.70    | 0.16%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                      | New Hampshire Health and Education Facilities Authority Act, Series 2016                                 | CUSIP: 6446148D4<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250333.83    | 0.09%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | Lakewood Ranch Stewardship District, Series 2023                                                         | CUSIP: 51265KFJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1183683.20   | 0.43%             | 2054-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2022 A                                                         | CUSIP: 34061QBU0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1401927.00   | 0.50%             | 2052-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 812                        | City of Las Vegas, Series 2015                                                                           | CUSIP: 517784AS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200719.44    | 0.07%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND                                                           | City of Grand Forks, Series 2023 A                                                                       | CUSIP: 38546WEQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2012749.60   | 0.72%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health & Educational Facilities Authority of the State of Missouri, Series 2023 B                        | CUSIP: 60636AWS8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1416481.73   | 0.51%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                        | New York Transportation Development Corp., Series 2020                                                   | CUSIP: 650116CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1252885.00   | 0.45%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tolomato Community Development District                                          | Tolomato Community Development District, Series 2024                                                     | CUSIP: 889560FB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $489662.46    | 0.18%             | 2054-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2024                                                                    | CUSIP: 744396KG6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $901349.40    | 0.32%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Municipal Authority                                                    | Lancaster Municipal Authority, Series 2024                                                               | CUSIP: 514350AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $897874.11    | 0.32%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Series 2021                                                                  | CUSIP: 594479GQ4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    500000 | PA      | $374893.45    | 0.13%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX                                                                | City of Austin, Series 2024                                                                              | CUSIP: 052466BD0<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |    750000 | PA      | $693583.65    | 0.25%             | 2053-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series 2017, Class III                                | CUSIP: 717908AL1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1340291.81   | 0.48%             | 2047-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                    | Main Street Natural Gas, Inc., Series 2023 E-1                                                           | CUSIP: 56035DGB2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2308054.54   | 0.83%             | 2053-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                           | Clifton Higher Education Finance Corp., Series 2022 A                                                    | CUSIP: 187145PG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1012082.28   | 0.36%             | 2051-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                               | New York Liberty Development Corp., Series 2021 A                                                        | CUSIP: 649519DW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4215000 | PA      | $2907651.57   | 1.04%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | City of Chicago, Series 2020 A                                                                           | CUSIP: 167486G45<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1879796.88   | 0.68%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Baytown MN                                                           | Township of Baytown, Series 2016 A                                                                       | CUSIP: 073225AX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $326731.60    | 0.12%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2024-1, Class B-1                                                       | CUSIP: 74448FAA9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1445018.83   | 0.52%             | 2036-04-28      | Fixed         | 6.81%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2023 A                                               | CUSIP: 939783Q74<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200744.12   | 0.43%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission, Series 2016                                                      | CUSIP: 65820YMR4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    965000 | PA      | $965722.30    | 0.35%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2021 A                                                                | CUSIP: 45204FHV0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    815000 | PA      | $691053.66    | 0.25%             | 2056-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                         | Arlington Higher Education Finance Corp., Series 2021 A                                                  | CUSIP: 041806L65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $509394.10    | 0.18%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| James City County Economic Development Authority                                 | James City County Economic Development Authority, Series 2021 A                                          | CUSIP: 47029WED5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1235000 | PA      | $947055.92    | 0.34%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                              | Maryland Economic Development Corp., Series 2020                                                         | CUSIP: 57422FAF3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    750000 | PA      | $594367.20    | 0.21%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Brunswick MD                                                             | City of Brunswick, Series 2019                                                                           | CUSIP: 117250AE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    548000 | PA      | $548271.70    | 0.20%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sterling Ranch Community Authority Board                                         | Sterling Ranch Community Authority Board, Series 2024 A                                                  | CUSIP: 85950NAW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012757.20   | 0.36%             | 2054-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Suffolk Tobacco Asset Securitization Corp.                                       | Suffolk Tobacco Asset Securitization Corp., Series 2021 A-2                                              | CUSIP: 864809CA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $685821.04    | 0.25%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Venice FL                                                                | City of Venice, Series 2024 A                                                                            | CUSIP: 922687AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $362649.08    | 0.13%             | 2060-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Industrial Development Authority                               | Miami-Dade County Industrial Development Authority, Series 2014                                          | CUSIP: 59333ECQ4<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1239189.41   | 0.45%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | Iowa Finance Authority, Series 2024 A                                                                    | CUSIP: 46247SFV1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1421049.60   | 0.51%             | 2059-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                         | Arlington Higher Education Finance Corp., Series 2022                                                    | CUSIP: 041807CE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1111630.52   | 0.40%             | 2062-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Yavapai (The)                  | Industrial Development Authority of the County of Yavapai (The), Series 2012                             | CUSIP: 98521VAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $749942.85    | 0.27%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Cobb County (The)                                       | Development Authority of Cobb County (The), Series C                                                     | CUSIP: 190778JV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $709625.15    | 0.25%             | 2038-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health & Educational Facilities Authority of the State of Missouri, Series 2023 A                        | CUSIP: 60636AWD1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   2270000 | PA      | $1740650.30   | 0.63%             | 2043-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission, Series 2020 A                                                    | CUSIP: 65820YRR9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $471425.30    | 0.17%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Series 2017                                                                  | CUSIP: 594479DD6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    650000 | PA      | $609615.44    | 0.22%             | 2047-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2017 C                                                                | CUSIP: 45204EYZ5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    700000 | PA      | $704571.14    | 0.25%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                              | Maryland Economic Development Corp., Series 2020                                                         | CUSIP: 57422FAE6<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    755000 | PA      | $667296.33    | 0.24%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Berkeley SC                                                            | County of Berkeley, Series 2019                                                                          | CUSIP: 084220AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $836783.50    | 0.30%             | 2049-11-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                             | Colorado Educational & Cultural Facilities Authority, Series 2021                                        | CUSIP: 19645UGF5<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    175000 | PA      | $153411.02    | 0.06%             | 2041-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                               | New York Liberty Development Corp., Series 2021 A                                                        | CUSIP: 649519EH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2089674.90   | 0.75%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SkyRidge Pegasus Infrastructure Financing District                               | SkyRidge Pegasus Infrastructure Financing District, Series 2024                                          | CUSIP: 83089AAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $281940.15    | 0.10%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                        | Dallas Area Rapid Transit, Series 2020 A                                                                 | CUSIP: 235241UX2<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7194877.90   | 2.58%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                       | Capital Trust Agency, Inc., Series 2021 A-1                                                              | CUSIP: 14052WDT1<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1676472.22   | 0.60%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 815                        | City of Las Vegas, Series 2020                                                                           | CUSIP: 51778VAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $561212.81    | 0.20%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hutto TX                                                                 | City of Hutto, Series 2025                                                                               | CUSIP: 448529AW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $362137.97    | 0.13%             | 2045-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Sarasota County Public Hospital District                                         | Sarasota County Public Hospital District, Series 2018                                                    | CUSIP: 803301DK3<br>LEI: 549300JY4SF4DU1YDF85 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1325858.40   | 0.48%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                      | Ohio Higher Educational Facility Commission, Series 2024                                                 | CUSIP: 67756DS80<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1504595.25   | 0.54%             | 2054-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| St Johns County Industrial Development Authority                                 | St. Johns County Industrial Development Authority, Series 2021 A                                         | CUSIP: 79041LAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $410601.30    | 0.15%             | 2041-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2024                                                                    | CUSIP: 74441XHS1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    800000 | PA      | $804026.80    | 0.29%             | 2039-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2016                                                 | CUSIP: 939783TQ9<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    580000 | PA      | $522598.21    | 0.19%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2019                                                                        | CUSIP: 25483VWC4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    750000 | PA      | $660770.18    | 0.24%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission, Series 2021 C                                                    | CUSIP: 65821DYS4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2320000 | PA      | $2177863.11   | 0.78%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                             | Colorado Educational & Cultural Facilities Authority, Series 2021                                        | CUSIP: 19645UGE8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    150000 | PA      | $141231.59    | 0.05%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                             | MIDA Mountain Village Public Infrastructure District, Series 2020 A                                      | CUSIP: 59561TAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $967766.45    | 0.35%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cedar Crossings Community Development District                                   | Cedar Crossings Community Development District, Series 2025                                              | CUSIP: 15018WAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $151108.45    | 0.05%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                      | New Hampshire Health and Education Facilities Authority Act, Series 2016                                 | CUSIP: 6446147E3<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004276.70   | 0.36%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Horace ND                                                                | City of Horace, Series 2024 C                                                                            | CUSIP: 440365JN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1058767.27   | 0.38%             | 2044-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2023 A                                                                  | CUSIP: 74439YEU1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017026.90   | 0.37%             | 2063-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 817                        | City of Las Vegas, Series 2023                                                                           | CUSIP: 51779BAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513694.15    | 0.18%             | 2043-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Du Page County Special Service Area No. 31                                       | Du Page County Special Service Area No. 31, Series 2006                                                  | CUSIP: 26350TAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    233000 | PA      | $227201.75    | 0.08%             | 2036-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority                                       | Metropolitan Washington Airports Authority                                                               | CUSIP: 592643DJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $896141.91    | 0.32%             | 2053-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2021 A                                               | CUSIP: 93978LGG5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    500000 | PA      | $459979.15    | 0.17%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Series 2007                                                    | CUSIP: 57585AAB6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    995000 | PA      | $9.95         | 0.00%             | 2028-10-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND                                                           | City of Grand Forks, Series 2023 A                                                                       | CUSIP: 38546WEP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $354747.89    | 0.13%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority, Series 2018 A                                        | CUSIP: 83704MAM8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $883801.10    | 0.32%             | 2049-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Cherry Hill Community Development Authority                                      | Cherry Hill Community Development Authority, Series 2015                                                 | CUSIP: 164631AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $995340.29    | 0.36%             | 2045-03-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                       | Tarrant County Cultural Education Facilities Finance Corp., Series 2024                                  | CUSIP: 87638TJK0<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986546.30    | 0.35%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Tobacco Settlement Financing Corp.                          | District of Columbia, Series 2006 A                                                                      | CUSIP: 254842BB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $1871324.25   | 0.67%             | 2046-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| River Landing Community Development District                                     | River Landing Community Development District, Series 2025                                                | CUSIP: 76828JAM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $230851.22    | 0.08%             | 2055-05-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Sterling Ranch Community Authority Board                                         | Sterling Ranch Community Authority Board, Series 2020 A                                                  | CUSIP: 85950NAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $381914.51    | 0.14%             | 2050-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)            | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2016 A                     | CUSIP: 71885FEB9<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    250000 | PA      | $239774.40    | 0.09%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York & New Jersey                                                                  | CUSIP: 73358W4C5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2460000 | PA      | $2450174.51   | 0.88%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)            | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2016 A                     | CUSIP: 71885FEA1<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    600000 | PA      | $600221.82    | 0.22%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2025 B                                                                  | CUSIP: 74439YFZ9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    410000 | PA      | $413863.80    | 0.15%             | 2055-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | Lakewood Ranch Stewardship District, Series 2020                                                         | CUSIP: 51265KEN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $203767.00    | 0.07%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Cobb County (The)                                       | Development Authority of Cobb County (The), Series C                                                     | CUSIP: 190778JR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15045.49     | 0.01%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grays Harbor County Public Hospital District No. 1                               | Grays Harbor County Public Hospital District No. 1, Series 2023                                          | CUSIP: 389526AJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3286021.80   | 1.18%             | 2053-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | Lakewood Ranch Stewardship District, Series 2019                                                         | CUSIP: 51265KCW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $909087.70    | 0.33%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Series 2024                                            | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1870488.00   | 0.67%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2023-1, Class A                                                         | CUSIP: 74448GAA7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2141407 | PA      | $2169315.20   | 0.78%             | 2062-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | Lakewood Ranch Stewardship District, Series 2016                                                         | CUSIP: 51265KAW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $723878.29    | 0.26%             | 2046-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | City of San Antonio, Series 2024 C                                                                       | CUSIP: 79625GLA9<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5391431.50   | 1.94%             | 2049-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)            | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2014 A                     | CUSIP: 71885FDK0<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1639106.51   | 0.59%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | Metropolitan Transportation Authority, Series 2017 C-1                                                   | CUSIP: 59261AQH3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2948700.30   | 1.06%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Ramsey MN                                                                | City of Ramsey, Series 2022 A                                                                            | CUSIP: 751814AA2<br>LEI: 549300PYUDKBK3S78343 | Long             | DBT              | MUN               | US        |    575000 | PA      | $548355.13    | 0.20%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2021 A                                                  | CUSIP: 04052BMS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $427982.80    | 0.15%             | 2041-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lower Magnolia Green Community Development Authority                             | Lower Magnolia Green Community Development Authority, Series 2015                                        | CUSIP: 548207AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $449617.43    | 0.16%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport     | San Francisco City & County Airport Comm-San Francisco International Airport, Series 2019 A              | CUSIP: 79766DWE5<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   7420000 | PA      | $6467515.38   | 2.32%             | 2049-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                             | Colorado Educational & Cultural Facilities Authority, Series 2021                                        | CUSIP: 19645UGG3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    350000 | PA      | $280872.66    | 0.10%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Aubrey TX                                                                | City of Aubrey, Series 2025                                                                              | CUSIP: 050197BX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $101820.35    | 0.04%             | 2055-12-31      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GIR East Community Development District                                          | GIR East Community Development District, Series 2025                                                     | CUSIP: 37611TAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $543045.99    | 0.20%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                            | Capital Projects Finance Authority, Series 2024 A-1                                                      | CUSIP: 140427CQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $709587.83    | 0.25%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Lakeshore East Special Assessment Area                        | City of Chicago, Series 2022                                                                             | CUSIP: 167686AN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    341000 | PA      | $314824.91    | 0.11%             | 2031-12-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                               | New York Liberty Development Corp., Series 1WTC 2021                                                     | CUSIP: 649519EN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1293300.66   | 0.46%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Series 2021                                                    | CUSIP: 57584YM97<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $825233.30    | 0.30%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2024                                         | CUSIP: 97712JJX2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300146.79    | 0.11%             | 2059-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL                                                          | County of Palm Beach, Series 2019 A                                                                      | CUSIP: 696547GJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1493417.28   | 0.54%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No. 12                                    | Village Community Development District No. 12, Series 2018                                               | CUSIP: 92708FAG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $654517.17    | 0.24%             | 2033-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2023 A                                                                 | CUSIP: 45471FAG6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    500000 | PA      | $493526.25    | 0.18%             | 2058-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Series 2016                                                        | CUSIP: 19648FAY0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501354.65    | 0.18%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2016 A                                               | CUSIP: 939783TH9<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1160496.86   | 0.42%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | California Municipal Finance Authority, Series 2024                                                      | CUSIP: 130497AX8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    800000 | PA      | $840061.12    | 0.30%             | 2054-06-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2022 A                                                                      | CUSIP: 25483VA53<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1504657.65   | 0.54%             | 2036-08-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                                | Northeast Ohio Medical University, Series 2021 A                                                         | CUSIP: 66433RBE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $383977.80    | 0.14%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2021 A-2                                                   | CUSIP: 126292BG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1245017.41   | 0.45%             | 2057-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Suffolk Regional Off-Track Betting Co.                                           | Suffolk Regional Off-Track Betting Co., Series 2024                                                      | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2043853.80   | 0.73%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2021 A                                                                | CUSIP: 45204FHU2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $865911.00    | 0.31%             | 2051-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | Metropolitan Pier & Exposition Authority, Series 2017 B                                                  | CUSIP: 592250CY8<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1036736.70   | 0.37%             | 2047-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, Series 2022                                       | CUSIP: 70868YAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046291.20   | 0.38%             | 2061-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2017 A                                                                | CUSIP: 45203KAP0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1417079.85   | 0.51%             | 2047-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                     | County of Prince George's, Series 2018                                                                   | CUSIP: 74172RBP1<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987024.90    | 0.35%             | 2039-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series 2017                                           | CUSIP: 71781XGT4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2582526 | PA      | $2014370.63   | 0.72%             | 2045-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rampart Range Metropolitan District No. 5                                        | Rampart Range Metropolitan District No. 5, Series 2021                                                   | CUSIP: 75157WAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $862573.30    | 0.31%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston Airport System, Series 2021 A                                                            | CUSIP: 442349FZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1124236.75   | 0.40%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2017 A                                                                      | CUSIP: 25483VSG0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $883827.90    | 0.32%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Coweta County Development Authority                                              | Coweta County Development Authority, Series 2019 A                                                       | CUSIP: 223658QF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4063257.20   | 1.46%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2023-1, Class A                                      | CUSIP: 93978T4M8<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   3158127 | PA      | $2846663.65   | 1.02%             | 2037-04-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health & Educational Facilities Authority of the State of Missouri, Series 2017 A                        | CUSIP: 60637AMM1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   5600000 | PA      | $5026224.00   | 1.81%             | 2048-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | Michigan State Housing Development Authority, Series 2021 A                                              | CUSIP: 59465PBA5<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $626647.00    | 0.23%             | 2059-10-01      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2021 A-2                                                   | CUSIP: 126292AF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3125000 | PA      | $2275118.13   | 0.82%             | 2056-08-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                             | New Hope Cultural Education Facilities Finance Corp., Series 2018 A-1                                    | CUSIP: 64542YAM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $873593.60    | 0.31%             | 2053-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | Puerto Rico Electric Power Authority, Series TT                                                          | CUSIP: 74526YDB8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |   2500000 | PA      | $1218750.00   | 0.44%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                         | Arlington Higher Education Finance Corp., Series 2024                                                    | CUSIP: 041807JX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1099028.52   | 0.39%             | 2064-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kalispel Tribe of Indians                                                        | Kalispel Tribe of Indians, Series 2018 A                                                                 | CUSIP: 48340PAS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $760582.35    | 0.27%             | 2038-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                               | City of Detroit, Series B-1                                                                              | CUSIP: 251093S84<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   3952414 | PA      | $3113030.35   | 1.12%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gainesville & Hall County Hospital Authority                                     | Gainesville & Hall County Hospital Authority, Series 2021 A                                              | CUSIP: 362762QQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1421270.00   | 0.51%             | 2051-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | Chicago Board of Education, Series 2021 A                                                                | CUSIP: 167505XR2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $497265.05    | 0.18%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Parc Community Development District                                      | Central Parc Community Development District, Series 2024                                                 | CUSIP: 15477DAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $740165.55    | 0.27%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2021 A                                                                      | CUSIP: 25483VYC2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    400000 | PA      | $350345.28    | 0.13%             | 2061-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Yavapai (The)                  | Industrial Development Authority of the County of Yavapai (The), Series 2015 A                           | CUSIP: 98521VAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $495391.10    | 0.18%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Ohio Port Authority                                                 | Southeastern Ohio Port Authority, Series 2015                                                            | CUSIP: 841895AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $128931.96    | 0.05%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2019 A                                                                  | CUSIP: 74442EEH9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    910000 | PA      | $820147.24    | 0.29%             | 2054-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                            | Capital Projects Finance Authority, Series 2024 B                                                        | CUSIP: 140427CK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7950000 | PA      | $1203192.75   | 0.43%             | 2062-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Sarasota County Health Facilities Authority                                      | Sarasota County Health Facilities Authority, Series 2017 A                                               | CUSIP: 80329UAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000828.60   | 0.36%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Loan Council                                                   | Florida Municipal Loan Council, Series 2024                                                              | CUSIP: 34281UAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $645379.87    | 0.23%             | 2044-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Cypress Bluff Community Development District                                     | Cypress Bluff Community Development District, Series 2025                                                | CUSIP: 23267AAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $637835.22    | 0.23%             | 2055-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2023                                                 | CUSIP: 93978LGR1<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    660000 | PA      | $710898.34    | 0.26%             | 2063-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | Chicago Board of Education, Series 2015 C                                                                | CUSIP: 167505QR0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1446194.25   | 0.52%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                    | Delaware State Economic Development Authority, Series 2016 A                                             | CUSIP: 246387RV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $705230.11    | 0.25%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                              | California Public Finance Authority, Series 2021 A                                                       | CUSIP: 13057GAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $657990.38    | 0.24%             | 2056-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2016 C                                                                  | CUSIP: 74443QAD4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $294330.84    | 0.11%             | 2030-11-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                                  | Chester County Industrial Development Authority, Series 2017 A                                           | CUSIP: 165588DK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $727102.43    | 0.26%             | 2037-10-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority, Series 2018 A                                        | CUSIP: 83704MAL0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $459558.50    | 0.17%             | 2039-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2020                                                                    | CUSIP: 74442PZU2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1058107.95   | 0.38%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Palm Desert CA                                                           | City of Palm Desert, Series 2021                                                                         | CUSIP: 696627ER5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $413833.46    | 0.15%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                    | Main Street Natural Gas, Inc., Series 2019 A                                                             | CUSIP: 56035DBP6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   3345000 | PA      | $3401139.80   | 1.22%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Series 2016                                            | CUSIP: 56681NAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $751395.60    | 0.27%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2021 A                                               | CUSIP: 93978LGH3<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1017153.23   | 0.37%             | 2056-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2019                                                                    | CUSIP: 74445GAR3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1076298.69   | 0.39%             | 2053-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | U.S. Treasury Ultra Bonds                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -59 | NC      | $12314.52     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Matagorda County Navigation District No. 1                                       | Matagorda County Navigation District No. 1, Series 2005 A                                                | CUSIP: 576528CY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1260824.13   | 0.45%             | 2030-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority, Series 2024-2, Class A                                         | CUSIP: 63607WAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2237421 | PA      | $2049335.75   | 0.74%             | 2039-08-20      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Town of Millsboro DE                                                             | Town of Millsboro, Series 2018                                                                           | CUSIP: 601266AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    997000 | PA      | $922920.61    | 0.33%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2021-1, Class A                                      | CUSIP: 93978TS59<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    103455 | PA      | $95320.83     | 0.03%             | 2035-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Verandah West Community Development District                                     | Verandah West Community Development District, Series 2013                                                | CUSIP: 922947AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $450146.03    | 0.16%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oneida Indian Nation of New York                                                 | Oneida Indian Nation of New York, Series 2024 A                                                          | CUSIP: 682504AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012293.90   | 0.36%             | 2040-09-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                             | Chicago Midway International Airport, Series 2023 C                                                      | CUSIP: 167562TL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1278120.63   | 0.46%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Cobb County (The)                                       | Development Authority of Cobb County (The), Series C                                                     | CUSIP: 190778JS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25075.81     | 0.01%             | 2038-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Municipal Authority                                                  | Dallas Area Municipal Authority, Series 2019                                                             | CUSIP: 235171AR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2040000 | PA      | $1779337.37   | 0.64%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2024-1, Class A                                      | CUSIP: 93978UAA4<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    747401 | PA      | $688068.51    | 0.25%             | 2040-03-20      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| Town of Bridgeville DE                                                           | Town of Bridgeville, Series 2024                                                                         | CUSIP: 108588AN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $877281.74    | 0.32%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | Iowa Finance Authority, Series 2023 B                                                                    | CUSIP: 46247SFF6<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    600000 | PA      | $667048.56    | 0.24%             | 2053-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Passaic County Improvement Authority (The)                                       | Passaic County Improvement Authority (The), Series 2023                                                  | CUSIP: 70275QAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $456602.27    | 0.16%             | 2058-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Halifax Hospital Medical Center                                                  | Halifax Hospital Medical Center, Series 2016                                                             | CUSIP: 405815LG4<br>LEI: 549300H6HDJUXLEMUW23 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1303969.55   | 0.47%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority, Series 2024-3, Class A                                         | CUSIP: 63607WAW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995516 | PA      | $920606.43    | 0.33%             | 2041-10-20      | Variable      | 4.16%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 817                        | City of Las Vegas, Series 2023                                                                           | CUSIP: 51779BAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511908.65    | 0.18%             | 2053-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2021 A-1                                                   | CUSIP: 126292AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $730222.53    | 0.26%             | 2041-08-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp.                                                       | Salt Verde Financial Corp., Series 2007-1                                                                | CUSIP: 79575EAQ1<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2124511.60   | 0.76%             | 2029-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2021                                         | CUSIP: 97712JEE9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    650000 | PA      | $487486.03    | 0.18%             | 2057-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | Buckeye Tobacco Settlement Financing Authority, Series 2020 A-2, Class 1                                 | CUSIP: 118217CW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $902021.12    | 0.32%             | 2048-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | Louisiana Local Government Environmental Facilities & Community Development Authority, Series 2024       | CUSIP: 54628C3A8<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1214057.39   | 0.44%             | 2053-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 817                        | City of Las Vegas, Series 2023                                                                           | CUSIP: 51779BAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $390848.18    | 0.14%             | 2038-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Governors Park South Community Development District                              | Governors Park South Community Development District, Series 2025                                         | CUSIP: 383670AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $363054.26    | 0.13%             | 2055-05-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Maxatawny Township Municipal Authority                                           | Maxatawny Township Municipal Authority, Series 2022 A                                                    | CUSIP: 57778PAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1381842.28   | 0.50%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2017 G                                                  | CUSIP: 04052BEX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500934.25    | 0.18%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                                | Northeast Ohio Medical University, Series 2021 A                                                         | CUSIP: 66433RBD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1225130.76   | 0.44%             | 2040-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| La Paz County Industrial Development Authority                                   | La Paz County Industrial Development Authority, Series 2018 A                                            | CUSIP: 50376FAR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $494656.40    | 0.18%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                         | West Virginia Hospital Finance Authority, Series 2023 B                                                  | CUSIP: 956622W83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5676372.98   | 2.04%             | 2048-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2018 A                                                                         | CUSIP: 452152Y39<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017387.70   | 0.37%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Series 2016                                   | CUSIP: 414009LD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251080.08    | 0.09%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                         | U.S. Treasury Bills                                                                                      | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    400000 | PA      | $393019.35    | 0.14%             | 2025-10-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, Series 2000 B                                                 | CUSIP: 64578CBW0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500067.95    | 0.18%             | 2030-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2016                                                 | CUSIP: 939783TT3<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    500000 | PA      | $424795.00    | 0.15%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maxatawny Township Municipal Authority                                           | Maxatawny Township Municipal Authority, Series 2022 A                                                    | CUSIP: 57778PAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1424215.23   | 0.51%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trails at Crowfoot Metropolitan District No. 3                                   | Trails at Crowfoot Metropolitan District No. 3, Series 2024 B                                            | CUSIP: 89286RAV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $295889.61    | 0.11%             | 2052-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| City of Austin TX                                                                | City of Austin, Series 2024                                                                              | CUSIP: 052466BC2<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |    555000 | PA      | $517496.82    | 0.19%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2023 A                                                                      | CUSIP: 25476FA40<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   6675000 | PA      | $6945900.20   | 2.50%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                        | New York Transportation Development Corp., Series 2023                                                   | CUSIP: 650116GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035764.60   | 0.37%             | 2040-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2023 B                                                                         | CUSIP: 452153FG9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2196450.06   | 0.79%             | 2040-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                                  | Chester County Industrial Development Authority, Series 2013 A                                           | CUSIP: 16559PAT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $910976.40    | 0.33%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2021                                                           | CUSIP: 34061WAY0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    700000 | PA      | $623665.35    | 0.22%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Paul Port Authority                                                           | St. Paul Port Authority, Series 2007-1                                                                   | CUSIP: 79304NFW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $965269.14    | 0.35%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Series 2015                                                                             | CUSIP: 181003MW1<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    375000 | PA      | $375636.41    | 0.13%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte County Industrial Development Authority                                | Charlotte County Industrial Development Authority, Series 2021 A                                         | CUSIP: 16080TAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $879260.50    | 0.32%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Class 2                                 | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $410749.45    | 0.15%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pinellas County Industrial Development Authority                                 | Pinellas County Industrial Development Authority, Series 2019                                            | CUSIP: 72316VAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1650452.65   | 0.59%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority, Series 2021 A                                        | CUSIP: 83704MBV7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $687662.38    | 0.25%             | 2056-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust VI                                               | New York Counties Tobacco Trust VI, Series 2016 A-2B                                                     | CUSIP: 64945JAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2639639.70   | 0.95%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2021 A                                                     | CUSIP: 126292AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2675000 | PA      | $2289016.23   | 0.82%             | 2056-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Collegiate Charter School of Lowell                                              | Collegiate Charter School of Lowell, Series 2019                                                         | CUSIP: 547649AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998888.60    | 0.36%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of San Francisco CA Special Tax District No. 2020-1                | City & County of San Francisco, Series 2021 A                                                            | CUSIP: 79771HAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $450287.10    | 0.16%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Ham Lake MN                                                              | City of Ham Lake, Series 2016 A                                                                          | CUSIP: 406511AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $429470.55    | 0.15%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 816                        | City of Las Vegas, Series 2021                                                                           | CUSIP: 51779AAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $478588.44    | 0.17%             | 2041-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                               | New York Liberty Development Corp., Series 2014, Class 2                                                 | CUSIP: 649519DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750027.15    | 0.27%             | 2040-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2022 A                                       | CUSIP: 97712D8S8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3742293.20   | 1.34%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Celina TX                                                                | City of Celina, Series 2025                                                                              | CUSIP: 15114CKU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $142204.22    | 0.05%             | 2045-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Ranches at Lake Mcleod Community Development District                            | Ranches at Lake Mcleod Community Development District, Series 2025                                       | CUSIP: 752041AG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $243381.13    | 0.09%             | 2055-06-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Suffolk Economic Development Authority                                           | Suffolk Economic Development Authority, Series 2016                                                      | CUSIP: 86482NAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $491874.65    | 0.18%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2022                                         | CUSIP: 97712JCM3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $960557.97    | 0.35%             | 2045-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                         | Cleveland-Cuyahoga County Port Authority, Series 2018                                                    | CUSIP: 18610PAW8<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1467571.35   | 0.53%             | 2053-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2021 A-2                                                   | CUSIP: 126292BB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $345762.18    | 0.12%             | 2057-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                           | Clifton Higher Education Finance Corp., Series 2018 D                                                    | CUSIP: 187145JT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500446.75   | 0.90%             | 2048-08-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health & Educational Facilities Authority of the State of Missouri, Series 2023 A                        | CUSIP: 60636AWA7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    900000 | PA      | $740251.17    | 0.27%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Washington OH                                                          | County of Washington, Series 2022                                                                        | CUSIP: 938154DX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $535502.75    | 0.19%             | 2052-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2021 A                                                                | CUSIP: 45204FHT5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    400000 | PA      | $374207.48    | 0.13%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cobb County Kennestone Hospital Authority                                        | Cobb County Kennestone Hospital Authority, Series 2020 A                                                 | CUSIP: 190813SB2<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1352271.38   | 0.49%             | 2045-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2017 A                                                                  | CUSIP: 74443UAZ6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    380000 | PA      | $380199.92    | 0.14%             | 2037-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 817                        | City of Las Vegas, Series 2023                                                                           | CUSIP: 51779BAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $361586.12    | 0.13%             | 2048-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | Kentucky Economic Development Finance Authority, Series 2016 A                                           | CUSIP: 49126PFG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $782398.50    | 0.28%             | 2046-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Transportation Commission State Highway 249 System                         | Texas Transportation Commission State Highway 249 System, Series 2019 A                                  | CUSIP: 88283NAJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $360080.77    | 0.13%             | 2039-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Lake FL                                                                | County of Lake, Series 2020 A                                                                            | CUSIP: 50826FAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $699491.85    | 0.25%             | 2055-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                        | Orange County Health Facilities Authority, Series 2022                                                   | CUSIP: 68450LGQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2570000 | PA      | $2213533.29   | 0.80%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | California Municipal Finance Authority, Series 2024, Class I                                             | CUSIP: 13048VQ27<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    800000 | PA      | $811860.08    | 0.29%             | 2039-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 814                        | City of Las Vegas, Series 2019                                                                           | CUSIP: 51778UAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $491527.76    | 0.18%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2021 A-2                                                   | CUSIP: 126292AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1321666.40   | 0.47%             | 2056-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of St Louis Missouri (The)          | Industrial Development Authority of the City of St. Louis Missouri (The), Series 2017 A                  | CUSIP: 85236BAC6<br>LEI: 549300WTUL8KX1FOUZ40 | Long             | DBT              | MUN               | US        |    875000 | PA      | $738873.54    | 0.27%             | 2047-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Sky Dance Metropolitan District No. 2                                            | Sky Dance Metropolitan District No. 2, Series 2024 A                                                     | CUSIP: 83086VAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $348490.13    | 0.13%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                           | County of Frederick, Series 2019                                                                         | CUSIP: 355612AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1227941.65   | 0.44%             | 2039-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Black Desert Public Infrastructure District                                      | Black Desert Public Infrastructure District, Series 2024                                                 | CUSIP: 09204TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1266055.18   | 0.45%             | 2053-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Uptown Development Authority                                                     | Uptown Development Authority, Series 2021                                                                | CUSIP: 916856HQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $727843.95    | 0.26%             | 2037-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GIR East Community Development District                                          | GIR East Community Development District, Series 2025                                                     | CUSIP: 37611TAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $286964.37    | 0.10%             | 2045-05-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Putnam Funds Trust                                                               | Putnam Short Term Investment Fund, Class P                                                               | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |  11155806 | NS      | $11155806.00  | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Florida Municipal Loan Council                                                   | Florida Municipal Loan Council, Series 2024                                                              | CUSIP: 34281UAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $813470.96    | 0.29%             | 2054-05-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Harbor Point Infrastructure Improvement District                                 | Harbor Point Infrastructure Improvement District, Series 2017                                            | CUSIP: 41154VAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3504328.10   | 1.26%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Woodland Preserve Community Development District                                 | Woodland Preserve Community Development District, Series 2025                                            | CUSIP: 97966AAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $211659.14    | 0.08%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| St Louis County Industrial Development Authority                                 | St. Louis County Industrial Development Authority, Series 2018 A                                         | CUSIP: 791524CP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3128965.45   | 1.12%             | 2053-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series 2017                                           | CUSIP: 71781XGR8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42130.08     | 0.02%             | 2045-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                       | Utah Infrastructure Agency, Series 2023                                                                  | CUSIP: 917467CP5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1446686.19   | 0.52%             | 2047-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                  | California County Tobacco Securitization Agency, Series 2020 B-2                                         | CUSIP: 13016NJB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5410000 | PA      | $1095435.19   | 0.39%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health & Educational Facilities Authority of the State of Missouri, Series 2021 A                        | CUSIP: 60637ATN2<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $890620.40    | 0.32%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | California Infrastructure & Economic Development Bank, Series 2025 A                                     | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    900000 | PA      | $869216.49    | 0.31%             | 2065-01-01      | Variable      | 9.50%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                       | Stamford Housing Authority, Series 2025 A                                                                | CUSIP: 852640AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $146499.11    | 0.05%             | 2060-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Pontiac School District                                                          | Pontiac School District                                                                                  | CUSIP: 732538HL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4023530 | PA      | $3611833.16   | 1.30%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, Series 2009 C                                     | CUSIP: 708686ET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500865.35    | 0.18%             | 2037-12-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | Lakewood Ranch Stewardship District, Series 2024                                                         | CUSIP: 51265KFY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $569952.63    | 0.20%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CMFA Special Finance Agency I                                                    | CMFA Special Finance Agency I, Series 2021 A-2                                                           | CUSIP: 12574TAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1831791.50   | 0.66%             | 2056-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | City of Chicago, Series 2021 B                                                                           | CUSIP: 167486K65<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2747000 | PA      | $2476635.86   | 0.89%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                          | Capital Trust Authority, Series 2025 A                                                                   | CUSIP: 14054WBX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $152738.78    | 0.05%             | 2065-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | Commonwealth of Puerto Rico, Series 2022 A-1                                                             | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   3000000 | PA      | $2753351.40   | 0.99%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| James City County Economic Development Authority                                 | James City County Economic Development Authority, Series 2021 A                                          | CUSIP: 47029WDR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $768717.40    | 0.28%             | 2047-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Sunnyvale CA                                                             | City of Sunnyvale, Series 2001                                                                           | CUSIP: 867587AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $672125.44    | 0.24%             | 2032-08-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| County of Denton TX                                                              | County of Denton, Series 2025                                                                            | CUSIP: 24880GAS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $235147.10    | 0.08%             | 2055-12-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Series 2024                                                       | CUSIP: 546399SY3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1534252.95   | 0.55%             | 2059-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2018                                                                    | CUSIP: 74444VAG5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    800000 | PA      | $733470.56    | 0.26%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | Commonwealth of Puerto Rico, Series 2022 A-1                                                             | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   3388447 | PA      | $2888186.85   | 1.04%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hobe-St Lucie Conservancy District                                               | Hobe-St. Lucie Conservancy District, Series 2024                                                         | CUSIP: 434043AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $498448.00    | 0.18%             | 2055-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                                   | Lee County Industrial Development Authority, Series 2024 C                                               | CUSIP: 52349EEV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $474687.10    | 0.17%             | 2054-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2020 A-1                                                                | CUSIP: 74442PPU3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1503191.85   | 0.54%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                       | Stamford Housing Authority, Series 2025 A                                                                | CUSIP: 852640AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100571.47    | 0.04%             | 2055-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| City of Eagan MN                                                                 | City of Eagan, Series 2025 A                                                                             | CUSIP: 26940AAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $287367.42    | 0.10%             | 2065-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Southlands Metropolitan District No. 1                                           | Southlands Metropolitan District No. 1, Series 2017 A-1                                                  | CUSIP: 84454RAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $485909.80    | 0.17%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                  | Minnesota Higher Education Facilities Authority, Series 2016 A                                           | CUSIP: 60416H2R4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $856360.50    | 0.31%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No. 13                                    | Village Community Development District No. 13, Series 2020                                               | CUSIP: 92708HAJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2410000 | PA      | $1993175.32   | 0.72%             | 2040-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp.                                                       | Salt Verde Financial Corp., Series 2007-1                                                                | CUSIP: 79575EAR9<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |    570000 | PA      | $599580.61    | 0.22%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Governors Park South Community Development District                              | Governors Park South Community Development District, Series 2025                                         | CUSIP: 383670AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $243271.53    | 0.09%             | 2045-05-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Wyandotte County-Kansas City Unified Government                                  | Wyandotte County-Kansas City Unified Government, Series 2018                                             | CUSIP: 982707AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $296193.93    | 0.11%             | 2040-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                       | Capital Trust Agency, Inc., Series 2020 A-1                                                              | CUSIP: 14052WDJ3<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    740000 | PA      | $713926.47    | 0.26%             | 2035-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Texas Community Housing & Economic Development Corp.                             | Texas Community Housing & Economic Development Corp., Series 2025 A-1                                    | CUSIP: 88231CAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $531181.78    | 0.19%             | 2065-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                    | Delaware State Economic Development Authority, Series 2016 A                                             | CUSIP: 246387RX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $938851.92    | 0.34%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lehigh County Industrial Development Authority                                   | Lehigh County Industrial Development Authority, Series 2021 A                                            | CUSIP: 52481MAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $767993.70    | 0.28%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                             | Mida Mountain Village Public Infrastructure District, Series 2021                                        | CUSIP: 59561TAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $992873.63    | 0.36%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sierra Vista Industrial Development Authority                                    | Sierra Vista Industrial Development Authority, Series 2024                                               | CUSIP: 82652UAY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $272103.51    | 0.10%             | 2064-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeKalb County Development Authority                                              | DeKalb County Development Authority, Series 2024 A                                                       | CUSIP: 240463KE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $465995.59    | 0.17%             | 2063-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fox Branch Ranch Community Development District                                  | Fox Branch Ranch Community Development District, Series 2025                                             | CUSIP: 351322AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $200786.33    | 0.07%             | 2055-05-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| MIDA Mountain Village Public Infrastructure District                             | MIDA Mountain Village Public Infrastructure District, Series 2024-2                                      | CUSIP: 59561UAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500927.30    | 0.18%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | South Carolina Public Service Authority                                                                  | CUSIP: 837151YU7<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3754344.80   | 1.35%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Series 2016                                                        | CUSIP: 19648FAZ7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250780.38   | 0.45%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | Kentucky Economic Development Finance Authority, Series 2017 A                                           | CUSIP: 49126KKE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125432.81    | 0.05%             | 2041-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Skagit County Public Hospital District No. 1                                     | Skagit County Public Hospital District No. 1, Series 2024                                                | CUSIP: 830227EP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026296.40   | 0.37%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport     | San Francisco City & County Airport Comm-San Francisco International Airport, Series 2019 A              | CUSIP: 79766DWB1<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |     80000 | PA      | $79955.94     | 0.03%             | 2049-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2021 A                                                                  | CUSIP: 74445QDW7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1381012.40   | 0.50%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| St Johns County Industrial Development Authority                                 | St. Johns County Industrial Development Authority, Series 2021 A                                         | CUSIP: 79041LAM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $313083.48    | 0.11%             | 2036-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                               | New York Liberty Development Corp., Series 2021 A                                                        | CUSIP: 649519DV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1860000 | PA      | $1301175.46   | 0.47%             | 2046-11-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | South Carolina Public Service Authority                                                                  | CUSIP: 837151YY9<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2602540.20   | 0.93%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2022                                         | CUSIP: 97712JCL5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    270000 | PA      | $237297.79    | 0.09%             | 2041-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2022 A                                                                      | CUSIP: 25483VA38<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1256859.92   | 0.45%             | 2035-08-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                   | Metropolitan Nashville Airport Authority (The), Series 2022 B                                            | CUSIP: 592190QU9<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076348.20   | 0.39%             | 2039-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2021 A                                                         | CUSIP: 34061UHZ4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $402004.85    | 0.14%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 814                        | City of Las Vegas, Series 2019                                                                           | CUSIP: 51778UAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $374334.94    | 0.13%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Cobb County (The)                                       | Development Authority of Cobb County (The), Series C                                                     | CUSIP: 190778JU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $685291.67    | 0.25%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Lakeshore East Special Assessment Area                        | City of Chicago, Series 2022                                                                             | CUSIP: 167686AK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    241000 | PA      | $228501.19    | 0.08%             | 2028-12-01      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financial Authority                        | Florida Higher Educational Facilities Financial Authority, Series 2019                                   | CUSIP: 34073TLN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1047978.76   | 0.38%             | 2044-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Celina TX                                                                | City of Celina, Series 2025                                                                              | CUSIP: 15114CKV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $254218.58    | 0.09%             | 2055-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2019                                                                        | CUSIP: 25483VVN1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    400000 | PA      | $404891.72    | 0.15%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | Metropolitan Pier & Exposition Authority, Series 2022 A                                                  | CUSIP: 592250EY6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1692082.14   | 0.61%             | 2052-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Raindance Metropolitan District No. 1 Non-Potable Water System Revenue           | Raindance Metropolitan District No. 1, Series 2020                                                       | CUSIP: 75087GAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $803436.90    | 0.29%             | 2050-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Series 2024 A                                                  | CUSIP: 57585BBU1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $954278.50    | 0.34%             | 2060-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Series 2017 A                                                     | CUSIP: 546399NZ5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20427.98     | 0.01%             | 2050-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority, Series 2024                                          | CUSIP: 83704HAM9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018566.70   | 0.37%             | 2054-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2020                                                                        | CUSIP: 25483VXU3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2404916.25   | 0.86%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | Chicago Board of Education, Series 2017 H                                                                | CUSIP: 167505TJ5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2034424.35   | 0.73%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Flint Hospital Building Authority                                                | Flint Hospital Building Authority, Series 2013 A                                                         | CUSIP: 339510BT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $723655.73    | 0.26%             | 2039-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Alaska Industrial Development & Export Authority                                 | Alaska Industrial Development & Export Authority, Series 2019 A                                          | CUSIP: 011903GK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5125000 | PA      | $4522585.46   | 1.62%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust VI                                               | New York Counties Tobacco Trust VI, Series 2016 A-2B                                                     | CUSIP: 64945JAF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $603389.08    | 0.22%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | California Municipal Finance Authority, Series 2021                                                      | CUSIP: 13049YFR7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2410000 | PA      | $1744119.65   | 0.63%             | 2054-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                       | Finance Authority of Maine, Series 2015                                                                  | CUSIP: 56042CAT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $498110.80    | 0.18%             | 2035-08-01      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2021 A-1                                                                | CUSIP: 74439YDX6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    600000 | PA      | $444658.56    | 0.16%             | 2061-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pontiac School District                                                          | Pontiac School District                                                                                  | CUSIP: 732538HK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3576470 | PA      | $3326233.69   | 1.19%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2017 A                                                                | CUSIP: 45203KAN5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1181423.16   | 0.42%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hospital Facilities Authority of Multnomah County Oregon                         | Hospital Facilities Authority of Multnomah County Oregon, Series 2012                                    | CUSIP: 62551PCA3<br>LEI: 549300GAP0JIG7V33754 | Long             | DBT              | MUN               | US        |    260000 | PA      | $260024.86    | 0.09%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL                                                          | County of Palm Beach, Series 2021 A                                                                      | CUSIP: 696547HN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $543811.38    | 0.20%             | 2057-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2015 A                                                                  | CUSIP: 74442PAY1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    945000 | PA      | $928273.78    | 0.33%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Series 2013 A                                 | CUSIP: 414009FA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $961881.50    | 0.35%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Series 2020 A | CUSIP: 592041YV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1290504.08   | 0.46%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima (The)                     | Industrial Development Authority of the County of Pima (The), Series 2022 A                              | CUSIP: 72178AAH5<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1576486.50   | 0.57%             | 2052-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Plaza Metropolitan District No. 1                                                | Plaza Metropolitan District No. 1, Series 2013                                                           | CUSIP: 72818QAX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1607981.43   | 0.58%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2022 B                                                                  | CUSIP: 74447DAG2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026802.70   | 0.37%             | 2062-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                          | Puerto Rico Sales Tax Financing Corp., Series A-1                                                        | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   4700000 | PA      | $4369680.24   | 1.57%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | City of Chicago, Series 2019 A                                                                           | CUSIP: 167486E39<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001901.30   | 0.36%             | 2049-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | Commonwealth of Puerto Rico, Series 2022 A-1                                                             | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   1920000 | PA      | $1834811.90   | 0.66%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Denton TX                                                              | County of Denton, Series 2025                                                                            | CUSIP: 24880GAR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $118332.38    | 0.04%             | 2045-12-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| La Paz County Industrial Development Authority                                   | La Paz County Industrial Development Authority, Series 2018 A                                            | CUSIP: 50376FAS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2330000 | PA      | $2146940.75   | 0.77%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                           | County of Frederick, Series 2017 A                                                                       | CUSIP: 355697CF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $481574.25    | 0.17%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Westminster MD                                                           | City of Westminster, Series 2014 A                                                                       | CUSIP: 960735AQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250087.83    | 0.09%             | 2034-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                       | Capital Trust Agency, Inc., Series 2020 B                                                                | CUSIP: 14052WDH7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $434653.20    | 0.16%             | 2060-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. III                               | Texas Municipal Gas Acquisition & Supply Corp. III, Series 2021                                          | CUSIP: 88256HBF4<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041074.10   | 0.37%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Greater Cincinnati Development Authority                                 | Port of Greater Cincinnati Development Authority, Series 2021                                            | CUSIP: 734195BR0<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1206161.35   | 0.43%             | 2050-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | California Infrastructure & Economic Development Bank, Series 2021 B                                     | CUSIP: 13034AR28<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   4345000 | PA      | $307238.86    | 0.11%             | 2061-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                               | City of Detroit, Series 2018                                                                             | CUSIP: 2510933R9<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    750000 | PA      | $761990.48    | 0.27%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Canyons Metropolitan District No. 5                                              | Canyons Metropolitan District No. 5, Series 2024 B                                                       | CUSIP: 139071AZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $296630.88    | 0.11%             | 2054-12-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| George L Smith II Congress Center Authority                                      | George L Smith II Congress Center Authority, Series 2021 B                                               | CUSIP: 37255MAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2980000 | PA      | $2728494.85   | 0.98%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | South Carolina Public Service Authority                                                                  | CUSIP: 837151YV5<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $4894521.45   | 1.76%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financial Authority                        | Florida Higher Educational Facilities Financial Authority, Series 2024                                   | CUSIP: 34073TPN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $868175.10    | 0.31%             | 2054-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Farms New Kent Community Development Authority                                   | Farms New Kent Community Development Authority, Series 2021 A                                            | CUSIP: 311551AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $332113.86    | 0.12%             | 2036-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

**Name of Applicant:** Putnam Managed Municipal Income Trust

**Signature:** Chris Berarducci

**Name of Signer:** Chris Berarducci

**Title:** Principal Financial Officer