# EDGAR Filing Document

**Accession Number:** 0000844790
**File Stem:** 0000869392-25-001170
**Filing Date:** 2025-6
**Character Count:** 238874
**Document Hash:** aeb977ea367ae74718cde648a06776c3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000869392-25-001170.hdr.sgml**: 20250618

**ACCESSION NUMBER**: 0000869392-25-001170

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250131

**FILED AS OF DATE**: 20250618

**DATE AS OF CHANGE**: 20250618

**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/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05740
- **FILM NUMBER:** 251056286

**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

## Nport-Ex

------

---

| |
|:---|
| **Putnam Managed Municipal Income Trust** |
| **The fund's portfolio** |
| **1/31/25 (Unaudited)** |
| **Key to holding's abbreviations** |
| AGM — Assured Guaranty Municipal Corporation |
| AMBAC — AMBAC Indemnity Corporation |
| BAM — Build America Mutual |
| FCS — Farm Credit System |
| G.O. Bonds — General Obligation Bonds |
| Q-SBLF — Qualified School Board Loan Fund |
| TAN — Tax Anticipation Notes |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **MUNICIPAL BONDS AND NOTES (136.1%)***<sup>(a)</sup>*** | **MUNICIPAL BONDS AND NOTES (136.1%)***<sup>(a)</sup>*** | **MUNICIPAL BONDS AND NOTES (136.1%)***<sup>(a)</sup>*** | **MUNICIPAL BONDS AND NOTES (136.1%)***<sup>(a)</sup>*** |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Rating***<sup>(RAT)</sup>*** | **Principal amount** | **Value** |
| **Alaska (1.6%)** | **Alaska (1.6%)** | **Alaska (1.6%)** | **Alaska (1.6%)** |
| AK State Indl. Dev. & Export Auth. Rev. Bonds, (Dena' Nena' Henash), 4.00%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;A+/F | $5125000 | $4782449 |
|  |  |  | **4782449** |
| **Arizona (5.3%)** | **Arizona (5.3%)** | **Arizona (5.3%)** | **Arizona (5.3%)** |
| AZ State Indl. Dev. Auth. Ed. 144A Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(BASIS Schools, Inc.), Ser. G, 5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;BB | 500000 | 505707 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Somerset Academy of Las Vegas), 4.00%, 12/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;BB | 500000 | 448729 |
| La Paz Cnty., Indl. Dev. Auth. Ed. Fac. Rev. Bonds, (Harmony Pub. Schools), Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+ | 2330000 | 2232538 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+ | 500000 | 502597 |
| Maricopa Cnty., Indl. Dev. Auth. Ed. Rev. Bonds, (Horizon Cmnty. Learning Ctr.), 5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ | 750000 | 755654 |
| Maricopa Cnty., Indl. Dev. Auth. Ed. 144A Rev. Bonds, (Grand Canyon U.), 7.375%, 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;Ba1 | 1800000 | 1831235 |
| Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds, (Great Hearts Academies), 5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;BBB | 1700000 | 1699925 |
| Phoenix, Indl. Dev. Auth. Ed. 144A Rev. Bonds, (BASIS Schools, Inc.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;BB | 250000 | 250011 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;BB | 900000 | 902371 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;BB | 600000 | 601629 |
| Pima Cnty., Indl. Dev. Auth. Sr. Living 144A Rev. Bonds, (La Posada at Park Centre, Inc.), 6.875%, 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+/P | 1500000 | 1617620 |
| Salt Verde, Fin. Corp. Gas Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;A3 | 2000000 | 2150226 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;A3 | 570000 | 611439 |
| Sierra Vista, Indl. Dev. Auth. Ed. Fac. 144A Rev. Bonds, (American Leadership Academy, Inc.), 5.00%, 6/15/64 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 300000 | 287073 |
| Yavapai Cnty., Indl. Dev. Ed. Auth. Rev. Bonds, (Agribusiness & Equine Ctr.), 5.00%, 3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ | 750000 | 750151 |
| Yavapai Cnty., Indl. Dev. Ed. Auth. 144A Rev. Bonds, Ser. A, 5.00%, 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ | 500000 | 500067 |
|  |  |  | **15646972** |
| **California (9.2%)** | **California (9.2%)** | **California (9.2%)** | **California (9.2%)** |
| CA Cmnty. Hsg. Agcy. Essential Hsg. 144A Rev. Bonds, (Aster Apt.), Ser. A-1, 4.00%, 2/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;A-/P | 475000 | 408448 |
| CA Pub. State Fin. Auth. Sr. Living 144A Rev. Bonds, (Enso Village Project), Ser. A, 5.00%, 11/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;B-/P | 750000 | 688659 |
| CA State Infrastructure & Econ. Dev. Bank 144A Rev. Bonds, (WFCS Holdings II, LLC), Ser. B, zero %, 1/1/61 | &nbsp;&nbsp;&nbsp;&nbsp;B-/P | 4345000 | 345490 |
| CA State Infrastructure & Econ. Dev. Bk. 144A Rev. Bonds, (DesertXpress Enterprises, LLC), 8.00%, 1/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;C/P | 800000 | 823930 |
| CA State Muni. Fin. Auth. Rev. Bonds, (Orchard Park Student Hsg.), BAM, 3.00%, 5/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 2410000 | 1836708 |
| CA State Muni. Fin. Auth. 144A Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Westside Neighborhood School), 6.20%, 6/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;BB | 800000 | 860695 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Catalyst Impact Fund 1, LLC), Class I, 6.00%, 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 800000 | 832406 |
| CA State Tobacco Securitization Agcy. Rev. Bonds, (Gold Country Settlement Funding Corp.), Ser. B-2, zero %, 6/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/P | 5410000 | 1185233 |
| CMFA Special Fin. Agcy. I 144A Rev. Bonds, (Social Bond), Ser. A-2, 4.00%, 4/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 2500000 | 1901368 |
| CSCDA Cmnty. Impt. Auth. Rev. Bonds, (Pasadena Portfolio), Ser. A-2, 3.00%, 12/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+/P | 2000000 | 1393019 |
| CSCDA Cmnty. Impt. Auth. 144A Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Anaheim), 4.00%, 8/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;BBB-/P | 2690000 | 2340715 |
| &nbsp;&nbsp;&nbsp;&nbsp;(1818 Platinum Triangle Apt.), 3.25%, 4/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;BBB/P | 1765000 | 1298149 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Jefferson-Anaheim), 3.125%, 8/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+/P | 3125000 | 2377537 |
| &nbsp;&nbsp;&nbsp;&nbsp;(City of Orange Portfolio), 3.00%, 3/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+/P | 550000 | 386400 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Jefferson-Anaheim), 2.875%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;A-/P | 855000 | 773427 |
| Hastings Campus HFA Rev. Bonds, (U. of CA Hastings College of the Law), Ser. A, 5.00%, 7/1/61 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 1200000 | 1091851 |
| Palm Desert, Special Tax, (Cmnty. Fac. Dist. 2021-1), 4.00%, 9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 450000 | 420884 |
| San Francisco, City & Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds, Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;AA- | 7420000 | 6904921 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/49 (Prerefunded 5/1/29) | &nbsp;&nbsp;&nbsp;&nbsp;AA-/P | 80000 | 80585 |
| San Francisco, City & Cnty. Dev. 144A Special Tax, (Dist. No. 2020-1 Mission Rock Fac. & Svcs.), Ser. A, 4.00%, 9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;B+/P | 500000 | 465992 |
| Sunnyvale, Special Tax Bonds, (Cmnty. Fac. Dist. No. 1), 7.75%, 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;B+/P | 670000 | 672243 |
|  |  |  | **27088660** |
| **Colorado (3.0%)** | **Colorado (3.0%)** | **Colorado (3.0%)** | **Colorado (3.0%)** |
| Canyons Metro. G.O. Bonds, Ser. B, 6.50%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;B-/P | 300000 | 309308 |
| CO State Edl. & Cultural Auth. Rev. Bonds, (Aspen View Academy, Inc.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;Baa3 | 350000 | 298629 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;Baa3 | 175000 | 161177 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;Baa3 | 150000 | 145450 |
| CO State Hlth. Fac. Auth. Hosp. Rev. Bonds, (Christian Living Neighborhood) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 1250000 | 1255801 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 500000 | 503476 |
| Plaza, Tax Alloc. Bonds, (Metro. Dist. No. 1), 5.00%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;A-/P | 1650000 | 1648887 |
| RainDance Metro. Dist. No. 1 Rev. Bonds, (Non-Potable Wtr. Enterprise), 5.25%, 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/P | 875000 | 870308 |
| Rampart Range Metro. Distr. Rev. Bonds, (Dist. No. 5), 4.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 1000000 | 912903 |
| Sky Dance Metro. G.O. Bonds, Ser. A, 6.00%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;B-/P | 375000 | 376194 |
| Southlands, Metro. Dist. No. 1 G.O. Bonds, Ser. A-1, 5.00%, 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;Ba1 | 500000 | 502527 |
| Sterling Ranch Cmnty. Auth. Board Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Metro. Dist. No. 4 Subdist. A), Ser. A, 6.50%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;B/P | 1000000 | 1037164 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Metro. Dist. No. 2), Ser. A, 4.25%, 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;BBB/P | 450000 | 409356 |
| Trails at Crowfoot Metro. Dist. No. 3 G.O. Bonds, Ser. B, 6.875%, 12/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;B-/P | 300000 | 293479 |
|  |  |  | **8724659** |
| **Connecticut (1.2%)** | **Connecticut (1.2%)** | **Connecticut (1.2%)** | **Connecticut (1.2%)** |
| Harbor Point Infrastructure Impt. Dist. 144A Tax Alloc. Bonds, (Harbor Point Ltd.), 5.00%, 4/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 3500000 | 3519651 |
|  |  |  | **3519651** |
| **Delaware (1.4%)** | **Delaware (1.4%)** | **Delaware (1.4%)** | **Delaware (1.4%)** |
| Bridgeville, 144A Special Tax Bonds, (Heritage Shores Special Dev. Dist.), 5.25%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/P | 875000 | 901958 |
| DE State Econ. Dev. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ASPIRA of Delaware Charter Operations, Inc.), Ser. A, 5.00%, 6/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;BB | 1035000 | 1009770 |
| &nbsp;&nbsp;&nbsp;&nbsp;(ASPIRA Charter School), Ser. A, 5.00%, 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;BB | 705000 | 709812 |
| Millsboro Special Oblig. 144A Special Tax, (Plantation Lakes), 5.25%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 997000 | 979621 |
| Millsboro Special Oblig. 144A Tax Alloc. Bonds, (Plantation Lakes Special Dev. Dist.), 5.125%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 490000 | 488237 |
|  |  |  | **4089398** |
| **District of Columbia (6.5%)** | **District of Columbia (6.5%)** | **District of Columbia (6.5%)** | **District of Columbia (6.5%)** |
| DC G.O. Bonds, Ser. A, 5.00%, 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;Aaa | 6675000 | 7130556 |
| DC Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plenary Infrastructure DC, LLC), 5.50%, 8/31/36 | &nbsp;&nbsp;&nbsp;&nbsp;A3 | 1365000 | 1549012 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plenary Infrastructure DC, LLC), 5.50%, 8/31/35 | &nbsp;&nbsp;&nbsp;&nbsp;A3 | 1140000 | 1289830 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Ingleside at Rock Creek), Ser. A, 5.00%, 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 1000000 | 947171 |
| &nbsp;&nbsp;&nbsp;&nbsp;(DC Intl. School), 5.00%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;BBB | 1275000 | 1281877 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Latin American Montessori Bilingual Pub. Charter School Oblig. Group), 5.00%, 6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ | 2500000 | 2503300 |
| &nbsp;&nbsp;&nbsp;&nbsp;(DC Intl. School), 5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;BBB | 400000 | 410520 |
| &nbsp;&nbsp;&nbsp;&nbsp;(KIPP DC), 4.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+ | 750000 | 691720 |
| DC 144A Rev. Bonds, (Rocketship DC Oblig. Group), Ser. 21-A, 5.00%, 6/1/61 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 400000 | 377646 |
| DC Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, zero %, 6/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;B/P | 7500000 | 1988733 |
| Metro. Washington DC, Arpt. Auth. Dulles Toll Rd. Rev. Bonds, (Dulles Metrorail & Cap. Impt. Proj.) 4.00%, 10/1/53***<sup>(T)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;A- | 1065000 | 953303 |
|  |  |  | **19123668** |
| **Florida (11.7%)** | **Florida (11.7%)** | **Florida (11.7%)** | **Florida (11.7%)** |
| Cap. Projects Fin. Auth. Student Hsg. 144A Rev. Bonds, (PRG - UnionWest Properties, LLC) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A-1, 5.00%, 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;Ba1 | 750000 | 736356 |
| &nbsp;&nbsp;&nbsp;&nbsp;zero %, 6/1/62***<sup>(STP)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 7950000 | 1134313 |
| Cap. Trust Agcy. Rev. Bonds, (Wonderful Foundation Charter School Holdings, LLC), zero %, 1/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;B/P | 6000000 | 486709 |
| Cap. Trust Agcy. 144A Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(WFCS Holdings II, LLC), Ser. A-1, 5.00%, 1/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 1900000 | 1805414 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Wonderful Foundation Charter School Holdings, LLC), 4.50%, 1/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 740000 | 738801 |
| Central Parc Cmnty. Dev. Dist. 2024 Special Assmt. Bonds, 6.00%, 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 750000 | 755790 |
| Charlotte Cnty., Indl. Dev. Auth. Util. Syst. 144A Rev. Bonds, (MSKP Town & Country Util., LLC), Ser. A, 4.00%, 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;B+/P | 1000000 | 920125 |
| FL State Dev. Fin Corp. Sr. Living Rev. Bonds, (Glenridge on Palmer Ranch Oblig. Group), 5.00%, 6/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 700000 | 667459 |
| FL State Dev. Fin. Corp. Ed. Fac. 144A Rev. Bonds, (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 4.00%, 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 500000 | 426466 |
| FL State Dev. Fin. Corp. Hlth. Care Fac. Rev. Bonds, (Shands Jacksonville Med. Ctr.), 5.00%, 2/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;Ba1 | 1500000 | 1467873 |
| FL State Higher Edl. Fac. Financial Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(St. Leo U.), 5.00%, 3/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;BB | 1370000 | 1088347 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;A2 | 1000000 | 912908 |
| FL State Muni Loan Council Cap. Impt. Special Assmt. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;A-/P | 825000 | 834503 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 5/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;A-/P | 650000 | 659982 |
| Halifax Hosp. Med. Ctr. Rev. Bonds, 5.00%, 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;A- | 1300000 | 1312867 |
| Hobe-St. Lucie Conservancy Dist. Special Assmt. Bonds, (Unit of Dev. No. 1A), 5.875%, 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 500000 | 512923 |
| Lake Cnty., Retirement Fac. Rev. Bonds, (Waterman Cmnty., Inc.), 5.75%, 8/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;B/P | 750000 | 746771 |
| Lakewood Ranch, Stewardship Dist. Special Assessment Bonds, (Village of Lakewood Ranch South), 5.125%, 5/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;B+/P | 740000 | 741397 |
| Lakewood Ranch, Stewardship Dist. Special Assmt., (Azario), 4.00%, 5/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;B+/P | 1000000 | 927349 |
| Lakewood Ranch, Stewardship Dist. Special Assmt. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Taylor Ranch), 6.30%, 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/P | 1140000 | 1200493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. 24, 5.25%, 5/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;BBB-/P | 585000 | 583792 |
| Lakewood Ranch, Stewardship Dist. 144A Special Assmt., 4.00%, 5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;B/P | 250000 | 212640 |
| Lee Cnty., Indl. Dev. Auth. Rev. Bonds, (Shell Point), Ser. C, 5.00%, 11/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+ | 1200000 | 1218476 |
| Miami-Dade Cnty., Indl. Dev. Auth. Rev. Bonds, (Pinecrest Academy, Inc.), 5.00%, 9/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;BBB | 1240000 | 1240162 |
| Orange Cnty., Hlth. Fac. Auth. Rev. Bonds, (Orlando Hlth.), 4.00%, 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;A+ | 2570000 | 2312817 |
| Palm Beach Cnty., Rev. Bonds, (Lynn U. Hsg.), Ser. A, 5.00%, 6/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;B+/P | 625000 | 574356 |
| Palm Beach Cnty., 144A Rev. Bonds, (PBAU Hsg.), Ser. A, 5.00%, 4/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;Ba1 | 1600000 | 1550948 |
| Pinellas Cnty., Indl. Dev. Auth. Rev. Bonds, (2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+/P | 1690000 | 1699875 |
| Sarasota Cnty., Hlth. Fac. Auth. Rev. Bonds, (Village on the Isle), Ser. A, 5.00%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/F | 1000000 | 1008654 |
| Sarasota Cnty., Pub. Hosp. Dist. Rev. Bonds, (Sarasota Memorial Hosp.), 4.00%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;A1 | 1500000 | 1375504 |
| St. John's Cnty., Indl. Dev. Auth. Rev. Bonds, (Life Care Ponte Vedra Oblig. Group), Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/F | 500000 | 430095 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/F | 355000 | 324989 |
| Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds, Ser. 24, 5.125%, 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 525000 | 506927 |
| Venice, 144A Rev. Bonds, (Southwest FL Retirement Ctr., Inc.), Ser. A1, 5.625%, 1/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/F | 375000 | 381966 |
| Verandah, West Cmnty. Dev. Dist. Special Assmt. Bonds, (Cap. Impt.), 5.00%, 5/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;B+/P | 450000 | 450212 |
| Village Cmnty. Dev. Dist. No. 12 144A Special Assessment Bonds, 4.00%, 5/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 670000 | 668568 |
| Village, 144A Special Assmt., (Village Cmnty. Dev. Dist. No. 13), 3.25%, 5/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 2410000 | 2071986 |
|  |  |  | **34688813** |
| **Georgia (6.0%)** | **Georgia (6.0%)** | **Georgia (6.0%)** | **Georgia (6.0%)** |
| Cobb Cnty., Dev. Auth. Student Hsg. Rev. Bonds, (Kennesaw State U. Real Estate) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;Baa2 | 740000 | 730681 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/38 (Prerefunded 7/15/25) | &nbsp;&nbsp;&nbsp;&nbsp;AAA/P | 25000 | 25243 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;Baa2 | 685000 | 686491 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/30 (Prerefunded 7/15/25) | &nbsp;&nbsp;&nbsp;&nbsp;AAA/P | 15000 | 15146 |
| Cobb Cnty., Kennestone Hosp. Auth. Rev. Bonds, (WellStar Hlth. Syst.), 3.00%, 4/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;A+ | 1785000 | 1403647 |
| Coweta Cnty., Dev. Auth. Rev. Bonds, (Piedmont Healthcare, Inc.), 5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;AA- | 4000000 | 4123208 |
| DeKalb Cnty., Dev. Auth. Rev. Bonds, (GLOBE Academy, Inc. (The)), Ser. A, 5.00%, 6/1/63 | &nbsp;&nbsp;&nbsp;&nbsp;Baa2 | 515000 | 488962 |
| Gainesville and Hall Cnty., Hosp. Auth. Rev. Bonds, (Northeast GA Hlth. Syst.), 3.00%, 2/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;A | 2000000 | 1501835 |
| Geo L Smith II GA Congress Ctr. 144A Rev. Bonds, (Signia Hotel Mgt., LLC.), 5.00%, 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/P | 2980000 | 2855452 |
| Main Street Natural Gas, Inc. Gas Supply Mandatory Put Bonds (3/1/32), Ser. B, 5.00%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;Aa1 | 2200000 | 2350002 |
| Main Street Natural Gas, Inc. Gas Supply Rev. Bonds, Ser. A, 5.00%, 5/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;A1 | 3345000 | 3438646 |
|  |  |  | **17619313** |
| **Illinois (8.9%)** | **Illinois (8.9%)** | **Illinois (8.9%)** | **Illinois (8.9%)** |
| Chicago, G.O. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.50%, 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;BBB | 1000000 | 1019331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;BBB | 1800000 | 1893410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 4.00%, 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;BBB | 2747000 | 2601307 |
| Chicago, Special Assmt. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.38%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;BBB/P | 341000 | 322221 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.04%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;BBB/P | 241000 | 232439 |
| Chicago, Board of Ed. G.O. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 5.25%, 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ | 1500000 | 1496870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ | 500000 | 504502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. H, 5.00%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ | 2100000 | 2114468 |
| Chicago, Midway Intl. Arpt. Rev. Bonds, Ser. C, 5.00%, 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;A | 1000000 | 1049801 |
| Chicago, O'Hare Intl. Arpt. Rev. Bonds, Ser. A, 5.00%, 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;A+ | 700000 | 721938 |
| Du Page Cnty., Special Svc. Area No. 31 Special Tax Bonds, (Monarch Landing), 5.625%, 3/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;B/P | 233000 | 233106 |
| IL State G.O. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.25%, 5/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;A3 | 2100000 | 2282962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;A3 | 1000000 | 1036362 |
| IL State Fin. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plymouth Place Oblig. Group), 5.00%, 5/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/F | 815000 | 724518 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plymouth Place Oblig. Group), 5.00%, 5/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/F | 1000000 | 907665 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plymouth Place Oblig. Group), 5.00%, 5/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/F | 400000 | 386141 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Southern IL Healthcare Enterprises, Inc.), 5.00%, 3/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;A- | 700000 | 714954 |
| IL State Fin. Auth. Student Hsg. & Academic Fac. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(CHF-Chicago, LLC), 5.00%, 2/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;Baa3 | 1500000 | 1501079 |
| &nbsp;&nbsp;&nbsp;&nbsp;(U. of IL-CHF-Chicago, LLC), Ser. A, 5.00%, 2/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;Baa3 | 1200000 | 1212477 |
| Metro. Pier & Exposition Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;A | 2100000 | 1891862 |
| &nbsp;&nbsp;&nbsp;&nbsp;(McCormick Place Expansion), Ser. B, stepped-coupon zero % (4.95%, 6/15/31), 12/15/47***<sup>(STP)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;A | 1500000 | 1076055 |
| Northern IL U. Rev. Bonds, Ser. B, BAM, 4.00%, 4/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 500000 | 489613 |
| Sales Tax Securitization Corp. Rev. Bonds, Ser. A, 4.00%, 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;A+ | 1750000 | 1752032 |
|  |  |  | **26165113** |
| **Indiana (0.2%)** | **Indiana (0.2%)** | **Indiana (0.2%)** | **Indiana (0.2%)** |
| IN State Fin. Auth. Student Hsg. Rev. Bonds, (CHF - Tippecanoe, LLC), 5.125%, 6/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;BBB- | 500000 | 507254 |
|  |  |  | **507254** |
| **Iowa (0.7%)** | **Iowa (0.7%)** | **Iowa (0.7%)** | **Iowa (0.7%)** |
| IA State Fin. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Lifespace Cmnty., Inc.), Ser. B, 7.50%, 5/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;BBB/F | 600000 | 676995 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Lifespace Cmnty., Inc.), Ser. A, 5.125%, 5/15/59 | &nbsp;&nbsp;&nbsp;&nbsp;BBB/F | 1500000 | 1500429 |
|  |  |  | **2177424** |
| **Kansas (0.1%)** | **Kansas (0.1%)** | **Kansas (0.1%)** | **Kansas (0.1%)** |
| Wyandotte, Cnty./Kansas City, Unified Govt. 144A Rev. Bonds, (Legends Apt. Garage & West Lawn), 4.50%, 6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/P | 315000 | 309134 |
|  |  |  | **309134** |
| **Kentucky (0.3%)** | **Kentucky (0.3%)** | **Kentucky (0.3%)** | **Kentucky (0.3%)** |
| KY Econ. Dev. Fin. Auth. Rev. Bonds, (Masonic Home Indpt. Living), 5.00%, 5/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 1000000 | 823289 |
| KY State Econ. Dev. Fin. Auth. Rev. Bonds, (Owensboro Hlth.), Ser. A, 5.25%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;Baa2 | 125000 | 126903 |
|  |  |  | **950192** |
| **Louisiana (1.0%)** | **Louisiana (1.0%)** | **Louisiana (1.0%)** | **Louisiana (1.0%)** |
| LA Pub. Fac. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Calcasieu River Bridge), 5.75%, 9/1/64 | &nbsp;&nbsp;&nbsp;&nbsp;Baa3 | 1500000 | 1623942 |
| &nbsp;&nbsp;&nbsp;&nbsp;(U. of Tulane), 4.00%, 12/15/50 (Prerefunded 12/15/27) | &nbsp;&nbsp;&nbsp;&nbsp;AAA/P | 20000 | 20583 |
| LA State Local Govt. Env. Fac. & Cmnty. Dev. Auth. 144A Rev. Bonds, (Christwood), 5.25%, 11/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 1300000 | 1299891 |
|  |  |  | **2944416** |
| **Maine (0.2%)** | **Maine (0.2%)** | **Maine (0.2%)** | **Maine (0.2%)** |
| ME State Fin. Auth. Solid Waste Disp. 144A Mandatory Put Bonds (8/1/25), (Casella Waste Syst.), 5.125%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;B1 | 500000 | 502408 |
|  |  |  | **502408** |
| **Maryland (1.7%)** | **Maryland (1.7%)** | **Maryland (1.7%)** | **Maryland (1.7%)** |
| Brunswick, Special Tax, 5.00%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;B+/P | 548000 | 556795 |
| Frederick Cnty., Special Tax Bonds, (Oakdale-Lake Linganore), 3.75%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;A/P | 1410000 | 1264890 |
| Frederick Cnty., Edl. Fac. 144A Rev. Bonds, (Mount St. Mary's U.), Ser. A, 5.00%, 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ | 500000 | 495837 |
| MD State Econ. Dev. Corp. Tax Alloc. Bonds, (Port Covington) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;B+/P | 750000 | 634456 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;B+/P | 755000 | 698382 |
| Prince Georges Cnty., Special Oblig. 144A Tax Alloc. Bonds, (Westphalia Town Ctr.), 5.125%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;B/P | 1000000 | 1006891 |
| Westminster, Rev. Bonds, (Lutheran Village at Miller's Grant, Inc. (The)), Ser. A, 6.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/P | 250000 | 250169 |
|  |  |  | **4907420** |
| **Massachusetts (1.0%)** | **Massachusetts (1.0%)** | **Massachusetts (1.0%)** | **Massachusetts (1.0%)** |
| Lowell, Collegiate Charter School Rev. Bonds, 5.00%, 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 1000000 | 1005053 |
| MA State Dev. Fin. Agcy. Rev. Bonds, (Lasell U.), 4.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;BB | 1000000 | 832577 |
| MA State Dev. Fin. Agcy. 144A Rev. Bonds, (CHF Merrimack, Inc.), 5.00%, 7/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;BB | 1000000 | 999955 |
| MA State Dev. Fin. Agcy. Hlth. Care Fac. 144A Rev. Bonds, (Adventcare), Ser. A, 6.65%, 10/15/28 (In default)***<sup>(NON)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;D/P | 995000 | 10 |
|  |  |  | **2837595** |
| **Michigan (5.1%)** | **Michigan (5.1%)** | **Michigan (5.1%)** | **Michigan (5.1%)** |
| Detroit, G.O. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;Baa2 | 750000 | 770951 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Fin. Recvy.), Ser. B-1, 4.00%, 4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 3975000 | 3094072 |
| Flint, Hosp. Bldg. Auth. Rev. Bonds, Ser. A, 5.25%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;Ba1 | 750000 | 745654 |
| MI State Fin. Auth. Ltd. Oblig. Rev. Bonds, (Lawrence Technological U.), 5.00%, 2/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;BBB- | 2150000 | 2024479 |
| MI State Fin. Auth. Ltd. Oblig. Higher Ed. Fac. Rev. Bonds, (Aquinas College), 5.00%, 5/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 500000 | 400998 |
| MI State Hsg. Dev. Auth. Rev. Bonds, Ser. A, 2.73%, 10/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;AA+ | 1000000 | 651054 |
| Pontiac City, G.O. Bonds, (Pontiac School Dist.), Q-SBLF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/45***<sup>(T)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;Aa1 | 3576000 | 3555510 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/50***<sup>(T)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;Aa1 | 4023000 | 3869040 |
|  |  |  | **15111758** |
| **Minnesota (0.9%)** | **Minnesota (0.9%)** | **Minnesota (0.9%)** | **Minnesota (0.9%)** |
| Baytown Twp., Lease Rev. Bonds, Ser. A, 4.00%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ | 380000 | 342411 |
| Ham Lake, Charter School Lease Rev. Bonds, (DaVinci Academy of Arts & Science), Ser. A, 5.00%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 500000 | 448427 |
| MN State Higher Ed. Fac. Auth. Rev. Bonds, (Augsburg U.), Ser. A, 5.00%, 5/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;Ba1 | 1250000 | 888435 |
| St. Paul, Port Auth. Lease Rev. Bonds, (Regions Hosp. Pkg. Ramp), Ser. 1, 5.00%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;A-/P | 965000 | 965516 |
|  |  |  | **2644789** |
| **Missouri (4.5%)** | **Missouri (4.5%)** | **Missouri (4.5%)** | **Missouri (4.5%)** |
| MI State Hlth. & Edl. Fac. Rev. Bonds, (U. of Hlth. Sciences & Pharmacy in St. Louis) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ | 2270000 | 1815771 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ | 900000 | 768799 |
| MI State Hlth. & Edl. Fac. 144A Rev. Bonds, (U. of Hlth. Sciences & Pharmacy in St. Louis), 4.00%, 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ | 1900000 | 1478431 |
| MO State Hlth. & Edl. Fac. Auth. Hlth. Fac. Rev. Bonds, (Children's Mercy Hosp.), Ser. A, 4.00%, 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;AA- | 5600000 | 5241160 |
| Saint Louis, Indl. Dev. Auth. Fin. Rev. Bonds, (Ballpark Village Dev.), Ser. A, 4.75%, 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 875000 | 727464 |
| St. Louis Cnty., Indl. Dev. Auth. Sr. Living Fac. Rev. Bonds, (Friendship Village), 5.25%, 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/F | 3250000 | 3216627 |
|  |  |  | **13248252** |
| **Nevada (1.5%)** | **Nevada (1.5%)** | **Nevada (1.5%)** | **Nevada (1.5%)** |
| Clark Cnty., Impt. Dist. No. 159 Special Assessment Bonds, (Summerlin Village 16A), 5.00%, 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;B+/P | 375000 | 377083 |
| Las Vegas, Special Assmt. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Dist. No. 815), 5.00%, 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;B+/P | 595000 | 574745 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Special Impt. Dist. No. 816), 3.00%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/P | 650000 | 504015 |
| Las Vegas, Impt. Dist. No. 812 Special Assessment Bonds, (Summerlin Village 24), 5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;BBB-/P | 200000 | 201701 |
| Las Vegas, Special Assmt. Dist. No. 817 Special Assmt. Bonds, (Summerlin Village 29) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 500000 | 516435 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 350000 | 364892 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 500000 | 520070 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 375000 | 392670 |
| Las Vegas, Special Impt. Dist. No. 814 Special Assmt., (Summerlin Village No. 21 and 24A) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;BBB/P | 590000 | 523683 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;BBB/P | 415000 | 389283 |
|  |  |  | **4364577** |
| **New Hampshire (1.5%)** | **New Hampshire (1.5%)** | **New Hampshire (1.5%)** | **New Hampshire (1.5%)** |
| National Fin. Auth. Rev. Bonds, (NH Bus. Fin. Auth.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. 24-3, Class A, 4.164%, 10/20/41 | &nbsp;&nbsp;&nbsp;&nbsp;A2 | 997105 | 946249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. 2, 3.625%, 8/20/39 | &nbsp;&nbsp;&nbsp;&nbsp;A3 | 2240993 | 2103956 |
| NH State Hlth. & Ed. Fac. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Elliot Hosp.), 5.00%, 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;A3 | 250000 | 252199 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Southern NH Med. Ctr.), 5.00%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;A- | 1000000 | 1012415 |
|  |  |  | **4314819** |
| **New Jersey (0.6%)** | **New Jersey (0.6%)** | **New Jersey (0.6%)** | **New Jersey (0.6%)** |
| NJ State Econ. Dev. Auth. Rev. Bonds, (Ashland School, Inc.), 6.00%, 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;BBB | 900000 | 901448 |
| NJ State Econ. Dev. Auth. Fac. Rev. Bonds, (Continental Airlines, Inc.), 5.625%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;BB | 500000 | 500724 |
| Passaic Cnty., Impt. Auth. Rev. Bonds, (Paterson Arts & Science Charter School), 5.50%, 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;BBB- | 450000 | 463443 |
|  |  |  | **1865615** |
| **New Mexico (0.2%)** | **New Mexico (0.2%)** | **New Mexico (0.2%)** | **New Mexico (0.2%)** |
| Sante Fe, Retirement Fac. Rev. Bonds, (El Castillo Retirement Residences), Ser. A, 5.00%, 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/F | 500000 | 508438 |
|  |  |  | **508438** |
| **New York (8.2%)** | **New York (8.2%)** | **New York (8.2%)** | **New York (8.2%)** |
| Metro. Trans. Auth. Rev. Bonds, Ser. C-1, 4.00%, 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;A3 | 3000000 | 3023013 |
| NY Counties, Tobacco Trust VI Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Tobacco Settlement Pass Through), Ser. A-2B, 5.00%, 6/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/P | 700000 | 628363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A-2B, 5.00%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ | 3000000 | 2769240 |
| NY State Liberty Dev. Corp. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, BAM, 3.00%, 11/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 3000000 | 2247982 |
| &nbsp;&nbsp;&nbsp;&nbsp;(4 World Trade Ctr.), 3.00%, 11/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;A+ | 4215000 | 3123406 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;A+ | 1860000 | 1364636 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Port Auth. of NY & NJ), Ser. 1WTC, 2.75%, 2/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;AA- | 2000000 | 1496490 |
| NY State Liberty Dev. Corp. 144A Rev. Bonds, (World Trade Ctr.), Class 2, 5.375%, 11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 750000 | 750709 |
| NY State Trans. Special Fac. Dev. Corp. Rev. Bonds, (Delta Air Lines, Inc.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 4/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;Baa3 | 1000000 | 1065972 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;Baa3 | 1250000 | 1286268 |
| Oneida Indian Nation 144A Rev. Bonds, (Oneida Indian Nation of NY), Ser. A, 8.00%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;BBB-/F | 1000000 | 980339 |
| Port Auth. of NY & NJ Rev. Bonds, Ser. 218, 5.00%, 11/1/49***<sup>(T)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;Aa3 | 2460000 | 2525313 |
| Suffolk, Regl. Off-Track Betting Corp. Rev. Bonds, 6.00%, 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 2000000 | 2069320 |
| Suffolk, Tobacco Asset Securitization Corp. Rev. Bonds, Ser. A-2, 4.00%, 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+ | 800000 | 718091 |
|  |  |  | **24049142** |
| **North Carolina (1.3%)** | **North Carolina (1.3%)** | **North Carolina (1.3%)** | **North Carolina (1.3%)** |
| NC State Med. Care Comm. Hlth. Care Fac. Rev. Bonds, (Lutheran Svcs. for the Aging, Inc. Oblig. Group), Ser. C, 4.00%, 3/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;BBB/F | 2320000 | 2241229 |
| NC State Med. Care Comm. Retirement Fac. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Maryfield, Inc. Oblig. Group), 5.00%, 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 500000 | 498689 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Southminister, Inc.), 5.00%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 965000 | 969207 |
|  |  |  | **3709125** |
| **North Dakota (1.2%)** | **North Dakota (1.2%)** | **North Dakota (1.2%)** | **North Dakota (1.2%)** |
| Grand Forks, Hlth. Care Syst. Rev. Bonds, (Altru Hlth. Syst.), Ser. A, AGM |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 2000000 | 2042056 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 350000 | 360376 |
| Horace, G.O. Bonds, Ser. C, 4.75%, 5/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;Baa3 | 1100000 | 1101424 |
|  |  |  | **3503856** |
| **Ohio (3.1%)** | **Ohio (3.1%)** | **Ohio (3.1%)** | **Ohio (3.1%)** |
| Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. B-2, Class 2, 5.00%, 6/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;CCC/P | 470000 | 423408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A-2, Class 1, 3.00%, 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+ | 1300000 | 966206 |
| Cleveland-Cuyahoga Cnty., Port Auth. Cultural Fac. Rev. Bonds, (Playhouse Square Foundation), 5.50%, 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ | 1500000 | 1510150 |
| Northeast Ohio Med. U. Rev. Bonds, Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;Baa1 | 450000 | 400768 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;Baa1 | 1575000 | 1272072 |
| OH State Air Quality Dev. Auth. Exempt Fac. 144A Rev. Bonds, (Pratt Paper, LLC), 4.50%, 1/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/P | 1200000 | 1161578 |
| OH State Higher Edl. Fac. Comm. Rev. Bonds, 5.25%, 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;Baa1 | 1500000 | 1551229 |
| Port of Greater Cincinnati Dev. Auth. 144A Rev. Bonds, 4.25%, 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 1320000 | 1289554 |
| Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds, (Memorial Hlth. Syst. Oblig. Group), 5.00%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;B+/F | 150000 | 134296 |
| Washington Cnty, Hosp. Rev. Bonds, (Marietta Area Hlth. Care, Inc.), 6.75%, 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;B+/P | 500000 | 546995 |
|  |  |  | **9256256** |
| **Oregon (0.1%)** | **Oregon (0.1%)** | **Oregon (0.1%)** | **Oregon (0.1%)** |
| Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds, (Terwilliger Plaza, Inc.), 5.00%, 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/F | 260000 | 260003 |
|  |  |  | **260003** |
| **Pennsylvania (5.9%)** | **Pennsylvania (5.9%)** | **Pennsylvania (5.9%)** | **Pennsylvania (5.9%)** |
| Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds, (Allegheny Hlth. Network Oblig. Group), Ser. A, 5.00%, 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;A | 1200000 | 1242903 |
| Chester Cnty., Indl. Dev. Auth. Rev. Bonds, (Collegium Charter School), Ser. A, 5.125%, 10/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;BB | 750000 | 751873 |
| Chester Cnty., Indl. Dev. Auth. Student Hsg. Rev. Bonds, (West Chester U. Student Hsg., LLC), Ser. A, 5.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;Ba2 | 1000000 | 950777 |
| Cumberland Cnty., Muni. Auth. Rev. Bonds, (Asbury PA Obligated Group), 5.00%, 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/P | 500000 | 472843 |
| Dallas, Area Muni. Auth. U. Rev. Bonds, (Misericordia U.), 5.00%, 5/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;Baa3 | 2040000 | 1848145 |
| Lancaster, Muni. Auth. Hlth. Care Fac. Rev. Bonds, (Garden Spot Village), Ser. A, 5.00%, 5/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;BBB-/F | 900000 | 928851 |
| Lehigh Cnty., General Purpose Auth. Rev. Bonds, (Muhlenberg College), 5.25%, 2/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;A3 | 2200000 | 2269876 |
| Lehigh Cnty., Indl. Dev. Auth. Charter School Rev. Bonds, (Seven Generations Charter School), 4.00%, 5/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;BB | 1000000 | 799942 |
| Maxatawny Twp., Muni. Auth. Rev. Bonds, (Diakon Lutheran Social Ministries), Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;BBB/F | 1450000 | 1471936 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;BBB/F | 1400000 | 1425308 |
| PA State Econ. Dev. Fin. Auth. Mandatory Put Bonds (6/1/27), (Talen Energy Supply, LLC), Ser. B, 5.25%, 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;B2 | 500000 | 505493 |
| PA State Econ. Dev. Fin. Auth. Rev. Bonds, (PennDOT Major Bridges), 6.00%, 6/30/61 | &nbsp;&nbsp;&nbsp;&nbsp;Baa2 | 1000000 | 1089869 |
| Philadelphia, Auth. for Indl. Dev. 144A Rev. Bonds, (U. of Arts (The)) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12.834%, 3/5/25***<sup>(F)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;C/P | 528076 | 474588 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.834%, 3/5/25***<sup>(F)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;C/P | 55191 | 54087 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.834%, 3/5/25***<sup>(F)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;C/P | 200669 | 196656 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.834%, 3/5/25***<sup>(F)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;C/P | 158423 | 142990 |
| Philadelphia, Auth. for Indl. Dev. Rev. Bonds, (U. of Arts (The)) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/15/45 (In default)***<sup>(NON)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;D/P | 2582526 | 1549516 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/15/45 (Prerefunded 3/15/28) | &nbsp;&nbsp;&nbsp;&nbsp;AAA/P | 40000 | 42561 |
| Philadelphia, Auth. For Indl. Dev. Multi-Fam. 144A Rev. Bonds, (University Sq. Apt.), 5.25%, 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;BBB-/P | 1300000 | 1233655 |
|  |  |  | **17451869** |
| **Puerto Rico (4.7%)** | **Puerto Rico (4.7%)** | **Puerto Rico (4.7%)** | **Puerto Rico (4.7%)** |
| Cmnwlth. of PR, G.O. Bonds, Ser. A-1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 3388447 | 3204929 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 3000000 | 2935581 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 1920000 | 1910983 |
| Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. A-1, 4.75%, 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;BBB-/P | 4700000 | 4618611 |
| PR, Elec. Pwr. Auth. Rev. Bonds, Ser. TT, 5.00%, 7/1/37 (In default)***<sup>(NON)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;D/P | 2500000 | 1218750 |
|  |  |  | **13888854** |
| **South Carolina (5.4%)** | **South Carolina (5.4%)** | **South Carolina (5.4%)** | **South Carolina (5.4%)** |
| Berkeley Cnty., Assmt. Rev. Bonds, (Nexton Impt. Dist.), 4.375%, 11/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 1000000 | 894286 |
| SC State Jobs Econ. Dev. Auth. Edl. Fac. 144A Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(High Point Academy), Ser. A, 5.75%, 6/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;Ba1 | 1000000 | 971855 |
| &nbsp;&nbsp;&nbsp;&nbsp;(High Point Academy), Ser. A, 5.75%, 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;Ba1 | 500000 | 498509 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Greenville Renewable Energy Ed. Charter School), 4.00%, 6/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 1020000 | 722235 |
| SC State Jobs Econ. Dev. Auth. Hlth. Care Rev. Bonds, 5.75%, 11/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;BB | 1000000 | 1048448 |
| SC State Public Svc Auth. Rev. Bonds Ser. B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/41***<sup>(T)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;A2 | 4000000 | 3895440 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/42***<sup>(T)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;A2 | 5250000 | 5136128 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/51***<sup>(T)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;A2 | 3000000 | 2771610 |
|  |  |  | **15938511** |
| **South Dakota (0.4%)** | **South Dakota (0.4%)** | **South Dakota (0.4%)** | **South Dakota (0.4%)** |
| Lincoln Cnty., Econ. Dev. Rev. Bonds, (Augustana College Assn. (The)), 4.00%, 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;BBB- | 1500000 | 1229435 |
|  |  |  | **1229435** |
| **Tennessee (0.8%)** | **Tennessee (0.8%)** | **Tennessee (0.8%)** | **Tennessee (0.8%)** |
| Metro. Govt. Nashville & Davidson Cnty., Hlth. & Edl. Fac. Board Rev. Bonds, (Blakeford at Green Hills), Ser. A, 4.00%, 11/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;BBB-/F | 1750000 | 1386550 |
| Metro. Nashville, Arpt. Auth. Rev. Bonds, Ser. B, 5.50%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;A1 | 1000000 | 1094842 |
|  |  |  | **2481392** |
| **Texas (10.4%)** | **Texas (10.4%)** | **Texas (10.4%)** | **Texas (10.4%)** |
| Arlington, Higher Ed. Fin. Corp. Rev. Bonds, (Wayside Schools), Ser. A, 4.00%, 8/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;BB | 610000 | 533779 |
| Arlington, Higher Ed. Fin. Corp. 144A Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Magellan School (The)), 6.375%, 6/1/62 | &nbsp;&nbsp;&nbsp;&nbsp;Ba3 | 1100000 | 1135888 |
| &nbsp;&nbsp;&nbsp;&nbsp;(BASIS TX Charter Schools, Inc.), 5.00%, 6/15/64 | &nbsp;&nbsp;&nbsp;&nbsp;Ba2 | 1200000 | 1175645 |
| Austin, 144A Special Assmt. Bonds, (Whisper Valley Pub. Impt. Dist. Impt. Area 3) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 750000 | 744561 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 555000 | 546950 |
| Clifton, Higher Ed. Fin. Corp. Ed. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Intl. Leadership), Ser. D, 6.125%, 8/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;Baa3 | 2500000 | 2516043 |
| &nbsp;&nbsp;&nbsp;&nbsp;(IDEA Pub. Schools), Ser. A, 4.00%, 8/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;A- | 1200000 | 1086702 |
| Dallas, Area Rapid Transit Sales Tax Rev. Bonds, Ser. A, 5.00%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;AA+ | 7000000 | 7286421 |
| Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/F | 250000 | 253168 |
| &nbsp;&nbsp;&nbsp;&nbsp;(YMCA of the Greater Houston Area), Ser. A, 5.00%, 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;Ba1 | 1000000 | 985222 |
| Houston, Arpt. Syst. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. B-1, 5.00%, 7/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;BB | 2500000 | 2502378 |
| &nbsp;&nbsp;&nbsp;&nbsp;(United Airlines, Inc.), 4.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/F | 1250000 | 1174112 |
| Matagorda Cnty., Poll. Control Rev. Bonds, (Dist. No. 1), Ser. A, AMBAC, 4.40%, 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+ | 1250000 | 1310553 |
| New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds, (Woman's U.-Collegiate Hsg. Denton, LLC), Ser. A-1, AGM, 4.125%, 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 1000000 | 899223 |
| San Antonio, Elec. & Gas Syst. Rev. Bonds, Ser. C, 5.50%, 2/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;Aa2 | 5000000 | 5541153 |
| Tarrant Cnty., Cultural Edl. Fac. Fin. Corp. Rev. Bonds, (Cumberland Rest, Inc. (The)), 5.00%, 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;A-/F | 1000000 | 1045147 |
| TX State Muni. Gas Acquisition & Supply Corp. III Rev. Bonds, 5.00%, 12/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;A1 | 1000000 | 1054763 |
| TX State Trans. Comm. Rev. Bonds, (State Hwy. 249 Sys.), Ser. A, zero %, 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;Baa2 | 700000 | 360490 |
| Uptown Dev. Auth. Tax Alloc. Bonds, (City of Houston Reinvestment Zone No. 16), 3.00%, 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;Baa2 | 900000 | 746518 |
|  |  |  | **30898716** |
| **Utah (1.9%)** | **Utah (1.9%)** | **Utah (1.9%)** | **Utah (1.9%)** |
| Black Desert Pub. Infrastructure Dist. 144A Special Assmt. Bonds, 5.625%, 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/P | 1300000 | 1311114 |
| Infrastructure Agcy. Telecomm. Rev. Bonds, 6.00%, 10/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;BBB-/F | 1350000 | 1473433 |
| MDA Mountain Village Pub. Infrastructure Dist. Special Assmt., Ser. A, 5.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;B/P | 1045000 | 1031244 |
| Mida Mountain Village Pub. Infrastructure Dist. 144A Special Assmt. Bonds, (Mountain Village Assmt. Area No. 2), 4.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;B/P | 1250000 | 1065211 |
| Mida Mountain Village, Pub. Infrastructure Dist. 144A Tax Alloc. Bonds, Ser. 2, 6.00%, 6/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;CCC+/P | 500000 | 518919 |
| Skyridge Pegasus Infrastructure Fin. Dist. 144A Special Assmt. Bonds, 5.25%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;B-/P | 300000 | 297748 |
|  |  |  | **5697669** |
| **Virginia (2.7%)** | **Virginia (2.7%)** | **Virginia (2.7%)** | **Virginia (2.7%)** |
| Cherry Hill Cmnty., Dev. Auth. 144A Special Assmt. Bonds, (Potomac Shores), 5.40%, 3/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;B/P | 995000 | 995176 |
| Farms of New Kent, Cmnty. Dev. Auth. 144A Special Assmt. Bonds, Ser. A, 3.75%, 3/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;B+/P | 420000 | 399615 |
| James City Cnty., Econ. Dev. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Williamsburg Landing), Ser. A, 4.00%, 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 1235000 | 1034868 |
| &nbsp;&nbsp;&nbsp;&nbsp;(VA United Methodist Homes, Inc. Oblig. Group), Ser. A, 4.00%, 6/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 1000000 | 813972 |
| Lower Magnolia Green Cmnty., Dev. Auth. 144A Special Assmt. Bonds, 5.00%, 3/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;B/P | 460000 | 460000 |
| Suffolk, Econ. Dev. Auth. Retirement Fac. Rev. Bonds, (United Church Homes & Svcs. Oblig. Group), 5.00%, 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 500000 | 500430 |
| VA State Small Bus. Fin. Auth. Hlth. Care Fac. Rev. Bonds, (Bon Secours Mercy Hlth., Inc.), 4.00%, 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;A+ | 4000000 | 3756900 |
|  |  |  | **7960961** |
| **Washington (4.9%)** | **Washington (4.9%)** | **Washington (4.9%)** | **Washington (4.9%)** |
| Grays Harbor Cnty., Pub. Hosp. Dist. No. 1 Rev. Bonds, 6.875%, 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ | 3000000 | 3308226 |
| Kalispel Tribe of Indians Priority Dist. Rev. Bonds, Ser. A, 5.25%, 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/P | 750000 | 768859 |
| Skagit Cnty., Pub. Hosp. Dist. No. 1 Rev. Bonds, 5.50%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;Baa3 | 1000000 | 1048843 |
| WA State Hsg. Fin. Comm. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Eastside Retirement Assn.), Ser. A, 5.00%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;A-/F | 1200000 | 1235884 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Wesley Homes Lea Hill), 5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;B/P | 500000 | 443917 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Wesley Homes Lea Hill), 5.00%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;B/P | 580000 | 540714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. 1, Class A, 4.221%, 3/20/40 | &nbsp;&nbsp;&nbsp;&nbsp;A3 | 748625 | 725596 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Social Certif.), Ser. A-1, 3.50%, 12/20/35 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+ | 103907 | 97120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. 1, Class A, 3.375%, 4/20/37 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+ | 3166909 | 2848872 |
| WA State Hsg. Fin. Comm. 144A Rev. Bonds, (Presbyterian Retirement Cmnty. Northwest), Ser. A, 5.00%, 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;BB/F | 1175000 | 1177067 |
| WA State Hsg. Fin. Comm. Nonprofit 144A Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Seattle Academy of Arts & Sciences), 6.375%, 7/1/63 | &nbsp;&nbsp;&nbsp;&nbsp;BBB | 660000 | 719674 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Spokane Intl. Academy), Ser. A, 5.00%, 7/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;Ba2 | 1130000 | 1078353 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Spokane Intl. Academy), Ser. A, 5.00%, 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;Ba2 | 500000 | 484593 |
|  |  |  | **14477718** |
| **West Virginia (2.0%)** | **West Virginia (2.0%)** | **West Virginia (2.0%)** | **West Virginia (2.0%)** |
| WV State Hosp. Fin. Auth. Rev. Bonds, (Vandalia Hlth., Inc.), Ser. B, 6.00%, 9/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;Baa1 | 5250000 | 5849764 |
|  |  |  | **5849764** |
| **Wisconsin (8.8%)** | **Wisconsin (8.8%)** | **Wisconsin (8.8%)** | **Wisconsin (8.8%)** |
| Pub. Fin. Auth. Tax Alloc. Bonds, (Southeast Overtown Pk. West. Cmnty. Redev. Agcy.), 5.00%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;B+/P | 625000 | 642824 |
| Pub. Fin. Auth. 144A Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Foundation Academy Charter School), 5.00%, 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ | 1000000 | 954882 |
| &nbsp;&nbsp;&nbsp;&nbsp;(WFCS Holdings, LLC), 5.00%, 1/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 1700000 | 1616489 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Roseman U. of Hlth. Sciences), 5.00%, 4/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;BB | 1085000 | 1108670 |
| Pub. Fin. Auth. Conference Ctr. & Hotel Rev. Bonds, (U. of NC Charlotte Foundation), Ser. A, 4.00%, 9/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/P | 2000000 | 1444411 |
| Pub. Fin. Auth. Ed. 144A Rev. Bonds, (North Carolina Leadership Academy), 5.00%, 6/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/P | 910000 | 866917 |
| Pub. Fin. Auth. Edl. Fac. Rev. Bonds, (Piedmont Cmnty. Charter School), 5.00%, 6/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;Baa3 | 1150000 | 1101992 |
| Pub. Fin. Auth. Exempt Fac. Rev. Bonds, (Celanese U.S. Holdings, LLC), Ser. C, 4.30%, 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;Baa3 | 300000 | 300307 |
| Pub. Fin. Auth. Multi-Fam Affordable Hsg. 144A Rev. Bonds, (Dominium Holdings I, LLC), Ser. 1, Class B-1, 6.81%, 4/28/36 | &nbsp;&nbsp;&nbsp;&nbsp;BBB-/P | 1425000 | 1454730 |
| Pub. Fin. Auth. Multi-Fam. Hsg. 144A Rev. Bonds, (Promenade Apt.), 6.25%, 2/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 800000 | 820441 |
| Pub. Fin. Auth. Pooled Charter School Certif. Rev. Bonds, Ser. 23-1, Class A, 5.75%, 7/1/62 | &nbsp;&nbsp;&nbsp;&nbsp;Aa3 | 2141407 | 2222954 |
| Pub. Fin. Auth. Retirement Fac. 144A Rev. Bonds, (Southminster, Inc.), 5.00%, 10/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;BB/F | 800000 | 773026 |
| Pub. Fin. Auth. Student Hsg. Fac. 144A Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(CHF-Manoa, LLC), Ser. A, 5.75%, 7/1/63 | &nbsp;&nbsp;&nbsp;&nbsp;BBB- | 1000000 | 1054474 |
| &nbsp;&nbsp;&nbsp;&nbsp;(UHF RISE Student Hsg., LLC), Ser. A-1, 4.00%, 7/1/61 | &nbsp;&nbsp;&nbsp;&nbsp;Ba1 | 600000 | 472559 |
| WI Pub. Fin. Auth. Edl. Fac. Rev. Bonds, 5.00%, 2/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;BBB- | 900000 | 904041 |
| WI Pub. Fin. Auth. Hotel Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Grand Hyatt), 5.00%, 2/1/62 | &nbsp;&nbsp;&nbsp;&nbsp;BBB- | 800000 | 809428 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Grand Hyatt Sanitary), 5.00%, 2/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;BBB- | 1500000 | 1523190 |
| WI Pub. Fin. Auth. Hotel 144A Rev. Bonds, (Grand Hyatt), 6.00%, 2/1/62 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 1000000 | 1045239 |
| WI State Hlth. & Edl. Fac. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(PHW Menomonee Falls, Inc.), 6.125%, 10/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 300000 | 310470 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Oakwood Lutheran Sr. Ministries Oblig. Group), 4.00%, 1/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 650000 | 524825 |
| &nbsp;&nbsp;&nbsp;&nbsp;(St. John's Communities, Inc.), 4.00%, 9/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;BBB/F | 1150000 | 1017951 |
| &nbsp;&nbsp;&nbsp;&nbsp;(St. John's Communities, Inc.), 4.00%, 9/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;BBB/F | 270000 | 248946 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Froedtert Health, Inc.), Ser. A, 4.00%, 4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 4000000 | 3858708 |
| WI State Pub. Fin. Auth Sr. Living 144A Rev. Bonds, (Mary's Woods at Marylhurst), Ser. A, 5.25%, 5/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;BB/F | 380000 | 383873 |
| WI State Pub. Fin. Auth. 144A Rev. Bonds, (Church Home of Hartford, Inc.), Ser. A, 5.00%, 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;BB/F | 945000 | 945391 |
|  |  |  | **26406738** |
| **Total municipal bonds and notes (cost $404,692,732)** |  |  | **$401702796** |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **SHORT-TERM INVESTMENTS (0.8%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (0.8%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (0.8%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (0.8%)***<sup>(a)</sup>*** |
| | | **Principal amount/<br>shares** | **Value** |
| Putnam Short Term Investment Fund Class P 4.54%***<sup>(AFF)</sup>*** | Shares | 2236775 | $2236775 |
| U.S. Treasury Bills 4.312%, 4/8/25***<sup>(SEG)</sup>*** |  | $200000 | 198509 |
| **Total short-term investments (cost $2,435,231)** |  |  | **$2435284** |
| **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** |
| **Total investments (cost $407,127,963)** |  |  | **$404138080** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS OUTSTANDING at 1/31/25 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 1/31/25 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 1/31/25 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 1/31/25 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 1/31/25 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 1/31/25 (Unaudited)** |
| | **Number of contracts** | **Notional<br>amount** | **Value** | &nbsp;&nbsp;&nbsp;**Expiration date** | **Unrealized<br>appreciation/<br>(depreciation)** |
| U.S. Treasury Bond Ultra 30 yr (Short) | 13 | $1540094 | $1540094 | &nbsp;&nbsp;&nbsp;Mar-25 | $93929 |
| **Unrealized appreciation** |  |  |  |  | **93929** |
| **Unrealized (depreciation)** |  |  |  |  | **—** |
| **Total** |  |  |  |  | **$93929** |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes to the fund's portfolio** | **Notes to the fund's portfolio** | **Notes to the fund's portfolio** |
|  | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from November 1, 2024 through January 31, 2025 (the reporting period). Within the following notes to the portfolio, references to "Franklin Advisers" represent Franklin Advisers, Inc., the fund's investment manager, a direct wholly-owned subsidiary of Franklin Resources, Inc., references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from November 1, 2024 through January 31, 2025 (the reporting period). Within the following notes to the portfolio, references to "Franklin Advisers" represent Franklin Advisers, Inc., the fund's investment manager, a direct wholly-owned subsidiary of Franklin Resources, Inc., references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from November 1, 2024 through January 31, 2025 (the reporting period). Within the following notes to the portfolio, references to "Franklin Advisers" represent Franklin Advisers, Inc., the fund's investment manager, a direct wholly-owned subsidiary of Franklin Resources, Inc., references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. |
|  | Putnam Managed Municipal Income Trust (the fund) is a Massachusetts business trust, which is registered under the 1940 Act as a diversified closed-end management investment company. | Putnam Managed Municipal Income Trust (the fund) is a Massachusetts business trust, which is registered under the 1940 Act as a diversified closed-end management investment company. | Putnam Managed Municipal Income Trust (the fund) is a Massachusetts business trust, which is registered under the 1940 Act as a diversified closed-end management investment company. |
|  | The fund follows the accounting and reporting guidance in Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (ASC 946) and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP), including, but not limited to, ASC 946. | The fund follows the accounting and reporting guidance in Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (ASC 946) and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP), including, but not limited to, ASC 946. | The fund follows the accounting and reporting guidance in Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (ASC 946) and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP), including, but not limited to, ASC 946. |
| ***<sup>(a)</sup>*** | Percentages indicated are based on net assets of $295,065,705. | Percentages indicated are based on net assets of $295,065,705. | Percentages indicated are based on net assets of $295,065,705. |
| ***<sup>(RAT)</sup>*** | The Moody's, Standard & Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer. | The Moody's, Standard & Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer. | The Moody's, Standard & Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer. |
| ***<sup>(NON)</sup>*** | This security is non-income-producing. | This security is non-income-producing. | This security is non-income-producing. |
| ***<sup>(STP)</sup>*** | The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate. | The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate. | The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate. |
| ***<sup>(AFF)</sup>*** | Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Name of affiliate** | **Fair value<br>as of<br>10/31/24** | **Shares outstanding<br>and fair<br>value as of<br>1/31/25** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Short-term investments** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Putnam Short Term Investment Fund Class P‡ | $3560890 | $2236775 |
|  | **Total Short-term investments** | **$3560890** | **$2236775** |
|  | ‡ Management fees charged to Putnam Short Term Investment Fund have been waived by Franklin Advisers. There were no realized or unrealized gains or losses during the period. | ‡ Management fees charged to Putnam Short Term Investment Fund have been waived by Franklin Advisers. There were no realized or unrealized gains or losses during the period. | ‡ Management fees charged to Putnam Short Term Investment Fund have been waived by Franklin Advisers. There were no realized or unrealized gains or losses during the period. |
| ***<sup>(SEG)</sup>*** | This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $97,226. | This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $97,226. | This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $97,226. |
| ***<sup>(F)</sup>*** | This security is valued by Franklikn Advisers at fair value following procedures approved by the Trustees. Securities are classified as Level 3 for ASC 820 based on the securities' valuation inputs. | This security is valued by Franklikn Advisers at fair value following procedures approved by the Trustees. Securities are classified as Level 3 for ASC 820 based on the securities' valuation inputs. | This security is valued by Franklikn Advisers at fair value following procedures approved by the Trustees. Securities are classified as Level 3 for ASC 820 based on the securities' valuation inputs. |
| ***<sup>(T)</sup>*** | Underlying security in a tender option bond transaction. This security has been segregated as collateral for financing transactions. | Underlying security in a tender option bond transaction. This security has been segregated as collateral for financing transactions. | Underlying security in a tender option bond transaction. This security has been segregated as collateral for financing transactions. |
|  | Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. | Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. | Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. |
|  | 144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | 144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | 144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
|  | On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown represent the next mandatory put dates. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index, US Secured Overnight Financing Rate (SOFR), Chicago Mercantile Exchange (CME) Term SOFR 3 Month or CME Term SOFR 6 Month rates, which were 2.25%, 4.38%, 4.30%, and 4.25%, respectively, as of the close of the reporting period. | On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown represent the next mandatory put dates. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index, US Secured Overnight Financing Rate (SOFR), Chicago Mercantile Exchange (CME) Term SOFR 3 Month or CME Term SOFR 6 Month rates, which were 2.25%, 4.38%, 4.30%, and 4.25%, respectively, as of the close of the reporting period. | On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown represent the next mandatory put dates. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index, US Secured Overnight Financing Rate (SOFR), Chicago Mercantile Exchange (CME) Term SOFR 3 Month or CME Term SOFR 6 Month rates, which were 2.25%, 4.38%, 4.30%, and 4.25%, respectively, as of the close of the reporting period. |
|  | The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates. | The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates. | The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates. |
|  | The dates shown on debt obligations are the original maturity dates. | The dates shown on debt obligations are the original maturity dates. | The dates shown on debt obligations are the original maturity dates. |
|  | The fund had the following sector (concentration)(concentrations) greater than 10% at the close of the reporting period (as a percentage of net assets): | The fund had the following sector (concentration)(concentrations) greater than 10% at the close of the reporting period (as a percentage of net assets): | The fund had the following sector (concentration)(concentrations) greater than 10% at the close of the reporting period (as a percentage of net assets): |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | 30.7% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Education | 29.4 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Land | 13.9 |  |
|  | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees (Trustees). The Trustees have formed a Pricing Committee to oversee the implementation of these procedures. Under compliance policies and procedures approved by the Trustees, the Trustees have designated the fund's investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the fund's administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC). The VC is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Trustees. | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees (Trustees). The Trustees have formed a Pricing Committee to oversee the implementation of these procedures. Under compliance policies and procedures approved by the Trustees, the Trustees have designated the fund's investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the fund's administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC). The VC is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Trustees. | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees (Trustees). The Trustees have formed a Pricing Committee to oversee the implementation of these procedures. Under compliance policies and procedures approved by the Trustees, the Trustees have designated the fund's investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the fund's administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC). The VC is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Trustees. |
|  | Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2. | Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2. | Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2. |
|  | Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by the fund's investment manager. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. | Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by the fund's investment manager. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. | Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by the fund's investment manager. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. |
|  | Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. |
|  | To the extent a pricing service or dealer is unable to value a security or provides a valuation that the fund's investment manager does not believe accurately reflects the security's fair value, the security will be valued at fair value by the fund's investment manager, which has been designated as valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. | To the extent a pricing service or dealer is unable to value a security or provides a valuation that the fund's investment manager does not believe accurately reflects the security's fair value, the security will be valued at fair value by the fund's investment manager, which has been designated as valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. | To the extent a pricing service or dealer is unable to value a security or provides a valuation that the fund's investment manager does not believe accurately reflects the security's fair value, the security will be valued at fair value by the fund's investment manager, which has been designated as valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. |
|  | To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. |
|  | **Master agreements:** The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund's portfolio. | **Master agreements:** The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund's portfolio. | **Master agreements:** The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund's portfolio. |
|  | Collateral pledged by the fund is segregated by the fund's custodian and identified in the fund's portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund's net position with each counterparty. | Collateral pledged by the fund is segregated by the fund's custodian and identified in the fund's portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund's net position with each counterparty. | Collateral pledged by the fund is segregated by the fund's custodian and identified in the fund's portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund's net position with each counterparty. |
|  | With respect to ISDA Master Agreements, termination events applicable to the fund may occur upon a decline in the fund's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term or short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund's counterparties to elect early termination could impact the fund's future derivative activity. | With respect to ISDA Master Agreements, termination events applicable to the fund may occur upon a decline in the fund's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term or short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund's counterparties to elect early termination could impact the fund's future derivative activity. | With respect to ISDA Master Agreements, termination events applicable to the fund may occur upon a decline in the fund's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term or short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund's counterparties to elect early termination could impact the fund's future derivative activity. |
|  | At the close of the reporting period, the fund did not have a net liability position on open derivative contracts subject to the Master Agreements. | At the close of the reporting period, the fund did not have a net liability position on open derivative contracts subject to the Master Agreements. | At the close of the reporting period, the fund did not have a net liability position on open derivative contracts subject to the Master Agreements. |
|  | **Tender option bond transactions:** The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the TOB trust's assets and cash flows, which are in the form of inverse floating rate bonds. The inverse floating rate bonds held by the fund give the fund the right to (1) cause the holders of the floating rate bonds to tender their notes at par, and (2) to have the fixed-rate bond held by the TOB trust transferred to the fund, causing the TOB trust to collapse. The fund accounts for the transfer of the fixed-rate bond to the TOB trust as a secured borrowing by including the fixed-rate bond in The fund's portfolio and including the floating rate bond as a liability in the Statement of assets and liabilities. At the close of the reporting period, the fund's investments with a value of $22,706,344 were held by the TOB trust and served as collateral for $12,565,284 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $104,900 for these investments based on an average interest rate of 3.31%. | **Tender option bond transactions:** The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the TOB trust's assets and cash flows, which are in the form of inverse floating rate bonds. The inverse floating rate bonds held by the fund give the fund the right to (1) cause the holders of the floating rate bonds to tender their notes at par, and (2) to have the fixed-rate bond held by the TOB trust transferred to the fund, causing the TOB trust to collapse. The fund accounts for the transfer of the fixed-rate bond to the TOB trust as a secured borrowing by including the fixed-rate bond in The fund's portfolio and including the floating rate bond as a liability in the Statement of assets and liabilities. At the close of the reporting period, the fund's investments with a value of $22,706,344 were held by the TOB trust and served as collateral for $12,565,284 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $104,900 for these investments based on an average interest rate of 3.31%. | **Tender option bond transactions:** The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the TOB trust's assets and cash flows, which are in the form of inverse floating rate bonds. The inverse floating rate bonds held by the fund give the fund the right to (1) cause the holders of the floating rate bonds to tender their notes at par, and (2) to have the fixed-rate bond held by the TOB trust transferred to the fund, causing the TOB trust to collapse. The fund accounts for the transfer of the fixed-rate bond to the TOB trust as a secured borrowing by including the fixed-rate bond in The fund's portfolio and including the floating rate bond as a liability in the Statement of assets and liabilities. At the close of the reporting period, the fund's investments with a value of $22,706,344 were held by the TOB trust and served as collateral for $12,565,284 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $104,900 for these investments based on an average interest rate of 3.31%. |

---

------

---

| | | | |
|:---|:---|:---|:---|
| ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: |
| &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. |
| &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. |
| &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. |
| The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: |
|  | **Valuation inputs** | **Valuation inputs** | **Valuation inputs** |
| **Investments in securities:** | **Level 1** | **Level 2** | **Level 3** |
| Municipal bonds and notes | $— | $400834475 | $868321 |
| Short-term investments |  | 2435284 |  |
| **Totals by level** | **$—** | **$403269759** | **$868321** |
|  | **Valuation inputs** | **Valuation inputs** | **Valuation inputs** |
| **Other financial instruments:** | **Level 1** | **Level 2** | **Level 3** |
| Futures contracts | $93929 | $— | $— |
| **Totals by level** | **$93929** | **$—** | **$—** |
| At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio. | At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio. | At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio. | At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio. |
| For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnam.com | For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnam.com | For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnam.com | For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnam.com |

---

## 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:** 1-800-225-1581

**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:** 2025-01-31

**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:** $409823487.99

**Total Liabilities:** $114779220.89

**Net Assets:** $295044267.10

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 589.38 | **1-Year:** 6555.78 | **5-Year:** 36034.53 | **10-Year:** 99457.52 | **30-Year:** 60366.01

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

- **3-Month:** 850.59 | **1-Year:** 5545.12 | **5-Year:** 22240.16 | **10-Year:** 59218.41 | **30-Year:** 30262.35

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 4.58%                | -6.79%               | 2.77%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $28395.91                | $234267.42                                 |
| Month 2  | $63250.37                | $-9423019.49                               |
| Month 3  | $84148.46                | $7004248.74                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ST PAUL PORT AUTHORITY                                                                   | FX.RT. MUNI BOND        | CUSIP: 79304NFW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $965516.47    | 0.33%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT VERDE FINANCIAL CORP                                                                | FX.RT. MUNI BOND        | CUSIP: 79575EAQ1<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2150225.80   | 0.73%             | 2029-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MATAGORDA COUNTY NAVIGATION DISTRICT NO 1                                                | FX.RT. MUNI BOND        | CUSIP: 576528CY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1310552.75   | 0.44%             | 2030-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| HOSPITAL FACILITIES AUTHORITY OF MULTNOMAH COUNTY OREGON                                 | FX.RT. MUNI BOND        | CUSIP: 62551PCA3<br>LEI: 549300GAP0JIG7V33754 | Long             | DBT              | MUN               | US        |    260000 | PA      | $260002.65    | 0.09%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF YAVAPAI/THE                            | FX.RT. MUNI BOND        | CUSIP: 98521VAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750151.20    | 0.25%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PLAZA METROPOLITAN DISTRICT NO 1                                                         | FX.RT. MUNI BOND        | CUSIP: 72818QAX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1648887.41   | 0.56%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORP                                 | FX.RT. MUNI BOND        | CUSIP: 414009FA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985221.60    | 0.33%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                          | FX.RT. MUNI BOND        | CUSIP: 16559PAT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $950776.90    | 0.32%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY                                                | FX.RT. MUNI BOND        | CUSIP: 6459182G7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    900000 | PA      | $901447.65    | 0.31%             | 2033-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY                                                | FX.RT. MUNI BOND        | CUSIP: 64578CBW0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500724.05    | 0.17%             | 2030-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CITY OF WESTMINSTER MD                                                                   | FX.RT. MUNI BOND        | CUSIP: 960735AQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250168.78    | 0.08%             | 2034-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PHOENIX ARIZONA/THE                      | FX.RT. MUNI BOND        | CUSIP: 71885FDK0<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1699925.37   | 0.58%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIBERTY DEVELOPMENT CORP                                                        | FX.RT. MUNI BOND        | CUSIP: 649519DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750708.60    | 0.25%             | 2040-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CITY OF HOUSTON TX AIRPORT SYSTEM REVENUE                                                | FX.RT. MUNI BOND        | CUSIP: 4423487S1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2502378.25   | 0.85%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PHOENIX ARIZONA/THE                      | FX.RT. MUNI BOND        | CUSIP: 71885FDN4<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    900000 | PA      | $902370.78    | 0.31%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74442PAY1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    945000 | PA      | $945390.85    | 0.32%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER MAGNOLIA GREEN COMMUNITY DEVELOPMENT AUTHORITY                                     | FX.RT. MUNI BOND        | CUSIP: 548207AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $459999.77    | 0.16%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF YAVAPAI/THE                            | FX.RT. MUNI BOND        | CUSIP: 98521VAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500066.90    | 0.17%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHERRY HILL COMMUNITY DEVELOPMENT AUTHORITY                                              | FX.RT. MUNI BOND        | CUSIP: 164631AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $995175.92    | 0.34%             | 2045-03-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| COUNTY OF CLARK NV                                                                       | FX.RT. MUNI BOND        | CUSIP: 181003MW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $377083.31    | 0.13%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LAS VEGAS NV SPECIAL IMPROVEMENT DISTRICT NO 812                                 | FX.RT. MUNI BOND        | CUSIP: 517784AS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201701.06    | 0.07%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PHOENIX ARIZONA/THE                      | FX.RT. MUNI BOND        | CUSIP: 71885FEA1<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    600000 | PA      | $601629.30    | 0.20%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PHOENIX ARIZONA/THE                      | FX.RT. MUNI BOND        | CUSIP: 71885FEB9<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250011.43    | 0.08%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74443QAD4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300307.26    | 0.10%             | 2030-11-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| HALIFAX HOSPITAL MEDICAL CENTER                                                          | FX.RT. MUNI BOND        | CUSIP: 405815LG4<br>LEI: 549300H6HDJUXLEMUW23 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1312867.27   | 0.44%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 56681NAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $755653.88    | 0.26%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF HAM LAKE MN                                                                      | FX.RT. MUNI BOND        | CUSIP: 406511AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $448426.50    | 0.15%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE STATE ECONOMIC DEVELOPMENT AUTHORITY                                            | FX.RT. MUNI BOND        | CUSIP: 246387RV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $709811.91    | 0.24%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                              | FX.RT. MUNI BOND        | CUSIP: 939783TH9<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1177067.18   | 0.40%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOWNSHIP OF BAYTOWN MN                                                                   | FX.RT. MUNI BOND        | CUSIP: 073225AX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $342410.59    | 0.12%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK COUNTIES TOBACCO TRUST VI                                                       | FX.RT. MUNI BOND        | CUSIP: 64945JAF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $628363.33    | 0.21%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE STATE ECONOMIC DEVELOPMENT AUTHORITY                                            | FX.RT. MUNI BOND        | CUSIP: 246387RX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1009769.81   | 0.34%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACILITIES AUTHORITY                                                     | FX.RT. MUNI BOND        | CUSIP: 19648FAY0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503475.80    | 0.17%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACILITIES AUTHORITY                                                     | FX.RT. MUNI BOND        | CUSIP: 19648FAZ7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1255800.63   | 0.43%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                              | FX.RT. MUNI BOND        | CUSIP: 939783TQ9<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    580000 | PA      | $540714.34    | 0.18%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                              | FX.RT. MUNI BOND        | CUSIP: 939783TT3<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    500000 | PA      | $443917.10    | 0.15%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK COUNTIES TOBACCO TRUST VI                                                       | FX.RT. MUNI BOND        | CUSIP: 64945JAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2769240.00   | 0.94%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MEDICAL CARE COMMISSION                                                   | FX.RT. MUNI BOND        | CUSIP: 65820YMR4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    965000 | PA      | $969207.11    | 0.33%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUFFOLK ECONOMIC DEVELOPMENT AUTHORITY                                                   | FX.RT. MUNI BOND        | CUSIP: 86482NAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500429.95    | 0.17%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORP                                 | FX.RT. MUNI BOND        | CUSIP: 414009LD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253168.35    | 0.09%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY                                          | FX.RT. MUNI BOND        | CUSIP: 49126PFG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $823289.00    | 0.28%             | 2046-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE HEALTH AND EDUCATION FACILITIES AUTHORITY ACT                              | FX.RT. MUNI BOND        | CUSIP: 6446147E3<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012414.70   | 0.34%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE HEALTH AND EDUCATION FACILITIES AUTHORITY ACT                              | FX.RT. MUNI BOND        | CUSIP: 6446148D4<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252199.10    | 0.09%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY                                          | FX.RT. MUNI BOND        | CUSIP: 60416H2R4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $888435.13    | 0.30%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74443UAZ6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    380000 | PA      | $383873.30    | 0.13%             | 2037-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY                                          | FX.RT. MUNI BOND        | CUSIP: 49126KKE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $126903.21    | 0.04%             | 2041-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND        | CUSIP: 594479DD6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2024479.35   | 0.69%             | 2047-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND        | CUSIP: 45204EYZ5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    700000 | PA      | $714953.68    | 0.24%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHLANDS METROPOLITAN DISTRICT NO 1                                                    | FX.RT. MUNI BOND        | CUSIP: 84454RAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502526.50    | 0.17%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO AIR QUALITY DEVELOPMENT AUTHORITY                                                   | FX.RT. MUNI BOND        | CUSIP: 67754AAE4<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1161577.68   | 0.39%             | 2048-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF EDUCATION                                                               | FX.RT. MUNI BOND        | CUSIP: 167505TJ5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2114468.16   | 0.72%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSPORTATION AUTHORITY                                                    | FX.RT. MUNI BOND        | CUSIP: 59261AQH3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3023012.70   | 1.02%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND        | CUSIP: 45203KAP0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501079.25   | 0.51%             | 2047-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND        | CUSIP: 45203KAN5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1212477.24   | 0.41%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF FREDERICK MD                                                                   | FX.RT. MUNI BOND        | CUSIP: 355697CF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $495836.70    | 0.17%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SARASOTA COUNTY HEALTH FACILITIES AUTHORITY                                              | FX.RT. MUNI BOND        | CUSIP: 80329UAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008653.80   | 0.34%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY OF THE STATE OF MISSOURI                   | FX.RT. MUNI BOND        | CUSIP: 60637AMM1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   5600000 | PA      | $5241159.84   | 1.78%             | 2048-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 04052BEX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505706.50    | 0.17%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARBOR POINT INFRASTRUCTURE IMPROVEMENT DISTRICT                                         | FX.RT. MUNI BOND        | CUSIP: 41154VAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3519650.75   | 1.19%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE COMMUNITY DEVELOPMENT DISTRICT NO 12                                             | FX.RT. MUNI BOND        | CUSIP: 92708FAG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $668568.48    | 0.23%             | 2033-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA AUTHORITY FOR INDUSTRIAL DEVELOPMENT                                        | FX.RT. MUNI BOND        | CUSIP: 717908AL1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1233655.15   | 0.42%             | 2047-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STATE OF ILLINOIS                                                                        | FX.RT. MUNI BOND        | CUSIP: 452152Y39<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036362.00   | 0.35%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WYANDOTTE COUNTY-KANSAS CITY UNIFIED GOVERNMENT                                          | FX.RT. MUNI BOND        | CUSIP: 982707AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $309134.35    | 0.10%             | 2040-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CUYAHOGA COUNTY PORT AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 18610PAW8<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1510149.60   | 0.51%             | 2053-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74444VAG5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    800000 | PA      | $773025.60    | 0.26%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LA PAZ COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                           | FX.RT. MUNI BOND        | CUSIP: 50376FAS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2330000 | PA      | $2232537.96   | 0.76%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LA PAZ COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                           | FX.RT. MUNI BOND        | CUSIP: 50376FAR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502597.15    | 0.17%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY COUNTY HOSPITAL DEVELOPMENT AUTHORITY                                          | FX.RT. MUNI BOND        | CUSIP: 01728A3V6<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1242903.48   | 0.42%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF DETROIT MI                                                                       | FX.RT. MUNI BOND        | CUSIP: 2510933R9<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    750000 | PA      | $770950.65    | 0.26%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO O'HARE INTERNATIONAL AIRPORT                                                     | FX.RT. MUNI BOND        | CUSIP: 167593L26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $721938.00    | 0.24%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY                                       | FX.RT. MUNI BOND        | CUSIP: 83704MAL0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $498509.45    | 0.17%             | 2039-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY                                       | FX.RT. MUNI BOND        | CUSIP: 83704MAM8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $971855.40    | 0.33%             | 2049-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DALLAS AREA MUNICIPAL AUTHORITY                                                          | FX.RT. MUNI BOND        | CUSIP: 235171AR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2040000 | PA      | $1848145.34   | 0.63%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74445GAR3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1101992.45   | 0.37%             | 2053-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC                                                              | FX.RT. MUNI BOND        | CUSIP: 56035DBP6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   3345000 | PA      | $3438645.95   | 1.17%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO IL                                                                       | FX.RT. MUNI BOND        | CUSIP: 167486E39<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019330.70   | 0.35%             | 2049-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74442EEH9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    910000 | PA      | $866917.23    | 0.29%             | 2054-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF PALM BEACH FL                                                                  | FX.RT. MUNI BOND        | CUSIP: 696547GJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1550947.68   | 0.53%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                                     | FX.RT. MUNI BOND        | CUSIP: 25483VVN1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    400000 | PA      | $410519.76    | 0.14%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                                     | FX.RT. MUNI BOND        | CUSIP: 25483VVP6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1281876.97   | 0.43%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA HIGHER EDUCATIONAL FACILITIES FINANCIAL AUTHORITY                                | FX.RT. MUNI BOND        | CUSIP: 34073TLN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1088346.50   | 0.37%             | 2044-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PINELLAS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 72316VAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1699874.67   | 0.58%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA INDUSTRIAL DEVELOPMENT  AND  EXPORT AUTHORITY                                     | FX.RT. MUNI BOND        | CUSIP: 011903GK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5125000 | PA      | $4782449.10   | 1.62%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COWETA COUNTY DEVELOPMENT AUTHORITY                                                      | FX.RT. MUNI BOND        | CUSIP: 223658QF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4123208.40   | 1.40%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SANTA FE NM                                                                      | FX.RT. MUNI BOND        | CUSIP: 802170AN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508438.45    | 0.17%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF BRUNSWICK MD                                                                     | FX.RT. MUNI BOND        | CUSIP: 117250AE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    548000 | PA      | $556794.91    | 0.19%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND COUNTY MUNICIPAL AUTHORITY                                                    | FX.RT. MUNI BOND        | CUSIP: 230614PN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $472843.05    | 0.16%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF BERKELEY SC                                                                    | FX.RT. MUNI BOND        | CUSIP: 084220AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $894286.40    | 0.30%             | 2049-11-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CITY OF LAS VEGAS NV SPECIAL IMPROVEMENT DISTRICT NO 814                                 | FX.RT. MUNI BOND        | CUSIP: 51778UAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $523682.94    | 0.18%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LAS VEGAS NV SPECIAL IMPROVEMENT DISTRICT NO 814                                 | FX.RT. MUNI BOND        | CUSIP: 51778UAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $389283.03    | 0.13%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLLEGIATE CHARTER SCHOOL OF LOWELL                                                      | FX.RT. MUNI BOND        | CUSIP: 547649AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005053.10   | 0.34%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTHORITY OF NEW YORK  AND  NEW JERSEY                                              | FX.RT. MUNI BOND        | CUSIP: 73358W4C5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2460000 | PA      | $2525313.00   | 0.86%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH STEWARDSHIP DISTRICT                                                      | FX.RT. MUNI BOND        | CUSIP: 51265KCW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $927349.40    | 0.31%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASHINGTON AIRPORTS AUTHORITY DULLES TOLL ROAD REVENUE                      | FX.RT. MUNI BOND        | CUSIP: 592643DJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $953302.80    | 0.32%             | 2053-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF FREDERICK MD                                                                   | FX.RT. MUNI BOND        | CUSIP: 355612AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1264890.13   | 0.43%             | 2039-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                                     | FX.RT. MUNI BOND        | CUSIP: 25483VWC4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    750000 | PA      | $691720.05    | 0.23%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP                                                            | FX.RT. MUNI BOND        | CUSIP: 79467BCY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1752031.93   | 0.59%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO IL                                                                       | FX.RT. MUNI BOND        | CUSIP: 167486G45<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1893409.92   | 0.64%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE TOBACCO SETTLEMENT FINANCING AUTHORITY                                           | FX.RT. MUNI BOND        | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $423407.58    | 0.14%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN ILLINOIS UNIVERSITY                                                             | FX.RT. MUNI BOND        | CUSIP: 665245YR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $489613.45    | 0.17%             | 2039-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE TOBACCO SETTLEMENT FINANCING AUTHORITY                                           | FX.RT. MUNI BOND        | CUSIP: 118217CW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $966206.02    | 0.33%             | 2048-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DALLAS AREA RAPID TRANSIT                                                                | FX.RT. MUNI BOND        | CUSIP: 235241UX2<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7286426.70   | 2.47%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FINANCING AUTHORITY                                              | FX.RT. MUNI BOND        | CUSIP: 928105BZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3756900.00   | 1.27%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PONTIAC SCHOOL DISTRICT                                                                  | FX.RT. MUNI BOND        | CUSIP: 732538HL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4023000 | PA      | $3869039.79   | 1.31%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PONTIAC SCHOOL DISTRICT                                                                  | FX.RT. MUNI BOND        | CUSIP: 732538HK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3576000 | PA      | $3555509.52   | 1.21%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LAS VEGAS NV SPECIAL IMPROVEMENT DISTRICT NO 815                                 | FX.RT. MUNI BOND        | CUSIP: 51778VAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $574744.83    | 0.19%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGENCY/FL                                                                  | FX.RT. MUNI BOND        | CUSIP: 14052WDJ3<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    740000 | PA      | $738801.05    | 0.25%             | 2035-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RAINDANCE METROPOLITAN DISTRICT NO 1 NON-POTABLE WATER SYSTEM REVENUE                    | FX.RT. MUNI BOND        | CUSIP: 75087GAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $870307.64    | 0.29%             | 2050-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COBB COUNTY KENNESTONE HOSPITAL AUTHORITY                                                | FX.RT. MUNI BOND        | CUSIP: 190813SB2<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1403647.07   | 0.48%             | 2045-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MIDA MOUNTAIN VILLAGE PUBLIC INFRASTRUCTURE DISTRICT                                     | FX.RT. MUNI BOND        | CUSIP: 59561TAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1031243.52   | 0.35%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MEDICAL CARE COMMISSION                                                   | FX.RT. MUNI BOND        | CUSIP: 65820YRR9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $498689.25    | 0.17%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HASTINGS CAMPUS HOUSING FINANCE AUTHORITY                                                | FX.RT. MUNI BOND        | CUSIP: 418338AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1091850.60   | 0.37%             | 2061-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP                                                 | FX.RT. MUNI BOND        | CUSIP: 650116CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1286268.13   | 0.44%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE COMMUNITY DEVELOPMENT DISTRICT NO 13                                             | FX.RT. MUNI BOND        | CUSIP: 92708HAJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2410000 | PA      | $2071985.93   | 0.70%             | 2040-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| COUNTY OF LAKE FL                                                                        | FX.RT. MUNI BOND        | CUSIP: 50826FAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $746771.48    | 0.25%             | 2055-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74442PPU3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1616488.69   | 0.55%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH STEWARDSHIP DISTRICT                                                      | FX.RT. MUNI BOND        | CUSIP: 51265KEN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $212639.50    | 0.07%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                                     | FX.RT. MUNI BOND        | CUSIP: 25483VXU3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2503300.00   | 0.85%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STERLING RANCH COMMUNITY AUTHORITY BOARD                                                 | FX.RT. MUNI BOND        | CUSIP: 85950NAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $409355.96    | 0.14%             | 2050-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MARYLAND ECONOMIC DEVELOPMENT CORP                                                       | FX.RT. MUNI BOND        | CUSIP: 57422FAE6<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    755000 | PA      | $698382.10    | 0.24%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ECONOMIC DEVELOPMENT CORP                                                       | FX.RT. MUNI BOND        | CUSIP: 57422FAF3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    750000 | PA      | $634455.53    | 0.22%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                                    | FX.RT. MUNI BOND        | CUSIP: 126292AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2690000 | PA      | $2340715.34   | 0.79%             | 2056-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS MUNICIPAL GAS ACQUISITION  AND  SUPPLY CORP III                                    | FX.RT. MUNI BOND        | CUSIP: 88256HBF4<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054762.70   | 0.36%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                                     | FX.RT. MUNI BOND        | CUSIP: 25483VYC2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    400000 | PA      | $377646.16    | 0.13%             | 2061-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHEAST OHIO MEDICAL UNIVERSITY                                                        | FX.RT. MUNI BOND        | CUSIP: 66433RBE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $400768.38    | 0.14%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTHEAST OHIO MEDICAL UNIVERSITY                                                        | FX.RT. MUNI BOND        | CUSIP: 66433RBD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1272072.38   | 0.43%             | 2040-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                                    | FX.RT. MUNI BOND        | CUSIP: 126292AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    855000 | PA      | $773426.93    | 0.26%             | 2041-08-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF EDUCATION                                                               | FX.RT. MUNI BOND        | CUSIP: 167505XR2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504502.25    | 0.17%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                              | FX.RT. MUNI BOND        | CUSIP: 93978LGG5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    500000 | PA      | $484592.75    | 0.16%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                              | FX.RT. MUNI BOND        | CUSIP: 93978LGH3<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1078352.79   | 0.37%             | 2056-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMFA SPECIAL FINANCE AGENCY I                                                            | FX.RT. MUNI BOND        | CUSIP: 12574TAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1901367.50   | 0.64%             | 2056-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND        | CUSIP: 45204FHV0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    815000 | PA      | $724518.46    | 0.25%             | 2056-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND        | CUSIP: 45204FHT5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    400000 | PA      | $386140.52    | 0.13%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND        | CUSIP: 45204FHU2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $907664.70    | 0.31%             | 2051-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEORGE L SMITH II CONGRESS CENTER AUTHORITY                                              | FX.RT. MUNI BOND        | CUSIP: 37255MAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2980000 | PA      | $2855452.09   | 0.97%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY HOUSING AGENCY                                                      | FX.RT. MUNI BOND        | CUSIP: 13013FAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $408448.23    | 0.14%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 04052BMS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $448729.05    | 0.15%             | 2041-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF PALM BEACH FL                                                                  | FX.RT. MUNI BOND        | CUSIP: 696547HN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $574355.69    | 0.19%             | 2057-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF LINCOLN SD                                                                     | FX.RT. MUNI BOND        | CUSIP: 53340EAB3<br>LEI: 549300USXDZ5FGJLUV88 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1229434.95   | 0.42%             | 2051-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON HIGHER EDUCATION FINANCE CORP                                                  | FX.RT. MUNI BOND        | CUSIP: 041806L65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $533778.55    | 0.18%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY  AND  COUNTY OF SAN FRANCISCO CA SPECIAL TAX DISTRICT NO 2020-1                     | FX.RT. MUNI BOND        | CUSIP: 79771HAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $465992.25    | 0.16%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                              | FX.RT. MUNI BOND        | CUSIP: 93978TS59<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    103907 | PA      | $97120.49     | 0.03%             | 2035-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEVELOPMENT FINANCE CORP                                                         | FX.RT. MUNI BOND        | CUSIP: 34061WAY0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    700000 | PA      | $667458.54    | 0.23%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCATIONAL  AND  CULTURAL FACILITIES AUTHORITY                                 | FX.RT. MUNI BOND        | CUSIP: 19645UGE8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    150000 | PA      | $145450.13    | 0.05%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCATIONAL  AND  CULTURAL FACILITIES AUTHORITY                                 | FX.RT. MUNI BOND        | CUSIP: 19645UGF5<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    175000 | PA      | $161176.63    | 0.05%             | 2041-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCATIONAL  AND  CULTURAL FACILITIES AUTHORITY                                 | FX.RT. MUNI BOND        | CUSIP: 19645UGG3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    350000 | PA      | $298629.03    | 0.10%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                                   | FX.RT. MUNI BOND        | CUSIP: 13049YFR7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2410000 | PA      | $1836707.75   | 0.62%             | 2054-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FINANCE AUTHORITY                                                      | FX.RT. MUNI BOND        | CUSIP: 13057GAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $688658.85    | 0.23%             | 2056-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY                                                 | FX.RT. MUNI BOND        | CUSIP: 57584YM97<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $832576.80    | 0.28%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MEDICAL CARE COMMISSION                                                   | FX.RT. MUNI BOND        | CUSIP: 65821DYS4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2320000 | PA      | $2241228.81   | 0.76%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY                                             | FX.RT. MUNI BOND        | CUSIP: 59465PBA5<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $651054.10    | 0.22%             | 2059-10-01      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGENCY/FL                                                                  | FX.RT. MUNI BOND        | CUSIP: 14052WDT1<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1805413.82   | 0.61%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST JOHNS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 79041LAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $430095.15    | 0.15%             | 2041-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ST JOHNS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 79041LAM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $324988.87    | 0.11%             | 2036-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND        | CUSIP: 594479GQ4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    500000 | PA      | $400998.10    | 0.14%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FARMS NEW KENT COMMUNITY DEVELOPMENT AUTHORITY                                           | FX.RT. MUNI BOND        | CUSIP: 311551AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $399615.22    | 0.14%             | 2036-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY                                  | FX.RT. MUNI BOND        | CUSIP: 97712D8S8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3858708.00   | 1.31%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF PALM DESERT CA                                                                   | FX.RT. MUNI BOND        | CUSIP: 696627ER5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $420884.10    | 0.14%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN PIER  AND  EXPOSITION AUTHORITY                                             | FX.RT. MUNI BOND        | CUSIP: 592250EX8<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1891861.86   | 0.64%             | 2047-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UPTOWN DEVELOPMENT AUTHORITY                                                             | FX.RT. MUNI BOND        | CUSIP: 916856HQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $746518.05    | 0.25%             | 2037-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY                                       | FX.RT. MUNI BOND        | CUSIP: 83704MBV7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $722234.87    | 0.24%             | 2056-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LAS VEGAS NV SPECIAL IMPROVEMENT DISTRICT NO 816                                 | FX.RT. MUNI BOND        | CUSIP: 51779AAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $504014.68    | 0.17%             | 2041-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JAMES CITY COUNTY ECONOMIC DEVELOPMENT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 47029WDR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $813972.20    | 0.28%             | 2047-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIBERTY DEVELOPMENT CORP                                                        | FX.RT. MUNI BOND        | CUSIP: 649519DW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4215000 | PA      | $3123405.62   | 1.06%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIBERTY DEVELOPMENT CORP                                                        | FX.RT. MUNI BOND        | CUSIP: 649519DV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1860000 | PA      | $1364636.24   | 0.46%             | 2046-11-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA STATE PUBLIC SERVICE AUTHORITY                                            | FX.RT. MUNI BOND        | CUSIP: 837151YU7<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3895440.00   | 1.32%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA STATE PUBLIC SERVICE AUTHORITY                                            | FX.RT. MUNI BOND        | CUSIP: 837151YY9<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2771610.00   | 0.94%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA STATE PUBLIC SERVICE AUTHORITY                                            | FX.RT. MUNI BOND        | CUSIP: 837151YV5<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5136127.50   | 1.74%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GAINESVILLE  AND  HALL COUNTY HOSPITAL AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 362762QQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1501834.80   | 0.51%             | 2051-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JAMES CITY COUNTY ECONOMIC DEVELOPMENT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 47029WED5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1034868.13   | 0.35%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEVELOPMENT FINANCE CORP                                                         | FX.RT. MUNI BOND        | CUSIP: 34061UHZ4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $426465.55    | 0.14%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RAMPART RANGE METROPOLITAN DISTRICT NO 5                                                 | FX.RT. MUNI BOND        | CUSIP: 75157WAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $912902.70    | 0.31%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74445QDW7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1444411.00   | 0.49%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SUFFOLK TOBACCO ASSET SECURITIZATION CORP                                                | FX.RT. MUNI BOND        | CUSIP: 864809CA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $718091.36    | 0.24%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY                                  | FX.RT. MUNI BOND        | CUSIP: 97712JCL5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    270000 | PA      | $248946.02    | 0.08%             | 2041-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY                                  | FX.RT. MUNI BOND        | CUSIP: 97712JCM3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1017950.91   | 0.35%             | 2045-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF HOUSTON TX AIRPORT SYSTEM REVENUE                                                | FX.RT. MUNI BOND        | CUSIP: 442349FZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1174112.38   | 0.40%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74439YDX6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    600000 | PA      | $472559.22    | 0.16%             | 2061-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIBERTY DEVELOPMENT CORP                                                        | FX.RT. MUNI BOND        | CUSIP: 649519EN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1496490.00   | 0.51%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY                                  | FX.RT. MUNI BOND        | CUSIP: 97712JEE9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    650000 | PA      | $524825.15    | 0.18%             | 2057-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO IL                                                                       | FX.RT. MUNI BOND        | CUSIP: 167486K65<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2747000 | PA      | $2601306.81   | 0.88%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEVELOPMENT FINANCE CORP                                                         | FX.RT. MUNI BOND        | CUSIP: 34061QBU0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1467873.45   | 0.50%             | 2052-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON HIGHER EDUCATION FINANCE CORP                                                    | FX.RT. MUNI BOND        | CUSIP: 187145PG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1086702.12   | 0.37%             | 2051-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ORANGE COUNTY HEALTH FACILITIES AUTHORITY                                                | FX.RT. MUNI BOND        | CUSIP: 68450LGQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2570000 | PA      | $2312816.76   | 0.78%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO IL LAKESHORE EAST SPECIAL ASSESSMENT AREA                                | FX.RT. MUNI BOND        | CUSIP: 167686AN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    341000 | PA      | $322221.10    | 0.11%             | 2031-12-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO IL LAKESHORE EAST SPECIAL ASSESSMENT AREA                                | FX.RT. MUNI BOND        | CUSIP: 167686AK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    241000 | PA      | $232438.79    | 0.08%             | 2028-12-01      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIBERTY DEVELOPMENT CORP                                                        | FX.RT. MUNI BOND        | CUSIP: 649519EH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2247981.90   | 0.76%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY/FL                                     | FX.RT. MUNI BOND        | CUSIP: 16080TAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $920125.20    | 0.31%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74447DAG2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045238.60   | 0.35%             | 2062-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74447DAD9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    800000 | PA      | $809427.68    | 0.27%             | 2062-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74447DAC1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1523190.00   | 0.52%             | 2052-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                                     | FX.RT. MUNI BOND        | CUSIP: 25483VA38<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1289829.97   | 0.44%             | 2035-08-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                                     | FX.RT. MUNI BOND        | CUSIP: 25483VA53<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1549012.24   | 0.53%             | 2036-08-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUBLIC FACILITIES AUTHORITY                                                    | FX.RT. MUNI BOND        | CUSIP: 546399NZ5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20583.46     | 0.01%             | 2050-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF PUERTO RICO                                                              | FX.RT. MUNI BOND        | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   1920000 | PA      | $1910982.72   | 0.65%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAXATAWNY TOWNSHIP MUNICIPAL AUTHORITY                                                   | FX.RT. MUNI BOND        | CUSIP: 57778PAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1425308.36   | 0.48%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAXATAWNY TOWNSHIP MUNICIPAL AUTHORITY                                                   | FX.RT. MUNI BOND        | CUSIP: 57778PAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1471936.18   | 0.50%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF PIMA/THE                               | FX.RT. MUNI BOND        | CUSIP: 72178AAH5<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1617620.25   | 0.55%             | 2052-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LEHIGH COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                           | FX.RT. MUNI BOND        | CUSIP: 52481MAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $799942.10    | 0.27%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN NASHVILLE AIRPORT AUTHORITY/THE                                             | FX.RT. MUNI BOND        | CUSIP: 592190QU9<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094841.70   | 0.37%             | 2039-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY                                    | FX.RT. MUNI BOND        | CUSIP: 70868YAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1089868.70   | 0.37%             | 2061-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY OF THE STATE OF MISSOURI                   | FX.RT. MUNI BOND        | CUSIP: 60636AWD1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   2270000 | PA      | $1815771.18   | 0.62%             | 2043-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DEVELOPMENT AUTHORITY OF COBB COUNTY/THE                                                 | FX.RT. MUNI BOND        | CUSIP: 190778JR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15145.52     | 0.01%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEVELOPMENT AUTHORITY OF COBB COUNTY/THE                                                 | FX.RT. MUNI BOND        | CUSIP: 190778JU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $686491.45    | 0.23%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEVELOPMENT AUTHORITY OF COBB COUNTY/THE                                                 | FX.RT. MUNI BOND        | CUSIP: 190778JS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25242.53     | 0.01%             | 2038-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEVELOPMENT AUTHORITY OF COBB COUNTY/THE                                                 | FX.RT. MUNI BOND        | CUSIP: 190778JV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $730680.51    | 0.25%             | 2038-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                                     | FX.RT. MUNI BOND        | CUSIP: 25476FA40<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   6675000 | PA      | $7130556.07   | 2.42%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74442PZU2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1108670.47   | 0.38%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF ILLINOIS                                                                        | FX.RT. MUNI BOND        | CUSIP: 452153FG9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2282961.66   | 0.77%             | 2040-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY OF THE STATE OF MISSOURI                   | FX.RT. MUNI BOND        | CUSIP: 60636AWS8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1478431.42   | 0.50%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY OF THE STATE OF MISSOURI                   | FX.RT. MUNI BOND        | CUSIP: 60636AWA7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    900000 | PA      | $768798.81    | 0.26%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                              | FX.RT. MUNI BOND        | CUSIP: 93978T4M8<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   3166909 | PA      | $2848871.96   | 0.97%             | 2037-04-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA HOSPITAL FINANCE AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 956622W83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5849764.20   | 1.98%             | 2048-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELECTRIC POWER AUTHORITY                                                     | FX.RT. MUNI BOND        | CUSIP: 74526YDB8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |   2500000 | PA      | $1218750.00   | 0.41%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO MIDWAY INTERNATIONAL AIRPORT                                                     | FX.RT. MUNI BOND        | CUSIP: 167562TM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049800.70   | 0.36%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                                   | FX.RT. MUNI BOND        | CUSIP: 13048VQ27<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    800000 | PA      | $832405.84    | 0.28%             | 2039-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SKAGIT COUNTY PUBLIC HOSPITAL DISTRICT NO 1                                              | FX.RT. MUNI BOND        | CUSIP: 830227EP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048843.20   | 0.36%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74448FAA9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1454730.35   | 0.49%             | 2036-04-28      | Fixed         | 6.81%                 | No            |                  2 | On Loan: No      |
| TOWN OF BRIDGEVILLE DE                                                                   | FX.RT. MUNI BOND        | CUSIP: 108588AN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $901957.61    | 0.31%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                                   | FX.RT. MUNI BOND        | CUSIP: 130497AX8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    800000 | PA      | $860694.64    | 0.29%             | 2054-06-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| BLACK DESERT PUBLIC INFRASTRUCTURE DISTRICT                                              | FX.RT. MUNI BOND        | CUSIP: 09204TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1311113.96   | 0.44%             | 2053-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CENTRAL PARC COMMUNITY DEVELOPMENT DISTRICT                                              | FX.RT. MUNI BOND        | CUSIP: 15477DAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $755790.00    | 0.26%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LEHIGH COUNTY GENERAL PURPOSE AUTHORITY                                                  | FX.RT. MUNI BOND        | CUSIP: 52480RGM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2269875.52   | 0.77%             | 2049-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 63607WAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2240993 | PA      | $2103956.17   | 0.71%             | 2039-08-20      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CITY OF SAN ANTONIO TX ELECTRIC  AND  GAS SYSTEMS REVENUE                                | FX.RT. MUNI BOND        | CUSIP: 79625GLA9<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5541152.50   | 1.88%             | 2049-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TARRANT COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORP                                | FX.RT. MUNI BOND        | CUSIP: 87638TJK0<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045147.30   | 0.35%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUBLIC FACILITIES AUTHORITY                                                    | FX.RT. MUNI BOND        | CUSIP: 546399SZ0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1623941.85   | 0.55%             | 2064-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LANCASTER MUNICIPAL AUTHORITY                                                            | FX.RT. MUNI BOND        | CUSIP: 514350AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $928851.48    | 0.31%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRAILS AT CROWFOOT METROPOLITAN DISTRICT NO 3                                            | FX.RT. MUNI BOND        | CUSIP: 89286RAV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $293478.78    | 0.10%             | 2052-12-15      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| LEE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY/FL                                           | FX.RT. MUNI BOND        | CUSIP: 52349EEV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1218476.16   | 0.41%             | 2054-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CANYONS METROPOLITAN DISTRICT NO 5                                                       | FX.RT. MUNI BOND        | CUSIP: 139071AZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $309308.01    | 0.10%             | 2054-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SKYRIDGE PEGASUS INFRASTRUCTURE FINANCING DISTRICT                                       | FX.RT. MUNI BOND        | CUSIP: 83089AAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $297747.96    | 0.10%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74443DKY6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    900000 | PA      | $904040.55    | 0.31%             | 2054-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO HIGHER EDUCATIONAL FACILITY COMMISSION                                              | FX.RT. MUNI BOND        | CUSIP: 67756DS80<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1551228.90   | 0.53%             | 2054-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA MUNICIPAL LOAN COUNCIL                                                           | FX.RT. MUNI BOND        | CUSIP: 34281UAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $659981.73    | 0.22%             | 2044-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| FLORIDA MUNICIPAL LOAN COUNCIL                                                           | FX.RT. MUNI BOND        | CUSIP: 34281UAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $834502.68    | 0.28%             | 2054-05-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY                                       | FX.RT. MUNI BOND        | CUSIP: 83704HAM9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048448.40   | 0.36%             | 2054-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SKY DANCE METROPOLITAN DISTRICT NO 2                                                     | FX.RT. MUNI BOND        | CUSIP: 83086VAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $376194.04    | 0.13%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH STEWARDSHIP DISTRICT                                                      | FX.RT. MUNI BOND        | CUSIP: 51265KFY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $583792.03    | 0.20%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITY OF VENICE FL                                                                        | FX.RT. MUNI BOND        | CUSIP: 922687AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $381966.49    | 0.13%             | 2060-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CITY OF AUSTIN TX                                                                        | FX.RT. MUNI BOND        | CUSIP: 052466BC2<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |    555000 | PA      | $546949.61    | 0.19%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1831235.22   | 0.62%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| LOUISIANA LOCAL GOVERNMENT ENVIRONMENTAL FACILITIES  AND  COMMUNITY DEVELOPMENT AUTH     | FX.RT. MUNI BOND        | CUSIP: 54628C3A8<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1299891.45   | 0.44%             | 2053-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 744396KG6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $954882.30    | 0.32%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL PROJECTS FINANCE AUTHORITY/FL                                                    | FX.RT. MUNI BOND        | CUSIP: 140427CQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $736355.78    | 0.25%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIDA MOUNTAIN VILLAGE PUBLIC INFRASTRUCTURE DISTRICT                                     | FX.RT. MUNI BOND        | CUSIP: 59561UAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518919.30    | 0.18%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SUNNYVALE CA                                                                     | FX.RT. MUNI BOND        | CUSIP: 867587AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $672243.23    | 0.23%             | 2032-08-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| DU PAGE COUNTY SPECIAL SERVICE AREA NO 31                                                | FX.RT. MUNI BOND        | CUSIP: 26350TAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    233000 | PA      | $233105.62    | 0.08%             | 2036-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                                                   | GOVERNMENT FUTURES      | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | N/A              | DIR              | CORP              | US        |        13 | NC      | $1540093.75   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| STERLING RANCH COMMUNITY AUTHORITY BOARD                                                 | MUNI ORIG ISSUE DISC    | CUSIP: 85950NAW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037164.30   | 0.35%             | 2054-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HOBE-ST LUCIE CONSERVANCY DISTRICT                                                       | MUNI ORIG ISSUE DISC    | CUSIP: 434043AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512922.95    | 0.17%             | 2055-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY  AND  COUNTY AIRPORT COMM-SAN FRANCISCO INTERNATIONAL AIRPORT         | MUNI ORIG ISSUE DISC    | CUSIP: 79766DWE5<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   7420000 | PA      | $6904921.41   | 2.34%             | 2049-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY  AND  COUNTY AIRPORT COMM-SAN FRANCISCO INTERNATIONAL AIRPORT         | MUNI ORIG ISSUE DISC    | CUSIP: 79766DWB1<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |     80000 | PA      | $80584.73     | 0.03%             | 2049-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY                                  | MUNI ORIG ISSUE DISC    | CUSIP: 97712JJX2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    300000 | PA      | $310470.39    | 0.11%             | 2059-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ARLINGTON HIGHER EDUCATION FINANCE CORP                                                  | MUNI ORIG ISSUE DISC    | CUSIP: 041807JX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1175644.80   | 0.40%             | 2064-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTRUCTURE  AND  ECONOMIC DEVELOPMENT BANK                                | MUNI ORIG ISSUE DISC    | CUSIP: 13034A5U0<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    800000 | PA      | $823930.24    | 0.28%             | 2050-01-01      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY                                                 | MUNI ORIG ISSUE DISC    | CUSIP: 57585BBU1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999955.00    | 0.34%             | 2060-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                              | MUNI ORIG ISSUE DISC    | CUSIP: 93978UAA4<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    748625 | PA      | $725595.79    | 0.25%             | 2040-03-20      | Variable      | 4.22%                 | No            |                  2 | On Loan: No      |
| SIERRA VISTA INDUSTRIAL DEVELOPMENT AUTHORITY                                            | MUNI ORIG ISSUE DISC    | CUSIP: 82652UAY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $287072.73    | 0.10%             | 2064-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOLOMATO COMMUNITY DEVELOPMENT DISTRICT                                                  | MUNI ORIG ISSUE DISC    | CUSIP: 889560FB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $506927.30    | 0.17%             | 2054-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CITY OF HORACE ND                                                                        | MUNI ORIG ISSUE DISC    | CUSIP: 440365JN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1101423.73   | 0.37%             | 2044-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FLORIDA HIGHER EDUCATIONAL FACILITIES FINANCIAL AUTHORITY                                | MUNI ORIG ISSUE DISC    | CUSIP: 34073TPN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $912908.20    | 0.31%             | 2054-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CITY OF AUSTIN TX                                                                        | MUNI ORIG ISSUE DISC    | CUSIP: 052466BD0<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |    750000 | PA      | $744561.08    | 0.25%             | 2053-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IOWA FINANCE AUTHORITY                                                                   | MUNI ORIG ISSUE DISC    | CUSIP: 46247SFV1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500429.45   | 0.51%             | 2059-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CITY OF EAGAN MN                                                                         | MUNI ORIG ISSUE DISC    | CUSIP: 26940AAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $298300.89    | 0.10%             | 2065-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SALT VERDE FINANCIAL CORP                                                                | MUNI ORIG ISSUE DISC    | CUSIP: 79575EAR9<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |    570000 | PA      | $611439.11    | 0.21%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY                                                 | MUNI ORIG ISSUE DISC    | 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      |
| FLINT HOSPITAL BUILDING AUTHORITY                                                        | MUNI ORIG ISSUE DISC    | CUSIP: 339510BT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $745654.20    | 0.25%             | 2039-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VERANDAH WEST COMMUNITY DEVELOPMENT DISTRICT                                             | MUNI ORIG ISSUE DISC    | CUSIP: 922947AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $450212.04    | 0.15%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                       | MUNI ORIG ISSUE DISC    | CUSIP: 59333ECQ4<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1240162.32   | 0.42%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEASTERN OHIO PORT AUTHORITY                                                         | MUNI ORIG ISSUE DISC    | CUSIP: 841895AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $134295.53    | 0.05%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF EDUCATION                                                               | MUNI ORIG ISSUE DISC    | CUSIP: 167505QR0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1496870.10   | 0.51%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH STEWARDSHIP DISTRICT                                                      | MUNI ORIG ISSUE DISC    | CUSIP: 51265KAW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $741397.19    | 0.25%             | 2046-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                          | MUNI ORIG ISSUE DISC    | CUSIP: 165588DK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $751873.35    | 0.25%             | 2037-10-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                                     | MUNI ORIG ISSUE DISC    | CUSIP: 25483VSG0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $947171.30    | 0.32%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF ST LOUIS MISSOURI/THE                    | MUNI ORIG ISSUE DISC    | CUSIP: 85236BAC6<br>LEI: 549300WTUL8KX1FOUZ40 | Long             | DBT              | MUN               | US        |    875000 | PA      | $727463.80    | 0.25%             | 2047-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP                                      | MUNI ORIG ISSUE DISC    | CUSIP: 64542YAM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $899223.20    | 0.30%             | 2053-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| KALISPEL TRIBE OF INDIANS                                                                | MUNI ORIG ISSUE DISC    | CUSIP: 48340PAS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $768858.68    | 0.26%             | 2038-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SARASOTA COUNTY PUBLIC HOSPITAL DISTRICT                                                 | MUNI ORIG ISSUE DISC    | CUSIP: 803301DK3<br>LEI: 549300JY4SF4DU1YDF85 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1375503.60   | 0.47%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOWN OF MILLSBORO DE                                                                     | MUNI ORIG ISSUE DISC    | CUSIP: 601266AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $488236.98    | 0.17%             | 2038-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| COUNTY OF PRINCE GEORGE'S MD                                                             | MUNI ORIG ISSUE DISC    | CUSIP: 74172RBP1<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006890.50   | 0.34%             | 2039-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CLIFTON HIGHER EDUCATION FINANCE CORP                                                    | MUNI ORIG ISSUE DISC    | CUSIP: 187145JT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2516043.25   | 0.85%             | 2048-08-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| TOWN OF MILLSBORO DE                                                                     | MUNI ORIG ISSUE DISC    | CUSIP: 601266AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    997000 | PA      | $979620.89    | 0.33%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ST LOUIS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                         | MUNI ORIG ISSUE DISC    | CUSIP: 791524CP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3216626.73   | 1.09%             | 2053-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FINANCING CORP SALES TAX REVENUE                                   | MUNI ORIG ISSUE DISC    | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   4700000 | PA      | $4618610.57   | 1.57%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN GOVERNMENT NASHVILLE  AND  DAVIDSON COUNTY HEALTH  AND  EDUCATIONAL FACS BD | MUNI ORIG ISSUE DISC    | CUSIP: 592041YV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1386550.20   | 0.47%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                                    | MUNI ORIG ISSUE DISC    | CUSIP: 126292AF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3125000 | PA      | $2377536.88   | 0.81%             | 2056-08-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| PORT OF GREATER CINCINNATI DEVELOPMENT AUTHORITY                                         | MUNI ORIG ISSUE DISC    | CUSIP: 734195BR0<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1289553.67   | 0.44%             | 2050-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MIDA MOUNTAIN VILLAGE PUBLIC INFRASTRUCTURE DISTRICT                                     | MUNI ORIG ISSUE DISC    | CUSIP: 59561TAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1065211.25   | 0.36%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                                    | MUNI ORIG ISSUE DISC    | CUSIP: 126292AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1393019.00   | 0.47%             | 2056-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                                    | MUNI ORIG ISSUE DISC    | CUSIP: 126292BB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $386399.97    | 0.13%             | 2057-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                                    | MUNI ORIG ISSUE DISC    | CUSIP: 126292BG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1298148.68   | 0.44%             | 2057-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF PUERTO RICO                                                              | MUNI ORIG ISSUE DISC    | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   3388447 | PA      | $3204929.39   | 1.09%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF PUERTO RICO                                                              | MUNI ORIG ISSUE DISC    | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   3000000 | PA      | $2935581.30   | 0.99%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF WASHINGTON OH                                                                  | MUNI ORIG ISSUE DISC    | CUSIP: 938154DX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $546994.50    | 0.19%             | 2052-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ARLINGTON HIGHER EDUCATION FINANCE CORP                                                  | MUNI ORIG ISSUE DISC    | CUSIP: 041807CE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1135888.16   | 0.38%             | 2062-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PASSAIC COUNTY IMPROVEMENT AUTHORITY/THE                                                 | MUNI ORIG ISSUE DISC    | CUSIP: 70275QAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $463443.08    | 0.16%             | 2058-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA AUTHORITY FOR INDUSTRIAL DEVELOPMENT                                        | MUNI ORIG ISSUE DISC    | CUSIP: 71781XGR8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42560.89     | 0.01%             | 2045-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA AUTHORITY FOR INDUSTRIAL DEVELOPMENT                                        | MUNI ORIG ISSUE DISC    | CUSIP: 71781XGT4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2582526 | PA      | $1549515.87   | 0.53%             | 2045-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FINANCE AUTHORITY                                                                | MUNI ORIG ISSUE DISC    | CUSIP: 45471FAG6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507254.45    | 0.17%             | 2058-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                              | MUNI ORIG ISSUE DISC    | CUSIP: 939783Q74<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1235884.44   | 0.42%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | MUNI ORIG ISSUE DISC    | CUSIP: 74439YEU1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054473.50   | 0.36%             | 2063-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CITY OF GRAND FORKS ND                                                                   | MUNI ORIG ISSUE DISC    | CUSIP: 38546WEQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2042055.60   | 0.69%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF GRAND FORKS ND                                                                   | MUNI ORIG ISSUE DISC    | CUSIP: 38546WEP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $360376.24    | 0.12%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH STEWARDSHIP DISTRICT                                                      | MUNI ORIG ISSUE DISC    | CUSIP: 51265KFJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1200492.85   | 0.41%             | 2054-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGENCY                                                               | MUNI ORIG ISSUE DISC    | CUSIP: 917467CP5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1473432.53   | 0.50%             | 2047-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                              | MUNI ORIG ISSUE DISC    | CUSIP: 93978LGR1<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    660000 | PA      | $719673.83    | 0.24%             | 2063-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP                                                 | MUNI ORIG ISSUE DISC    | CUSIP: 650116GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065972.20   | 0.36%             | 2040-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GRAYS HARBOR COUNTY PUBLIC HOSPITAL DISTRICT NO 1                                        | MUNI ORIG ISSUE DISC    | CUSIP: 389526AJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3308226.30   | 1.12%             | 2053-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CITY OF LAS VEGAS NV SPECIAL IMPROVEMENT DISTRICT NO 817                                 | MUNI ORIG ISSUE DISC    | CUSIP: 51779BAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $392669.74    | 0.13%             | 2038-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITY OF LAS VEGAS NV SPECIAL IMPROVEMENT DISTRICT NO 817                                 | MUNI ORIG ISSUE DISC    | CUSIP: 51779BAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $520070.15    | 0.18%             | 2043-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CITY OF LAS VEGAS NV SPECIAL IMPROVEMENT DISTRICT NO 817                                 | MUNI ORIG ISSUE DISC    | CUSIP: 51779BAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $364892.26    | 0.12%             | 2048-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LAS VEGAS NV SPECIAL IMPROVEMENT DISTRICT NO 817                                 | MUNI ORIG ISSUE DISC    | CUSIP: 51779BAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516434.70    | 0.18%             | 2053-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | MUNI ORIG ISSUE DISC    | CUSIP: 74448GAA7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2141407 | PA      | $2222954.45   | 0.75%             | 2062-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| IOWA FINANCE AUTHORITY                                                                   | MUNI ORIG ISSUE DISC    | CUSIP: 46247SFF6<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    600000 | PA      | $676994.58    | 0.23%             | 2053-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ONEIDA INDIAN NATION OF NEW YORK                                                         | MUNI ORIG ISSUE DISC    | CUSIP: 682504AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $980339.10    | 0.33%             | 2040-09-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| DEKALB COUNTY DEVELOPMENT AUTHORITY                                                      | MUNI ORIG ISSUE DISC    | CUSIP: 240463KE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $488961.86    | 0.17%             | 2063-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | MUNI ORIG ISSUE DISC    | CUSIP: 74441XHS1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    800000 | PA      | $820441.28    | 0.28%             | 2039-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SUFFOLK REGIONAL OFF-TRACK BETTING CO                                                    | MUNI ORIG ISSUE DISC    | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2069320.20   | 0.70%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | MUNI ORIG ISSUE DISC    | CUSIP: 74448EAA2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    625000 | PA      | $642823.50    | 0.22%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FINANCE AUTHORITY OF MAINE                                                               | MUNI PUT BOND ACT       | CUSIP: 56042CAT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502407.80    | 0.17%             | 2035-08-01      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY                                    | MUNI PUT BOND ACT       | CUSIP: 708686ET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505493.15    | 0.17%             | 2037-12-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC                                                              | MUNI PUT BOND ACT       | CUSIP: 56035DHK1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2350001.50   | 0.80%             | 2054-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF DETROIT MI                                                                       | MUNI STEP UP BOND       | CUSIP: 251093S84<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   3975000 | PA      | $3094071.63   | 1.05%             | 2044-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL PROJECTS FINANCE AUTHORITY/FL                                                    | MUNI STEP UP BOND       | CUSIP: 140427CK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7950000 | PA      | $1134313.16   | 0.38%             | 2062-06-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN PIER  AND  EXPOSITION AUTHORITY                                             | MUNI STEP UP BOND       | CUSIP: 592250CY8<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1076054.85   | 0.36%             | 2047-12-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| TEXAS TRANSPORTATION COMMISSION                                                          | MUNI. ZERO              | CUSIP: 88283NAJ1<br>LEI: 5493006JSGNPGVJS7691 | Long             | DBT              | MUN               | US        |    700000 | PA      | $360489.57    | 0.12%             | 2039-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGENCY/FL                                                                  | MUNI. ZERO              | CUSIP: 14052WDH7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $486708.60    | 0.16%             | 2060-01-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COUNTY TOBACCO SECURITIZATION AGENCY                                          | MUNI. ZERO              | CUSIP: 13016NJB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5410000 | PA      | $1185232.54   | 0.40%             | 2055-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTRUCTURE  AND  ECONOMIC DEVELOPMENT BANK                                | MUNI. ZERO              | CUSIP: 13034AR28<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   4345000 | PA      | $345490.07    | 0.12%             | 2061-01-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA TOBACCO SETTLEMENT FINANCING CORP                                   | MUNI. ZERO              | CUSIP: 254842BB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $1988733.00   | 0.67%             | 2046-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PUTNAM SHORT TERM INVESTMENT FUND                                                        | SHORT TERM INV FUND     | CUSIP: 74676P664<br>LEI: 5493003MK0Q7JP8CPP42 | Long             | STIV             | PF                | US        |   2236775 | NS      | $2236775.00   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA                                                                 | U.S. T BILLS            | CUSIP: 912797NY9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $198509.33    | 0.07%             | 2025-04-08      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY                                                 | VARIABLE RATE MUNI BOND | CUSIP: 63607WAW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    997105 | PA      | $946249.45    | 0.32%             | 2041-10-20      | Variable      | 4.16%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF THE ARTS/THE                                                               | VARIABLE RATE MUNI BOND | CUSIP: 91475RAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    528076 | PA      | $474588.34    | 0.16%             | 2025-05-19      | Floating      | 12.83%                | No            |                  3 | On Loan: No      |
| UNIVERSITY OF THE ARTS/THE                                                               | VARIABLE RATE MUNI BOND | CUSIP: 91475RAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    158423 | PA      | $142990.04    | 0.05%             | 2025-05-19      | Floating      | 12.83%                | No            |                  3 | On Loan: No      |
| UNIVERSITY OF THE ARTS/THE                                                               | VARIABLE RATE MUNI BOND | CUSIP: 91475RAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200669 | PA      | $196655.62    | 0.07%             | 2025-05-19      | Floating      | 12.83%                | No            |                  3 | On Loan: No      |
| UNIVERSITY OF THE ARTS/THE                                                               | VARIABLE RATE MUNI BOND | CUSIP: 91475RAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55191 | PA      | $54087.12     | 0.02%             | 2025-05-19      | Floating      | 12.83%                | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-03-31

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

**Signature:** Kevin R Blatchford

**Name of Signer:** Kevin R Blatchford

**Title:** Assistant Treasurer