# EDGAR Filing Document

**Accession Number:** 0000319676
**File Stem:** 0001410368-25-032334
**Filing Date:** 2025-11
**Character Count:** 154532
**Document Hash:** 4b453fd4edd34dbe0e567cd20039f3d6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032334.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032334

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Calvert Management Series
- **CENTRAL INDEX KEY:** 0000319676

**ORGANIZATION NAME:**
- **EIN:** 526211999
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03101
- **FILM NUMBER:** 251528497

**BUSINESS ADDRESS:**
- **STREET 1:** 2050 M STREET NW
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20036
- **BUSINESS PHONE:** 8002256265

**MAIL ADDRESS:**
- **STREET 1:** 2050 M STREET NW
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CALVERT TAX FREE RESERVES
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Calvert Responsible Municipal Income Fund (Series ID: S000005140)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014074 | Class A      | CTTLX           |
| C000160651 | Class C      | CTTCX           |
| C000160653 | Class I      | CTTIX           |

## Nport-Ex

Calvert

Responsible Municipal Income Fund

September 30, 2025

Schedule of Investments (Unaudited)

------

Corporate Bonds — 2.2%

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Consumer, Non-cyclical — 0.8% | Consumer, Non-cyclical — 0.8% |  |
| Conservation Fund, 3.474%, 12/15/29 | $3453 | $3255960 |
|  |  | **$3255960** |
| Financial — 1.1% | Financial — 1.1% |  |
| BlueHub Loan Fund, Inc., 3.099%, 1/1/30 | $5000 | $4551898 |
|  |  | **$4551898** |
| Other Revenue — 0.3% | Other Revenue — 0.3% |  |
| Nature Conservancy, Series A, 0.944%, 7/1/26 | $1285 | $1246096 |
|  |  | **$1246096** |
| Total Corporate Bonds<br> (identified cost $9,694,519) |  | &nbsp;&nbsp;&nbsp;**$9053954** |

---

Tax-Exempt Mortgage-Backed Securities — 3.3%

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Housing — 3.3% | Housing — 3.3% |  |
| National Finance Authority, NH, Municipal Certificates: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1, Class A, 4.375%, 9/20/36 | $2871 | $2840332 |
| &nbsp;&nbsp;&nbsp;Series 2022-2, Class A, 4.00%, 10/20/36 | 2879 | &nbsp;&nbsp; 2764079 |
| &nbsp;&nbsp;&nbsp;Series 2024-2, Class A, 3.625%, 8/20/39 | 1486 | &nbsp;&nbsp; 1392006 |
| &nbsp;&nbsp;&nbsp;Series 2024-3, Class A, 4.164%, 10/1/51<sup>(1)</sup> | 2483 | &nbsp;&nbsp; 2377800 |
| Washington Housing Finance Commission, Municipal Certificates, Series 2024-1, Class A, 4.22%, 3/1/50<sup>(1)</sup> | 3976 | &nbsp;&nbsp; 3825324 |
| Total Tax-Exempt Mortgage-Backed Securities<br> (identified cost $13,006,935) |  | **$13199541** |

---

Tax-Exempt Municipal Obligations — 86.3%

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Bond Bank — 2.3% | Bond Bank — 2.3% |  |
| Indianapolis Local Public Improvement Bond Bank, IN, Green Bonds, 5.00%, 1/1/52 | $2000 | $2071065 |
| Michigan Finance Authority, (Clean Water Revolving Fund), 3.00%, 10/1/37 | 1390 | &nbsp;&nbsp; 1274104 |
| New York State Environmental Facilities Corp., (State Revolving Fund), Green Bonds, 5.25%, 9/15/52 | 3000 | &nbsp;&nbsp; 3140025 |
| Oklahoma Water Resources Board, 4.00%, 10/1/44 | 3055 | &nbsp;&nbsp; 2925621 |
|  |  | **$9410815** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Education — 5.5% | Education — 5.5% |  |
| Arizona State University: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 7/1/42 | $2000 | $2006030 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 7/1/43 | 1850 | &nbsp;&nbsp; 1895330 |
| Build NYC Resource Corp., NY, (Academic Leadership Charter School): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp; 119625 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp; 80776 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/30 | &nbsp;&nbsp;100 | &nbsp;&nbsp; 101280 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/31 | &nbsp;&nbsp;100 | &nbsp;&nbsp; 100974 |
| California Enterprise Development Authority, (Rocklin Academy), 5.00%, 6/1/34<sup>(2)</sup> | &nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520660 |
| Grand Valley State University, MI, 5.00%, 12/1/33 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1010632 |
| Maricopa County Industrial Development Authority, AZ, (Arizona Autism Charter Schools), Social Bonds, 4.00%, 7/1/31<sup>(2)</sup> | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249674 |
| Maricopa County Industrial Development Authority, AZ, (Legacy Traditional Schools), 3.00%, 7/1/31<sup>(2)</sup> | &nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478694 |
| Maryland Health and Higher Educational Facilities Authority, (Loyola University Maryland), 4.25%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71613 |
| Massachusetts Development Finance Agency, (Worcester Polytechnic Institute), 5.00%, 9/1/59 | 2480 | &nbsp;&nbsp;&nbsp;&nbsp;2509482 |
| Navajo County Unified School District No. 27, AZ, 5.50%, 7/1/35 | 1300 | &nbsp;&nbsp;&nbsp;&nbsp;1449030 |
| New York Dormitory Authority: |  |  |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 5.00%, 7/1/41 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242785 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 5.00%, 7/1/42 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267136 |
| Ohio Higher Educational Facility Commission, (Oberlin College), Green Bonds, 5.00%, 10/1/48 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;4113001 |
| Pennsylvania Higher Educational Facilities Authority: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/36 | 1160 | &nbsp;&nbsp;&nbsp;&nbsp;1162513 |
| &nbsp;&nbsp;&nbsp;Escrowed to Maturity, 4.00%, 6/15/36 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247279 |
| &nbsp;&nbsp;&nbsp;Prerefunded to 6/15/26, 4.00%, 6/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20155 |
| Public Finance Authority, WI, (Coral Academy of Science Las Vegas), 4.00%, 7/1/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882657 |
| Public Finance Authority, WI, (Roseman University of Health Sciences), 4.00%, 4/1/32<sup>(2)</sup> | &nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753044 |
| Texas Tech University System, 5.00%, 2/15/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1076038 |
| University of South Carolina, 5.00%, 5/1/46 | 2485 | &nbsp;&nbsp;&nbsp;&nbsp;2569591 |
|  |  | **$21927999** |
| Electric Utilities — 3.6% | Electric Utilities — 3.6% |  |
| Douglas County Public Utility District No. 1, WA: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/39 | $2000 | &nbsp;&nbsp;&nbsp;$2016206 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/40 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;2001121 |
| Grant County Public Utility District No. 2, WA, (Priest Rapids Hydroelectric Project), 5.00%, 1/1/40 | 1525 | &nbsp;&nbsp;&nbsp;&nbsp;1641611 |
| Mesa, AZ, Utility Systems Revenue, 4.00%, 7/1/37 | 1035 | &nbsp;&nbsp;&nbsp;&nbsp;1035171 |
| Missouri Joint Municipal Electric Utility Commission, Green Bonds, 5.25%, 12/1/43 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;2134883 |
| Tacoma, WA, Electric System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 1/1/44 | &nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879804 |

---

------

Calvert

Responsible Municipal Income Fund

September 30, 2025

Schedule of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Electric Utilities (continued) | Electric Utilities (continued) |  |
| Tacoma, WA, Electric System Revenue: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 1/1/49 | $3000 | $3123116 |
| Trinity Public Utilities District Authority, CA, Green Bonds, 4.00%, 4/1/29 | 1120 | &nbsp;&nbsp; 1103894 |
| Utah Associated Municipal Power Systems, 5.00%, 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp; 684290 |
|  |  | **$14620096** |
| Escrowed/Prerefunded — 0.0%<sup>†</sup> | Escrowed/Prerefunded — 0.0%<sup>†</sup> |  |
| Public Finance Authority, WI, (Roseman University of Health Sciences), Escrowed to Maturity, 4.00%, 4/1/32<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;10 | $10369 |
|  |  | **$10369** |
| General Obligations — 17.0% | General Obligations — 17.0% |  |
| Antelope Valley Community College District, CA, (Election of 2016), 5.25%, 8/1/42 | $3000 | &nbsp;&nbsp;&nbsp;$3274989 |
| Athens Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/45 | 3510 | &nbsp;&nbsp;&nbsp;&nbsp;3670062 |
| Atlanta, GA, Social Bonds, 5.00%, 12/1/37 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;3871466 |
| California, 4.00%, 9/1/32 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1008733 |
| Canton Independent School District, TX, (PSF Guaranteed), 5.25%, 2/15/42 | 2070 | &nbsp;&nbsp;&nbsp;&nbsp;2247264 |
| Cass County Joint Water Resource District, ND, 3.45%, 4/1/27 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;1250854 |
| Chicago Board of Education, IL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/34 | 2160 | &nbsp;&nbsp;&nbsp;&nbsp;2174315 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/36 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;4095448 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/39 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;1988913 |
| Clear Creek Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/35 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;2893314 |
| Detroit, MI: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, 5.25%, 5/1/31 | &nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663052 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 5.25%, 5/1/32 | &nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668366 |
| Foothill-De Anza Community College District, CA, (Election of 2020), 5.00%, 8/1/44 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251091 |
| Groton, CT, Green Bonds, 4.125%, 4/1/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1002853 |
| Hawaii, 4.00%, 10/1/34 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;2012421 |
| Howell Public Schools, MI: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/40 | 1300 | &nbsp;&nbsp;&nbsp;&nbsp;1403810 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/41 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;1608302 |
| Jackson County Consolidated School District No. 4, MO, 5.00%, 3/1/36 | 3425 | &nbsp;&nbsp;&nbsp;&nbsp;3505630 |
| Kern Community College District, CA, (Election of 2016): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/38 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;2247722 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/40 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;1323620 |
| Lake Stevens School District No. 4, WA, 4.00%, 12/1/35 | 2180 | &nbsp;&nbsp;&nbsp;&nbsp;2189815 |
| Los Angeles Unified School District, CA, Sustainability Bonds, 5.00%, 7/1/36 | 2035 | &nbsp;&nbsp;&nbsp;&nbsp;2357165 |
| Manteca Unified School District, CA, (Election of 2020), 5.25%, 8/1/45 | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;2540732 |
| Metropolitan Water Reclamation District of Greater Chicago, IL, Green Bonds, 5.00%, 12/1/45 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;3001471 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| General Obligations (continued) | General Obligations (continued) |  |
| Oregon City School District No. 62, OR: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/42 | $1750 | $1885466 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/45 | &nbsp;&nbsp;755 | &nbsp;&nbsp; 798727 |
| Pasadena, CA, (Central Library), 5.00%, 9/1/51 | 2980 | &nbsp;&nbsp; 3196497 |
| Passaic County Improvement Authority, NJ, (Paterson Board of Education), Green Bonds, 3.00%, 2/1/42 | 1175 | &nbsp;&nbsp; 990448 |
| Renton School District No. 403, WA, 4.00%, 12/1/39 | 1250 | &nbsp;&nbsp; 1258188 |
| Riverside Community College District, CA, (Election of 2024), 4.00%, 8/1/45 | 1250 | &nbsp;&nbsp; 1217470 |
| Salem-Keizer School District No. 24J, OR, 4.00%, 6/15/37 | 3000 | &nbsp;&nbsp; 3042544 |
| San Francisco Bay Area Rapid Transit District, CA, (Election of 2016), Green Bonds, 5.00%, 8/1/42 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;3316871 |
| Sarpy County School District 0037, NE, 5.00%, 12/15/27 | 1410 | &nbsp;&nbsp;&nbsp;&nbsp;1415379 |
|  |  | **$68372998** |
| Hospital — 7.8% | Hospital — 7.8% |  |
| Brookhaven Development Authority, GA, (Children's Healthcare of Atlanta, Inc.), 4.00%, 7/1/49 | $1965 | &nbsp;&nbsp;&nbsp;$1760222 |
| Collier County Industrial Development Authority, FL, (NHC Healthcare System), 5.00% to 10/1/31 (Put Date), 10/1/54 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;3286710 |
| Huntsville Health Care Authority, AL, (HH Health System), 5.00% to 6/1/30 (Put Date), 6/1/53 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp;5440495 |
| Indiana Finance Authority, (Good Samaritan Hospital): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/35 | 1205 | &nbsp;&nbsp;&nbsp;&nbsp;1178567 |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/36 | 2520 | &nbsp;&nbsp;&nbsp;&nbsp;2444105 |
| Indiana Finance Authority, (Indiana University Health), 5.00%, 10/1/41 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;1340875 |
| Massachusetts Development Finance Agency, (Dana-Farber Cancer Institute), 5.00%, 12/1/34 | &nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508764 |
| Michigan Finance Authority, (Beaumont Health Credit Group), 4.00%, 11/1/46 | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;1714289 |
| Michigan Finance Authority, (Henry Ford Health Detroit): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25%, 2/29/40 | &nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647018 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25%, 2/28/41 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;1173945 |
| Missouri Health and Educational Facilities Authority, (Mercy Health): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/47 | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;1613988 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/49 | 1105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979071 |
| New York Dormitory Authority, (Montefiore Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 11/1/40 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1066225 |
| &nbsp;&nbsp;&nbsp;5.25%, 11/1/41 | &nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924012 |
| Tarrant County Cultural Education Facilities Finance Corp., TX, (Baylor Scott & White Health), 5.00% to 11/15/30 (Put Date), 11/15/52 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;2186112 |
| University of Wisconsin Hospitals and Clinics Authority, Green Bonds, 4.00%, 4/1/44 | 1460 | &nbsp;&nbsp;&nbsp;&nbsp;1375555 |
| Wisconsin Health and Educational Facilities Authority, (Ascension Health Credit Group), 4.00%, 11/15/39 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;3817600 |
|  |  | **$31457553** |

---

------

Calvert

Responsible Municipal Income Fund

September 30, 2025

Schedule of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Housing — 17.7% | Housing — 17.7% |  |
| Build NYC Resource Corp., NY, (Urban Resource Institute), 5.375%, 12/1/46 | $&nbsp;&nbsp;&nbsp;&nbsp;500 | $530785 |
| California Municipal Finance Authority, (Caritas Corp.), Mobile Home Park Revenue, Social Bonds, 4.00%, 8/15/44 | 1000 | &nbsp;&nbsp; 909577 |
| California Municipal Finance Authority, (Terry Manor Apartments), (FNMA), Sustainability Bonds, 4.20%, 8/1/40 | 3960 | &nbsp;&nbsp; 3946185 |
| Cuyahoga Metropolitan Housing Authority, OH, Social Bonds, 2.00%, 12/1/31 | 1250 | &nbsp;&nbsp; 1124904 |
| Denver City and County Housing Authority, CO, Sustainability Bonds, 4.50%, 7/1/41 | 2000 | &nbsp;&nbsp; 2010115 |
| EP Cimarron Ventanas PFC, TX, (Lifestyles at Los Paseos and Lifestyles on the Reserve), 4.125%, 12/1/39 | 2000 | &nbsp;&nbsp; 1954339 |
| EP Tuscany Zaragosa PFC, TX, (Tuscany at Mesa Hills and Villas at Zaragosa), 4.00%, 12/1/33 | 5000 | &nbsp;&nbsp; 4992758 |
| FW Texas Street Public Facility Corp., TX, 5.00%, 5/1/38 | 2500 | &nbsp;&nbsp; 2530903 |
| Independent Cities Finance Authority, CA, (Union City Tropics): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 5/15/31 | 1020 | &nbsp;&nbsp;&nbsp;&nbsp;1050581 |
| &nbsp;&nbsp;&nbsp;4.00%, 5/15/34 | 1145 | &nbsp;&nbsp;&nbsp;&nbsp;1161236 |
| Indiana Finance Authority, (CHF-Tippecanoe, LLC - Student Housing), 5.00%, 6/1/38 | &nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829716 |
| Indiana Housing and Community Development Authority, SFMR: |  |  |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), Social Bonds, 4.35%, 7/1/37 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1015870 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), Social Bonds, 4.60%, 7/1/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1017928 |
| Los Angeles Housing Authority, CA, (FNMA), 3.75%, 4/1/34 | 1975 | &nbsp;&nbsp;&nbsp;&nbsp;1973139 |
| Maine Housing Authority, Social Bonds, 4.15%, 11/15/42 | 1590 | &nbsp;&nbsp;&nbsp;&nbsp;1550620 |
| Maryland Community Development Administration, (Villages at Marley Station), (FNMA), Sustainability Bonds, 4.35%, 2/1/44 | 3970 | &nbsp;&nbsp;&nbsp;&nbsp;3841162 |
| Maryland Community Development Administration, Department of Housing and Community Development: |  |  |
| &nbsp;&nbsp;&nbsp;4.05%, 7/1/40 | 1575 | &nbsp;&nbsp;&nbsp;&nbsp;1560601 |
| &nbsp;&nbsp;&nbsp;4.35%, 7/1/50 | &nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531807 |
| Maryland Economic Development Corp., (Morgan State University), Student Housing Revenue, 5.625%, 7/1/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1053159 |
| Massachusetts Housing Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 3.30%, 12/1/28 | &nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545811 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), Social Bonds, 4.40%, 12/1/38 | 1475 | &nbsp;&nbsp;&nbsp;&nbsp;1493939 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), Social Bonds, 4.70%, 12/1/43 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;2011866 |
| New Jersey Housing and Mortgage Finance Agency, SFMR, Social Bonds, 3.85%, 4/1/32 | 3190 | &nbsp;&nbsp;&nbsp;&nbsp;3256147 |
| New York City Housing Development Corp., NY: |  |  |
| &nbsp;&nbsp;&nbsp;Sustainable Development Bonds, 0.90% to 1/1/26 (Put Date), 11/1/60 | 3430 | &nbsp;&nbsp;&nbsp;&nbsp;3407543 |
| &nbsp;&nbsp;&nbsp;Sustainable Development Bonds, 1.70%, 5/1/32 | 2100 | &nbsp;&nbsp;&nbsp;&nbsp;1786358 |
| &nbsp;&nbsp;&nbsp;Sustainable Development Bonds, 1.75%, 11/1/32 | &nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861093 |
| &nbsp;&nbsp;&nbsp;Sustainable Neighborhood Bonds, 3.80%, 11/1/30 | &nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965616 |
| New York Housing Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, (FHLMC), (FNMA), (GNMA), (SONYMA), 2.85%, 11/1/39 | 1980 | &nbsp;&nbsp;&nbsp;&nbsp;1653768 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Housing (continued) | Housing (continued) |  |
| New York Housing Finance Agency: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, (SONYMA), 2.50% to 5/1/27 (Put Date), 11/1/60 | $&nbsp;&nbsp;745 | $740179 |
| Oregon Housing and Community Services Department, (Redmond Landing Apartments), (FNMA), 4.33%, 11/1/43 | 2145 | &nbsp;&nbsp; 2112613 |
| Pennsylvania Housing Finance Agency, SFMR: |  |  |
| &nbsp;&nbsp;&nbsp;3.90%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp; 930078 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 0.95%, 10/1/28 | 1025 | &nbsp;&nbsp; 948666 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 4.30%, 10/1/42 | 2560 | &nbsp;&nbsp; 2518164 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 4.40%, 10/1/38 | 1500 | &nbsp;&nbsp; 1521771 |
| Public Finance Authority, WI, (Aggie Apartment Life Holding Corp., II LLC): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/34 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;1175945 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/39 | &nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998315 |
| Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC), 5.00%, 6/1/28 | &nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689261 |
| Seattle Housing Authority, WA, (Juniper Apartments): |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 12/1/30 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1024190 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/27 | &nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508776 |
| Utah Housing Corp., 4.00%, 1/1/36 | &nbsp;&nbsp;755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755672 |
| Virginia Housing Development Authority, 4.10%, 10/1/27 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;4002797 |
| Washington Housing Finance Commission, (Radford Court and Nordheim Court), 5.50%, 7/1/44 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1045873 |
| Waterbury Housing Authority, CT, (Laurel Estates Preservation LLC), (FHLMC), 4.50%, 2/1/42 | 1495 | &nbsp;&nbsp;&nbsp;&nbsp;1502774 |
| Wisconsin Housing and Economic Development Authority, 3.875% to 5/1/27 (Put Date), 11/1/54 | 1210 | &nbsp;&nbsp;&nbsp;&nbsp;1210950 |
|  |  | **$71253550** |
| Industrial Development Revenue — 2.0% | Industrial Development Revenue — 2.0% |  |
| California Municipal Finance Authority, (Republic Services, Inc.), (AMT), 4.375% to 9/1/33 (Put Date), 9/1/53 | $1000 | &nbsp;&nbsp;&nbsp;$1046559 |
| California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 3.00%, 11/1/25 | &nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849844 |
| Henderson, KY, (Pratt Paper, LLC), (AMT), 3.70%, 1/1/32<sup>(2)</sup> | 1530 | &nbsp;&nbsp;&nbsp;&nbsp;1539888 |
| Iowa Finance Authority, (LOC: Citibank, N.A.), (AMT), Green Bonds, 3.875% to 4/1/26 (Put Date), 1/1/42 | 1445 | &nbsp;&nbsp;&nbsp;&nbsp;1442534 |
| Niagara Area Development Corp., NY, (Covanta), (AMT), 4.75%, 11/1/42<sup>(2)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;1821449 |
| Valparaiso, IN, (Pratt Paper (IN) LLC), (AMT), 4.875%, 1/1/44<sup>(2)</sup> | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;1243677 |
|  |  | &nbsp;&nbsp;&nbsp;**$7943951** |
| Insured - Electric Utilities — 0.7% | Insured - Electric Utilities — 0.7% |  |
| New York Power Authority: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), Green Bonds, 5.25%, 11/15/41 | $1500 | &nbsp;&nbsp;&nbsp;$1665058 |
| &nbsp;&nbsp;&nbsp;(AG), Green Bonds, 5.25%, 11/15/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1097526 |
|  |  | &nbsp;&nbsp;&nbsp;**$2762584** |

---

------

Calvert

Responsible Municipal Income Fund

September 30, 2025

Schedule of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Insured - General Obligations — 1.8% | Insured - General Obligations — 1.8% |  |
| Maricopa County Elementary School District No. 8 Osborn, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/41<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;850 | $917332 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/43<sup>(3)</sup> | 1300 | &nbsp;&nbsp; 1376675 |
| Sparta Area School District, WI, (AG), 3.00%, 3/1/40 | 1300 | &nbsp;&nbsp; 1097684 |
| Stockton Unified School District, CA, (Election of 2022), (BAM), 5.00%, 8/1/41 | 1130 | &nbsp;&nbsp; 1250934 |
| Whatcom County Public Utility District No. 1, WA: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), (BAM), 5.25%, 12/1/40 | 1220 | &nbsp;&nbsp; 1294739 |
| &nbsp;&nbsp;&nbsp;(AMT), (BAM), 5.50%, 12/1/41 | 1000 | &nbsp;&nbsp; 1074242 |
|  |  | &nbsp;&nbsp;&nbsp;**$7011606** |
| Insured - Lease Revenue/Certificates of Participation — 0.2% | Insured - Lease Revenue/Certificates of Participation — 0.2% |  |
| Erie Sewer Authority, PA, (BAM), 5.00%, 12/1/42<sup>(3)</sup> | $&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;$941275 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$941275** |
| Insured - Solid Waste — 0.0%<sup>†</sup> | Insured - Solid Waste — 0.0%<sup>†</sup> |  |
| South Bayside Waste Management Authority, CA, (Shoreway Environmental Center): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AG), (AMT), Escrowed to Maturity, 5.00%, 9/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15925 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AG), (AMT), Escrowed to Maturity, 5.00%, 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16203 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$32128** |
| Insured - Special Tax Revenue — 0.5% | Insured - Special Tax Revenue — 0.5% |  |
| Gilbert Community School District, IA, Infrastructure Sales Services and Use Tax Revenue, (AG), 4.375%, 6/1/43 | $1965 | &nbsp;&nbsp;&nbsp;$1920391 |
|  |  | &nbsp;&nbsp;&nbsp;**$1920391** |
| Insured - Transportation — 0.2% | Insured - Transportation — 0.2% |  |
| Ohio, (Portsmouth Gateway Group, LLC), (AG), (AMT), 5.00%, 12/31/30 | $&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp;$610550 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$610550** |
| Insured - Water and Sewer — 2.3% | Insured - Water and Sewer — 2.3% |  |
| Atlanta, GA, Water and Wastewater Revenue, (BAM), Green Bonds, 4.00%, 11/1/43 | $1350 | &nbsp;&nbsp;&nbsp;$1298505 |
| Berkeley County Public Service District, WV, Water Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), Green Bonds, 4.25%, 12/1/49 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;1221820 |
| &nbsp;&nbsp;&nbsp;(BAM), Green Bonds, 5.00%, 12/1/38 | &nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541009 |
| &nbsp;&nbsp;&nbsp;(BAM), Green Bonds, 5.00%, 12/1/39 | &nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354759 |
| &nbsp;&nbsp;&nbsp;(BAM), Green Bonds, 5.00%, 12/1/40 | &nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534355 |
| Carmel, IN, Waterworks Revenue, (BAM), 5.25%, 5/1/51 | 1375 | &nbsp;&nbsp;&nbsp;&nbsp;1421226 |
| Chicago, IL, Wastewater Transmission Revenue, (AG), 5.00%, 1/1/39 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1064348 |
| Chicago, IL, Water Revenue, (AG), 5.00%, 11/1/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1064030 |
| Eagle River Water and Sanitation District, CO, (AG), 4.00%, 12/1/52 | 1820 | &nbsp;&nbsp;&nbsp;&nbsp;1639913 |
|  |  | &nbsp;&nbsp;&nbsp;**$9139965** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Lease Revenue/Certificates of Participation — 3.9% | Lease Revenue/Certificates of Participation — 3.9% |  |
| Avon Community School Building Corp., IN, 5.50%, 7/15/41 | $1000 | $1096552 |
| Battery Park City Authority, NY, Sustainability Bonds, 5.00%, 11/1/53 | 4000 | &nbsp;&nbsp; 4179953 |
| Columbus Multi School Building Corp., IN, 5.00%, 7/15/42<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp; 864721 |
| Connecticut Health and Educational Facilities Authority, (State Supported Child Care), 4.00%, 7/1/38 | 1145 | &nbsp;&nbsp; 1135444 |
| Kansas City, MO, Special Obligation Bonds, 4.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp; 400144 |
| New Jersey Economic Development Authority, (Portal North Bridge), 5.00%, 11/1/35 | 1200 | &nbsp;&nbsp; 1326657 |
| University of North Dakota, Certificates of Participation, Green Certificates, 5.00%, 4/1/48 | 1465 | &nbsp;&nbsp; 1483476 |
| Vail, CO, Certificates of Participation, 5.25%, 12/1/50 | 1250 | &nbsp;&nbsp; 1310822 |
| Wasatch County School District Local Building Authority, UT, 5.50%, 6/1/47 | 3450 | &nbsp;&nbsp;&nbsp;&nbsp;3661974 |
|  |  | **$15459743** |
| Other Revenue — 6.0% | Other Revenue — 6.0% |  |
| California Community Choice Financing Authority: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00% to 10/1/32 (Put Date), 8/1/55 | $4300 | &nbsp;&nbsp;&nbsp;$4638320 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00% to 12/1/32 (Put Date), 1/1/55 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;4238251 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00% to 8/1/29 (Put Date), 12/1/53 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;1597239 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25% to 4/1/30 (Put Date), 11/1/54 | 1660 | &nbsp;&nbsp;&nbsp;&nbsp;1800753 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.50% to 11/1/30 (Put Date), 10/1/54 | 4905 | &nbsp;&nbsp;&nbsp;&nbsp;5373639 |
| Center City, MN, (Hazelden Betty Ford Foundation), 5.00%, 11/1/44 | 1160 | &nbsp;&nbsp;&nbsp;&nbsp;1187757 |
| Fairfax County Economic Development Authority, VA, (National Wildlife Federation): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 9/1/34 | 1310 | &nbsp;&nbsp;&nbsp;&nbsp;1382182 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 9/1/36 | 1445 | &nbsp;&nbsp;&nbsp;&nbsp;1512927 |
| Illinois Educational Facilities Authority, (Field Museum of Natural History): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/36 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1006900 |
| &nbsp;&nbsp;&nbsp;4.45%, 11/1/36 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1013674 |
| Massachusetts Development Finance Agency, (Seven Hills Foundation and Affiliates Issue), 6.00%, 9/1/50 | &nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528008 |
|  |  | **$24279650** |
| Senior Living/Life Care — 0.9% | Senior Living/Life Care — 0.9% |  |
| California Municipal Finance Authority, (HumanGood - California Obligated Group), 5.25%, 10/1/45 | $2240 | &nbsp;&nbsp;&nbsp;$2310854 |
| Franklin County, OH, (Ohio Living), 4.00%, 7/1/33 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;1464824 |
|  |  | &nbsp;&nbsp;&nbsp;**$3775678** |
| Special Tax Revenue — 4.0% | Special Tax Revenue — 4.0% |  |
| Massachusetts, (Rail Enhancement Program), Sustainability Bonds, 5.00%, 6/1/50 | $1000 | &nbsp;&nbsp;&nbsp;$1028261 |
| Metropolitan Transportation Authority, NY, Green Bonds, 5.00%, 11/15/44 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;2650293 |
| Regional Transportation District, CO, Sales Tax Revenue, Green Bonds, 4.00%, 11/1/39 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1011795 |

---

------

Calvert

Responsible Municipal Income Fund

September 30, 2025

Schedule of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Special Tax Revenue (continued) | Special Tax Revenue (continued) |  |
| Sales Tax Securitization Corp., IL, Social Bonds, 4.00%, 1/1/42 | $3000 | $2923317 |
| Southeastern Pennsylvania Transportation Authority, 5.25%, 6/1/39 | 3000 | &nbsp;&nbsp; 3274322 |
| Triborough Bridge and Tunnel Authority, NY, Green Bonds, 5.25%, 11/15/40 | 3000 | &nbsp;&nbsp; 3333363 |
| Village of Bellwood, IL, (Bellwood Workforce Housing), 5.00%, 12/1/50 | 1000 | &nbsp;&nbsp; 985431 |
| Washington Metropolitan Area Transit Authority, D.C., Green Bonds, 4.125%, 7/15/47 | 1000 | &nbsp;&nbsp; 940814 |
|  |  | **$16147596** |
| Student Loan — 0.0%<sup>†</sup> | Student Loan — 0.0%<sup>†</sup> |  |
| Massachusetts Educational Financing Authority, (AMT), 5.00%, 7/1/30 | $&nbsp;&nbsp;&nbsp;&nbsp;100 | $106375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$106375** |
| Transportation — 5.1% | Transportation — 5.1% |  |
| Atlanta, GA, Airport Passenger Facility Charge Revenue, Green Bonds, (AMT), 5.25%, 7/1/41 | $1500 | &nbsp;&nbsp;&nbsp;$1606075 |
| Atlanta, GA, Department of Aviation: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 7/1/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1078309 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 7/1/42 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;1603157 |
| Los Angeles Department of Airports, CA, (Los Angeles International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.00%, 5/15/37 | 1760 | &nbsp;&nbsp;&nbsp;&nbsp;1911929 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.50%, 5/15/39 | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;3470001 |
| Massachusetts, (Rail Enhancement Program), Sustainability Bonds, 5.00%, 6/1/53 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1037118 |
| Metropolitan Transportation Authority, NY, Green Bonds, 4.00%, 11/15/45 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;1792636 |
| Port of Portland, OR, (Portland International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 7/1/39 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;1620874 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 7/1/45 | 6000 | &nbsp;&nbsp;&nbsp;&nbsp;6276036 |
|  |  | **$20396135** |
| Water and Sewer — 4.8% | Water and Sewer — 4.8% |  |
| Clairton Municipal Authority, PA, Sewer Revenue, 4.00%, 12/1/38 | $1750 | &nbsp;&nbsp;&nbsp;$1699582 |
| District of Columbia Water and Sewer Authority: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 10/1/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1088497 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 10/1/42 | 1290 | &nbsp;&nbsp;&nbsp;&nbsp;1388002 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 10/1/43 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;2671318 |
| Great Lakes Water Authority, MI, Water Supply System Revenue, 5.25%, 7/1/48 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1061203 |
| Honolulu City and County, HI, Wastewater System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25%, 7/1/46 | &nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542579 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25%, 7/1/47 | &nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648533 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25%, 7/1/50 | &nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536674 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25%, 7/1/55 | &nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533641 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Water and Sewer (continued) | Water and Sewer (continued) |  |
| Jefferson County, AL, Sewer Revenue, 5.25%, 10/1/40 | $1500 | $1623111 |
| Massachusetts Clean Water Trust, Sustainability Bonds, 5.00%, 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp; 751076 |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.00%, 6/15/47 | 1000 | &nbsp;&nbsp; 1036877 |
| Oklahoma Water Resources Board, (Clean Water Program), 5.00%, 4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp; 673626 |
| Santa Clara Valley Water District, CA: |  |  |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp; 242117 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 5.00%, 8/1/47 | &nbsp;&nbsp;750 | &nbsp;&nbsp; 790830 |
| Tacoma, WA, Sewer Revenue, 4.00%, 12/1/48 | 2325 | &nbsp;&nbsp; 2191701 |
| Virginia Beach, Storm Water Utility Revenue, 4.00%, 11/15/45 | 1870 | &nbsp;&nbsp;&nbsp;&nbsp;1802607 |
|  |  | **$19281974** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $346,502,563) |  | **$346862981** |

---

Taxable Municipal Obligations — 3.8%

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Education — 0.8% | Education — 0.8% |  |
| San Antonio Education Facilities Corp., TX, (University of the Incarnate Word): |  |  |
| &nbsp;&nbsp;&nbsp;1.99%, 4/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;550 | $541281 |
| &nbsp;&nbsp;&nbsp;2.19%, 4/1/27 | &nbsp;&nbsp;600 | &nbsp;&nbsp; 573473 |
| &nbsp;&nbsp;&nbsp;2.38%, 4/1/28 | 1190 | &nbsp;&nbsp; 1107121 |
| &nbsp;&nbsp;&nbsp;2.50%, 4/1/29 | 1000 | &nbsp;&nbsp; 905787 |
|  |  | **$3127662** |
| Electric Utilities — 0.5% | Electric Utilities — 0.5% |  |
| Confederated Tribes of Warm Springs Reservation, OR, (Pelton-Round Butte Hydroelectric Project): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 2.015%, 11/1/25<sup>(2)</sup> | $&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp;$743420 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 2.52%, 11/1/28<sup>(2)</sup> | 1205 | &nbsp;&nbsp;&nbsp;&nbsp;1131159 |
|  |  | &nbsp;&nbsp;&nbsp;**$1874579** |
| General Obligations — 1.2% | General Obligations — 1.2% |  |
| Detroit, MI, Social Bonds, 2.96%, 4/1/27 | $&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;$735498 |
| Larkspur-Corte Madera School District, CA, (Election of 2011 and 2014): |  |  |
| &nbsp;&nbsp;&nbsp;1.702%, 8/1/30 | &nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373307 |
| &nbsp;&nbsp;&nbsp;1.802%, 8/1/31 | &nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352246 |
| Los Angeles, CA, Social Bonds, 5.00%, 9/1/26 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;3032874 |
| Tustin Unified School District, CA, 1.554%, 8/1/29 | &nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490811 |
|  |  | &nbsp;&nbsp;&nbsp;**$4984736** |

---

------

Calvert

Responsible Municipal Income Fund

September 30, 2025

Schedule of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Hospital — 0.1% | Hospital — 0.1% |  |
| University of Wisconsin Hospitals and Clinics Authority, 2.09%, 4/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;590 | $562930 |
|  |  | **$562930** |
| Housing — 0.1% | Housing — 0.1% |  |
| Independent Cities Finance Authority, CA, (Sahara Mobile Home Park), 2.51%, 6/15/31 | $&nbsp;&nbsp;&nbsp;&nbsp;500 | $456413 |
|  |  | **$456413** |
| Insured - Housing — 0.2% | Insured - Housing — 0.2% |  |
| Oregon Facilities Authority, (CHF-Ashland, LLC - Southern Oregon University): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 2.005%, 7/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;185 | $176970 |
| &nbsp;&nbsp;&nbsp;(AG), 2.429%, 7/1/29 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253304 |
| &nbsp;&nbsp;&nbsp;(AG), 2.679%, 7/1/31 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212944 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$643218** |
| Lease Revenue/Certificates of Participation — 0.4% | Lease Revenue/Certificates of Participation — 0.4% |  |
| New Jersey Economic Development Authority, (Offshore Wind Port): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.198%, 3/1/31 | $&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;$518262 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.298%, 3/1/32 | &nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520524 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.398%, 3/1/33 | &nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523253 |
|  |  | &nbsp;&nbsp;&nbsp;**$1562039** |
| Special Tax Revenue — 0.5% | Special Tax Revenue — 0.5% |  |
| California Health Facilities Financing Authority, (No Place Like Home Program), Social Bonds, 2.361%, 6/1/26 | $2000 | &nbsp;&nbsp;&nbsp;$1980288 |
|  |  | &nbsp;&nbsp;&nbsp;**$1980288** |
| Total Taxable Municipal Obligations<br> (identified cost $15,666,816) |  | **$15191865** |
| Total Investments — 95.6%<br> (identified cost $384,870,833) |  | **$384308341** |

---

---

| | |
|:---|:---|
| Other Assets, Less Liabilities — 4.4% | **$17587919** |
| Net Assets — 100.0% | **$401896260** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Schedule of Investments is based on net assets. | The percentage shown for each investment category in the Schedule of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at September 30, 2025. |
| <sup>(2)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2025, the aggregate value of these securities is $8,492,034 or 2.1% of the Fund's net assets. |
| <sup>(3)</sup> | When-issued security. |

---

---

| |
|:---|
| At September 30, 2025, the concentration of the Fund's investments in the various states, determined as a percentage of net assets, is as follows: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California17.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, representing less than 10% individually76.4% |
| The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At September 30, 2025, 6.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.8% to 3.2% of total investments. |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AG | – Assured Guaranty Inc. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| BAM | – Build America Mutual Assurance Co. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| LOC | – Letter of Credit |
| PSF | – Permanent School Fund |
| SFMR | – Single Family Mortgage Revenue |
| SONYMA | – State of New York Mortgage Agency |

---

The Fund did not have any open derivative instruments at September 30, 2025.

------

Calvert

Responsible Municipal Income Fund

September 30, 2025

Schedule of Investments (Unaudited) — continued

------

Affiliated Investments

Transactions in the Fund's investment in funds that may be deemed to be affiliated for the fiscal year to date ended September 30, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net<br> realized<br> gain<br> (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value,<br> end of<br> period** | **Dividend<br> income** | **Shares,<br> end of<br> period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |  |  |  |  |  |  |
| Liquidity Fund, Institutional Class<sup>(1)</sup> | $4672 | $34436703 | $(34441375) | $— | $— | $— | $63453 |  |

---

<sup>(1)</sup> Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio.

Fair Value Measurements

U.S. generally accepted accounting principles (U.S. GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

Level 1 - quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

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

The following table summarizes the market value of the Fund's holdings as of September 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Corporate Bonds | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$9053954 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$9053954 |
| Tax-Exempt Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13199541 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13199541 |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;346862981 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;346862981 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15191865 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15191865 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$384308341** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$384308341** |

---

For information on the Fund's policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent annual or semi-annual financial statements.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Calvert Management Series

- **b. Investment Company Act file number:** 811-03101

- **c. CIK number of Registrant:** 0000319676

- **d. LEI of Registrant:** 549300JLDDCMBLNYVQ38

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

  - **Street Address 1:** 2050 M Street NW

  - **City:** Washington

  - **State:** DC

  - **Foreign country:** US

  - **Zip / Postal Code:** 20036

  - **Telephone number:** 202-238-2200

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

- **a. Name of Series:** Calvert Responsible Municipal Income Fund

- **b. EDGAR series identifier (if any):** S000005140

- **c. LEI of Series:** 549300ZG1E6BAXLWCV59

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

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

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $407279934.09

**Total Liabilities:** $5674047.33

**Net Assets:** $401605886.76

**Delayed Delivery Securities:** $4088226.40

**Cash Not Reported:** $15650471.49

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -883.52000000 | **1-Year:** -12417.34000000 | **5-Year:** -64308.01000000 | **10-Year:** -142126.22000000 | **30-Year:** -34513.46000000

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

- **3-Month:** -50.48000000 | **1-Year:** -857.50000000 | **5-Year:** -2543.70000000 | **10-Year:** -4572.68000000 | **30-Year:** -475.08000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000160653 | -0.45%               | 0.82%                | 2.43%                |
| Class ID C000014074 | -0.48%               | 0.87%                | 2.34%                |
| Class ID C000160651 | -0.54%               | 0.81%                | 2.28%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-49020.77               | $-2808409.85                               |
| Month 2  | $-224384.40              | $2427412.21                                |
| Month 3  | $227110.57               | $8099918.00                                |

**Designated Index Information**

- **Index Name:** BB Barclays Municipal Bd

- **Index Identifier:** MBINDEX

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| District of Columbia Water & Sewer Authority                                     | DIST OF COLUMBIA WTR & SWR AUTH PUBLIC UTILITY REVENUE       | CUSIP: 254845VQ0<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2671318.25   | 0.67%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT REVENUE           | CUSIP: 93978LHE9<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045872.90   | 0.26%             | 2044-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION                             | CUSIP: 93978UAA4<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   3975933 | PA      | $3825323.75   | 0.95%             | 2050-03-01      | Floating      | 4.22%                 | No            |                  2 | On Loan: No      |
| Kern Community College District                                                  | KERN CA CMNTY CLG DIST                                       | CUSIP: 492244GQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2247722.40   | 0.56%             | 2038-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                   | CUSIP: 56681NGR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $478693.90    | 0.12%             | 2031-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp                                                    | SALES TAX SECURITIZATION CORP IL                             | CUSIP: 79467BFA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2923316.70   | 0.73%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                             | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE                     | CUSIP: 57587GXH3<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1493939.15   | 0.37%             | 2038-12-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH HLTH FAC REVENUE                         | CUSIP: 45471CBR8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2520000 | PA      | $2444104.66   | 0.61%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH HLTH FAC REVENUE                         | CUSIP: 45471CBQ0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1178566.76   | 0.29%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue                          | GREAT LAKES MI WTR AUTH WTR SPLY SYS REVENUE                 | CUSIP: 39081JGP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061202.60   | 0.26%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Denver City & County Housing Authority                                           | DENVER CO CITY & CNTY MF HSG REVENUE                         | CUSIP: 24917QBJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2010114.80   | 0.50%             | 2041-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                            | NEW YORK ST HSG FIN AGY                                      | CUSIP: 64987DM27<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   1980000 | PA      | $1653767.87   | 0.41%             | 2039-11-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                        | ATLANTA GA ARPT REVENUE                                      | CUSIP: 04780M2X6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078309.00   | 0.27%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Tacoma WA Electric System Revenue                                        | TACOMA WA ELEC SYS REVENUE                                   | CUSIP: 873519QM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3123115.80   | 0.78%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Larkspur-Corte Madera School District                                            | LARKSPUR-CORTE MADERA CA SCH DIST                            | CUSIP: 51724TCY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $373306.69    | 0.09%             | 2030-08-01      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                                | INDIANA ST HSG & CMNTY DEV AUTH SF MTGE REVENUE              | CUSIP: 45505TYA3<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015869.60   | 0.25%             | 2037-07-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008ERH1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    120000 | PA      | $119625.12    | 0.03%             | 2026-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Trinity Public Utilities District                                                | TRINITY CA PUBLIC UTILITIES DIST FING AUTH ELEC REVENUE      | CUSIP: 89656BBK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1103893.73   | 0.27%             | 2029-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO                                                           | KANSAS CITY MO SPL OBLG                                      | CUSIP: 485106MK1<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400143.76    | 0.10%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Passaic County Improvement Authority/The                                         | PASSAIC CNTY NJ IMPT AUTH CNTY GTD GOVTL LOAN REVENUE        | CUSIP: 702755DE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $990447.92    | 0.25%             | 2042-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TD75<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1274103.61   | 0.32%             | 2037-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JDD5<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4905000 | PA      | $5373639.40   | 1.34%             | 2054-10-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Utah Associated Municipal Power Systems                                          | UTAH ST ASSOCIATED MUNI PWR SYS REVENUE                      | CUSIP: 917328RU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $684290.49    | 0.17%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE     | CUSIP: 130536QV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $849844.37    | 0.21%             | 2025-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PZW8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10369.28     | 0.00%             | 2032-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REV                  | CUSIP: 20774YUS4<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1135444.52   | 0.28%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Public Utility District No 1 Wells Hydroelectric Project Revenue  | DOUGLAS CNTY WA PUBLIC UTILITY DIST #1 WELLS HYDROELEC       | CUSIP: 259561TQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2016206.20   | 0.50%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of North Dakota                                                       | UNIV OF NORTH DAKOTA COPS                                    | CUSIP: 914724BN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1483475.55   | 0.37%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Housing Revenue               | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE                 | CUSIP: 9769044P4<br>LEI: 549300AT0SEG8YQT2K79 | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1210949.61   | 0.30%             | 2054-11-01      | Floating      | 3.88%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 65000B8M3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066224.70   | 0.27%             | 2040-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Berkeley County Public Service District                                          | BERKELEY CNTY WV PUBLIC SVC DIST WTR REVENUE                 | CUSIP: 084246NW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1221819.75   | 0.30%             | 2049-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Oregon City School District No 62                                                | CLACKAMAS CNTY OR SCH DIST #62C OREGON CITY                  | CUSIP: 179162LU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $798727.34    | 0.20%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Erie Sewer Authority                                                             | ERIE PA SWR AUTH                                             | CUSIP: 295533RW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $941275.35    | 0.23%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                 | WASHINGTON DC MET AREA TRANSIT AUTH DEDICATED REVENUE        | CUSIP: 93878YCS6<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $940814.10    | 0.23%             | 2047-07-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JEB8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4300000 | PA      | $4638319.70   | 1.15%             | 2055-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584YVR7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2480000 | PA      | $2509482.49   | 0.62%             | 2059-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                        | ATLANTA GA ARPT REVENUE                                      | CUSIP: 04780M2Y4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1603157.25   | 0.40%             | 2042-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Virginia Beach VA Storm Water Utility Revenue                            | VIRGINIA BEACH VA STORM WTR UTILITY REVENUE                  | CUSIP: 927747GM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1870000 | PA      | $1802607.07   | 0.45%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Snohomish County School District No 4 Lake Stevens                               | SNOHOMISH CNTY WA SCH DIST #4LAKE STEVENS                    | CUSIP: 833124QR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2180000 | PA      | $2189814.58   | 0.55%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JBL9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1597239.15   | 0.40%             | 2053-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UVD7<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1980287.80   | 0.49%             | 2026-06-01      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| Gretna Public Schools                                                            | SARPY CNTY NE SCH DIST #37                                   | CUSIP: 803770XB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1415379.15   | 0.35%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | MISSOURI ST HLTH & EDUCTNL FACS AUTH HLTH FACS REVENUE       | CUSIP: 60637AMG4<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1613987.64   | 0.40%             | 2047-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Elementary School District No 8 Osborn                           | MARICOPA CNTY AZ ELEM SCH DIST #8 OSBORN                     | CUSIP: 56674MEQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1376675.17   | 0.34%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Canton Independent School District/TX                                            | CANTON TX INDEP SCH DIST                                     | CUSIP: 138555RD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2070000 | PA      | $2247264.04   | 0.56%             | 2042-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI STUDENT HSG REVENUE                       | CUSIP: 74439YCR0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    665000 | PA      | $689261.39    | 0.17%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Independent Cities Finance Authority                                             | INDEP CITIES CA FIN AUTH MOBILE HOME PARK REVENUE            | CUSIP: 45385LMH3<br>LEI: 549300ZZZYTBUL6FR983 | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1161236.44   | 0.29%             | 2034-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Howell Public Schools                                                            | HOWELL MI PUBLIC SCHS                                        | CUSIP: 443114WP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1403809.55   | 0.35%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI STUDENT HSG REVENUE                       | CUSIP: 74439YEW7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1175944.99   | 0.29%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grant County Public Utility District No 2 Priest Rapids Hydroelectric Project    | GRANT CNTY WA PUBLIC UTIL DIST #2 PRIEST RAPIDS HYDRO ELEC R | CUSIP: 387883A76<br>LEI: 549300XJXH7RNXS8PA58 | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1641611.57   | 0.41%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLUEHUB LOAN FUND                                                                | BlueHub Loan Fund Inc                                        | CUSIP: 095623AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4551897.50   | 1.13%             | 2030-01-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008ERM0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101280.20    | 0.03%             | 2030-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                      | CALIFORNIA ST ENTERPRISE DEV AUTH CHRT SCH REVENUE           | CUSIP: 13069AAX6<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    500000 | PA      | $520660.45    | 0.13%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Tech University System                                                     | TEXAS ST TECH UNIV REVENUES                                  | CUSIP: 882806KK7<br>LEI: 549300SPM8LGJKCQO195 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076038.00   | 0.27%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE                 | CUSIP: 64972EK32<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   3430000 | PA      | $3407543.10   | 0.85%             | 2060-11-01      | Floating      | 0.90%                 | No            |                  2 | On Loan: No      |
| Arizona State University                                                         | ARIZONA ST UNIV                                              | CUSIP: 0406636P6<br>LEI: 254900BLZ1MCZ5JLK411 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1895330.37   | 0.47%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MUNI CTFS                               | CUSIP: 63607WAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1486511 | PA      | $1392006.00   | 0.35%             | 2039-08-20      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                                         | ARIZONA BRD OF RGTS ST UNIV SYS REVENUE                      | CUSIP: 04048RQN9<br>LEI: 254900BLZ1MCZ5JLK411 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2006029.60   | 0.50%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara Valley Water District Safe Clean Water Revenue                       | SANTA CLARA VLY CA WTR DIST SAFE CLEAN WTR REVENUE           | CUSIP: 80168EAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $242117.15    | 0.06%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County Honolulu HI Wastewater System Revenue                              | HONOLULU CITY & CNTY HI WSTWTR SYS REVENUE                   | CUSIP: 4387015D2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $648533.34    | 0.16%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Brookhaven Development Authority                                                 | BROOKHAVEN DEV AUTH GA                                       | CUSIP: 113073AY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1965000 | PA      | $1760222.24   | 0.44%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57585BMC9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $528008.10    | 0.13%             | 2050-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Wastewater Transmission Revenue                               | CHICAGO IL WSTWTR TRANSMISSION REVENUE                       | CUSIP: 167727D94<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064347.80   | 0.27%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATURE CONSERVANCY (THE)                                                         | Nature Conservancy/The                                       | CUSIP: 63902HAJ8<br>LEI: 549300GJ1IZME7V1JJ28 | Long             | DBT              | CORP              | US        |   1285000 | PA      | $1246096.45   | 0.31%             | 2026-07-01      | Fixed         | 0.94%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority                                    | MASSACHUSETTS ST EDUCTNL FING AUTH                           | CUSIP: 57563RTB5<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    100000 | PA      | $106374.87    | 0.03%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                    | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV             | CUSIP: 57419RWU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $531807.32    | 0.13%             | 2050-07-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| City of Henderson KY                                                             | HENDERSON KY EXEMPT FACS REVENUE                             | CUSIP: 425099AC2<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1539888.39   | 0.38%             | 2032-01-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH                                  | CUSIP: 64578EMS3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $523252.70    | 0.13%             | 2033-03-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Village of Bellwood IL                                                           | BELLWOOD IL TAX INCREMENT REVENUE                            | CUSIP: 080031AH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985431.20    | 0.25%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                                | INDIANA ST HSG & CMNTY DEV AUTH SF MTGE REVENUE              | CUSIP: 45505TYB1<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017927.80   | 0.25%             | 2042-07-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Navajo County Unified School District No 27 Kayenta                              | NAVAJO CNTY AZ UNIF SCH DIST #27 KAYENTA IMPACT AID REV      | CUSIP: 639147AB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1449029.53   | 0.36%             | 2035-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                   | OKLAHOMA ST WTR RES BRD ST LOAN PROGRAM REVENUE              | CUSIP: 67920Q5K0<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |   3055000 | PA      | $2925621.36   | 0.73%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jackson County Consolidated School District No 4                                 | JACKSON CNTY MO CONSOL SCH DIST #4                           | CUSIP: 467484RX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3425000 | PA      | $3505630.32   | 0.87%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | CUSIP: 13048RAM9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046558.50   | 0.26%             | 2053-09-01      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Transportation Fund Revenue                        | MASSACHUSETTS ST TRANSPRTN FUND REVENUE                      | CUSIP: 57604TKE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037118.10   | 0.26%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QSB0<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   2560000 | PA      | $2518164.22   | 0.63%             | 2042-10-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| City & County Honolulu HI Wastewater System Revenue                              | HONOLULU CITY & CNTY HI WSTWTR SYS REVENUE                   | CUSIP: 4387015F7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $536673.65    | 0.13%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH HLTH SYS REVENUE                         | CUSIP: 45470YFF3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1340875.38   | 0.33%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Howell Public Schools                                                            | HOWELL MI PUBLIC SCHS                                        | CUSIP: 443114WQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1608301.50   | 0.40%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA                                                               | ATLANTA GA                                                   | CUSIP: 047772J82<br>LEI: 549300GHLQ0J51NUBM84 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3871465.85   | 0.96%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | HAWAII ST                                                    | CUSIP: 419792LR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2012420.60   | 0.50%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kern Community College District                                                  | KERN CA CMNTY CLG DIST                                       | CUSIP: 492244GS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1323619.56   | 0.33%             | 2040-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Clean Water Trust/The                                              | MASSACHUSETTS ST CLEAN WTR TRUST                             | CUSIP: 575829MQ6<br>LEI: 549300SYPEROLSQU0261 | Long             | DBT              | MUN               | US        |    700000 | PA      | $751075.78    | 0.19%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                                     | DIST OF COLUMBIA WTR & SWR AUTH PUBLIC UTILITY REVENUE       | CUSIP: 254845VN7<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088496.70   | 0.27%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Seattle Housing Authority                                                        | SEATTLE WA HSG AUTH                                          | CUSIP: 812636PB8<br>LEI: 5493003LM6XXXMFX5M88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024190.10   | 0.26%             | 2030-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Independent Cities Finance Authority                                             | INDEP CITIES CA FIN AUTH MOBILE HOME PARK REVENUE            | CUSIP: 45385LNC3<br>LEI: 549300ZZZYTBUL6FR983 | Long             | DBT              | MUN               | US        |    500000 | PA      | $456413.50    | 0.11%             | 2031-06-15      | Fixed         | 2.51%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505QR0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1988912.60   | 0.50%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REV                              | CUSIP: 64577XDV5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1326656.64   | 0.33%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No 403 Renton                                        | KING CNTY WA SCH DIST #403 RENTON                            | CUSIP: 495080WM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1258187.50   | 0.31%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                            | FRANKLIN CNTY OH HLTH CARE FACS REVENUE                      | CUSIP: 353180MF6<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1464824.40   | 0.36%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of South Carolina                                                     | UNIV OF SOUTH CAROLINA SC HGREDU REVENUE                     | CUSIP: 913367FN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2485000 | PA      | $2569591.14   | 0.64%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917TNK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $247278.80    | 0.06%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Public Utility District No 1 Wells Hydroelectric Project Revenue  | DOUGLAS CNTY WA PUBLIC UTILITY DIST #1 WELLS HYDROELEC       | CUSIP: 259561TR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001120.60   | 0.50%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                             | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE                     | CUSIP: 57587ANE4<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    550000 | PA      | $545811.20    | 0.14%             | 2028-12-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp                                     | NEW YORK ST ENVRNMNTL FACS CORP REVENUE                      | CUSIP: 64985HR66<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3140025.60   | 0.78%             | 2052-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                   | OKLAHOMA ST WTR RESOURCE BRD REVOLVING FUND REVENUE          | CUSIP: 67919PWS8<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |    620000 | PA      | $673626.03    | 0.17%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Independent Cities Finance Authority                                             | INDEP CITIES CA FIN AUTH MOBILE HOME PARK REVENUE            | CUSIP: 45385LMN0<br>LEI: 549300ZZZYTBUL6FR983 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1050580.52   | 0.26%             | 2031-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Foothill-De Anza Community College District                                      | FOOTHILL-DE ANZA CA CMNTY CLGDIST                            | CUSIP: 345102QV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $251091.39    | 0.06%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Collier County Industrial Development Authority                                  | COLLIER CNTY FL INDL DEV AUTH                                | CUSIP: 194641BE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3286710.30   | 0.82%             | 2054-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Seattle Housing Authority                                                        | SEATTLE WA HSG AUTH                                          | CUSIP: 812636PA0<br>LEI: 5493003LM6XXXMFX5M88 | Long             | DBT              | MUN               | US        |    500000 | PA      | $508775.65    | 0.13%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tacoma WA Electric System Revenue                                        | TACOMA WA ELEC SYS REVENUE                                   | CUSIP: 873519QY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $879803.57    | 0.22%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Valley State University                                                    | GRAND VLY MI ST UNIV REVENUE                                 | CUSIP: 386545LB1<br>LEI: 5493004492FRREYG5M95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010631.60   | 0.25%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Niagara Area Development Corp                                                    | NIAGARA NY AREA DEV CORP SOLID WASTE DISP FAC REVENUE        | CUSIP: 653542AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1821448.40   | 0.45%             | 2042-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JEA0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4238250.80   | 1.06%             | 2055-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH ACT 38 FACS SENIOR REVEUE               | CUSIP: 59447NAY2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1173944.53   | 0.29%             | 2041-02-28      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                    | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV             | CUSIP: 57419RWS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1560601.51   | 0.39%             | 2040-07-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QKH5<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1025000 | PA      | $948665.79    | 0.24%             | 2028-10-01      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA                                                           | LOS ANGELES CA                                               | CUSIP: 544351QR3<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3032874.00   | 0.76%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cass County Joint Water Resource District                                        | CASS CNTY ND JT WTR RESOURCE DIST                            | CUSIP: 14805PBA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250854.00   | 0.31%             | 2027-04-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505SM9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2160000 | PA      | $2174314.75   | 0.54%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                            | CHICAGO IL WTRWKS REVENUE                                    | CUSIP: 167736W94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064030.50   | 0.26%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Center City MN                                                           | CENTER CITY MN HLTH CARE FACSREVENUE                         | CUSIP: 151452CQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1187757.52   | 0.30%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Waterbury Housing Authority                                                      | WATERBURY CT HSG AUTH MF HSG REVENUE                         | CUSIP: 941260AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1502773.70   | 0.37%             | 2042-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                    | CMNTY DEV ADMIN MD MF DEV REVENUE                            | CUSIP: 20364NCJ4<br>LEI: 549300LCO2FLSSVFFR64 | Long             | DBT              | MUN               | US        |   3970000 | PA      | $3841161.99   | 0.96%             | 2044-02-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| New York Power Authority                                                         | NEW YORK ST PWR AUTH GREEN TRANSMISSION PROJ REVENUE         | CUSIP: 65000XBQ2<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1665058.05   | 0.41%             | 2041-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Francisco Bay Area Rapid Transit District                                    | SAN FRANCISCO CA BAY AREA RAPID TRANSIT DIST                 | CUSIP: 797661F34<br>LEI: 549300Y3C3QUMLE3FY58 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3316870.80   | 0.83%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Bayside Waste Management Authority                                         | S BAYSIDE CA WST MGMT AUTH SOL WST ENTERPRISE REVENUE        | CUSIP: 83646ACU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16203.21     | 0.00%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AJ99<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1792635.40   | 0.45%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE      | CUSIP: 87638QSG5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2186112.40   | 0.54%             | 2052-11-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp                                                                | UTAH ST HSG CORP SF MTGE REVENUE                             | CUSIP: 9174366X0<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |    755000 | PA      | $755671.87    | 0.19%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                               | S ESTRN PA TRANSPRTN AUTH                                    | CUSIP: 842039FK0<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3274322.40   | 0.82%             | 2039-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Riverside Community College District                                             | RIVERSIDE CA CMNTY CLG DIST                                  | CUSIP: 76886PKV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1217470.25   | 0.30%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712DQR0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3817599.60   | 0.95%             | 2039-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048V3Y2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2240000 | PA      | $2310853.66   | 0.58%             | 2045-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | MISSOURI ST HLTH & EDUCTNL FACS AUTH HLTH FACS REVENUE       | CUSIP: 60637AMK5<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1105000 | PA      | $979071.11    | 0.24%             | 2049-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MUNI CTFS                               | CUSIP: 63607WAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2871183 | PA      | $2840332.16   | 0.71%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Antelope Valley Community College District                                       | ANTELOPE VLY CA CMNTY CLG DIST                               | CUSIP: 03667PHZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3274988.70   | 0.82%             | 2042-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp                                               | MARYLAND ST ECON DEV CORP STUDENT HSG REVENUE                | CUSIP: 57420VSM6<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053159.00   | 0.26%             | 2043-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008EWN2<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $530784.85    | 0.13%             | 2046-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MUNI CTFS                               | CUSIP: 63607WAW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2482513 | PA      | $2377799.92   | 0.59%             | 2051-10-01      | Variable      | 4.16%                 | No            |                  2 | On Loan: No      |
| Columbus Multi School Building Corp                                              | COLUMBUS IN MULTI-SCH BLDG CORP                              | CUSIP: 199240JH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $864721.52    | 0.22%             | 2042-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health Care Authority of the City of Huntsville/The                              | HUNTSVILLE AL HLTH CARE AUTH REVENUE                         | CUSIP: 44706HDX2<br>LEI: 254900QP8DQFH746YJ31 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5440494.50   | 1.35%             | 2053-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Education Facilities Corp                                            | SAN ANTONIO TX EDU FACS CORP REVENUE                         | CUSIP: 796247DR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $905786.80    | 0.23%             | 2029-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| San Antonio Education Facilities Corp                                            | SAN ANTONIO TX EDU FACS CORP REVENUE                         | CUSIP: 796247DP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $573472.56    | 0.14%             | 2027-04-01      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE                 | CUSIP: 64972ESA8<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    990000 | PA      | $861092.99    | 0.21%             | 2032-11-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| South Bayside Waste Management Authority                                         | S BAYSIDE CA WST MGMT AUTH SOL WST ENTERPRISE REVENUE        | CUSIP: 83646ACS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15924.96     | 0.00%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JDG8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1800753.06   | 0.45%             | 2054-11-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Illinois Educational Facilities Authority                                        | ILLINOIS ST EDUCTNL FACS AUTH                                | CUSIP: 45201QCZ5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006899.60   | 0.25%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maine State Housing Authority                                                    | MAINE ST HSG AUTH MTGE PURCHASE                              | CUSIP: 56052FYS8<br>LEI: 549300SO05LH6D240016 | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1550620.15   | 0.39%             | 2042-11-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Los Angeles Housing Authority                                                    | LOS ANGELES CA HSG AUTH MF HSG REVENUE                       | CUSIP: 544562CP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1975000 | PA      | $1973139.16   | 0.49%             | 2034-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| EP Tuscany Zaragosa PFC                                                          | EP TUSCANY ZARAGOSA PFC TX                                   | CUSIP: 29414WAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4992758.50   | 1.24%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FW Texas Street Public Facility Corp                                             | FW TEXAS STREET PUBLIC FAC CORP RSDL DEV REVENUE             | CUSIP: 30322SAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2530903.50   | 0.63%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE                 | CUSIP: 64972ERZ4<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1786357.86   | 0.44%             | 2032-05-01      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                | OREGON ST FACS AUTH REVENUE                                  | CUSIP: 68608JYR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $176970.33    | 0.04%             | 2027-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE             | CUSIP: 57421CGW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $71612.89     | 0.02%             | 2044-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH MOBILE HOME PARK REVENUE         | CUSIP: 13049SGA6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $909577.30    | 0.23%             | 2044-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                               | DETROIT MI                                                   | CUSIP: 2510936A3<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    600000 | PA      | $668365.86    | 0.17%             | 2032-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Power Authority                                                         | NEW YORK ST PWR AUTH GREEN TRANSMISSION PROJ REVENUE         | CUSIP: 65000XBR0<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1097525.50   | 0.27%             | 2042-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                           | MESA AZ UTILITY SYS REVENUE                                  | CUSIP: 590545TZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1035171.09   | 0.26%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447THE6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1714289.44   | 0.43%             | 2046-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Berkeley County Public Service District                                          | BERKELEY CNTY WV PUBLIC SVC DIST WTR REVENUE                 | CUSIP: 084246NT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $354758.75    | 0.09%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cuyahoga Metropolitan Housing Authority                                          | CUYAHOGA OH MET HSG AUTH REVENUE                             | CUSIP: 232394BM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1124903.75   | 0.28%             | 2031-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                             | JEFFERSON CNTY AL SWR REVENUE WARRANTS                       | CUSIP: 472682ZK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1623110.70   | 0.40%             | 2040-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                      | OHIO ST HGR EDUCTNL FAC COMMISSION                           | CUSIP: 67756DM52<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4113001.20   | 1.02%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Educational Facilities Authority                                        | ILLINOIS ST EDUCTNL FACS AUTH                                | CUSIP: 45201QCY8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013673.90   | 0.25%             | 2036-11-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH                                  | CUSIP: 64578EMQ7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $518262.25    | 0.13%             | 2031-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917THK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20155.15     | 0.01%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063CA34<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008733.30   | 0.25%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Pasadena CA                                                              | PASADENA CA                                                  | CUSIP: 70218GBB0<br>LEI: 5493007ZF3ZMBUWLWB58 | Long             | DBT              | MUN               | US        |   2980000 | PA      | $3196497.30   | 0.80%             | 2051-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Wisconsin Hospitals & Clinics                                      | UNIV HOSPS & CLINICS AUTH WI                                 | CUSIP: 915260DS9<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |    590000 | PA      | $562930.33    | 0.14%             | 2028-04-01      | Fixed         | 2.09%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 708796U47<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    930000 | PA      | $930078.49    | 0.23%             | 2035-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Clairton Municipal Authority                                                     | CLAIRTON PA MUNI AUTH SWR REVENUE                            | CUSIP: 179630DM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1699582.15   | 0.42%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Vail CO                                                                  | VAIL CO COPS                                                 | CUSIP: 91878DAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1310822.38   | 0.33%             | 2050-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDU REVENUE                               | CUSIP: 74442EGT1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $882656.60    | 0.22%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64985SJV6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    225000 | PA      | $242784.95    | 0.06%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tacoma WA Sewer Revenue                                                  | TACOMA WA SWR REVENUE                                        | CUSIP: 873545KW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2191701.24   | 0.55%             | 2048-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Larkspur-Corte Madera School District                                            | LARKSPUR-CORTE MADERA CA SCH DIST                            | CUSIP: 51724TCZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $352245.68    | 0.09%             | 2031-08-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH                                  | CUSIP: 64578EMR5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $520523.70    | 0.13%             | 2032-03-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GC28<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036877.40   | 0.26%             | 2047-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Athens Independent School District                                               | ATHENS TX INDEP SCH DIST                                     | CUSIP: 047375SX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3510000 | PA      | $3670061.97   | 0.91%             | 2045-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Wisconsin Hospitals & Clinics                                      | UNIV HOSPS & CLINICS AUTH WI                                 | CUSIP: 915260FR9<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1375555.35   | 0.34%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                | OREGON ST FACS AUTH REVENUE                                  | CUSIP: 68608JYT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $253304.01    | 0.06%             | 2029-07-01      | Fixed         | 2.43%                 | No            |                  2 | On Loan: No      |
| Manteca Unified School District                                                  | MANTECA CA UNIF SCH DIST                                     | CUSIP: 564538JL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2540732.49   | 0.63%             | 2045-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                           | VIRGINIA ST HSG DEV AUTH                                     | CUSIP: 92812WLB8<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4002796.80   | 1.00%             | 2027-10-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Berkeley County Public Service District                                          | BERKELEY CNTY WV PUBLIC SVC DIST WTR REVENUE                 | CUSIP: 084246NS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $541008.75    | 0.13%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Transportation Fund Revenue                        | MASSACHUSETTS ST TRANSPRTN FUND REVENUE                      | CUSIP: 57604TKC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028261.40   | 0.26%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | OHIO ST PRIVATE ACTIVITY REVENUE                             | CUSIP: 67759YAM9<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    610000 | PA      | $610550.40    | 0.15%             | 2030-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gilbert Community School District School Infrastructure Sales Services & Use Tax | GILBERT IA CMNTY SCH DIST SCHINFRASTRUCTURE SALES SVCS USE   | CUSIP: 375338CA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1965000 | PA      | $1920390.57   | 0.48%             | 2043-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| State of Oregon Housing & Community Services Department                          | OREGON ST HSG & CMNTY SVCS DEPT MF REVENUE                   | CUSIP: 68608ENJ7<br>LEI: 549300N3PYWYJ0Z8N757 | Long             | DBT              | MUN               | US        |   2145000 | PA      | $2112613.50   | 0.53%             | 2043-11-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Stockton Unified School District                                                 | STOCKTON CA UNIF SCH DIST                                    | CUSIP: 861419G78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1433592.58   | 0.36%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505ZC3<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4095448.40   | 1.02%             | 2036-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PZZ1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    765000 | PA      | $753043.59    | 0.19%             | 2032-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Carmel IN Waterworks Revenue                                             | CARMEL IN WTRWKS REVENUE                                     | CUSIP: 143321LQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1421226.40   | 0.35%             | 2051-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Avon Community School Building Corp                                              | AVON IN CMNTY SCH BLDG CORP                                  | CUSIP: 054071PE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1096552.30   | 0.27%             | 2041-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                            | NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE               | CUSIP: 64987JSG7<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    745000 | PA      | $740178.51    | 0.18%             | 2060-11-01      | Floating      | 2.50%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA MUNI FIN AUTH MF                                  | CUSIP: 130489AB3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3960000 | PA      | $3946184.75   | 0.98%             | 2040-08-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MUNI CTFS                               | CUSIP: 63607WAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2878738 | PA      | $2764078.65   | 0.69%             | 2036-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara Valley Water District Safe Clean Water Revenue                       | SANTA CLARA VLY CA WTR DIST SAFE CLEAN WTR REVENUE           | CUSIP: 80168EAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $790830.23    | 0.20%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                           | LOS ANGELES CA UNIF SCH DIST                                 | CUSIP: 544647GT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2035000 | PA      | $2357164.92   | 0.59%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County Honolulu HI Wastewater System Revenue                              | HONOLULU CITY & CNTY HI WSTWTR SYS REVENUE                   | CUSIP: 4387015G5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $533640.95    | 0.13%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                  | INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK                  | CUSIP: 45528U3C3<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2071064.80   | 0.52%             | 2052-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem-Keizer School District No 24J                                              | MARION & POLK CNTYS OR SCH DIST #24J SALEM                   | CUSIP: 569203PL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3042544.20   | 0.76%             | 2037-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water Reclamation District of Greater Chicago                       | CHICAGO IL MET WTR RECLAMATION DIST GREATER CHICAGO          | CUSIP: 167560TL5<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3001470.60   | 0.75%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tustin Unified School District                                                   | TUSTIN CA UNIF SCH DIST SCH FACS IMPT DIST                   | CUSIP: 901072KU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $490811.62    | 0.12%             | 2029-08-01      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE                 | CUSIP: 64972CKE2<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    965000 | PA      | $965615.57    | 0.24%             | 2030-11-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Oregon City School District No 62                                                | CLACKAMAS CNTY OR SCH DIST #62C OREGON CITY                  | CUSIP: 179162LR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1885466.45   | 0.47%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Valparaiso IN                                                            | VALPARAISO IN EXEMPT FACS REVENUE                            | CUSIP: 92028RAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1243677.13   | 0.31%             | 2044-01-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HGG6<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3333363.00   | 0.83%             | 2040-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Airport Passenger Facility Charge                             | ATLANTA GA ARPT PASSENGER FAC CHARGE REVENUE                 | CUSIP: 04780TEW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1606075.20   | 0.40%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                   | CUSIP: 56681NGJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $249673.88    | 0.06%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Warm Springs Reservation Confederated Tribe                                      | WARM SPRINGS OR RESERVATION CONFEDERATED TRIBES              | CUSIP: 934312AR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $743420.08    | 0.19%             | 2025-11-01      | Fixed         | 2.02%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 65000B8N1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    875000 | PA      | $924011.99    | 0.23%             | 2041-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Battery Park City Authority                                                      | BATTERY PARK CITY NY AUTH                                    | CUSIP: 07133AJM5<br>LEI: 549300RF3SFDOWRHVM56 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4179952.80   | 1.04%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008ERJ7<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |     80000 | PA      | $80776.39     | 0.02%             | 2027-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH ACT 38 FACS SENIOR REVEUE               | CUSIP: 59447NAX4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    600000 | PA      | $647018.10    | 0.16%             | 2040-02-29      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                                     | DIST OF COLUMBIA WTR & SWR AUTH PUBLIC UTILITY REVENUE       | CUSIP: 254845VP2<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1388002.20   | 0.35%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wasatch County School District Local Building Authority                          | WASATCH CNTY SCH DIST LOCAL BLDG AUTH LEASE REVENUE          | CUSIP: 936785AU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3450000 | PA      | $3661973.87   | 0.91%             | 2047-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Whatcom County Public Utility District No 1                                      | WHATCOM CNTY WA PUBLIC UTIL DIST #1                          | CUSIP: 962468FS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1294739.52   | 0.32%             | 2040-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584XNV9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $508764.35    | 0.13%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                              | PORT OF PORTLAND OR ARPT REVENUE                             | CUSIP: 7352403D3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1620873.60   | 0.40%             | 2039-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fairfax County Economic Development Authority                                    | FAIRFAX CNTY VA ECON DEV AUTH REVENUE                        | CUSIP: 30382EHE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1382182.44   | 0.34%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County Honolulu HI Wastewater System Revenue                              | HONOLULU CITY & CNTY HI WSTWTR SYS REVENUE                   | CUSIP: 4387015C4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $542578.50    | 0.14%             | 2046-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                               | DETROIT MI                                                   | CUSIP: 2510935M8<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    750000 | PA      | $735498.38    | 0.18%             | 2027-04-01      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| Sparta Area School District                                                      | SPARTA WI AREA SCH DIST                                      | CUSIP: 846754KW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1097683.86   | 0.27%             | 2040-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Berkeley County Public Service District                                          | BERKELEY CNTY WV PUBLIC SVC DIST WTR REVENUE                 | CUSIP: 084246NU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $534354.85    | 0.13%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                              | PORT OF PORTLAND OR ARPT REVENUE                             | CUSIP: 7352404F7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6276036.00   | 1.56%             | 2045-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority Dedicated Tax Fund                         | MET TRANSPRTN AUTH NY DEDICATED TAX FUND                     | CUSIP: 59260XCB2<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2650292.75   | 0.66%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                               | DETROIT MI                                                   | CUSIP: 2510935Z9<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    600000 | PA      | $663052.44    | 0.17%             | 2031-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| EP Cimarron Ventanas PFC                                                         | EP CIMARRON VENTANAS PFC TX RSDL DEV REVENUE                 | CUSIP: 26879QAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1954338.80   | 0.49%             | 2039-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Groton CT                                                                | GROTON CITY CT                                               | CUSIP: 399280E93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002853.40   | 0.25%             | 2042-04-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH SOL WST FACS REVENUE                        | CUSIP: 46246YAB8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1442533.67   | 0.36%             | 2042-01-01      | Floating      | 3.88%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445X87<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1911929.01   | 0.48%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI STUDENT HSG REVENUE                       | CUSIP: 74439YEX5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    960000 | PA      | $998314.85    | 0.25%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64985SJW4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $267135.53    | 0.07%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Education Facilities Corp                                            | SAN ANTONIO TX EDU FACS CORP REVENUE                         | CUSIP: 796247DN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $541280.85    | 0.13%             | 2026-04-01      | Fixed         | 1.99%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445C23<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3470000.96   | 0.86%             | 2039-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH STUDENT HSG REVENUE                      | CUSIP: 45471FAD3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    800000 | PA      | $829716.32    | 0.21%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QSV6<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1521771.00   | 0.38%             | 2038-10-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Eagle River Water & Sanitation District Wastewater Revenue                       | EAGLE RIVER CO WTR & SANTN DIST ENTERPRISE WSTWTR REVENUE    | CUSIP: 26982VFD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1639913.00   | 0.41%             | 2052-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                     | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE                     | CUSIP: 64613AFV9<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   3190000 | PA      | $3256146.56   | 0.81%             | 2032-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Clear Creek Independent School District                                          | CLEAR CREEK TX INDEP SCH DIST                                | CUSIP: 184541JF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2893313.75   | 0.72%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917TNX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1162513.49   | 0.29%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                | OREGON ST FACS AUTH REVENUE                                  | CUSIP: 68608JYV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $212944.03    | 0.05%             | 2031-07-01      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                             | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE                     | CUSIP: 57587GXJ9<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2011866.20   | 0.50%             | 2043-12-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                             | MISSOURI JT MUNI ELEC UTILITY COMMISSION PWR SUPPLY SYS REV  | CUSIP: 606094DU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2134882.60   | 0.53%             | 2043-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District Sales Tax Revenue                               | REGL TRANSPRTN DIST CO SALES TAX REVENUE                     | CUSIP: 759136UY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011794.70   | 0.25%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                    | ATLANTA GA WTR & WSTWTR REVENUE                              | CUSIP: 047870TF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1298505.20   | 0.32%             | 2043-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Education Facilities Corp                                            | SAN ANTONIO TX EDU FACS CORP REVENUE                         | CUSIP: 796247DQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1107121.50   | 0.28%             | 2028-04-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Maricopa County Elementary School District No 8 Osborn                           | MARICOPA CNTY AZ ELEM SCH DIST #8 OSBORN                     | CUSIP: 56674MEN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $917331.73    | 0.23%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008ERN8<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100973.77    | 0.03%             | 2031-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Economic Development Authority                                    | FAIRFAX CNTY VA ECON DEV AUTH REVENUE                        | CUSIP: 30382EHF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1512926.70   | 0.38%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Whatcom County Public Utility District No 1                                      | WHATCOM CNTY WA PUBLIC UTIL DIST #1                          | CUSIP: 962468FT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074241.80   | 0.27%             | 2041-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Warm Springs Reservation Confederated Tribe                                      | WARM SPRINGS OR RESERVATION CONFEDERATED TRIBES              | CUSIP: 934312AU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1131158.56   | 0.28%             | 2028-11-01      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| CONSERVATION FUND                                                                | Conservation Fund A Nonprofit Corp/The                       | CUSIP: 20848FAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3453000 | PA      | $3255960.05   | 0.81%             | 2029-12-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-29

**Name of Applicant:** Calvert Management Series

**Signature:** James Kirchner

**Name of Signer:** James Kirchner

**Title:** Treasurer