# EDGAR Filing Document

**Accession Number:** 0000900422
**File Stem:** 0000869392-23-000692
**Filing Date:** 2023-3
**Character Count:** 214495
**Document Hash:** 77a5c5696b6374d839e99df46e1efbf8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000869392-23-000692.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0000869392-23-000692

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230329

**DATE AS OF CHANGE**: 20230329

**PERIOD START**: 20230430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM MUNICIPAL OPPORTUNITIES TRUST
- **CENTRAL INDEX KEY:** 0000900422
- **IRS NUMBER:** 043187549
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07626
- **FILM NUMBER:** 23774588

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

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

## Nport-Ex

------

---

| |
|:---|
| **Putnam Municipal Opportunities Trust** |
| **The fund's portfolio** |
| **1/31/23 (Unaudited)** |
| **Key to holding's abbreviations** |
| AGM — Assured Guaranty Municipal Corporation |
| AMBAC — AMBAC Indemnity Corporation |
| BAM — Build America Mutual |
| COP — Certificates of Participation |
| FRB — Floating Rate Bonds: The rate shown is the current interest rate at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period. |
| G.O. Bonds — General Obligation Bonds |
| NATL — National Public Finance Guarantee Corporation |
| PSFG — Permanent School Fund Guaranteed |
| Q-SBLF — Qualified School Board Loan Fund |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **MUNICIPAL BONDS AND NOTES (147.4%)***<sup>(a)</sup>*** | **MUNICIPAL BONDS AND NOTES (147.4%)***<sup>(a)</sup>*** | **MUNICIPAL BONDS AND NOTES (147.4%)***<sup>(a)</sup>*** | **MUNICIPAL BONDS AND NOTES (147.4%)***<sup>(a)</sup>*** |
| | **Rating***<sup>(RAT)</sup>*** | **Principal amount** | **Value** |
| **Alabama (1.2%)** | **Alabama (1.2%)** | **Alabama (1.2%)** | **Alabama (1.2%)** |
| Jefferson Cnty., Swr. Rev. Bonds, Ser. D, 6.50%, 10/1/53 | BBB | $2000000 | $2138455 |
| Jefferson, Cnty. Rev. Bonds, (Refunding warrants) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/15/34 | AA | 2075000 | 2246415 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/15/33 | AA | 275000 | 299467 |
|  |  |  | **4684337** |
| **Alaska (1.5%)** | **Alaska (1.5%)** | **Alaska (1.5%)** | **Alaska (1.5%)** |
| AK State Indl. Dev. & Export Auth. Rev. Bonds, (Tanana Chiefs Conference), Ser. A, 4.00%, 10/1/49 | A+/F | 5890000 | 5671426 |
|  |  |  | **5671426** |
| **Arizona (4.3%)** | **Arizona (4.3%)** | **Arizona (4.3%)** | **Arizona (4.3%)** |
| AZ Indl. Dev. Auth. Student Hsg. Rev. Bonds, (NCCU Properties, LLC Central U.), BAM, 5.00%, 6/1/49 | AA | 2000000 | 2155599 |
| AZ State Indl. Dev. Auth. Charter School Rev. Bonds, (Equitable School Revolving Fund, LLC), 4.00%, 11/1/46 | A | 2855000 | 2636677 |
| AZ State Indl. Dev. Auth. Ed. Rev. Bonds, (KIPP New York, Inc., Jerome Fac.), Ser. B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/61 | BBB- | 1380000 | 1131400 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/41 | BBB- | 720000 | 656874 |
| AZ State Indl. Dev. Auth. Ed. 144A Rev. Bonds, (BASIS Schools, Inc.), Ser. D, 5.00%, 7/1/51 | BB | 510000 | 477004 |
| AZ State Indl. Dev. Auth. National Charter School Revolving Loan Fund Rev. Bonds, (Equitable School Revolving Fund, LLC), 5.00%, 11/1/47 | A | 2900000 | 3046819 |
| Maricopa Cnty., Indl. Dev. Auth. Ed. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Reid Traditional Schools Painted Rock Academy), 5.00%, 7/1/36 | Baa3 | 350000 | 359806 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Horizon Cmnty. Learning Ctr.), 5.00%, 7/1/35 | BB+ | 750000 | 747346 |
| Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds, (Great Hearts Academies), 3.75%, 7/1/24 | BBB- | 200000 | 199328 |
| Phoenix, Indl. Dev. Auth. Ed. 144A Rev. Bonds, (BASIS Schools, Inc.), 5.00%, 7/1/35 | BB | 1000000 | 1005210 |
| Pima Cnty., Indl. Dev. Auth. Sr. Living 144A Rev. Bonds, (La Posada at Park Centre, Inc.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 11/15/57 | BBB+/P | 350000 | 364020 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 11/15/35 | BBB+/P | 1750000 | 1822581 |
| Salt Verde, Fin. Corp. Gas Rev. Bonds, 5.50%, 12/1/29 | A3 | 1350000 | 1488889 |
| Yavapai Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds, (Yavapai Regl. Med. Ctr.), 5.00%, 8/1/34 | A2 | 500000 | 529007 |
|  |  |  | **16620560** |
| **California (15.9%)** | **California (15.9%)** | **California (15.9%)** | **California (15.9%)** |
| CA Cmnty. Hsg. Agcy. Essential Hsg. 144A Rev. Bonds, (Aster Apt.), Ser. A-1, 4.00%, 2/1/56 | BB+/P | 550000 | 485770 |
| CA Hsg. Fin. Agcy. Muni. Certif. Rev. Bonds, Ser. 21-1, Class A, 3.50%, 11/20/35 | BBB+ | 2043583 | 1981539 |
| CA State G.O. Bonds 4.00%, 11/1/33***<sup>(T)</sup>*** | Aa2 | 10000000 | 10618228 |
| CA State Muni. Fin. Auth Mobile Home Park Rev. Bonds, (Caritas Affordable Hsg., Inc.), 5.25%, 8/15/39 | A- | 400000 | 408700 |
| CA State Muni. Fin. Auth. Rev. Bonds, (HumanGood California), 4.00%, 10/1/46 | A-/F | 3000000 | 2973405 |
| CA State Poll. Control Fin. Auth. Rev. Bonds, (San Jose Wtr. Co.), 4.75%, 11/1/46 | A | 750000 | 767709 |
| CA Statewide Cmnty. Dev. Auth. Rev. Bonds, (Front Porch Cmnty. & Svcs. Oblig. Group), Ser. A, 3.00%, 4/1/51 | A- | 3440000 | 2517493 |
| CSCDA Cmnty. Impt. Auth. Rev. Bonds, (Pasadena Portfolio), Ser. A-2, 3.00%, 12/1/56 | BBB-/P | 2635000 | 1879772 |
| CSCDA Cmnty. Impt. Auth. 144A Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Anaheim), 4.00%, 8/1/56 | BB/P | 2125000 | 1833654 |
| &nbsp;&nbsp;&nbsp;&nbsp;(City of Orange Portfolio), 3.00%, 3/1/57 | BBB-/P | 650000 | 457337 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Essential Hsg.), Ser. A-2, 3.00%, 2/1/57 | BBB-/P | 1900000 | 1354405 |
| Long Beach, Arpt. Syst. Rev. Bonds, Ser. C, AGM |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 6/1/47 | AA | 1250000 | 1363901 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/42 | AA | 750000 | 810668 |
| Los Angeles, Cmnty. Fac. Dist. No. 11 Special Tax, 4.00%, 9/1/38 | BB/P | 1000000 | 969880 |
| Los Angeles, Dept. of Arpt. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 5.00%, 5/15/45 | Aa2 | 2800000 | 2982808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 4.00%, 5/15/39 | Aa3 | 1150000 | 1144745 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/15/36 | Aa3 | 500000 | 507366 |
| Mount Diablo Unified School Dist. G.O. Bonds, Ser. B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/37 | Aa3 | 1625000 | 1705969 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/36 | Aa3 | 2960000 | 3135329 |
| Regents of the U. of CA Med. Ctr. (The) Rev. Bonds, Ser. P |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/42 | Aa3 | 13000000 | 14772239 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/41 | Aa3 | 5260000 | 6025416 |
| San Bernardino Cnty., FRB, Ser. C, 4.599%, 8/1/23 | Aa1 | 550000 | 548556 |
| San Diego Cnty., COP, 5.00%, 10/1/46 | Aa1 | 2150000 | 2437527 |
|  |  |  | **61682416** |
| **Colorado (4.0%)** | **Colorado (4.0%)** | **Colorado (4.0%)** | **Colorado (4.0%)** |
| CO State Hlth. Fac. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Valley View Hosp. Assn.), 5.00%, 5/15/40 | A | 1000000 | 1015092 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Covenant Retirement Cmnty.), Ser. A, 5.00%, 12/1/35 | A-/F | 1000000 | 1012987 |
| CO State Hlth. Fac. Auth. Hosp. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Christian Living Neighborhood), 5.00%, 1/1/37 | BB/P | 550000 | 505883 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Covenant Living Cmnty. and Svcs. Oblig. Group), 4.00%, 12/1/50 | A-/F | 2700000 | 2304346 |
| Denver City & Cnty., Arpt. Rev. Bonds, Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/15/38 | Aa3 | 1500000 | 1749892 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/37 | Aa3 | 1025000 | 1134105 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/36 | Aa3 | 1575000 | 1752069 |
| Park Creek, Metro. Dist. Tax Alloc. Bonds, (Sr. Ltd. Property Tax Supported), Ser. A, 5.00%, 12/1/45 | A/F | 200000 | 206359 |
| Pub. Auth. for CO Energy Rev. Bonds, (Natural Gas Purchase), 6.50%, 11/15/38 | A2 | 2250000 | 2790370 |
| Regl. Trans. Dist. Rev. Bonds, (Denver Transit Partners, LLC) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/15/38 | Baa1 | 800000 | 788520 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 7/15/37 | Baa1 | 850000 | 734282 |
| Sterling Ranch Cmnty. Auth. Board Rev. Bonds, (Metro. Dist. No. 2), Ser. A, 4.25%, 12/1/50 | BB/P | 550000 | 441934 |
| Vauxmont, Metro. Dist. G.O. Bonds, AGM |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/33 | AA | 255000 | 288553 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/32 | AA | 160000 | 172219 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/30 | AA | 215000 | 244886 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/29 | AA | 210000 | 239990 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/27 | AA | 200000 | 221896 |
|  |  |  | **15603383** |
| **Connecticut (1.3%)** | **Connecticut (1.3%)** | **Connecticut (1.3%)** | **Connecticut (1.3%)** |
| CT State Special Tax, 4.00%, 5/1/39 | AA | 1700000 | 1737353 |
| CT State Hlth. & Edl. Fac. Auth. Rev. Bonds, (Stamford Hosp. Oblig. Group (The)), Ser. M, 5.00%, 7/1/34 | BBB+ | 1900000 | 2129930 |
| Harbor Point Infrastructure Impt. Dist. 144A Tax Alloc. Bonds, (Harbor Point Ltd.), 5.00%, 4/1/39 | BB/P | 1000000 | 1001160 |
|  |  |  | **4868443** |
| **District of Columbia (3.7%)** | **District of Columbia (3.7%)** | **District of Columbia (3.7%)** | **District of Columbia (3.7%)** |
| DC Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plenary Infrastructure DC, LLC), 5.50%, 2/28/37 | A3 | 1500000 | 1642202 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plenary Infrastructure DC, LLC), 5.50%, 2/29/36 | A3 | 1370000 | 1521315 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Ingleside at Rock Creek), Ser. A, 5.00%, 7/1/52 | BB-/P | 500000 | 427622 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Two Rivers Pub. Charter School, Inc.), 5.00%, 6/1/50 | Baa3 | 1500000 | 1504631 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Latin American Montessori Bilingual Pub. Charter School Oblig. Group), 5.00%, 6/1/40 | BB+ | 2000000 | 1983842 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Two Rivers Pub. Charter School, Inc.), 5.00%, 6/1/40 | Baa3 | 1500000 | 1537182 |
| Metro. DC Arpt. Auth. Rev. Bonds, Ser. A, 5.00%, 10/1/32 | Aa3 | 1250000 | 1450088 |
| Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds, (Metrorail), Ser. A, zero %, 10/1/37 | A- | 3700000 | 1934645 |
| Metro. Washington DC, Arpt. Auth. Dulles Toll Rd. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Dulles Metrorail & Cap. Impt. Proj.) 4.00%, 10/1/53***<sup>(T)</sup>*** | A- | 1290000 | 1209871 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Dulles Metrorail & Cap. Impt. Proj.) Ser. B, 4.00%, 10/1/44***<sup>(T)</sup>*** | A- | 1285000 | 1255731 |
|  |  |  | **14467129** |
| **Florida (5.7%)** | **Florida (5.7%)** | **Florida (5.7%)** | **Florida (5.7%)** |
| FL State Dev. Fin. Corp. Ed. Fac. Rev. Bonds, (River City Ed.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/57 | Baa3 | 680000 | 685085 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/51 | Baa3 | 650000 | 659564 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/42 | Baa3 | 460000 | 474475 |
| FL State Higher Edl. Fac. Financial Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(St. Leo U.), 5.00%, 3/1/44 | BB+ | 1500000 | 1387635 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Florida Inst. of Tech., Inc.), 4.00%, 10/1/39 | BBB- | 800000 | 743797 |
| Halifax Hosp. Med. Ctr. Rev. Bonds, 5.00%, 6/1/36 | A- | 2250000 | 2343375 |
| Miami-Dade Cnty., Aviation Rev. Bonds, Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/36 | A1 | 5000000 | 5092102 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/32 | A1 | 3790000 | 3896264 |
| Orange Cnty., Hlth. Fac. Auth. Rev. Bonds, (Presbyterian Retirement Cmntys.), 5.00%, 8/1/34 | A-/F | 1350000 | 1379046 |
| Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds, (Jupiter Med. Ctr.), Ser. A, 5.00%, 11/1/47 | BBB- | 1515000 | 1570995 |
| Pinellas Cnty., Indl. Dev. Auth. Rev. Bonds, (2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39 | AAA/P | 500000 | 499750 |
| Southeast Overtown Park West Cmnty. Redev. Agcy. 144A Tax Alloc. Bonds, Ser. A-1, 5.00%, 3/1/30 | BBB+ | 360000 | 367167 |
| Village, 144A Special Assmt., (Village Cmnty. Dev. Dist. No. 13), 3.00%, 5/1/35 | BB-/P | 2435000 | 2044643 |
| Volusia Cnty., Edl. Fac. Auth. Rev. Bonds, (Embry-Riddle Aeronautical University, Inc.), Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/39 | A2 | 600000 | 603899 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/36 | A2 | 500000 | 508903 |
|  |  |  | **22256700** |
| **Georgia (4.4%)** | **Georgia (4.4%)** | **Georgia (4.4%)** | **Georgia (4.4%)** |
| Cobb Cnty., Kennestone Hosp. Auth. Rev. Bonds, (WellStar Hlth. Syst.), 5.00%, 4/1/50 | A+ | 1400000 | 1477622 |
| Muni. Election Auth. of GA Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plant Vogtle Units 3 & 4), AGM, 5.00%, 1/1/62 | AA | 1000000 | 1035437 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plant Vogtle Units 3&4), 5.00%, 7/1/60 | A | 3800000 | 3836853 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plant Vogtle Units 3 & 4), 5.00%, 1/1/56 | BBB+ | 650000 | 660630 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plant Vogtle Units 3 & 4), AGM, 5.00%, 7/1/55 | AA | 1700000 | 1802311 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plant Vogtle Units 3 & 4), AGM, 5.00%, 7/1/53 | AA | 1500000 | 1590275 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plant Vogtle Units 3 & 4), 4.50%, 7/1/63 | A | 4250000 | 4269517 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plant Vogtle Units 3 & 4), 4.00%, 1/1/51 | A2 | 500000 | 472373 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plant Vogtle Units 3 & 4), 4.00%, 1/1/51 | BBB+ | 425000 | 381907 |
| Paulding Cnty., Hosp. Auth. Rev. Bonds, (WellStar Hlth. Syst.), 5.00%, 4/1/43 | A+ | 1400000 | 1498299 |
|  |  |  | **17025224** |
| **Hawaii (0.5%)** | **Hawaii (0.5%)** | **Hawaii (0.5%)** | **Hawaii (0.5%)** |
| HI State Harbor Syst. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 4.00%, 7/1/40 | Aa3 | 300000 | 304382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 4.00%, 7/1/34 | Aa3 | 1625000 | 1695704 |
|  |  |  | **2000086** |
| **Illinois (16.9%)** | **Illinois (16.9%)** | **Illinois (16.9%)** | **Illinois (16.9%)** |
| Chicago, G.O. Bonds, Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/35 | BBB+ | 2500000 | 2683878 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/27 | BBB+ | 1850000 | 1935976 |
| Chicago, Board of Ed. G.O. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 5.25%, 12/1/39 | BB | 2250000 | 2261510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.00%, 12/1/36 | BB | 2500000 | 2584314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. H, 5.00%, 12/1/36 | BB | 500000 | 510420 |
| Chicago, O'Hare Intl. Arpt. Rev. Bonds, Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/38 | A+ | 100000 | 106701 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/37 | A+ | 300000 | 321265 |
| Chicago, Trans. Auth. Sales Tax Rev. Bonds, 5.25%, 12/1/49 | AA | 3000000 | 3056715 |
| Chicago, Waste Wtr. Transmission Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 5.00%, 1/1/39 | A | 900000 | 909969 |
| &nbsp;&nbsp;&nbsp;&nbsp;(2nd Lien), 5.00%, 1/1/39 | A | 1835000 | 1844880 |
| IL State G.O. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 7/1/38 | Baa1 | 2280000 | 2294252 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 5/1/30 | Baa1 | 1250000 | 1411406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 5/1/38 | Baa1 | 1500000 | 1560570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 12/1/31 | Baa1 | 5750000 | 6108053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 5.00%, 11/1/29 | Baa1 | 1850000 | 1976627 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/29 | Baa1 | 1425000 | 1512242 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 12/1/28 | Baa1 | 2500000 | 2684499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. D, 5.00%, 11/1/28 | Baa1 | 2250000 | 2414334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. D, 5.00%, 11/1/27 | Baa1 | 1000000 | 1078121 |
| IL State Fin. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Lifespace Cmntys, Inc.), Ser. A, 5.00%, 5/15/35 | BBB/F | 1025000 | 970809 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Riverside Hlth.Syst.), 4.00%, 11/15/34 | A+ | 500000 | 511238 |
| IL State Fin. Auth. Academic Fac. Rev. Bonds, (U. of Illinois at Urbana-Champaign), Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/44 | Aa3 | 1100000 | 1156487 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/36 | Aa3 | 600000 | 647750 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/34 | Aa3 | 500000 | 551563 |
| IL State Fin. Auth. Student Hsg. & Academic Fac. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(CHF-Chicago, LLC), 5.00%, 2/15/47 | Baa3 | 2000000 | 2003978 |
| &nbsp;&nbsp;&nbsp;&nbsp;(U. of IL-CHF-Chicago, LLC), Ser. A, 5.00%, 2/15/37 | Baa3 | 1000000 | 1020292 |
| Metro. Pier & Exposition Auth. Rev. Bonds, (McCormick Place Expansion) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/15/50 | A- | 1000000 | 894105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. B, stepped-boupon zero % (4.700%, 6/15/31), 12/15/37***<sup>(STP)</sup>*** | A- | 1000000 | 648939 |
| Metro. Pier & Exposition Auth. Dedicated State Tax Rev. Bonds, (McCormick), Ser. A, NATL, zero %, 12/15/30 | A- | 12000000 | 9011178 |
| Metro. Wtr. Reclamation Dist. of Greater Chicago G.O. Bonds, (Green Bond), Ser. E, 5.00%, 12/1/30 | AA+ | 1310000 | 1428507 |
| Sales Tax Securitization Corp. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 5.50%, 1/1/36 | AA- | 3500000 | 3886837 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 1/1/36 | AA- | 1400000 | 1526200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 4.00%, 1/1/39 | AA- | 2500000 | 2494632 |
| Southern IL U. Rev. Bonds, (Hsg. & Auxiliary), Ser. A, NATL, zero %, 4/1/25 | Baa2 | 1870000 | 1723877 |
|  |  |  | **65732124** |
| **Indiana (2.4%)** | **Indiana (2.4%)** | **Indiana (2.4%)** | **Indiana (2.4%)** |
| Hammond, Multi-School Bldg. Corp. Rev. Bonds, 5.00%, 7/15/38 | AA+ | 1750000 | 1852357 |
| IN State Fin. Auth. Hosp. Mandatory Put Bonds (11/1/26), (Goshen Hlth. Oblig. Group), Ser. B, 2.10%, 11/1/49 | A- | 2700000 | 2647415 |
| IN State Fin. Auth. Waste Wtr. Util. Rev. Bonds, (CWA Authority, Inc.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/35 | AA | 850000 | 1012432 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/34 | AA | 1325000 | 1602115 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/32 | AA | 700000 | 859343 |
| Silver Creek, School Bldg. Corp. Rev. Bonds, 3.00%, 1/15/42 | AA+ | 1600000 | 1386985 |
|  |  |  | **9360647** |
| **Iowa (0.7%)** | **Iowa (0.7%)** | **Iowa (0.7%)** | **Iowa (0.7%)** |
| IA State Fin. Auth. Rev. Bonds, (Lifespace Cmnty., Inc. Oblig. Group), Ser. A, 4.00%, 5/15/46 | BBB/F | 2000000 | 1467316 |
| IA Tobacco Settlement Auth. Rev. Bonds, Ser. B-1, Class 2, 4.00%, 6/1/49 | BBB+ | 1180000 | 1180777 |
|  |  |  | **2648093** |
| **Kentucky (3.7%)** | **Kentucky (3.7%)** | **Kentucky (3.7%)** | **Kentucky (3.7%)** |
| KY State Property & Bldg. Comm. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(No. 127), Ser. A, 5.25%, 6/1/39 | A1 | 3000000 | 3410050 |
| &nbsp;&nbsp;&nbsp;&nbsp;(No. 119), 5.00%, 5/1/36 | A1 | 1000000 | 1087477 |
| &nbsp;&nbsp;&nbsp;&nbsp;(No. 122), Ser. A, 4.00%, 11/1/34 | A1 | 750000 | 791664 |
| KY State Pub. Energy Auth. Gas Supply |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mandatory Put Bonds (6/1/25), Ser. C-1, 4.00%, 12/1/49 | A1 | 5500000 | 5516377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mandatory Put Bonds (1/1/25), Ser. B, 4.00%, 1/1/49 | A1 | 3000000 | 3000287 |
| Louisville, Regl. Arpt. Auth. Syst. Rev. Bonds, Ser. A, 5.00%, 7/1/31 | A+ | 385000 | 394425 |
|  |  |  | **14200280** |
| **Louisiana (1.4%)** | **Louisiana (1.4%)** | **Louisiana (1.4%)** | **Louisiana (1.4%)** |
| LA State Offshore Term. Auth. Deepwater Port Mandatory Put Bonds (12/1/23), (Loop, LLC), Ser. A, 1.65%, 9/1/33 | A3 | 1600000 | 1582575 |
| St. John The Baptist Parish Mandatory Put Bonds (7/1/26), (Marathon Oil Corp.), Ser. A-3, 2.20%, 6/1/37 | Baa3 | 3010000 | 2838655 |
| Tangipahoa Parish, Hosp. Svcs. Rev. Bonds, (North Oaks Hlth. Syst.), 4.00%, 2/1/42 | BBB+ | 1250000 | 1193182 |
|  |  |  | **5614412** |
| **Maryland (0.9%)** | **Maryland (0.9%)** | **Maryland (0.9%)** | **Maryland (0.9%)** |
| Gaithersburg, Econ. Dev. Rev. Bonds, (Asbury, Oblig. Group), Ser. A, 5.00%, 1/1/36 | BBB/F | 450000 | 454468 |
| MD Econ. Dev. Corp. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Morgan View & Thurgood Marshall Student Hsg.), Ser. A, 6.00%, 7/1/58 | BBB- | 1725000 | 1918912 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Morgan State U.), 4.25%, 7/1/50 | BBB- | 1350000 | 1282815 |
|  |  |  | **3656195** |
| **Massachusetts (4.3%)** | **Massachusetts (4.3%)** | **Massachusetts (4.3%)** | **Massachusetts (4.3%)** |
| MA State Dev. Fin. Agcy. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Milford Regl. Med. Ctr. Oblig. Group), Ser. F, 5.75%, 7/15/43 | B+ | 500000 | 501400 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Northeastern U.), 5.00%, 10/1/39 | A1 | 2000000 | 2328197 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Intl. Charter School), 5.00%, 4/15/33 | BBB- | 1000000 | 1022350 |
| MA State Dev. Fin. Agcy. 144A Rev. Bonds, (Linden Ponds, Inc. Fac.), 5.00%, 11/15/38 | A/F | 1410000 | 1466120 |
| MA State Edl. Fin. Auth. Rev. Bonds, (Ed. Loan - Issue 1), 5.00%, 1/1/27 | AA | 800000 | 826756 |
| MA State Trans. Fund Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Rail Enhancement Program), Ser. A, 5.00%, 6/1/50 | Aa1 | 2900000 | 3214466 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Rail Enhancement & Accelerated Bridge Program), 5.00%, 6/1/48***<sup>(T)</sup>*** | Aa1 | 7000000 | 7535182 |
|  |  |  | **16894471** |
| **Michigan (3.9%)** | **Michigan (3.9%)** | **Michigan (3.9%)** | **Michigan (3.9%)** |
| Detroit, G.O. Bonds, AMBAC, 5.25%, 4/1/24 | A-/P | 222425 | 221207 |
| Detroit, City School Dist. G.O. Bonds, Ser. A, AGM, 6.00%, 5/1/29 | Aa1 | 920000 | 1028013 |
| Kentwood, Economic Dev. Corp. Rev. Bonds, (Holland Home Oblig. Group), 5.00%, 11/15/37 | BBB-/F | 1750000 | 1761859 |
| MI State Fin. Auth. Rev. Bonds, (Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. C, 5.00%, 7/1/34 | A+ | 1900000 | 1981735 |
| MI State Fin. Auth. Ltd. Oblig. Rev. Bonds, (Lawrence Tech. U.), 4.00%, 2/1/42 | BBB- | 745000 | 631964 |
| Pontiac City, G.O. Bonds, (Pontiac School Dist.), Q-SBLF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/50***<sup>(T)</sup>*** | Aa1 | 4977000 | 4999123 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/45***<sup>(T)</sup>*** | Aa1 | 4424000 | 4474135 |
|  |  |  | **15098036** |
| **Minnesota (1.2%)** | **Minnesota (1.2%)** | **Minnesota (1.2%)** | **Minnesota (1.2%)** |
| Ramsey, Charter School Rev. Bonds, (PACT Charter School), Ser. A, 5.00%, 6/1/32 | BB+ | 2000000 | 2005241 |
| Rice Cnty., G.O. Bonds, Ser. A, 4.00%, 2/1/48 | AAA | 2500000 | 2576673 |
|  |  |  | **4581914** |
| **Mississippi (0.4%)** | **Mississippi (0.4%)** | **Mississippi (0.4%)** | **Mississippi (0.4%)** |
| MS State Bus. Fin. Corp. Rev. Bonds, (System Energy Resources, Inc.), 2.375%, 6/1/44 | A | 2025000 | 1423249 |
|  |  |  | **1423249** |
| **Missouri (5.3%)** | **Missouri (5.3%)** | **Missouri (5.3%)** | **Missouri (5.3%)** |
| Kansas City, Indl. Dev. Auth. Arpt. Special Oblig. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Kansas City, Intl. Arpt.), AGM, 5.00%, 3/1/57 | AA | 5150000 | 5368089 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/46 | A2 | 4550000 | 4733895 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/35 | A2 | 5925000 | 6416462 |
| &nbsp;&nbsp;&nbsp;&nbsp;AGM, 4.00%, 3/1/57 | AA | 2000000 | 1879757 |
| St. Louis, Muni. Fin. Corp. Rev. Bonds, AGM, 5.00%, 10/1/45 | AA | 2000000 | 2143061 |
|  |  |  | **20541264** |
| **Nevada (1.6%)** | **Nevada (1.6%)** | **Nevada (1.6%)** | **Nevada (1.6%)** |
| Las Vegas, Special Assmt. Bonds, (Special Impt. Dist. No. 816), 3.00%, 6/1/41 | BB-/P | 1765000 | 1302722 |
| North Las Vegas, G.O. Bonds, AGM, 4.00%, 6/1/34 | AA | 3600000 | 3790541 |
| Sparks, Tourism Impt. Dist. No. 1 144A Rev. Bonds, Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 6/15/28 | Ba1 | 1200000 | 1091913 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 6/15/24 | Ba1 | 150000 | 146384 |
|  |  |  | **6331560** |
| **New Hampshire (2.3%)** | **New Hampshire (2.3%)** | **New Hampshire (2.3%)** | **New Hampshire (2.3%)** |
| National Fin. Auth. Rev. Bonds, (Caritas Acquisitions VII, LLC), Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 8/15/55 | BBB/P | 2540000 | 2177601 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 8/15/46 | BBB/P | 1210000 | 1034441 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 8/15/40 | BBB/P | 1070000 | 938693 |
| National Fin. Auth. Hosp. Rev. Bonds, (St. Luke's Hosp. Oblig. Group) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/40 | A3 | 1040000 | 1012235 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/37 | A3 | 850000 | 855658 |
| NH State Hlth. & Ed. Fac. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Elliot Hosp.), 5.00%, 10/1/38 | A3 | 500000 | 512974 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Southern NH Med. Ctr.), 5.00%, 10/1/37 | A- | 2500000 | 2572653 |
|  |  |  | **9104255** |
| **New Jersey (3.9%)** | **New Jersey (3.9%)** | **New Jersey (3.9%)** | **New Jersey (3.9%)** |
| NJ State Econ. Dev. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(NYNJ Link Borrower, LLC), 5.375%, 1/1/43 | BBB+ | 500000 | 505862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. AAA, 5.00%, 6/15/36 | A3 | 750000 | 789321 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Biomedical Research), Ser. A, 5.00%, 7/15/29 | A3 | 400000 | 430012 |
| NJ State Econ. Dev. Auth. Special Fac. Rev. Bonds, (Port Newark Container Term., LLC), 5.00%, 10/1/37 | Baa2 | 2000000 | 2036474 |
| NJ State Trans. Trust Fund Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. AA, 5.00%, 6/15/38 | A3 | 1225000 | 1301873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. AA, 5.00%, 6/15/37 | A3 | 600000 | 661916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 12/15/36 | A3 | 1000000 | 1074431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 12/15/34 | A3 | 4920000 | 5381287 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Federal Hwy. Reimbursement Notes), 5.00%, 6/15/30 | A+ | 1900000 | 2039082 |
| South Jersey, Trans. Auth. Syst. Rev. Bonds, Ser. A, 5.25%, 11/1/52 | BBB+ | 1000000 | 1065804 |
|  |  |  | **15286062** |
| **New Mexico (0.6%)** | **New Mexico (0.6%)** | **New Mexico (0.6%)** | **New Mexico (0.6%)** |
| Sante Fe, Retirement Fac. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(El Castillo Retirement Residences), Ser. A, 5.00%, 5/15/44 | BB+/F | 975000 | 852223 |
| &nbsp;&nbsp;&nbsp;&nbsp;(El Castillo Retirement Res.), 5.00%, 5/15/42 | BB+/F | 1460000 | 1291300 |
|  |  |  | **2143523** |
| **New York (19.9%)** | **New York (19.9%)** | **New York (19.9%)** | **New York (19.9%)** |
| Metro. Trans. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Green Bond), Ser. C-1, 5.00%, 11/15/50 | A3 | 1500000 | 1538554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. C-1, 4.00%, 11/15/35 | A3 | 1000000 | 993534 |
| NY City, Transitional Fin. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. C-1, 5.00%, 5/1/41 | AAA | 1000000 | 1116961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. F-1, 5.00%, 2/1/40 | AAA | 4920000 | 5613053 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Future Tax), Ser. C-1, 4.00%, 5/1/40 | AAA | 500000 | 505065 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Future Tax), Ser. C-1, 4.00%, 5/1/40***<sup>(T)</sup>*** | AAA | 11825000 | 11944797 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Future Tax Secd.), 4.00%, 5/1/40 | AAA | 750000 | 757598 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/38 | AAA | 550000 | 562253 |
| NY State Dorm. Auth. Personal Income Tax Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 3/15/46***<sup>(T)</sup>*** | AA+ | 5500000 | 6072091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 4.00%, 3/15/44 | Aa1 | 2550000 | 2539010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 4.00%, 3/15/40 | AA+ | 1200000 | 1208505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. D, 4.00%, 2/15/40 | Aa1 | 1500000 | 1509425 |
| NY State Dorm. Auth. Sales Tax Rev. Bonds, Ser. A, Group C, 5.00%, 3/15/42***<sup>(T)</sup>*** | AA+ | 10845000 | 11534614 |
| NY State Liberty Dev. Corp. Rev. Bonds, Ser. A, BAM, 3.00%, 11/15/51 | AA | 3500000 | 2660232 |
| NY State Liberty Dev. Corp. 144A Rev. Bonds, (3 World Trade Ctr., LLC), Class 1-3, 5.00%, 11/15/44 | BB-/P | 2000000 | 1997215 |
| NY State Thruway Auth. Personal Income Tax Rev. Bonds, Ser. C, 5.00%, 03/15/54***<sup>(T)</sup>*** | AA+ | 5500000 | 6013805 |
| NY State Thruway Auth. Rev. Bonds, (Green Bonds-Bidding Group 2), Ser. C, 4.125%, 3/15/56 | AA+ | 5500000 | 5436733 |
| NY State Trans. Special Fac. Dev. Corp. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Laguardia Arpt. Term. B Redev. Program), Ser. A, 5.00%, 7/1/46 | Baa2 | 500000 | 500316 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Delta Air Lines, Inc.), 5.00%, 10/1/40 | Baa3 | 2000000 | 2047162 |
| NY State Urban Dev. Corp. Rev. Bonds, Ser. E, 4.00%, 3/15/46 | AA+ | 2200000 | 2167792 |
| Port Auth. of NY & NJ Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. 218, 5.00%, 11/1/49***<sup>(T)</sup>*** | Aa3 | 2980000 | 3128762 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/15/47 | Aa3 | 4200000 | 4518403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. 207, 5.00%, 9/15/32 | Aa3 | 2925000 | 3188898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. 207, 5.00%, 9/15/31 | Aa3 | 250000 | 273837 |
|  |  |  | **77828615** |
| **North Carolina (0.8%)** | **North Carolina (0.8%)** | **North Carolina (0.8%)** | **North Carolina (0.8%)** |
| NC State Cap. Fac. Fin. Agcy. Edl. Fac. Rev. Bonds, (High Point U.), 4.00%, 5/1/34 | A- | 900000 | 943905 |
| NC State Med. Care Comm. Hlth. Care Fac. Rev. Bonds, (Lutheran Svcs. for the Aging, Inc. Oblig. Group), 4.00%, 3/1/51 | BB/P | 2250000 | 1647344 |
| NC State Med. Care Comm. Retirement Fac. Rev. Bonds, (Maryfield, Inc. Oblig. Group), 5.00%, 10/1/45 | BB/P | 500000 | 473372 |
|  |  |  | **3064621** |
| **Ohio (8.0%)** | **Ohio (8.0%)** | **Ohio (8.0%)** | **Ohio (8.0%)** |
| Akron, Income Tax Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/37 | AA- | 525000 | 539169 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/36 | AA- | 655000 | 675878 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/35 | AA- | 1260000 | 1306216 |
| Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. B-2, Class 2, 5.00%, 6/1/55 | BB/P | 2500000 | 2387509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A-2, Class 1, 3.00%, 6/1/48 | BBB+ | 3560000 | 2712896 |
| Cleveland-Cuyahoga Cnty., Port Auth. Cultural Fac. Rev. Bonds, (Playhouse Square Foundation), 5.50%, 12/1/53 | BB+ | 500000 | 512218 |
| Northeast Ohio Regl. Swr. Dist. Rev. Bonds, U.S. Govt. Coll., 5.00%, 11/15/44 (Prerefunded 11/15/24)***<sup>(T)</sup>*** | Aa1 | 10000000 | 10453857 |
| OH State Higher Edl. Fac. Comm. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Ashtabula Cnty. Med. Ctr.), 5.25%, 1/1/52 | BBB+/F | 1000000 | 1058964 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Ashtabula Cnty. Med. Ctr.), 5.25%, 1/1/47 | BBB+/F | 1750000 | 1864492 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Kenyon College), 5.00%, 7/1/36***<sup>(WIS)</sup>*** | A2 | 1500000 | 1655318 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Kenyon College 2020), 4.00%, 7/1/44 | A2 | 3555000 | 3494469 |
| OH State Private Activity Rev. Bonds, (Portsmouth Bypass), AGM, 5.00%, 12/31/35 | AA | 1125000 | 1156453 |
| OH State Tpk. Comm. Rev. Bonds, 5.00%, 2/15/39 | Aa3 | 1500000 | 1751490 |
| Scioto Cnty., Hosp. Rev. Bonds, (Southern OH Med. Ctr.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/33 | A3 | 605000 | 626705 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/32 | A3 | 745000 | 774790 |
| Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds, (Memorial Hlth. Syst. Oblig. Group), 5.50%, 12/1/43 | B+/F | 120000 | 121000 |
|  |  |  | **31091424** |
| **Oregon (0.8%)** | **Oregon (0.8%)** | **Oregon (0.8%)** | **Oregon (0.8%)** |
| Clackamas Cnty., Hosp. Fac. Auth. Rev. Bonds, (Rose Villa, Inc.), Ser. A, 5.25%, 11/15/50 | BB/P | 1000000 | 928340 |
| Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds, (Terwilliger Plaza, Inc.), 5.00%, 12/1/36 | BB+/F | 650000 | 637873 |
| Salem, Hosp. Fac. Auth. Rev. Bonds, (Salem Hlth.), Ser. A, 5.00%, 5/15/33 | A+ | 1500000 | 1594459 |
|  |  |  | **3160672** |
| **Pennsylvania (4.8%)** | **Pennsylvania (4.8%)** | **Pennsylvania (4.8%)** | **Pennsylvania (4.8%)** |
| Allegheny Cnty., Arpt. Auth. Rev. Bonds, Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/56 | AA | 575000 | 600979 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/51 | AA | 1470000 | 1536015 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/35 | AA | 3000000 | 3319875 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/56 | AA | 1750000 | 1623289 |
| Bucks Cnty., Wtr. & Swr. Auth. Rev. Bonds, Ser. A, AGM, 5.25%, 12/1/47 | AA | 2175000 | 2476385 |
| Cumberland Cnty., Muni. Auth. Rev. Bonds, (Diakon Lutheran Social Ministries) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/32 | BBB+/F | 200000 | 203953 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/31 | BBB+/F | 1000000 | 1021140 |
| Lancaster Cnty., Hosp. & Hlth. Ctr. Auth. Rev. Bonds, (St. Anne's Retirement Cmnty.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/50 | BB+/F | 500000 | 420002 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/40 | BB+/F | 500000 | 447000 |
| Lancaster Cnty., Hosp. Auth. Hlth. Care Fac. Rev. Bonds, (Moravian Manors, Inc.), Ser. A, 5.00%, 6/15/44 | BB+/F | 1000000 | 925706 |
| PA State Econ. Dev. Fin. Auth. Rev. Bonds, (PennDOT Major Bridges), AGM, 5.75%, 12/31/62 | AA | 1350000 | 1485979 |
| PA State Tpk. Comm. Rev. Bonds, 4.90%, 12/1/44 | A1 | 4385000 | 4540930 |
|  |  |  | **18601253** |
| **Rhode Island (0.7%)** | **Rhode Island (0.7%)** | **Rhode Island (0.7%)** | **Rhode Island (0.7%)** |
| Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. B, 5.00%, 6/1/50 | BBB-/P | 2750000 | 2768557 |
|  |  |  | **2768557** |
| **South Carolina (0.6%)** | **South Carolina (0.6%)** | **South Carolina (0.6%)** | **South Carolina (0.6%)** |
| SC State Pub. Svcs. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.00%, 12/1/56 | A3 | 210000 | 212470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 12/1/36 | A3 | 2000000 | 2070628 |
|  |  |  | **2283098** |
| **South Dakota (0.2%)** | **South Dakota (0.2%)** | **South Dakota (0.2%)** | **South Dakota (0.2%)** |
| Lincoln Cnty., Econ. Dev. Rev. Bonds, (Augustana College Assn. (The)), 4.00%, 8/1/51 | BBB- | 1000000 | 833916 |
|  |  |  | **833916** |
| **Tennessee (0.8%)** | **Tennessee (0.8%)** | **Tennessee (0.8%)** | **Tennessee (0.8%)** |
| Metro. Govt. Nashville & Davidson Cnty., Hlth. & Edl. Fac. Board Rev. Bonds, (Blakeford at Green Hills), Ser. A, 4.00%, 11/1/55 | BBB-/F | 2250000 | 1754129 |
| Metro. Nashville, Arpt. Auth. Rev. Bonds, Ser. B, 5.50%, 7/1/42 | A1 | 1125000 | 1261491 |
|  |  |  | **3015620** |
| **Texas (6.6%)** | **Texas (6.6%)** | **Texas (6.6%)** | **Texas (6.6%)** |
| Arlington, Higher Ed. Fin. Corp. Rev. Bonds, (Uplift Ed.), Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/36 | BBB- | 500000 | 516523 |
| &nbsp;&nbsp;&nbsp;&nbsp;PSFG, 5.00%, 12/1/35 | AAA | 500000 | 544447 |
| Austin-Bergstrom Landhost Enterprises, Inc. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/35 | A | 1045000 | 1102387 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/34 | A | 530000 | 563332 |
| Clifton, Higher Ed. Fin. Corp. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Intl. Leadership), Ser. D, 6.125%, 8/15/48 | BB-/P | 1150000 | 1177957 |
| &nbsp;&nbsp;&nbsp;&nbsp;(IDEA Pub. Schools), 5.00%, 8/15/28 | A- | 300000 | 320855 |
| &nbsp;&nbsp;&nbsp;&nbsp;(IDEA Pub. Schools), Ser. T, PSFG, 4.00%, 8/15/41 | AAA | 1400000 | 1403792 |
| &nbsp;&nbsp;&nbsp;&nbsp;(IDEA Pub. Schools), Ser. T, PSFG, 4.00%, 8/15/37 | AAA | 1000000 | 1027415 |
| Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(YMCA of the Greater Houston Area), Ser. A, 5.00%, 6/1/38 | Ba1 | 1500000 | 1367721 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/37 | BB+/F | 1000000 | 930598 |
| &nbsp;&nbsp;&nbsp;&nbsp;(YMCA of the Greater Houston Area), Ser. A, 5.00%, 6/1/33 | Ba1 | 800000 | 760262 |
| Love Field, Gen. Arpt. Modernization Corp. Rev. Bonds, 5.00%, 11/1/35 | A1 | 1000000 | 1033863 |
| Lower CO River Auth. Rev. Bonds, AGM, 5.00%, 5/15/39 | AA | 1730000 | 1941862 |
| Matagorda Cnty., Poll. Control Rev. Bonds, (Dist. No. 1), Ser. A, AMBAC, 4.40%, 5/1/30 | A- | 1500000 | 1587604 |
| New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Wesleyan Homes, Inc.), 5.50%, 1/1/43 | BB-/P | 500000 | 441363 |
| &nbsp;&nbsp;&nbsp;&nbsp;(TX Woman's U. CHF-Collegiate Hsg. Dining), Ser. B-1, AGM, 4.125%, 7/1/53 | AA | 1000000 | 935127 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Woman's U.-Collegiate Hsg. Denton, LLC), Ser. A-1, AGM, 4.125%, 7/1/53 | AA | 1000000 | 935127 |
| North TX, Tollway Auth. Rev. Bonds, (1st Tier), Ser. I, 6.50%, 1/1/43 (Prerefunded 1/1/25) | AA- | 2000000 | 2150360 |
| Tarrant Cnty., Cultural Ed. Fin. Corp. Retirement Fac. Rev. Bonds, (Buckner Retirement Svcs.), Ser. B, 5.00%, 11/15/40 | A/F | 2000000 | 2052046 |
| TX Private Activity Surface Trans. Corp. Rev. Bonds, (Segment 3C), 5.00%, 6/30/58 | Baa2 | 3000000 | 3040892 |
| TX State Private Activity Bond Surface Trans. Corp. Rev. Bonds, (Blueridge Trans. Group, LLC (SH 288 Toll Lane)), 5.00%, 12/31/50 | Baa2 | 2000000 | 2007537 |
|  |  |  | **25841070** |
| **Utah (2.0%)** | **Utah (2.0%)** | **Utah (2.0%)** | **Utah (2.0%)** |
| Infrastructure Agcy. Telecomm. Rev. Bonds, 5.00%, 10/15/37 | BBB-/F | 1200000 | 1213593 |
| Mida Mountain Village Pub. Infrastructure Dist. 144A Special Assmt. Bonds, (Mountain Village Assmt. Area No. 2), 4.00%, 8/1/50 | B/P | 1625000 | 1216501 |
| UT State Bldg. Ownership Auth. Lease Rev. Bonds, (Master Lease) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/42 | Aa1 | 1840000 | 2064222 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/40 | Aa1 | 2815000 | 3190886 |
|  |  |  | **7685202** |
| **Virginia (2.3%)** | **Virginia (2.3%)** | **Virginia (2.3%)** | **Virginia (2.3%)** |
| Fairfax Cnty., Econ. Dev. Auth. Res. Care Fac. Rev. Bonds, (Goodwin House, Inc.), Ser. A, 5.00%, 10/1/42 (Prerefunded 10/1/24) | AAA/P | 425000 | 449315 |
| Small Bus. Fin. Auth. Private Activity Rev. Bonds, (Transform 66-P3), 5.00%, 12/31/52 | Baa3 | 4250000 | 4256439 |
| VA State Small Bus. Fin. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(95 Express Lanes, LLC), 4.00%, 1/1/48 | BBB | 3000000 | 2723051 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Elizabeth River Crossings OpCo, LLC), 4.00%, 1/1/40 | BBB | 750000 | 720791 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Elizabeth River Crossings OpCo, LLC), 4.00%, 1/1/36 | BBB | 630000 | 626884 |
|  |  |  | **8776480** |
| **Washington (3.3%)** | **Washington (3.3%)** | **Washington (3.3%)** | **Washington (3.3%)** |
| King Cnty., Public Hosp. Dist. No. 1 G.O. Bonds, (Valley Med. Ctr.), 5.00%, 12/1/38 | A2 | 2365000 | 2507435 |
| Port of Seattle Rev. Bonds, Ser. B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/40 | AA- | 1000000 | 1090188 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/38 | AA- | 5600000 | 6151993 |
| Tobacco Settlement Auth. of WA Rev. Bonds, 5.25%, 6/1/32 | A | 485000 | 485612 |
| WA State Hsg. Fin. Comm. Rev. Bonds, (Social Certif.), Ser. A-1, 3.50%, 12/20/35 | BBB+ | 2639891 | 2489749 |
|  |  |  | **12724977** |
| **Wisconsin (4.6%)** | **Wisconsin (4.6%)** | **Wisconsin (4.6%)** | **Wisconsin (4.6%)** |
| Pub. Fin. Auth. Arpt. Fac. Rev. Bonds, (Sr. Oblig. Group), 5.25%, 7/1/28 | BBB+ | 350000 | 352626 |
| Pub. Fin. Auth. Conference Ctr. & Hotel Rev. Bonds, (U. of NC Charlotte Foundation), Ser. A, 4.00%, 9/1/56 | BB+/P | 1000000 | 781545 |
| Pub. Fin. Auth. Student Hsg. Fac. Rev. Bonds, (Appalachian State U.), Ser. A, AGM |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/50 | AA | 700000 | 641335 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/45 | AA | 600000 | 564390 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/40 | AA | 500000 | 488518 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/38 | AA | 435000 | 436115 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/36 | AA | 340000 | 345440 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/34 | AA | 300000 | 309861 |
| WI Pub. Fin. Auth. Hotel Rev. Bonds, (Grand Hyatt), 5.00%, 2/1/62 | BBB- | 1700000 | 1632677 |
| WI State Hlth. & Edl. Fac. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Hmong American Peace Academy, Ltd.), 5.00%, 3/15/50 | BBB | 1000000 | 1014408 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Froedtert Health, Inc.), Ser. A, 4.00%, 4/1/41 | AA | 4865000 | 4779947 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Froedtert Health, Inc.), Ser. A, 4.00%, 4/1/37 | AA | 3000000 | 3027774 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Advocate Aurora Hlth. Oblig. Group), Ser. A, 4.00%, 8/15/35 | AA | 3000000 | 3095637 |
| WI State Pub. Fin. Auth Sr. Living 144A Rev. Bonds, (Mary's Woods at Marylhurst), Ser. A, 5.25%, 5/15/37 | BB/F | 250000 | 240975 |
|  |  |  | **17711248** |
| **Total municipal bonds and notes (cost $584,221,661)** | **Total municipal bonds and notes (cost $584,221,661)** | **Total municipal bonds and notes (cost $584,221,661)** | **$572882542** |

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| | | | |
|:---|:---|:---|:---|
| **SHORT-TERM INVESTMENTS (1.3%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (1.3%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (1.3%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (1.3%)***<sup>(a)</sup>*** |
| | | **Principal amount/shares** | **Value** |
| Putnam Short Term Investment Fund Class P 4.58%***<sup>(AFF)</sup>*** | Shares | 4105269 | $4105269 |
| U.S. Treasury Bills 4.480%, 3/9/23***<sup>(SEG)</sup>*** |  | $592000 | 589355 |
| U.S. Treasury Bills 4.491%, 3/16/23***<sup>(SEG)</sup>*** |  | 200000 | 198933 |
| **Total short-term investments (cost $4,893,618)** |  |  | **$4893557** |
| **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** |
| **Total investments (cost $589,115,279)** |  |  | **$577776099** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS OUTSTANDING at 1/31/23 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 1/31/23 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 1/31/23 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 1/31/23 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 1/31/23 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 1/31/23 (Unaudited)** |
| | **Number of contracts** | **Notional<br>amount** | **Value** | &nbsp;&nbsp;&nbsp;**Expiration date** | **Unrealized<br>appreciation/<br>(depreciation)** |
| U.S. Treasury Bond Ultra 30 yr (Short) | 80 | $11340000 | $11340000 | &nbsp;&nbsp;&nbsp;Mar-23 | $(516180) |
| U.S. Treasury Note Ultra 10 yr (Short) | 50 | 6060156 | 6060156 | &nbsp;&nbsp;&nbsp;Mar-23 | 20981 |
| **Unrealized appreciation** |  |  |  |  | **20981** |
| **Unrealized (depreciation)** |  |  |  |  | **(516180)** |
| **Total** |  |  |  |  | **$(495199)** |

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| | | | |
|:---|:---|:---|:---|
|  | **Notes to the fund's portfolio** | **Notes to the fund's portfolio** | **Notes to the fund's portfolio** |
|  | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from May 1, 2022 through January 31, 2023 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from May 1, 2022 through January 31, 2023 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from May 1, 2022 through January 31, 2023 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. |
| ***<sup>(a)</sup>*** | Percentages indicated are based on net assets of $388,748,652. | Percentages indicated are based on net assets of $388,748,652. | Percentages indicated are based on net assets of $388,748,652. |
| ***<sup>(RAT)</sup>*** | The Moody's, Standard & Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer. For further details regarding security ratings, please see the Statement of Additional Information. | The Moody's, Standard & Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer. For further details regarding security ratings, please see the Statement of Additional Information. | The Moody's, Standard & Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer. For further details regarding security ratings, please see the Statement of Additional Information. |
| ***<sup>(STP)</sup>*** | The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate. | The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate. | The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate. |
| ***<sup>(AFF)</sup>*** | Affiliated company. For investments in Putnam Cash Collateral Pool, LLC, Putnam Short Term Investment Fund and Putnam Government Money Market Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | Affiliated company. For investments in Putnam Cash Collateral Pool, LLC, Putnam Short Term Investment Fund and Putnam Government Money Market Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | Affiliated company. For investments in Putnam Cash Collateral Pool, LLC, Putnam Short Term Investment Fund and Putnam Government Money Market Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Name of affiliate** | **Fair value<br>as of<br>4/30/22** | **Shares outstanding<br>and fair<br>value as of<br>1/31/23** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Short-term investments** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Putnam Short Term Investment Fund\* | $12668821 | $4105269 |
|  | **Total Short-term investments** | **$12668821** | **$4105269** |
|  | \* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period. | \* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period. | \* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period. |
| ***<sup>(SEG)</sup>*** | This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $788,177. | This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $788,177. | This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $788,177. |
| ***<sup>(WIS)</sup>*** | When issued security. | When issued security. | When issued security. |
| ***<sup>(T)</sup>*** | Underlying security in a tender option bond transaction. This security has been segregated as collateral for financing transactions. | Underlying security in a tender option bond transaction. This security has been segregated as collateral for financing transactions. | Underlying security in a tender option bond transaction. This security has been segregated as collateral for financing transactions. |
|  | Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. | Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. | Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. |
|  | 144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | 144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | 144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
|  | On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown represent the next mandatory put dates. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current SIFMA Municipal Swap Index, 1 Month US LIBOR or 3 Month US LIBOR rates, which were 1.66%, 4.57% and 4.81%, respectively, as of the close of the reporting period. | On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown represent the next mandatory put dates. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current SIFMA Municipal Swap Index, 1 Month US LIBOR or 3 Month US LIBOR rates, which were 1.66%, 4.57% and 4.81%, respectively, as of the close of the reporting period. | On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown represent the next mandatory put dates. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current SIFMA Municipal Swap Index, 1 Month US LIBOR or 3 Month US LIBOR rates, which were 1.66%, 4.57% and 4.81%, respectively, as of the close of the reporting period. |
|  | The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates. | The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates. | The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates. |
|  | The dates shown on debt obligations are the original maturity dates. | The dates shown on debt obligations are the original maturity dates. | The dates shown on debt obligations are the original maturity dates. |
|  | The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets): | The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets): | The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets): |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Transportation | 26.2% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | 25.1 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Tax bonds | 21.3 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;State debt | 16.7 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Education | 14.6 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Local debt | 14.1 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 12.0 |  |
|  | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee. | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee. | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee. |
|  | Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2. | Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2. | Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2. |
|  | Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. |
|  | Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. |
|  | **Futures contracts:** The fund used futures contracts for hedging treasury term structure risk and for yield curve positioning. | **Futures contracts:** The fund used futures contracts for hedging treasury term structure risk and for yield curve positioning. | **Futures contracts:** The fund used futures contracts for hedging treasury term structure risk and for yield curve positioning. |
|  | The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. | The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. | The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. |
|  | Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as "variation margin". | Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as "variation margin". | Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as "variation margin". |
|  | For the fund's average number of futures contracts, see the appropriate table at the end of these footnotes. | For the fund's average number of futures contracts, see the appropriate table at the end of these footnotes. | For the fund's average number of futures contracts, see the appropriate table at the end of these footnotes. |
|  | **Master agreements:** The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund's portfolio. | **Master agreements:** The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund's portfolio. | **Master agreements:** The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund's portfolio. |
|  | Collateral pledged by the fund is segregated by the fund's custodian and identified in the fund's portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund's net position with each counterparty. | Collateral pledged by the fund is segregated by the fund's custodian and identified in the fund's portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund's net position with each counterparty. | Collateral pledged by the fund is segregated by the fund's custodian and identified in the fund's portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund's net position with each counterparty. |
|  | Termination events applicable to the fund may occur upon a decline in the fund's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund's counterparties to elect early termination could impact the fund's future derivative activity. | Termination events applicable to the fund may occur upon a decline in the fund's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund's counterparties to elect early termination could impact the fund's future derivative activity. | Termination events applicable to the fund may occur upon a decline in the fund's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund's counterparties to elect early termination could impact the fund's future derivative activity. |
|  | At the close of the reporting period, the fund did not have a net liability position on open derivative contracts subject to the Master Agreements. | At the close of the reporting period, the fund did not have a net liability position on open derivative contracts subject to the Master Agreements. | At the close of the reporting period, the fund did not have a net liability position on open derivative contracts subject to the Master Agreements. |
|  | **Tender option bond transactions:** The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the TOB trust's assets and cash flows, which are in the form of inverse floating rate bonds. The inverse floating rate bonds held by the fund give the fund the right to (1) cause the holders of the floating rate bonds to tender their notes at par, and (2) to have the fixed-rate bond held by the TOB trust transferred to the fund, causing the TOB trust to collapse. The fund accounts for the transfer of the fixed-rate bond to the TOB trust as a secured borrowing by including the fixed-rate bond in The fund's portfolio and including the floating rate bond as a liability in the Statement of assets and liabilities. At the close of the reporting period, the fund's investments with a value of $79,240,196 were held by the TOB trust and served as collateral for $51,601,468 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $699,345 for these investments based on an average interest rate of 1.64%. | **Tender option bond transactions:** The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the TOB trust's assets and cash flows, which are in the form of inverse floating rate bonds. The inverse floating rate bonds held by the fund give the fund the right to (1) cause the holders of the floating rate bonds to tender their notes at par, and (2) to have the fixed-rate bond held by the TOB trust transferred to the fund, causing the TOB trust to collapse. The fund accounts for the transfer of the fixed-rate bond to the TOB trust as a secured borrowing by including the fixed-rate bond in The fund's portfolio and including the floating rate bond as a liability in the Statement of assets and liabilities. At the close of the reporting period, the fund's investments with a value of $79,240,196 were held by the TOB trust and served as collateral for $51,601,468 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $699,345 for these investments based on an average interest rate of 1.64%. | **Tender option bond transactions:** The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the TOB trust's assets and cash flows, which are in the form of inverse floating rate bonds. The inverse floating rate bonds held by the fund give the fund the right to (1) cause the holders of the floating rate bonds to tender their notes at par, and (2) to have the fixed-rate bond held by the TOB trust transferred to the fund, causing the TOB trust to collapse. The fund accounts for the transfer of the fixed-rate bond to the TOB trust as a secured borrowing by including the fixed-rate bond in The fund's portfolio and including the floating rate bond as a liability in the Statement of assets and liabilities. At the close of the reporting period, the fund's investments with a value of $79,240,196 were held by the TOB trust and served as collateral for $51,601,468 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $699,345 for these investments based on an average interest rate of 1.64%. |

---

------

---

| | | | |
|:---|:---|:---|:---|
| ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: |
| &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. |
| &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. |
| &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. |
| The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: |
|  | **Valuation inputs** | **Valuation inputs** | **Valuation inputs** |
| **Investments in securities:** | **Level 1** | **Level 2** | **Level 3** |
| Municipal bonds and notes | $— | $572882542 | $— |
| Short-term investments |  | 4893557 |  |
| **Totals by level** | **$—** | **$577776099** | **$—** |
|  | **Valuation inputs** | **Valuation inputs** | **Valuation inputs** |
| **Other financial instruments:** | **Level 1** | **Level 2** | **Level 3** |
| Futures contracts | $(495199) | $— | $— |
| **Totals by level** | **$(495199)** | **$—** | **$—** |
| The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period: | The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period: | The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period: | The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period: |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts (number of contracts) | 80 |  |  |
| For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com | For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com | For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com | For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Putnam Municipal Opportunities Trust

- **b. Investment Company Act file number:** 811-07626

- **c. CIK number of Registrant:** 0000900422

- **d. LEI of Registrant:** 549300M74BR4G95PSL96

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

  - **Street Address 1:** 100 FEDERAL STREET

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 1-800-225-1581

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

- **a. Name of Series:** Putnam Municipal Opportunities Trust

- **c. LEI of Series:** 549300M74BR4G95PSL96

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

- **a. Date of fiscal year-end:** 2023-04-30

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $585420204.90

**Total Liabilities:** $196808374.97

**Net Assets:** $388611829.93

**Delayed Delivery Securities:** $1646070.00

**Cash Not Reported:** $1246694.38

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1015.24 | **1-Year:** 18616.37 | **5-Year:** 95394.96 | **10-Year:** 158310.64 | **30-Year:** 65559.16

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

- **3-Month:** 90.44 | **1-Year:** 1495.17 | **5-Year:** 5065.92 | **10-Year:** 21207.75 | **30-Year:** 12242.8

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 10.28%               | -3.18%               | 9.31%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-901844.93              | $20746309.45                               |
| Month 2  | $-1028604.38             | $-1796937.41                               |
| Month 3  | $-1120571.76             | $32184938.86                               |

**Designated Index Information**

- **Index Name:** Bloomberg Municipal Bond Index

- **Index Identifier:** IDX01566

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SALT VERDE FINANCIAL CORP                                                                | FX.RT. MUNI BOND        | CUSIP: 79575EAQ1<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1488888.68   | 0.38%             | 2029-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MATAGORDA COUNTY NAVIGATION DISTRICT NO 1                                                | FX.RT. MUNI BOND        | CUSIP: 576528CY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1587604.20   | 0.41%             | 2030-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74443CAB9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    350000 | PA      | $352625.98    | 0.09%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITY OF SANTA FE NM                                                                      | FX.RT. MUNI BOND        | CUSIP: 802170AJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1291300.07   | 0.33%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORP                                 | FX.RT. MUNI BOND        | CUSIP: 414009FA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $760261.60    | 0.20%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORP                                 | FX.RT. MUNI BOND        | CUSIP: 414009FB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1367720.70   | 0.35%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT AUTHORITY OF WASHINGTON                                               | FX.RT. MUNI BOND        | CUSIP: 88880MBD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $485612.02    | 0.12%             | 2032-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS EDUCATIONAL FINANCING AUTHORITY                                            | FX.RT. MUNI BOND        | CUSIP: 57563RLR8<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    800000 | PA      | $826755.76    | 0.21%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                                   | FX.RT. MUNI BOND        | CUSIP: 13049SBC7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    400000 | PA      | $408700.04    | 0.11%             | 2039-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ORANGE COUNTY HEALTH FACILITIES AUTHORITY                                                | FX.RT. MUNI BOND        | CUSIP: 68450LCY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1379045.52   | 0.35%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE REGIONAL AIRPORT AUTHORITY                                                    | FX.RT. MUNI BOND        | CUSIP: 546850CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $394425.45    | 0.10%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO TRANSIT AUTHORITY                                                                | FX.RT. MUNI BOND        | CUSIP: 16772PBF2<br>LEI: 549300CB8XLRGIPN3E12 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3056715.00   | 0.79%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST OVERTOWN PARK WEST COMMUNITY REDEVELOPMENT AGENCY                              | FX.RT. MUNI BOND        | CUSIP: 841466AK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $367166.59    | 0.09%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO IL WASTEWATER TRANSMISSION REVENUE                                       | FX.RT. MUNI BOND        | CUSIP: 167727VJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1844880.19   | 0.47%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PHOENIX ARIZONA/THE                      | FX.RT. MUNI BOND        | CUSIP: 71885FDH7<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    200000 | PA      | $199328.06    | 0.05%             | 2024-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIBERTY DEVELOPMENT CORP                                                        | FX.RT. MUNI BOND        | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1997215.00   | 0.51%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP                                      | FX.RT. MUNI BOND        | CUSIP: 64542UAF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $441362.90    | 0.11%             | 2043-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COUNTY OF MIAMI-DADE FL AVIATION REVENUE                                                 | FX.RT. MUNI BOND        | CUSIP: 59333PL22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3790000 | PA      | $3896264.40   | 1.00%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF MIAMI-DADE FL AVIATION REVENUE                                                 | FX.RT. MUNI BOND        | CUSIP: 59333PL63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5092101.50   | 1.31%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHEAST OHIO REGIONAL SEWER DISTRICT                                                   | FX.RT. MUNI BOND        | CUSIP: 663903FJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10453858.00  | 2.69%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF DETROIT MI                                                                       | FX.RT. MUNI BOND        | CUSIP: 251093Y20<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    222425 | PA      | $221207.38    | 0.06%             | 2024-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND        | CUSIP: 45203HV41<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1025000 | PA      | $970809.28    | 0.25%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FINANCING CORP/RI                                                     | FX.RT. MUNI BOND        | CUSIP: 888809BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2768557.28   | 0.71%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEASTERN OHIO PORT AUTHORITY                                                         | FX.RT. MUNI BOND        | CUSIP: 841895AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120999.94    | 0.03%             | 2043-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACILITIES AUTHORITY                                                     | FX.RT. MUNI BOND        | CUSIP: 19648AW27<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012986.70   | 0.26%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PHOENIX ARIZONA/THE                      | FX.RT. MUNI BOND        | CUSIP: 71885FDN4<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005209.80   | 0.26%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF OHIO                                                                            | FX.RT. MUNI BOND        | CUSIP: 67759YAN7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1156452.86   | 0.30%             | 2035-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOVE FIELD AIRPORT                                                                       | FX.RT. MUNI BOND        | CUSIP: 54714CAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033863.20   | 0.27%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY                                                 | FX.RT. MUNI BOND        | CUSIP: 57584XCF6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022350.40   | 0.26%             | 2033-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA                                                  | FX.RT. MUNI BOND        | CUSIP: 626207H23<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3836853.16   | 0.99%             | 2060-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO IL WASTEWATER TRANSMISSION REVENUE                                       | FX.RT. MUNI BOND        | CUSIP: 167727WV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $909969.12    | 0.23%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACILITIES AUTHORITY                                                     | FX.RT. MUNI BOND        | CUSIP: 19648A5F8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015091.80   | 0.26%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND        | CUSIP: 59447TFF5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1981734.96   | 0.51%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARK CREEK METROPOLITAN DISTRICT                                                         | FX.RT. MUNI BOND        | CUSIP: 700387DM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $206358.62    | 0.05%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA STATE PUBLIC SERVICE AUTHORITY                                            | FX.RT. MUNI BOND        | CUSIP: 837151PS2<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2070627.60   | 0.53%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HALIFAX HOSPITAL MEDICAL CENTER                                                          | FX.RT. MUNI BOND        | CUSIP: 405815LG4<br>LEI: 549300H6HDJUXLEMUW23 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2343375.23   | 0.60%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 56681NAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $747346.43    | 0.19%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORP                                | FX.RT. MUNI BOND        | CUSIP: 87638RGZ4<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2052046.20   | 0.53%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF SCIOTO OH                                                                      | FX.RT. MUNI BOND        | CUSIP: 808878GX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $774789.57    | 0.20%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF SCIOTO OH                                                                      | FX.RT. MUNI BOND        | CUSIP: 808878GY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $626704.50    | 0.16%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS PRIVATE ACTIVITY BOND SURFACE TRANSPORTATION CORP                                  | FX.RT. MUNI BOND        | CUSIP: 882667AL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007537.20   | 0.52%             | 2050-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP                                                 | FX.RT. MUNI BOND        | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500315.65    | 0.13%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOSPITAL FACILITIES AUTHORITY OF MULTNOMAH COUNTY OREGON                                 | FX.RT. MUNI BOND        | CUSIP: 62551PCW5<br>LEI: 549300GAP0JIG7V33754 | Long             | DBT              | MUN               | US        |    650000 | PA      | $637872.50    | 0.16%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 56681NAS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $359805.74    | 0.09%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND COUNTY MUNICIPAL AUTHORITY                                                    | FX.RT. MUNI BOND        | CUSIP: 230614LC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021140.10   | 0.26%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND COUNTY MUNICIPAL AUTHORITY                                                    | FX.RT. MUNI BOND        | CUSIP: 230614LD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203953.18    | 0.05%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREATER CHICAGO METROPOLITAN WATER RECLAMATION DISTRICT                                  | FX.RT. MUNI BOND        | CUSIP: 167560UE9<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1428506.53   | 0.37%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON HIGHER EDUCATION FINANCE CORP                                                  | FX.RT. MUNI BOND        | CUSIP: 041806HJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516522.95    | 0.13%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA STATE PUBLIC SERVICE AUTHORITY                                            | FX.RT. MUNI BOND        | CUSIP: 837151RT8<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    210000 | PA      | $212469.98    | 0.05%             | 2056-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY                                                | FX.RT. MUNI BOND        | CUSIP: 64577BSH8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    400000 | PA      | $430011.68    | 0.11%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON HIGHER EDUCATION FINANCE CORP                                                    | FX.RT. MUNI BOND        | CUSIP: 187145GE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $320855.40    | 0.08%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND        | CUSIP: 45204ELG1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511238.30    | 0.13%             | 2034-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACILITIES AUTHORITY                                                     | FX.RT. MUNI BOND        | CUSIP: 19648FAZ7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    550000 | PA      | $505883.24    | 0.13%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FAIRFAX COUNTY ECONOMIC DEVELOPMENT AUTHORITY                                            | FX.RT. MUNI BOND        | CUSIP: 303826AQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $449315.36    | 0.12%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORP                                 | FX.RT. MUNI BOND        | CUSIP: 414009LD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $930598.20    | 0.24%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF ILLINOIS                                                                        | FX.RT. MUNI BOND        | CUSIP: 452152H20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1512242.21   | 0.39%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTWOOD ECONOMIC DEVELOPMENT CORP                                                       | FX.RT. MUNI BOND        | CUSIP: 491740EV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1761859.40   | 0.45%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF YAVAPAI/THE                            | FX.RT. MUNI BOND        | CUSIP: 985900EC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $529007.25    | 0.14%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALEM HOSPITAL FACILITY AUTHORITY                                                        | FX.RT. MUNI BOND        | CUSIP: 794458ED7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1594459.20   | 0.41%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE HEALTH AND EDUCATION FACILITIES AUTHORITY ACT                              | FX.RT. MUNI BOND        | CUSIP: 6446147E3<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2572652.50   | 0.66%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY                                           | FX.RT. MUNI BOND        | CUSIP: 6461362E0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2039082.09   | 0.52%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE HEALTH AND EDUCATION FACILITIES AUTHORITY ACT                              | FX.RT. MUNI BOND        | CUSIP: 6446148D4<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512974.30    | 0.13%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 13053CAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $767709.38    | 0.20%             | 2046-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74443UAZ6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $240975.08    | 0.06%             | 2037-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARLINGTON HIGHER EDUCATION FINANCE CORP                                                  | FX.RT. MUNI BOND        | CUSIP: 041806MS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $544447.15    | 0.14%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF JEFFERSON AL                                                                   | FX.RT. MUNI BOND        | CUSIP: 472628RD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2075000 | PA      | $2246414.92   | 0.58%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF JEFFERSON AL                                                                   | FX.RT. MUNI BOND        | CUSIP: 472628RC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $299466.59    | 0.08%             | 2033-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE DORMITORY AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 64990AGQ2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  10845000 | PA      | $11534614.03  | 2.97%             | 2042-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF CALIFORNIA                                                                      | FX.RT. MUNI BOND        | CUSIP: 13063DCC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10618228.00  | 2.73%             | 2033-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 04052BCS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $477003.66    | 0.12%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN-BERGSTROM LANDHOST ENTERPRISES INC                                                | FX.RT. MUNI BOND        | CUSIP: 052193AV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1102387.01   | 0.28%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN-BERGSTROM LANDHOST ENTERPRISES INC                                                | FX.RT. MUNI BOND        | CUSIP: 052193AU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $563331.54    | 0.14%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF ILLINOIS                                                                        | FX.RT. MUNI BOND        | CUSIP: 452152P21<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1976627.32   | 0.51%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF ILLINOIS                                                                        | FX.RT. MUNI BOND        | CUSIP: 452152Q20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2414333.70   | 0.62%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF ILLINOIS                                                                        | FX.RT. MUNI BOND        | CUSIP: 452152P96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078120.90   | 0.28%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FINANCING AUTHORITY                                              | FX.RT. MUNI BOND        | CUSIP: 928097AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4256438.75   | 1.10%             | 2052-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF EDUCATION                                                               | FX.RT. MUNI BOND        | CUSIP: 167505TJ5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $510419.50    | 0.13%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSPORTATION AUTHORITY                                                    | FX.RT. MUNI BOND        | CUSIP: 59261AQH3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993533.90    | 0.26%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STATE OF ILLINOIS                                                                        | FX.RT. MUNI BOND        | CUSIP: 452152S77<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2684498.75   | 0.69%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF ILLINOIS                                                                        | FX.RT. MUNI BOND        | CUSIP: 452152T27<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5750000 | PA      | $6108052.50   | 1.57%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND        | CUSIP: 45203KAP0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003977.60   | 0.52%             | 2047-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND        | CUSIP: 45203KAN5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020291.60   | 0.26%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY                                                | FX.RT. MUNI BOND        | CUSIP: 64578CCE9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2036474.20   | 0.52%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARBOR POINT INFRASTRUCTURE IMPROVEMENT DISTRICT                                         | FX.RT. MUNI BOND        | CUSIP: 41154VAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001160.00   | 0.26%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTHORITY OF NEW YORK  AND  NEW JERSEY                                              | FX.RT. MUNI BOND        | CUSIP: 73358WS47<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    250000 | PA      | $273836.95    | 0.07%             | 2031-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTHORITY OF NEW YORK  AND  NEW JERSEY                                              | FX.RT. MUNI BOND        | CUSIP: 73358WS54<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2925000 | PA      | $3188897.60   | 0.82%             | 2032-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF ILLINOIS                                                                        | FX.RT. MUNI BOND        | CUSIP: 452152Y39<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1560569.70   | 0.40%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY STATE PROPERTY  AND  BUILDING COMMISSION                                        | FX.RT. MUNI BOND        | CUSIP: 49151FZH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1087476.60   | 0.28%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF MASSACHUSETTS TRANSPORTATION FUND REVENUE                                | FX.RT. MUNI BOND        | CUSIP: 57604THG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7535182.20   | 1.94%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CUYAHOGA COUNTY PORT AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 18610PAW8<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512217.90    | 0.13%             | 2053-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HAMMOND MULTI-SCHOOL BUILDING CORP                                                       | FX.RT. MUNI BOND        | CUSIP: 408395SD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1852357.33   | 0.48%             | 2038-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY                                  | FX.RT. MUNI BOND        | CUSIP: 97712DM86<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3095637.00   | 0.80%             | 2035-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF NORTH LAS VEGAS NV                                                               | FX.RT. MUNI BOND        | CUSIP: 660393R76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3790541.16   | 0.98%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF GAITHERSBURG MD                                                                  | FX.RT. MUNI BOND        | CUSIP: 363128CU1<br>LEI: 549300UFHDHDCHDE0F65 | Long             | DBT              | MUN               | US        |    450000 | PA      | $454467.65    | 0.12%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY                                           | FX.RT. MUNI BOND        | CUSIP: 6461364F5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   4920000 | PA      | $5381286.90   | 1.38%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY                                           | FX.RT. MUNI BOND        | CUSIP: 6461364H1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074431.20   | 0.28%             | 2036-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY                                                 | FX.RT. MUNI BOND        | CUSIP: 57584YMH9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1466119.55   | 0.38%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP                                                            | FX.RT. MUNI BOND        | CUSIP: 79467BCG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3886837.15   | 1.00%             | 2036-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KING COUNTY PUBLIC HOSPITAL DISTRICT NO 1                                                | FX.RT. MUNI BOND        | CUSIP: 494782LE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2365000 | PA      | $2507435.44   | 0.65%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO O'HARE INTERNATIONAL AIRPORT                                                     | FX.RT. MUNI BOND        | CUSIP: 167593K92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $321265.17    | 0.08%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO O'HARE INTERNATIONAL AIRPORT                                                     | FX.RT. MUNI BOND        | CUSIP: 167593L26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106700.99    | 0.03%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY                                           | FX.RT. MUNI BOND        | CUSIP: 6461364V0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1301872.92   | 0.34%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND        | CUSIP: 452017AK2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $551562.65    | 0.14%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND        | CUSIP: 452017AM8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    600000 | PA      | $647750.16    | 0.17%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND        | CUSIP: 452017AR7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1156486.87   | 0.30%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER COUNTY HOSPITAL AUTHORITY/PA                                                   | FX.RT. MUNI BOND        | CUSIP: 51404PAJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $925705.50    | 0.24%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 04052VAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2155599.40   | 0.55%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY INDUSTRIAL DEVELOPMENT AUTHORITY                                             | FX.RT. MUNI BOND        | CUSIP: 48504NAX7<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   5925000 | PA      | $6416462.16   | 1.65%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY INDUSTRIAL DEVELOPMENT AUTHORITY                                             | FX.RT. MUNI BOND        | CUSIP: 48504NBC2<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   4550000 | PA      | $4733894.62   | 1.22%             | 2046-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA HIGHER EDUCATIONAL FACILITIES FINANCIAL AUTHORITY                                | FX.RT. MUNI BOND        | CUSIP: 34073TLN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1387635.15   | 0.36%             | 2044-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PINELLAS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 72316VAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499750.40    | 0.13%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS PRIVATE ACTIVITY BOND SURFACE TRANSPORTATION CORP                                  | FX.RT. MUNI BOND        | CUSIP: 882667AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3040891.80   | 0.78%             | 2058-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA INDUSTRIAL DEVELOPMENT  AND  EXPORT AUTHORITY                                     | FX.RT. MUNI BOND        | CUSIP: 011903GL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5890000 | PA      | $5671425.63   | 1.46%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO HIGHER EDUCATIONAL FACILITY COMMISSION                                              | FX.RT. MUNI BOND        | CUSIP: 67756DUN4<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   3555000 | PA      | $3494469.37   | 0.90%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY STATE PROPERTY  AND  BUILDING COMMISSION                                        | FX.RT. MUNI BOND        | CUSIP: 49151FC99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $791663.55    | 0.20%             | 2034-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SANTA FE NM                                                                      | FX.RT. MUNI BOND        | CUSIP: 802170AP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $852223.32    | 0.22%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTHORITY OF NEW YORK  AND  NEW JERSEY                                              | FX.RT. MUNI BOND        | CUSIP: 73358W4C5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2980000 | PA      | $3128761.90   | 0.81%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF AKRON OH INCOME TAX REVENUE                                                      | FX.RT. MUNI BOND        | CUSIP: 010056LN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1306216.04   | 0.34%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF AKRON OH INCOME TAX REVENUE                                                      | FX.RT. MUNI BOND        | CUSIP: 010056LP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $675877.80    | 0.17%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF AKRON OH INCOME TAX REVENUE                                                      | FX.RT. MUNI BOND        | CUSIP: 010056LQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $539168.96    | 0.14%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASHINGTON AIRPORTS AUTHORITY DULLES TOLL ROAD REVENUE                      | FX.RT. MUNI BOND        | CUSIP: 592643DD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1255730.66   | 0.32%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN PIER  AND  EXPOSITION AUTHORITY                                             | FX.RT. MUNI BOND        | CUSIP: 592250DN1<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $894104.50    | 0.23%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASHINGTON AIRPORTS AUTHORITY DULLES TOLL ROAD REVENUE                      | FX.RT. MUNI BOND        | CUSIP: 592643DJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1209871.13   | 0.31%             | 2053-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA HIGHER EDUCATIONAL FACILITIES FINANCIAL AUTHORITY                                | FX.RT. MUNI BOND        | CUSIP: 34073TNA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $743797.12    | 0.19%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SPARKS NV                                                                        | FX.RT. MUNI BOND        | CUSIP: 846562AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1091913.12   | 0.28%             | 2028-06-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| CITY OF SPARKS NV                                                                        | FX.RT. MUNI BOND        | CUSIP: 846562AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $146384.10    | 0.04%             | 2024-06-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| VAUXMONT METROPOLITAN DISTRICT                                                           | FX.RT. MUNI BOND        | CUSIP: 92242SBB8<br>LEI: 549300M7XL6MB0OW8D56 | Long             | DBT              | MUN               | US        |    255000 | PA      | $288553.13    | 0.07%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VAUXMONT METROPOLITAN DISTRICT                                                           | FX.RT. MUNI BOND        | CUSIP: 92242SAY9<br>LEI: 549300M7XL6MB0OW8D56 | Long             | DBT              | MUN               | US        |    215000 | PA      | $244886.10    | 0.06%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VAUXMONT METROPOLITAN DISTRICT                                                           | FX.RT. MUNI BOND        | CUSIP: 92242SAV5<br>LEI: 549300M7XL6MB0OW8D56 | Long             | DBT              | MUN               | US        |    200000 | PA      | $221895.94    | 0.06%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VAUXMONT METROPOLITAN DISTRICT                                                           | FX.RT. MUNI BOND        | CUSIP: 92242SAM5<br>LEI: 549300M7XL6MB0OW8D56 | Long             | DBT              | MUN               | US        |    160000 | PA      | $172219.30    | 0.04%             | 2032-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VAUXMONT METROPOLITAN DISTRICT                                                           | FX.RT. MUNI BOND        | CUSIP: 92242SAX1<br>LEI: 549300M7XL6MB0OW8D56 | Long             | DBT              | MUN               | US        |    210000 | PA      | $239990.44    | 0.06%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VOLUSIA COUNTY EDUCATIONAL FACILITY AUTHORITY                                            | FX.RT. MUNI BOND        | CUSIP: 928836MZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508903.10    | 0.13%             | 2036-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VOLUSIA COUNTY EDUCATIONAL FACILITY AUTHORITY                                            | FX.RT. MUNI BOND        | CUSIP: 928836NC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $603898.62    | 0.16%             | 2039-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE DORMITORY AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 64990FPT5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1509425.25   | 0.39%             | 2040-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO IL                                                                       | FX.RT. MUNI BOND        | CUSIP: 167486F87<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1935975.61   | 0.50%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP                                                            | FX.RT. MUNI BOND        | CUSIP: 79467BCW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1526199.78   | 0.39%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP                                                            | FX.RT. MUNI BOND        | CUSIP: 79467BCZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2494631.75   | 0.64%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY                                  | FX.RT. MUNI BOND        | CUSIP: 97712D5Q5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014407.80   | 0.26%             | 2050-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74439YDR9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    700000 | PA      | $641335.31    | 0.17%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74439YDP3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $488517.50    | 0.13%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74439YDQ1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    600000 | PA      | $564390.06    | 0.15%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74439YDM0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    435000 | PA      | $436115.25    | 0.11%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74439YDK4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    340000 | PA      | $345440.48    | 0.09%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74439YDH1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $309861.18    | 0.08%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER COUNTY HOSPITAL AUTHORITY/PA                                                   | FX.RT. MUNI BOND        | CUSIP: 514045V59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $447000.45    | 0.12%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER COUNTY HOSPITAL AUTHORITY/PA                                                   | FX.RT. MUNI BOND        | CUSIP: 514045V75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $420002.05    | 0.11%             | 2050-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE TOBACCO SETTLEMENT FINANCING AUTHORITY                                           | FX.RT. MUNI BOND        | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2387509.00   | 0.61%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE TOBACCO SETTLEMENT FINANCING AUTHORITY                                           | FX.RT. MUNI BOND        | CUSIP: 118217CW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3560000 | PA      | $2712895.86   | 0.70%             | 2048-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTURE TAX SECURED REVENUE                  | FX.RT. MUNI BOND        | CUSIP: 64971XQK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12325000 | PA      | $12449862.40  | 3.20%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTURE TAX SECURED REVENUE                  | FX.RT. MUNI BOND        | CUSIP: 64971XQL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1116960.90   | 0.29%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF CONNECTICUT SPECIAL TAX REVENUE                                                 | FX.RT. MUNI BOND        | CUSIP: 207758A45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1737353.42   | 0.45%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS COUNTY HOSPITAL FACILITY AUTHORITY                                             | FX.RT. MUNI BOND        | CUSIP: 179027YM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $928339.60    | 0.24%             | 2050-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PONTIAC SCHOOL DISTRICT                                                                  | FX.RT. MUNI BOND        | CUSIP: 732538HL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4977000 | PA      | $4999122.76   | 1.29%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PONTIAC SCHOOL DISTRICT                                                                  | FX.RT. MUNI BOND        | CUSIP: 732538HK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4424000 | PA      | $4474134.54   | 1.15%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COBB COUNTY KENNESTONE HOSPITAL AUTHORITY                                                | FX.RT. MUNI BOND        | CUSIP: 190813SC0<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1477621.60   | 0.38%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTURE TAX SECURED REVENUE                  | FX.RT. MUNI BOND        | CUSIP: 64971XSA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $562253.34    | 0.14%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES DEPARTMENT OF AIRPORTS                                               | FX.RT. MUNI BOND        | CUSIP: 544445RF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2982807.52   | 0.77%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MEDICAL CARE COMMISSION                                                   | FX.RT. MUNI BOND        | CUSIP: 65820YRR9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $473371.90    | 0.12%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP                                                 | FX.RT. MUNI BOND        | CUSIP: 650116CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2047162.00   | 0.53%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE COMMUNITY DEVELOPMENT DISTRICT NO 13                                             | FX.RT. MUNI BOND        | CUSIP: 92708HAH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2435000 | PA      | $2044643.20   | 0.53%             | 2035-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTURE TAX SECURED REVENUE                  | FX.RT. MUNI BOND        | CUSIP: 64971XUC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $757598.10    | 0.19%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE DORMITORY AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 64990FYM0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2539010.27   | 0.65%             | 2044-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY INDUSTRIAL DEVELOPMENT AUTHORITY                                             | FX.RT. MUNI BOND        | CUSIP: 48504NCK3<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1879756.80   | 0.48%             | 2057-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ST LOUIS MUNICIPAL FINANCE CORP                                                          | FX.RT. MUNI BOND        | CUSIP: 79165TUC3<br>LEI: 549300CR13DAYKUKQN03 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2143061.00   | 0.55%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACILITIES AUTHORITY                                                     | FX.RT. MUNI BOND        | CUSIP: 19648FRW6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2304345.78   | 0.59%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY INDUSTRIAL DEVELOPMENT AUTHORITY                                             | FX.RT. MUNI BOND        | CUSIP: 48504NCL1<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   5150000 | PA      | $5368089.11   | 1.38%             | 2057-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                                     | FX.RT. MUNI BOND        | CUSIP: 25483VXQ2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1537182.00   | 0.40%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                                     | FX.RT. MUNI BOND        | CUSIP: 25483VXR0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1504631.10   | 0.39%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                                     | FX.RT. MUNI BOND        | CUSIP: 25483VXU3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1983841.80   | 0.51%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STERLING RANCH COMMUNITY AUTHORITY BOARD                                                 | FX.RT. MUNI BOND        | CUSIP: 85950NAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $441933.64    | 0.11%             | 2050-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| STATE OF HAWAII HARBOR SYSTEM REVENUE                                                    | FX.RT. MUNI BOND        | CUSIP: 41981TJA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $304381.86    | 0.08%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STATE OF HAWAII HARBOR SYSTEM REVENUE                                                    | FX.RT. MUNI BOND        | CUSIP: 41981THE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1695703.75   | 0.44%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| REGIONAL TRANSPORTATION DISTRICT                                                         | FX.RT. MUNI BOND        | CUSIP: 759151BT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $734281.94    | 0.19%             | 2037-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| REGIONAL TRANSPORTATION DISTRICT                                                         | FX.RT. MUNI BOND        | CUSIP: 759151BU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $788519.84    | 0.20%             | 2038-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ECONOMIC DEVELOPMENT CORP                                                       | FX.RT. MUNI BOND        | CUSIP: 57420VRN5<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1282814.82   | 0.33%             | 2050-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 63607YAN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2177601.44   | 0.56%             | 2055-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 63607YAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $938692.81    | 0.24%             | 2040-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 63607YAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1034441.34   | 0.27%             | 2046-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE URBAN DEVELOPMENT CORP                                                    | FX.RT. MUNI BOND        | CUSIP: 650036DL7<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2167791.78   | 0.56%             | 2046-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                                    | FX.RT. MUNI BOND        | CUSIP: 126292AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $1833654.00   | 0.47%             | 2056-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY                                         | FX.RT. MUNI BOND        | CUSIP: 65818PNR6<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |    900000 | PA      | $943904.79    | 0.24%             | 2034-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF EDUCATION                                                               | FX.RT. MUNI BOND        | CUSIP: 167505XX9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2584313.75   | 0.67%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                                        | FX.RT. MUNI BOND        | CUSIP: 13033DAE5<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   2043583 | PA      | $1981539.00   | 0.51%             | 2035-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE DORMITORY AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 64990FZV9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1208505.24   | 0.31%             | 2040-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IOWA TOBACCO SETTLEMENT AUTHORITY                                                        | FX.RT. MUNI BOND        | CUSIP: 888805CH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1180777.27   | 0.30%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY HOUSING AGENCY                                                      | FX.RT. MUNI BOND        | CUSIP: 13013FAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $485770.07    | 0.13%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY                                           | FX.RT. MUNI BOND        | CUSIP: 64613CAV0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    600000 | PA      | $661915.98    | 0.17%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF LINCOLN SD                                                                     | FX.RT. MUNI BOND        | CUSIP: 53340EAB3<br>LEI: 549300USXDZ5FGJLUV88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $833915.80    | 0.21%             | 2051-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                              | FX.RT. MUNI BOND        | CUSIP: 93978TS59<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2639891 | PA      | $2489748.59   | 0.64%             | 2035-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MEDICAL CARE COMMISSION                                                   | FX.RT. MUNI BOND        | CUSIP: 65821DYG0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1647343.80   | 0.42%             | 2051-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI BUSINESS FINANCE CORP                                                        | FX.RT. MUNI BOND        | CUSIP: 605279MK1<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   2025000 | PA      | $1423248.77   | 0.37%             | 2044-06-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY                                  | FX.RT. MUNI BOND        | CUSIP: 97712D8S8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   4865000 | PA      | $4779947.15   | 1.23%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA                                                  | FX.RT. MUNI BOND        | CUSIP: 62620HAW2<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    500000 | PA      | $472373.30    | 0.12%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA                                                  | FX.RT. MUNI BOND        | CUSIP: 62620HAY8<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035437.20   | 0.27%             | 2062-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA                                                  | FX.RT. MUNI BOND        | CUSIP: 6262077H1<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    425000 | PA      | $381906.57    | 0.10%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA                                                  | FX.RT. MUNI BOND        | CUSIP: 6262077J7<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    650000 | PA      | $660629.65    | 0.17%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LAS VEGAS NV SPECIAL IMPROVEMENT DISTRICT NO 816                                 | FX.RT. MUNI BOND        | CUSIP: 51779AAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1302722.32   | 0.34%             | 2041-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY COUNTY AIRPORT AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 01728LFL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1623289.33   | 0.42%             | 2056-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                                    | FX.RT. MUNI BOND        | CUSIP: 126292AW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1354404.55   | 0.35%             | 2057-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY COUNTY AIRPORT AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 01728LEZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3319875.00   | 0.85%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY COUNTY AIRPORT AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 01728LFJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1536014.76   | 0.40%             | 2051-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY COUNTY AIRPORT AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 01728LFK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $600978.62    | 0.15%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 04052BQW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1131400.18   | 0.29%             | 2061-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 04052BQU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $656874.14    | 0.17%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT STATE HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY                          | FX.RT. MUNI BOND        | CUSIP: 20775DPE6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2129929.64   | 0.55%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY                                   | FX.RT. MUNI BOND        | CUSIP: 13080SC85<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   3440000 | PA      | $2517493.14   | 0.65%             | 2051-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| IOWA FINANCE AUTHORITY                                                                   | FX.RT. MUNI BOND        | CUSIP: 46247SBM5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1467316.20   | 0.38%             | 2046-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SILVER CREEK SCHOOL BUILDING CORP                                                        | FX.RT. MUNI BOND        | CUSIP: 827555BX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1386985.12   | 0.36%             | 2042-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MOUNT DIABLO UNIFIED SCHOOL DISTRICT/CA                                                  | FX.RT. MUNI BOND        | CUSIP: 621196P32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1705969.36   | 0.44%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MOUNT DIABLO UNIFIED SCHOOL DISTRICT/CA                                                  | FX.RT. MUNI BOND        | CUSIP: 621196N91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2960000 | PA      | $3135328.79   | 0.81%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                                   | FX.RT. MUNI BOND        | CUSIP: 13048VXH6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2973405.30   | 0.77%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TANGIPAHOA PARISH HOSPITAL SERVICE DISTRICT NO 1                                         | FX.RT. MUNI BOND        | CUSIP: 875518FC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1193181.88   | 0.31%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74445QDX5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $781545.10    | 0.20%             | 2056-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER AUTHORITY                                                           | FX.RT. MUNI BOND        | CUSIP: 54811GL40<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1941861.68   | 0.50%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES CA COMMUNITY FACILITIES DISTRICT                                     | FX.RT. MUNI BOND        | CUSIP: 544386DW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $969879.70    | 0.25%             | 2038-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 04052FCS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2855000 | PA      | $2636677.29   | 0.68%             | 2046-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 63609XAQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $855657.52    | 0.22%             | 2037-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 63609XAT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1012234.91   | 0.26%             | 2040-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES DEPARTMENT OF AIRPORTS                                               | FX.RT. MUNI BOND        | CUSIP: 544445WM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1144744.50   | 0.29%             | 2039-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FINANCING AUTHORITY                                              | FX.RT. MUNI BOND        | CUSIP: 928104NU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $626884.15    | 0.16%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FINANCING AUTHORITY                                              | FX.RT. MUNI BOND        | CUSIP: 928104NY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $720790.73    | 0.19%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND        | CUSIP: 594479HP5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    745000 | PA      | $631964.06    | 0.16%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PAULDING COUNTY HOSPITAL AUTHORITY/GA                                                    | FX.RT. MUNI BOND        | CUSIP: 703596EG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1498298.76   | 0.39%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES DEPARTMENT OF AIRPORTS                                               | FX.RT. MUNI BOND        | CUSIP: 544445XZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507366.35    | 0.13%             | 2036-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON HIGHER EDUCATION FINANCE CORP                                                    | FX.RT. MUNI BOND        | CUSIP: 187145PZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027415.00   | 0.26%             | 2037-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON HIGHER EDUCATION FINANCE CORP                                                    | FX.RT. MUNI BOND        | CUSIP: 187145QD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1403792.32   | 0.36%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FINANCING AUTHORITY                                              | FX.RT. MUNI BOND        | CUSIP: 928104PX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2723051.10   | 0.70%             | 2048-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO STATE TURNPIKE COMMISSION                                                           | FX.RT. MUNI BOND        | CUSIP: 67760HNX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1751489.70   | 0.45%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE DORMITORY AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 64990FX58<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $6072090.75   | 1.56%             | 2046-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEVELOPMENT FINANCE CORP                                                         | FX.RT. MUNI BOND        | CUSIP: 34061UJT6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    650000 | PA      | $659563.65    | 0.17%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEVELOPMENT FINANCE CORP                                                         | FX.RT. MUNI BOND        | CUSIP: 34061UJU3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    680000 | PA      | $685084.56    | 0.18%             | 2057-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEVELOPMENT FINANCE CORP                                                         | FX.RT. MUNI BOND        | CUSIP: 34061UJS8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    460000 | PA      | $474474.50    | 0.12%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIBERTY DEVELOPMENT CORP                                                        | FX.RT. MUNI BOND        | CUSIP: 649519EH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2660231.70   | 0.68%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTURE TAX SECURED REVENUE                  | FX.RT. MUNI BOND        | CUSIP: 64971XU22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4920000 | PA      | $5613052.85   | 1.44%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO HIGHER EDUCATIONAL FACILITY COMMISSION                                              | FX.RT. MUNI BOND        | CUSIP: 67756DC61<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1655317.50   | 0.43%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74447DAD9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1632676.94   | 0.42%             | 2062-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                                     | FX.RT. MUNI BOND        | CUSIP: 25483VA46<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1521315.13   | 0.39%             | 2036-02-29      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                                     | FX.RT. MUNI BOND        | CUSIP: 25483VA61<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1642201.65   | 0.42%             | 2037-02-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COUNTY OF SAN DIEGO CA                                                                   | FX.RT. MUNI BOND        | CUSIP: 7973915D7<br>LEI: 254900MKIGRAYVDUZ926 | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2437527.24   | 0.63%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGENTS OF THE UNIVERSITY OF CALIFORNIA MEDICAL CENTER POOLED REVENUE                    | FX.RT. MUNI BOND        | CUSIP: 913366KP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5260000 | PA      | $6025416.26   | 1.55%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGENTS OF THE UNIVERSITY OF CALIFORNIA MEDICAL CENTER POOLED REVENUE                    | FX.RT. MUNI BOND        | CUSIP: 913366KQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13000000 | PA      | $14772239.30  | 3.80%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGENCY                                                               | FX.RT. MUNI BOND        | CUSIP: 917467CH3<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1213593.48   | 0.31%             | 2037-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO HIGHER EDUCATIONAL FACILITY COMMISSION                                              | FX.RT. MUNI BOND        | CUSIP: 677510CY3<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058963.90   | 0.27%             | 2052-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OHIO HIGHER EDUCATIONAL FACILITY COMMISSION                                              | FX.RT. MUNI BOND        | CUSIP: 677510CX5<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1864492.18   | 0.48%             | 2047-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDIANA FINANCE AUTHORITY                                                                | FX.RT. MUNI BOND        | CUSIP: 45505MME3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    700000 | PA      | $859343.45    | 0.22%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FINANCE AUTHORITY                                                                | FX.RT. MUNI BOND        | CUSIP: 45505MMH6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    850000 | PA      | $1012431.77   | 0.26%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FINANCE AUTHORITY                                                                | FX.RT. MUNI BOND        | CUSIP: 45505MMG8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1602115.27   | 0.41%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LONG BEACH CA AIRPORT SYSTEM REVENUE                                             | FX.RT. MUNI BOND        | CUSIP: 542403DQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $810668.10    | 0.21%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASHINGTON AIRPORTS AUTHORITY AVIATION REVENUE                              | FX.RT. MUNI BOND        | CUSIP: 592647LD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1450087.63   | 0.37%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LONG BEACH CA AIRPORT SYSTEM REVENUE                                             | FX.RT. MUNI BOND        | CUSIP: 542403DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1363901.13   | 0.35%             | 2047-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF MASSACHUSETTS TRANSPORTATION FUND REVENUE                                | FX.RT. MUNI BOND        | CUSIP: 57604TKC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2900000 | PA      | $3214465.56   | 0.83%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH STATE BUILDING OWNERSHIP AUTHORITY                                                  | FX.RT. MUNI BOND        | CUSIP: 917547G21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1840000 | PA      | $2064221.66   | 0.53%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH STATE BUILDING OWNERSHIP AUTHORITY                                                  | FX.RT. MUNI BOND        | CUSIP: 917547F89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2815000 | PA      | $3190886.11   | 0.82%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY  AND  COUNTY OF DENVER CO AIRPORT SYSTEM REVENUE                                    | FX.RT. MUNI BOND        | CUSIP: 249182QP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1749891.90   | 0.45%             | 2038-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITY  AND  COUNTY OF DENVER CO AIRPORT SYSTEM REVENUE                                    | FX.RT. MUNI BOND        | CUSIP: 249182QN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1134105.20   | 0.29%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY  AND  COUNTY OF DENVER CO AIRPORT SYSTEM REVENUE                                    | FX.RT. MUNI BOND        | CUSIP: 249182QM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1752068.90   | 0.45%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY                                                 | FX.RT. MUNI BOND        | CUSIP: 57584Y3R8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2328197.20   | 0.60%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF RICE MN                                                                        | FX.RT. MUNI BOND        | CUSIP: 762698LA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2576673.00   | 0.66%             | 2048-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE THRUWAY AUTHORITY                                                         | FX.RT. MUNI BOND        | CUSIP: 650028ZP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $6013805.05   | 1.55%             | 2054-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA                                                                       | FX.RT. MUNI BOND        | CUSIP: 735389V47<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   5600000 | PA      | $6151993.12   | 1.58%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA                                                                       | FX.RT. MUNI BOND        | CUSIP: 735389V62<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1090187.90   | 0.28%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 04052FDR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2900000 | PA      | $3046818.88   | 0.78%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY                                  | FX.RT. MUNI BOND        | CUSIP: 97712D8N9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3027774.00   | 0.78%             | 2037-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY TRANSPORTATION AUTHORITY                                                    | FX.RT. MUNI BOND        | CUSIP: 838536MR8<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065803.50   | 0.27%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KENTUCKY STATE PROPERTY  AND  BUILDING COMMISSION                                        | FX.RT. MUNI BOND        | CUSIP: 49151FV49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3410049.60   | 0.88%             | 2039-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF PIMA/THE                               | FX.RT. MUNI BOND        | CUSIP: 72178AAJ1<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    350000 | PA      | $364019.85    | 0.09%             | 2057-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF PIMA/THE                               | FX.RT. MUNI BOND        | CUSIP: 72178AAF9<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1822581.25   | 0.47%             | 2035-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN NASHVILLE AIRPORT AUTHORITY/THE                                             | FX.RT. MUNI BOND        | CUSIP: 592190QX3<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1261490.96   | 0.32%             | 2042-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BUCKS COUNTY WATER AND SEWER AUTHORITY                                                   | FX.RT. MUNI BOND        | CUSIP: 118683JZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2175000 | PA      | $2476384.75   | 0.64%             | 2047-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO IL                                                                       | FX.RT. MUNI BOND        | CUSIP: 167486N96<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2683878.00   | 0.69%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY                                    | FX.RT. MUNI BOND        | CUSIP: 70868YAZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1485979.29   | 0.38%             | 2062-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PORT AUTHORITY OF NEW YORK  AND  NEW JERSEY                                              | FX.RT. MUNI BOND        | CUSIP: 73358XHE5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4518402.84   | 1.16%             | 2047-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA                                                  | FX.RT. MUNI BOND        | CUSIP: 62620HHN5<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1590274.50   | 0.41%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA                                                  | FX.RT. MUNI BOND        | CUSIP: 62620HGQ9<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1802311.10   | 0.46%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DETROIT CITY SCHOOL DISTRICT                                                             | FX.RT. MUNI BOND        | CUSIP: 251129ZY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $1028013.34   | 0.26%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                                                   | GOVERNMENT FUTURES      | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | N/A              | DIR              | CORP              | US        |        80 | NC      | $11340000.00  | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                                                   | GOVERNMENT FUTURES      | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | N/A              | DIR              | CORP              | US        |        50 | NC      | $6060156.25   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK STATE THRUWAY AUTHORITY                                                         | MUNI ORIG ISSUE DISC    | CUSIP: 650028ZR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5436732.95   | 1.40%             | 2056-03-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| PUBLIC AUTHORITY FOR COLORADO ENERGY                                                     | MUNI ORIG ISSUE DISC    | CUSIP: 744387AD3<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2790370.13   | 0.72%             | 2038-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STATE OF ILLINOIS                                                                        | MUNI ORIG ISSUE DISC    | CUSIP: 452152TC5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2280000 | PA      | $2294252.28   | 0.59%             | 2038-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY                                                | MUNI ORIG ISSUE DISC    | CUSIP: 6459182D4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505861.90    | 0.13%             | 2043-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| COUNTY OF JEFFERSON AL SEWER REVENUE                                                     | MUNI ORIG ISSUE DISC    | CUSIP: 472682RM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2138454.80   | 0.55%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY                                                 | MUNI ORIG ISSUE DISC    | CUSIP: 57583UC48<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501399.90    | 0.13%             | 2043-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CITY OF RAMSEY MN                                                                        | MUNI ORIG ISSUE DISC    | CUSIP: 751814AA2<br>LEI: 549300PYUDKBK3S78343 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005241.40   | 0.52%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF EDUCATION                                                               | MUNI ORIG ISSUE DISC    | CUSIP: 167505QR0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2261510.10   | 0.58%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY                                                | MUNI ORIG ISSUE DISC    | CUSIP: 64577BTK0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    750000 | PA      | $789321.00    | 0.20%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                                     | MUNI ORIG ISSUE DISC    | CUSIP: 25483VSG0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    500000 | PA      | $427621.70    | 0.11%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ECONOMIC DEVELOPMENT CORP                                                       | MUNI ORIG ISSUE DISC    | CUSIP: 57420VSP9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1918911.56   | 0.49%             | 2058-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP                                      | MUNI ORIG ISSUE DISC    | CUSIP: 64542YAM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $935126.60    | 0.24%             | 2053-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP                                      | MUNI ORIG ISSUE DISC    | CUSIP: 64542YBG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $935126.60    | 0.24%             | 2053-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                                    | MUNI ORIG ISSUE DISC    | CUSIP: 126292AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2635000 | PA      | $1879771.85   | 0.48%             | 2056-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH COUNTY HEALTH FACILITIES AUTHORITY                                            | MUNI ORIG ISSUE DISC    | CUSIP: 69651ACD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1570995.16   | 0.40%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                                    | MUNI ORIG ISSUE DISC    | CUSIP: 126292BB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $457336.82    | 0.12%             | 2057-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MIDA MOUNTAIN VILLAGE PUBLIC INFRASTRUCTURE DISTRICT                                     | MUNI ORIG ISSUE DISC    | CUSIP: 59561TAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1216500.68   | 0.31%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN GOVERNMENT NASHVILLE  AND  DAVIDSON COUNTY HEALTH  AND  EDUCATIONAL FACS BD | MUNI ORIG ISSUE DISC    | CUSIP: 592041YV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1754128.58   | 0.45%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STATE OF ILLINOIS                                                                        | MUNI ORIG ISSUE DISC    | CUSIP: 4521526K2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1411406.13   | 0.36%             | 2030-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSPORTATION AUTHORITY                                                    | MUNI ORIG ISSUE DISC    | CUSIP: 59261AG43<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1538553.60   | 0.40%             | 2050-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON HIGHER EDUCATION FINANCE CORP                                                    | MUNI ORIG ISSUE DISC    | CUSIP: 187145JT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1177956.96   | 0.30%             | 2048-08-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA                                                  | MUNI ORIG ISSUE DISC    | CUSIP: 62620HEM0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4269517.28   | 1.10%             | 2063-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LOUISIANA OFFSHORE TERMINAL AUTHORITY                                                    | MUNI PUT BOND ACT       | CUSIP: 546510FQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1582575.36   | 0.41%             | 2033-09-01      | Variable      | 1.65%                 | No            |                  2 | On Loan: No      |
| INDIANA FINANCE AUTHORITY                                                                | MUNI PUT BOND ACT       | CUSIP: 45471ATB8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2647415.07   | 0.68%             | 2049-11-01      | Variable      | 2.10%                 | No            |                  2 | On Loan: No      |
| PARISH OF ST JOHN THE BAPTIST LA                                                         | MUNI PUT BOND ACT       | CUSIP: 79020FAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3010000 | PA      | $2838655.45   | 0.73%             | 2037-06-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| KENTUCKY PUBLIC ENERGY AUTHORITY                                                         | MUNI PUT BOND ACT       | CUSIP: 74440DBR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5516377.35   | 1.42%             | 2049-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY PUBLIC ENERGY AUTHORITY                                                         | MUNI PUT BOND ACT       | CUSIP: 74440DBD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000286.50   | 0.77%             | 2049-01-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN PIER  AND  EXPOSITION AUTHORITY                                             | MUNI STEP UP BOND       | CUSIP: 592250CW2<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $648939.30    | 0.17%             | 2037-12-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA TURNPIKE COMMISSION                                                         | MUNI STEP UP BOND       | CUSIP: 709224DV8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   4385000 | PA      | $4540940.69   | 1.17%             | 2044-12-01      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| NORTH TEXAS TOLLWAY AUTHORITY                                                            | MUNI STEP UP BOND       | CUSIP: 66285WEF9<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2150360.40   | 0.55%             | 2043-01-01      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASHINGTON AIRPORTS AUTHORITY                                               | MUNI. ZERO              | CUSIP: 592643BP4<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |   3700000 | PA      | $1934644.90   | 0.50%             | 2037-10-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN PIER  AND  EXPOSITION AUTHORITY                                             | MUNI. ZERO              | CUSIP: 592247J50<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $9011178.00   | 2.32%             | 2030-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN ILLINOIS UNIVERSITY                                                             | MUNI. ZERO              | CUSIP: 843146D73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1870000 | PA      | $1723876.52   | 0.44%             | 2025-04-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PUTNAM SHORT TERM INVESTMENT FUND                                                        | SHORT TERM INV FUND     | CUSIP: 74676P664<br>LEI: 5493003MK0Q7JP8CPP42 | Long             | STIV             | PF                | US        |   4105269 | NS      | $4105269.00   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA                                                                 | U.S. T BILLS            | CUSIP: 912796YK9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    592000 | PA      | $589355.24    | 0.15%             | 2023-03-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA                                                                 | U.S. T BILLS            | CUSIP: 912796YL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $198932.56    | 0.05%             | 2023-03-16      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF SAN BERNARDINO CA                                                              | VARIABLE RATE MUNI BOND | CUSIP: 796839AQ1<br>LEI: 254900RTS8DDNPA7MX91 | Long             | DBT              | MUN               | US        |    550000 | PA      | $548556.42    | 0.14%             | 2023-08-01      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-29

**Name of Applicant:** Putnam Investments Inc

**Signature:** Janet C. Smith

**Name of Signer:** NPORT

**Title:** Principal Financial Officer