# EDGAR Filing Document

**Accession Number:** 0000778365
**File Stem:** 0001410368-25-009063
**Filing Date:** 2025-9
**Character Count:** 63783
**Document Hash:** 9974d3c2d46bf43ded52b8612d67b63d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-009063.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0001410368-25-009063

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**PERIOD START**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Eaton Vance Municipals Trust
- **CENTRAL INDEX KEY:** 0000778365

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04409
- **FILM NUMBER:** 251335195

**BUSINESS ADDRESS:**
- **STREET 1:** ONE POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 617-482-8260

**MAIL ADDRESS:**
- **STREET 1:** ONE POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EATON VANCE MUNICIPALS TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EATON VANCE HIGH YIELD MUNICIPALS TRUST
- **DATE OF NAME CHANGE:** 19910203

## Series and Classes Contracts Data

### Eaton Vance Minnesota Municipal Income Fund (Series ID: S000004843)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000013114 | Eaton Vance Minnesota Municipal Income Fund Class A | ETMNX           |
| C000013116 | Eaton Vance Minnesota Municipal Income Fund Class C | ECMNX           |
| C000092718 | Eaton Vance Minnesota Municipal Income Fund Class I | EIMNX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Eaton Vance Municipals Trust

- **b. Investment Company Act file number:** 811-04409

- **c. CIK number of Registrant:** 0000778365

- **d. LEI of Registrant:** 549300URENTSNA53MO13

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

  - **Street Address 1:** One Post Office Square

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02109

  - **Telephone number:** 617-482-8260

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

- **a. Name of Series:** Eaton Vance Minnesota Municipal Income Fund

- **b. EDGAR series identifier (if any):** S000004843

- **c. LEI of Series:** 549300BHOZ0I8HHJ1P48

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

- **a. Date of fiscal year-end:** 2025-07-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $222941357.70

**Total Liabilities:** $4033558.18

**Net Assets:** $218907799.52

**Delayed Delivery Securities:** $3160892.40

**Cash Not Reported:** $76855.87

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -352.53000000 | **1-Year:** -6394.06000000 | **5-Year:** -30953.14000000 | **10-Year:** -96855.93000000 | **30-Year:** -33333.96000000

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

- **3-Month:** -44.59000000 | **1-Year:** -659.86000000 | **5-Year:** -1826.37000000 | **10-Year:** -3206.56000000 | **30-Year:** -1825.41000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000092718 | -0.74%               | 0.65%                | -0.86%               |
| Class ID C000013114 | -0.76%               | 0.63%                | -0.88%               |
| Class ID C000013116 | -0.85%               | 0.55%                | -0.86%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-152503.67              | $-2431998.63                               |
| Month 2  | $-354352.48              | $1112888.59                                |
| Month 3  | $-247031.44              | $-2159669.35                               |

**Designated Index Information**

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

- **Index Identifier:** MBINDEX

### Schedule of Portfolio Investments

| Name                                                               | Title                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Northern Municipal Power Agency                                    | NTHRN MN MUNI PWR AGY ELEC SYS REVENUE                      | CUSIP: 665444LB9<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    375000 | PA      | $378420.49    | 0.17%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                 | MINNESOTA ST                                                | CUSIP: 60412AH48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2820000 | PA      | $2953632.75   | 1.35%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Peter Independent School District No 508                        | SAINT PETER MN INDEP SCH DIST#508                           | CUSIP: 793181KN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $22353.72     | 0.01%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jordan Independent School District No 717                          | JORDAN MN INDEP SCH DIST #717                               | CUSIP: 480718LJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1063941.25   | 0.49%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                   | MINNESOTA ST HSG FIN AGY                                    | CUSIP: 60416S4B3<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    605000 | PA      | $503141.90    | 0.23%             | 2035-01-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| St Paul Port Authority                                             | SAINT PAUL MN PORT AUTH DIST ENERGY REVENUE                 | CUSIP: 79308GAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1087034.13   | 0.50%             | 2042-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Martin County West Independent School District No 2448             | MARTIN CNTY MN W INDEP SCH DIST #2448                       | CUSIP: 573259CT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1308175.04   | 0.60%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis Special School District No 1                           | MINNEAPOLIS MN SPL SCH DIST #1                              | CUSIP: 603790WP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1360682.53   | 0.62%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maple River Independent School District No 2135/MN                 | MAPLE RIVER MN INDEP SCH DIST#2135                          | CUSIP: 565323CM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1195273.11   | 0.55%             | 2050-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                   | MINNESOTA ST HSG FIN AGY                                    | CUSIP: 60416TCP1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    900000 | PA      | $545054.13    | 0.25%             | 2045-07-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| City of St Cloud MN                                                | SAINT CLOUD MN HLTH CARE REVENUE                            | CUSIP: 78916VEQ9<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2034889.00   | 0.93%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alexandria Lake Area Sanitation District                           | ALEXANDRIA LAKE MN AREA SANTNDIST SANTN SWR BRD             | CUSIP: 015091DN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $272865.96    | 0.12%             | 2043-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| South Washington County Independent School District No 833/MN      | SOUTH WASHINGTON CNTY MN INDEP SCH DIST #833                | CUSIP: 840610VH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2613774.35   | 1.19%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                              | DULUTH MN ECON DEV AUTH HLTH CARE FACS REVENUE              | CUSIP: 26444CGZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4095000 | PA      | $3656361.21   | 1.67%             | 2043-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN/St Paul Housing & Redevelopment Authority   | MINNEAPOLIS MN & SAINT PAUL MN HSG & REDEV AUTH HLTH CARE   | CUSIP: 603695KE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1275311.88   | 0.58%             | 2043-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Eden Prairie MN                                            | EDEN PRAIRIE MN                                             | CUSIP: 279518HH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1485359.22   | 0.68%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Center City MN                                             | CENTER CITY MN HLTH CARE FACSREVENUE                        | CUSIP: 151452CR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $980792.80    | 0.45%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Municipal Power Agency                                    | NTHRN MN MUNI PWR AGY ELEC SYS REVENUE                      | CUSIP: 665444LC7<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    640000 | PA      | $659693.70    | 0.30%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Council                                               | MET COUNCIL MINNEAPOLIS-SAINT PAUL MN MET AREA              | CUSIP: 5918525L8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2910000 | PA      | $2706126.56   | 1.24%             | 2044-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Housing & Redevelopment Authority of The City of St Paul Minnesota | SAINT PAUL MN HSG & REDEV AUTH CHRT SCH LEASE REVENUE       | CUSIP: 852297DA5<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1117345.20   | 0.51%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of St Louis MN                                              | SAINT LOUIS CNTY MN                                         | CUSIP: 791230YQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1815000 | PA      | $2029244.23   | 0.93%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis Special School District No 1                           | MINNEAPOLIS MN SPL SCH DIST #1                              | CUSIP: 603790QF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1256733.16   | 0.57%             | 2037-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                 | MINNESOTA ST                                                | CUSIP: 60412AYJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1220026.26   | 0.56%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rosemount MN                                               | ROSEMOUNT MN                                                | CUSIP: 7775773T2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2385000 | PA      | $2173668.01   | 0.99%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of St Francis MN                                              | SAINT FRANCIS MN                                            | CUSIP: 789457NS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $480134.10    | 0.22%             | 2047-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sartell-St Stephen Independent School District No 748              | SARTELL MN INDEP SCH DIST #748                              | CUSIP: 803820LZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $332526.18    | 0.15%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue             | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE           | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2745949.20   | 1.25%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County Independent School District No 166/MN                  | COOK CNTY MN INDEP SCH DIST #166                            | CUSIP: 216151GZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1190925.51   | 0.54%             | 2045-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Edina MN                                                   | EDINA MN                                                    | CUSIP: 280606JU9<br>LEI: 549300V5XW2LPH6R4I43 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $956701.85    | 0.44%             | 2046-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pequot Lakes Independent School District No 186                    | PEQUOT LAKES MN INDEP SCH DIST #186                         | CUSIP: 713567KD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041396.90   | 0.48%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oakdale MN                                                 | OAKDALE MN                                                  | CUSIP: 672088MX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1980000 | PA      | $1739302.49   | 0.79%             | 2049-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                 | MINNESOTA ST                                                | CUSIP: 60412AWW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1910000 | PA      | $1845804.52   | 0.84%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Rosemount MN                                               | ROSEMOUNT MN                                                | CUSIP: 7775773X3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $953315.29    | 0.44%             | 2048-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Anoka-Hennepin Independent School District No 11                   | ANOKA-HENNEPIN MN INDEP SCH DIST #11 COPS                   | CUSIP: 036312AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007178.00   | 0.46%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Power Agency                                   | MINNESOTA ST MUNI PWR AGY ELEC REVENUE                      | CUSIP: 60412PEX4<br>LEI: 5493007DGBKI6ICBXO38 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250927.20    | 0.11%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                             | MINNEAPOLIS MN HLTH CARE SYS REVENUE                        | CUSIP: 60374VDT7<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1403220.00   | 0.64%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Apple Valley MN                                            | APPLE VY MN SENIOR HSG REVENUE                              | CUSIP: 03800RBJ4<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    475000 | PA      | $457644.45    | 0.21%             | 2045-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Gas Agency                                     | MINNESOTA MUNI GAS AGY COMMODITY SPLY REVENUE               | CUSIP: 60406UAM9<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2024448.60   | 0.92%             | 2052-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| St Paul Port Authority                                             | SAINT PAUL MN PORT AUTH DIST ENERGY REVENUE                 | CUSIP: 79308GAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $853873.10    | 0.39%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission               | MINNEAPOLIS-SAINT PAUL MN MET ARPTS COMMISSION ARPT REVENUE | CUSIP: 603827L53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1755785.85   | 0.80%             | 2047-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Sartell-St Stephen Independent School District No 748              | SARTELL MN INDEP SCH DIST #748                              | CUSIP: 803820LX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $669338.64    | 0.31%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Ramsey MN                                                | RAMSEY CNTY MN                                              | CUSIP: 751622YA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2377377.39   | 1.09%             | 2043-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of St Paul MN                                                 | ST PAUL MN                                                  | CUSIP: 792882HC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $1051037.54   | 0.48%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                               | ROCHESTER MN HLTH CARE FACS REVENUE                         | CUSIP: 771902HM8<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2503835.25   | 1.14%             | 2057-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sartell-St Stephen Independent School District No 748              | SARTELL MN INDEP SCH DIST #748                              | CUSIP: 803820LY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $838636.48    | 0.38%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dakota County Community Development Agency                         | DAKOTA CNTY MN CMNTY DEV AGY MF HSG REVENUE                 | CUSIP: 23409VFP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1390594.28   | 0.64%             | 2043-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Minnesota Agricultural & Economic Development Board                | MINNESOTA ST AGRIC & ECON DEVBRD                            | CUSIP: 6049203D8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1664473.80   | 0.76%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Rosemount-Apple Valley-Eagan Independent School District No 196    | ROSEMOUNT MN INDEP SCH DIST #196                            | CUSIP: 777594ZY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2764797.00   | 1.26%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northern Municipal Power Agency                                    | NTHRN MN MUNI PWR AGY ELEC SYS REVENUE                      | CUSIP: 665444LG8<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    575000 | PA      | $631858.99    | 0.29%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                   | MINNESOTA ST HSG FIN AGY                                    | CUSIP: 60416S7K0<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   2055000 | PA      | $1951226.40   | 0.89%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Eden Prairie MN                                            | EDEN PRAIRIE MN                                             | CUSIP: 279518HJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1535249.97   | 0.70%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Samoa Economic Development Authority                      | AMERICAN SAMOA AS ECON DEV AUTH GEN REVENUE                 | CUSIP: 02936TAH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $195425.32    | 0.09%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                              | DULUTH MN ECON DEV AUTH HLTH CARE FACS REVENUE              | CUSIP: 26444CKK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1254077.47   | 0.57%             | 2047-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Power Agency                                   | MINNESOTA ST MUNI PWR AGY ELEC REVENUE                      | CUSIP: 60412PFW5<br>LEI: 5493007DGBKI6ICBXO38 | Long             | DBT              | MUN               | US        |   2415000 | PA      | $2209420.71   | 1.01%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis Special School District No 1                           | MINNEAPOLIS MN SPL SCH DIST #1                              | CUSIP: 603790ZB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2515000 | PA      | $2580214.96   | 1.18%             | 2045-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                             | MINNEAPOLIS MN                                              | CUSIP: 60375BMP8<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   4170000 | PA      | $4390259.82   | 2.01%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of North Oaks MN                                              | N OAKS MN SENIOR HSG REVENUE                                | CUSIP: 66126TAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1600405.28   | 0.73%             | 2025-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                             | MINNEAPOLIS MN HLTH CARE SYS REVENUE                        | CUSIP: 60374VEN9<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1940092.20   | 0.89%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hawley Independent School District No 150                          | HAWLEY MN INDEP SCH DIST #150                               | CUSIP: 420416GS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1749187.88   | 0.80%             | 2046-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                 | MINNESOTA ST                                                | CUSIP: 60412ATT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1566481.65   | 0.72%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                            | UNIV OF MINNESOTA MN                                        | CUSIP: 914460UV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2049089.00   | 0.94%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Cloud MN                                                | SAINT CLOUD MN HLTH CARE REVENUE                            | CUSIP: 78916VEU0<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2454288.50   | 1.12%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                               | PUERTO RICO ELEC PWR AUTH PWRREVENUE                        | CUSIP: 74526Q2R2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1150009.66   | 0.53%             | 2032-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | MINNESOTA ST HGR EDU FACS AUTH REVENUE                      | CUSIP: 60416JDA5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |     45000 | PA      | $38401.97     | 0.02%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| St Peter Independent School District No 508                        | SAINT PETER MN INDEP SCH DIST#508                           | CUSIP: 793181KJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1276823.91   | 0.58%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Apple Valley MN                                            | APPLE VY MN SENIOR HSG REVENUE                              | CUSIP: 03800RAT3<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    940000 | PA      | $749476.01    | 0.34%             | 2053-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Forest Lake Independent School District No 831                     | FOREST LAKE MN INDEP SCH DIST#831                           | CUSIP: 345874VU2<br>LEI: 549300Z4NGDI34KH2446 | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1687783.88   | 0.77%             | 2040-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Bloomington MN Sales Tax Revenue                           | BLOOMINGTON MN SALES TAX REVENUE                            | CUSIP: 094814BP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1357237.99   | 0.62%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Watertown-Mayer Independent School District No 111                 | WATERTOWN MN INDEP SCH DIST #111                            | CUSIP: 942078PF7<br>LEI: 54930063VDFCOT0H1836 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $615314.00    | 0.28%             | 2036-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission               | MINNEAPOLIS-SAINT PAUL MN MET ARPTS COMMISSION ARPT REVENUE | CUSIP: 603827N36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1975000 | PA      | $1972455.61   | 0.90%             | 2052-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | MINNESOTA ST HGR EDU FACS AUTH REVENUE                      | CUSIP: 60416JHN3<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1262545.75   | 0.58%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Paul Independent School District No 625                         | SAINT PAUL MN INDEP SCH DIST #625                           | CUSIP: 79289ACM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3620000 | PA      | $3247473.04   | 1.48%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Stillwater Independent School District No 834                      | STILLWATER MN INDEP SCH DIST #834                           | CUSIP: 860758TD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2175000 | PA      | $2021073.95   | 0.92%             | 2043-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northern Municipal Power Agency                                    | NTHRN MN MUNI PWR AGY ELEC SYS REVENUE                      | CUSIP: 665444LD5<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    475000 | PA      | $500837.77    | 0.23%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Minnesota Municipal Power Agency                           | WSTRN MN MUNI PWR AGY                                       | CUSIP: 958697LK8<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |    750000 | PA      | $822322.95    | 0.38%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Rice MN                                                  | RICE CNTY MN                                                | CUSIP: 762698LE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2975000 | PA      | $2553183.08   | 1.17%             | 2052-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                        | PUERTO RICO CMWLTH                                          | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1588608.15   | 0.73%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| City of St Paul MN Water Revenue                                   | SAINT PAUL MN WTR REVENUE                                   | CUSIP: 793073JH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2664717.90   | 1.22%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                              | DULUTH MN ECON DEV AUTH HLTH CARE FACS REVENUE              | CUSIP: 26444CHC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3913609.60   | 1.79%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Paul MN Sewer Revenue                                   | SAINT PAUL MN SWR REVENUE                                   | CUSIP: 793071YE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $750849.22    | 0.34%             | 2044-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Power Agency                                   | MINNESOTA ST MUNI PWR AGY ELEC REVENUE                      | CUSIP: 60412PFX3<br>LEI: 5493007DGBKI6ICBXO38 | Long             | DBT              | MUN               | US        |   3210000 | PA      | $3247860.99   | 1.48%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gibbon Independent School District No 2365/MN                      | GIBBON MN INDEP SCH DIST #2365                              | CUSIP: 374627DH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2009273.63   | 0.92%             | 2052-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                               | ROCHESTER MN HLTH CARE FACS REVENUE                         | CUSIP: 771902HF3<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4352700.00   | 1.99%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                   | MINNESOTA ST HSG FIN AGY                                    | CUSIP: 60416T5P9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    925000 | PA      | $997116.24    | 0.46%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of St Francis MN                                              | SAINT FRANCIS MN                                            | CUSIP: 789457NY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $514448.90    | 0.24%             | 2053-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                             | MINNEAPOLIS MN HLTH CARE SYS REVENUE                        | CUSIP: 60374VES8<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   3085000 | PA      | $2945633.58   | 1.35%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sartell-St Stephen Independent School District No 748              | SARTELL MN INDEP SCH DIST #748                              | CUSIP: 803820LA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1034649.72   | 0.47%             | 2032-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Washington MN                                            | WASHINGTON CNTY MN                                          | CUSIP: 937785WS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044910.50   | 0.48%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | MINNESOTA ST HGR EDU FACS AUTH REVENUE                      | CUSIP: 60416JHZ6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1485023.70   | 0.68%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Paul Port Authority                                             | SAINT PAUL MN PORT AUTH DIST ENERGY REVENUE                 | CUSIP: 79308GAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $939260.41    | 0.43%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                             | MINNEAPOLIS MN                                              | CUSIP: 60375BNM4<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   4870000 | PA      | $3764946.84   | 1.72%             | 2043-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Round Lake-Brewster Independent School District No 2907            | ROUND LAKE-BREWSTER INDPT SCH DIST #2907 MN                 | CUSIP: 779133CJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2680000 | PA      | $2401180.04   | 1.10%             | 2046-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Duluth MN                                                  | DULUTH MN                                                   | CUSIP: 264438X98<br>LEI: 54930056ACOJTRDUDE38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011514.50   | 0.46%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Housing & Redevelopment Authority of The City of St Paul Minnesota | SAINT PAUL MN HSG & REDEV AUTH ENERGY REVENUE               | CUSIP: 85236DAL2<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    885000 | PA      | $891610.68    | 0.41%             | 2031-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Apple Valley MN                                            | APPLE VLY MN                                                | CUSIP: 03788PVZ6<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1617999.86   | 0.74%             | 2044-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hutchinson Utilities Commission                                    | HUTCHINSON MN PUBLIC UTILITY REVENUE                        | CUSIP: 44835ECE6<br>LEI: 5493006H504KBMJSAU33 | Long             | DBT              | MUN               | US        |    350000 | PA      | $350567.28    | 0.16%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Edgerton Independent School District No 581                        | EDGERTON MN INDEP SCH DIST #581                             | CUSIP: 280191BQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $969225.88    | 0.44%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Hennepin MN                                              | HENNEPIN CNTY MN                                            | CUSIP: 425507NP1<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |   1915000 | PA      | $2061680.57   | 0.94%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Power Agency                                   | MINNESOTA ST MUNI PWR AGY ELEC REVENUE                      | CUSIP: 60412PDX5<br>LEI: 5493007DGBKI6ICBXO38 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250927.20    | 0.11%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Office of Higher Education                               | MINNESOTA ST OFFICE OF HGR EDU REVENUE                      | CUSIP: 60416MCA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3430000 | PA      | $3149319.67   | 1.44%             | 2042-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cass Lake-Bena Independent School District No 115                  | CASS LAKE MN INDEP SCH DIST #115                            | CUSIP: 148087LG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1384507.32   | 0.63%             | 2038-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of St Paul MN Sales & Use Tax Revenue                         | SAINT PAUL MN SALES TAX REVENUE                             | CUSIP: 79307TEJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1949941.10   | 0.89%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Minnesota Municipal Power Agency                           | WSTRN MN MUNI PWR AGY                                       | CUSIP: 958697KE3<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |    800000 | PA      | $806988.72    | 0.37%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | MINNESOTA ST HGR EDU FACS AUTH REVENUE                      | CUSIP: 60416JJA9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1644143.40   | 0.75%             | 2053-10-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Brooklyn Center Independent School District No 286                 | BROOKLYN CENTER MN INDEP SCH DIST #286                      | CUSIP: 113853MG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1957224.20   | 0.89%             | 2040-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sartell-St Stephen Independent School District No 748              | SARTELL MN INDEP SCH DIST #748                              | CUSIP: 803820LF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $860865.15    | 0.39%             | 2037-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                               | ROCHESTER MN HLTH CARE FACS REVENUE                         | CUSIP: 771902HS5<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   5200000 | PA      | $5200000.00   | 2.38%             | 2064-11-15      | Floating      | 2.10%                 | No            |                  2 | On Loan: No      |
| Metropolitan Council                                               | MET COUNCIL MINNEAPOLIS-SAINT PAUL MN MET AREA              | CUSIP: 5918524L9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1885954.20   | 0.86%             | 2043-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Apple Valley MN                                            | APPLE VY MN SENIOR HSG REVENUE                              | CUSIP: 03800RBK1<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    600000 | PA      | $574209.42    | 0.26%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Southern Minnesota Municipal Power Agency                          | STHRN MINNESOTA ST MUNI PWR AGY PWR SPLY SYS REVENUE        | CUSIP: 843375C38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1507991.25   | 0.69%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Apple Valley MN                                            | APPLE VY MN SENIOR HSG REVENUE                              | CUSIP: 03800RAR7<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $926834.80    | 0.42%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                   | MINNESOTA ST HSG FIN AGY                                    | CUSIP: 60416SPL8<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    285000 | PA      | $251854.41    | 0.12%             | 2037-01-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                            | UNIV OF MINNESOTA MN                                        | CUSIP: 914460QH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1523150.25   | 0.70%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lakeville MN                                               | LAKEVILLE MN                                                | CUSIP: 5124457L5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1047975.64   | 0.48%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN/St Paul Housing & Redevelopment Authority   | MINNEAPOLIS MN & SAINT PAUL MN HSG & REDEV AUTH HLTH CARE   | CUSIP: 603695KD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1539631.20   | 0.70%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sartell-St Stephen Independent School District No 748              | SARTELL MN INDEP SCH DIST #748                              | CUSIP: 803820MB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1024771.65   | 0.47%             | 2044-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of St Louis MN                                              | SAINT LOUIS CNTY MN                                         | CUSIP: 791230YX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $962260.10    | 0.44%             | 2042-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Maple River Independent School District No 2135/MN                 | MAPLE RIVER MN INDEP SCH DIST#2135                          | CUSIP: 565323CL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1069073.64   | 0.49%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | MINNESOTA ST HGR EDU FACS AUTH REVENUE                      | CUSIP: 60416JHM5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2788834.68   | 1.27%             | 2048-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Housing & Redevelopment Authority of The City of St Paul Minnesota | SAINT PAUL MN HSG & REDEV AUTH HLTH CARE REVENUE            | CUSIP: 792909FD0<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    500000 | PA      | $514247.95    | 0.23%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Gas Agency                                     | MINNESOTA MUNI GAS AGY COMMODITY SPLY REVENUE               | CUSIP: 60406UAN7<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002106.60   | 0.91%             | 2052-12-01      | Floating      | 3.92%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | MINNESOTA ST HGR EDU FACS AUTH REVENUE                      | CUSIP: 60416JGF1<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   2665000 | PA      | $2660846.86   | 1.22%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Municipal Power Agency                                    | NTHRN MN MUNI PWR AGY ELEC SYS REVENUE                      | CUSIP: 665444LE3<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1098645.64   | 0.50%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | MINNESOTA ST HGR EDU FACS AUTH REVENUE                      | CUSIP: 60416HP57<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1011205.44   | 0.46%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                              | DULUTH MN ECON DEV AUTH HLTH CARE FACS REVENUE              | CUSIP: 26444CKL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2012679.20   | 0.92%             | 2052-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | MINNESOTA ST HGR EDU FACS AUTH REVENUE                      | CUSIP: 60416JDB3<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1053392.76   | 0.48%             | 2050-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Power Agency                                   | MINNESOTA ST MUNI PWR AGY ELEC REVENUE                      | CUSIP: 60412PEY2<br>LEI: 5493007DGBKI6ICBXO38 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200741.76    | 0.09%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sartell-St Stephen Independent School District No 748              | SARTELL MN INDEP SCH DIST #748                              | CUSIP: 803820MA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $454614.56    | 0.21%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                            | UNIV OF MINNESOTA MN                                        | CUSIP: 914460QJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013270.00   | 0.46%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Cloud MN                                                | SAINT CLOUD MN HLTH CARE REVENUE                            | CUSIP: 78916VET3<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2918665.75   | 1.33%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission               | MINNEAPOLIS-SAINT PAUL MN MET ARPTS COMMISSION ARPT REVENUE | CUSIP: 603827F35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2898943.20   | 1.32%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN Electric Utility Revenue                      | ROCHESTER MN ELEC UTILITY REVENUE                           | CUSIP: 77158PGE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3660000 | PA      | $3735766.03   | 1.71%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission               | MINNEAPOLIS-SAINT PAUL MN MET ARPTS COMMISSION ARPT REVENUE | CUSIP: 603827Q58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3284436.80   | 1.50%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Minnesota Agricultural & Economic Development Board                | MINNESOTA ST AGRIC & ECON DEVBRD                            | CUSIP: 6049203C0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2518057.50   | 1.15%             | 2047-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                             | MINNEAPOLIS MN REVENUE                                      | CUSIP: 603786EH3<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1450000.00   | 0.66%             | 2032-06-01      | Floating      | 2.29%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                               | ROCHESTER MN HLTH CARE FACS REVENUE                         | CUSIP: 771902HR7<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1101290.80   | 0.50%             | 2055-11-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of North Oaks MN                                              | N OAKS MN SENIOR HSG REVENUE                                | CUSIP: 66126TAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1684537.51   | 0.77%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Martin County West Independent School District No 2448             | MARTIN CNTY MN W INDEP SCH DIST #2448                       | CUSIP: 573259CP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1593143.10   | 0.73%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Paul MN Sales & Use Tax Revenue                         | SAINT PAUL MN SALES TAX REVENUE                             | CUSIP: 79307TEL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2072765.00   | 0.95%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-15

**Name of Applicant:** Eaton Vance Municipals Trust

**Signature:** James Kirchner

**Name of Signer:** James Kirchner

**Title:** Treasurer