# EDGAR Filing Document

**Accession Number:** 0000844790
**File Stem:** 0000869392-23-000695
**Filing Date:** 2023-3
**Character Count:** 244807
**Document Hash:** c4281cd02ab10fc0da1a2662b85fb486
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000869392-23-000695.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0000869392-23-000695

**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**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM MANAGED MUNICIPAL INCOME TRUST
- **CENTRAL INDEX KEY:** 0000844790
- **IRS NUMBER:** 046608976
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05740
- **FILM NUMBER:** 23774609

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

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

## Nport-Ex

------

---

| |
|:---|
| **Putnam Managed Municipal Income Trust** |
| **The fund's portfolio** |
| **1/31/23 (Unaudited)** |
| **Key to holding's abbreviations** |
| AGM — Assured Guaranty Municipal Corporation |
| AMBAC — AMBAC Indemnity Corporation |
| BAM — Build America Mutual |
| FCS — Farm Credit System |
| G.O. Bonds — General Obligation Bonds |
| PO — Principal Only |
| PSFG — Permanent School Fund Guaranteed |
| Q-SBLF — Qualified School Board Loan Fund |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **MUNICIPAL BONDS AND NOTES (134.6%)***<sup>(a)</sup>*** | **MUNICIPAL BONDS AND NOTES (134.6%)***<sup>(a)</sup>*** | **MUNICIPAL BONDS AND NOTES (134.6%)***<sup>(a)</sup>*** | **MUNICIPAL BONDS AND NOTES (134.6%)***<sup>(a)</sup>*** |
| | **Rating***<sup>(RAT)</sup>*** | **Principal amount** | **Value** |
| **Alabama (2.2%)** | **Alabama (2.2%)** | **Alabama (2.2%)** | **Alabama (2.2%)** |
| Jefferson Cnty., Swr. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. D, 6.50%, 10/1/53 | BBB | $500000 | $534614 |
| &nbsp;&nbsp;&nbsp;&nbsp;stepped-coupon zero %(7.750%, 10/1/23), 10/1/46***<sup>(STP)</sup>*** | BBB | 3950000 | 4053627 |
| 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 |
|  |  |  | **7134123** |
| **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 | 5000000 | 4814453 |
|  |  |  | **4814453** |
| **Arizona (4.5%)** | **Arizona (4.5%)** | **Arizona (4.5%)** | **Arizona (4.5%)** |
| AZ State Indl. Dev. Auth. Ed. 144A Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(BASIS Schools, Inc.), Ser. G, 5.00%, 7/1/37 | BB | 500000 | 501155 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Somerset Academy of Las Vegas), 4.00%, 12/15/41 | BB | 500000 | 428389 |
| La Paz Cnty., Indl. Dev. Auth. Ed. Fac. Rev. Bonds, (Harmony Pub. Schools), Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/48 | BBB | 2330000 | 2351834 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/38 | BBB | 500000 | 511906 |
| Maricopa Cnty. Indl. Dev. Auth. 144A Rev. Bonds, (Commercial Metals Co), 4.00%, 10/15/47 | BB+ | 700000 | 594238 |
| Maricopa Cnty., Indl. Dev. Auth. Ed. Rev. Bonds, (Horizon Cmnty. Learning Ctr.), 5.00%, 7/1/35 | BB+ | 750000 | 747346 |
| Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds, (Great Hearts Academies), 5.00%, 7/1/44 | BBB- | 1700000 | 1713764 |
| Phoenix, Indl. Dev. Auth. Ed. 144A Rev. Bonds, (BASIS Schools, Inc.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 7/1/46 | BB | 250000 | 238064 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/35 | BB | 900000 | 904689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 7/1/35 | BB | 600000 | 603126 |
| Pima Cnty., Indl. Dev. Auth. Sr. Living 144A Rev. Bonds, (La Posada at Park Centre, Inc.), 6.875%, 11/15/52 | BBB+/P | 1500000 | 1560988 |
| Salt Verde, Fin. Corp. Gas Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/1/29 | A3 | 2000000 | 2205761 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/32 | A3 | 570000 | 622263 |
| Yavapai Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Yavapai Regl. Med.), 5.00%, 8/1/36 | A2 | 200000 | 209403 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Yavapai Regl. Med. Ctr.), 5.00%, 8/1/34 | A2 | 200000 | 211603 |
| Yavapai Cnty., Indl. Dev. Ed. Auth. Rev. Bonds, (Agribusiness & Equine Ctr.), 5.00%, 3/1/32 | BB+ | 920000 | 920039 |
| Yavapai Cnty., Indl. Dev. Ed. Auth. 144A Rev. Bonds, Ser. A, 5.00%, 9/1/34 | BB+ | 500000 | 500077 |
|  |  |  | **14824645** |
| **Arkansas (0.8%)** | **Arkansas (0.8%)** | **Arkansas (0.8%)** | **Arkansas (0.8%)** |
| AR Dev. Fin. Auth. Hlth. Care Rev. Bonds, (Baptist Health Oblig. Group) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/47 | A | 600000 | 633833 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/44 | A | 610000 | 605559 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/39 | A | 585000 | 589566 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/37 | A | 805000 | 816220 |
|  |  |  | **2645178** |
| **California (11.9%)** | **California (11.9%)** | **California (11.9%)** | **California (11.9%)** |
| CA Cmnty. Hsg. Agcy. Essential Hsg. 144A Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Aster Apt.), Ser. A-1, 4.00%, 2/1/56 | BB+/P | 475000 | 419529 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Fountains at Emerald Park), 4.00%, 8/1/46 | BB-/P | 2460000 | 2088910 |
| CA Hsg. Fin. Agcy. Muni. Certif. Rev. Bonds, Ser. 21-1, Class A, 3.50%, 11/20/35 | BBB+ | 1678657 | 1627693 |
| CA Pub. State Fin. Auth. Sr. Living 144A Rev. Bonds, (Enso Village Project), Ser. A, 5.00%, 11/15/56 | B-/P | 750000 | 652549 |
| CA School Fin. Auth. Rev. Bonds, (2023 Union, LLC), Ser. A, 6.00%, 7/1/33 | BBB- | 465000 | 469400 |
| CA State Infrastructure & Econ. Dev. Bank 144A Rev. Bonds, (WFCS Holdings II, LLC), Ser. B, zero %, 1/1/61 | B-/P | 4455000 | 258553 |
| CA State Muni. Fin. Auth. Rev. Bonds, (Orchard Park Student Hsg.), BAM, 3.00%, 5/15/54 | AA | 2410000 | 1887975 |
| CA State Muni. Fin. Auth. Charter School Rev. Bonds, (Partnerships Uplift Cmnty.), Ser. A, 5.00%, 8/1/32 | BB+ | 665000 | 650261 |
| CA State Poll. Control Fin. Auth. Rev. Bonds, (San Jose Wtr. Co.), 4.75%, 11/1/46 | A | 1100000 | 1125974 |
| CA State Poll. Control Fin. Auth. 144A Rev. Bonds, (Wtr. Furnishing), 5.00%, 11/21/45 | Baa3 | 1000000 | 1001953 |
| CA State Tobacco Securitization Agcy. Rev. Bonds, (Gold Country Settlement Funding Corp.), Ser. B-2, zero %, 6/1/55 | BB/P | 5570000 | 1240406 |
| CMFA Special Fin. Agcy. I 144A Rev. Bonds, (Social Bond), Ser. A-2, 4.00%, 4/1/56 | BB/P | 1500000 | 1198875 |
| CSCDA Cmnty. Impt. Auth. Rev. Bonds, (Pasadena Portfolio), Ser. A-2, 3.00%, 12/1/56 | BBB-/P | 2000000 | 1426772 |
| CSCDA Cmnty. Impt. Auth. 144A Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pasadena Portfolio), 4.00%, 12/1/56 | BB/P | 1000000 | 759552 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Anaheim), 4.00%, 8/1/56 | BB/P | 2725000 | 2351392 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Jefferson-Anaheim), 3.125%, 8/1/56 | BB+/P | 1125000 | 835160 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Jefferson-Anaheim), 2.875%, 8/1/41 | BB+/P | 930000 | 813060 |
| Golden State Tobacco Securitization Corp. Rev. Bonds, Ser. B-2, zero %, 6/1/66 | BB+/P | 20675000 | 2614128 |
| Hastings Campus HFA Rev. Bonds, (U. of CA Hastings College of the Law), Ser. A, 5.00%, 7/1/61 | BB-/P | 1200000 | 989927 |
| Palm Desert, Special Tax, (Cmnty. Fac. Dist. 2021-1), 4.00%, 9/1/41 | B+/P | 450000 | 427987 |
| Regents of the U. of CA Med. Ctr. (The) Rev. Bonds, Ser. P, 5.00%, 5/15/41***<sup>(T)</sup>*** | Aa3 | 6000000 | 6873098 |
| Sacramento, Special Tax, (Greenbriar Cmnty. Fac. Dist. No 2018-03), 4.00%, 9/1/46 | BB/P | 700000 | 610836 |
| San Francisco, City & Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds, Ser. A, 4.00%, 5/1/52 | A1 | 1000000 | 961367 |
| San Francisco, City & Cnty. Dev. 144A Special Tax, (Dist. No. 2020-1 Mission Rock Fac. & Svcs.), Ser. A, 4.00%, 9/1/41 | B+/P | 500000 | 457655 |
| San Francisco, City & Cnty. Redev. Agcy. Cmnty. Successor Special Tax Bonds, (No. 6 Mission Bay Pub. Impts.), Ser. C |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;zero %, 8/1/43 | BBB/P | 2000000 | 605478 |
| &nbsp;&nbsp;&nbsp;&nbsp;zero %, 8/1/38 | BBB/P | 2000000 | 817119 |
| San Joaquin Hills, Trans. Corridor Agcy. Toll Road Rev. Bonds, Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/15/45 | A | 400000 | 394310 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/15/44 | A | 100000 | 98875 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/15/42 | A | 500000 | 499717 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/15/41 | A | 500000 | 500832 |
| Santa Clara Cnty., Fin. Auth. Rev. Bonds, Ser. Q, 3.00%, 5/15/34 | AA+ | 4000000 | 4003045 |
| Sunnyvale, Special Tax Bonds, (Cmnty. Fac. Dist. No. 1), 7.75%, 8/1/32 | B+/P | 785000 | 787938 |
|  |  |  | **39450326** |
| **Colorado (2.4%)** | **Colorado (2.4%)** | **Colorado (2.4%)** | **Colorado (2.4%)** |
| CO State Edl. & Cultural Auth. Rev. Bonds, (Aspen View Academy, Inc.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/61 | Baa3 | 550000 | 444767 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/51 | Baa3 | 350000 | 295305 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/41 | Baa3 | 175000 | 157161 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/36 | Baa3 | 150000 | 142052 |
| CO State Educ. & Cultural Fac. Auth. Rev. Bonds, (Skyview Academy), 5.125%, 7/1/34 | BB | 755000 | 758693 |
| CO State Hlth. Fac. Auth. Hosp. Rev. Bonds, (Christian Living Neighborhood) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/37 | BB/P | 1250000 | 1149735 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/31 | BB/P | 500000 | 485043 |
| Park Creek, Metro. Dist. Tax Alloc. Bonds, (Sr. Ltd. Property Tax Supported), Ser. A, 5.00%, 12/1/45 | A/F | 225000 | 232153 |
| Plaza, Tax Alloc. Bonds, (Metro. Dist. No. 1), 5.00%, 12/1/40 | BB-/P | 1650000 | 1630712 |
| RainDance Metro. Dist. No. 1 Rev. Bonds, (Non-Potable Wtr. Enterprise), 5.25%, 12/1/50 | B+/P | 875000 | 806823 |
| Rampart Range Metro. Distr. Rev. Bonds, (Dist. No. 5), 4.00%, 12/1/41 | BB-/P | 1000000 | 789463 |
| Southlands, Metro. Dist. No. 1 G.O. Bonds, Ser. A-1, 5.00%, 12/1/37 | Ba1 | 500000 | 500433 |
| Sterling Ranch Cmnty. Auth. Board Rev. Bonds, (Metro. Dist. No. 2), Ser. A, 4.25%, 12/1/50 | BB/P | 450000 | 361582 |
|  |  |  | **7753922** |
| **Connecticut (0.5%)** | **Connecticut (0.5%)** | **Connecticut (0.5%)** | **Connecticut (0.5%)** |
| Harbor Point Infrastructure Impt. Dist. 144A Tax Alloc. Bonds, (Harbor Point Ltd.), 5.00%, 4/1/39 | BB/P | 1500000 | 1501740 |
|  |  |  | **1501740** |
| **Delaware (1.0%)** | **Delaware (1.0%)** | **Delaware (1.0%)** | **Delaware (1.0%)** |
| DE State Econ. Dev. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ASPIRA of Delaware Charter Operations, Inc.), Ser. A, 5.00%, 6/1/51 | BB | 1035000 | 999952 |
| &nbsp;&nbsp;&nbsp;&nbsp;(ASPIRA Charter School), Ser. A, 5.00%, 6/1/36 | BB | 705000 | 711189 |
| Millsboro Special Oblig. 144A Special Tax, (Plantation Lakes), 5.25%, 7/1/48 | BB-/P | 999000 | 982491 |
| Millsboro Special Oblig. 144A Tax Alloc. Bonds, (Plantation Lakes Special Dev. Dist.), 5.125%, 7/1/38 | BB-/P | 490000 | 490391 |
|  |  |  | **3184023** |
| **District of Columbia (5.5%)** | **District of Columbia (5.5%)** | **District of Columbia (5.5%)** | **District of Columbia (5.5%)** |
| DC Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plenary Infrastructure DC, LLC), 5.50%, 8/31/36 | A3 | 1365000 | 1513420 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plenary Infrastructure DC, LLC), 5.50%, 8/31/35 | A3 | 1140000 | 1276372 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Ingleside at Rock Creek), Ser. A, 5.00%, 7/1/52 | BB-/P | 1000000 | 855243 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Intl. School), 5.00%, 7/1/49 | BBB | 1275000 | 1292871 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Latin American Montessori Bilingual Pub. Charter School Oblig. Group), 5.00%, 6/1/40 | BB+ | 1500000 | 1487881 |
| &nbsp;&nbsp;&nbsp;&nbsp;(KIPP DC), 4.00%, 7/1/44 | BBB+ | 750000 | 664699 |
| DC 144A Rev. Bonds, (Rocketship DC Oblig. Group), Ser. 21-A, 5.00%, 6/1/61 | BB/P | 400000 | 369944 |
| DC Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, zero %, 6/15/46 | CCC/P | 7500000 | 1780061 |
| Metro. Washington DC, Arpt. Auth. Rev. Bonds Ser. A, 4.00%, 10/1/51***<sup>(T)</sup>*** | AA- | 7200000 | 6910717 |
| Metro. Washington DC, Arpt. Auth. Dulles Toll Rd. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Dulles Metrorail & Cap. Impt. Proj.) Ser. B, 4.00%, 10/1/44***<sup>(T)</sup>*** | A- | 1060000 | 1035856 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Dulles Metrorail & Cap. Impt. Proj.) 4.00%, 10/1/53***<sup>(T)</sup>*** | A- | 1065000 | 998847 |
|  |  |  | **18185911** |
| **Florida (8.3%)** | **Florida (8.3%)** | **Florida (8.3%)** | **Florida (8.3%)** |
| Cap. Trust Agcy. Rev. Bonds, (Wonderful Foundation Charter School Holdings, LLC), zero %, 1/1/60 | B/P | 6000000 | 363682 |
| Cap. Trust Agcy. 144A Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(WFCS Holdings II, LLC), Ser. A-1, 5.00%, 1/1/56 | BB/P | 900000 | 741548 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Wonderful Foundation Charter School Holdings, LLC), 5.00%, 1/1/55 | BB-/P | 1700000 | 1415714 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Wonderful Foundation Charter School Holdings, LLC), 4.50%, 1/1/35 | BB-/P | 750000 | 717912 |
| Charlotte Cnty., Indl. Dev. Auth. Util. Syst. 144A Rev. Bonds, (MSKP Town & Country Util., LLC), Ser. A, 4.00%, 10/1/51 | B+/P | 1000000 | 772502 |
| Double Branch Cmnty. Dev. Dist. Special Assmt. Bonds, (Sr. Lien), Ser. A-1, 4.125%, 5/1/31 | A | 500000 | 500871 |
| Fishhawk, CCD IV Special Assmt. Bonds, 7.25%, 5/1/43 | B/P | 370000 | 372413 |
| FL State Dev. Fin Corp. Sr. Living Rev. Bonds, (Glenridge on Palmer Ranch Oblig. Group), 5.00%, 6/1/51 | BB/P | 700000 | 582013 |
| FL State Higher Edl. Fac. Financial Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(St. Leo U., Inc. Oblig. Group), 5.00%, 3/1/49 | BB+ | 365000 | 330508 |
| &nbsp;&nbsp;&nbsp;&nbsp;(St. Leo U.), 5.00%, 3/1/44 | BB+ | 1370000 | 1267373 |
| Halifax Hosp. Med. Ctr. Rev. Bonds, 5.00%, 6/1/36 | A- | 1300000 | 1353950 |
| Lake Cnty., Retirement Fac. Rev. Bonds, (Waterman Cmnty., Inc.), 5.75%, 8/15/55 | B/P | 750000 | 661452 |
| Lakewood Ranch, Stewardship Dist. Special Assessment Bonds, (Village of Lakewood Ranch South), 5.125%, 5/1/46 | B+/P | 810000 | 794228 |
| Lakewood Ranch, Stewardship Dist. Special Assmt., (Azario), 4.00%, 5/1/40 | B+/P | 1000000 | 878406 |
| Lakewood Ranch, Stewardship Dist. 144A Special Assmt., 4.00%, 5/1/50 | B/P | 250000 | 201036 |
| Miami-Dade Cnty., Indl. Dev. Auth. Rev. Bonds, (Pinecrest Academy, Inc.), 5.00%, 9/15/34 | BBB | 1240000 | 1271962 |
| Orange Cnty., Hlth. Fac. Auth. Rev. Bonds, (Orlando Hlth.), 5.00%, 10/1/53 | A+ | 4000000 | 4303692 |
| Palm Beach Cnty., Rev. Bonds, (Lynn U. Hsg.), Ser. A, 5.00%, 6/1/57 | B+/P | 625000 | 557628 |
| Palm Beach Cnty., 144A Rev. Bonds, (PBAU Hsg.), Ser. A, 5.00%, 4/1/39 | Ba1 | 500000 | 488587 |
| Pinellas Cnty., Indl. Dev. Auth. Rev. Bonds, (2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39 | AAA/P | 1690000 | 1689156 |
| Sarasota Cnty., Hlth. Fac. Auth. Rev. Bonds, (Village on the Isle), Ser. A, 5.00%, 1/1/37 | BB+/F | 1000000 | 947119 |
| Sarasota Cnty., Pub. Hosp. Dist. Rev. Bonds, (Sarasota Memorial Hosp.), 4.00%, 7/1/48 | A1 | 1500000 | 1420150 |
| St. John's Cnty., Indl. Dev. Auth. Rev. Bonds, (Life Care Ponte Vedra Oblig. Group), Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/41 | BB+/F | 500000 | 404483 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/36 | BB+/F | 355000 | 307528 |
| Tallahassee, Hlth. Fac. Rev. Bonds, (Tallahassee Memorial HealthCare, Inc.), Ser. A, 5.00%, 12/1/55 | Baa1 | 1000000 | 1013371 |
| Verandah, West Cmnty. Dev. Dist. Special Assmt. Bonds, (Cap. Impt.), 5.00%, 5/1/33 | B+/P | 490000 | 490334 |
| Village Cmnty. Dev. Dist. No. 10 Special Assmt. Bonds, 5.75%, 5/1/31 | BB/P | 760000 | 762802 |
| Village Cmnty. Dev. Dist. No. 12 144A Special Assessment Bonds, 4.00%, 5/1/33 | BB-/P | 690000 | 675658 |
| Village, 144A Special Assmt., (Village Cmnty. Dev. Dist. No. 13), 3.25%, 5/1/40 | BB-/P | 2440000 | 1916569 |
|  |  |  | **27202647** |
| **Georgia (6.3%)** | **Georgia (6.3%)** | **Georgia (6.3%)** | **Georgia (6.3%)** |
| Cobb Cnty., Dev. Auth. Student Hsg. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Kennesaw State U. Real Estate Oblig. Group), Ser. C, 5.00%, 7/15/38 | Baa2 | 765000 | 771121 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Kennesaw State U. Real Estate), 5.00%, 7/15/30 | Baa2 | 700000 | 713235 |
| Coweta Cnty., Dev. Auth. Rev. Bonds, (Piedmont Healthcare, Inc.), 5.00%, 7/1/44 | AA- | 4000000 | 4212565 |
| Geo L Smith II GA Congress Ctr. 144A Rev. Bonds, (Signia Hotel Mgt., LLC.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/54 | BB-/P | 1480000 | 1221250 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/36 | BB-/P | 850000 | 795403 |
| Main Street Natural Gas, Inc. Gas Supply Rev. Bonds, Ser. A, 5.00%, 5/15/34 | A3 | 3345000 | 3526461 |
| Muni. Election Auth. of GA Rev. Bonds, (Plant Vogtle Units 3 & 4) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.50%, 7/1/60 | A | 2000000 | 2042000 |
| &nbsp;&nbsp;&nbsp;&nbsp;AGM, 5.00%, 7/1/48 | AA | 1500000 | 1600458 |
| &nbsp;&nbsp;&nbsp;&nbsp;AGM, 5.00%, 7/1/48 | AA | 1000000 | 1066972 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 7/1/63 | A | 2250000 | 2260333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 4.00%, 1/1/59 | A2 | 2000000 | 1870118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 4.00%, 1/1/49 | A2 | 500000 | 476442 |
|  |  |  | **20556358** |
| **Illinois (12.9%)** | **Illinois (12.9%)** | **Illinois (12.9%)** | **Illinois (12.9%)** |
| Chicago, G.O. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.50%, 1/1/49 | BBB+ | 1000000 | 1040490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 1/1/40 | BBB+ | 2000000 | 2028513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 1/1/30 | BBB+ | 1800000 | 1934287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 4.00%, 1/1/38 | BBB+ | 2747000 | 2583404 |
| Chicago, Special Assmt. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.38%, 12/1/31 | BBB/P | 367000 | 328443 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.04%, 12/1/28 | BBB/P | 270000 | 246972 |
| Chicago, Board of Ed. G.O. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 5.25%, 12/1/39 | BB | 1500000 | 1507673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 12/1/47 | BB | 1750000 | 1762501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 12/1/40 | BB | 500000 | 509926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. H, 5.00%, 12/1/36 | BB | 2100000 | 2143762 |
| Chicago, O'Hare Intl. Arpt. Rev. Bonds, Ser. A, 5.00%, 1/1/38 | A+ | 700000 | 746907 |
| Cook Cnty., G.O. Bonds, 5.00%, 11/15/35 | A+ | 500000 | 525842 |
| Du Page Cnty., Special Svc. Area No. 31 Special Tax Bonds, (Monarch Landing), 5.625%, 3/1/36 | B/P | 273000 | 272471 |
| IL State G.O. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 5/1/38 | Baa1 | 1000000 | 1040380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.00%, 10/1/31 | Baa1 | 2000000 | 2145130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 12/1/28 | Baa1 | 1760000 | 1889887 |
| IL State Fin. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plymouth Place Oblig. Group), 5.00%, 5/15/56 | BB+/F | 815000 | 663283 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plymouth Place Oblig. Group), 5.00%, 5/15/51 | BB+/F | 1000000 | 832682 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plymouth Place Oblig. Group), 5.00%, 5/15/41 | BB+/F | 400000 | 355914 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Southern IL Healthcare Enterprises, Inc.), 5.00%, 3/1/33 | A | 700000 | 747249 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Riverside Hlth. Syst.), 4.00%, 11/15/35 | A+ | 500000 | 509171 |
| IL State Fin. Auth. Student Hsg. & Academic Fac. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(CHF-Chicago, LLC), 5.00%, 2/15/47 | Baa3 | 1500000 | 1502983 |
| &nbsp;&nbsp;&nbsp;&nbsp;(U. of IL-CHF-Chicago, LLC), Ser. A, 5.00%, 2/15/37 | Baa3 | 1200000 | 1224350 |
| Metro. Pier & Exposition Auth. Rev. Bonds, (McCormick Place Expansion) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 6/15/50 | A- | 3000000 | 3048511 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/15/52 | A- | 1000000 | 885593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. B, stepped-coupon zero % (4.950%, 6/15/31), 12/15/47***<sup>(STP)</sup>*** | A- | 1500000 | 904802 |
| Metro. Wtr. Reclamation Dist. of Greater Chicago G.O. Bonds, Ser. A, 5.00%, 12/1/31 | AA+ | 1000000 | 1088935 |
| Northern IL U. Rev. Bonds, Ser. B, BAM |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/33 | AA | 625000 | 689097 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/31 | AA | 500000 | 553900 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/40 | AA | 610000 | 596119 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/39 | AA | 500000 | 495385 |
| Sales Tax Securitization Corp. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 5.50%, 1/1/36 | AA- | 2000000 | 2221050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 1/1/36 | AA- | 1600000 | 1744228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 4.00%, 1/1/39 | AA- | 1750000 | 1746242 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 4.00%, 1/1/38 | AA- | 1750000 | 1755583 |
|  |  |  | **42271665** |
| **Iowa (0.3%)** | **Iowa (0.3%)** | **Iowa (0.3%)** | **Iowa (0.3%)** |
| IA Tobacco Settlement Auth. Rev. Bonds, Ser. B-1, Class 2, 4.00%, 6/1/49 | BBB+ | 945000 | 945622 |
|  |  |  | **945622** |
| **Kansas (0.3%)** | **Kansas (0.3%)** | **Kansas (0.3%)** | **Kansas (0.3%)** |
| Wichita, Hlth. Care Fac. Rev. Bonds, (Presbyterian Manors), Ser. I, 5.00%, 5/15/33 | BB-/P | 500000 | 481277 |
| Wyandotte, Cnty./Kansas City, Unified Govt. 144A Rev. Bonds, (Legends Apt. Garage & West Lawn), 4.50%, 6/1/40 | BB+/P | 390000 | 359880 |
|  |  |  | **841157** |
| **Kentucky (2.9%)** | **Kentucky (2.9%)** | **Kentucky (2.9%)** | **Kentucky (2.9%)** |
| KY Econ. Dev. Fin. Auth. Rev. Bonds, (Masonic Home Indpt. Living), 5.00%, 5/15/46 | BB/P | 1000000 | 802948 |
| KY State Econ. Dev. Fin. Auth. Rev. Bonds, (Owensboro Hlth.), Ser. A, 5.25%, 6/1/41 | Baa2 | 125000 | 129302 |
| KY State Econ. Dev. Fin. Auth. Hlth. Care Rev. Bonds, (Masonic Homes of KY), 5.375%, 11/15/42 | BB-/P | 900000 | 780868 |
| KY State Pub. Energy Auth. Gas Supply Mandatory Put Bonds (6/1/25), Ser. C-1, 4.00%, 12/1/49 | A1 | 4635000 | 4648802 |
| Louisville & Jefferson Cnty., Metro. Govt. Hlth. Syst. Rev. Bonds, (Norton Healthcare Oblig. Group), 5.50%, 10/1/33 | A | 3000000 | 3051559 |
|  |  |  | **9413479** |
| **Louisiana (1.9%)** | **Louisiana (1.9%)** | **Louisiana (1.9%)** | **Louisiana (1.9%)** |
| LA Pub. Fac. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Tulane U.), Ser. A, 5.00%, 10/15/48 | A1 | 1000000 | 1095892 |
| &nbsp;&nbsp;&nbsp;&nbsp;(U. of Tulane), 4.00%, 12/15/50 (Prerefunded 12/15/27) | AAA/P | 20000 | 21544 |
| LA State Pub. Fac. Auth. Rev. Bonds, (LA State U. Greenhouse Phase III), Ser. A, 5.00%, 7/1/59 | A3 | 1500000 | 1548975 |
| St. John The Baptist Parish Mandatory Put Bonds (7/1/26), (Marathon Oil Corp.), Ser. A-3, 2.20%, 6/1/37 | Baa3 | 3500000 | 3300762 |
| St. Tammany, Public Trust Fin. Auth. Rev. Bonds, (Christwood), 5.25%, 11/15/37 | BB/P | 385000 | 377601 |
|  |  |  | **6344774** |
| **Maine (0.2%)** | **Maine (0.2%)** | **Maine (0.2%)** | **Maine (0.2%)** |
| ME State Fin. Auth. Solid Waste Disp. 144A Mandatory Put Bonds (8/1/25), (Casella Waste Syst.), 5.125%, 8/1/35 | B1 | 500000 | 504132 |
|  |  |  | **504132** |
| **Maryland (2.0%)** | **Maryland (2.0%)** | **Maryland (2.0%)** | **Maryland (2.0%)** |
| Brunswick, Special Tax, 5.00%, 7/1/36 | B+/P | 549000 | 560540 |
| Frederick Cnty., Special Tax Bonds, (Oakdale-Lake Linganore), 3.75%, 7/1/39 | BB/P | 1410000 | 1241826 |
| Frederick Cnty., Edl. Fac. 144A Rev. Bonds, (Mount St. Mary's U.), Ser. A, 5.00%, 9/1/37 | BB+ | 500000 | 486856 |
| MD State Econ. Dev. Corp. Tax Alloc. Bonds, (Port Covington) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/50 | B+/P | 750000 | 629518 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/40 | B+/P | 755000 | 677983 |
| Prince Georges Cnty., Special Oblig. 144A Tax Alloc. Bonds, (Westphalia Town Ctr.), 5.125%, 7/1/39 | B/P | 1000000 | 1002530 |
| Westminster, Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Lutheran Village at Miller's Grant, Inc. (The)), Ser. A, 6.00%, 7/1/34 | B-/P | 250000 | 253359 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Carroll Lutheran Village, Inc.), 5.125%, 7/1/34 (Prerefunded 7/1/24) | BB/P | 1500000 | 1554018 |
|  |  |  | **6406630** |
| **Massachusetts (3.9%)** | **Massachusetts (3.9%)** | **Massachusetts (3.9%)** | **Massachusetts (3.9%)** |
| Lowell, Collegiate Charter School Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/54 | BB-/P | 1250000 | 1178328 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/39 | BB-/P | 1000000 | 999941 |
| MA State G.O. Bonds, Ser. E, 5.00%, 11/1/47 | Aa1 | 7950000 | 8958086 |
| MA State Dev. Fin. Agcy. 144A Rev. Bonds, (Linden Ponds, Inc. Fac.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 11/15/46 | A/F | 1000000 | 1033603 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/38 | A/F | 500000 | 519901 |
| MA State Dev. Fin. Agcy. Hlth. Care Fac. 144A Rev. Bonds, (Adventcare), Ser. A, 6.65%, 10/15/28 (In default)***<sup>(NON)</sup>*** | D/P | 995000 | 99500 |
|  |  |  | **12789359** |
| **Michigan (4.7%)** | **Michigan (4.7%)** | **Michigan (4.7%)** | **Michigan (4.7%)** |
| Detroit, G.O. Bonds, 5.00%, 4/1/37 | Ba2 | 750000 | 766243 |
| Flint, Hosp. Bldg. Auth. Rev. Bonds, Ser. A, 5.25%, 7/1/39 | Ba1 | 750000 | 752229 |
| Kentwood, Economic Dev. Corp. Rev. Bonds, (Holland Home Obligated Group) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/41 | BBB-/F | 1000000 | 1001635 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/32 | BBB-/F | 1250000 | 1275854 |
| MI State Fin. Auth. Rev. Bonds, (Detroit Wtr. & Swr.), Ser. C-6, 5.00%, 7/1/33 | AA- | 600000 | 616855 |
| MI State Fin. Auth. Ltd. Oblig. Rev. Bonds, (Lawrence Technological U.), 5.00%, 2/1/47 | BBB- | 2150000 | 2058498 |
| MI State Fin. Auth. Ltd. Oblig. Higher Ed. Fac. Rev. Bonds, (Aquinas College), 5.00%, 5/1/46 | BB/P | 1000000 | 870895 |
| Pontiac City, G.O. Bonds, (Pontiac School Dist.), Q-SBLF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/50***<sup>(T)</sup>*** | Aa1 | 4023000 | 4040882 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/45***<sup>(T)</sup>*** | Aa1 | 3576000 | 3616525 |
| MI State Strategic Fund Ltd. Oblig. Rev. Bonds, (Holland Home Oblig. Group), 5.00%, 11/15/43 | BBB-/F | 500000 | 498042 |
|  |  |  | **15497658** |
| **Minnesota (1.4%)** | **Minnesota (1.4%)** | **Minnesota (1.4%)** | **Minnesota (1.4%)** |
| Baytown Twp., Lease Rev. Bonds, Ser. A, 4.00%, 8/1/41 | BB+ | 380000 | 316817 |
| Ham Lake, Charter School Lease Rev. Bonds, (DaVinci Academy of Arts & Science), Ser. A, 5.00%, 7/1/47 | BB-/P | 500000 | 466608 |
| MN State Higher Ed. Fac. Auth. Rev. Bonds, (Augsburg U.), Ser. A, 5.00%, 5/1/46 | Ba1 | 1250000 | 1180973 |
| Rice Cnty., G.O. Bonds, Ser. A, 4.00%, 2/1/48 | AAA | 1500000 | 1546004 |
| St. Paul, Port Auth. Lease Rev. Bonds, (Regions Hosp. Pkg. Ramp), Ser. 1, 5.00%, 8/1/36 | A-/P | 1075000 | 1075469 |
|  |  |  | **4585871** |
| **Missouri (1.5%)** | **Missouri (1.5%)** | **Missouri (1.5%)** | **Missouri (1.5%)** |
| Cape Girardeau Cnty., Indl. Dev. Auth. Rev. Bonds, (SoutheastHEALTH Oblig. Group), 4.00%, 3/1/41 | BBB- | 1500000 | 1372860 |
| Saint Louis, Indl. Dev. Auth. Fin. Rev. Bonds, (Ballpark Village Dev.), Ser. A, 4.75%, 11/15/47 | BB-/P | 875000 | 672333 |
| St. Louis Cnty., Indl. Dev. Auth. Sr. Living Fac. Rev. Bonds, (Friendship Village), 5.25%, 9/1/53 | BB+/F | 3250000 | 3012758 |
|  |  |  | **5057951** |
| **Montana (1.0%)** | **Montana (1.0%)** | **Montana (1.0%)** | **Montana (1.0%)** |
| MT State Fac. Fin. Auth. Rev. Bonds, (Billings Clinic Oblig. Group), Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/34 | AA- | 1500000 | 1770684 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/32 | AA- | 1365000 | 1632787 |
|  |  |  | **3403471** |
| **Nevada (0.8%)** | **Nevada (0.8%)** | **Nevada (0.8%)** | **Nevada (0.8%)** |
| Clark Cnty., Impt. Dist. No. 159 Special Assessment Bonds, (Summerlin Village 16A), 5.00%, 8/1/32 | B+/P | 410000 | 416244 |
| Las Vegas, Special Assmt. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Dist. No. 815), 5.00%, 12/1/49 | B+/P | 625000 | 606101 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Special Impt. Dist. No. 816), 3.00%, 6/1/41 | BB-/P | 650000 | 479756 |
| Las Vegas, Impt. Dist. No. 812 Special Assessment Bonds, (Summerlin Village 24), 5.00%, 12/1/35 | B/P | 220000 | 222503 |
| Las Vegas, Special Impt. Dist. No. 814 Special Assmt., (Summerlin Village No. 21 and 24A) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/44 | BB-/P | 615000 | 542901 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/39 | BB-/P | 435000 | 400084 |
|  |  |  | **2667589** |
| **New Hampshire (0.4%)** | **New Hampshire (0.4%)** | **New Hampshire (0.4%)** | **New Hampshire (0.4%)** |
| NH State Hlth. & Ed. Fac. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Elliot Hosp.), 5.00%, 10/1/38 | A3 | 250000 | 256487 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Southern NH Med. Ctr.), 5.00%, 10/1/37 | A- | 1000000 | 1029061 |
| NH State Hlth. & Ed. Fac. Auth. 144A Rev. Bonds, (Hillside Village), Ser. A, 6.25%, 7/1/42 (In default)***<sup>(NON)</sup>*** | D/P | 626090 | 137740 |
|  |  |  | **1423288** |
| **New Jersey (4.6%)** | **New Jersey (4.6%)** | **New Jersey (4.6%)** | **New Jersey (4.6%)** |
| Atlantic City, G.O. Bonds, (Tax Appeal), Ser. B, AGM, 4.00%, 3/1/42 | AA | 1250000 | 1256374 |
| NJ State Econ. Dev. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Ashland School, Inc.), 6.00%, 10/1/33 | BBB | 950000 | 969150 |
| &nbsp;&nbsp;&nbsp;&nbsp;(NYNJ Link Borrower, LLC), 5.375%, 1/1/43 | BBB+ | 1000000 | 1011724 |
| &nbsp;&nbsp;&nbsp;&nbsp;(North Star Academy Charter School of Newark, Inc.), 5.00%, 7/15/47 | BBB- | 1000000 | 1016483 |
| NJ State Econ. Dev. Auth. Fac. Rev. Bonds, (Continental Airlines, Inc.), 5.625%, 11/15/30 | Ba3 | 1500000 | 1536041 |
| NJ State Econ. Dev. Auth. Special Fac. Rev. Bonds, (Port Newark Container Term., LLC), 5.00%, 10/1/37 | Baa2 | 1500000 | 1527356 |
| NJ State Trans. Trust Fund Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. AA, 5.00%, 6/15/38 | A3 | 1800000 | 1912956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. AA, 5.00%, 6/15/37 | A3 | 400000 | 441277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. AA, 5.00%, 6/15/36 | A3 | 475000 | 529986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 12/15/34 | A3 | 2600000 | 2843770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 4.00%, 6/15/42 | A3 | 1000000 | 980891 |
| South Jersey, Trans. Auth. Syst. Rev. Bonds, Ser. A, BAM, 5.25%, 11/1/52 | AA | 1000000 | 1103314 |
|  |  |  | **15129322** |
| **New Mexico (0.1%)** | **New Mexico (0.1%)** | **New Mexico (0.1%)** | **New Mexico (0.1%)** |
| Sante Fe, Retirement Fac. Rev. Bonds, (El Castillo Retirement Residences), Ser. A, 5.00%, 5/15/39 | BB+/F | 500000 | 457677 |
|  |  |  | **457677** |
| **New York (12.5%)** | **New York (12.5%)** | **New York (12.5%)** | **New York (12.5%)** |
| Metro. Trans. Auth. Rev. Bonds, Ser. C-1, 4.00%, 11/15/35 | A3 | 3000000 | 2980602 |
| NY City, Transitional Fin. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. B-1, 4.00%, 11/1/41***<sup>(T)</sup>*** | AA+ | 5000000 | 5497644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. C-1, 4.00%, 5/1/39 | AAA | 2000000 | 2034852 |
| NY Counties, Tobacco Trust VI Rev. Bonds, (Tobacco Settlement Pass Through), Ser. A-2B, 5.00%, 6/1/51 | BB+/P | 1700000 | 1642433 |
| 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 Dorm. Auth. Personal Income Tax Rev. Bonds, Ser. A, 5.00%, 3/15/46***<sup>(T)</sup>*** | AA+ | 4500000 | 4968074 |
| NY State Env. Fac. Corp. Solid Waste Disp. Mandatory Put Bonds (9/2/25), (Casella Waste Syst., Inc.), Ser. R-1, 2.75%, 9/1/50 | B+ | 225000 | 214070 |
| NY State Liberty Dev. Corp. Rev. Bonds, Ser. A, BAM, 3.00%, 11/15/51 | AA | 3000000 | 2280199 |
| NY State Liberty Dev. Corp. Rev. Bonds, (4 World Trade Ctr.), 3.00%, 11/15/51 | A+ | 6075000 | 4531404 |
| NY State Liberty Dev. Corp. 144A Rev. Bonds, (World Trade Ctr.), Class 2, 5.375%, 11/15/40 | BB-/P | 750000 | 750882 |
| NY State Trans. Special Fac. Dev. Corp. Rev. Bonds, (Delta Air Lines, Inc.), 5.00%, 10/1/40 | Baa3 | 1250000 | 1279476 |
| Port Auth. of NY & NJ Rev. Bonds, Ser. 218, 5.00%, 11/1/49***<sup>(T)</sup>*** | Aa3 | 2460000 | 2582803 |
| Suffolk, Tobacco Asset Securitization Corp. Rev. Bonds, Ser. A-2, 4.00%, 6/1/50 | BBB+ | 800000 | 730365 |
|  |  |  | **41027418** |
| **North Carolina (1.6%)** | **North Carolina (1.6%)** | **North Carolina (1.6%)** | **North Carolina (1.6%)** |
| NC State Med. Care Comm. Hlth. Care Fac. Rev. Bonds, (Lutheran Svcs. for the Aging, Inc. Oblig. Group), Ser. C, 4.00%, 3/1/36 | BB/P | 2320000 | 1992497 |
| NC State Med. Care Comm. Retirement Fac. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Maryfield, Inc. Oblig. Group), 5.00%, 10/1/45 | BB/P | 500000 | 473372 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Twin Lakes Cmnty.), Ser. A, 5.00%, 1/1/38 | BBB/F | 1750000 | 1769558 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Southminister, Inc.), 5.00%, 10/1/37 | BB/P | 965000 | 930907 |
|  |  |  | **5166334** |
| **Ohio (3.0%)** | **Ohio (3.0%)** | **Ohio (3.0%)** | **Ohio (3.0%)** |
| Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. B-2, Class 2, 5.00%, 6/1/55 | BB/P | 475000 | 453627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A-2, Class 1, 3.00%, 6/1/48 | BBB+ | 1300000 | 990664 |
| Cleveland-Cuyahoga Cnty., Port Auth. Cultural Fac. Rev. Bonds, (Playhouse Square Foundation), 5.50%, 12/1/53 | BB+ | 1500000 | 1536654 |
| OH State Air Quality Dev. Auth. Exempt Fac. 144A Rev. Bonds, (Pratt Paper, LLC), 4.50%, 1/15/48 | BB+/P | 1200000 | 1137904 |
| OH State Higher Edl. Fac. Comm. Rev. Bonds, (John Carroll U.), 4.00%, 10/1/45 | Baa1 | 3400000 | 3048779 |
| OH State Private Activity Rev. Bonds, (Portsmouth Bypass), AGM, 5.00%, 12/31/35 | AA | 750000 | 770969 |
| Port of Greater Cincinnati Dev. Auth. 144A Rev. Bonds, 4.25%, 12/1/50 | BB/P | 1440000 | 1140128 |
| Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds, (Memorial Hlth. Syst. Oblig. Group), 5.00%, 12/1/43 | B+/F | 150000 | 143380 |
| Washington Cnty, Hosp. Rev. Bonds, (Marietta Area Hlth. Care, Inc.), 6.75%, 12/1/52 | B+/P | 500000 | 508148 |
|  |  |  | **9730253** |
| **Oregon (0.4%)** | **Oregon (0.4%)** | **Oregon (0.4%)** | **Oregon (0.4%)** |
| Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds, (Terwilliger Plaza, Inc.), 5.00%, 12/1/29 | BB+/F | 350000 | 350010 |
| Warm Springs, Reservation Confederated Tribes 144A Rev. Bonds, (Pelton-Round Butte), Ser. B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/36 | A3 | 500000 | 554133 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/34 | A3 | 200000 | 224976 |
| Yamhill Cnty., Hosp. Auth. Rev. Bonds, (Friendsview Manor Oblig. Group), Ser. A, 5.00%, 11/15/56 | BB-/P | 400000 | 304711 |
|  |  |  | **1433830** |
| **Pennsylvania (4.1%)** | **Pennsylvania (4.1%)** | **Pennsylvania (4.1%)** | **Pennsylvania (4.1%)** |
| Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds, (Allegheny Hlth. Network Oblig. Group), Ser. A, 5.00%, 4/1/35 | A | 1200000 | 1297328 |
| Chester Cnty., Indl. Dev. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Collegium Charter School), Ser. A, 5.125%, 10/15/37 | BB | 750000 | 748790 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Renaissance Academy Charter School), 5.00%, 10/1/34 | BBB- | 350000 | 353063 |
| Chester Cnty., Indl. Dev. Auth. Student Hsg. Rev. Bonds, (West Chester U. Student Hsg., LLC), Ser. A, 5.00%, 8/1/45 | Ba2 | 1000000 | 974920 |
| Cumberland Cnty., Muni. Auth. Rev. Bonds, (Asbury PA Obligated Group), 5.00%, 1/1/45 | BB+/P | 500000 | 451858 |
| Dallas, Area Muni. Auth. U. Rev. Bonds, (Misericordia U.), 5.00%, 5/1/48 | Baa3 | 1500000 | 1477056 |
| Maxatawny Twp., Muni. Auth. Rev. Bonds, (Diakon Lutheran Social Ministries), Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/42 | BBB+/F | 1450000 | 1453039 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/41 | BBB+/F | 1400000 | 1406940 |
| Montgomery Cnty., Indl. Auth. Rev. Bonds, (Whitemarsh Continuing Care Retirement Cmnty.), Ser. A, 5.25%, 1/1/48 | BB-/P | 500000 | 459046 |
| Moon, Indl. Dev. Auth. Rev. Bonds, (Baptist Homes Society Oblig. Group), 5.75%, 7/1/35 | B+/P | 650000 | 593857 |
| PA State Econ. Dev. Fin. Auth. Rev. Bonds, (PennDOT Major Bridges), 6.00%, 6/30/61 | Baa2 | 1000000 | 1111250 |
| PA State Tpk. Comm. Rev. Bonds, Ser. A, 5.00%, 12/1/44 | A3 | 1500000 | 1598932 |
| Philadelphia Auth. For Ind. Dev. 144A Rev. Bonds, (String Theory Charter School), 5.00%, 6/15/50 | BB+ | 700000 | 673710 |
| West Shore Area Auth. Rev. Bonds, (Lifeways at Messiah Village), Ser. A, 5.00%, 7/1/35 | BBB-/F | 785000 | 786025 |
|  |  |  | **13385814** |
| **Puerto Rico (1.9%)** | **Puerto Rico (1.9%)** | **Puerto Rico (1.9%)** | **Puerto Rico (1.9%)** |
| Cmnwlth. of PR, G.O. Bonds, Ser. A-1, 4.00%, 7/1/46 | BB/P | 2000000 | 1674745 |
| Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. A-1, 5.00%, 7/1/58 | BB-/P | 4700000 | 4642419 |
|  |  |  | **6317164** |
| **South Carolina (5.8%)** | **South Carolina (5.8%)** | **South Carolina (5.8%)** | **South Carolina (5.8%)** |
| Berkeley Cnty., Assmt. Rev. Bonds, (Nexton Impt. Dist.), 4.375%, 11/1/49 | BB-/P | 1000000 | 834739 |
| SC State Jobs Econ. Dev. Auth. Edl. Fac. 144A Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(High Point Academy), Ser. A, 5.75%, 6/15/49 | Ba1 | 1000000 | 1017933 |
| &nbsp;&nbsp;&nbsp;&nbsp;(High Point Academy), Ser. A, 5.75%, 6/15/39 | Ba1 | 500000 | 513542 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Greenville Renewable Energy Ed. Charter School), 4.00%, 6/1/56 | BB/P | 1020000 | 738627 |
| SC State Jobs-Econ. Dev. Auth. Rev. Bonds, (Bon Secours Mercy Hlth.), 4.00%, 12/1/44 | A1 | 4000000 | 3897243 |
| SC State Public Svc Auth. Rev. Bonds Ser. B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/51***<sup>(T)</sup>*** | A3 | 3000000 | 2822024 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/42***<sup>(T)</sup>*** | A3 | 5250000 | 5155068 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/41***<sup>(T)</sup>*** | A3 | 4000000 | 3943818 |
|  |  |  | **18922994** |
| **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 | 1750000 | 1364322 |
| Metro. Nashville, Arpt. Auth. Rev. Bonds, Ser. B, 5.50%, 7/1/39 | A1 | 1000000 | 1138703 |
|  |  |  | **2503025** |
| **Texas (9.0%)** | **Texas (9.0%)** | **Texas (9.0%)** | **Texas (9.0%)** |
| Arlington, Higher Ed. Fin. Corp. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Uplift Ed.), Ser. A, PSFG, 4.00%, 12/1/42 | AAA | 1000000 | 1004036 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Wayside Schools), Ser. A, 4.00%, 8/15/41 | BB | 610000 | 513912 |
| Arlington, Higher Ed. Fin. Corp. 144A Rev. Bonds, (Magellan School (The)), 6.375%, 6/1/62 | Ba2 | 1100000 | 1106403 |
| Clifton, Higher Ed. Fin. Corp. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Intl. Leadership), Ser. D, 6.125%, 8/15/48 | BB-/P | 2500000 | 2560776 |
| &nbsp;&nbsp;&nbsp;&nbsp;(IDEA Pub. Schools), 5.00%, 8/15/28 | A- | 200000 | 213904 |
| Dallas, Area Rapid Transit Rev. Bonds, Ser. B, 5.00%, 12/1/47 | AA+ | 9000000 | 9881078 |
| Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/37 | BB+/F | 250000 | 232650 |
| &nbsp;&nbsp;&nbsp;&nbsp;(YMCA of the Greater Houston Area), Ser. A, 5.00%, 6/1/33 | Ba1 | 1000000 | 950327 |
| Houston, Arpt. Syst. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. B-1, 5.00%, 7/15/35 | B | 2500000 | 2507000 |
| &nbsp;&nbsp;&nbsp;&nbsp;(United Airlines, Inc.), 4.00%, 7/1/41 | B-/F | 1250000 | 1126719 |
| Matagorda Cnty., Poll. Control Rev. Bonds, (Dist. No. 1), Ser. A, AMBAC, 4.40%, 5/1/30 | A- | 1250000 | 1323004 |
| 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;(Woman's U.-Collegiate Hsg. Denton, LLC), Ser. A-1, AGM, 4.125%, 7/1/53 | AA | 1000000 | 935127 |
| Temple, Tax Increment 144A Tax Alloc. Bonds, (Reinvestment Zone No. 1), Ser. A, 5.00%, 8/1/38 | Baa2 | 1500000 | 1526161 |
| TX Private Activity Surface Trans. Corp. Rev. Bonds, (Segment 3C), 5.00%, 6/30/58 | Baa2 | 2500000 | 2534077 |
| TX State Muni. Gas Acquisition & Supply Corp. III Rev. Bonds, 5.00%, 12/15/32 | A3 | 1000000 | 1074017 |
| TX State Private Activity Bond Surface Trans. Corp. Rev. Bonds, (Blueridge Trans. Group, LLC (SH 288 Toll Lane)), 5.00%, 12/31/50 | Baa2 | 1250000 | 1254711 |
| TX State Trans. Comm. Rev. Bonds, (State Hwy. 249 Sys.), Ser. A, zero %, 8/1/39 | Baa3 | 700000 | 312029 |
|  |  |  | **29497294** |
| **Utah (1.2%)** | **Utah (1.2%)** | **Utah (1.2%)** | **Utah (1.2%)** |
| Infrastructure Agcy. Telecomm. Rev. Bonds, 4.00%, 10/15/39 | BBB-/F | 1500000 | 1296346 |
| MDA Mountain Village Pub. Infrastructure Dist. Special Assmt., Ser. A, 5.00%, 8/1/50 | B/P | 1045000 | 954992 |
| Mida Mountain Village Pub. Infrastructure Dist. 144A Special Assmt. Bonds, (Mountain Village Assmt. Area No. 2), 4.00%, 8/1/50 | B/P | 1250000 | 935770 |
| UT State Charter School Fin. Auth. Rev. Bonds, (Summit Academy, Inc.), Ser. A, 5.00%, 4/15/44 | AA | 625000 | 653745 |
|  |  |  | **3840853** |
| **Virginia (2.4%)** | **Virginia (2.4%)** | **Virginia (2.4%)** | **Virginia (2.4%)** |
| Cherry Hill Cmnty., Dev. Auth. 144A Special Assmt. Bonds, (Potomac Shores), 5.40%, 3/1/45 | B/P | 995000 | 998053 |
| Farms of New Kent, Cmnty. Dev. Auth. 144A Special Assmt. Bonds, Ser. A, 3.75%, 3/1/36 | B+/P | 640000 | 610355 |
| James City Cnty., Econ. Dev. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Williamsburg Landing), Ser. A, 4.00%, 12/1/50 | BB/P | 1235000 | 925582 |
| &nbsp;&nbsp;&nbsp;&nbsp;(VA United Methodist Homes, Inc. Oblig. Group), Ser. A, 4.00%, 6/1/47 | BB/P | 1000000 | 744641 |
| Lexington, Indl. Dev. Auth. Res. Care Fac. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Lexington Retirement Cmnty.), 4.00%, 1/1/48 | BBB-/F | 1310000 | 1022849 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Lexington Retirement Cmnty.), 4.00%, 1/1/42 | BBB-/F | 1000000 | 823941 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Kendal at Lexington), 4.00%, 1/1/31 | BBB-/F | 675000 | 640195 |
| Lower Magnolia Green Cmnty., Dev. Auth. 144A Special Assmt. Bonds, 5.00%, 3/1/35 | B/P | 485000 | 484109 |
| Small Bus. Fin. Auth. Private Activity Rev. Bonds, (Transform 66-P3), 5.00%, 12/31/52 | Baa3 | 1000000 | 1001515 |
| Suffolk, Econ. Dev. Auth. Retirement Fac. Rev. Bonds, (United Church Homes & Svcs. Oblig. Group), 5.00%, 9/1/31 | BB/P | 500000 | 486053 |
|  |  |  | **7737293** |
| **Washington (2.8%)** | **Washington (2.8%)** | **Washington (2.8%)** | **Washington (2.8%)** |
| Bellevue, G.O. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/38 | Aaa | 1000000 | 1038713 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/34 | Aaa | 1420000 | 1548126 |
| Kalispel Tribe of Indians Priority Dist. Rev. Bonds, Ser. A, 5.25%, 1/1/38 | BB+/P | 750000 | 783851 |
| Tobacco Settlement Auth. of WA Rev. Bonds, 5.25%, 6/1/32 | A | 290000 | 290366 |
| WA State Hsg. Fin. Comm. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Wesley Homes Lea Hill), 5.00%, 7/1/41 | B/P | 500000 | 451928 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Wesley Homes Lea Hill), 5.00%, 7/1/36 | B/P | 580000 | 541226 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Social Certif.), Ser. A-1, 3.50%, 12/20/35 | BBB+ | 2147046 | 2024934 |
| WA State Hsg. Fin. Comm. 144A Rev. Bonds, (Presbyterian Retirement Cmnty. Northwest), Ser. A, 5.00%, 1/1/36 | BB/F | 1175000 | 1053770 |
| WA State Hsg. Fin. Comm. Nonprofit 144A Rev. Bonds, (Spokane Intl. Academy), Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/56 | Ba2 | 1130000 | 1059028 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/50 | Ba2 | 500000 | 476478 |
|  |  |  | **9268420** |
| **Wisconsin (5.3%)** | **Wisconsin (5.3%)** | **Wisconsin (5.3%)** | **Wisconsin (5.3%)** |
| Pub. Fin. Auth. 144A Rev. Bonds, (Roseman U. of Hlth. Sciences), 5.00%, 4/1/40 | BB | 1150000 | 1139466 |
| Pub. Fin. Auth. Edl. Fac. Rev. Bonds, (Piedmont Cmnty. Charter School), 5.00%, 6/15/53 | Baa3 | 1150000 | 1159332 |
| Pub. Fin. Auth. Exempt Fac. Rev. Bonds, (Celanese U.S. Holdings, LLC), Ser. C, 4.30%, 11/1/30 | Baa3 | 300000 | 293789 |
| Pub. Fin. Auth. Retirement Communities Rev. Bonds, (Evergreens Oblig. Group), Ser. A, 5.00%, 11/15/49 | BBB/F | 1750000 | 1716936 |
| Pub. Fin. Auth. Retirement Fac. 144A Rev. Bonds, (Southminster, Inc.), 5.00%, 10/1/48 | BB/F | 800000 | 693032 |
| Pub. Fin. Auth. Student Hsg. Fac. 144A Rev. Bonds, (UHF RISE Student Hsg., LLC), Ser. A-1, 4.00%, 7/1/61 | Ba1 | 600000 | 452109 |
| WI Pub. Fin. Auth. Hotel Rev. Bonds, (Grand Hyatt), 5.00%, 2/1/62 | BBB- | 2300000 | 2208916 |
| WI Pub. Fin. Auth. Hotel 144A Rev. Bonds, (Grand Hyatt), 6.00%, 2/1/62 | BB-/P | 1000000 | 992642 |
| WI State Hlth. & Edl. Fac. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Oakwood Lutheran Sr. Ministries Oblig. Group), 4.00%, 1/1/57 | BB/P | 650000 | 469047 |
| &nbsp;&nbsp;&nbsp;&nbsp;(St. John's Communities, Inc.), 4.00%, 9/15/45 | BBB-/F | 650000 | 534154 |
| &nbsp;&nbsp;&nbsp;&nbsp;(St. John's Communities, Inc.), 4.00%, 9/15/41 | BBB-/F | 770000 | 660593 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Froedtert Health, Inc.), Ser. A, 4.00%, 4/1/41 | AA | 4000000 | 3930070 |
| WI State Pub. Fin. Auth Sr. Living 144A Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Rose Villa, Inc.), Ser. A, 5.75%, 11/15/44 (Prerefunded 11/15/24) | BB-/P | 1800000 | 1890599 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mary's Woods at Marylhurst), Ser. A, 5.25%, 5/15/37 | BB/F | 380000 | 366282 |
| WI State Pub. Fin. Auth. 144A Rev. Bonds, (Church Home of Hartford, Inc.), Ser. A, 5.00%, 9/1/30 | BB/F | 945000 | 917125 |
|  |  |  | **17424092** |
| **Total municipal bonds and notes (cost $466,466,448)** | **Total municipal bonds and notes (cost $466,466,448)** | **Total municipal bonds and notes (cost $466,466,448)** | **$441247755** |

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| | | | |
|:---|:---|:---|:---|
| **SHORT-TERM INVESTMENTS (7.8%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (7.8%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (7.8%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (7.8%)***<sup>(a)</sup>*** |
| | | **Principal amount/shares** | **Value** |
| Putnam Short Term Investment Fund Class P 4.58%***<sup>(AFF)</sup>*** | Shares | 24220245 | $24220245 |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 4.18%***<sup>(P)</sup>*** | Shares | 610000 | 610000 |
| U.S. Treasury Bills 3.846%, 2/2/23***<sup>(SEG)</sup>*** |  | $300000 | 299967 |
| U.S. Treasury Bills 4.480%, 3/9/23***<sup>(SEG)</sup>*** |  | 282000 | 280740 |
| U.S. Treasury Bills 4.491%, 3/16/23***<sup>(SEG)</sup>*** |  | 200000 | 198933 |
| **Total short-term investments (cost $25,609,923)** |  |  | **$25609885** |
| **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** |
| **Total investments (cost $492,076,371)** |  |  | **$466857640** |

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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) | 67 | $9497250 | $9497250 | &nbsp;&nbsp;&nbsp;Mar-23 | $(432354) |
| U.S. Treasury Note Ultra 10 yr (Short) | 102 | 12362719 | 12362719 | &nbsp;&nbsp;&nbsp;Mar-23 | (220331) |
| **Unrealized appreciation** |  |  |  |  | **—** |
| **Unrealized (depreciation)** |  |  |  |  | **(652685)** |
| **Total** |  |  |  |  | **$(652685)** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 1/31/23 (Unaudited)** | **OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 1/31/23 (Unaudited)** | **OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 1/31/23 (Unaudited)** | **OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 1/31/23 (Unaudited)** | **OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 1/31/23 (Unaudited)** | **OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 1/31/23 (Unaudited)** | **OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 1/31/23 (Unaudited)** |
| **Swap counterparty/<br>notional amount** | **Value** | **Upfront premium received (paid)** | **Termi-<br> nation<br>date** | &nbsp;&nbsp;&nbsp;&nbsp;**Payments received<br>(paid) by fund** | &nbsp;&nbsp;**Total return received by or paid by fund** | **Unrealized<br>appreciation/<br>(depreciation)** |
| **Citibank, N.A.** | **Citibank, N.A.** | **Citibank, N.A.** | **Citibank, N.A.** | **Citibank, N.A.** | **Citibank, N.A.** | **Citibank, N.A.** |
| $7000000 | $298081 | $— | 3/9/23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;2.85% minus Municipal Market Data Index AAA municipal yields 10 Year rate — At maturity | $298081 |
| 3500000 | 252403 |  | 3/23/23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;3.48% minus Municipal Market Data Index AAA municipal yields 20 Year rate — At maturity | 252403 |
| **Upfront premium received** | **Upfront premium received** | **—** | &nbsp;&nbsp;**Unrealized appreciation** | &nbsp;&nbsp;**Unrealized appreciation** | &nbsp;&nbsp;**Unrealized appreciation** | **550484** |
| **Upfront premium (paid)** | **Upfront premium (paid)** | **—** | &nbsp;&nbsp;**Unrealized (depreciation)** | &nbsp;&nbsp;**Unrealized (depreciation)** | &nbsp;&nbsp;**Unrealized (depreciation)** | **—** |
| **Total** | **Total** | **$—** |  |  | &nbsp;&nbsp;**Total** | **$550484** |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes to the fund's portfolio** | **Notes to the fund's portfolio** | **Notes to the fund's portfolio** |
|  | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from November 1, 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 November 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 November 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 $327,743,852. | Percentages indicated are based on net assets of $327,743,852. | Percentages indicated are based on net assets of $327,743,852. |
| ***<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>(NON)</sup>*** | This security is non-income-producing. | This security is non-income-producing. | This security is non-income-producing. |
| ***<sup>(STP)</sup>*** | The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate. | The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate. | The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate. |
| ***<sup>(AFF)</sup>*** | Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Name of affiliate** | **Fair value<br>as of<br>10/31/22** | **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\* | $26377910 | $24220245 |
|  | **Total Short-term investments** | **$26377910** | **$24220245** |
|  | \* 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 $779,543. | 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 $779,543. | 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 $779,543. |
| ***<sup>(P)</sup>*** | This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. | This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. | This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. |
| ***<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;Healthcare | 28.5% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Education | 20.8% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Tax bonds | 16.2% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Local debt | 10.0% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 10.0% |  |
|  | **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. |
|  | **Total return swap contracts:** The fund entered into OTC and/or centrally cleared total return swap contracts, which are arrangements to exchange a market-linked return for a periodic payment, both based on a notional principal amount, for hedging and gaining exposure to term structure risk. | **Total return swap contracts:** The fund entered into OTC and/or centrally cleared total return swap contracts, which are arrangements to exchange a market-linked return for a periodic payment, both based on a notional principal amount, for hedging and gaining exposure to term structure risk. | **Total return swap contracts:** The fund entered into OTC and/or centrally cleared total return swap contracts, which are arrangements to exchange a market-linked return for a periodic payment, both based on a notional principal amount, for hedging and gaining exposure to term structure risk. |
|  | To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the fund will receive a payment from or make a payment to the counterparty. OTC and/or centrally cleared total return swap contracts are marked to market daily based upon quotations from an independent pricing service or market maker. Any change is recorded as an unrealized gain or loss on OTC total return swaps. Daily fluctuations in the value of centrally cleared total return swaps are settled through a central clearing agent and are recorded as unrealized gain or loss. Payments received or made are recorded as realized gains or losses. Certain OTC and/or centrally cleared total return swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract. The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The fund's maximum risk of loss from counterparty risk or central clearing risk is the fair value of the contract. This risk may be mitigated for OTC total return swap contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared total return swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to centrally cleared total return swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. | To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the fund will receive a payment from or make a payment to the counterparty. OTC and/or centrally cleared total return swap contracts are marked to market daily based upon quotations from an independent pricing service or market maker. Any change is recorded as an unrealized gain or loss on OTC total return swaps. Daily fluctuations in the value of centrally cleared total return swaps are settled through a central clearing agent and are recorded as unrealized gain or loss. Payments received or made are recorded as realized gains or losses. Certain OTC and/or centrally cleared total return swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract. The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The fund's maximum risk of loss from counterparty risk or central clearing risk is the fair value of the contract. This risk may be mitigated for OTC total return swap contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared total return swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to centrally cleared total return swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. | To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the fund will receive a payment from or make a payment to the counterparty. OTC and/or centrally cleared total return swap contracts are marked to market daily based upon quotations from an independent pricing service or market maker. Any change is recorded as an unrealized gain or loss on OTC total return swaps. Daily fluctuations in the value of centrally cleared total return swaps are settled through a central clearing agent and are recorded as unrealized gain or loss. Payments received or made are recorded as realized gains or losses. Certain OTC and/or centrally cleared total return swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract. The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The fund's maximum risk of loss from counterparty risk or central clearing risk is the fair value of the contract. This risk may be mitigated for OTC total return swap contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared total return swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to centrally cleared total return swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. |
|  | For the fund's average notional amount on total return swap contracts, see the appropriate table at the end of these footnotes. | For the fund's average notional amount on total return swap contracts, see the appropriate table at the end of these footnotes. | For the fund's average notional amount on total return swap 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 $59,979,970 were held by the TOB trust and served as collateral for $36,426,667 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $208,581 for these investments based on an average interest rate of 2.51%. | **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 $59,979,970 were held by the TOB trust and served as collateral for $36,426,667 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $208,581 for these investments based on an average interest rate of 2.51%. | **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 $59,979,970 were held by the TOB trust and served as collateral for $36,426,667 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $208,581 for these investments based on an average interest rate of 2.51%. |

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| | | | |
|:---|:---|:---|:---|
| 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 | $— | $441247755 | $— |
| Short-term investments | 610000 | 24999885 |  |
| **Totals by level** | **$610000** | **$466247640** | **$—** |
|  | **Valuation inputs** | **Valuation inputs** | **Valuation inputs** |
| **Other financial instruments:** | **Level 1** | **Level 2** | **Level 3** |
| Futures contracts | $(652685) | $— | $— |
| Total return swap contracts |  | 550484 |  |
| **Totals by level** | **$(652685)** | **$550484** | **$—** |
| 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) | 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OTC total return swap contracts (notional) | $9600000 |  |  |
| 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 Managed Municipal Income Trust

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

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

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

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

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

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

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

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

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

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

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

- **a. Date of fiscal year-end:** 2023-10-31

- **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:** $472754166.35

**Total Liabilities:** $145169606.33

**Net Assets:** $327584560.02

**Cash Not Reported:** $1.04

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 716.21 | **1-Year:** 9042.19 | **5-Year:** 50034.76 | **10-Year:** 95320.53 | **30-Year:** 58684.6

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

- **3-Month:** 243.98 | **1-Year:** 4716.11 | **5-Year:** 15691.1 | **10-Year:** 63005.49 | **30-Year:** 68498.6

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 10.08%               | -5.09%               | 16.21%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1410813.40             | $18861352.49                               |
| Month 2  | $3974.24                 | $-2845764.22                               |
| Month 3  | $-6361.30                | $25247881.13                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ST PAUL PORT AUTHORITY                                                                   | FX.RT. MUNI BOND     | CUSIP: 79304NFW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1075469.35   | 0.33%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT VERDE FINANCIAL CORP                                                                | FX.RT. MUNI BOND     | CUSIP: 79575EAQ1<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2205761.00   | 0.67%             | 2029-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MATAGORDA COUNTY NAVIGATION DISTRICT NO 1                                                | FX.RT. MUNI BOND     | CUSIP: 576528CY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1323003.50   | 0.40%             | 2030-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| HOSPITAL FACILITIES AUTHORITY OF MULTNOMAH COUNTY OREGON                                 | FX.RT. MUNI BOND     | CUSIP: 62551PCA3<br>LEI: 549300GAP0JIG7V33754 | Long             | DBT              | MUN               | US        |    350000 | PA      | $350009.56    | 0.11%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                                   | FX.RT. MUNI BOND     | CUSIP: 13048DAD0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    665000 | PA      | $650261.21    | 0.20%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF YAVAPAI/THE                            | FX.RT. MUNI BOND     | CUSIP: 98521VAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $920039.19    | 0.28%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY                                         | FX.RT. MUNI BOND     | CUSIP: 13054WAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001952.90   | 0.31%             | 2045-11-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PLAZA METROPOLITAN DISTRICT NO 1                                                         | FX.RT. MUNI BOND     | CUSIP: 72818QAX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1630711.50   | 0.50%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORP                                 | FX.RT. MUNI BOND     | CUSIP: 414009FA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $950327.00    | 0.29%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                          | FX.RT. MUNI BOND     | CUSIP: 16559PAT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $974919.90    | 0.30%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FISHHAWK COMMUNITY DEVELOPMENT DISTRICT IV                                               | FX.RT. MUNI BOND     | CUSIP: 33804UAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $372413.21    | 0.11%             | 2043-05-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT AUTHORITY OF WASHINGTON                                               | FX.RT. MUNI BOND     | CUSIP: 88880MBD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $290365.95    | 0.09%             | 2032-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCHOOL FINANCE AUTHORITY                                                      | FX.RT. MUNI BOND     | CUSIP: 13059TAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $469399.92    | 0.14%             | 2033-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY                                                | FX.RT. MUNI BOND     | CUSIP: 6459182G7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    950000 | PA      | $969150.48    | 0.30%             | 2033-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE COMMUNITY DEVELOPMENT DISTRICT NO 10 PHASE II                                    | FX.RT. MUNI BOND     | CUSIP: 92707CAE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $762802.04    | 0.23%             | 2031-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY                                                | FX.RT. MUNI BOND     | CUSIP: 64578CBW0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1536040.80   | 0.47%             | 2030-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND     | CUSIP: 74443UAD5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1890599.22   | 0.58%             | 2044-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CITY OF WESTMINSTER MD                                                                   | FX.RT. MUNI BOND     | CUSIP: 960735AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1554017.70   | 0.47%             | 2034-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCATIONAL  AND  CULTURAL FACILITIES AUTHORITY                                 | FX.RT. MUNI BOND     | CUSIP: 19645RWY3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    755000 | PA      | $758693.08    | 0.23%             | 2034-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CITY OF WESTMINSTER MD                                                                   | FX.RT. MUNI BOND     | CUSIP: 960735AQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253359.00    | 0.08%             | 2034-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND     | CUSIP: 59447PJ28<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    600000 | PA      | $616855.08    | 0.19%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PHOENIX ARIZONA/THE                      | FX.RT. MUNI BOND     | CUSIP: 71885FDK0<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1713763.88   | 0.52%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIBERTY DEVELOPMENT CORP                                                        | FX.RT. MUNI BOND     | CUSIP: 649519DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750882.23    | 0.23%             | 2040-11-15      | Fixed         | 5.38%                 | 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    | 0.13%             | 2043-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                          | FX.RT. MUNI BOND     | CUSIP: 165588CX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $353062.82    | 0.11%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST TAMMANY PARISH FINANCE AUTHORITY                                                      | FX.RT. MUNI BOND     | CUSIP: 793499BD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $377600.80    | 0.12%             | 2037-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITY OF HOUSTON TX AIRPORT SYSTEM REVENUE                                                | FX.RT. MUNI BOND     | CUSIP: 4423487S1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2506999.50   | 0.77%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PHOENIX ARIZONA/THE                      | FX.RT. MUNI BOND     | CUSIP: 71885FDN4<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    900000 | PA      | $904688.82    | 0.28%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND     | CUSIP: 74442PAY1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    945000 | PA      | $917125.43    | 0.28%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER MAGNOLIA GREEN COMMUNITY DEVELOPMENT AUTHORITY                                     | FX.RT. MUNI BOND     | CUSIP: 548207AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $484108.91    | 0.15%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF OHIO                                                                            | FX.RT. MUNI BOND     | CUSIP: 67759YAN7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    750000 | PA      | $770968.58    | 0.24%             | 2035-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST SHORE AREA AUTHORITY                                                                | FX.RT. MUNI BOND     | CUSIP: 95581QAL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $786025.45    | 0.24%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEVELOPMENT AUTHORITY OF COBB COUNTY/THE                                                 | FX.RT. MUNI BOND     | CUSIP: 190778FV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $771120.77    | 0.24%             | 2038-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEVELOPMENT AUTHORITY OF COBB COUNTY/THE                                                 | FX.RT. MUNI BOND     | CUSIP: 190778FU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $713234.76    | 0.22%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF YAVAPAI/THE                            | FX.RT. MUNI BOND     | CUSIP: 98521VAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500076.80    | 0.15%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHERRY HILL COMMUNITY DEVELOPMENT AUTHORITY                                              | FX.RT. MUNI BOND     | CUSIP: 164631AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $998052.76    | 0.30%             | 2045-03-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA                                                  | FX.RT. MUNI BOND     | CUSIP: 626207H31<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2042000.40   | 0.62%             | 2060-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COUNTY OF CLARK NV                                                                       | FX.RT. MUNI BOND     | CUSIP: 181003MW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $416243.69    | 0.13%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LAS VEGAS NV SPECIAL IMPROVEMENT DISTRICT NO 812                                 | FX.RT. MUNI BOND     | CUSIP: 517784AS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $222502.96    | 0.07%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PHOENIX ARIZONA/THE                      | FX.RT. MUNI BOND     | CUSIP: 71885FEA1<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    600000 | PA      | $603125.88    | 0.18%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PHOENIX ARIZONA/THE                      | FX.RT. MUNI BOND     | CUSIP: 71885FEB9<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    250000 | PA      | $238063.75    | 0.07%             | 2046-07-01      | 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        |    225000 | PA      | $232153.45    | 0.07%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF TALLAHASSEE FL                                                                   | FX.RT. MUNI BOND     | CUSIP: 874485DL6<br>LEI: 549300MPY4HDPK8B1G15 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013371.30   | 0.31%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND     | CUSIP: 74443QAD4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $293788.98    | 0.09%             | 2030-11-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| HALIFAX HOSPITAL MEDICAL CENTER                                                          | FX.RT. MUNI BOND     | CUSIP: 405815LG4<br>LEI: 549300H6HDJUXLEMUW23 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1353950.13   | 0.41%             | 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    | 0.23%             | 2035-07-01      | 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        |   1250000 | PA      | $1254710.75   | 0.38%             | 2050-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF HAM LAKE MN                                                                      | FX.RT. MUNI BOND     | CUSIP: 406511AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $466607.75    | 0.14%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANTA CLARA COUNTY FINANCING AUTHORITY                                                   | FX.RT. MUNI BOND     | CUSIP: 801577LA3<br>LEI: 549300A73O1Q5POHAT69 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4003063.60   | 1.22%             | 2034-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GREATER CHICAGO METROPOLITAN WATER RECLAMATION DISTRICT                                  | FX.RT. MUNI BOND     | CUSIP: 167560TA9<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088935.10   | 0.33%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE STATE ECONOMIC DEVELOPMENT AUTHORITY                                            | FX.RT. MUNI BOND     | CUSIP: 246387RV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $711188.63    | 0.22%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                              | FX.RT. MUNI BOND     | CUSIP: 939783TH9<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1053769.96   | 0.32%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOWNSHIP OF BAYTOWN MN                                                                   | FX.RT. MUNI BOND     | CUSIP: 073225AX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $316817.02    | 0.10%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEXINGTON INDUSTRIAL DEVELOPMENT AUTHORITY                                               | FX.RT. MUNI BOND     | CUSIP: 52976BBV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $640194.64    | 0.20%             | 2031-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK COUNTIES TOBACCO TRUST VI                                                       | FX.RT. MUNI BOND     | CUSIP: 64945JAF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1642432.56   | 0.50%             | 2051-06-01      | 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        |    200000 | PA      | $213903.60    | 0.07%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE STATE ECONOMIC DEVELOPMENT AUTHORITY                                            | FX.RT. MUNI BOND     | CUSIP: 246387RX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $999951.59    | 0.31%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND     | CUSIP: 45204ELH9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $509171.35    | 0.16%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACILITIES AUTHORITY                                                     | FX.RT. MUNI BOND     | CUSIP: 19648FAY0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $485043.20    | 0.15%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACILITIES AUTHORITY                                                     | FX.RT. MUNI BOND     | CUSIP: 19648FAZ7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1149734.63   | 0.35%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                              | FX.RT. MUNI BOND     | CUSIP: 939783TQ9<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    580000 | PA      | $541226.36    | 0.17%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                              | FX.RT. MUNI BOND     | CUSIP: 939783TT3<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    500000 | PA      | $451928.00    | 0.14%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MEDICAL CARE COMMISSION                                                   | FX.RT. MUNI BOND     | CUSIP: 65820YMR4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    965000 | PA      | $930906.55    | 0.28%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUFFOLK ECONOMIC DEVELOPMENT AUTHORITY                                                   | FX.RT. MUNI BOND     | CUSIP: 86482NAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $486052.60    | 0.15%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORP                                 | FX.RT. MUNI BOND     | CUSIP: 414009LD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $232649.55    | 0.07%             | 2037-01-01      | 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        |    200000 | PA      | $211602.90    | 0.06%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF YAVAPAI/THE                            | FX.RT. MUNI BOND     | CUSIP: 985900EE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $209402.88    | 0.06%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY                                          | FX.RT. MUNI BOND     | CUSIP: 49126PFG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $802948.30    | 0.25%             | 2046-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE HEALTH AND EDUCATION FACILITIES AUTHORITY ACT                              | FX.RT. MUNI BOND     | CUSIP: 6446147E3<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029061.00   | 0.31%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE HEALTH AND EDUCATION FACILITIES AUTHORITY ACT                              | FX.RT. MUNI BOND     | CUSIP: 6446148D4<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    250000 | PA      | $256487.15    | 0.08%             | 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        |   1100000 | PA      | $1125973.75   | 0.34%             | 2046-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY                                          | FX.RT. MUNI BOND     | CUSIP: 60416H2R4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1180972.50   | 0.36%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND     | CUSIP: 74443UAZ6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    380000 | PA      | $366282.11    | 0.11%             | 2037-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY                                          | FX.RT. MUNI BOND     | CUSIP: 49126KKE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $129302.06    | 0.04%             | 2041-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND     | CUSIP: 594479DD6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2058497.51   | 0.63%             | 2047-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON HIGHER EDUCATION FINANCE CORP                                                  | FX.RT. MUNI BOND     | CUSIP: 041806MV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004036.10   | 0.31%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE HEALTH AND EDUCATION FACILITIES AUTHORITY ACT                              | FX.RT. MUNI BOND     | CUSIP: 64461XBG9<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    626090 | PA      | $137739.79    | 0.04%             | 2042-07-01      | Fixed         | 6.25%                 | 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   | 0.69%             | 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    | 0.09%             | 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  | 3.52%             | 2042-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND     | CUSIP: 45204EYZ5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    700000 | PA      | $747249.44    | 0.23%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF ATLANTIC CITY NJ                                                                 | FX.RT. MUNI BOND     | CUSIP: 048339VY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1256373.63   | 0.38%             | 2042-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY                                                | FX.RT. MUNI BOND     | CUSIP: 64577BN26<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016482.50   | 0.31%             | 2047-07-15      | 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        |   1000000 | PA      | $1001515.00   | 0.31%             | 2052-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHLANDS METROPOLITAN DISTRICT NO 1                                                    | FX.RT. MUNI BOND     | CUSIP: 84454RAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500432.80    | 0.15%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO AIR QUALITY DEVELOPMENT AUTHORITY                                                   | FX.RT. MUNI BOND     | CUSIP: 67754AAE4<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1137904.44   | 0.35%             | 2048-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF EDUCATION                                                               | FX.RT. MUNI BOND     | CUSIP: 167505TJ5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2143761.90   | 0.65%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSPORTATION AUTHORITY                                                    | FX.RT. MUNI BOND     | CUSIP: 59261AQH3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2980601.70   | 0.91%             | 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        |   1760000 | PA      | $1889887.12   | 0.58%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND     | CUSIP: 45203KAP0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502983.20   | 0.46%             | 2047-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND     | CUSIP: 45203KAN5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1224349.92   | 0.37%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF FREDERICK MD                                                                   | FX.RT. MUNI BOND     | CUSIP: 355697CF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $486855.90    | 0.15%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SARASOTA COUNTY HEALTH FACILITIES AUTHORITY                                              | FX.RT. MUNI BOND     | CUSIP: 80329UAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $947118.90    | 0.29%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY                                                 | FX.RT. MUNI BOND     | CUSIP: 04052BEX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501155.10    | 0.15%             | 2037-07-01      | 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        |   1500000 | PA      | $1527355.65   | 0.47%             | 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        |   1500000 | PA      | $1501740.00   | 0.46%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF COOK IL                                                                        | FX.RT. MUNI BOND     | CUSIP: 213185LJ8<br>LEI: 5493004UMR7OX4YITE10 | Long             | DBT              | MUN               | US        |    500000 | PA      | $525842.40    | 0.16%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE COMMUNITY DEVELOPMENT DISTRICT NO 12                                             | FX.RT. MUNI BOND     | CUSIP: 92708FAG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $675658.14    | 0.21%             | 2033-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF WICHITA KS                                                                       | FX.RT. MUNI BOND     | CUSIP: 967249QC0<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |    500000 | PA      | $481277.40    | 0.15%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF ILLINOIS                                                                        | FX.RT. MUNI BOND     | CUSIP: 452152Y39<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040379.80   | 0.32%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WYANDOTTE COUNTY-KANSAS CITY UNIFIED GOVERNMENT                                          | FX.RT. MUNI BOND     | CUSIP: 982707AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $359880.34    | 0.11%             | 2040-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CUYAHOGA COUNTY PORT AUTHORITY                                                 | FX.RT. MUNI BOND     | CUSIP: 18610PAW8<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1536653.70   | 0.47%             | 2053-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND     | CUSIP: 74444VAG5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    800000 | PA      | $693032.32    | 0.21%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LA PAZ COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                           | FX.RT. MUNI BOND     | CUSIP: 50376FAS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2330000 | PA      | $2351833.96   | 0.72%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LA PAZ COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                           | FX.RT. MUNI BOND     | CUSIP: 50376FAR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511905.70    | 0.16%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY COUNTY HOSPITAL DEVELOPMENT AUTHORITY                                          | FX.RT. MUNI BOND     | CUSIP: 01728A3V6<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1297327.56   | 0.40%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF ILLINOIS                                                                        | FX.RT. MUNI BOND     | CUSIP: 4521523D1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2145129.60   | 0.65%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF TEMPLE TX                                                                        | FX.RT. MUNI BOND     | CUSIP: 880157BG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1526160.90   | 0.47%             | 2038-08-01      | 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        |   2600000 | PA      | $2843769.50   | 0.87%             | 2034-12-15      | 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        |    500000 | PA      | $519900.55    | 0.16%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY                                                 | FX.RT. MUNI BOND     | CUSIP: 57584YMJ5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033602.90   | 0.32%             | 2046-11-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP                                                            | FX.RT. MUNI BOND     | CUSIP: 79467BCG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2221049.80   | 0.68%             | 2036-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITY OF DETROIT MI                                                                       | FX.RT. MUNI BOND     | CUSIP: 2510933R9<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    750000 | PA      | $766242.98    | 0.23%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO O'HARE INTERNATIONAL AIRPORT                                                     | FX.RT. MUNI BOND     | CUSIP: 167593L26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $746906.93    | 0.23%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY                                       | FX.RT. MUNI BOND     | CUSIP: 83704MAL0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $513542.15    | 0.16%             | 2039-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY                                       | FX.RT. MUNI BOND     | CUSIP: 83704MAM8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017932.90   | 0.31%             | 2049-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY                                           | FX.RT. MUNI BOND     | CUSIP: 6461364V0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1912956.12   | 0.58%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS AREA MUNICIPAL AUTHORITY                                                          | FX.RT. MUNI BOND     | CUSIP: 235171AR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1477055.85   | 0.45%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND     | CUSIP: 74445GAR3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1159331.91   | 0.35%             | 2053-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC                                                              | FX.RT. MUNI BOND     | CUSIP: 56035DBP6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   3345000 | PA      | $3526461.23   | 1.08%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO IL                                                                       | FX.RT. MUNI BOND     | CUSIP: 167486E39<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040490.20   | 0.32%             | 2049-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO IL                                                                       | FX.RT. MUNI BOND     | CUSIP: 167486D97<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2028512.60   | 0.62%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF PALM BEACH FL                                                                  | FX.RT. MUNI BOND     | CUSIP: 696547GJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $488587.00    | 0.15%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA TURNPIKE COMMISSION                                                         | FX.RT. MUNI BOND     | CUSIP: 709224P52<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1598931.60   | 0.49%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                                     | FX.RT. MUNI BOND     | CUSIP: 25483VVP6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1292870.66   | 0.39%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA HIGHER EDUCATIONAL FACILITIES FINANCIAL AUTHORITY                                | FX.RT. MUNI BOND     | CUSIP: 34073TLN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1267373.44   | 0.39%             | 2044-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA HIGHER EDUCATIONAL FACILITIES FINANCIAL AUTHORITY                                | FX.RT. MUNI BOND     | CUSIP: 34073TLP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $330507.72    | 0.10%             | 2049-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH CHARTER SCHOOL FINANCE AUTHORITY                                                    | FX.RT. MUNI BOND     | CUSIP: 91754TYB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $653744.50    | 0.20%             | 2044-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PINELLAS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                         | FX.RT. MUNI BOND     | CUSIP: 72316VAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1689156.35   | 0.52%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND     | CUSIP: 74446CAB6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1716936.03   | 0.52%             | 2049-11-15      | 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        |   2500000 | PA      | $2534076.50   | 0.77%             | 2058-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WARM SPRINGS RESERVATION CONFEDERATED TRIBE                                              | FX.RT. MUNI BOND     | CUSIP: 934312AN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $224975.84    | 0.07%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WARM SPRINGS RESERVATION CONFEDERATED TRIBE                                              | FX.RT. MUNI BOND     | CUSIP: 934312AP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $554132.85    | 0.17%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN STRATEGIC FUND                                                                  | FX.RT. MUNI BOND     | CUSIP: 594698RM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $498041.75    | 0.15%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUBLIC FACILITIES AUTHORITY                                                    | FX.RT. MUNI BOND     | CUSIP: 54639TCV2<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1548974.85   | 0.47%             | 2059-07-01      | 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        |   5000000 | PA      | $4814453.00   | 1.47%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA                                                  | FX.RT. MUNI BOND     | CUSIP: 626207Z64<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1870117.80   | 0.57%             | 2059-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA                                                  | FX.RT. MUNI BOND     | CUSIP: 626207Z49<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    500000 | PA      | $476441.65    | 0.15%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MEDICAL CARE COMMISSION                                                   | FX.RT. MUNI BOND     | CUSIP: 65820YQH2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1769557.65   | 0.54%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTWOOD ECONOMIC DEVELOPMENT CORP                                                       | FX.RT. MUNI BOND     | CUSIP: 491740EX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1275854.25   | 0.39%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTWOOD ECONOMIC DEVELOPMENT CORP                                                       | FX.RT. MUNI BOND     | CUSIP: 491740EY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001635.20   | 0.31%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COWETA COUNTY DEVELOPMENT AUTHORITY                                                      | FX.RT. MUNI BOND     | CUSIP: 223658QF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4212564.80   | 1.29%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SANTA FE NM                                                                      | FX.RT. MUNI BOND     | CUSIP: 802170AN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $457676.90    | 0.14%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF BRUNSWICK MD                                                                     | FX.RT. MUNI BOND     | CUSIP: 117250AE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    549000 | PA      | $560539.65    | 0.17%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGENCY                                                               | FX.RT. MUNI BOND     | CUSIP: 917467BL5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1296345.90   | 0.40%             | 2039-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND COUNTY MUNICIPAL AUTHORITY                                                    | FX.RT. MUNI BOND     | CUSIP: 230614PN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $451858.10    | 0.14%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF BERKELEY SC                                                                    | FX.RT. MUNI BOND     | CUSIP: 084220AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $834738.50    | 0.25%             | 2049-11-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CITY OF LAS VEGAS NV SPECIAL IMPROVEMENT DISTRICT NO 814                                 | FX.RT. MUNI BOND     | CUSIP: 51778UAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $542901.27    | 0.17%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LAS VEGAS NV SPECIAL IMPROVEMENT DISTRICT NO 814                                 | FX.RT. MUNI BOND     | CUSIP: 51778UAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $400084.25    | 0.12%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLLEGIATE CHARTER SCHOOL OF LOWELL                                                      | FX.RT. MUNI BOND     | CUSIP: 547649AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1178327.50   | 0.36%             | 2054-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLLEGIATE CHARTER SCHOOL OF LOWELL                                                      | FX.RT. MUNI BOND     | CUSIP: 547649AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999940.60    | 0.31%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTHORITY OF NEW YORK  AND  NEW JERSEY                                              | FX.RT. MUNI BOND     | CUSIP: 73358W4C5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2460000 | PA      | $2582803.45   | 0.79%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH STEWARDSHIP DISTRICT                                                      | FX.RT. MUNI BOND     | CUSIP: 51265KCW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $878406.30    | 0.27%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN PIER  AND  EXPOSITION AUTHORITY                                             | FX.RT. MUNI BOND     | CUSIP: 592250DM3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3048510.60   | 0.93%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS DEVELOPMENT FINANCE AUTHORITY                                                   | FX.RT. MUNI BOND     | CUSIP: 04084RBG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $633832.80    | 0.19%             | 2047-12-01      | Fixed         | 5.00%                 | 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        |   1060000 | PA      | $1035855.64   | 0.32%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS DEVELOPMENT FINANCE AUTHORITY                                                   | FX.RT. MUNI BOND     | CUSIP: 04084RBC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $816220.49    | 0.25%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS DEVELOPMENT FINANCE AUTHORITY                                                   | FX.RT. MUNI BOND     | CUSIP: 04084RBE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $589566.16    | 0.18%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS DEVELOPMENT FINANCE AUTHORITY                                                   | FX.RT. MUNI BOND     | CUSIP: 04084RBF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $605558.83    | 0.18%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASHINGTON AIRPORTS AUTHORITY DULLES TOLL ROAD REVENUE                      | FX.RT. MUNI BOND     | CUSIP: 592643DJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $998847.10    | 0.30%             | 2053-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF FREDERICK MD                                                                   | FX.RT. MUNI BOND     | CUSIP: 355612AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1241826.34   | 0.38%             | 2039-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                                     | FX.RT. MUNI BOND     | CUSIP: 25483VWC4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    750000 | PA      | $664698.53    | 0.20%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE DORMITORY AUTHORITY                                                       | FX.RT. MUNI BOND     | CUSIP: 64990FPU2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5497644.00   | 1.68%             | 2041-02-15      | 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        |   1600000 | PA      | $1744228.32   | 0.53%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP                                                            | FX.RT. MUNI BOND     | CUSIP: 79467BCY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1755582.50   | 0.54%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP                                                            | FX.RT. MUNI BOND     | CUSIP: 79467BCZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1746242.23   | 0.53%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO IL                                                                       | FX.RT. MUNI BOND     | CUSIP: 167486G45<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1934287.02   | 0.59%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND     | CUSIP: 74442PPD1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1139465.89   | 0.35%             | 2040-04-01      | 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        |    475000 | PA      | $453626.71    | 0.14%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN ILLINOIS UNIVERSITY                                                             | FX.RT. MUNI BOND     | CUSIP: 665245YS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $596119.21    | 0.18%             | 2040-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN ILLINOIS UNIVERSITY                                                             | FX.RT. MUNI BOND     | CUSIP: 665245YK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $689097.19    | 0.21%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN ILLINOIS UNIVERSITY                                                             | FX.RT. MUNI BOND     | CUSIP: 665245YR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $495385.30    | 0.15%             | 2039-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN ILLINOIS UNIVERSITY                                                             | FX.RT. MUNI BOND     | CUSIP: 665245YH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $553900.35    | 0.17%             | 2031-04-01      | 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        |   1300000 | PA      | $990664.22    | 0.30%             | 2048-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY                                       | FX.RT. MUNI BOND     | CUSIP: 83703EMQ5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3897243.20   | 1.19%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTURE TAX SECURED REVENUE                  | FX.RT. MUNI BOND     | CUSIP: 64971XQJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2034852.00   | 0.62%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PONTIAC SCHOOL DISTRICT                                                                  | FX.RT. MUNI BOND     | CUSIP: 732538HL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4023000 | PA      | $4040882.23   | 1.23%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PONTIAC SCHOOL DISTRICT                                                                  | FX.RT. MUNI BOND     | CUSIP: 732538HK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3576000 | PA      | $3616524.66   | 1.10%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LAS VEGAS NV SPECIAL IMPROVEMENT DISTRICT NO 815                                 | FX.RT. MUNI BOND     | CUSIP: 51778VAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $606101.00    | 0.19%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGENCY/FL                                                                  | FX.RT. MUNI BOND     | CUSIP: 14052WDK0<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1415714.27   | 0.43%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGENCY/FL                                                                  | FX.RT. MUNI BOND     | CUSIP: 14052WDJ3<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    750000 | PA      | $717912.00    | 0.22%             | 2035-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RAINDANCE METROPOLITAN DISTRICT NO 1 NON-POTABLE WATER SYSTEM REVENUE                    | FX.RT. MUNI BOND     | CUSIP: 75087GAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $806823.24    | 0.25%             | 2050-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIDA MOUNTAIN VILLAGE PUBLIC INFRASTRUCTURE DISTRICT                                     | FX.RT. MUNI BOND     | CUSIP: 59561TAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $954992.27    | 0.29%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MEDICAL CARE COMMISSION                                                   | FX.RT. MUNI BOND     | CUSIP: 65820YRR9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $473371.90    | 0.14%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HASTINGS CAMPUS HOUSING FINANCE AUTHORITY                                                | FX.RT. MUNI BOND     | CUSIP: 418338AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $989927.28    | 0.30%             | 2061-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP                                                 | FX.RT. MUNI BOND     | CUSIP: 650116CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1279476.25   | 0.39%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE COMMUNITY DEVELOPMENT DISTRICT NO 13                                             | FX.RT. MUNI BOND     | CUSIP: 92708HAJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2440000 | PA      | $1916569.00   | 0.59%             | 2040-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| COUNTY OF LAKE FL                                                                        | FX.RT. MUNI BOND     | CUSIP: 50826FAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $661451.70    | 0.20%             | 2055-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| OHIO HIGHER EDUCATIONAL FACILITY COMMISSION                                              | FX.RT. MUNI BOND     | CUSIP: 67756DXH4<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3048778.98   | 0.93%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH STEWARDSHIP DISTRICT                                                      | FX.RT. MUNI BOND     | CUSIP: 51265KEN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $201035.75    | 0.06%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                                     | FX.RT. MUNI BOND     | CUSIP: 25483VXU3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1487881.35   | 0.45%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STERLING RANCH COMMUNITY AUTHORITY BOARD                                                 | FX.RT. MUNI BOND     | CUSIP: 85950NAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $361582.07    | 0.11%             | 2050-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA AUTHORITY FOR INDUSTRIAL DEVELOPMENT                                        | FX.RT. MUNI BOND     | CUSIP: 71780CBA7<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    700000 | PA      | $673710.38    | 0.21%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ECONOMIC DEVELOPMENT CORP                                                       | FX.RT. MUNI BOND     | CUSIP: 57422FAE6<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    755000 | PA      | $677982.90    | 0.21%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ECONOMIC DEVELOPMENT CORP                                                       | FX.RT. MUNI BOND     | CUSIP: 57422FAF3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    750000 | PA      | $629518.13    | 0.19%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                                    | FX.RT. MUNI BOND     | CUSIP: 126292AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2725000 | PA      | $2351391.60   | 0.72%             | 2056-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS MUNICIPAL GAS ACQUISITION  AND  SUPPLY CORP III                                    | FX.RT. MUNI BOND     | CUSIP: 88256HBH0<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074017.10   | 0.33%             | 2032-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                                     | FX.RT. MUNI BOND     | CUSIP: 25483VYC2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    400000 | PA      | $369943.88    | 0.11%             | 2061-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SACRAMENTO CA                                                                    | FX.RT. MUNI BOND     | CUSIP: 786071RB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $610836.10    | 0.19%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                                    | FX.RT. MUNI BOND     | CUSIP: 126292AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $813060.13    | 0.25%             | 2041-08-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF EDUCATION                                                               | FX.RT. MUNI BOND     | CUSIP: 167505XR2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $509925.65    | 0.16%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                              | FX.RT. MUNI BOND     | CUSIP: 93978LGG5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    500000 | PA      | $476477.80    | 0.15%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                              | FX.RT. MUNI BOND     | CUSIP: 93978LGH3<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1059028.20   | 0.32%             | 2056-07-01      | 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        |   1678657 | PA      | $1627692.74   | 0.50%             | 2035-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CMFA SPECIAL FINANCE AGENCY I                                                            | FX.RT. MUNI BOND     | CUSIP: 12574TAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1198875.30   | 0.37%             | 2056-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND     | CUSIP: 45204FHV0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    815000 | PA      | $663283.27    | 0.20%             | 2056-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND     | CUSIP: 45204FHT5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    400000 | PA      | $355913.56    | 0.11%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND     | CUSIP: 45204FHU2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $832682.30    | 0.25%             | 2051-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEORGE L SMITH II CONGRESS CENTER AUTHORITY                                              | FX.RT. MUNI BOND     | CUSIP: 37255MAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $795403.48    | 0.24%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEORGE L SMITH II CONGRESS CENTER AUTHORITY                                              | FX.RT. MUNI BOND     | CUSIP: 37255MAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1221249.53   | 0.37%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA TOBACCO SETTLEMENT AUTHORITY                                                        | FX.RT. MUNI BOND     | CUSIP: 888805CH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $945622.47    | 0.29%             | 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        |    475000 | PA      | $419528.69    | 0.13%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY                                                 | FX.RT. MUNI BOND     | CUSIP: 04052BMS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $428389.15    | 0.13%             | 2041-12-15      | 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        |    400000 | PA      | $441277.32    | 0.13%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY                                           | FX.RT. MUNI BOND     | CUSIP: 64613CAU2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    475000 | PA      | $529986.48    | 0.16%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY                                           | FX.RT. MUNI BOND     | CUSIP: 64613CAE8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $980890.80    | 0.30%             | 2042-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF PALM BEACH FL                                                                  | FX.RT. MUNI BOND     | CUSIP: 696547HN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $557628.38    | 0.17%             | 2057-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON HIGHER EDUCATION FINANCE CORP                                                  | FX.RT. MUNI BOND     | CUSIP: 041806L65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $513911.82    | 0.16%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY  AND  COUNTY OF SAN FRANCISCO CA SPECIAL TAX DISTRICT NO 2020-1                     | FX.RT. MUNI BOND     | CUSIP: 79771HAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $457654.80    | 0.14%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                              | FX.RT. MUNI BOND     | CUSIP: 93978TS59<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2147046 | PA      | $2024934.17   | 0.62%             | 2035-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEVELOPMENT FINANCE CORP                                                         | FX.RT. MUNI BOND     | CUSIP: 34061WAY0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    700000 | PA      | $582013.04    | 0.18%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPE GIRARDEAU COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                   | FX.RT. MUNI BOND     | CUSIP: 139404HR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1372860.45   | 0.42%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCATIONAL  AND  CULTURAL FACILITIES AUTHORITY                                 | FX.RT. MUNI BOND     | CUSIP: 19645UGE8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    150000 | PA      | $142052.07    | 0.04%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCATIONAL  AND  CULTURAL FACILITIES AUTHORITY                                 | FX.RT. MUNI BOND     | CUSIP: 19645UGF5<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    175000 | PA      | $157161.08    | 0.05%             | 2041-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCATIONAL  AND  CULTURAL FACILITIES AUTHORITY                                 | FX.RT. MUNI BOND     | CUSIP: 19645UGG3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    350000 | PA      | $295304.84    | 0.09%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCATIONAL  AND  CULTURAL FACILITIES AUTHORITY                                 | FX.RT. MUNI BOND     | CUSIP: 19645UGH1<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    550000 | PA      | $444766.58    | 0.14%             | 2061-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                                   | FX.RT. MUNI BOND     | CUSIP: 13049YFR7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2410000 | PA      | $1887975.20   | 0.58%             | 2054-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FINANCE AUTHORITY                                                      | FX.RT. MUNI BOND     | CUSIP: 13057GAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $652548.83    | 0.20%             | 2056-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MEDICAL CARE COMMISSION                                                   | FX.RT. MUNI BOND     | CUSIP: 65821DYS4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2320000 | PA      | $1992496.97   | 0.61%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                                    | FX.RT. MUNI BOND     | CUSIP: 126292AS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $759552.00    | 0.23%             | 2056-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASHINGTON AIRPORTS AUTHORITY                                               | FX.RT. MUNI BOND     | CUSIP: 592647KN0<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |   7200000 | PA      | $6910716.96   | 2.11%             | 2051-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGENCY/FL                                                                  | FX.RT. MUNI BOND     | CUSIP: 14052WDT1<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    900000 | PA      | $741547.89    | 0.23%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YAMHILL COUNTY HOSPITAL AUTHORITY                                                        | FX.RT. MUNI BOND     | CUSIP: 98464UAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $304710.72    | 0.09%             | 2056-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST JOHNS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                         | FX.RT. MUNI BOND     | CUSIP: 79041LAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $404483.20    | 0.12%             | 2041-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ST JOHNS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                         | FX.RT. MUNI BOND     | CUSIP: 79041LAM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $307528.44    | 0.09%             | 2036-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND     | CUSIP: 594479GQ4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $870895.00    | 0.27%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FARMS NEW KENT COMMUNITY DEVELOPMENT AUTHORITY                                           | FX.RT. MUNI BOND     | CUSIP: 311551AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $610354.62    | 0.19%             | 2036-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY                                  | FX.RT. MUNI BOND     | CUSIP: 97712D8S8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3930069.60   | 1.20%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF PALM DESERT CA                                                                   | FX.RT. MUNI BOND     | CUSIP: 696627ER5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $427987.31    | 0.13%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY HOUSING AGENCY                                                      | FX.RT. MUNI BOND     | CUSIP: 13013FAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2460000 | PA      | $2088910.23   | 0.64%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN PIER  AND  EXPOSITION AUTHORITY                                             | FX.RT. MUNI BOND     | CUSIP: 592250EY6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $885592.60    | 0.27%             | 2052-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY                                       | FX.RT. MUNI BOND     | CUSIP: 83704MBU9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $894206.65    | 0.27%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LAS VEGAS NV SPECIAL IMPROVEMENT DISTRICT NO 816                                 | FX.RT. MUNI BOND     | CUSIP: 51779AAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $479756.10    | 0.15%             | 2041-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JAMES CITY COUNTY ECONOMIC DEVELOPMENT AUTHORITY                                         | FX.RT. MUNI BOND     | CUSIP: 47029WDR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $744641.40    | 0.23%             | 2047-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIBERTY DEVELOPMENT CORP                                                        | FX.RT. MUNI BOND     | CUSIP: 649519DW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6075000 | PA      | $4531403.86   | 1.38%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA STATE PUBLIC SERVICE AUTHORITY                                            | FX.RT. MUNI BOND     | CUSIP: 837151YU7<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3943817.60   | 1.20%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA STATE PUBLIC SERVICE AUTHORITY                                            | FX.RT. MUNI BOND     | CUSIP: 837151YY9<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2822024.10   | 0.86%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA STATE PUBLIC SERVICE AUTHORITY                                            | FX.RT. MUNI BOND     | CUSIP: 837151YV5<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5155067.92   | 1.57%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JAMES CITY COUNTY ECONOMIC DEVELOPMENT AUTHORITY                                         | FX.RT. MUNI BOND     | CUSIP: 47029WED5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1235000 | PA      | $925581.87    | 0.28%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RAMPART RANGE METROPOLITAN DISTRICT NO 5                                                 | FX.RT. MUNI BOND     | CUSIP: 75157WAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $789462.70    | 0.24%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SUFFOLK TOBACCO ASSET SECURITIZATION CORP                                                | FX.RT. MUNI BOND     | CUSIP: 864809CA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $730365.12    | 0.22%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY                                  | FX.RT. MUNI BOND     | CUSIP: 97712JCL5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    770000 | PA      | $660592.55    | 0.20%             | 2041-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY                                  | FX.RT. MUNI BOND     | CUSIP: 97712JCM3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    650000 | PA      | $534154.40    | 0.16%             | 2045-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF HOUSTON TX AIRPORT SYSTEM REVENUE                                                | FX.RT. MUNI BOND     | CUSIP: 442349FZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1126718.75   | 0.34%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONTANA FACILITY FINANCE AUTHORITY                                                       | FX.RT. MUNI BOND     | CUSIP: 61204KNU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1770683.70   | 0.54%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTANA FACILITY FINANCE AUTHORITY                                                       | FX.RT. MUNI BOND     | CUSIP: 61204KNS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1632787.47   | 0.50%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS AREA RAPID TRANSIT                                                                | FX.RT. MUNI BOND     | CUSIP: 235241WQ5<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9881077.50   | 3.02%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF BELLEVUE WA                                                                      | FX.RT. MUNI BOND     | CUSIP: 0793655C2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1548126.46   | 0.47%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF BELLEVUE WA                                                                      | FX.RT. MUNI BOND     | CUSIP: 0793655G3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038713.00   | 0.32%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND     | CUSIP: 74439YDX6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    600000 | PA      | $452109.36    | 0.14%             | 2061-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY/FL                                     | FX.RT. MUNI BOND     | CUSIP: 16080TAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $772501.50    | 0.24%             | 2051-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN JOAQUIN HILLS TRANSPORTATION CORRIDOR AGENCY                                         | FX.RT. MUNI BOND     | CUSIP: 798111HA1<br>LEI: 549300HGQ43STJLLP808 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500832.25    | 0.15%             | 2041-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN JOAQUIN HILLS TRANSPORTATION CORRIDOR AGENCY                                         | FX.RT. MUNI BOND     | CUSIP: 798111HB9<br>LEI: 549300HGQ43STJLLP808 | Long             | DBT              | MUN               | US        |    500000 | PA      | $499717.05    | 0.15%             | 2042-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN JOAQUIN HILLS TRANSPORTATION CORRIDOR AGENCY                                         | FX.RT. MUNI BOND     | CUSIP: 798111HE3<br>LEI: 549300HGQ43STJLLP808 | Long             | DBT              | MUN               | US        |    400000 | PA      | $394309.92    | 0.12%             | 2045-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN JOAQUIN HILLS TRANSPORTATION CORRIDOR AGENCY                                         | FX.RT. MUNI BOND     | CUSIP: 798111HD5<br>LEI: 549300HGQ43STJLLP808 | Long             | DBT              | MUN               | US        |    100000 | PA      | $98875.30     | 0.03%             | 2044-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY                                  | FX.RT. MUNI BOND     | CUSIP: 97712JEE9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    650000 | PA      | $469046.89    | 0.14%             | 2057-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO IL                                                                       | FX.RT. MUNI BOND     | CUSIP: 167486K65<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2747000 | PA      | $2583404.34   | 0.79%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY  AND  COUNTY AIRPORT COMM-SAN FRANCISCO INTERNATIONAL AIRPORT         | FX.RT. MUNI BOND     | CUSIP: 79766DUG2<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $961367.20    | 0.29%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                         | FX.RT. MUNI BOND     | CUSIP: 56678TAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $594237.84    | 0.18%             | 2047-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEXINGTON INDUSTRIAL DEVELOPMENT AUTHORITY                                               | FX.RT. MUNI BOND     | CUSIP: 52976BCF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1022849.05   | 0.31%             | 2048-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEXINGTON INDUSTRIAL DEVELOPMENT AUTHORITY                                               | FX.RT. MUNI BOND     | CUSIP: 52976BCE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $823941.10    | 0.25%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO IL SPECIAL ASSESSMENT REVENUE                                            | FX.RT. MUNI BOND     | CUSIP: 167686AN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    367000 | PA      | $328442.69    | 0.10%             | 2031-12-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO IL SPECIAL ASSESSMENT REVENUE                                            | FX.RT. MUNI BOND     | CUSIP: 167686AK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $246971.89    | 0.08%             | 2028-12-01      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE DORMITORY AUTHORITY                                                       | FX.RT. MUNI BOND     | CUSIP: 64990FX58<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4968074.25   | 1.52%             | 2046-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF EDUCATION                                                               | FX.RT. MUNI BOND     | CUSIP: 167505YB6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1762500.78   | 0.54%             | 2047-12-01      | 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        |   3000000 | PA      | $2280198.60   | 0.70%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND     | CUSIP: 74447DAG2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992641.90    | 0.30%             | 2062-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND     | CUSIP: 74447DAD9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2208915.86   | 0.67%             | 2062-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                                     | FX.RT. MUNI BOND     | CUSIP: 25483VA38<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1276372.27   | 0.39%             | 2035-08-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                                     | FX.RT. MUNI BOND     | CUSIP: 25483VA53<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1513419.73   | 0.46%             | 2036-08-31      | Fixed         | 5.50%                 | 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        |   6000000 | PA      | $6873098.40   | 2.10%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUBLIC FACILITIES AUTHORITY                                                    | FX.RT. MUNI BOND     | CUSIP: 546399NZ5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21543.57     | 0.01%             | 2050-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF RICE MN                                                                        | FX.RT. MUNI BOND     | CUSIP: 762698LA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1546003.80   | 0.47%             | 2048-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAXATAWNY TOWNSHIP MUNICIPAL AUTHORITY                                                   | FX.RT. MUNI BOND     | CUSIP: 57778PAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1406939.94   | 0.43%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAXATAWNY TOWNSHIP MUNICIPAL AUTHORITY                                                   | FX.RT. MUNI BOND     | CUSIP: 57778PAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1453038.77   | 0.44%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY TRANSPORTATION AUTHORITY                                                    | FX.RT. MUNI BOND     | CUSIP: 838536MQ0<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1103313.50   | 0.34%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF PIMA/THE                               | FX.RT. MUNI BOND     | CUSIP: 72178AAH5<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1560988.05   | 0.48%             | 2052-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN NASHVILLE AIRPORT AUTHORITY/THE                                             | FX.RT. MUNI BOND     | CUSIP: 592190QU9<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1138702.50   | 0.35%             | 2039-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF MASSACHUSETTS                                                            | FX.RT. MUNI BOND     | CUSIP: 57582R2A3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   7950000 | PA      | $8958086.24   | 2.73%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY                                    | FX.RT. MUNI BOND     | CUSIP: 70868YAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1111249.70   | 0.34%             | 2061-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA                                                  | FX.RT. MUNI BOND     | CUSIP: 62620HHM7<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066972.10   | 0.33%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA                                                  | FX.RT. MUNI BOND     | CUSIP: 62620HGP1<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1600458.15   | 0.49%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUBLIC FACILITIES AUTHORITY                                                    | FX.RT. MUNI BOND     | CUSIP: 546399QP4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1095891.60   | 0.33%             | 2048-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE COUNTY HEALTH FACILITIES AUTHORITY                                                | FX.RT. MUNI BOND     | CUSIP: 68450LHL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4303692.00   | 1.31%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SUNNYVALE CA                                                                     | FX.RT. MUNI BOND     | CUSIP: 867587AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $787938.10    | 0.24%             | 2032-08-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| DU PAGE COUNTY SPECIAL SERVICE AREA NO 31                                                | FX.RT. MUNI BOND     | CUSIP: 26350TAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    273000 | PA      | $272470.76    | 0.08%             | 2036-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                                                   | GOVERNMENT FUTURES   | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | N/A              | DIR              | CORP              | US        |       102 | NC      | $12362718.75  | 3.77%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                                                   | GOVERNMENT FUTURES   | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | N/A              | DIR              | CORP              | US        |        67 | NC      | $9497250.00   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| ARLINGTON HIGHER EDUCATION FINANCE CORP                                                  | MUNI ORIG ISSUE DISC | CUSIP: 041807CE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1106402.77   | 0.34%             | 2062-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY                                          | MUNI ORIG ISSUE DISC | CUSIP: 49126TAJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $780867.72    | 0.24%             | 2042-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| COUNTY OF WASHINGTON OH                                                                  | MUNI ORIG ISSUE DISC | CUSIP: 938154DX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508147.70    | 0.16%             | 2052-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FLINT HOSPITAL BUILDING AUTHORITY                                                        | MUNI ORIG ISSUE DISC | CUSIP: 339510BT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $752229.23    | 0.23%             | 2039-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DOUBLE BRANCH COMMUNITY DEVELOPMENT DISTRICT                                             | MUNI ORIG ISSUE DISC | CUSIP: 25856MAU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500870.95    | 0.15%             | 2031-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| VERANDAH WEST COMMUNITY DEVELOPMENT DISTRICT                                             | MUNI ORIG ISSUE DISC | CUSIP: 922947AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $490334.23    | 0.15%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE/JEFFERSON COUNTY METROPOLITAN GOVERNMENT                                      | MUNI ORIG ISSUE DISC | CUSIP: 54659LAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3051558.90   | 0.93%             | 2033-10-01      | 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        |   1000000 | PA      | $1011723.80   | 0.31%             | 2043-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA                                                  | MUNI ORIG ISSUE DISC | CUSIP: 62620HEM0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2260332.68   | 0.69%             | 2063-07-01      | Fixed         | 4.50%                 | 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        |    500000 | PA      | $534613.70    | 0.16%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                       | MUNI ORIG ISSUE DISC | CUSIP: 59333ECQ4<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1271961.74   | 0.39%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEASTERN OHIO PORT AUTHORITY                                                         | MUNI ORIG ISSUE DISC | CUSIP: 841895AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $143379.56    | 0.04%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF EDUCATION                                                               | MUNI ORIG ISSUE DISC | CUSIP: 167505QR0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1507673.40   | 0.46%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MOON INDUSTRIAL DEVELOPMENT AUTHORITY                                                    | MUNI ORIG ISSUE DISC | CUSIP: 61543RAS5<br>LEI: 549300CGX4T1GTNHL435 | Long             | DBT              | MUN               | US        |    650000 | PA      | $593857.10    | 0.18%             | 2035-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SALT VERDE FINANCIAL CORP                                                                | MUNI ORIG ISSUE DISC | CUSIP: 79575EAR9<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |    570000 | PA      | $622262.96    | 0.19%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH STEWARDSHIP DISTRICT                                                      | MUNI ORIG ISSUE DISC | CUSIP: 51265KAW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $794227.52    | 0.24%             | 2046-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                          | MUNI ORIG ISSUE DISC | CUSIP: 165588DK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $748790.33    | 0.23%             | 2037-10-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                                     | MUNI ORIG ISSUE DISC | CUSIP: 25483VSG0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $855243.40    | 0.26%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF ST LOUIS MISSOURI/THE                    | MUNI ORIG ISSUE DISC | CUSIP: 85236BAC6<br>LEI: 549300WTUL8KX1FOUZ40 | Long             | DBT              | MUN               | US        |    875000 | PA      | $672332.59    | 0.21%             | 2047-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF PUERTO RICO                                                              | MUNI ORIG ISSUE DISC | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   2000000 | PA      | $1674745.00   | 0.51%             | 2046-07-01      | Fixed         | 4.00%                 | 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    | 0.29%             | 2053-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| KALISPEL TRIBE OF INDIANS                                                                | MUNI ORIG ISSUE DISC | CUSIP: 48340PAS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $783851.10    | 0.24%             | 2038-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SARASOTA COUNTY PUBLIC HOSPITAL DISTRICT                                                 | MUNI ORIG ISSUE DISC | CUSIP: 803301DK3<br>LEI: 549300JY4SF4DU1YDF85 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1420150.05   | 0.43%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOWN OF MILLSBORO DE                                                                     | MUNI ORIG ISSUE DISC | CUSIP: 601266AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $490390.58    | 0.15%             | 2038-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| COUNTY OF PRINCE GEORGE'S MD                                                             | MUNI ORIG ISSUE DISC | CUSIP: 74172RBP1<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002530.10   | 0.31%             | 2039-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                                    | MUNI ORIG ISSUE DISC | CUSIP: 126292AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1426771.80   | 0.44%             | 2056-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON HIGHER EDUCATION FINANCE CORP                                                    | MUNI ORIG ISSUE DISC | CUSIP: 187145JT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2560776.00   | 0.78%             | 2048-08-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY/PA                                    | MUNI ORIG ISSUE DISC | CUSIP: 613609G67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $459045.80    | 0.14%             | 2048-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TOWN OF MILLSBORO DE                                                                     | MUNI ORIG ISSUE DISC | CUSIP: 601266AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    999000 | PA      | $982491.33    | 0.30%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ST LOUIS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                         | MUNI ORIG ISSUE DISC | CUSIP: 791524CP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3012757.80   | 0.92%             | 2053-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIDA MOUNTAIN VILLAGE PUBLIC INFRASTRUCTURE DISTRICT                                     | MUNI ORIG ISSUE DISC | CUSIP: 59561TAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $935769.75    | 0.29%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FINANCING CORP SALES TAX REVENUE                                   | MUNI ORIG ISSUE DISC | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   4700000 | PA      | $4642418.89   | 1.42%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY                                                 | MUNI ORIG ISSUE DISC | CUSIP: 57585AAB6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    995000 | PA      | $99500.00     | 0.03%             | 2028-10-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| PORT OF GREATER CINCINNATI DEVELOPMENT AUTHORITY                                         | MUNI ORIG ISSUE DISC | CUSIP: 734195BR0<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1140128.06   | 0.35%             | 2050-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN GOVERNMENT NASHVILLE  AND  DAVIDSON COUNTY HEALTH  AND  EDUCATIONAL FACS BD | MUNI ORIG ISSUE DISC | CUSIP: 592041YV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1364322.23   | 0.42%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                                    | MUNI ORIG ISSUE DISC | CUSIP: 126292AF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $835160.18    | 0.25%             | 2056-08-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE ENVIRONMENTAL FACILITIES CORP                                             | MUNI PUT BOND ACT    | CUSIP: 649852AS9<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    225000 | PA      | $214070.20    | 0.07%             | 2050-09-01      | Variable      | 2.75%                 | 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        |   3500000 | PA      | $3300762.15   | 1.01%             | 2037-06-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| FINANCE AUTHORITY OF MAINE                                                               | MUNI PUT BOND ACT    | CUSIP: 56042CAT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504131.70    | 0.15%             | 2035-08-01      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| KENTUCKY PUBLIC ENERGY AUTHORITY                                                         | MUNI PUT BOND ACT    | CUSIP: 74440DBR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4635000 | PA      | $4648801.64   | 1.42%             | 2049-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN PIER  AND  EXPOSITION AUTHORITY                                             | MUNI STEP UP BOND    | CUSIP: 592250CY8<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $904801.95    | 0.28%             | 2047-12-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF JEFFERSON AL SEWER REVENUE                                                     | MUNI STEP UP BOND    | CUSIP: 472682SA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3950000 | PA      | $4053626.67   | 1.24%             | 2046-10-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTRUCTURE  AND  ECONOMIC DEVELOPMENT BANK                                | MUNI. ZERO           | CUSIP: 13034AR28<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   4455000 | PA      | $258552.61    | 0.08%             | 2061-01-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN STATE TOBACCO SECURITIZATION CORP                                                 | MUNI. ZERO           | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20675000 | PA      | $2614128.39   | 0.80%             | 2066-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COUNTY TOBACCO SECURITIZATION AGENCY                                          | MUNI. ZERO           | CUSIP: 13016NJB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5570000 | PA      | $1240405.58   | 0.38%             | 2055-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGENCY/FL                                                                  | MUNI. ZERO           | CUSIP: 14052WDH7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $363681.60    | 0.11%             | 2060-01-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TEXAS TRANSPORTATION COMMISSION                                                          | MUNI. ZERO           | CUSIP: 88283NAJ1<br>LEI: 5493006JSGNPGVJS7691 | Long             | DBT              | MUN               | US        |    700000 | PA      | $312029.41    | 0.10%             | 2039-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA TOBACCO SETTLEMENT FINANCING CORP                                   | MUNI. ZERO           | CUSIP: 254842BB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $1780060.50   | 0.54%             | 2046-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SUCCESSOR AGENCY TO THE SAN FRANCISCO CITY  AND  COUNTY REDEVELOPMENT AGENCY             | MUNI. ZERO           | CUSIP: 79772ABV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $817118.80    | 0.25%             | 2038-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SUCCESSOR AGENCY TO THE SAN FRANCISCO CITY  AND  COUNTY REDEVELOPMENT AGENCY             | MUNI. ZERO           | CUSIP: 79772ABU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $605478.20    | 0.18%             | 2043-08-01      | 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        |  24220245 | NS      | $24220245.00  | 7.39%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Institutional U.S. Government Money Market Fund, Premier Class              | SHORT TERM INV FUND  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |    610000 | NS      | $610000.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIBANK N.A.                                                                            | Spread Swap          | CUSIP: N/A<br>LEI: E57ODZWZ7FF32TWEFA76       | N/A              | DIR              | CORP              | US        |   7000000 | NC      | $298081.00    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK N.A.                                                                            | Spread Swap          | CUSIP: N/A<br>LEI: E57ODZWZ7FF32TWEFA76       | N/A              | DIR              | CORP              | US        |   3500000 | NC      | $252402.50    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA                                                                 | U.S. T BILLS         | CUSIP: 912796XT1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $299966.73    | 0.09%             | 2023-02-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA                                                                 | U.S. T BILLS         | CUSIP: 912796YK9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    282000 | PA      | $280740.17    | 0.09%             | 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    | 0.06%             | 2023-03-16      | Fixed         | 0.00%                 | 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