# EDGAR Filing Document

**Accession Number:** 0000900422
**File Stem:** 0002071691-25-001631
**Filing Date:** 2025-9
**Character Count:** 135681
**Document Hash:** db06cd90c4b5652c9dd1f877778d4bf9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-001631.hdr.sgml**: 20250923

**ACCESSION NUMBER**: 0002071691-25-001631

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250923

**DATE AS OF CHANGE**: 20250923

**PERIOD START**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM MUNICIPAL OPPORTUNITIES TRUST
- **CENTRAL INDEX KEY:** 0000900422

**ORGANIZATION NAME:**
- **EIN:** 043187549
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07626
- **FILM NUMBER:** 251333225

**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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 100 Federal Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 617-292-1000

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

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

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

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

- **a. Date of fiscal year-end:** 2026-04-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $306361763.00

**Total Liabilities:** $12266997.93

**Net Assets:** $294094765.07

**Delayed Delivery Securities:** $799681.50

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 806.86000000 | **1-Year:** 9432.74000000 | **5-Year:** 53722.81000000 | **10-Year:** 175918.14000000 | **30-Year:** 88684.95000000

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

- **3-Month:** 209.30000000 | **1-Year:** 1802.74000000 | **5-Year:** 8326.99000000 | **10-Year:** 27139.28000000 | **30-Year:** 11890.40000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -0.83%               | 0.92%                | -1.48%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-381016.23              | $-4043706.76                               |
| Month 2  | $-336034.09              | $2215986.03                                |
| Month 3  | $-129117.33              | $-5130199.80                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| California Community Housing Agency                                              | California Community Housing Agency, Series 2021 A-1                                                     | CUSIP: 13013FAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $436626.63    | 0.15%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                          | Knox County Health Educational & Housing Facility Board, Series 2024 A-1                                 | CUSIP: 499526AU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3415000 | PA      | $3272009.17   | 1.11%             | 2064-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)            | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2015 A                     | CUSIP: 71885FDN4<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000222.50   | 0.34%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2021 A-2                                                   | CUSIP: 126292AW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1241989.53   | 0.42%             | 2057-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | California Municipal Finance Authority, Series 2021                                                      | CUSIP: 13048VXK9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2167673.67   | 0.74%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tangipahoa Parish Hospital Service District No. 1                                | Tangipahoa Parish Hospital Service District No. 1, Series 2021                                           | CUSIP: 875518FC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1107846.63   | 0.38%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                      | New Hampshire Health and Education Facilities Authority Act, Series 2016                                 | CUSIP: 6446148D4<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    500000 | PA      | $499997.65    | 0.17%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | Lakewood Ranch Stewardship District, Series 2023                                                         | CUSIP: 51265KFJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1366082.81   | 0.46%             | 2054-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Uptown Development Authority                                                     | Uptown Development Authority, Series 2021                                                                | CUSIP: 916856HT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $552355.58    | 0.19%             | 2040-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2022 A                                                         | CUSIP: 34061QBU0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1353826.50   | 0.46%             | 2052-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                             | New Hope Cultural Education Facilities Finance Corp., Series 2018 B-1                                    | CUSIP: 64542YBG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $804362.80    | 0.27%             | 2053-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FHLMC, Multi-family ML Pass-Through Certificates                                 | FHLMC, Multi-family ML Pass-Through Certificates, Series 2024-ML22, Class A-US                           | CUSIP: 3137HCXR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | MUN               | US        |   2232166 | PA      | $2250504.45   | 0.77%             | 2040-10-25      | Variable      | 4.68%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health & Educational Facilities Authority of the State of Missouri, Series 2023 B                        | CUSIP: 60636AWS8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1401144.23   | 0.48%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                        | New York Transportation Development Corp., Series 2020                                                   | CUSIP: 650116CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1967905.00   | 0.67%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lincoln SD                                                             | County of Lincoln, Series 2021 A                                                                         | CUSIP: 53340EAD9<br>LEI: 549300USXDZ5FGJLUV88 | Long             | DBT              | MUN               | US        |   2355000 | PA      | $1673125.53   | 0.57%             | 2061-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series 2017, Class III                                | CUSIP: 717908AL1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1445796.66   | 0.49%             | 2047-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | Metropolitan Pier & Exposition Authority, Series 2017 B                                                  | CUSIP: 592250CW2<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $757356.00    | 0.26%             | 2037-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                    | Main Street Natural Gas, Inc., Series 2023 E-1                                                           | CUSIP: 56035DGB2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2670000 | PA      | $2821820.74   | 0.96%             | 2053-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2024-1, Class B-1                                                       | CUSIP: 74448FAA9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1774582.25   | 0.60%             | 2036-04-28      | Fixed         | 6.81%                 | No            |                  2 | On Loan: No      |
| County of Washoe NV                                                              | County of Washoe, Series 2016 C                                                                          | CUSIP: 940865BG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1499615.40   | 0.51%             | 2036-03-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                           | Lancaster County Hospital Authority, Series 2020                                                         | CUSIP: 514045V75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $390514.55    | 0.13%             | 2050-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Love Field Airport Modernization Corp.                                           | Love Field Airport Modernization Corp., Series 2015                                                      | CUSIP: 54714CAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000686.50   | 0.34%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                     | Kansas City Industrial Development Authority, Series 2019 B                                              | CUSIP: 48504NAX7<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   5925000 | PA      | $6053068.28   | 2.06%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeKalb County Housing Authority                                                  | DeKalb County Housing Authority, Series 2024                                                             | CUSIP: 240471PF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4897892.00   | 1.67%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2024 A                                       | CUSIP: 97712JKM4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1671735.20   | 0.57%             | 2054-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health & Educational Facilities Authority of the State of Missouri, Series 2023 A                        | CUSIP: 60636AWD1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $855761.00    | 0.29%             | 2043-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission, Series 2020 A                                                    | CUSIP: 65820YRR9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $446935.60    | 0.15%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2022 A                                       | CUSIP: 97712D8N9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2932287.30   | 1.00%             | 2037-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                           | Clifton Higher Education Finance Corp., Series 2023                                                      | CUSIP: 187145SA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1807650.40   | 0.61%             | 2048-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, Series 2023 A                                                             | CUSIP: 88285ADS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2998793.70   | 1.02%             | 2048-10-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                                   | Texas Public Finance Authority, Series 2023                                                              | CUSIP: 88277PBB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $410381.12    | 0.14%             | 2040-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2022 A                                                                  | CUSIP: 74447DAD9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    700000 | PA      | $646855.93    | 0.22%             | 2062-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2025 B                                                                 | CUSIP: 45506ENJ8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    455000 | PA      | $433576.23    | 0.15%             | 2054-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                         | Arlington Higher Education Finance Corp., Series 2024                                                    | CUSIP: 041807JU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1083012.24   | 0.37%             | 2049-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                               | New York Liberty Development Corp., Series 2021 A                                                        | CUSIP: 649519EH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2387110.25   | 0.81%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                               | Allegheny County Airport Authority, Series 2023 A                                                        | CUSIP: 01728LHD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5116598.50   | 1.74%             | 2048-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority, Series 2020 A                                                  | CUSIP: 63607YAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $918955.16    | 0.31%             | 2040-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2022 A                                                                      | CUSIP: 25483VA61<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1642826.40   | 0.56%             | 2037-02-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                       | Tarrant County Cultural Education Facilities Finance Corp., Series 2016 B                                | CUSIP: 87638RGZ4<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1939042.00   | 0.66%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                                | California Housing Finance Agency, Series 2021-1, Class A                                                | CUSIP: 13033DAE5<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   1959023 | PA      | $1828999.83   | 0.62%             | 2035-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2024                                                                    | CUSIP: 74441XHS1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998356.20    | 0.34%             | 2039-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2016                                                                  | CUSIP: 45204ELG1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $498736.15    | 0.17%             | 2034-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Volusia County Educational Facility Authority                                    | Volusia County Educational Facility Authority, Series 2020 A                                             | CUSIP: 928836NC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $569963.58    | 0.19%             | 2039-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Harbor System Revenue                                            | State of Hawaii, Series 2020 A                                                                           | CUSIP: 41981THE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1628924.38   | 0.55%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                      | New Hampshire Health and Education Facilities Authority Act, Series 2016                                 | CUSIP: 6446147E3<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2505012.00   | 0.85%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2023 A                                                                  | CUSIP: 74439YEU1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $932685.30    | 0.32%             | 2063-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Hammond Multi-School Building Corp.                                              | Hammond Multi-School Building Corp., Series 2018                                                         | CUSIP: 408395SD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1781307.85   | 0.61%             | 2038-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission, Series 2024 A                                                    | CUSIP: 65820YSW7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    505000 | PA      | $489360.25    | 0.17%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority                                       | Metropolitan Washington Airports Authority                                                               | CUSIP: 592643DJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1044333.43   | 0.36%             | 2053-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2015 A                                                                | CUSIP: 45203HV41<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1024974.27   | 0.35%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Jersey Transportation Authority                                            | South Jersey Transportation Authority, Series 2022 A                                                     | CUSIP: 838536MR8<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014534.90   | 0.34%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cumberland County Municipal Authority                                            | Cumberland County Municipal Authority, Series 2016                                                       | CUSIP: 230614LD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200123.78    | 0.07%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Ohio Port Authority                                                 | Southeastern Ohio Port Authority, Series 2015                                                            | CUSIP: 841895AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $103966.19    | 0.04%             | 2043-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                        | New York Transportation Development Corp., Series 2023                                                   | CUSIP: 650116GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2438933.52   | 0.83%             | 2054-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima (The)                     | Industrial Development Authority of the County of Pima (The), Series 2022 A                              | CUSIP: 72178AAJ1<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    350000 | PA      | $361553.36    | 0.12%             | 2057-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Sterling Ranch Community Authority Board                                         | Sterling Ranch Community Authority Board, Series 2020 A                                                  | CUSIP: 85950NAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $462700.43    | 0.16%             | 2050-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue                           | Triborough Bridge & Tunnel Authority, Series 2022 A                                                      | CUSIP: 896035BE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4462558.32   | 1.52%             | 2057-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York & New Jersey                                                                  | CUSIP: 73358W4C5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2980000 | PA      | $2896422.62   | 0.98%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Series 2025 N-1                                                | CUSIP: 57585BEY0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   4800000 | PA      | $4214308.32   | 1.43%             | 2054-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No. 15                                    | Village Community Development District No. 15, Series 2024                                               | CUSIP: 92708KAJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $462072.20    | 0.16%             | 2044-05-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | California Municipal Finance Authority, Series 2024 A                                                    | CUSIP: 130489AB3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2885000 | PA      | $2742857.78   | 0.93%             | 2040-08-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | Metropolitan Pier & Exposition Authority, Series 2002 A                                                  | CUSIP: 592247J50<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $9911702.40   | 3.37%             | 2030-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2017 D                                                  | CUSIP: 04052BCS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $459706.61    | 0.16%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Series 2022 B-1                                            | CUSIP: 64971XG51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5875000 | PA      | $4059066.88   | 1.38%             | 2048-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No. 13                                    | Village Community Development District No. 13, Series 2020                                               | CUSIP: 92708HAH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2390000 | PA      | $2116565.36   | 0.72%             | 2035-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Series 2024                                            | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2117435.57   | 0.72%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2023-1, Class A                                                         | CUSIP: 74448GAA7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2605808 | PA      | $2592439.96   | 0.88%             | 2062-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                     | Kansas City Industrial Development Authority, Series 2019 B                                              | CUSIP: 48504NBC2<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3076980.48   | 1.05%             | 2046-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2022 A                                                                      | CUSIP: 25483VA46<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1510883.95   | 0.51%             | 2036-02-29      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City & County of Denver, Series 2022 A                                                                   | CUSIP: 249182QL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1646938.20   | 0.56%             | 2035-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Series 2024                                                       | CUSIP: 546399SZ0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1777929.30   | 0.60%             | 2064-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| State of Michigan Trunk Line Revenue                                             | State of Michigan, Series 2021 A                                                                         | CUSIP: 5946953A4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3725000 | PA      | $3309992.54   | 1.13%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | Metropolitan Transportation Authority, Series 2017 C-1                                                   | CUSIP: 59261AQH3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990819.60    | 0.34%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Ramsey MN                                                                | City of Ramsey, Series 2022 A                                                                            | CUSIP: 751814AA2<br>LEI: 549300PYUDKBK3S78343 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1949377.80   | 0.66%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                         | U.S. Treasury Bills                                                                                      | CUSIP: 912797QP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    200000 | PA      | $197733.33    | 0.07%             | 2025-11-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                                   | Texas Public Finance Authority, Series 2023                                                              | CUSIP: 88277PBD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $404203.56    | 0.14%             | 2042-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima (The)                     | Industrial Development Authority of the County of Pima (The), Series 2022 A                              | CUSIP: 72178AAF9<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1833899.55   | 0.62%             | 2035-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL                                                          | County of Palm Beach, Series 2019 A                                                                      | CUSIP: 696547GJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1555112.16   | 0.53%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2012 B                                                                  | CUSIP: 74443CAB9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    115000 | PA      | $115105.57    | 0.04%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2021 A-2                                                   | CUSIP: 126292BG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $873418.50    | 0.30%             | 2057-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                   | Metropolitan Nashville Airport Authority (The), Series 2022 B                                            | CUSIP: 592190QX3<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1166576.74   | 0.40%             | 2042-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Suffolk Regional Off-Track Betting Co.                                           | Suffolk Regional Off-Track Betting Co., Series 2024                                                      | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2270000 | PA      | $2309773.35   | 0.79%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Baldwin County Industrial Development Authority                                  | Baldwin County Industrial Development Authority, Series 2025 A                                           | CUSIP: 05786PAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499348.60    | 0.17%             | 2055-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                           | Clifton Higher Education Finance Corp., Series 2024 A                                                    | CUSIP: 187145SV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4800000 | PA      | $4117673.28   | 1.40%             | 2053-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | Virginia Small Business Financing Authority, Series 2022                                                 | CUSIP: 928104NX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $689514.60    | 0.23%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Manor TX                                                                 | City of Manor, Series 2025                                                                               | CUSIP: 564099AV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $174469.96    | 0.06%             | 2055-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Detroit City School District                                                     | Detroit City School District, Series 2001 A                                                              | CUSIP: 251129ZY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $710375.69    | 0.24%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2017 A                                                                | CUSIP: 45203KAP0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1821049.00   | 0.62%             | 2047-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                     | Massachusetts Port Authority, Series 2016 B                                                              | CUSIP: 575896RS6<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2141790.75   | 0.73%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                              | Maryland Economic Development Corp., Series 2022 A                                                       | CUSIP: 57420VSP9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1793726.76   | 0.61%             | 2058-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series 2017                                           | CUSIP: 71781XGT4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    610041 | PA      | $305020.60    | 0.10%             | 2045-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Santa Fe NM                                                              | City of Santa Fe, Series 2012                                                                            | CUSIP: 802170AJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1365959.50   | 0.46%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2021 B                                                  | CUSIP: 04052BQU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $630078.19    | 0.21%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2017 A                                                                      | CUSIP: 25483VSG0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    500000 | PA      | $431973.65    | 0.15%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2022 B                                                         | CUSIP: 34061UJS8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    460000 | PA      | $445508.11    | 0.15%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2023-1, Class A                                      | CUSIP: 93978T4M8<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2557930 | PA      | $2318231.79   | 0.79%             | 2037-04-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | Michigan State Housing Development Authority, Series 2021 A                                              | CUSIP: 59465PBA5<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $893879.40    | 0.30%             | 2059-10-01      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority, Series 2021 B                                                  | CUSIP: 63609XAQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $800074.66    | 0.27%             | 2037-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2021 A-2                                                   | CUSIP: 126292AF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2225000 | PA      | $1575656.67   | 0.54%             | 2056-08-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                             | New Hope Cultural Education Facilities Finance Corp., Series 2018 A-1                                    | CUSIP: 64542YAM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $805100.30    | 0.27%             | 2053-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Series 2024 B                                                             | CUSIP: 57582R8A7<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   7770000 | PA      | $7828524.42   | 2.66%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Series 2022 C                                                             | CUSIP: 57582RY59<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1980000 | PA      | $1996650.22   | 0.68%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue              | Metropolitan Washington Airports Authority, Series 2010 A                                                | CUSIP: 592643BP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3700000 | PA      | $2060626.94   | 0.70%             | 2037-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                              | Maryland Economic Development Corp., Series 2020                                                         | CUSIP: 57420VRN5<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1136509.79   | 0.39%             | 2050-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                               | City of Detroit, Series B-1                                                                              | CUSIP: 251093S84<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   1690341 | PA      | $1316225.43   | 0.45%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                    | Palm Beach County Health Facilities Authority, Series 2022                                               | CUSIP: 69651ACD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1448674.51   | 0.49%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Santa Fe NM                                                              | City of Santa Fe, Series 2019 A                                                                          | CUSIP: 802170AP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $894691.20    | 0.30%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gainesville & Hall County Hospital Authority                                     | Gainesville & Hall County Hospital Authority, Series 2021 A                                              | CUSIP: 362762QQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2330000 | PA      | $1567267.51   | 0.53%             | 2051-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2020 A                                                                  | CUSIP: 74439YDR9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    700000 | PA      | $590889.88    | 0.20%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Series 2022                                                                  | CUSIP: 594479HP5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    745000 | PA      | $610457.92    | 0.21%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 818                        | City of Las Vegas, Series 2024                                                                           | CUSIP: 51779DAN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1049096.86   | 0.36%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, Series 2023                                                        | CUSIP: 1675934E9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1504420.51   | 0.51%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2022 B                                                         | CUSIP: 34061UJT6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1196250.51   | 0.41%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2020 A                                                                  | CUSIP: 74439YDM0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    435000 | PA      | $416731.78    | 0.14%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | Chicago Board of Education, Series 2015 C                                                                | CUSIP: 167505QR0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2210498.55   | 0.75%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Austin-Bergstrom Landhost Enterprises, Inc.                                      | Austin-Bergstrom Landhost Enterprises, Inc., Series 2017                                                 | CUSIP: 052193AU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $538811.83    | 0.18%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2023 A                                               | CUSIP: 939783Q66<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2030000 | PA      | $1984015.83   | 0.67%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Sewage Disposal System Revenue                       | Great Lakes Water Authority, Series 2023 C                                                               | CUSIP: 39081HFG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1739352.28   | 0.59%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Montgomery OH                                                          | County of Montgomery, Series 2016                                                                        | CUSIP: 613520LA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2518304.40   | 0.86%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Series 2016                                            | CUSIP: 56681NAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $751127.48    | 0.26%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Water and Sewer Authority                                           | Bucks County Water and Sewer Authority, Series 2022 A                                                    | CUSIP: 118683JZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2175000 | PA      | $2251362.51   | 0.77%             | 2047-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port of Greater Cincinnati Development Authority                                 | Port of Greater Cincinnati Development Authority, Series 2024 A                                          | CUSIP: 734195DF4<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1211900.25   | 0.41%             | 2063-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oneida Indian Nation of New York                                                 | Oneida Indian Nation of New York, Series 2024 B                                                          | CUSIP: 682504AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $496901.16    | 0.17%             | 2043-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Matagorda County Navigation District No. 1                                       | Matagorda County Navigation District No. 1, Series 2005 A                                                | CUSIP: 576528CY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1567814.55   | 0.53%             | 2030-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority, Series 2024-2, Class A                                         | CUSIP: 63607WAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2729037 | PA      | $2486708.28   | 0.85%             | 2039-08-20      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Austin-Bergstrom Landhost Enterprises, Inc.                                      | Austin-Bergstrom Landhost Enterprises, Inc., Series 2017                                                 | CUSIP: 052193AV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1058969.66   | 0.36%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2021-1, Class A                                      | CUSIP: 93978TS59<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2532823 | PA      | $2380512.65   | 0.81%             | 2035-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                           | Clifton Higher Education Finance Corp., Series 2025 A                                                    | CUSIP: 187145VR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1603227.86   | 0.55%             | 2055-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oneida Indian Nation of New York                                                 | Oneida Indian Nation of New York, Series 2024 A                                                          | CUSIP: 682504AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $306737.94    | 0.10%             | 2040-09-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                               | Allegheny County Airport Authority, Series 2021 A                                                        | CUSIP: 01728LFH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $639756.23    | 0.22%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                             | Chicago Midway International Airport, Series 2023 C                                                      | CUSIP: 167562TL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2264887.80   | 0.77%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Denton TX                                                              | County of Denton, Series 2025                                                                            | CUSIP: 24880GAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $777476.59    | 0.26%             | 2055-12-31      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Paulding County Hospital Authority/GA                                            | Paulding County Hospital Authority, Series 2022 A                                                        | CUSIP: 703596EG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1416219.56   | 0.48%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2020 A                                                                  | CUSIP: 74439YDP3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $464662.55    | 0.16%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                               | New York Liberty Development Corp., Series 2022 A, Class 1                                               | CUSIP: 649519EY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2335000 | PA      | $1768450.08   | 0.60%             | 2043-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado            | Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado, Series 2025 A                     | CUSIP: 844090AD2<br>LEI: 549300X0RZRBWLO0J697 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1293560.19   | 0.44%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City & County of Denver, Series 2022 A                                                                   | CUSIP: 249182QW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4320212.00   | 1.47%             | 2047-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Community Facilities District                             | City of Los Angeles, Series 2021                                                                         | CUSIP: 544386DW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $926357.50    | 0.31%             | 2038-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Series 2025 N-1                                                | CUSIP: 57585BEX2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4983767.00   | 1.69%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Passaic County Improvement Authority (The)                                       | Passaic County Improvement Authority (The), Series 2023                                                  | CUSIP: 70275QAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $550427.35    | 0.19%             | 2058-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                               | Tobacco Settlement Financing Corp., Series 2015 B                                                        | CUSIP: 888809BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2651312.68   | 0.90%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2024-1, Class A                                      | CUSIP: 93978UAA4<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    895459 | PA      | $824298.10    | 0.28%             | 2040-03-20      | Variable      | 4.22%                 | No            |                  2 | On Loan: No      |
| Halifax Hospital Medical Center                                                  | Halifax Hospital Medical Center, Series 2016                                                             | CUSIP: 405815LG4<br>LEI: 549300H6HDJUXLEMUW23 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1503512.10   | 0.51%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clackamas County Hospital Facility Authority                                     | Clackamas County Hospital Facility Authority, Series 2020 A                                              | CUSIP: 179027YM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $891401.00    | 0.30%             | 2050-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | Virginia Small Business Financing Authority, Series 2022                                                 | CUSIP: 928104NU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $610271.68    | 0.21%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Palermo Community Development District                                           | Palermo Community Development District, Series 2025                                                      | CUSIP: 696280AF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $244177.23    | 0.08%             | 2055-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | Municipal Electric Authority of Georgia, Series 2021 A                                                   | CUSIP: 62620HAW2<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    500000 | PA      | $419235.60    | 0.14%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Gaithersburg MD                                                          | City of Gaithersburg, Series 2018 A                                                                      | CUSIP: 363128CU1<br>LEI: 549300UFHDHDCHDE0F65 | Long             | DBT              | MUN               | US        |    450000 | PA      | $451997.91    | 0.15%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County Public Hospital District No. 1                                       | King County Public Hospital District No. 1, Series 2018                                                  | CUSIP: 494782LE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2365000 | PA      | $2411134.53   | 0.82%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2023                                                 | CUSIP: 93978LGQ3<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2898198.05   | 0.99%             | 2059-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                                   | Texas Public Finance Authority, Series 2023                                                              | CUSIP: 88277PBC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $407208.28    | 0.14%             | 2041-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | Buckeye Tobacco Settlement Financing Authority, Series 2020 A-2, Class 1                                 | CUSIP: 118217CW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3560000 | PA      | $2382282.94   | 0.81%             | 2048-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Hospital Facilities Authority of Multnomah County Oregon                         | Hospital Facilities Authority of Multnomah County Oregon, Series 2016                                    | CUSIP: 62551PCW5<br>LEI: 549300GAP0JIG7V33754 | Long             | DBT              | MUN               | US        |    650000 | PA      | $636865.52    | 0.22%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2025 A                                               | CUSIP: 93978LJN7<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1476303.30   | 0.50%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Airport System Revenue                                     | City of Long Beach, Series 2022 C                                                                        | CUSIP: 542403DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1248631.88   | 0.42%             | 2047-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2018 A                                                                         | CUSIP: 452152Y39<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1521057.30   | 0.52%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Series 2016                                   | CUSIP: 414009LD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996509.40    | 0.34%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                         | U.S. Treasury Bills                                                                                      | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    400000 | PA      | $397076.30    | 0.14%             | 2025-10-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | City of Chicago, Series 2025 E                                                                           | CUSIP: 167486W62<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1822839.73   | 0.62%             | 2044-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission, Series 2021 A                                                    | CUSIP: 65821DYG0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1708263.90   | 0.58%             | 2051-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority, Series 2021 B                                                  | CUSIP: 63609XAT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $944508.55    | 0.32%             | 2040-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2023 A                                                                | CUSIP: 45203NAV1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2511230.75   | 0.85%             | 2053-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2025                                                                    | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    525000 | PA      | $501274.36    | 0.17%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Class 2                                 | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2265000 | PA      | $1842421.89   | 0.63%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pinellas County Industrial Development Authority                                 | Pinellas County Industrial Development Authority, Series 2019                                            | CUSIP: 72316VAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $479963.00    | 0.16%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parish of St John the Baptist LA                                                 | Parish of St. John the Baptist, Series 2017 A-3                                                          | CUSIP: 79020FAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3010000 | PA      | $2985631.34   | 1.02%             | 2037-06-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust VI                                               | New York Counties Tobacco Trust VI, Series 2016 A-2B                                                     | CUSIP: 64945JAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $852888.90    | 0.29%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2021 A                                                     | CUSIP: 126292AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2815000 | PA      | $2388118.76   | 0.81%             | 2056-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 816                        | City of Las Vegas, Series 2021                                                                           | CUSIP: 51779AAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1289636.49   | 0.44%             | 2041-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health & Educational Facilities Authority of the State of Missouri, Series 2023 A                        | CUSIP: 60636AVW0<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1085000 | PA      | $964436.32    | 0.33%             | 2034-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City & County of Denver, Series 2022 A                                                                   | CUSIP: 249182QP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1605901.95   | 0.55%             | 2038-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City & County of Denver, Series 2022 A                                                                   | CUSIP: 249182QN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1065613.37   | 0.36%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2022 A                                       | CUSIP: 97712D8S8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   4865000 | PA      | $4455846.69   | 1.52%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisville Regional Airport Authority                                            | Louisville Regional Airport Authority, Series 2014 A                                                     | CUSIP: 546850CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $385158.04    | 0.13%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                         | Cleveland-Cuyahoga County Port Authority, Series 2018                                                    | CUSIP: 18610PAW8<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    500000 | PA      | $474931.65    | 0.16%             | 2053-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                          | New York City Housing Development Corp., Series 2020 I-1                                                 | CUSIP: 64972ETV1<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1198216.00   | 0.41%             | 2060-11-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| City of Seagoville TX                                                            | City of Seagoville, Series 2025                                                                          | CUSIP: 811829AG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $772446.53    | 0.26%             | 2054-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2025 A-T                                                                | CUSIP: 74441XJK6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    715000 | PA      | $718262.90    | 0.24%             | 2060-12-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2021 A-2                                                   | CUSIP: 126292BB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $918442.18    | 0.31%             | 2057-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                           | Clifton Higher Education Finance Corp., Series 2018 D                                                    | CUSIP: 187145JT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1151524.44   | 0.39%             | 2048-08-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                    | Central Texas Turnpike System, Series 2020 A                                                             | CUSIP: 88283KBJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2825000 | PA      | $2246485.48   | 0.76%             | 2040-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2020                                         | CUSIP: 97712D5Q5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $911200.00    | 0.31%             | 2050-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                           | Lancaster County Hospital Authority, Series 2023                                                         | CUSIP: 514045X81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2095182.20   | 0.71%             | 2038-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health & Educational Facilities Authority of the State of Missouri, Series 2023 A                        | CUSIP: 60636AWA7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1426997.43   | 0.49%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                           | Lancaster County Hospital Authority, Series 2020                                                         | CUSIP: 514045V59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $443397.55    | 0.15%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | Municipal Electric Authority of Georgia, Series 2024 A                                                   | CUSIP: 62620HJY9<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022384.40   | 0.35%             | 2049-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                            | Montgomery County Industrial Development Authority, Series 2021 A                                        | CUSIP: 613609K96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $420556.32    | 0.14%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Overtown Park West Community Redevelopment Agency                      | Southeast Overtown Park West Community Redevelopment Agency, Series 2014 A-1                             | CUSIP: 841466AK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $305439.54    | 0.10%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2017 A                                                                  | CUSIP: 74443UAZ6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250211.50    | 0.09%             | 2037-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Washoe NV                                                              | County of Washoe, Series 2016 F                                                                          | CUSIP: 940865BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4850000 | PA      | $4848756.46   | 1.65%             | 2036-03-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Sparks NV                                                                | City of Sparks, Series 2019 A                                                                            | CUSIP: 846562AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $333705.85    | 0.11%             | 2028-06-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, Series 2022                                       | CUSIP: 70868YAZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1379853.23   | 0.47%             | 2062-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Crandall TX                                                              | City of Crandall, Series 2025                                                                            | CUSIP: 224384AS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $365342.21    | 0.12%             | 2055-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2021 A-2                                                   | CUSIP: 126292AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3235000 | PA      | $2157565.46   | 0.73%             | 2056-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority, Series 2023-2, Class A                                         | CUSIP: 63607WAN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |         0 | PA      | $0.07         | 0.00%             | 2038-01-20      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority, Series 2020 A                                                  | CUSIP: 63607YAN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2002648.27   | 0.68%             | 2055-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Series 2013 A                                 | CUSIP: 414009FB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1319577.75   | 0.45%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Desert Public Infrastructure District                                      | Black Desert Public Infrastructure District, Series 2024                                                 | CUSIP: 09204TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $680689.10    | 0.23%             | 2053-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority, Series 2020 A                                                  | CUSIP: 63607YAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $985495.87    | 0.34%             | 2046-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Harbor Point Infrastructure Improvement District                                 | Harbor Point Infrastructure Improvement District, Series 2017                                            | CUSIP: 41154VAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003974.40   | 0.68%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                                   | Empire State Development Corp., Series 2021 A                                                            | CUSIP: 64985TCX7<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $729754.46    | 0.25%             | 2050-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2021 A                                                                  | CUSIP: 74445QDX5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $683560.00    | 0.23%             | 2056-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                       | Utah Infrastructure Agency, Series 2023                                                                  | CUSIP: 917467CP5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1734400.31   | 0.59%             | 2047-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District, Series 2020 A                                                          | CUSIP: 759151BT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $728113.83    | 0.25%             | 2037-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Series 2025                                                    | CUSIP: 57585BMU9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1552495.35   | 0.53%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Denver Health & Hospital Authority                                               | Denver Health & Hospital Authority, Series 2025 A                                                        | CUSIP: 24918EEN6<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1446668.55   | 0.49%             | 2050-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Pontiac School District                                                          | Pontiac School District                                                                                  | CUSIP: 732538HL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4976470 | PA      | $4242399.87   | 1.44%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financial Authority                        | Florida Higher Educational Facilities Financial Authority, Series 2019                                   | CUSIP: 34073TNA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $704266.96    | 0.24%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2018 A                                       | CUSIP: 97712DM86<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2930585.10   | 1.00%             | 2035-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                          | Capital Trust Authority, Series 2025 A                                                                   | CUSIP: 14054WBX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $170054.20    | 0.06%             | 2065-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | Commonwealth of Puerto Rico, Series 2022 A-1                                                             | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   1250000 | PA      | $1178061.00   | 0.40%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | Municipal Electric Authority of Georgia, Series 2023 A                                                   | CUSIP: 62620HGQ9<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1691192.13   | 0.58%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston Higher Education Finance Corp.                                           | Houston Higher Education Finance Corp., Series 2025                                                      | CUSIP: 44237QAH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $595644.14    | 0.20%             | 2051-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Series 2019 A                                                                | CUSIP: 59447TXH1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   3845000 | PA      | $3145150.40   | 1.07%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | Commonwealth of Puerto Rico, Series 2022 A-1                                                             | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   5000000 | PA      | $4361246.50   | 1.48%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | Metropolitan Pier & Exposition Authority, Series 2020 A                                                  | CUSIP: 592250DN1<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3999464.00   | 1.36%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                     | Kansas City Industrial Development Authority, Series 2020 A                                              | CUSIP: 48504NCL1<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   8980000 | PA      | $8630631.30   | 2.93%             | 2057-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County Honolulu HI Wastewater System Revenue                              | City & County Honolulu, Series 2025 A                                                                    | CUSIP: 4387014N1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2213357.60   | 0.75%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                        | New York Transportation Development Corp., Series 2016 A                                                 | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $476043.55    | 0.16%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2020 A                                                                  | CUSIP: 74439YDH1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $298680.72    | 0.10%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | Iowa Finance Authority, Series 2021 A                                                                    | CUSIP: 46247SBM5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1619794.00   | 0.55%             | 2046-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Community Housing & Economic Development Corp.                             | Texas Community Housing & Economic Development Corp., Series 2025 A-1                                    | CUSIP: 88231CAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $556147.81    | 0.19%             | 2065-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2020                                                                        | CUSIP: 25483VXR0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1320947.40   | 0.45%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                             | Mida Mountain Village Public Infrastructure District, Series 2021                                        | CUSIP: 59561TAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1295572.53   | 0.44%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Series 2016                                                        | CUSIP: 19648FAZ7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    550000 | PA      | $549975.58    | 0.19%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                               | Allegheny County Airport Authority, Series 2021 A                                                        | CUSIP: 01728LEY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3480000 | PA      | $3642221.94   | 1.24%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2021 A                                                                  | CUSIP: 74445QDW7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $530668.73    | 0.18%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                       | Utah Infrastructure Agency, Series 2022                                                                  | CUSIP: 917467CH3<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1230247.56   | 0.42%             | 2037-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport     | San Francisco City & County Airport Comm-San Francisco International Airport, Series 2023 C              | CUSIP: 79766DVT3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   5765000 | PA      | $6179695.47   | 2.10%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                        | New York Transportation Development Corp., Series 2025                                                   | CUSIP: 650116JP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2313398.48   | 0.79%             | 2055-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Grays Harbor County Public Hospital District No. 1                               | Grays Harbor County Public Hospital District No. 1, Series 2023                                          | CUSIP: 389526AH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4324096.00   | 1.47%             | 2049-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| City of Miami FL                                                                 | City of Miami, Series 2024 A                                                                             | CUSIP: 59338CAM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6340000 | PA      | $6656035.05   | 2.26%             | 2049-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                           | Downtown Revitalization Public Infrastructure District, Series 2025 B                                    | CUSIP: 26118TBU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3129091.80   | 1.06%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2021 A                                                         | CUSIP: 34061UHZ4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $383097.05    | 0.13%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2020                                                                        | CUSIP: 25483VXQ2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1419770.85   | 0.48%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | Municipal Electric Authority of Georgia, Series 2021 A                                                   | CUSIP: 6262077J7<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    650000 | PA      | $619409.05    | 0.21%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission, Series 2024 A                                                    | CUSIP: 65820YSX5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $471534.60    | 0.16%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financial Authority                        | Florida Higher Educational Facilities Financing Authority, Series 2019                                   | CUSIP: 34073TLN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1113504.60   | 0.38%             | 2044-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | City of Chicago, Series 2023 A                                                                           | CUSIP: 167486N96<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2576455.75   | 0.88%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Parkway Transportation Corp.                                               | Grand Parkway Transportation Corp.                                                                       | CUSIP: 38611TBR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3419269.70   | 1.16%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | Metropolitan Pier & Exposition Authority, Series 2022 A                                                  | CUSIP: 592250EY6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $789677.80    | 0.27%             | 2052-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2021 A                                                  | CUSIP: 04052FCS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2855000 | PA      | $2333100.58   | 0.79%             | 2046-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2020                                                                        | CUSIP: 25483VXU3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1881663.20   | 0.64%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                           | Clifton Higher Education Finance Corp., Series 2024 A                                                    | CUSIP: 187145SU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1069505.75   | 0.36%             | 2049-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                         | Arlington Higher Education Finance Corp., Series 2016 A                                                  | CUSIP: 041806HJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501243.90    | 0.17%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | Chicago Board of Education, Series 2017 H                                                                | CUSIP: 167505TJ5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $485323.80    | 0.17%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Industrial Development & Export Authority                                 | Alaska Industrial Development & Export Authority, Series 2019 A                                          | CUSIP: 011903GK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6050000 | PA      | $5212188.14   | 1.77%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2019 A                                                                  | CUSIP: 74442EEG1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1386498.51   | 0.47%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No. 15                                    | Village Community Development District No. 15, Series 2023                                               | CUSIP: 92708KAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $966935.20    | 0.33%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Airport System Revenue                                     | City of Long Beach, Series 2022 C                                                                        | CUSIP: 542403DQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $751084.95    | 0.26%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2020 A                                                                  | CUSIP: 74439YDQ1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    600000 | PA      | $529214.04    | 0.18%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2022 B                                                         | CUSIP: 34061UJU3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    680000 | PA      | $616491.47    | 0.21%             | 2057-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | Metropolitan Transportation Authority, Series 2024 A                                                     | CUSIP: 59261A2G1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8236350.40   | 2.80%             | 2047-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Series 2016                                            | CUSIP: 56681NAS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $344290.28    | 0.12%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pontiac School District                                                          | Pontiac School District                                                                                  | CUSIP: 732538HK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4423530 | PA      | $3972401.60   | 1.35%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Sewage Disposal System Revenue                       | Great Lakes Water Authority, Series 2023 C                                                               | CUSIP: 39081HFF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1412099.56   | 0.48%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2017 A                                                                | CUSIP: 45203KAN5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983730.70    | 0.33%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Silver Creek School Building Corp.                                               | Silver Creek School Building Corp., Series 2021                                                          | CUSIP: 827555BX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1251838.40   | 0.43%             | 2042-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2025                                                                    | CUSIP: 74448UAC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $313332.99    | 0.11%             | 2065-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | California School Finance Authority, Series 2021 A                                                       | CUSIP: 13058TPF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1029285.62   | 0.35%             | 2061-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Series 2013 A                                 | CUSIP: 414009FA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $770747.20    | 0.26%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Woodcreek Community Development District                                         | Woodcreek Community Development District, Series 2025                                                    | CUSIP: 97925TAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $181807.66    | 0.06%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Series 2020 A | CUSIP: 592041YV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1578895.88   | 0.54%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, Series 2018 A                                                      | CUSIP: 167593K92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $304254.84    | 0.10%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Series 2015                                                    | CUSIP: 57584XCF6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000105.70   | 0.34%             | 2033-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Authority for Colorado Energy                                             | Public Authority for Colorado Energy, Series 2008                                                        | CUSIP: 744387AD3<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2622921.75   | 0.89%             | 2038-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Beaumont Housing Authority                                                       | Beaumont Housing Authority, Series 2025 A                                                                | CUSIP: 07451AAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $591786.75    | 0.20%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                           | Lancaster County Hospital Authority, Series 2019 A                                                       | CUSIP: 51404PAJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $861793.00    | 0.29%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                           | Clifton Higher Education Finance Corp., Series 2025 A                                                    | CUSIP: 187145VQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019234.10   | 0.35%             | 2049-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Town of Providence Village TX                                                    | Town of Providence Village, Series 2025                                                                  | CUSIP: 743816AG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $359152.33    | 0.12%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Uptown Development Authority                                                     | Uptown Development Authority, Series 2021                                                                | CUSIP: 916856HS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $548680.58    | 0.19%             | 2039-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Series 2022 B                                                                           | CUSIP: 735389V62<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011602.00   | 0.34%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                          | New York City Housing Development Corp., Series 2020 I-1                                                 | CUSIP: 64972ETS8<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2025000 | PA      | $1362422.43   | 0.46%             | 2045-11-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-02

**Name of Applicant:** Putnam Municipal Opportunities Trust

**Signature:** Chris Beararducci

**Name of Signer:** Chris Beararducci

**Title:** Principal Financial Officer