# EDGAR Filing Document

**Accession Number:** 0000900422
**File Stem:** 0000869392-25-001172
**Filing Date:** 2025-6
**Character Count:** 201403
**Document Hash:** 769cf4f7d9760fe91316b4ac7242c802
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000869392-25-001172.hdr.sgml**: 20250618

**ACCESSION NUMBER**: 0000869392-25-001172

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250131

**FILED AS OF DATE**: 20250618

**DATE AS OF CHANGE**: 20250618

**PERIOD START**: 20250430

**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/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07626
- **FILM NUMBER:** 251056315

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

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

## Nport-Ex

------

---

| |
|:---|
| **Putnam Municipal Opportunities Trust** |
| **The fund's portfolio** |
| **1/31/25 (Unaudited)** |
| **Key to holding's abbreviations** |
| AGM — Assured Guaranty Municipal Corporation |
| AMBAC — AMBAC Indemnity Corporation |
| BAM — Build America Mutual |
| FHA Insd. — Federal Housing Administration Insured |
| FNMA Coll. — Federal National Mortgage Association Collateralized |
| G.O. Bonds — General Obligation Bonds |
| NATL — National Public Finance Guarantee Corporation |
| PSFG — Permanent School Fund Guaranteed |
| Q-SBLF — Qualified School Board Loan Fund |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **MUNICIPAL BONDS AND NOTES (142.8%)***<sup>(a)</sup>*** | **MUNICIPAL BONDS AND NOTES (142.8%)***<sup>(a)</sup>*** | **MUNICIPAL BONDS AND NOTES (142.8%)***<sup>(a)</sup>*** | **MUNICIPAL BONDS AND NOTES (142.8%)***<sup>(a)</sup>*** |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Rating***<sup>(RAT)</sup>*** | **Principal amount** | **Value** |
| **Alaska (1.7%)** | **Alaska (1.7%)** | **Alaska (1.7%)** | **Alaska (1.7%)** |
| AK State Indl. Dev. & Export Auth. Rev. Bonds, (Dena' Nena' Henash), 4.00%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;A+/F | $6050000 | $5645623 |
|  |  |  | **5645623** |
| **Arizona (4.7%)** | **Arizona (4.7%)** | **Arizona (4.7%)** | **Arizona (4.7%)** |
| AZ Board of Regents Rev. Bonds, Ser. B, 5.00%, 7/1/47***<sup>(T)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;Aa2 | 3625000 | 3673321 |
| AZ State Indl. Dev. Auth. Charter School Rev. Bonds, (Equitable School Revolving Fund, LLC), 4.00%, 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;A | 2855000 | 2642361 |
| AZ State Indl. Dev. Auth. Ed. Rev. Bonds, (KIPP New York, Inc., Jerome Fac.), Ser. B, 4.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;BBB- | 720000 | 677702 |
| AZ State Indl. Dev. Auth. Ed. 144A Rev. Bonds, (BASIS Schools, Inc.), Ser. D, 5.00%, 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;BB | 510000 | 504819 |
| Maricopa Cnty., Indl. Dev. Auth. Ed. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Reid Traditional Schools Painted Rock Academy), 5.00%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;Baa3 | 350000 | 352343 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Horizon Cmnty. Learning Ctr.), 5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ | 750000 | 755654 |
| Maricopa Cnty., Indl. Dev. Auth. Ed. 144A Rev. Bonds, (Grand Canyon U.), 7.375%, 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;Ba1 | 2050000 | 2085573 |
| Phoenix, Indl. Dev. Auth. Ed. 144A Rev. Bonds, (BASIS Schools, Inc.), 5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;BB | 1000000 | 1002634 |
| Pima Cnty., Indl. Dev. Auth. Sr. Living 144A Rev. Bonds, (La Posada at Park Centre, Inc.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 11/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;BBB-/P | 350000 | 378335 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+/P | 1750000 | 1884117 |
| Salt Verde, Fin. Corp. Gas Rev. Bonds, 5.50%, 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;A3 | 1350000 | 1451402 |
|  |  |  | **15408261** |
| **California (7.9%)** | **California (7.9%)** | **California (7.9%)** | **California (7.9%)** |
| CA Cmnty. Hsg. Agcy. Essential Hsg. 144A Rev. Bonds, (Aster Apt.), Ser. A-1, 4.00%, 2/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;A-/P | 550000 | 472940 |
| CA Hsg. Fin. Agcy. Muni. Certif. Rev. Bonds, Ser. 21-1, Class A, 3.50%, 11/20/35 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+ | 1976680 | 1890579 |
| CA Muni. Fin Auth. Multi-Fam. Rev. Bonds, (Terry Manor Sr. Hsg.), FNMA Coll., 4.20%, 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;Aaa | 2885000 | 2839479 |
| CA State Muni. Fin. Auth. Rev. Bonds, (HumanGood CA), 4.00%, 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;A/F | 2700000 | 2367728 |
| CSCDA Cmnty. Impt. Auth. Rev. Bonds, (Pasadena Portfolio), Ser. A-2, 3.00%, 12/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+/P | 2635000 | 1835303 |
| CSCDA Cmnty. Impt. Auth. 144A Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Anaheim), 4.00%, 8/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;BBB-/P | 2835000 | 2466888 |
| &nbsp;&nbsp;&nbsp;&nbsp;(1818 Platinum Triangle Apt.), 3.25%, 4/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;BBB/P | 1270000 | 934079 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Jefferson-Anaheim), 3.125%, 8/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+/P | 1425000 | 1084157 |
| &nbsp;&nbsp;&nbsp;&nbsp;(City of Orange Portfolio), 3.00%, 3/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+/P | 1250000 | 878182 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Essential Hsg.), Ser. A-2, 3.00%, 2/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;A-/P | 1900000 | 1329297 |
| Long Beach, Arpt. Syst. Rev. Bonds, Ser. C, AGM |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 6/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 1250000 | 1319135 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 750000 | 788978 |
| Los Angeles, Cmnty. Fac. Dist. No. 11 Special Tax, 4.00%, 9/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 1000000 | 962496 |
| San Francisco, City & Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds, Ser. C, 5.50%, 5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;A1 | 5765000 | 6433271 |
|  |  |  | **25602512** |
| **Colorado (4.2%)** | **Colorado (4.2%)** | **Colorado (4.2%)** | **Colorado (4.2%)** |
| CO State Hlth. Fac. Auth. Hosp. Rev. Bonds, (Christian Living Neighborhood), 5.00%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 550000 | 552552 |
| Denver City & Cnty., Arpt. Rev. Bonds, Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;Aa3 | 1500000 | 1667920 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;Aa3 | 1500000 | 1689919 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;Aa3 | 1025000 | 1095587 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;Aa3 | 5000000 | 4707611 |
| Pub. Auth. for CO Energy Rev. Bonds, (Natural Gas Purchase), 6.50%, 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;A1 | 2250000 | 2694745 |
| Regl. Trans. Dist. Rev. Bonds, (Denver Transit Partners, LLC), 3.00%, 7/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;Baa1 | 850000 | 754692 |
| Sterling Ranch Cmnty. Auth. Board Rev. Bonds, (Metro. Dist. No. 2), Ser. A, 4.25%, 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;BBB/P | 550000 | 500324 |
|  |  |  | **13663350** |
| **Connecticut (0.6%)** | **Connecticut (0.6%)** | **Connecticut (0.6%)** | **Connecticut (0.6%)** |
| Harbor Point Infrastructure Impt. Dist. 144A Tax Alloc. Bonds, (Harbor Point Ltd.), 5.00%, 4/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 2000000 | 2011229 |
|  |  |  | **2011229** |
| **District of Columbia (3.6%)** | **District of Columbia (3.6%)** | **District of Columbia (3.6%)** | **District of Columbia (3.6%)** |
| DC Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plenary Infrastructure DC, LLC), 5.50%, 2/28/37 | &nbsp;&nbsp;&nbsp;&nbsp;A3 | 1500000 | 1705895 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plenary Infrastructure DC, LLC), 5.50%, 2/29/36 | &nbsp;&nbsp;&nbsp;&nbsp;A3 | 1370000 | 1553084 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Ingleside at Rock Creek), Ser. A, 5.00%, 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 500000 | 473586 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Two Rivers Pub. Charter School, Inc.), 5.00%, 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;Baa3 | 1500000 | 1431293 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Latin American Montessori Bilingual Pub. Charter School Oblig. Group), 5.00%, 6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ | 2000000 | 2002640 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Two Rivers Pub. Charter School, Inc.), 5.00%, 6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;Baa3 | 1500000 | 1496567 |
| Metro. Washington DC, Arpt. Auth. Dulles Toll Rd. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Metrorail), Ser. A, zero %, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;A- | 3700000 | 2031581 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Dulles Metrorail & Cap. Impt. Proj.) 4.00%, 10/1/53***<sup>(T)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;A- | 1290000 | 1154705 |
|  |  |  | **11849351** |
| **Florida (5.6%)** | **Florida (5.6%)** | **Florida (5.6%)** | **Florida (5.6%)** |
| FL State Dev. Fin. Corp. Ed. Fac. Rev. Bonds, (River City Ed.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;Baa3 | 680000 | 672476 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;Baa3 | 1300000 | 1299723 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;Baa3 | 460000 | 468859 |
| FL State Dev. Fin. Corp. Ed. Fac. 144A Rev. Bonds, (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 4.00%, 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 500000 | 426466 |
| FL State Dev. Fin. Corp. Hlth. Care Fac. Rev. Bonds, (Shands Jacksonville Med. Ctr.), 5.00%, 2/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;Ba1 | 1500000 | 1467873 |
| FL State Higher Edl. Fac. Financial Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(St. Leo U.), 5.00%, 3/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;BB | 1500000 | 1191620 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Florida Inst. of Tech., Inc.), 4.00%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;BBB- | 800000 | 727139 |
| Halifax Hosp. Med. Ctr. Rev. Bonds, 5.00%, 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;A- | 2250000 | 2272270 |
| Lakewood Ranch, Stewardship Dist. Special Assmt. Bonds, (Taylor Ranch), 6.30%, 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/P | 1335000 | 1405840 |
| Palm Beach Cnty., 144A Rev. Bonds, (PBAU Hsg.), Ser. A, 5.00%, 4/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;Ba1 | 1600000 | 1550948 |
| Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds, (Jupiter Med. Ctr.), Ser. A, 5.00%, 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;BBB- | 1515000 | 1528525 |
| Pinellas Cnty., Indl. Dev. Auth. Rev. Bonds, (2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+/P | 500000 | 502922 |
| Southeast Overtown Park West Cmnty. Redev. Agcy. 144A Tax Alloc. Bonds, Ser. A-1, 5.00%, 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;A- | 360000 | 360458 |
| Village Cmnty. Dev. Dist. No. 15 144A Special Assmt. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;BBB/P | 1000000 | 1023378 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.55%, 5/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;BBB-/P | 500000 | 492204 |
| Village, 144A Special Assmt., (Village Cmnty. Dev. Dist. No. 13), 3.00%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 2400000 | 2146082 |
| Volusia Cnty., Edl. Fac. Auth. Rev. Bonds, (Embry-Riddle Aeronautical U., Inc.), Ser. A, 4.00%, 10/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;A1 | 600000 | 599553 |
|  |  |  | **18136336** |
| **Georgia (5.1%)** | **Georgia (5.1%)** | **Georgia (5.1%)** | **Georgia (5.1%)** |
| DeKalb Cnty., Hsg. Auth. Multi-Fam. Hsg. Rev. Bonds, (HADC 1086 on Montreal, LLC), 4.00%, 3/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;A+ | 5000000 | 4955898 |
| Gainesville and Hall Cnty., Hosp. Auth. Rev. Bonds, (Northeast GA Hlth. Syst.), 3.00%, 2/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;A | 2330000 | 1749638 |
| Main Street Natural Gas, Inc. Gas Supply Mandatory Put Bonds (3/1/32), Ser. B, 5.00%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;Aa1 | 2650000 | 2830684 |
| Muni. Election Auth. of GA Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(One), Ser. A, 5.25%, 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;A2 | 1000000 | 1071846 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plant Vogtle Units 3 & 4), 5.00%, 1/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+ | 650000 | 653916 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plant Vogtle Units 3 & 4), AGM, 5.00%, 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 1700000 | 1766354 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plant Vogtle Units 3 & 4), AGM, 5.00%, 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 1500000 | 1568166 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plant Vogtle Units 3 & 4), 4.00%, 1/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;A2 | 500000 | 453993 |
| Paulding Cnty., Hosp. Auth. Rev. Bonds, (WellStar Hlth. Syst.), 5.00%, 4/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;A+ | 1400000 | 1482481 |
|  |  |  | **16532976** |
| **Hawaii (1.2%)** | **Hawaii (1.2%)** | **Hawaii (1.2%)** | **Hawaii (1.2%)** |
| HI State Harbor Syst. Rev. Bonds, Ser. A, 4.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;Aa3 | 1625000 | 1628669 |
| Honolulu City & Cnty., Waste Wtr. Syst. Rev. Bonds, 5.00%, 7/1/37***<sup>(FWC)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;AA+ | 2000000 | 2276765 |
|  |  |  | **3905434** |
| **Illinois (14.1%)** | **Illinois (14.1%)** | **Illinois (14.1%)** | **Illinois (14.1%)** |
| Chicago, G.O. Bonds, Ser. A, 5.00%, 1/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;BBB | 2500000 | 2614761 |
| Chicago, Board of Ed. G.O. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 5.25%, 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ | 2250000 | 2245305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. H, 5.00%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ | 500000 | 503445 |
| Chicago, Midway Intl. Arpt. Rev. Bonds, Ser. C, 5.00%, 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;A | 2250000 | 2375562 |
| Chicago, O'Hare Intl. Arpt. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BAM, 5.25%, 1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 1465000 | 1614318 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAM, 5.25%, 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 1950000 | 2156975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;A+ | 100000 | 103134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;A+ | 300000 | 310326 |
| IL Fin. Auth. Rev. Bonds, (U. of IL), 5.25%, 10/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;Aa2 | 2500000 | 2661664 |
| IL State G.O. Bonds, Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;A3 | 1500000 | 1554543 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;A3 | 5750000 | 6004776 |
| IL State Fin. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Lifespace Cmntys, Inc.), Ser. A, 5.00%, 5/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;BBB/F | 1025000 | 1026120 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Riverside Hlth.Syst.), 4.00%, 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;A+ | 500000 | 500608 |
| IL State Fin. Auth. Student Hsg. & Academic Fac. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(CHF-Chicago, LLC), 5.00%, 2/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;Baa3 | 2000000 | 2001439 |
| &nbsp;&nbsp;&nbsp;&nbsp;(U. of IL-CHF-Chicago, LLC), Ser. A, 5.00%, 2/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;Baa3 | 1000000 | 1010398 |
| Metro. Pier & Exposition Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(McCormick Place Expansion), 4.00%, 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;A | 1000000 | 881244 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;A | 5000000 | 4504433 |
| &nbsp;&nbsp;&nbsp;&nbsp;(McCormick Place Expansion), Ser. B, stepped-coupon zero % (4.70%, 6/15/31), 12/15/37***<sup>(STP)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;A | 1000000 | 765313 |
| Metro. Pier & Exposition Auth. Dedicated State Tax Rev. Bonds, (McCormick), Ser. A, NATL, zero %, 12/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;A | 12000000 | 9827026 |
| Sales Tax Securitization Corp. Rev. Bonds, (Second Lien), Ser. A, BAM, 5.00%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 1100000 | 1167259 |
| Southern IL U. Rev. Bonds, (Hsg. & Auxiliary), Ser. A, NATL, zero %, 4/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;Baa2 | 1870000 | 1857282 |
|  |  |  | **45685931** |
| **Indiana (1.0%)** | **Indiana (1.0%)** | **Indiana (1.0%)** | **Indiana (1.0%)** |
| Hammond, Multi-School Bldg. Corp. Rev. Bonds, 5.00%, 7/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;AA+ | 1750000 | 1807342 |
| Silver Creek, School Bldg. Corp. Rev. Bonds, 3.00%, 1/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;AA+ | 1600000 | 1344052 |
|  |  |  | **3151394** |
| **Iowa (0.5%)** | **Iowa (0.5%)** | **Iowa (0.5%)** | **Iowa (0.5%)** |
| IA State Fin. Auth. Rev. Bonds, (Lifespace Cmnty., Inc. Oblig. Group), Ser. A, 4.00%, 5/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;BBB/F | 2000000 | 1761225 |
|  |  |  | **1761225** |
| **Kentucky (0.1%)** | **Kentucky (0.1%)** | **Kentucky (0.1%)** | **Kentucky (0.1%)** |
| Louisville, Regl. Arpt. Auth. Syst. Rev. Bonds, Ser. A, 5.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;A+ | 385000 | 385286 |
|  |  |  | **385286** |
| **Louisiana (1.8%)** | **Louisiana (1.8%)** | **Louisiana (1.8%)** | **Louisiana (1.8%)** |
| LA Pub. Fac. Auth. Rev. Bonds, (Calcasieu River Bridge), 5.75%, 9/1/64 | &nbsp;&nbsp;&nbsp;&nbsp;Baa3 | 1750000 | 1894599 |
| St. John The Baptist Parish Mandatory Put Bonds (7/1/26), (Marathon Oil Corp.), Ser. A-3, 2.20%, 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;A2 | 3010000 | 2967120 |
| Tangipahoa Parish, Hosp. Svcs. Rev. Bonds, (North Oaks Hlth. Syst.), 4.00%, 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;A- | 1250000 | 1161013 |
|  |  |  | **6022732** |
| **Maryland (1.1%)** | **Maryland (1.1%)** | **Maryland (1.1%)** | **Maryland (1.1%)** |
| Gaithersburg, Econ. Dev. Rev. Bonds, (Asbury, Oblig. Group), Ser. A, 5.00%, 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;BBB/F | 450000 | 457654 |
| MD Econ. Dev. Corp. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Morgan View & Thurgood Marshall Student Hsg.), Ser. A, 6.00%, 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;BBB- | 1725000 | 1880827 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Morgan State U.), 4.25%, 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;BBB- | 1350000 | 1221176 |
|  |  |  | **3559657** |
| **Massachusetts (5.8%)** | **Massachusetts (5.8%)** | **Massachusetts (5.8%)** | **Massachusetts (5.8%)** |
| MA State G.O. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. E, 5.00%, 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;Aa1 | 3250000 | 3448372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 5.00%, 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;Aa1 | 6500000 | 6825246 |
| MA State Dev. Fin. Agcy. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Milford Regl. Med. Ctr. Oblig. Group), Ser. F, 5.75%, 7/15/43 (Prerefunded 2/6/25) | &nbsp;&nbsp;&nbsp;&nbsp;BBB+ | 500000 | 500119 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Intl. Charter School), 5.00%, 4/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;BBB- | 1000000 | 1000532 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Umass Memorial Hlth. Care), 4.50%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+ | 4800000 | 4712763 |
| MA State Port Auth. Rev. Bonds, Ser. B, 4.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;Aa2 | 2500000 | 2312325 |
|  |  |  | **18799357** |
| **Michigan (6.1%)** | **Michigan (6.1%)** | **Michigan (6.1%)** | **Michigan (6.1%)** |
| Detroit, G.O. Bonds, (Fin. Recvy.), Ser. B-1, 4.00%, 4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 1700000 | 1323251 |
| Detroit, City School Dist. G.O. Bonds, Ser. A, AGM, 6.00%, 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;Aa1 | 750000 | 807398 |
| Great Lakes, Wtr. Auth. Sewage Disp. Syst. Rev. Bonds, Ser. C |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;Aa3 | 1700000 | 1838675 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;Aa3 | 1375000 | 1493389 |
| MI State Fin. Auth. Rev. Bonds, (Trinity Hlth. Corp.), Ser. A, 4.00%, 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;Aa3 | 3845000 | 3532353 |
| MI State Fin. Auth. Ltd. Oblig. Rev. Bonds, (Lawrence Tech. U.), 4.00%, 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;BBB- | 745000 | 635982 |
| MI State Hsg. Dev. Auth. Rev. Bonds, Ser. A, 2.73%, 10/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;AA+ | 1500000 | 976581 |
| Pontiac City, G.O. Bonds, (Pontiac School Dist.), Q-SBLF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/45***<sup>(T)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;Aa1 | 4424000 | 4398650 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/50***<sup>(T)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;Aa1 | 4977000 | 4786530 |
|  |  |  | **19792809** |
| **Minnesota (0.6%)** | **Minnesota (0.6%)** | **Minnesota (0.6%)** | **Minnesota (0.6%)** |
| Ramsey, Charter School Rev. Bonds, (PACT Charter School), Ser. A, 5.00%, 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ | 2000000 | 1984142 |
|  |  |  | **1984142** |
| **Missouri (7.2%)** | **Missouri (7.2%)** | **Missouri (7.2%)** | **Missouri (7.2%)** |
| Kansas City, Indl. Dev. Auth. Arpt. Special Oblig. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Kansas City, Intl. Arpt.), AGM, 5.00%, 3/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 8980000 | 9096218 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;A2 | 3150000 | 3186646 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;A2 | 5925000 | 6148493 |
| MI State Hlth. & Edl. Fac. Rev. Bonds, (U. of Hlth. Sciences & Pharmacy in St. Louis) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ | 1150000 | 919884 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ | 1750000 | 1494887 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ | 1085000 | 979194 |
| MI State Hlth. & Edl. Fac. 144A Rev. Bonds, (U. of Hlth. Sciences & Pharmacy in St. Louis), 4.00%, 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ | 1950000 | 1517338 |
|  |  |  | **23342660** |
| **Nevada (2.9%)** | **Nevada (2.9%)** | **Nevada (2.9%)** | **Nevada (2.9%)** |
| Las Vegas, Special Assmt. Bonds, (Special Impt. Dist. No. 816), 3.00%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/P | 1750000 | 1356963 |
| Las Vegas, Special Impt. Dist. No. 818 Special Assmt. Bonds, (Summerlin Village 27), 5.00%, 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 1130000 | 1131983 |
| Sparks, Tourism Impt. Dist. No. 1 144A Rev. Bonds, Ser. A, 2.75%, 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;Baa2 | 615000 | 601169 |
| Washoe Cnty., Wtr. Fac. Mandatory Put Bonds (10/1/29), (Sierra Pacific Pwr. Co,) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 4.125%, 3/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;A | 1500000 | 1506926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. F, 4.125%, 3/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;A | 4850000 | 4872394 |
|  |  |  | **9469435** |
| **New Hampshire (4.1%)** | **New Hampshire (4.1%)** | **New Hampshire (4.1%)** | **New Hampshire (4.1%)** |
| National Fin. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Caritas Acquisitions VII, LLC), Ser. A, 4.50%, 8/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;BBB-/P | 2540000 | 2196424 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Caritas Acquisitions VII, LLC), Ser. A, 4.25%, 8/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;BBB-/P | 1210000 | 1062107 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Caritas Acquisitions VII, LLC), Ser. A, 4.125%, 8/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;BBB-/P | 1070000 | 969682 |
| &nbsp;&nbsp;&nbsp;&nbsp;(NH Bus. Fin. Auth.), Ser. 23-2, 3.875%, 1/20/38 | &nbsp;&nbsp;&nbsp;&nbsp;BBB | 1769709 | 1685937 |
| &nbsp;&nbsp;&nbsp;&nbsp;(NH Bus. Fin. Auth.), Ser. 2, 3.625%, 8/20/39 | &nbsp;&nbsp;&nbsp;&nbsp;A3 | 2738992 | 2571502 |
| National Fin. Auth. Hosp. Rev. Bonds, (St. Luke's Hosp. Oblig. Group) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;A3 | 1040000 | 1004343 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;A3 | 850000 | 842000 |
| NH State Hlth. & Ed. Fac. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Elliot Hosp.), 5.00%, 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;A3 | 500000 | 504398 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Southern NH Med. Ctr.), 5.00%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;A- | 2500000 | 2531037 |
|  |  |  | **13367430** |
| **New Jersey (0.5%)** | **New Jersey (0.5%)** | **New Jersey (0.5%)** | **New Jersey (0.5%)** |
| Passaic Cnty., Impt. Auth. Rev. Bonds, (Paterson Arts & Science Charter School), 5.50%, 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;BBB- | 550000 | 566430 |
| South Jersey, Trans. Auth. Syst. Rev. Bonds, Ser. A, 5.25%, 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+ | 1000000 | 1059694 |
|  |  |  | **1626124** |
| **New Mexico (0.7%)** | **New Mexico (0.7%)** | **New Mexico (0.7%)** | **New Mexico (0.7%)** |
| Sante Fe, Retirement Fac. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(El Castillo Retirement Residences), Ser. A, 5.00%, 5/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/F | 975000 | 978280 |
| &nbsp;&nbsp;&nbsp;&nbsp;(El Castillo Retirement Res.), 5.00%, 5/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/F | 1460000 | 1460109 |
|  |  |  | **2438389** |
| **New York (13.3%)** | **New York (13.3%)** | **New York (13.3%)** | **New York (13.3%)** |
| Metro. Trans. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.50%, 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;A3 | 6000000 | 6589702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.25%, 11/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;A3 | 2000000 | 2143790 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Green Bond), Ser. C-1, 5.00%, 11/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;A3 | 1500000 | 1535444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. C-1, 4.00%, 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;A3 | 1000000 | 1007671 |
| NY City, Hsg. Dev. Corp. Multi-Fam. Hsg. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. I-1, 2.80%, 11/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;AA+ | 2000000 | 1322224 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Sustainability Bonds), Ser. I-1, FHA Insd., 2.55%, 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;AA+ | 2025000 | 1418058 |
| NY City, Transitional Fin. Auth. Rev. Bonds, Ser. B-1, 3.00%, 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;AAA | 5875000 | 4478353 |
| NY Counties, Tobacco Trust VI Rev. Bonds, Ser. A-2B, 5.00%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ | 1000000 | 923080 |
| NY State Liberty Dev. Corp. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, BAM, 3.00%, 11/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 3500000 | 2622646 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Port Auth. of NY & NJ), Ser. 1WTC, 2.75%, 2/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;AA- | 2335000 | 1747152 |
| NY State Trans. Special Fac. Dev. Corp. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(JFK Intl. Arpt. New Term. One, LLC), 6.00%, 6/30/54 | &nbsp;&nbsp;&nbsp;&nbsp;Baa3 | 2400000 | 2584090 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Laguardia Arpt. Term. B Redev. Program), Ser. A, 5.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;Baa2 | 500000 | 499827 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Delta Air Lines, Inc.), 5.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;Baa3 | 2000000 | 2058029 |
| NY State Urban Dev. Corp. Rev. Bonds, (Bidding Group 4), Ser. A, 3.00%, 3/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;AA+ | 1060000 | 805395 |
| Oneida Indian Nation 144A Rev. Bonds, (Oneida Indian Nation of NY), Ser. B, 6.00%, 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;BBB-/F | 475000 | 518147 |
| Port Auth. of NY & NJ Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. 218, 5.00%, 11/1/49***<sup>(T)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;Aa3 | 2980000 | 3059119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. 207, 5.00%, 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;Aa3 | 2925000 | 3036036 |
| Suffolk, Regl. Off-Track Betting Corp. Rev. Bonds, 6.00%, 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 2270000 | 2348678 |
| Triborough Bridge & Tunnel Auth. Sales Tax Rev. Bonds, 5.25%, 5/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;AA+ | 4400000 | 4688824 |
|  |  |  | **43386265** |
| **North Carolina (1.1%)** | **North Carolina (1.1%)** | **North Carolina (1.1%)** | **North Carolina (1.1%)** |
| NC State Med. Care Comm. Hlth. Care Fac. Rev. Bonds, (Lutheran Svcs. for the Aging, Inc. Oblig. Group), 4.00%, 3/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;BBB/F | 2250000 | 1912422 |
| NC State Med. Care Comm. Retirement Fac. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(United Methodist Retirement Homes, Inc. (The)), 5.00%, 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;BBB/F | 500000 | 511332 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Maryfield, Inc. Oblig. Group), 5.00%, 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 500000 | 498689 |
| &nbsp;&nbsp;&nbsp;&nbsp;(United Methodist Retirement Homes, Inc. (The)), 5.00%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;BBB/F | 505000 | 522596 |
|  |  |  | **3445039** |
| **Ohio (3.7%)** | **Ohio (3.7%)** | **Ohio (3.7%)** | **Ohio (3.7%)** |
| Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. B-2, Class 2, 5.00%, 6/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;CCC/P | 2265000 | 2040464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A-2, Class 1, 3.00%, 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+ | 3560000 | 2645918 |
| Cleveland-Cuyahoga Cnty., Port Auth. Cultural Fac. Rev. Bonds, (Playhouse Square Foundation), 5.50%, 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ | 500000 | 503383 |
| Montgomery Cnty., Hosp. Rev. Bonds, (Kettering Hlth. Network), 4.00%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;A+ | 3000000 | 2748142 |
| OH State Higher Edl. Fac. Comm. Rev. Bonds, (Ashtabula Cnty. Med. Ctr.), 5.25%, 1/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+/F | 2750000 | 2854830 |
| Port of Greater Cincinnati Dev. Auth. Rev. Bonds, (Duke Energy), 5.00%, 12/1/63 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 1250000 | 1296179 |
| Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds, (Memorial Hlth. Syst. Oblig. Group), 5.50%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;B+/F | 120000 | 114186 |
|  |  |  | **12203102** |
| **Oregon (1.0%)** | **Oregon (1.0%)** | **Oregon (1.0%)** | **Oregon (1.0%)** |
| Clackamas Cnty., Hosp. Fac. Auth. Rev. Bonds, (Rose Villa, Inc.), Ser. A, 5.25%, 11/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;BB/P | 1000000 | 997114 |
| Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds, (Terwilliger Plaza, Inc.), 5.00%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/F | 650000 | 648806 |
| Salem, Hosp. Fac. Auth. Rev. Bonds, (Salem Hlth.), Ser. A, 5.00%, 5/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;A+ | 1500000 | 1529651 |
|  |  |  | **3175571** |
| **Other (0.7%)** | **Other (0.7%)** | **Other (0.7%)** | **Other (0.7%)** |
| Federal Home Loan Mortgage Corporation Structured Pass-through certificates Ser. 24 ML-22, Class A-US, 4.545%, 10/25/40 | &nbsp;&nbsp;&nbsp;&nbsp;AA+ | 2240274 | 2230943 |
|  |  |  | **2230943** |
| **Pennsylvania (8.1%)** | **Pennsylvania (8.1%)** | **Pennsylvania (8.1%)** | **Pennsylvania (8.1%)** |
| Allegheny Cnty., Arpt. Auth. Rev. Bonds, Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AGM, 5.50%, 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 5000000 | 5371873 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 3480000 | 3684593 |
| &nbsp;&nbsp;&nbsp;&nbsp;AGM, 4.00%, 1/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 750000 | 698323 |
| Bucks Cnty., Wtr. & Swr. Auth. Rev. Bonds, Ser. A, AGM, 5.25%, 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 2175000 | 2360510 |
| Cumberland Cnty., Muni. Auth. Rev. Bonds, (Diakon Lutheran Social Ministries) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;BBB/F | 200000 | 201123 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;BBB/F | 1000000 | 1005795 |
| Lancaster Cnty., Hosp. & Hlth. Ctr. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Masonic Villages of the Grand Lodge of PA), 5.125%, 11/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;A | 2000000 | 2127687 |
| &nbsp;&nbsp;&nbsp;&nbsp;(St. Anne's Retirement Cmnty.), 5.00%, 3/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;BB/F | 500000 | 420786 |
| &nbsp;&nbsp;&nbsp;&nbsp;(St. Anne's Retirement Cmnty.), 5.00%, 3/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;BB/F | 500000 | 456845 |
| Lancaster Cnty., Hosp. Auth. Hlth. Care Fac. Rev. Bonds, (Moravian Manors, Inc.), Ser. A, 5.00%, 6/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/F | 1000000 | 941948 |
| Montgomery Cnty., Indl. Dev. Auth. Rev. Bonds, (Pub. School of Germantown (The)), 4.00%, 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+ | 450000 | 424829 |
| PA State Econ. Dev. Fin. Auth. Rev. Bonds, (PennDOT Major Bridges), AGM, 5.75%, 12/31/62 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 1350000 | 1457529 |
| PA State Tpk. Comm. Rev. Bonds, 4.90%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;Aa3 | 4385000 | 4438007 |
| Philadelphia, Auth. for Indl. Dev. 144A Rev. Bonds, (U. of Arts (The)) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12.834%, 3/5/25***<sup>(F)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;C/P | 304075 | 273276 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.834%, 3/5/25***<sup>(F)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;C/P | 31780 | 31144 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.834%, 3/5/25***<sup>(F)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;C/P | 115548 | 113237 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.834%, 3/5/25***<sup>(F)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;C/P | 91222 | 82336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Philadelphia, Auth. for Indl. Dev. Rev. Bonds, (U. of Arts (The)), 5.00%, 3/15/45 (In default)***<sup>(NON)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;D/P | 1487059 | 892236 |
| Philadelphia, Auth. For Indl. Dev. Multi-Fam. 144A Rev. Bonds, (University Sq. Apt.), 5.25%, 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;BBB-/P | 1400000 | 1328552 |
|  |  |  | **26310629** |
| **Puerto Rico (1.8%)** | **Puerto Rico (1.8%)** | **Puerto Rico (1.8%)** | **Puerto Rico (1.8%)** |
| Cmnwlth. of PR, G.O. Bonds, Ser. A-1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 5000000 | 4729201 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 1250000 | 1223159 |
|  |  |  | **5952360** |
| **Rhode Island (0.8%)** | **Rhode Island (0.8%)** | **Rhode Island (0.8%)** | **Rhode Island (0.8%)** |
| Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. B, 5.00%, 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;BBB-/P | 2750000 | 2751587 |
|  |  |  | **2751587** |
| **South Dakota (1.1%)** | **South Dakota (1.1%)** | **South Dakota (1.1%)** | **South Dakota (1.1%)** |
| Lincoln Cnty., Econ. Dev. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Augustana College Assoc. (The)), 4.00%, 8/1/61 | &nbsp;&nbsp;&nbsp;&nbsp;BBB- | 2355000 | 1841173 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Augustana College Assn. (The)), 4.00%, 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;BBB- | 2000000 | 1639247 |
|  |  |  | **3480420** |
| **Tennessee (2.0%)** | **Tennessee (2.0%)** | **Tennessee (2.0%)** | **Tennessee (2.0%)** |
| Knox Cnty., Hlth. Ed. & Hsg. Fac. Board Student Hsg. Rev. Bonds, (Provident Group - UTK Properties, LLC), Ser. A-1, BAM, 5.00%, 7/1/64 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 3415000 | 3499766 |
| Metro. Govt. Nashville & Davidson Cnty., Hlth. & Edl. Fac. Board Rev. Bonds, (Blakeford at Green Hills), Ser. A, 4.00%, 11/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;BBB-/F | 2250000 | 1782707 |
| Metro. Nashville, Arpt. Auth. Rev. Bonds, Ser. B, 5.50%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;A1 | 1125000 | 1217367 |
|  |  |  | **6499840** |
| **Texas (12.0%)** | **Texas (12.0%)** | **Texas (12.0%)** | **Texas (12.0%)** |
| Arlington, Higher Ed. Fin. Corp. Rev. Bonds, (Uplift Ed.), Ser. A, 5.00%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;BBB- | 500000 | 505846 |
| Arlington, Higher Ed. Fin. Corp. 144A Rev. Bonds, (BASIS TX Charter Schools, Inc.), 4.75%, 6/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;Ba2 | 915000 | 887948 |
| Austin-Bergstrom Landhost Enterprises, Inc. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;A | 1045000 | 1059974 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;A | 530000 | 538330 |
| Clifton, Higher Ed. Fin. Corp. Ed. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Intl. Leadership), Ser. D, 6.125%, 8/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;Baa3 | 1150000 | 1157380 |
| &nbsp;&nbsp;&nbsp;&nbsp;(IDEA Pub. Schools), 5.00%, 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;A- | 300000 | 307258 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Intl. Leadership of TX, Inc.), PSFG, 4.25%, 8/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;Aaa | 4800000 | 4848265 |
| &nbsp;&nbsp;&nbsp;&nbsp;(YES Prep Pub. Schools, Inc.), PSFG, 4.25%, 4/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;Aaa | 2000000 | 1961502 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Intl. Leadership of TX, Inc.), PSFG, 4.125%, 8/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;Aaa | 1250000 | 1196507 |
| Grand Parkway Trans. Corp. Rev. Bonds, Ser. A, 5.00%, 10/1/48***<sup>(T)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;AA+ | 3500000 | 3596145 |
| Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(YMCA of the Greater Houston Area), Ser. A, 5.00%, 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;Ba1 | 1500000 | 1397460 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/F | 1000000 | 1012673 |
| &nbsp;&nbsp;&nbsp;&nbsp;(YMCA of the Greater Houston Area), Ser. A, 5.00%, 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;Ba1 | 800000 | 788177 |
| Love Field, Gen. Arpt. Modernization Corp. Rev. Bonds, 5.00%, 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;A1 | 1000000 | 1006282 |
| Matagorda Cnty., Poll. Control Rev. Bonds, (Dist. No. 1), Ser. A, AMBAC, 4.40%, 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+ | 1500000 | 1572663 |
| New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(TX Woman's U. CHF-Collegiate Hsg. Dining), Ser. B-1, AGM, 4.125%, 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 1000000 | 898343 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Woman's U.-Collegiate Hsg. Denton, LLC), Ser. A-1, AGM, 4.125%, 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 1000000 | 899223 |
| San Antonio, Elec. & Gas Syst. Rev. Bonds, Ser. C, 5.50%, 2/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;Aa2 | 5000000 | 5541153 |
| Tarrant Cnty., Cultural Ed. Fin. Corp. Retirement Fac. Rev. Bonds, (Buckner Retirement Svcs.), Ser. B, 5.00%, 11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;A-/F | 2000000 | 2007939 |
| TX State Pub. Fin. Auth. Rev. Bonds, (TX Southern U.), BAM |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 400000 | 425582 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 400000 | 427256 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 5/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 400000 | 429536 |
| TX State Trans. Comm. Rev. Bonds, (Central TX Tpk. Syst.), Ser. A, 3.00%, 8/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;A2 | 2825000 | 2430197 |
| TX Wtr. Dev. Board State Wtr. Implementation Rev. Bonds, Ser. A, 4.875%, 10/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;AAA | 3000000 | 3140126 |
| Uptown Dev. Auth. Tax Alloc. Bonds, (City of Houston Reinvestment Zone No. 16) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;Baa2 | 750000 | 580658 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;Baa2 | 725000 | 570361 |
|  |  |  | **39186784** |
| **Utah (1.6%)** | **Utah (1.6%)** | **Utah (1.6%)** | **Utah (1.6%)** |
| Black Desert Pub. Infrastructure Dist. 144A Special Assmt. Bonds, 5.625%, 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/P | 700000 | 705984 |
| Infrastructure Agcy. Telecomm. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;BBB-/F | 1650000 | 1800862 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;BBB-/F | 1200000 | 1251074 |
| Mida Mountain Village Pub. Infrastructure Dist. 144A Special Assmt. Bonds, (Mountain Village Assmt. Area No. 2), 4.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;B/P | 1625000 | 1384775 |
|  |  |  | **5142695** |
| **Virginia (0.4%)** | **Virginia (0.4%)** | **Virginia (0.4%)** | **Virginia (0.4%)** |
| VA State Small Bus. Fin. Auth. Rev. Bonds, (Elizabeth River Crossings OpCo, LLC) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;BBB | 750000 | 725774 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;BBB | 630000 | 626942 |
|  |  |  | **1352716** |
| **Washington (5.7%)** | **Washington (5.7%)** | **Washington (5.7%)** | **Washington (5.7%)** |
| Grays Harbor Cnty., Pub. Hosp. Dist. No. 1 Rev. Bonds, 6.875%, 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ | 4000000 | 4432803 |
| King Cnty., Public Hosp. Dist. No. 1 G.O. Bonds, (Valley Med. Ctr.), 5.00%, 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;A2 | 2365000 | 2445177 |
| Port of Seattle Rev. Bonds, Ser. B, 5.00%, 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;AA- | 1000000 | 1055202 |
| WA State Hsg. Fin. Comm. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Eastside Retirement Assn.), Ser. A, 5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;A-/F | 2030000 | 2115364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. 1, Class A, 4.221%, 3/20/40 | &nbsp;&nbsp;&nbsp;&nbsp;A3 | 898350 | 870715 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Social Certif.), Ser. A-1, 3.50%, 12/20/35 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+ | 2555171 | 2388281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. 1, Class A, 3.375%, 4/20/37 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+ | 2573114 | 2314708 |
| WA State Hsg. Fin. Comm. Nonprofit 144A Rev. Bonds, (Seattle Academy of Arts & Sciences), 6.25%, 7/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;BBB | 2750000 | 2989367 |
|  |  |  | **18611617** |
| **Wisconsin (8.4%)** | **Wisconsin (8.4%)** | **Wisconsin (8.4%)** | **Wisconsin (8.4%)** |
| Pub. Fin. Auth. Arpt. Fac. Rev. Bonds, (Sr. Oblig. Group), 5.25%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+ | 200000 | 200133 |
| Pub. Fin. Auth. Conference Ctr. & Hotel Rev. Bonds, (U. of NC Charlotte Foundation), Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/P | 1000000 | 698865 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/P | 750000 | 541654 |
| Pub. Fin. Auth. Ed. 144A Rev. Bonds, (North Carolina Leadership Academy), 5.00%, 6/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;BB+/P | 1580000 | 1529933 |
| Pub. Fin. Auth. Multi-Fam Affordable Hsg. 144A Rev. Bonds, (Dominium Holdings I, LLC), Ser. 1, Class B-1, 6.81%, 4/28/36 | &nbsp;&nbsp;&nbsp;&nbsp;BBB-/P | 1750000 | 1786511 |
| Pub. Fin. Auth. Multi-Fam. Hsg. 144A Rev. Bonds, (Promenade Apt.), 6.25%, 2/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;BB-/P | 1000000 | 1025552 |
| Pub. Fin. Auth. Pooled Charter School Certif. Rev. Bonds, Ser. 23-1, Class A, 5.75%, 7/1/62 | &nbsp;&nbsp;&nbsp;&nbsp;Aa3 | 2617275 | 2716944 |
| Pub. Fin. Auth. Student Hsg. Fac. Rev. Bonds, (Appalachian State U.), Ser. A, AGM |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 700000 | 638257 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 600000 | 571049 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 500000 | 489783 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 435000 | 432406 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 300000 | 300726 |
| Pub. Fin. Auth. Student Hsg. Fac. 144A Rev. Bonds, (CHF-Manoa, LLC), Ser. A, 5.75%, 7/1/63 | &nbsp;&nbsp;&nbsp;&nbsp;BBB- | 1000000 | 1054474 |
| WI Pub. Fin. Auth. Hotel Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Grand Hyatt), 5.00%, 2/1/62 | &nbsp;&nbsp;&nbsp;&nbsp;BBB- | 700000 | 708249 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Grand Hyatt Sanitary), 5.00%, 2/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;BBB- | 1000000 | 1015460 |
| WI State Hlth. & Edl. Fac. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Marshfield Clinic Hlth. Syst.), 5.50%, 2/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;BBB | 1600000 | 1723413 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Hmong American Peace Academy, Ltd.), 5.00%, 3/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;BBB | 1000000 | 988502 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Froedtert Health, Inc.), Ser. A, 4.00%, 4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 4865000 | 4693154 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Froedtert Health, Inc.), Ser. A, 4.00%, 4/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 3000000 | 3028575 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Advocate Aurora Hlth. Oblig. Group), Ser. A, 4.00%, 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;AA | 3000000 | 3018105 |
| WI State Pub. Fin. Auth Sr. Living 144A Rev. Bonds, (Mary's Woods at Marylhurst), Ser. A, 5.25%, 5/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;BB/F | 250000 | 252548 |
|  |  |  | **27414293** |
| **Total municipal bonds and notes (cost $465,192,242)** | **Total municipal bonds and notes (cost $465,192,242)** | **Total municipal bonds and notes (cost $465,192,242)** | **$465285504** |

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| | | | |
|:---|:---|:---|:---|
| **SHORT-TERM INVESTMENTS (4.9%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (4.9%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (4.9%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (4.9%)***<sup>(a)</sup>*** |
| | | **Principal amount/<br>shares** | **Value** |
| Putnam Short Term Investment Fund Class P 4.54%***<sup>(AFF)</sup>*** | Shares | 15728545 | $15728545 |
| U.S. Treasury Bills 4.312%, 4/8/25***<sup>(SEG)</sup>*** |  | $400000 | 397019 |
| **Total short-term investments (cost $16,125,456)** | **Total short-term investments (cost $16,125,456)** | **Total short-term investments (cost $16,125,456)** | **$16125564** |
| **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** |
| **Total investments (cost $481,317,698)** |  |  | **$481411068** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS OUTSTANDING at 1/31/25 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 1/31/25 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 1/31/25 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 1/31/25 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 1/31/25 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 1/31/25 (Unaudited)** |
| | **Number of contracts** | **Notional amount** | **Value** | &nbsp;&nbsp;&nbsp;**Expiration date** | **Unrealized<br>appreciation/<br>(depreciation)** |
| U.S. Treasury Bond Ultra 30 yr (Short) | 47 | $5568031 | $5568031 | &nbsp;&nbsp;&nbsp;Mar-25 | $339578 |
| **Unrealized appreciation** |  |  |  |  | **339578** |
| **Unrealized (depreciation)** |  |  |  |  | **—** |
| **Total** |  |  |  |  | **$339578** |

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| | | | |
|:---|:---|:---|:---|
|  | **Notes to the fund's portfolio** | **Notes to the fund's portfolio** | **Notes to the fund's portfolio** |
|  | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from May 1, 2024 through January 31, 2025 (the reporting period). Within the following notes to the portfolio, references to "Franklin Advisers" represent Franklin Advisers, Inc., the fund's investment manager, a direct wholly-owned subsidiary of Franklin Resources, Inc., references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from May 1, 2024 through January 31, 2025 (the reporting period). Within the following notes to the portfolio, references to "Franklin Advisers" represent Franklin Advisers, Inc., the fund's investment manager, a direct wholly-owned subsidiary of Franklin Resources, Inc., references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from May 1, 2024 through January 31, 2025 (the reporting period). Within the following notes to the portfolio, references to "Franklin Advisers" represent Franklin Advisers, Inc., the fund's investment manager, a direct wholly-owned subsidiary of Franklin Resources, Inc., references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. |
|  | Putnam Municipal Opportunities Trust (the fund) is a Massachusetts business trust, which is registered under the 1940 Act as a non-diversified closed-end management investment company. The fund is currently operating as a diversified fund. In the future, the fund may operate as a non –diversified fund to the extent permitted by applicable law. Under current law, shareholder approval would be required before the fund could operate as a non-diversified fund. | Putnam Municipal Opportunities Trust (the fund) is a Massachusetts business trust, which is registered under the 1940 Act as a non-diversified closed-end management investment company. The fund is currently operating as a diversified fund. In the future, the fund may operate as a non –diversified fund to the extent permitted by applicable law. Under current law, shareholder approval would be required before the fund could operate as a non-diversified fund. | Putnam Municipal Opportunities Trust (the fund) is a Massachusetts business trust, which is registered under the 1940 Act as a non-diversified closed-end management investment company. The fund is currently operating as a diversified fund. In the future, the fund may operate as a non –diversified fund to the extent permitted by applicable law. Under current law, shareholder approval would be required before the fund could operate as a non-diversified fund. |
|  | The fund follows the accounting and reporting guidance in Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (ASC 946) and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP), including, but not limited to, ASC 946. | The fund follows the accounting and reporting guidance in Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (ASC 946) and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP), including, but not limited to, ASC 946. | The fund follows the accounting and reporting guidance in Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (ASC 946) and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP), including, but not limited to, ASC 946. |
| ***<sup>(a)</sup>*** | Percentages indicated are based on net assets of $325,802,557. | Percentages indicated are based on net assets of $325,802,557. | Percentages indicated are based on net assets of $325,802,557. |
| ***<sup>(RAT)</sup>*** | The Moody's, Standard & Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer. | The Moody's, Standard & Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer. | The Moody's, Standard & Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer. |
| ***<sup>(NON)</sup>*** | This security is non-income-producing. | This security is non-income-producing. | This security is non-income-producing. |
| ***<sup>(STP)</sup>*** | The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate. | The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate. | The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate. |
| ***<sup>(AFF)</sup>*** | Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Name of affiliate** | **Fair value<br>as of<br>4/30/24** | **Shares outstanding<br>and fair<br>value as of<br>1/31/25** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Short-term investments** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Putnam Short Term Investment Fund Class P‡ | $121674 | $15728545 |
|  | **Total Short-term investments** | **$121674** | **$15728545** |
|  | ‡ Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management and Franklin Advisers, as applicable. There were no realized or unrealized gains or losses during the period. | ‡ Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management and Franklin Advisers, as applicable. There were no realized or unrealized gains or losses during the period. | ‡ Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management and Franklin Advisers, as applicable. There were no realized or unrealized gains or losses during the period. |
| ***<sup>(SEG)</sup>*** | This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $290,685. | This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $290,685. | This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $290,685. |
| ***<sup>(FWC)</sup>*** | Forward commitment, in part or in entirety. | Forward commitment, in part or in entirety. | Forward commitment, in part or in entirety. |
| ***<sup>(F)</sup>*** | This security is valued by Franklikn Advisers at fair value following procedures approved by the Trustees. Securities are classified as Level 3 for ASC 820 based on the securities' valuation inputs. | This security is valued by Franklikn Advisers at fair value following procedures approved by the Trustees. Securities are classified as Level 3 for ASC 820 based on the securities' valuation inputs. | This security is valued by Franklikn Advisers at fair value following procedures approved by the Trustees. Securities are classified as Level 3 for ASC 820 based on the securities' valuation inputs. |
| ***<sup>(T)</sup>*** | Underlying security in a tender option bond transaction. This security has been segregated as collateral for financing transactions. | Underlying security in a tender option bond transaction. This security has been segregated as collateral for financing transactions. | Underlying security in a tender option bond transaction. This security has been segregated as collateral for financing transactions. |
|  | Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. | Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. | Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. |
|  | 144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | 144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | 144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
|  | On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown represent the next mandatory put dates. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index, US Secured Overnight Financing Rate (SOFR), Chicago Mercantile Exchange (CME) Term SOFR 3 Month or CME Term SOFR 6 Month rates, which were 2.25%, 4.38%, 4.30%, and 4.25%, respectively, as of the close of the reporting period. | On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown represent the next mandatory put dates. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index, US Secured Overnight Financing Rate (SOFR), Chicago Mercantile Exchange (CME) Term SOFR 3 Month or CME Term SOFR 6 Month rates, which were 2.25%, 4.38%, 4.30%, and 4.25%, respectively, as of the close of the reporting period. | On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown represent the next mandatory put dates. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index, US Secured Overnight Financing Rate (SOFR), Chicago Mercantile Exchange (CME) Term SOFR 3 Month or CME Term SOFR 6 Month rates, which were 2.25%, 4.38%, 4.30%, and 4.25%, respectively, as of the close of the reporting period. |
|  | The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates. | The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates. | The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates. |
|  | The dates shown on debt obligations are the original maturity dates. | The dates shown on debt obligations are the original maturity dates. | The dates shown on debt obligations are the original maturity dates. |
|  | The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets): | The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets): | The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets): |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Transportation | 32.1% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | 25.1 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Education | 23.1 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Housing | 13.1 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;State debt | 13.0 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 10.2 |  |
|  | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees (Trustees). The Trustees have formed a Pricing Committee to oversee the implementation of these procedures. Under compliance policies and procedures approved by the Trustees, the Trustees have designated the fund's investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the fund's administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC). The VC is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Trustees. | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees (Trustees). The Trustees have formed a Pricing Committee to oversee the implementation of these procedures. Under compliance policies and procedures approved by the Trustees, the Trustees have designated the fund's investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the fund's administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC). The VC is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Trustees. | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees (Trustees). The Trustees have formed a Pricing Committee to oversee the implementation of these procedures. Under compliance policies and procedures approved by the Trustees, the Trustees have designated the fund's investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the fund's administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC). The VC is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Trustees. |
|  | Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2. | Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2. | Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2. |
|  | Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by the fund's investment manager. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. | Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by the fund's investment manager. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. | Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by the fund's investment manager. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. |
|  | Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. |
|  | To the extent a pricing service or dealer is unable to value a security or provides a valuation that the fund's investment manager does not believe accurately reflects the security's fair value, the security will be valued at fair value by the fund's investment manager, which has been designated as valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. | To the extent a pricing service or dealer is unable to value a security or provides a valuation that the fund's investment manager does not believe accurately reflects the security's fair value, the security will be valued at fair value by the fund's investment manager, which has been designated as valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. | To the extent a pricing service or dealer is unable to value a security or provides a valuation that the fund's investment manager does not believe accurately reflects the security's fair value, the security will be valued at fair value by the fund's investment manager, which has been designated as valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. |
|  | To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. |
|  | **Master agreements:** The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund's portfolio. | **Master agreements:** The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund's portfolio. | **Master agreements:** The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund's portfolio. |
|  | Collateral pledged by the fund is segregated by the fund's custodian and identified in the fund's portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund's net position with each counterparty. | Collateral pledged by the fund is segregated by the fund's custodian and identified in the fund's portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund's net position with each counterparty. | Collateral pledged by the fund is segregated by the fund's custodian and identified in the fund's portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund's net position with each counterparty. |
|  | With respect to ISDA Master Agreements, termination events applicable to the fund may occur upon a decline in the fund's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term or short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund's counterparties to elect early termination could impact the fund's future derivative activity. | With respect to ISDA Master Agreements, termination events applicable to the fund may occur upon a decline in the fund's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term or short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund's counterparties to elect early termination could impact the fund's future derivative activity. | With respect to ISDA Master Agreements, termination events applicable to the fund may occur upon a decline in the fund's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term or short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund's counterparties to elect early termination could impact the fund's future derivative activity. |
|  | At the close of the reporting period, the fund did not have a net liability position on open derivative contracts subject to the Master Agreements. | At the close of the reporting period, the fund did not have a net liability position on open derivative contracts subject to the Master Agreements. | At the close of the reporting period, the fund did not have a net liability position on open derivative contracts subject to the Master Agreements. |
|  | **Tender option bond transactions:** The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the TOB trust's assets and cash flows, which are in the form of inverse floating rate bonds. The inverse floating rate bonds held by the fund give the fund the right to (1) cause the holders of the floating rate bonds to tender their notes at par, and (2) to have the fixed-rate bond held by the TOB trust transferred to the fund, causing the TOB trust to collapse. The fund accounts for the transfer of the fixed-rate bond to the TOB trust as a secured borrowing by including the fixed-rate bond in The fund's portfolio and including the floating rate bond as a liability in the Statement of assets and liabilities. At the close of the reporting period, the fund's investments with a value of $20,668,470 were held by the TOB trust and served as collateral for $13,391,557 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $263,966 for these investments based on an average interest rate of 3.37%. | **Tender option bond transactions:** The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the TOB trust's assets and cash flows, which are in the form of inverse floating rate bonds. The inverse floating rate bonds held by the fund give the fund the right to (1) cause the holders of the floating rate bonds to tender their notes at par, and (2) to have the fixed-rate bond held by the TOB trust transferred to the fund, causing the TOB trust to collapse. The fund accounts for the transfer of the fixed-rate bond to the TOB trust as a secured borrowing by including the fixed-rate bond in The fund's portfolio and including the floating rate bond as a liability in the Statement of assets and liabilities. At the close of the reporting period, the fund's investments with a value of $20,668,470 were held by the TOB trust and served as collateral for $13,391,557 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $263,966 for these investments based on an average interest rate of 3.37%. | **Tender option bond transactions:** The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the TOB trust's assets and cash flows, which are in the form of inverse floating rate bonds. The inverse floating rate bonds held by the fund give the fund the right to (1) cause the holders of the floating rate bonds to tender their notes at par, and (2) to have the fixed-rate bond held by the TOB trust transferred to the fund, causing the TOB trust to collapse. The fund accounts for the transfer of the fixed-rate bond to the TOB trust as a secured borrowing by including the fixed-rate bond in The fund's portfolio and including the floating rate bond as a liability in the Statement of assets and liabilities. At the close of the reporting period, the fund's investments with a value of $20,668,470 were held by the TOB trust and served as collateral for $13,391,557 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $263,966 for these investments based on an average interest rate of 3.37%. |

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| | | | |
|:---|:---|:---|:---|
| ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: |
| &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. |
| &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. |
| &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. |
| The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: |
|  | **Valuation inputs** | **Valuation inputs** | **Valuation inputs** |
| **Investments in securities:** | **Level 1** | **Level 2** | **Level 3** |
| Municipal bonds and notes | $— | $464785511 | $499993 |
| Short-term investments |  | 16125564 |  |
| **Totals by level** | **$—** | **$480911075** | **$499993** |
|  | **Valuation inputs** | **Valuation inputs** | **Valuation inputs** |
| **Other financial instruments:** | **Level 1** | **Level 2** | **Level 3** |
| Futures contracts | $339578 | $— | $— |
| **Totals by level** | **$339578** | **$—** | **$—** |
| At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio. | At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio. | At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio. | At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio. |
| For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnam.com | For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnam.com | For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnam.com | For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnam.com |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

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

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

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

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

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

- **a. Date of fiscal year-end:** 2025-04-30

- **b. Date as of which information is reported:** 2025-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $488350348.59

**Total Liabilities:** $162577310.66

**Net Assets:** $325773037.93

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 814.5 | **1-Year:** 11025.22 | **5-Year:** 60572.86 | **10-Year:** 173798.41 | **30-Year:** 79549.93

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

- **3-Month:** 389.71 | **1-Year:** 2101.46 | **5-Year:** 9088.79 | **10-Year:** 23864.61 | **30-Year:** 8401.02

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 4.49%                | -6.49%               | 3.96%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-143206.91              | $-43876.87                                 |
| Month 2  | $-235629.92              | $-9845204.46                               |
| Month 3  | $80376.57                | $8306274.38                                |

### Schedule of Portfolio Investments

| Name                                                                                     | Title                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SALT VERDE FINANCIAL CORP                                                                | FX.RT. MUNI BOND        | CUSIP: 79575EAQ1<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1451402.42   | 0.45%             | 2029-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MATAGORDA COUNTY NAVIGATION DISTRICT NO 1                                                | FX.RT. MUNI BOND        | CUSIP: 576528CY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1572663.30   | 0.48%             | 2030-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74443CAB9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200133.36    | 0.06%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITY OF SANTA FE NM                                                                      | FX.RT. MUNI BOND        | CUSIP: 802170AJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1460108.77   | 0.45%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORP                                 | FX.RT. MUNI BOND        | CUSIP: 414009FA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $788177.28    | 0.24%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORP                                 | FX.RT. MUNI BOND        | CUSIP: 414009FB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1397460.00   | 0.43%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE REGIONAL AIRPORT AUTHORITY                                                    | FX.RT. MUNI BOND        | CUSIP: 546850CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $385285.94    | 0.12%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST OVERTOWN PARK WEST COMMUNITY REDEVELOPMENT AGENCY                              | FX.RT. MUNI BOND        | CUSIP: 841466AK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $360458.39    | 0.11%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND        | CUSIP: 45203HV41<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1026119.92   | 0.31%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FINANCING CORP/RI                                                     | FX.RT. MUNI BOND        | CUSIP: 888809BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2751587.30   | 0.84%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEASTERN OHIO PORT AUTHORITY                                                         | FX.RT. MUNI BOND        | CUSIP: 841895AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $114186.46    | 0.04%             | 2043-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PHOENIX ARIZONA/THE                      | FX.RT. MUNI BOND        | CUSIP: 71885FDN4<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002634.20   | 0.31%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOVE FIELD AIRPORT                                                                       | FX.RT. MUNI BOND        | CUSIP: 54714CAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006282.00   | 0.31%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY                                                 | FX.RT. MUNI BOND        | CUSIP: 57584XCF6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000532.30   | 0.31%             | 2033-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HALIFAX HOSPITAL MEDICAL CENTER                                                          | FX.RT. MUNI BOND        | CUSIP: 405815LG4<br>LEI: 549300H6HDJUXLEMUW23 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2272270.28   | 0.70%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 56681NAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $755653.88    | 0.23%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF MONTGOMERY OH                                                                  | FX.RT. MUNI BOND        | CUSIP: 613520LA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2748142.20   | 0.84%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TARRANT COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORP                                | FX.RT. MUNI BOND        | CUSIP: 87638RGZ4<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007938.80   | 0.62%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP                                                 | FX.RT. MUNI BOND        | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499826.60    | 0.15%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOSPITAL FACILITIES AUTHORITY OF MULTNOMAH COUNTY OREGON                                 | FX.RT. MUNI BOND        | CUSIP: 62551PCW5<br>LEI: 549300GAP0JIG7V33754 | Long             | DBT              | MUN               | US        |    650000 | PA      | $648805.56    | 0.20%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 56681NAS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $352342.76    | 0.11%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND COUNTY MUNICIPAL AUTHORITY                                                    | FX.RT. MUNI BOND        | CUSIP: 230614LC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005795.00   | 0.31%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND COUNTY MUNICIPAL AUTHORITY                                                    | FX.RT. MUNI BOND        | CUSIP: 230614LD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201123.46    | 0.06%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON HIGHER EDUCATION FINANCE CORP                                                  | FX.RT. MUNI BOND        | CUSIP: 041806HJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505846.20    | 0.16%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS PORT AUTHORITY                                                             | FX.RT. MUNI BOND        | CUSIP: 575896RS6<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2312324.75   | 0.71%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA STATE UNIVERSITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 04048RQM1<br>LEI: 254900BLZ1MCZ5JLK411 | Long             | DBT              | MUN               | US        |   3625000 | PA      | $3673321.25   | 1.13%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON HIGHER EDUCATION FINANCE CORP                                                    | FX.RT. MUNI BOND        | CUSIP: 187145GE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $307258.29    | 0.09%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND        | CUSIP: 45204ELG1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500607.85    | 0.15%             | 2034-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACILITIES AUTHORITY                                                     | FX.RT. MUNI BOND        | CUSIP: 19648FAZ7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    550000 | PA      | $552552.28    | 0.17%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK COUNTIES TOBACCO TRUST VI                                                       | FX.RT. MUNI BOND        | CUSIP: 64945JAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $923080.00    | 0.28%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORP                                 | FX.RT. MUNI BOND        | CUSIP: 414009LD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012673.40   | 0.31%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALEM HOSPITAL FACILITY AUTHORITY                                                        | FX.RT. MUNI BOND        | CUSIP: 794458ED7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1529651.10   | 0.47%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE HEALTH AND EDUCATION FACILITIES AUTHORITY ACT                              | FX.RT. MUNI BOND        | CUSIP: 6446147E3<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2531036.75   | 0.78%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE HEALTH AND EDUCATION FACILITIES AUTHORITY ACT                              | FX.RT. MUNI BOND        | CUSIP: 6446148D4<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504398.20    | 0.15%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74443UAZ6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252548.23    | 0.08%             | 2037-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 04052BCS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $504819.22    | 0.15%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN-BERGSTROM LANDHOST ENTERPRISES INC                                                | FX.RT. MUNI BOND        | CUSIP: 052193AV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1059973.91   | 0.33%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN-BERGSTROM LANDHOST ENTERPRISES INC                                                | FX.RT. MUNI BOND        | CUSIP: 052193AU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $538329.85    | 0.17%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF EDUCATION                                                               | FX.RT. MUNI BOND        | CUSIP: 167505TJ5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503444.80    | 0.15%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSPORTATION AUTHORITY                                                    | FX.RT. MUNI BOND        | CUSIP: 59261AQH3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007670.90   | 0.31%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STATE OF ILLINOIS                                                                        | FX.RT. MUNI BOND        | CUSIP: 452152T27<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5750000 | PA      | $6004775.60   | 1.84%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND        | CUSIP: 45203KAP0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001439.00   | 0.61%             | 2047-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND        | CUSIP: 45203KAN5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010397.70   | 0.31%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARBOR POINT INFRASTRUCTURE IMPROVEMENT DISTRICT                                         | FX.RT. MUNI BOND        | CUSIP: 41154VAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2011229.00   | 0.62%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTHORITY OF NEW YORK  AND  NEW JERSEY                                              | FX.RT. MUNI BOND        | CUSIP: 73358WR97<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2925000 | PA      | $3036035.93   | 0.93%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA AUTHORITY FOR INDUSTRIAL DEVELOPMENT                                        | FX.RT. MUNI BOND        | CUSIP: 717908AL1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1328551.70   | 0.41%             | 2047-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STATE OF ILLINOIS                                                                        | FX.RT. MUNI BOND        | CUSIP: 452152Y39<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1554543.00   | 0.48%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND PARKWAY TRANSPORTATION CORP                                                        | FX.RT. MUNI BOND        | CUSIP: 38611TBR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3596145.00   | 1.10%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CUYAHOGA COUNTY PORT AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 18610PAW8<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503383.20    | 0.15%             | 2053-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HAMMOND MULTI-SCHOOL BUILDING CORP                                                       | FX.RT. MUNI BOND        | CUSIP: 408395SD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1807342.25   | 0.55%             | 2038-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY                                  | FX.RT. MUNI BOND        | CUSIP: 97712DM86<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3018105.30   | 0.93%             | 2035-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF GAITHERSBURG MD                                                                  | FX.RT. MUNI BOND        | CUSIP: 363128CU1<br>LEI: 549300UFHDHDCHDE0F65 | Long             | DBT              | MUN               | US        |    450000 | PA      | $457653.56    | 0.14%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KING COUNTY PUBLIC HOSPITAL DISTRICT NO 1                                                | FX.RT. MUNI BOND        | CUSIP: 494782LE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2365000 | PA      | $2445177.05   | 0.75%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO O'HARE INTERNATIONAL AIRPORT                                                     | FX.RT. MUNI BOND        | CUSIP: 167593K92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $310325.82    | 0.10%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO O'HARE INTERNATIONAL AIRPORT                                                     | FX.RT. MUNI BOND        | CUSIP: 167593L26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103134.00    | 0.03%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74442EEG1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1529932.96   | 0.47%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER COUNTY HOSPITAL AUTHORITY/PA                                                   | FX.RT. MUNI BOND        | CUSIP: 51404PAJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $941948.20    | 0.29%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY INDUSTRIAL DEVELOPMENT AUTHORITY                                             | FX.RT. MUNI BOND        | CUSIP: 48504NAX7<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   5925000 | PA      | $6148492.78   | 1.89%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY INDUSTRIAL DEVELOPMENT AUTHORITY                                             | FX.RT. MUNI BOND        | CUSIP: 48504NBC2<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3186646.47   | 0.98%             | 2046-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF PALM BEACH FL                                                                  | FX.RT. MUNI BOND        | CUSIP: 696547GJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1550947.68   | 0.48%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA HIGHER EDUCATIONAL FACILITIES FINANCIAL AUTHORITY                                | FX.RT. MUNI BOND        | CUSIP: 34073TLN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1191620.25   | 0.37%             | 2044-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PINELLAS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 72316VAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502921.50    | 0.15%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA INDUSTRIAL DEVELOPMENT  AND  EXPORT AUTHORITY                                     | FX.RT. MUNI BOND        | CUSIP: 011903GK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6050000 | PA      | $5645622.84   | 1.73%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SANTA FE NM                                                                      | FX.RT. MUNI BOND        | CUSIP: 802170AP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $978280.29    | 0.30%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTHORITY OF NEW YORK  AND  NEW JERSEY                                              | FX.RT. MUNI BOND        | CUSIP: 73358W4C5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2980000 | PA      | $3059119.00   | 0.94%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND        | CUSIP: 59447TXH1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   3845000 | PA      | $3532353.44   | 1.08%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN PIER  AND  EXPOSITION AUTHORITY                                             | FX.RT. MUNI BOND        | CUSIP: 592250DN1<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $881243.50    | 0.27%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASHINGTON AIRPORTS AUTHORITY DULLES TOLL ROAD REVENUE                      | FX.RT. MUNI BOND        | CUSIP: 592643DJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1154704.80   | 0.35%             | 2053-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA HIGHER EDUCATIONAL FACILITIES FINANCIAL AUTHORITY                                | FX.RT. MUNI BOND        | CUSIP: 34073TNA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $727139.44    | 0.22%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SPARKS NV                                                                        | FX.RT. MUNI BOND        | CUSIP: 846562AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $601168.59    | 0.18%             | 2028-06-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| VOLUSIA COUNTY EDUCATIONAL FACILITY AUTHORITY                                            | FX.RT. MUNI BOND        | CUSIP: 928836NC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $599552.52    | 0.18%             | 2039-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP                                                            | FX.RT. MUNI BOND        | CUSIP: 79467BCX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1167259.28   | 0.36%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY                                  | FX.RT. MUNI BOND        | CUSIP: 97712D5Q5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $988501.50    | 0.30%             | 2050-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74439YDR9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    700000 | PA      | $638256.99    | 0.20%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74439YDP3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $489783.20    | 0.15%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74439YDQ1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    600000 | PA      | $571049.22    | 0.18%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74439YDM0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    435000 | PA      | $432405.53    | 0.13%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74439YDH1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300725.61    | 0.09%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER COUNTY HOSPITAL AUTHORITY/PA                                                   | FX.RT. MUNI BOND        | CUSIP: 514045V59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $456845.10    | 0.14%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER COUNTY HOSPITAL AUTHORITY/PA                                                   | FX.RT. MUNI BOND        | CUSIP: 514045V75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $420785.90    | 0.13%             | 2050-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL TEXAS TURNPIKE SYSTEM                                                            | FX.RT. MUNI BOND        | CUSIP: 88283KBJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2825000 | PA      | $2430196.93   | 0.75%             | 2040-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE TOBACCO SETTLEMENT FINANCING AUTHORITY                                           | FX.RT. MUNI BOND        | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2265000 | PA      | $2040464.21   | 0.63%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE TOBACCO SETTLEMENT FINANCING AUTHORITY                                           | FX.RT. MUNI BOND        | CUSIP: 118217CW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3560000 | PA      | $2645918.02   | 0.81%             | 2048-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS COUNTY HOSPITAL FACILITY AUTHORITY                                             | FX.RT. MUNI BOND        | CUSIP: 179027YM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997113.70    | 0.31%             | 2050-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PONTIAC SCHOOL DISTRICT                                                                  | FX.RT. MUNI BOND        | CUSIP: 732538HL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4977000 | PA      | $4786530.21   | 1.47%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PONTIAC SCHOOL DISTRICT                                                                  | FX.RT. MUNI BOND        | CUSIP: 732538HK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4424000 | PA      | $4398650.48   | 1.35%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MEDICAL CARE COMMISSION                                                   | FX.RT. MUNI BOND        | CUSIP: 65820YRR9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $498689.25    | 0.15%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP                                                 | FX.RT. MUNI BOND        | CUSIP: 650116CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2058029.00   | 0.63%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE COMMUNITY DEVELOPMENT DISTRICT NO 13                                             | FX.RT. MUNI BOND        | CUSIP: 92708HAH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2146081.68   | 0.66%             | 2035-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY INDUSTRIAL DEVELOPMENT AUTHORITY                                             | FX.RT. MUNI BOND        | CUSIP: 48504NCL1<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   8980000 | PA      | $9096218.26   | 2.79%             | 2057-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                                     | FX.RT. MUNI BOND        | CUSIP: 25483VXQ2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1496566.50   | 0.46%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                                     | FX.RT. MUNI BOND        | CUSIP: 25483VXR0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1431293.10   | 0.44%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                                     | FX.RT. MUNI BOND        | CUSIP: 25483VXU3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002640.00   | 0.61%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STERLING RANCH COMMUNITY AUTHORITY BOARD                                                 | FX.RT. MUNI BOND        | CUSIP: 85950NAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $500323.95    | 0.15%             | 2050-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| STATE OF HAWAII HARBOR SYSTEM REVENUE                                                    | FX.RT. MUNI BOND        | CUSIP: 41981THE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1628668.60   | 0.50%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| REGIONAL TRANSPORTATION DISTRICT                                                         | FX.RT. MUNI BOND        | CUSIP: 759151BT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $754691.88    | 0.23%             | 2037-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ECONOMIC DEVELOPMENT CORP                                                       | FX.RT. MUNI BOND        | CUSIP: 57420VRN5<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1221176.12   | 0.37%             | 2050-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 63607YAN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2196424.36   | 0.67%             | 2055-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 63607YAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $969682.47    | 0.30%             | 2040-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 63607YAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1062107.39   | 0.33%             | 2046-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY HOUSING DEVELOPMENT CORP                                                   | FX.RT. MUNI BOND        | CUSIP: 64972ETV1<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1322224.20   | 0.41%             | 2060-11-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY HOUSING DEVELOPMENT CORP                                                   | FX.RT. MUNI BOND        | CUSIP: 64972ETS8<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2025000 | PA      | $1418057.69   | 0.44%             | 2045-11-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                                    | FX.RT. MUNI BOND        | CUSIP: 126292AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2835000 | PA      | $2466887.72   | 0.76%             | 2056-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                                        | FX.RT. MUNI BOND        | CUSIP: 13033DAE5<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   1976680 | PA      | $1890579.16   | 0.58%             | 2035-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY HOUSING AGENCY                                                      | FX.RT. MUNI BOND        | CUSIP: 13013FAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $472940.05    | 0.15%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF LINCOLN SD                                                                     | FX.RT. MUNI BOND        | CUSIP: 53340EAB3<br>LEI: 549300USXDZ5FGJLUV88 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1639246.60   | 0.50%             | 2051-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                              | FX.RT. MUNI BOND        | CUSIP: 93978TS59<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2555171 | PA      | $2388280.56   | 0.73%             | 2035-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| COUNTY OF LINCOLN SD                                                                     | FX.RT. MUNI BOND        | CUSIP: 53340EAD9<br>LEI: 549300USXDZ5FGJLUV88 | Long             | DBT              | MUN               | US        |   2355000 | PA      | $1841172.68   | 0.57%             | 2061-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MEDICAL CARE COMMISSION                                                   | FX.RT. MUNI BOND        | CUSIP: 65821DYG0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1912422.38   | 0.59%             | 2051-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY                                             | FX.RT. MUNI BOND        | CUSIP: 59465PBA5<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $976581.15    | 0.30%             | 2059-10-01      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY/PA                                    | FX.RT. MUNI BOND        | CUSIP: 613609K96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $424829.43    | 0.13%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY                                  | FX.RT. MUNI BOND        | CUSIP: 97712D8S8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   4865000 | PA      | $4693153.61   | 1.44%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA                                                  | FX.RT. MUNI BOND        | CUSIP: 62620HAW2<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    500000 | PA      | $453993.35    | 0.14%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA                                                  | FX.RT. MUNI BOND        | CUSIP: 6262077J7<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    650000 | PA      | $653916.38    | 0.20%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN PIER  AND  EXPOSITION AUTHORITY                                             | FX.RT. MUNI BOND        | CUSIP: 592250EX8<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4504433.00   | 1.38%             | 2047-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UPTOWN DEVELOPMENT AUTHORITY                                                             | FX.RT. MUNI BOND        | CUSIP: 916856HS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $570361.13    | 0.18%             | 2039-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UPTOWN DEVELOPMENT AUTHORITY                                                             | FX.RT. MUNI BOND        | CUSIP: 916856HT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $580657.65    | 0.18%             | 2040-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LAS VEGAS NV SPECIAL IMPROVEMENT DISTRICT NO 816                                 | FX.RT. MUNI BOND        | CUSIP: 51779AAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1356962.60   | 0.42%             | 2041-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                                    | FX.RT. MUNI BOND        | CUSIP: 126292AW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1329297.19   | 0.41%             | 2057-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY COUNTY AIRPORT AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 01728LEY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3480000 | PA      | $3684593.38   | 1.13%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY COUNTY AIRPORT AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 01728LFH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $698323.20    | 0.21%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 04052BQU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $677702.38    | 0.21%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IOWA FINANCE AUTHORITY                                                                   | FX.RT. MUNI BOND        | CUSIP: 46247SBM5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1761225.40   | 0.54%             | 2046-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GAINESVILLE  AND  HALL COUNTY HOSPITAL AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 362762QQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2330000 | PA      | $1749637.54   | 0.54%             | 2051-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SILVER CREEK SCHOOL BUILDING CORP                                                        | FX.RT. MUNI BOND        | CUSIP: 827555BX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1344051.68   | 0.41%             | 2042-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTURE TAX SECURED REVENUE                  | FX.RT. MUNI BOND        | CUSIP: 64971XG51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5875000 | PA      | $4478353.29   | 1.37%             | 2048-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                                   | FX.RT. MUNI BOND        | CUSIP: 13048VXK9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2367727.74   | 0.73%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TANGIPAHOA PARISH HOSPITAL SERVICE DISTRICT NO 1                                         | FX.RT. MUNI BOND        | CUSIP: 875518FC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1161012.63   | 0.36%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEVELOPMENT FINANCE CORP                                                         | FX.RT. MUNI BOND        | CUSIP: 34061UHZ4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $426465.55    | 0.13%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74445QDX5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $698865.10    | 0.21%             | 2056-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74445QDW7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $541654.13    | 0.17%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES CA COMMUNITY FACILITIES DISTRICT                                     | FX.RT. MUNI BOND        | CUSIP: 544386DW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $962496.30    | 0.30%             | 2038-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 04052FCS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2855000 | PA      | $2642360.74   | 0.81%             | 2046-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EMPIRE STATE DEVELOPMENT CORP                                                            | FX.RT. MUNI BOND        | CUSIP: 64985TCX7<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $805395.00    | 0.25%             | 2050-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 63609XAQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $842000.40    | 0.26%             | 2037-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 63609XAT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1004342.98   | 0.31%             | 2040-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIBERTY DEVELOPMENT CORP                                                        | FX.RT. MUNI BOND        | CUSIP: 649519EN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2335000 | PA      | $1747152.08   | 0.54%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FINANCING AUTHORITY                                              | FX.RT. MUNI BOND        | CUSIP: 928104NU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $626942.42    | 0.19%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEVELOPMENT FINANCE CORP                                                         | FX.RT. MUNI BOND        | CUSIP: 34061QBU0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1467873.45   | 0.45%             | 2052-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FINANCING AUTHORITY                                              | FX.RT. MUNI BOND        | CUSIP: 928104NX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $725774.48    | 0.22%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND        | CUSIP: 594479HP5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    745000 | PA      | $635981.54    | 0.20%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PAULDING COUNTY HOSPITAL AUTHORITY/GA                                                    | FX.RT. MUNI BOND        | CUSIP: 703596EG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1482480.72   | 0.46%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEVELOPMENT FINANCE CORP                                                         | FX.RT. MUNI BOND        | CUSIP: 34061UJT6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1299722.58   | 0.40%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEVELOPMENT FINANCE CORP                                                         | FX.RT. MUNI BOND        | CUSIP: 34061UJU3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    680000 | PA      | $672475.53    | 0.21%             | 2057-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEVELOPMENT FINANCE CORP                                                         | FX.RT. MUNI BOND        | CUSIP: 34061UJS8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    460000 | PA      | $468858.91    | 0.14%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIBERTY DEVELOPMENT CORP                                                        | FX.RT. MUNI BOND        | CUSIP: 649519EH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2622645.55   | 0.81%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74447DAD9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    700000 | PA      | $708249.22    | 0.22%             | 2062-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74447DAC1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015460.00   | 0.31%             | 2052-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                                     | FX.RT. MUNI BOND        | CUSIP: 25483VA46<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1553083.51   | 0.48%             | 2036-02-29      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                                     | FX.RT. MUNI BOND        | CUSIP: 25483VA61<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1705894.95   | 0.52%             | 2037-02-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGENCY                                                               | FX.RT. MUNI BOND        | CUSIP: 917467CH3<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1251074.40   | 0.38%             | 2037-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO HIGHER EDUCATIONAL FACILITY COMMISSION                                              | FX.RT. MUNI BOND        | CUSIP: 677510CX5<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2854829.73   | 0.88%             | 2047-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITY OF LONG BEACH CA AIRPORT SYSTEM REVENUE                                             | FX.RT. MUNI BOND        | CUSIP: 542403DQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $788978.18    | 0.24%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LONG BEACH CA AIRPORT SYSTEM REVENUE                                             | FX.RT. MUNI BOND        | CUSIP: 542403DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1319134.75   | 0.40%             | 2047-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITY  AND  COUNTY OF DENVER CO AIRPORT SYSTEM REVENUE                                    | FX.RT. MUNI BOND        | CUSIP: 249182QP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1667920.20   | 0.51%             | 2038-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITY  AND  COUNTY OF DENVER CO AIRPORT SYSTEM REVENUE                                    | FX.RT. MUNI BOND        | CUSIP: 249182QN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1095587.14   | 0.34%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY  AND  COUNTY OF DENVER CO AIRPORT SYSTEM REVENUE                                    | FX.RT. MUNI BOND        | CUSIP: 249182QL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1689918.90   | 0.52%             | 2035-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH BRIDGE  AND  TUNNEL AUTHORITY SALES TAX REVENUE                               | FX.RT. MUNI BOND        | CUSIP: 896035BE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4688824.36   | 1.44%             | 2057-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA                                                                       | FX.RT. MUNI BOND        | CUSIP: 735389V62<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055201.80   | 0.32%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY                                  | FX.RT. MUNI BOND        | CUSIP: 97712D8N9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3028575.00   | 0.93%             | 2037-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY TRANSPORTATION AUTHORITY                                                    | FX.RT. MUNI BOND        | CUSIP: 838536MR8<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059694.40   | 0.33%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF PIMA/THE                               | FX.RT. MUNI BOND        | CUSIP: 72178AAJ1<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    350000 | PA      | $378335.48    | 0.12%             | 2057-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF PIMA/THE                               | FX.RT. MUNI BOND        | CUSIP: 72178AAF9<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1884116.68   | 0.58%             | 2035-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF MASSACHUSETTS                                                            | FX.RT. MUNI BOND        | CUSIP: 57582RY59<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6825245.70   | 2.10%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN NASHVILLE AIRPORT AUTHORITY/THE                                             | FX.RT. MUNI BOND        | CUSIP: 592190QX3<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1217367.45   | 0.37%             | 2042-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BUCKS COUNTY WATER AND SEWER AUTHORITY                                                   | FX.RT. MUNI BOND        | CUSIP: 118683JZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2175000 | PA      | $2360510.10   | 0.72%             | 2047-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO IL                                                                       | FX.RT. MUNI BOND        | CUSIP: 167486N96<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2614760.75   | 0.80%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY                                    | FX.RT. MUNI BOND        | CUSIP: 70868YAZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1457529.12   | 0.45%             | 2062-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA                                                  | FX.RT. MUNI BOND        | CUSIP: 62620HHN5<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1568166.00   | 0.48%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA                                                  | FX.RT. MUNI BOND        | CUSIP: 62620HGQ9<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1766354.06   | 0.54%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY OF THE STATE OF MISSOURI                   | FX.RT. MUNI BOND        | CUSIP: 60636AWD1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $919884.08    | 0.28%             | 2043-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY                                                               | FX.RT. MUNI BOND        | CUSIP: 45203NAV1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2661663.50   | 0.82%             | 2053-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY OF THE STATE OF MISSOURI                   | FX.RT. MUNI BOND        | CUSIP: 60636AVW0<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1085000 | PA      | $979193.95    | 0.30%             | 2034-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE COMMUNITY DEVELOPMENT DISTRICT NO 15                                             | FX.RT. MUNI BOND        | CUSIP: 92708KAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023377.50   | 0.31%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY OF THE STATE OF MISSOURI                   | FX.RT. MUNI BOND        | CUSIP: 60636AWS8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1517337.51   | 0.47%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS PUBLIC FINANCE AUTHORITY                                                           | FX.RT. MUNI BOND        | CUSIP: 88277PBB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $429536.20    | 0.13%             | 2040-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEXAS PUBLIC FINANCE AUTHORITY                                                           | FX.RT. MUNI BOND        | CUSIP: 88277PBC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $427255.64    | 0.13%             | 2041-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEXAS PUBLIC FINANCE AUTHORITY                                                           | FX.RT. MUNI BOND        | CUSIP: 88277PBD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $425582.32    | 0.13%             | 2042-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY OF THE STATE OF MISSOURI                   | FX.RT. MUNI BOND        | CUSIP: 60636AWA7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1494886.58   | 0.46%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 63607WAN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1769709 | PA      | $1685936.57   | 0.52%             | 2038-01-20      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                              | FX.RT. MUNI BOND        | CUSIP: 939783Q66<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2030000 | PA      | $2115363.94   | 0.65%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO O'HARE INTERNATIONAL AIRPORT                                                     | FX.RT. MUNI BOND        | CUSIP: 1675934D1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $2156974.76   | 0.66%             | 2041-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO O'HARE INTERNATIONAL AIRPORT                                                     | FX.RT. MUNI BOND        | CUSIP: 1675934E9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1614318.07   | 0.50%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                              | FX.RT. MUNI BOND        | CUSIP: 93978T4M8<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2573114 | PA      | $2314708.46   | 0.71%             | 2037-04-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| TEXAS WATER DEVELOPMENT BOARD                                                            | FX.RT. MUNI BOND        | CUSIP: 88285ADS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3140125.80   | 0.96%             | 2048-10-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY COUNTY AIRPORT AUTHORITY                                                       | FX.RT. MUNI BOND        | CUSIP: 01728LHD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5371873.00   | 1.65%             | 2048-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY  AND  COUNTY AIRPORT COMM-SAN FRANCISCO INTERNATIONAL AIRPORT         | FX.RT. MUNI BOND        | CUSIP: 79766DVT3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   5765000 | PA      | $6433270.73   | 1.97%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES WATER AUTHORITY SEWAGE DISPOSAL SYSTEM REVENUE                               | FX.RT. MUNI BOND        | CUSIP: 39081HFF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1493388.74   | 0.46%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES WATER AUTHORITY SEWAGE DISPOSAL SYSTEM REVENUE                               | FX.RT. MUNI BOND        | CUSIP: 39081HFG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1838675.29   | 0.56%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP                                                 | FX.RT. MUNI BOND        | CUSIP: 650116GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2584089.60   | 0.79%             | 2054-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO MIDWAY INTERNATIONAL AIRPORT                                                     | FX.RT. MUNI BOND        | CUSIP: 167562TL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2375561.70   | 0.73%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KNOX COUNTY HEALTH EDUCATIONAL  AND  HOUSING FACILITY BOARD                              | FX.RT. MUNI BOND        | CUSIP: 499526AU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3415000 | PA      | $3499766.11   | 1.07%             | 2064-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ONEIDA INDIAN NATION OF NEW YORK                                                         | FX.RT. MUNI BOND        | CUSIP: 682504AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $518147.05    | 0.16%             | 2043-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MEDICAL CARE COMMISSION                                                   | FX.RT. MUNI BOND        | CUSIP: 65820YSW7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    505000 | PA      | $522595.72    | 0.16%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MEDICAL CARE COMMISSION                                                   | FX.RT. MUNI BOND        | CUSIP: 65820YSX5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511332.25    | 0.16%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSPORTATION AUTHORITY                                                    | FX.RT. MUNI BOND        | CUSIP: 59261A2J5<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2143790.40   | 0.66%             | 2049-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSPORTATION AUTHORITY                                                    | FX.RT. MUNI BOND        | CUSIP: 59261A2G1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6589702.20   | 2.02%             | 2047-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | FX.RT. MUNI BOND        | CUSIP: 74448FAA9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1786510.95   | 0.55%             | 2036-04-28      | Fixed         | 6.81%                 | No            |                  2 | On Loan: No      |
| BLACK DESERT PUBLIC INFRASTRUCTURE DISTRICT                                              | FX.RT. MUNI BOND        | CUSIP: 09204TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $705984.44    | 0.22%             | 2053-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PORT OF GREATER CINCINNATI DEVELOPMENT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 734195DF4<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1296179.00   | 0.40%             | 2063-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY                                                 | FX.RT. MUNI BOND        | CUSIP: 63607WAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2738992 | PA      | $2571501.97   | 0.79%             | 2039-08-20      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CITY OF SAN ANTONIO TX ELECTRIC  AND  GAS SYSTEMS REVENUE                                | FX.RT. MUNI BOND        | CUSIP: 79625GLA9<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5541152.50   | 1.70%             | 2049-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                                   | FX.RT. MUNI BOND        | CUSIP: 130489AB3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2885000 | PA      | $2839479.03   | 0.87%             | 2040-08-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY                                  | FX.RT. MUNI BOND        | CUSIP: 97712JKM4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1723412.96   | 0.53%             | 2054-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUBLIC FACILITIES AUTHORITY                                                    | FX.RT. MUNI BOND        | CUSIP: 546399SZ0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1894598.83   | 0.58%             | 2064-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA                                                  | FX.RT. MUNI BOND        | CUSIP: 62620HJY9<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071846.40   | 0.33%             | 2049-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF MASSACHUSETTS                                                            | FX.RT. MUNI BOND        | CUSIP: 57582TAR3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3448371.88   | 1.06%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE COMMUNITY DEVELOPMENT DISTRICT NO 15                                             | FX.RT. MUNI BOND        | CUSIP: 92708KAJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $492204.20    | 0.15%             | 2044-05-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| CITY  AND  COUNTY HONOLULU HI WASTEWATER SYSTEM REVENUE                                  | FX.RT. MUNI BOND        | CUSIP: 4387014N1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2276765.00   | 0.70%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LAS VEGAS NV SPECIAL IMPROVEMENT DISTRICT NO 818                                 | FX.RT. MUNI BOND        | CUSIP: 51779DAN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1131983.38   | 0.35%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                         | FX.RT. MUNI BOND        | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2085573.45   | 0.64%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DETROIT CITY SCHOOL DISTRICT                                                             | FX.RT. MUNI BOND        | CUSIP: 251129ZY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $807397.73    | 0.25%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                                                   | GOVERNMENT FUTURES      | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | N/A              | DIR              | CORP              | US        |        47 | NC      | $5568031.25   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY                                                 | MUNI ORIG ISSUE DISC    | CUSIP: 57585BEY0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   4800000 | PA      | $4712763.36   | 1.45%             | 2054-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC AUTHORITY FOR COLORADO ENERGY                                                     | MUNI ORIG ISSUE DISC    | CUSIP: 744387AD3<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2694745.35   | 0.83%             | 2038-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                              | MUNI ORIG ISSUE DISC    | CUSIP: 93978UAA4<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    898350 | PA      | $870714.95    | 0.27%             | 2040-03-20      | Variable      | 4.22%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY                                                 | MUNI ORIG ISSUE DISC    | CUSIP: 57583UC48<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500119.20    | 0.15%             | 2043-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ARLINGTON HIGHER EDUCATION FINANCE CORP                                                  | MUNI ORIG ISSUE DISC    | CUSIP: 041807JU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $887948.39    | 0.27%             | 2049-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF PUERTO RICO                                                              | MUNI ORIG ISSUE DISC    | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   5000000 | PA      | $4729201.00   | 1.45%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DEKALB COUNTY HOUSING AUTHORITY                                                          | MUNI ORIG ISSUE DISC    | CUSIP: 240471PF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4955897.50   | 1.52%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | MUNI ORIG ISSUE DISC    | CUSIP: 74441XHS1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025551.60   | 0.31%             | 2039-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CLIFTON HIGHER EDUCATION FINANCE CORP                                                    | MUNI ORIG ISSUE DISC    | CUSIP: 187145SU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1196507.00   | 0.37%             | 2049-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CLIFTON HIGHER EDUCATION FINANCE CORP                                                    | MUNI ORIG ISSUE DISC    | CUSIP: 187145SV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4800000 | PA      | $4848264.96   | 1.49%             | 2053-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | MUNI ORIG ISSUE DISC    | CUSIP: 74448GAA7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2617275 | PA      | $2716944.32   | 0.83%             | 2062-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GRAYS HARBOR COUNTY PUBLIC HOSPITAL DISTRICT NO 1                                        | MUNI ORIG ISSUE DISC    | CUSIP: 389526AH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4432802.80   | 1.36%             | 2049-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF EDUCATION                                                               | MUNI ORIG ISSUE DISC    | CUSIP: 167505QR0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2245305.15   | 0.69%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA                                                                     | MUNI ORIG ISSUE DISC    | CUSIP: 25483VSG0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    500000 | PA      | $473585.65    | 0.15%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP                                      | MUNI ORIG ISSUE DISC    | CUSIP: 64542YAM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $899223.20    | 0.28%             | 2053-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP                                      | MUNI ORIG ISSUE DISC    | CUSIP: 64542YBG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $898342.50    | 0.28%             | 2053-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CLIFTON HIGHER EDUCATION FINANCE CORP                                                    | MUNI ORIG ISSUE DISC    | CUSIP: 187145JT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1157379.90   | 0.36%             | 2048-08-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSPORTATION AUTHORITY                                                    | MUNI ORIG ISSUE DISC    | CUSIP: 59261AG43<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1535444.25   | 0.47%             | 2050-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN GOVERNMENT NASHVILLE  AND  DAVIDSON COUNTY HEALTH  AND  EDUCATIONAL FACS BD | MUNI ORIG ISSUE DISC    | CUSIP: 592041YV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1782707.40   | 0.55%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                                    | MUNI ORIG ISSUE DISC    | CUSIP: 126292AF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1084156.82   | 0.33%             | 2056-08-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| MIDA MOUNTAIN VILLAGE PUBLIC INFRASTRUCTURE DISTRICT                                     | MUNI ORIG ISSUE DISC    | CUSIP: 59561TAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1384774.63   | 0.43%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                                    | MUNI ORIG ISSUE DISC    | CUSIP: 126292AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2635000 | PA      | $1835302.53   | 0.56%             | 2056-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                                    | MUNI ORIG ISSUE DISC    | CUSIP: 126292BB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $878181.75    | 0.27%             | 2057-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                                    | MUNI ORIG ISSUE DISC    | CUSIP: 126292BG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $934078.65    | 0.29%             | 2057-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SUFFOLK REGIONAL OFF-TRACK BETTING CO                                                    | MUNI ORIG ISSUE DISC    | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2270000 | PA      | $2348678.43   | 0.72%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF PUERTO RICO                                                              | MUNI ORIG ISSUE DISC    | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   1250000 | PA      | $1223158.88   | 0.38%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH COUNTY HEALTH FACILITIES AUTHORITY                                            | MUNI ORIG ISSUE DISC    | CUSIP: 69651ACD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1528525.31   | 0.47%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY  AND  COUNTY OF DENVER CO AIRPORT SYSTEM REVENUE                                    | MUNI ORIG ISSUE DISC    | CUSIP: 249182QW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4707610.50   | 1.45%             | 2047-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CITY OF RAMSEY MN                                                                        | MUNI ORIG ISSUE DISC    | CUSIP: 751814AA2<br>LEI: 549300PYUDKBK3S78343 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1984141.80   | 0.61%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ECONOMIC DEVELOPMENT CORP                                                       | MUNI ORIG ISSUE DISC    | CUSIP: 57420VSP9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1880826.84   | 0.58%             | 2058-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PASSAIC COUNTY IMPROVEMENT AUTHORITY/THE                                                 | MUNI ORIG ISSUE DISC    | CUSIP: 70275QAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $566430.43    | 0.17%             | 2058-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA AUTHORITY FOR INDUSTRIAL DEVELOPMENT                                        | MUNI ORIG ISSUE DISC    | CUSIP: 71781XGT4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1487059 | PA      | $892235.63    | 0.27%             | 2045-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON HIGHER EDUCATION FINANCE CORP                                                    | MUNI ORIG ISSUE DISC    | CUSIP: 187145SA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1961502.00   | 0.60%             | 2048-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                                 | MUNI ORIG ISSUE DISC    | CUSIP: 74439YEU1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054473.50   | 0.32%             | 2063-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH STEWARDSHIP DISTRICT                                                      | MUNI ORIG ISSUE DISC    | CUSIP: 51265KFJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1405840.31   | 0.43%             | 2054-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGENCY                                                               | MUNI ORIG ISSUE DISC    | CUSIP: 917467CP5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1800861.98   | 0.55%             | 2047-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION                                              | MUNI ORIG ISSUE DISC    | CUSIP: 93978LGQ3<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2989367.43   | 0.92%             | 2059-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LANCASTER COUNTY HOSPITAL AUTHORITY/PA                                                   | MUNI ORIG ISSUE DISC    | CUSIP: 514045X81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2127687.20   | 0.65%             | 2038-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC                                                              | MUNI PUT BOND ACT       | CUSIP: 56035DHK1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2830683.63   | 0.87%             | 2054-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF WASHOE NV                                                                      | MUNI PUT BOND ACT       | CUSIP: 940865BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4850000 | PA      | $4872393.91   | 1.50%             | 2036-03-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| PARISH OF ST JOHN THE BAPTIST LA                                                         | MUNI PUT BOND ACT       | CUSIP: 79020FAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3010000 | PA      | $2967120.44   | 0.91%             | 2037-06-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| COUNTY OF WASHOE NV                                                                      | MUNI PUT BOND ACT       | CUSIP: 940865BG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1506925.95   | 0.46%             | 2036-03-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN PIER  AND  EXPOSITION AUTHORITY                                             | MUNI STEP UP BOND       | CUSIP: 592250CW2<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $765312.80    | 0.23%             | 2037-12-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| CITY OF DETROIT MI                                                                       | MUNI STEP UP BOND       | CUSIP: 251093S84<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1323250.76   | 0.41%             | 2044-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA TURNPIKE COMMISSION                                                         | MUNI STEP UP BOND       | CUSIP: 709224DV8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   4385000 | PA      | $4438007.20   | 1.36%             | 2044-12-01      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASHINGTON AIRPORTS AUTHORITY                                               | MUNI. ZERO              | CUSIP: 592643BP4<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |   3700000 | PA      | $2031581.20   | 0.62%             | 2037-10-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN ILLINOIS UNIVERSITY                                                             | MUNI. ZERO              | CUSIP: 843146D73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1870000 | PA      | $1857282.13   | 0.57%             | 2025-04-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN PIER  AND  EXPOSITION AUTHORITY                                             | MUNI. ZERO              | CUSIP: 592247J50<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $9827025.60   | 3.02%             | 2030-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PUTNAM SHORT TERM INVESTMENT FUND                                                        | SHORT TERM INV FUND     | CUSIP: 74676P664<br>LEI: 5493003MK0Q7JP8CPP42 | Long             | STIV             | PF                | US        |  15728545 | NS      | $15728545.00  | 4.83%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA                                                                 | U.S. T BILLS            | CUSIP: 912797NY9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $397018.67    | 0.12%             | 2025-04-08      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF THE ARTS/THE                                                               | VARIABLE RATE MUNI BOND | CUSIP: 91475RAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    304075 | PA      | $273275.91    | 0.08%             | 2025-05-19      | Floating      | 12.83%                | No            |                  3 | On Loan: No      |
| UNIVERSITY OF THE ARTS/THE                                                               | VARIABLE RATE MUNI BOND | CUSIP: 91475RAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     31780 | PA      | $31144.37     | 0.01%             | 2025-05-19      | Floating      | 12.83%                | No            |                  3 | On Loan: No      |
| UNIVERSITY OF THE ARTS/THE                                                               | VARIABLE RATE MUNI BOND | CUSIP: 91475RAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115548 | PA      | $113237.04    | 0.03%             | 2025-05-19      | Floating      | 12.83%                | No            |                  3 | On Loan: No      |
| UNIVERSITY OF THE ARTS/THE                                                               | VARIABLE RATE MUNI BOND | CUSIP: 91475RAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     91222 | PA      | $82335.50     | 0.03%             | 2025-05-19      | Floating      | 12.83%                | No            |                  3 | On Loan: No      |
| FREDDIE MAC STRUCTURED PASS-THROUGH CERTIFICATES                                         | VARIABLE RATE MUNI BOND | CUSIP: 3137HCXR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | MUN               | US        |   2240274 | PA      | $2230942.69   | 0.68%             | 2040-10-25      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-03-31

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

**Signature:** Kevin R Blatchford

**Name of Signer:** Kevin R Blatchford

**Title:** Assistant Treasurer